RenovationReady® Sets New Quarterly Records in Pipeline Growth, Fundings and Revenue

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RenovationReady® completes 2nd quarter with strong growth in key performance indicators.

203k Loan and Renovation Loan Specialists

203k Loan and Renovation Loan Specialists

Overall, volumes jumped significantly as renovation loans are more common in purchase transactions and are less sensitive to interest rates movement

RenovationReady® announced today that the company achieved record growth in 2Q13 as measured by key market share and sales performance metrics:

National FHA 203(K) Volume Ranking :    5th largest 203(K) producing lender and rehabilitation escrow manager (1)
Lender and Loan Officer Relationships :    20 Lenders; 4,700 NMLS Loan Officers
Combined Funding and Portfolio Pipelines :    $65 Million / 317 Units
Revenue :    +392% Year over Year / +110% Quarter over Quarter
Purchase to Refinance Volume Ratio :    88% Purchase Transactions (2)

RenovationReady® is a uniquely qualified vendor performing critical fulfillment services in the home lending industry by acting as a central hub and processing resource for lenders, home buyers, and contractors. 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. As the housing market stabilizes, RenovationReady® continues to focus on fulfilling the market opportunity for renovation lending and overcoming industry-wide obscurity of underutilized lending programs.

“We made significant strides in the 2nd quarter, keeping pace with improving market conditions,” said Jim Fraser, President of RenovationReady®. “Overall, volumes jumped significantly as renovation loans are more common in purchase transactions and are less sensitive to interest rates movement.”

RenovationReady® clients are leveraging product opportunities as a competitive advantage. Mostly FHA 203(K) transactions, and additional demands are growing for access and support with FNMA Homestyle renovation programs. In a lending environment dominated by fading refinance volumes and undifferentiated loan products, renovation loans can boost volume and expose purchase opportunities for lenders, loan officers, and real estate agents. Additionally, renovation products are the perfect solution for homeowners interested in home improvements and repairs for their current residence.

Continued client growth, increased loan officer production, and improved operating efficiencies have produced record revenues at RenovationReady®. Volume growth has been supported by increases in consumer leads generated at and a wide range of strategic marketing alliances in the home improvement and remodeling industries.

“Consumer leads delivered via marketing service agreements have helped our retail lenders transition to purchases in the recent rate increases. Based on this experience, we’re examining strategic alliances with lenders that will more closely link RenovationReady® marketing and fulfillment with a national lending platform to take full advantage of our consumer brand and unique capabilities in the renovation lending space,” Fraser said.

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

About the Company: RenovationReady™ helps real estate professionals and buyers to 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. 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.

1.    Based on FY 2012 US Department of Housing and Urban Development Computerized Homes Underwriting Management System FHA 203(K) endorsement reporting ranking all active approved lenders compared to June, 2013 funding units processed at RenovationReady®.
2.    Percent of total 2Q13 funding units processed at RenovationReady® that were purchase transactions.

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Patricia Ropers
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