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MortgagePoint » Your Trusted Source for Mortgage Banking and Servicing News 10 October 2024 M T E C H buying for the majority of buyers is a big factor keeping more people from being active in the market," said Phil Shoemak- er, CEO of The Loan Store, a flagship Buy Before You Sell partner. "The lack of control can be a major turnoff for con- tingent buyers, knowing they can only afford a new home if they sell their cur- rent home first, and understanding that the timeframe for selling is completely reliant on other buyers. Empowering homeowners to buy a new home with the certainty that comes from Buy Before You Sell is immensely valuable." Buy Before You Sell offers top loan officers who are trained on the product several unique advantages: • Review and approve clients' property condition and eligibility for the pro- gram using HomeLight's proprietary AI-driven algorithm in minutes. • Instantly unlock up to 70% of an approved client's existing equity in their home. • Empower clients to make a stronger, noncontingent offer on their dream home, with no home sale contingen- cy. • Allow clients to move on their time- line and sell their old home prepped and staged to maximize its sales price. "We are deeply focused on building the tools and technology that solve the hardest problems that lenders face today in closing transactions," said Drew Uher, Founder and CEO of HomeLight. "So far, the response to Buy Before You Sell has blown away our expectations, and we're thrilled to add so much value to both our lender and agent partners as well as their clients." HomeLight has partnered with over 10,000 top loan officers and over 28,000 top real estate agents and unlocked over $655 million in equity from clients' existing homes across the country with Buy Before You Sell. Top agents are now able to invite their preferred lenders to the platform to seamlessly help clients sell their current home to afford their next one. "With Buy Before You Sell, we were able to accomplish my buyer's goal: submitting a noncontingent offer, pulling equity out now for the down payment at closing, and only having to move once, with no rent payments in the middle," said Lisa Shapiro, Senior Mortgage Advi- sor at NEO Home Loans, a subsidiary of Luminate. "It was a very smooth process. Other programs have either cost more or didn't communicate well; at HomeLight, everyone has been incredibly thought- ful, efficient, and communicative. We're grateful this option exists." CALQUE LAUNCHES NEW AFFORDABLE BUY-BEFORE-YOU- SELL PROGRAM C alque declared the opening of the Contingency Buster, their newest "buy before you sell" initiative. At any stage of the house-buy- ing process, homeowners who wish to swiftly eliminate debt-to-income ratios and contingency clauses in their home sale can use the Contingency Buster. Calque's flagship program, The Trade-In Mortgage, was created for homeowners who want to tap their current home equity before they sell to make a bigger down payment, pay off debt, or increase cash reserves. Over the years, Calque saw a growing market opportunity for a lighter "buy before you sell" product that does not need to ac- commodate a second mortgage because many borrowers have enough cash on hand to make a down payment on their new home. As a result, Calque created the Contingency Buster, a faster and more affordable option for homeowners who do not need to access their home equity to purchase their next home. The Contingency Buster leverages Calque's Purchase Price Guarantee (PPG), a binding backup contract that ensures that if a homebuyer's current home does not sell within 150 days, Calque will step in and purchase it at an agreed-upon price. The Calque PPG enables established lend- ers to provide noncontingent financing on the new home and remove the original home from debt-to-income while also providing peace of mind and minimizing financial risks for homeowners. Key Features of the Contingency Buster: • Quickly Eliminate Home Sale Con- tingencies: Calque offers homeown- ers a Purchase Price Guarantee that covers the existing mortgage balance, Calque's fees, and estimated closing costs in an exceptionally fast time frame. With a Calque PPG in hand, homebuyers can confidently make noncontingent offers on new homes or upgrade an existing bid into a non- contingent offer to win a bidding war. • Current Residence is Removed from DTI: Purchase Price Guaran- tees are binding backup contracts that enable loan officers to remove their borrower's current home from their debt-to-income (DTI) ratio. This makes it easier for their client to qualify for the new home they want before they sell. • Expedited 48-Hour Approval Process: Within 24 hours of applying, the homeowner receives a call to discuss the program and schedule a virtual walk-through (VWT). Using proprietary workflows and evalua- tion processes, Calque can typically provide a binding offer decision within 24-48 hours after the VWT is complete. Once the offer is accepted, homeowners have up to 150 days to sell their home on the market, with Calque serving as the backup buyer, if necessary. • Reduced Fees: The Calque Purchase Price Guarantee (PPG) for Contin- gency Buster transactions is always the minimum amount required to remove the home sale contingency. Because Calque's fees are based on the PPG amount, lower PPGs for Contingency Buster properties sig- nificantly reduce program fees. "Calque has consistently deliv- ered exceptional service, meeting the demands of lenders and real estate pro- fessionals who seek innovative solutions for their clients in today's competitive