Arthur Matuszewski, VP of Talent at Better.com, to speak at engage.talent Feb. 6

Arthur Matuszewski, VP of Talent at Better.com, to speak at engage.talent Feb. 6
Attracting younger workers is crucial to the future of the mortgage industry, but many companies are struggling to connect their company’s values and culture with Millennials and those in Gen Z. That’s why we’ve asked Arthur Matuszewski, vice president of talent at Better.com, to speak at HousingWire’s engage.talent summit Feb 6.

Matuszewski will join James Hecht, executive vice president of national retail lending at Caliber Home Loans, and Haley Parker, area business development manager at Fairway Independent Mortgage Corp., to discuss The Impact of Company Culture on Attracting and Retaining Top Talent.

Better.com takes a unique approach to origination, and we sat down with Matuszewski to find out how the company is attracting younger workers and why it plans to double hiring this year.

HousingWire:  Where do mortgage companies struggle in connecting their company’s values or culture with younger workers?

Processed with VSCO with m6 preset

Arthur Matuszewski: Homeownership is both a critical component of our customers’ lives and one that is difficult for Millennials and Gen Z as many are saddled with student debt, shrinking incomes and rising living costs, particularly in major metro areas. Our goal is to align our employee experience with our customer experience and demonstrate to both that the work of giving everyone a home they love is critical, meaningful and engaging when approached from a process of mutual trust, rapport and discovery. 

HW: What are some hallmarks of the company culture at Better.com?

AM: We endeavor towards a company where a combination of heart, horsepower, humility and hustle can unlock possibility. We’re about creating meaningful work alongside meaningful relationships where you can do your best work while enabling more customers to live in a home they love. 

HW: What makes you excited to recruit people into this industry?

AM: Mortgage is a filing cabinet industry – everybody wins when you can provide a better product at a better price with a better experience. The work is meaningful and the challenges of transforming an industry impacting the lives and communities of so many of us are legion. We’re excited to write a new playbook for how consumers interact with credit, and the main drivers of that are our people.

HW: What do you think the next year looks like for mortgage recruiting?

AM: We hired 1,000 people in 2019 and we’re expecting to roughly double that number over the next year. The realities of the market are cyclical, and we’re expanding our other business ventures to reduce our exposure to some of that volatility and ensure our people are at their highest and best use regardless of what’s going on in the industry. 

HW: Why are you excited to speak at engage.talent?

AM: Homeownership is fundamentally a human business, empowering the talent that powers all of our interactions is critical. Talent itself is changing an environment of ever-increasing specialization and liquidity and it’s even more critical to create engagement that reduces confusion, drives autonomy and purpose and gives people meaning. 

Don’t miss the opportunity to gain insight from Matuszewski and other experts at the engage.talent summit Feb. 6. Register here.

No. 1 originator Shant Banosian to speak at engage.talent

Amy Volas to headline engage.talent summit

Brian Covey to speak at engage.talent

Christine Beckwith to emcee engage.talent summit

The post Arthur Matuszewski, VP of Talent at Better.com, to speak at engage.talent Feb. 6 appeared first on HousingWire.
Source: https://www.housingwire.com/rss

Top originators share the key to retention at engage.talent summit

Top originators share the key to retention at engage.talent summit
Locking in a top originator is only half the battle when it comes to recruiting in the mortgage industry. It’s one thing to get new talent in the door, but it’s a completely different challenge to keep them there. With today’s high-stakes environment, the conversation around retention is just as vital to a company’s success as recruitment, making it a hot topic for discussion at engage.talent in Dallas on Feb. 6. 

The Recruiting and Retaining Top Originators panel features three of the highest producing originators in the industry, including the No. 1 originator in the nation, Shant Banosian, vice president of lending at Guaranteed Rate. In 2019 alone, he closed 1,906 units and funded $914 million in loans. 

The panel will also feature Movement Mortgage’s Mortgage Loan Officer Jennifer Micklos and loanDepot’s Branch Manager Sean Johnson, who has been ranked in the top 1% of originators since 2012. These three will share their perspective on how companies have supported them as industry-leading producers. 

While the industry is working together through events like engage.talent to attract more outsiders into the industry, companies still tend to look within the industry to hire their dream team, poaching top talent from their competition. Whether it’s through company-wide recognition, providing the right tools they need to compete or creating a culture they feel connected to, it’s extremely important for companies to intentionally find ways to empower their talent to succeed. 

Joel Epstein, host of The bigJOEL Show podcast and a top producer himself before becoming a sales coach for the country’s biggest companies, will moderate this elite panel, as they break apart the difference-making factors that cause talent to stay or move companies. 

HousingWire’s engage events are built upon a commitment to sharing tools and tips that businesses can use to elevate their platform. These leading panelists are providing just that and sharing the game-changing reasons that they’ve witnessed help attract and keep top talent on their team.  

Don’t miss this opportunity to hear from the industry’s top originators on how to look beyond recruiting and win in the battle of retaining top talent. Register here for the engage.talent summit.
The post Top originators share the key to retention at engage.talent summit appeared first on HousingWire.
Source: https://www.housingwire.com/rss

Here are 5 renovation mistakes to avoid for resale

Here are 5 renovation mistakes to avoid for resale
Homeowners may want to tap the breaks on those trendy white Carrara marble countertops if they’re looking to get a return on investment for home renovations.

That’s according to a recent report from NerdWallet, which pulls from Remodeling magazine’s 2019 Cost vs. Value report when stating, “An upscale kitchen renovation recoups just 59% of its cost in added value.”

Next on the list is one that’s more likely for the average home seller: DIY painting. The report cites data from Opendoor asserting that a low-quality paint job can result in the seller losing out on as much as $1,700. This may be bad news for the 47% of homeowners who stated at the beginning of last year that they were more likely to take on a project than hire it done. 

And while various HGTV shows may have homeowners ready to bust down some walls, the NerdWallet report advises against it in regard to an expanded master suite. If the renovation results in the loss of another bedroom, sellers could end up with their home listed at a lower price point. 

The last two items on the list may not be as surprising. Plush wall-to-wall carpeting and the addition of a swimming pool could end up costing homeowners. According to the report, carpet as the main flooring in a home drops its value by almost $4,000. A swimming pool, on the other hand, may deter buyers who are turned off by the potential maintenance. 

However, these warnings may be needless in 2020, as a recent report from Harvard University’s Joint Center for Housing Studies stated that U.S. homeowners are expected to spend less on renovations and repairs over the next year. 

That said, Arizona-based iBuyer Offerpad recently released a feature that allows homebuyers to customize their homes before moving in. Let’s just hope those homebuyers take a look at this list first.
The post Here are 5 renovation mistakes to avoid for resale appeared first on HousingWire.
Source: https://www.housingwire.com/rss

California’s median home price jumps 10% to $615,090

California’s median home price jumps 10% to 5,090
The median price for a single-family home in California jumped 10% in December, the biggest year-over-year gain in more than four years, as low mortgage rates and a shortage of homes for sale boosted competition for properties.

The state’s median home price was $615,090, more than double the U.S. median, according to the California Association of Realtors. Home sales rose 7.4% compared with December 2018.

“California experienced an unusual jump in its median price at the end of the year when the market is supposed to cool down,” said CAR Chief Economist Leslie Appleton-Young. “The surge in price is a byproduct of the imbalance between supply and demand as market competition continues to heat up.”

The supply of homes for sale, measured as the amount of time it would take to sell off existing stock, shrank to 2.5 months from 3.5 months a year earlier.

The Los Angeles metro area saw the biggest jump in home prices, up 10% from a year earlier to a median of $550,000. Sales surged 16%, CAR said.

The next-biggest jump was in the cheapest area of the state. The Central Valley, an inland swath that runs about 450 miles from Bakersfield to Redding, had a median price of $342,000 in December, a jump of 7.7% from a year earlier, according to CAR data. Sales rose 12% in the same period.

The Inland Empire, east of Los Angeles, had a median price of $385,000, up 7.2% from a year ago, and sales were up 13%, the CAR report said.

The San Francisco Bay area, the most expensive region, had a median price of $908,750, up 6.9% from a year ago. Sales jumped 16% in the same period.

The Central Coast, stretching from Los Angeles to San Francisco, had a 2.2% drop in median price to $700,000. Sales surged up 42% as buyers rushed to snap up the lower prices, CAR said.
The post California’s median home price jumps 10% to $615,090 appeared first on HousingWire.
Source: https://www.housingwire.com/rss

People Movers: Evergreen Home Loans, Green Street Advisors and Vacasa

People Movers: Evergreen Home Loans, Green Street Advisors and Vacasa
People movers are about the latest in business professionals making waves in the housing and mortgage industries.

Mortgage lender, Evergreen Home Loans, named Chuck Iverson as its new executive vice president of production.

Prior to joining Evergreen Home Loans, Iverson took a break in his career to spend time immersing himself in the technology aspect of the industry, he said. He was also the chairman of the California Mortgage Bankers mortgage innovation conference, and will do so again this year, he said.

“So many companies sell their mortgages after they originated them. But Evergreen is servicing the majority of their customers, because our vision is to have a long term customer satisfaction experience, not just during the initial mortgage origination, but through the life of the loan,” Iverson said to HousingWire. “We believe that by doing that, we can build a powerful consumer brand and just have the best experience for consumers in the industry.”

Before that, Iverson was at Sierra Pacific Mortgage for 22 years, where he also served as the executive vice president of production.

Iverson started his almost 28 years in the industry as an originator, working his way into top producer status and then management at Sierra Pacific Mortgage.

Real estate research, data and analytics provider, Green Street Advisors, appointed Jeff Stuek as its new chief executive officer. Stuek is replacing Craig Leupold, who will be stepping down after 12 years as president and CEO, and more than 26 years with the company. Leupold will continue to serve as a strategic advisor to Green Street.

Before he joined the company, Stuek served as president for North America of TravelClick.

Stuek was at TravelClick for seven years, and has more than 20 years of leadership experience in general management, sales, strategy and business development, capital markets, operations and finance.

Stuek will lead Green Street as it prepares to accelerate its organic growth, invest in product innovation and pursue strategic acquisitions, according to a release.

Vacation rental management platform, Vacasa, appointed Jeff Flitton as its new chief technology officer. Flitton was previously the company’s vice president of engineering.

Flitton, who joined Vacasa in 2017, will focus on expanding machine learning applications as Vacasa develops new products and services to meet the needs of the company’s more than 21,000 homeowners and two million guests per year.

Flitton began his career with Lionsbridge, a leading language translation company, and spent several years with both AmeriBen and Balihoo. He joined Vacasa in 2017 as director of software development and was promoted to vice president of engineering the following year.

Flitton will be replacing Tim Goodwin, who is leaving the company for a new opportunity.
The post People Movers: Evergreen Home Loans, Green Street Advisors and Vacasa appeared first on HousingWire.
Source: https://www.housingwire.com/rss

What happens when you don’t respond to social media comments

What happens when you don’t respond to social media comments
One of the quickest ways to destroy any goodwill or positive mindshare that you have with your network is to not respond to their social media comments. 

As real estate agents and loan officers, you’ve worked so hard to get people to notice you, to follow you, to pay attention to what you have to say and to keep coming back for more. All of that can goodwill can disappear in a fraction of a second if you make someone feel like you’re ignoring them.

Dustin Brohm, Columnist

When you don’t acknowledge that somebody interacted with your content and sent a message or left a comment, the sender only assumes the worst. They assume you’re not a real person, business or brand. To them, you’re just another profile pushing out stuff with no real person real behind it.

Or, they think that you are too busy for them. I mean, if you can’t even respond to a short Instagram comment or answer a simple question on a Facebook post, how could you ever have time to guide them through the complicated home buying process while giving them the personal attention they deserve?

Worse, they may simply think you’re a jerk; that you’re not approachable or relatable and that your only goal and intent on social media is to talk at people, with no intention of letting them talk back. They think you only care to push out content in one direction.

See, that’s the thing about “social media.” People expect you to be social. That’s how it works. They expect you to reciprocate being social if ever they socialize with you. Especially on content that is clearly part of a marketing or advertising campaign! Failing to respond to questions or comments on one of your Facebook Ads? Pfft. Epic fail.

Need an example of what it feels like to a consumer when they reach out to or interact with, a businessperson or brand that they like or respect?

Here’s a simple analogy for you: You’re sharing an elevator with someone. You don’t know them, and they don’t know you. But you briefly make awkward eye contact. Then you say “Hello” or even “Hey, I like your shoes.” 

Their response? Silence. They say nothing. They completely ignore you. You know they heard you, but they act like they didn’t. How do you feel? 

It’s similar to that feeling when you hold the door open for someone and they just walk on through, saying nothing in response. No thanks, no nod. Not as much as a creepy wink! They won’t even acknowledge that you held the door for them. They just walk on through. We’ve all had that happen to us. It’s incredibly annoying. If we’re being honest, it pisses us off! And it should. People do not react well to being ignored.

So then why is it OK to ignore people on social media? (Spoiler alert: it’s not!) 

When you don’t respond to comments on your posts, you’re pretty much doing the same thing as the imbecile that didn’t acknowledge you for opening the door for them. You’re sending the message that you just don’t care enough to respond. That the time they spent to comment is not worthy of your time to respond. That your time is more valuable than theirs.

Now look, I completely understand it’s possible to miss a notification or three. It happens. I’ve certainly had emails, messages and notifications somehow get marked as read when they weren’t.

But that’s not what I’m talking about. I’m talking about a pattern, a habit. People notice, for better or worse. They notice, and your network can tell whether or not you are respectful of those who engage with your content.

Remember, being social is expected on social media. If you’re treating it as a one-way message board, and you never consume, comment on or engage with anyone else’s content, then you’re not going to make many friends. You certainly won’t retain much of your current audience either. When people are made to feel ignored, they’ll go to someone else.

Make a conscious decision right now to respond to all of your comments. At a bare minimum, like or react to your comments. All of them. They took the time to comment. Take the time to respond back.

At the very least, it’s yet another valuable impression; an opportunity to be top of mind, even if for just a second. Those impressions add up, and eventually, if you’re doing it right, they’ll never forget you.

Even on that one special day every year when 100s of people you rarely ever talk to post happy birthday wishes on your Facebook timeline. Respond to all of them. Every. Single. One. What, you really won’t make time once per year to go through and thank every single person individually? Come on, that’s lazy.

Of course, you can make time. You’ve just chosen not to. Even your lack of response sends a message. Whether or not that’s the message you want to be sending is another story altogether.

Connect with Dustin on LinkedIn
The post What happens when you don’t respond to social media comments appeared first on HousingWire.
Source: https://www.housingwire.com/rss

Here are the best locations for an investment property in 2020

Here are the best locations for an investment property in 2020
The 2019 multifamily and single-family market proved to be hot, and 2020 will only get hotter.

According to a new survey from TurboTenant, there were 31 cities from 20 states that were featured in the best place to buy a rental investment property report for 2020.

(Image courtesy of TurboTenant. Click to enlarge.)

New York and Ohio tied for the most cities represented, at three each, including Buffalo and Rochester, New York, as well as Akron and Columbia, Ohio. Seven states had double representation, including Iowa, Missouri, New Hampshire and Pennsylvania. Cities from Florida, Montana, North Carolina, South Carolina and Delaware also made the list.

To determine the top cities, the report compared the average rent with the monthly mortgage payment. The terms were set at 30 years, with a 20% down payment, and a 4.1% interest rate, which is the current national average. If positive numbers were reported in all categories, the location made the list.

Overall, the results found that the best places to invest in are in the Midwest and the East Coast.

In November, TurboTenant also showed that New York, Pennsylvania, Massachusetts, and New Hampshire were standouts, which is no big change from January’s report.

No. 1 on the list was Reading, Pennsylvania, which TurboTenant said has positive growth across the board. The number of leads per property in this town is its highest, at 271, with an average of eight days on the market. Home values here are increasing 11.1% year over year, with a median sale price of $140,000.

At the bottom of the list, No. 31, Auburn, Alabama actually is second place for the highest population growth and first place for employment growth. The median sale price of a home is $169,000, and the average two-bedroom rent is $919. Properties here spend an average of 14 days on the market.

Check out the rest of the list here.
The post Here are the best locations for an investment property in 2020 appeared first on HousingWire.
Source: https://www.housingwire.com/rss

Fewer U.S. homeowners moved in 2019 than ever before

Fewer U.S. homeowners moved in 2019 than ever before
What do Americans do when so few new homes are being built? Remodel, according to the latest report for Buildfax. 

According to the housing data and analytics company, 2019 marked the lowest rate of mobility in the U.S. since the metric was first tracked in 1947. Only 9.8% of Americans moved last year. Though this marks a new low, it’s not terribly far off from the only 10.1% who moved between 2017 and 2018. 

Buildfax’s report pointed to new construction as part of the issue. Namely, the lack thereof. While single-family housing authorizations increased 4.82% year over year in 2019, the year did not close out on a strong note. According to the report, authorizations decreased by 2.61% from November to December 2019.

“The U.S. is facing a housing shortage, in part due to the slowdown in housing construction last year. This has been felt in both large metros and smaller cities across the country,” Buildfax Managing Director Jonathan Kanarek said. “Now, even though the economy is showing strong growth and mortgage rates remain low, those who want to buy a new home are experiencing challenges with increased competition on a tight housing supply.”

Instead, the report states, people are remodeling. Buildfax reports that existing maintenance volume and spending increased 9.47% and 16.26% year over year, respectively. In the past, Buildfax has often referred to home maintenance activity as a recession indicator. As this activity increases, Buildfax asserts that recession probability lowers, and vice versa.

That said, in its December Healthy Housing Report, Buildfax states that “maintenance and remodeling increased substantially, potentially fueled by homeowners who feel unable to buy a new home and therefore invest in their existing property.”

As many economists have pointed out, U.S. homeowners have been staying put for a while now. The concept of “aging in place” is not a new one. In August of 2018, AARP revealed that almost 90% of homeowners approaching retirement want to stay in their homes as they age.

And for the most part, they are.

 Last February, Freddie Mac released a study showing that seniors born after 1931 are staying in their homes longer than previous generations. According to the report, this generation held 1.6 million houses back from the market in 2018. 

HousingWire Columnist Logan Mohtashami offered his own analysis on the topic.

“Americans are staying in their homes longer because the house they have is perfectly suitable for their family’s need,” he writes. “For more than four decades, home sizes have been getting bigger while family size has been in decline.”
The post Fewer U.S. homeowners moved in 2019 than ever before appeared first on HousingWire.
Source: https://www.housingwire.com/rss

Housing market challenged by a dearth of construction workers

Housing market challenged by a dearth of construction workers
One of the biggest challenges facing the U.S. housing market is a dearth of construction workers that’s keeping homebuilders from meeting the demand of an expanding population, according to Federal Reserve Governor Michelle Bowman, one of the people who votes on the central bank’s monetary policy.

A shortage of properties on the market has been restricting real estate sales in some parts of the country, she said. The answer is building more homes, but housing starts have lagged household formation, she said.

One of the biggest reason for that is the lack of construction workers, Bowman said Thursday in a speech in Kansas City, Missouri.

“The ratio of job vacancies to unemployment in the construction industry – a measure of labor market strength – shot up to historic highs at the end of 2018, and it has remained near those levels,” Bowman said. “These indicators confirm what I have been hearing from construction industry employers during my visits to different parts of the country – it’s extremely difficult to find and hire workers, skilled or otherwise.”

One solution is vocational training programs that connect young adults with jobs in the construction industry, she said.

“I am hopeful that these efforts, along with a continued strong job market, will encourage more people to join – or, in some cases, rejoin – the construction trades,” she said.

Single-family housing starts likely will total 1 million in 2020, the highest since 2007, the National Association of Realtors said in a forecast last month. In the five-year period that ended in 2019, the average was 822,000 a year, according to government data. From 1958 to 2007, the year before the housing crash, single-family housing starts averaged 1.1 million as the population expanded.

Housing is an issue that has a broad impact on GDP, said Bowman. Spending on existing homes as well as the construction of new residences accounts for 15% of the U.S. economy, she said.

“My colleagues and I at the Federal Reserve pay close attention to developments in the housing sector, in part because it has historically been such an important driver of economic growth,” Bowman said. “If we include the amount families spend on shelter each month as well as the construction of new houses and apartments, housing generates about 15 cents out of every dollar of economic activity,” Bowman said.
The post Housing market challenged by a dearth of construction workers appeared first on HousingWire.
Source: https://www.housingwire.com/rss

Can these mortgage startups change the world, or will Zillow and Opendoor take it all?

Can these mortgage startups change the world, or will Zillow and Opendoor take it all?
Venture capital-backed home lending startups fill key first-time homebuyer, cash-out and investor niches. But will they really change the world, or just be niches? It’s a little of both. Let’s take a look.  

Startups Love Giant Mortgage Stats

Like all venture capitalist pitches, fintech and proptech startup pitches begin with total addressable market (TAM). 

Julian Hebron, Columnist

Why? Because mortgage and housing TAM is super sexy to entrepreneurs hunting for an opportunity as the economic cycle matures. 

The U.S. housing market is worth $30.7 trillion, of which $11 trillion is loans on the homes and $19.7 trillion is equity owned by homeowners. And there are about 6 million homes sold and $1.6 trillion in first mortgages made each year.

If we get just 2% mortgage market share within our three-year plan, that’s $32 billion in fundings!

Laughable, I know. But this is how some startups rationalize. 

In reality, it’s way harder than it looks to fund even $5 billion. It gets exponentially harder when you go above $10 billion, and then again for $20 billion.

Then if you almost double that again, you’re in the nation’s top 10 mortgage lenders, all of which took one to three decades to build organically and through mergers and acquisitions.

Startups Must Be Worth $5 to 10 Billion & Change The World 

Most lenders aren’t giants, and this clashes with today’s aggressive VC quest for unicorns, which are private companies worth $1 billion or more. 

The most vocal of unicorn-or-bust VCs is the indomitable Keith Rabois of Founders Fund. He’s Harvard, Stanford, PayPal Mafia, and has served as an investor and executive at LinkedIn, Square, Yelp, YouTube, Yammer, Palantir, Lyft, Airbnb, Eventbrite, Quora and more (as you’ll see below).

With that record, he’s hard to ignore when he browbeats his winner-take-all unicorn vision into you, which is: 

Your startup must change an industry or the world and be worth $10 billion or more. Maybe it can be worth as little as $5 billion, but below that, you haven’t changed either. 

This ethos has led to a record 199 U.S. unicorns today, up from an already high 117 just two years ago according to CB Insights and PwC.

Which VC-Backed Mortgage Models Work Best? 

So which VC-backed home lending models work right now? Are they unicorns in the making? 

Non-owner-occupied models put a fintech spin on hard money, helping investors buy, fix and flip homes. Relevant product, some good brands, but a niche that doesn’t change the industry.

Rent-to-own models keep popping up but it’s very capital-intensive to buy the homes and fund scale marketing. And nine-figure valuations given to firms focused on limited geographies don’t pencil. I’m open to being proven wrong here, but this also looks like a niche. 

Shared appreciation models are the most consumer-relevant so far. To summarize all the math, these companies give homebuyers up to half of their down payment with no interest or loan payments in exchange for about one-third of the home’s appreciation later on.

Unison and Andreesen Horowitz-backed Point are the two leading players, but Unison is the OG. They were founded as FirstRex in 2004 and rebranded to Unison in 2016.  

Capital markets participants understand how Unison fits within the traditional mortgage mix, and they’re entrenched with lender salesforces, which helps control consumer-direct marketing spend. 

Which VC-Backed Housing Models Will Change The World?

Shared appreciation is relevant stuff for the right consumer profiles, but not the stuff of world-changing unicorns. 

Happy to eat those words later, but I stand by them now for two reasons:  

Niches matter. I disagree with Rabois that companies must be unicorns to change lives. Also maturing unicorns will need great niche companies to buy.Shared appreciation is smarter than a reverse mortgage for cash out as the home-owning population ages. Maybe still a niche, but a great one. 

Niches won’t change our housing finance world, but let’s bring it home with a VC-backed model that might. 

One-Stop-Shop Homeownership Will Indeed Change The World

Now back to Rabois for what may be his magnum opus: Opendoor, the pioneer of the instant-buyer (iBuyer) model. 

Now worth roughly $4 billion, Opendoor is on it’s way to becoming a one-stop-shop for home buying, owning and selling. 

The company he co-founded is making home buying and selling like trading your car.

It’s not just about mortgage or real estate fees, it’s monetizing the whole homeownership lifecycle. Despite the monetization complexity, the story plays by offering a one-stop-shop experience consumers demand. 

Opendoor is a key reason Zillow pivoted last year to go “down funnel” from providing leads to buying, selling, and financing homes themselves. 

Zillow currently has a market cap of $9.8 billion, and is telling Wall Street it intends to grow revenue from $1.3 billion now to $20 billion in the next four years.  

Mortgage Scale Unproven For Opendoor & Zillow 

Skeptics say tech unicorns differ from mortgage and housing plays because mortgage and housing touch the real world. 

Other real world-touching unicorns have struggled, most notably WeWork in commercial real estate. And like commercial, housing goes way beyond software and apps. There are humans involved at every step. 

So far, Opendoor (and Zillow) are proving resourceful with ground teams to fix up the homes they buy, and agents to help consumers. Scaling mortgage remains unproven for both firms. 

But my joke for Opendoor here in San Francisco is that it’s Goldman Sachs West – because of it’s highly sophisticated capital markets team. Between that and having such an aggressive and connected co-founder, they might just show us the future of housing finance.

We will see. In the meantime, the consumer wins as the one-stop-shop vision takes shape.
The post Can these mortgage startups change the world, or will Zillow and Opendoor take it all? appeared first on HousingWire.
Source: https://www.housingwire.com/rss