RenovationReady® Finishes 2012 With Record Growth Serving Home Renovation Industry

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RenovationReady® completes 2nd year of operations serving mortgage bankers, credit unions, and banks with exclusive renovation loan marketing, fulfillment, and servicing platform.

203k Loan and Rehab Loan Specialists

RenovationReady® Renovation Loan Specialists

We are dedicated to serving this market, its related professions, and insuring that homebuyers have full access to financing programs to meet this market segment.

RenovationReady® announced today that the company achieved record growth in 2012 across key market share and sales performance metrics:

National Volume Ranking: 29th of 600 Active 203(K) Endorsing Lenders (620% YoY Growth)
Client and Loan Officer Relationships: 17 Lenders; 3,700 NMLS Loan Officers (183% YoY Growth)
Purchase to Refinance Volume Ratio: 96% Purchase Transaction
Consumer Search Impressions: 35% YoY Growth
Unique Consumer Web Visits: 202% YoY Growth

RenovationReady® is a uniquely qualified vendor performing critical fulfillment services in the home renovation industry by acting as a central hub between the borrower, the lender, and contractor to manage complexity through the lending and home improvement process. RenovationReady® was launched in 2011 with an emphasis on helping home loan servicers and asset managers minimize loss severity on physically distressed residential real estate. Resolving the disconnect between the market opportunity for renovation lending on the one hand, and industry-wide uncertainty and lack of knowledge about these underutilized lending programs on the other hand, is RenovationReady’s business model.

“At a time when the housing sector is facing significant head-winds, real estate professionals continue to shun FHA and FNMA loan programs specifically designed to help homebuyers acquire and finance required repairs and improvements,” said Jim Fraser, President of RenovationReady®. “Our business foundation is built on changing this mind set among real estate professionals and filling critical origination, underwriting, and servicing gaps for mortgage lenders, warehouse lenders, and correspondent investors.”

RenovationReady® clients are leveraging product opportunities as a competitive advantage. In a lending environment dominated by refinance volume and undifferentiated loan products, renovation loans can boost volume and expose purchase opportunities for lenders, loan officers, and real estate agents. Continued client growth, increased loan officer production activity, and a return to a more normal mix of purchase and refinance volume are anticipated to drive RenovationReady® funding units to a top 10 ranking equivalent in 2013.

“After our second year of operation, we are gratified by the positive market response to our unique services. Given the age of the US housing stock and low levels of new home production over the past five years, there is growing demand for acquisition, repair, and improvement of existing homes. We are dedicated to serving this market, its related professions, and insuring that homebuyers have full access to financing programs to meet this market segment,” Fraser said.

For more information, please contact Patricia Ropers at (866) 364-6720 or patricia(dot)ropers(at)renovationready(dot)com .

About the Company: RenovationReady® helps real estate professionals and buyers evaluate and make purchasing decisions on properties. Through a turn-key model of inspection, qualification, and certification, RenovationReady® ensures that each property’s unique needs are addressed, the best loan for that home is provided, and the repair process is completed. Completing property repairs once the loan closes presents unique challenges and requirements that must be managed carefully during the construction period. To date, RenovationReady® customers have realized 100% completion rate of their rehabilitation projects while supporting the primary objective of FHA 203(K) (US Title 24 CFR 203.50); community and neighborhood revitalization through sustainable homeownership. RenovationReady® is a joint venture between Granite Companies and Chadron Group, LLC. These companies and their principals have shared experience in managing the nation’s largest consumer construction and home improvement platforms for lenders, banks, and government agencies.

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Patricia Ropers
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