BOULDER, Colo., April 02, 2024 (GLOBE NEWSWIRE) -- One of the fastest-growing mortgage banks in the U.S., American Financial Network Inc. (AFN), is teaming up with zavvie, an award-winning software technology company empowering loan officers and real estate agents to win and close more deals with its popular Cash Offer programs.
By partnering with zavvie, AFN aims to help turn more buyers into "cash buyers" through more than 1,150 trusted loan originators in 240-plus offices nationwide. According to the National Association of Realtors, cash buyers surged to a decade-high last month. Home buyers paying cash accounted for nearly one in three home sales (32 percent) in January, the highest share since 2014.
"As we endeavor to support more of our clients to compete against all-cash buyers and win more offers, we're not just participating in a market trend – we’re leading it,” said John D'Onofrio, EVP, Retail Branching of American Financial Network.
zavvie's research shows that a buyer using a traditional mortgage requiring a loan contingency must make offers on seven houses before their offer is accepted. Buyers using a cash offer program average just 1.1 offers submitted before successfully purchasing a home.
“Cash offers continue to be the hottest trend in the home buying market,” said Lane Hornung, co-founder and CEO of zavvie. “Making more buyers cash buyers creates more business for AFN’s trusted loan originators, and we know that zavvie Cash Offer programs increase loan officer business activity. More importantly, it increases their GCI (gross commission income) by as much as 33%, and loan officers average at least one more loan per month,” he added.
Offering all cash without contingencies may simplify a home purchase, making buyers’ offers more attractive to sellers who value speed and certainty. With cash, buyers can bypass potential financing obstacles, eliminating the risk of loan approval issues or related deal cancellations. Additionally, cash offers have the potential to shorten the closing period, distinguishing them from competing offers.
American Financial Network, Inc. (NMLS #237341), an Equal Housing Lender based in Brea, California, opened its doors from a single location in 2001 and is now licensed in all 50 states and Washington, DC.
“Being able to provide clients with a Cash Offer option is a no-brainer for loan officers looking to win more deals," Hornung added.
Consumer demand for Cash Offer programs is driving zavvie's rapid expansion into the mortgage business, and sustained growth in brokerage-assisted transactions makes it an integral part of real estate's modern ecosystem. Its nationwide footprint now covers nearly 50 states, with more than 75,000 agents using its platform and potentially reaching more than 700,000 real estate professionals through partnership integrations.
About zavvie
zavvie is a software technology company that provides mortgage firms and real estate brokerages with a marketplace for buying and selling solutions, including financial programs, via a white-labeled platform that keeps agents at the center of the transaction. Real estate agents in 47 states leverage zavvie's software technology to serve their clients better. Discover more at zavvie.com.
Note: “The statements contained in this press release regarding the collaboration between American Financial Network, Inc. and zavvie Capital Fund 1 LLC, including references to "partnering", “teaming up”, or other similar terms, are intended solely to describe the contractual relationship between the parties, under which American Financial Network, Inc. is authorized to offer zavvie Capital Fund 1 LLC's Cash Advantage program in-house to potential borrowers. This relationship does not constitute or imply a legal partnership, joint venture, affiliate relationship, ownership interest, or shared legal responsibilities between American Financial Network, Inc. and zavvie Capital Fund 1 LLC.
American Financial Network, Inc. and zavvie Capital Fund 1 LLC are independent entities, each operating under their own management and governance structures.”
“The benefits and features of the Cash Advantage program are provided for informational purposes only and based on information provided by zavvie Capital Fund 1 LLC. Consumers interested in the Cash Advantage program should contact their American Financial Network loan originator for details regarding benefits, costs, and risks relating to the program.
The Cash Advantage program may not be suitable for all individuals or circumstances. Before participating in the program, individuals are encouraged to review all program materials and disclosures, conduct their own due diligence, and consult with qualified professionals as necessary.”
Media contact:
Kevin Hawkins | zavvie
206-866-1220 | kevin@wavgroup.com
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