Summer home-buying set to take off

Applications for purchase mortgages gained for the seventh consecutive week to a level that was 18% higher than a year ago, further evidence that we’re headed into a strong summer home-buying season.

A seasonally adjusted index measuring purchase applications jumped 5% last week, according to a report from the Mortgage Bankers Association. Just as mortgage applications progressively increased, applications for refinancings simultaneously fell 9% from the prior week, though the level was still 137% higher than a year ago, MBA said.

“The pent-up demand from homebuyers returning to the market continues to support a recovery from the weekly declines observed earlier this spring,” said Joel Kan, MBA’s associate vice president of economic and industry forecasting.

However, there are still many households affected by the widespread job loss and current economic downturn. High unemployment and low housing supply may restrain a more meaningful rebound in purchase applications in the coming months, Kan said.

The Market Composite Index, a measure of mortgage loan application volume, decreased 3.9% on a seasonally adjusted basis from one week earlier.

After reaching a peak of 76% earlier this year, refinances now account for less than 60% of activity. The index hit its lowest level since February at 59.5% of total applications, according to the report.

Last week, the average U.S. rate for a 30-year fixed mortgage dropped to 3.37%, hitting another MBA survey-low.

Here is a more detailed breakdown of this week’s mortgage application data:

  • The FHA’s share of mortgage apps remained unchanged from the week prior at 11.2%.
  • The VA share of applications fell from 12.4% to 12.0%.
  • The USDA share of total applications increased from 0.6% to 0.7%.
  • Mortgage interest rates for 30-year fixed-rate mortgages with conforming loan balances ($510,400 or less) fell to 3.37% from 3.42% the week before.
  • The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $510,400) fell to 3.66% from 3.71%.
  • The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased from 3.41% to 3.46%.
  • The average contract interest rate for 15-year fixed-rate mortgages decreased from 2.87% to 2.85%.
  • The average contract interest rate for 5/1 ARMs decreased to 3.05% from 3.08%.

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Housing Tech Rundown: DocMagic, Qualia and Curbio

With recent indications that summer will be this year’s strong home-buying season, housing tech companies are poised to help consumers and lenders with a variety of challenges related to low inventory and the resulting bidding wars on top of the adjustments they are having to make in response to COVID-19.

As more and more businesses turn to fully remote options for mortgage and lending solutions, here are some of the latest tech product rollouts. 

Qualia, a cloud-based title, escrow, and closing software, recently added its Connect Video Chat program to its digital real estate closing platform. The new product enables contactless home closings, and can be utilized for RINs in accordance with state emergency mandates and Fannie Mae and Freddie Mac RIN guidelines.

Qualia’s Connect Video Chat enables title companies to securely launch video conferences with their partners and clients, including real estate agents, lenders, homebuyers and sellers. The two-way audio-video technology can also facilitate recording an ink-based signature and has long-term video storage functionality either on Qualia with the rest of a client’s closing documents or on a title and escrow company’s own internal servers.

DocMagic is now offering its eSign technology for free to help organizations increase productivity and ensure compliance amid stay-at-home orders. DocMagic has modified the platform, making it document agnostic, enabling it to easily handle the execution of important documents such as contracts, NDAs, LOIs and any other agreement, to be electronically signed.

Having executed more than 300 million eSign transactions, DocMagic’s goal is to circumvent wet signings, back-and-forth emails, and scanning or faxing documents while discarding the need for any hardware or software. After the pandemic, the company said it wants to continue to make its eSign technology available for free to assist in the long term.

Lastly, pre-sale renovator Curbio launched its latest campaign “Pivot to Curbio,” an online app providing pre-sale concierge services for all Realtors and their selling clients. The digital marketing support and on-site safety protocols help prepare homes to sell – while deferring all renovation costs until closing.

The app offers virtual seminars, co-brandable collateral such as postcards and brochures, and a complimentary post-renovation virtual tour, which agents can utilize for online market listings. The campaign also offers free living accommodations for home sellers who prefer to vacate the property during Curbio’s on-site work.

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Female brokers at Inman Connect Now: Real estate agents have to address racial injustices head-on

A huge topic of discussion lately has been the recent deaths of Ahmaud Arbery, George Floyd, Breonna Taylor, Tony McDade and David McAtee.

During Inman’s Connect Now, the media company’s first all-digital conference, Anne Jones, Windermere Abode owner and designated broker; Veronica Figueroa, founder of eXp Realty’s Figueroa Team; and Tiffany Curry, Berkshire Hathaway HomeServices‘ first Black broker-owner, addressed racism in the housing industry during a panel on Tuesday.

“You’ve gotta cut the crap and call it how you see it,” Jones said.

As they all mentioned before the panel began, the topic of conversation has drastically changed. The points they made include the necessity for more representation and leaving a legacy.

Figueroa said she once considered changing her last name in fear of being “too Hispanic,” and didn’t think people would respect her or join her team because of it.

“There is a zero tolerance for discrimination,” Figueroa said.

Figueroa also noted that brokers need to create protocols so that everyone who searches for a home has a fair shot at homeownership.

Curry added that she thought about changing her brokerage’s name five times, saying women are treated differently.

“We called it ‘namegate,’” Curry said. “This just isn’t about making money, it was about making a legacy. It’s the greatest gift I can give.”

Curry said that brokers should take the time to learn about other homebuyers’ needs, saying she has learned about the needs of Hispanic buyer and sellers in order to better serve them.

Jones said that delicate issues — such as what has unfolded over the last week — are what organizations and communities need to talk about, with an openness and willingness to learn.

“These are delicate issues, but you can’t not talk about it,” Jones said. “It impacts what we do professionally in a profound way.”

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Technology and current events dominate topics at Inman’s first all-digital conference

At Inman‘s first all-digital conference on Tuesday, Inman Connect Now, many speakers addressed current events pertaining to the recent deaths of Ahmaud Arbery, George Floyd, Breonna Taylor, Tony McDade, and David McAtee, as well as the industry’s shift toward all digital workplaces after COVID-19.

Zillow CEO Rich Barton said that the pandemic is accelerating the use and necessity of technology in real estate, while year-over-year traffic to home listings is higher by 40%.

Because people are spending more time at home, Barton said homeowners want to improve where they live and get more space.

“[The] crisis will cause an explosion on home views,” Barton said. “It’s OK to have a longer commute, because more people are working from home.”

Barton continued to say that “we have to be angry and understand” about discrimination in the system, and how Zillow’s Zestimate has fluctuated based on neighborhoods.

Keller Williams Cofounder and CEO Gary Keller said that real estate professionals need to think about what they are doing digitally to keep up with what is happening physically.

“Just because this is the new normal, doesn’t mean it’s worse,” Keller said, mentioning open houses via Facebook Live and agents being digitally based.

Keller also said that the pent up demand due to low inventory will mean home prices are going to continue to rise, “creating its own set of problems.”

Over the weekend, Keller sent out an email to Keller Williams employees, saying “Racism is wrong and Keller Williams stands with the Black community and wholeheartedly supports equality.”

Ryan Serhant, a real estate broker featured on Bravo’s “Million Dollar Listing New York” and “Sell It Like Serhant,” said that networking through the computer is important now more than ever, including checking in and connecting with people during the pandemic.

While Serhant was speaking, he noted that there was a protest happening outside his window in the SoHo neighborhood of New York City.

“We should be speaking out loud, and using social [media] to do so,” Serhant said about the death of George Floyd.

Like Keller, Serhant also said that agents will be selling in a whole new normal after COVID-19.

Howard Hanna CEO Helen Hanna Casey said that living patterns will change, and believes that people will leave urban areas for the suburbs.

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Airbnb properties wouldn’t make a dent on housing market


While the real estate market has lots of challenges during the COVID-19 pandemic, a tsunami of houses being sold by Airbnb hosts who can’t pay their mortgages isn’t one of them.

Airbnb’s tally of 850,000 whole-house listings is just 0.8% of the nation’s stock of single-family homes. Even if a big chunk of them came on the market – and there’s no evidence that will happen – it would be a welcome relief to the severe shortage of housing inventory.

Some property owners who bought or leased real estate with the aim of maximizing profits through Airbnb rentals are finding they’re in a jam. Airbnb hosts saw $1.5 billion in bookings cancelled in mid-March when the COVID-19 pandemic arrived in the U.S. While guests got full refunds, per an Airbnb decision, hosts still had to pay mortgages on the properties.

The company has provided grants to a selection of hosts to offset the cancellations, but for some it may not be enough to make their monthly home loan payment.

The 1.47 million homes listed for sale at the end of April was the lowest number ever recorded, said Lawrence Yun, chief economist at the National Association of Realtors. The real estate market has been dogged for years with a shortage of available properties because of under-building in the wake of the financial crisis more than a decade ago, he said.

“I would welcome more investor properties including Airbnb-type of properties to come onto the market for potential homebuyers,” he said. “That would be a welcome relief.”

But, Airbnb said they are not seeing a large number of hosts delist their homes.

“There is no data suggesting that Airbnb hosts are selling their homes and deactivating their listings,” the company said in a statement. “Any anecdotal evidence is just that: anecdotal evidence and in no way representative of a broader trend.”

Airbnb, founded in 2008, last month said it had raised $1 billion through a combination of debt and equity from investment firms Silver Lake and Sixth Street Partners. The company had been widely expected to go public in 2020, either through an initial public offering or a direct listing, before the pandemic made that less likely.

The company said $5 million from the new funding round will go to its Superhost Relief Fund that provides grants up to $5,000 for “superhosts” who rent out their homes and need help paying the rent or mortgage, and to long-tenured hosts who are “trying to make ends meet.”

The relief fund is only available to hosts who have suffered “significant economic loss” stemming from the COVID-19 pandemic, the company said. To qualify, Superhosts must only share their primary or secondary home with no more than 2 active listings. Also, hosts must be verified Superhosts or Experience hosts for at least one year and show evidence that Airbnb is a vital source of their income.

Relief grants are by invitation only, and not all hosts who qualify will be invited to apply, the company said.

In addition, Airbnb has pledged $250 million to help pay for cancellations related to COVID-19 under their Extenuating Circumstances policy. Hosts receive 25% of what they would normally receive through the policy, and payments will be issued this month, the company said.

Even if that’s not enough to keep some hosts from selling their properties, adding them to the market would only be a boon to real estate, said NAR’s Yun.

“There was an inventory shortage before the pandemic, and during the pandemic there are far fewer sellers coming onto the market, naturally, because of shelter-in-place orders,” Yun said. “But now with states reopening their economies, we’re seeing buyers quickly grab any properties that are listed.”

A shortage of properties for sale stymied buyer demand in April and contributed to a 17.8% plunge in home sales, the biggest drop since July 2010, he said.

Some of the drop in sales was due to the disruptions caused by state orders regarding social distancing that closed many businesses, he said.

The severe shortage of homes for sale is one difference between the current recession and the one that began in 2008 with the collapse of the mortgage market. In the years leading up to the financial crisis, homebuilders were in overdrive, producing more homes than Americans could use.

Back then, as now, the Federal Reserve began buying mortgage-backed securities to stimulate demand in the bond markets and lower long-term interest rates.

But, cheap financing for homes couldn’t do much when the market was awash in available properties, as it was back then.

Today, inventory is also a challenge, but for the opposite reason, said Yun.

“There is an acute shortage – the worst we’ve seen,” said Yun. “Because so many buyers are chasing after inventory, it’s taken a bad problem, which we had before the pandemic, and made it worse.”

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Washington D.C. housing market seeing quick rebound from pandemic

When the coronavirus pandemic paralyzed the nation in March, the Washington, D.C.-area housing market came to an abrupt halt.

“February had been a good month, but in March everything stopped,” said Gregg Busch, loan officer at First Savings Mortgage. “By about the second week of March, the market stopped till about the middle of April.”

Since mid-April, however, Busch has been dealing with a full-speed-ahead environment.

“We are seeing a tremendous pickup in buyers calling to get back out with Realtors to start looking at properties,” he stated. “A lot more has come on the market just in the last two weeks. And we’re seeing significant multiple offers on one property. Our strongest market is single-family homes priced between $900,000 and about $1 million – and that market is where you’re seeing five to six offers in certain neighborhoods, sometimes more.”

“It’s been active,” said John P. Downs, area manager and mortgage advisor at The Downs Group / MVB Mortgage. “Very, very, very active. This weekend, my team had about eight offers going, with every single one of them competitive. All of my listing agent partners that I talked to said that the majority of the houses they put on the market Thursday or Friday had contracts on them this weekend.”

Downs conceded the furloughs and layoffs that plagued many parts of the economy did not impact the federal bureaucracy, but much of the local workforce started to consider house hunting after they became dissatisfied with sheltering in place.

“If you take the average attorney or government worker or government contractors at the defense agencies, they have their jobs and they’re working from home making near full pay,” he said. “But they’re a little frustrated at what they’re living in, and they want to move. I think that’s why the D.C. market’s been as strong as it has been.”

Chanin Wisler, loan officer at First Washington Mortgage, is also working hard to keep pace with activity.

“I would say it’s still pretty hot,” she said. “If the house looks good and it’s priced, right, you’re going to have multiple offers – it’s not going to stay on the market very long.”

Wisler observed that first-time buyers are a significant presence in her region.

“A lot of people have been on the sidelines for a while,” she continued. “Either because they moved back in with folks or they’re in a multigenerational household and now it’s time to move out.  I thought with the coronavirus outbreak that I would be a lot less busy – but I’m as busy as I ever was, with many first-time buyers.”

“D.C. is an area where the average income is high and the average age is pretty low,” said Downs. “If you have a young, well-paid person that’s still getting full pay, and they haven’t been going out as much and spending and doing all the cool, fun single things that people do, they’re more liquid right now. Those people are starting to get active and recalibrating what they really want out of their house.”

Downs said that “50% of my business is first-time homebuyers if you go off the last decade, and I would say right now I’m probably more in the 75% range as far as measuring phone calls. So that’s a very active market.”

And first-time buyers are not the only purchasing group to drive the market.

“We are seeing more move-up buyers and downsizers,” said Danai Mattison Sky, 2020 president of the Greater Capital Area Association of Realtors and a real estate agent with Long & Foster. “While the first-time buyers are interested in purchasing condos, the downsizers have decided to seek smaller single-family homes. And the move-up buyers are looking to get out of the city and into the suburbs. If the pandemic happens again and they have to work from home, they want more space and more land.”

Sean Johnson, branch manager at loanDepot in Fairfax, Virginia, pointed out this market was somewhat different from other major metros because “it’s such a transient community. There’s always people moving in and out of the D.C. metro area, whether it’s military or contract workers for the government that have steady high paying salaries. That keeps real estate moving without too much of a problem.”

But the market is not without challenges. Johnson admitted the market is burdened with a deficit of inventory and a surplus of buyers, which has forced many house hunters to settle considerably out of town.

“There are people who work in Washington but commute from West Virginia. Stafford, Fredericksburg, and areas in Southern Maryland that are outside of the Beltway,” he said. “It’s become a lot more common over the past few years as more employers are allowing people to work remotely – if not for 100% of the time, a good portion of the time. So, they make a commute once or twice a week as opposed to every day.”

The Washington, D.C.-area market is also among the most expensive on the East Coast. Redfin reported the average D.C. home price last month was $620,000, up 5.1% from one year earlier. The arrival of Amazon’s second headquarters at National Landing in Arlington County has kept prices high for that section of the market.

“Right after the announcement, there was a 20% spike in sales and then home prices went up a good 17%,” said Wisler, referring to the November 2018 news that Amazon was coming to town. “Arlington is still really hot. I think the median value there is $865,000. It’s still a great place for people to live, whether they’re associated with Amazon or not.”

Johnson added that Google, Microsoft and other high-tech companies have also been actively talking about establishing a significant local corporate presence, which would bring in more jobs and, by extension, more would-be homebuyers.

“People are trying to buy up investment opportunities and condominiums,” he said.

For mortgage originators with borrowers in the luxury side of the market, jumbo mortgages have become an increasingly elusive commodity.

“Jumbo money is a little bit harder to get these days,” said Wisler. “It’s not the easiest thing to get jumbo loans unless you’re with an institutional investor like Morgan Stanley or Wells Fargo and have portfolio accounts with them.”

Johnson noted that loanDepot originates jumbo mortgages, but locally focused activity has slowed recently.

“We do quite a few of them,” he said. “Right now, the market tightened up quite a bit and there’s not a lot of desire to fund those loans. So, we slowed down a little bit. But when things kind of get back to normal, I think there’ll be plenty of appetite for it.”

Looking forward, the market’s mortgage professionals are anticipating a seesaw effect with purchase loans in ascension while fewer borrowers seek refinancing.

“I would say now it’s probably 70% refinance and 30% purchase,” said First Saving Mortgage’s Busch of his current workload. “That’s starting to shift – the refinancing is dropping off and the purchases are picking up more heavily.”

Johnson’s team at loanDepot is already moving into purchase-dominant territory.

“In my branches, we’re about 65% or 75% purchase, depending on the loan officer,” he said.

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[PULSE] A look at the iBuyer roller-coaster in North Carolina’s top markets

Now you see them, now you don’t… and now iBuyers are back again? 

iBuyer companies like Opendoor and Zillow Offers were buying and selling homes at a fast pace in 2019 here in North Carolina. It seemed like they were going to be a huge problem for local Realtors as they continued to gobble up market share. Then they disappeared.

Ryan Fitzgerald
Guest Author

In my local markets of Raleigh and Charlotte, North Carolina, iBuyers are red-hot buying as many homes as they possibly can and gobbling up market share. These North Carolina markets were two of the top three spots for iBuyer purchases in 2019. They took 7.3% market share of all purchases in Raleigh – compare that to 5.9% market share in Phoenix and 5.2% in Charlotte. 

The reason North Carolina is such a popular place for iBuyer companies is thanks to the affordability of homes and the growth Raleigh and Charlotte are experiencing. Some local Realtors were so convinced iBuyer companies were the future that they decided to join them.

If things were going so well in 2019, why did they totally disappear in early 2020?

iBuyers quickly turned into “iSellers” at the first sign of economic trouble in light of the COVID-19 pandemic.

In fear of a housing market upheaval, iBuyer companies decided to completely halt their home buying operations and chose to unload the inventory of homes at steep discounts, selling everything they could. 

A real estate agent on my team helped a client close on a home owned by Opendoor that was originally listed for $200,000 and closed at $185,000. This is the type of offer Opendoor never would have accepted in the past, however, in light of the economic impact felt by the initial rush of COVID-19, they wanted to unload their inventory. 

Stories like this help to confirm that the iBuyer companies are quick to react to any sort of economic downturn in fear of holding too much inventory. They’d rather sell at a loss or minimal profits to ensure they aren’t stuck holding too much inventory which can be a quick way for them to go under.

For a month or two, many people thought this was the end of iBuyer companies like Opendoor and Zillow Offers

In March and April, they had completely stopped purchasing homes. People wondered how these cash-burning companies would survive in 2019. In 2020, many thought this was the nail in the coffin for iBuyer companies.

Then, they came back.

In early May, Opendoor announced they would resume operations in two markets, Raleigh and Phoenix. Additionally, Zillow Offers announced it would resume operations in four markets Raleigh, Charlotte, Phoenix and Tucson, Arizona.

Questions remain though: Are they back for good? Can they survive a true economic downturn? These are questions that will need to be answered over the course of time because they are simply not profitable companies at the moment and continue to struggle to find ways to provide ancillary services to offset their expenses.

Through this, we learned how iBuyer companies respond to any sort of economic downturn. They totally stop buying homes and look to quickly unload as much inventory as possible at steep discounts.

Holding too much inventory could be a huge problem for these iBuyer companies and they’d rather take a loss on the sale than be stuck holding too much inventory.

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NexLevel Advisors’ Michael Hammond to speak at in June

Ample growth comes from within for many companies, but an outside source can be a game-changer for marketing and business strategies. As president and founder of NexLevel Advisors, Michael Hammond has focused on driving solutions for businesses and their housing clients for over a decade.

The strategic advisory firm has helped numerous mortgage tech companies bring innovation to the market­ – with Hammond spearheading many of those projects. That’s why we’ve invited the seasoned technology executive to June’s virtual summit, which is focusing on the “Agile Marketer.” Hammond will discuss the changes he made to his business approach after attending last year’s event, and the impact of those changes.

An entrepreneur and business leader, Hammond has extensive experience in financial services and mortgage banking. He held prior executive positions such as CEO, CMO, VP of business strategy, director of sales and marketing and director of marketing for leading mortgage technology providers. Hammond is also currently the chairman of the board for Catholic Vantage Financial, and CSO of the advisory board for PROGRESS in Lending Association.

For almost 20 years, Hammond has assisted mortgage technology clients in winning more than 34 industry awards and recognition from more than 100 publications. Hammond has also secured more than 20 speaking engagements for clients, while significantly increasing their sales volumes and helping grow their social media presence and engagement.

In 2019, Hammond was selected as one of HousingWire’s Tech Trendsetters thanks to his digital insight and leadership. He is also one of only 60 individuals to earn the prestigious Certified Mortgage Technologist designation, presented by the Mortgage Bankers Association.

Hammond is one of many marketing gurus we have lined up at on June 11-12, including Jake Fehling, Sarah DeCiantis, Bobbi Howe, Barbara Yolles, Rick Arvielo, Chelsea Peitz, Alec Hanson, Brian Covey, Cindy McGovern, Kevin Peranio, Haley Parker and many more. Register here.

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Freddie Mac appoints new CFO as it prepares to exit conservatorship

Freddie Mac appointed Christian Lown as its executive vice president and chief financial officer, effective June 15, as the company prepares to exit conservatorship.

Previously, Lown served as the executive vice president and chief financial officer of Navient Corp. As he steps down, Navient appointed Ted Morris as acting CFO, effective immediately. Morris joined the company in 2003 and has served as Navient’s controller since 2014.

“Navient has unquestionably benefited from Chris’s contributions across our enterprise,” Navient President and CEO Jack Remondi said. “He has helped to build a stronger, more resilient company, and we wish him well in his new endeavors.”

At Freddie Mac, Lown succeeds Donald Kish, who had served as interim CFO since December 2019. Kish will continue serving as senior vice president, corporate controller and principal accounting officer.

“We welcome Chris Lown to Freddie Mac,” Freddie Mac CEO David Brickman said. “His demonstrated success as a chief financial officer and strong background in the debt and equity capital markets and in mergers and acquisitions will be invaluable as we prepare our company to exit conservatorship.”

Before Navient, Lown served as managing director of financial institutions group at Morgan Stanley, where he co-led the Global FinTech and North America Banks and diversified finance investment banking practices.

“I am excited to join Freddie Mac as the company prepares for its next chapter and I look forward to working with such a talented management team and innovative company,” Lown said.

Over the past several months, Freddie Mac has stepped up its preparations for its anticipated exit from conservatorship. Just last week, the Federal Housing Finance Agency moved one step closer to ending conservatorship when it issued a new rule on allowing Fannie Mae and Freddie Mac to build capital.

The new rule would allow the GSEs to hold bank-like capital levels, roughly equal to the levels required by the world’s biggest banks, otherwise known as the “Systemically Important Financial Institutions.”

And in May, the mortgage giants announced that they were looking for financial advisors to assist in a stock offering that removes the companies from government control.

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Vacation rental company Vacasa raises $108 million in new funding round

Vacation rental company Vacasa announced it received $108 million in Series D funding, led by Silver Lake and including participation from Riverwood Capital and Level Equity.

The company’s previous round of funding was also led in part by Silver Lake, Riverwood Capital and Level Equity.

“Like many companies in the travel sector, Vacasa experienced challenges as the COVID-19 pandemic took hold,” said Matt Roberts, CEO of Vacasa. “We are incredibly fortunate for the continued support of our investors.”

“As we begin to emerge from this global crisis with an infusion of capital, we are in a very strong financial position to capture consumer demand,” Roberts continued. “We believe there will be a preference shift from hotels to professionally managed vacation rentals as privacy and cleanliness rise to be top priorities for travelers.”

According to Vacasa, there has been a recent increase in daily reservations in more cities, as well as a reduced booking window between the time a guest books their vacation.

In May, guest reservations were booked six times more than in April, including an increased interest in leisure travel, the company said.

Vacasa said that during the height of the crisis, it had guest bookings in only 357 cities in the U.S. Now, it has increased to 723 cities. In April, Vacasa said its booking window peaked at 142 days, which shows that guests were scheduling trips far out. Since mid-May, Vacasa’s booking window is back down to 40 days, similar to 2019 averages.

Vacasa recently relaunched Vacasa Premium Clean, a program that meets or exceeds all currently published CDC recommendations and follows Vacation Rental Management Association’s SafeHome guidance.

“We are excited to continue our partnership with Vacasa, which has spent the past decade delivering exceptional experiences to its guests and strong financial returns to its homeowners,” said Joerg Adams, managing director at Silver Lake. “We believe in the team, the business model and the customers and communities Vacasa serves, and that this investment enables the company to continue to innovate and to maintain its strong growth trajectory.”

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