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ยป VISIT US ONLINE @ DSNEWS.COM 93 tional closing experience. eir understanding of the mortgage process and workflow will ensure that borrowers, lenders, and real estate agents have the best closing experience every time." Texas-based Pavaso works to transform the mortgage process with innovative digital mortgage closing technology facilitating fast, consistent, accurate, and compliant closings every time. Pavaso offers a single, collabora- tive, secure portal promoting transparency, efficiency, consumer education and communi- cation in a seamless format delivering value to every stakeholder involved in the transaction. e Closing Exchange offers dynamic vendor management and signing services to the mortgage, reverse-mortgage, auto-lending, and structured settlement industries provided by a trained and trusted network of notaries and attorneys. Home Affordability Challenges Shown in Microcosm San Francisco has never been cheap when it comes to finding housing, but a recent Urban Institute report breaks down just how unaccessible the City by the Bay has become in recent years. With high demand, skyrocketing home prices, and woefully insufficient hous- ing inventory, San Francisco also serves as an extreme but potent example of the affordability challenges facing California as a whole, as well as many other markets around the country. As reported in an Urban Institute post entitled "e Bay Area's housing crisis, in four charts," the San Francisco Bay area remains a popular job hub, but lack of affordable housing supply, rising construction costs, tight credit, and other factors have turned the region into a perfect storm of unaffordable housing. As seen in the Urban Institute chart below, the number of Bay area homes priced above $1 million has increased significantly during the decade between 2007 and 2017. As the Urban report puts it, "the $3 million home has become the next frontier." Needless to say, this has left lower-income families and minorities behind as the city has continued to grow. e Urban report states, "e extreme competition for housing units has driven up prices and credit standards, mak- ing it difficult for low-income people to access homeownership. e current housing inventory does not meet the needs of essential members of the community, including teachers, firefight- ers, and police officers." DS News is the leading publication dedicated to providing default servicing professionals with news and content focused on their industry. SUBSCRIBE TO THE LEADER IN DEFAULT SERVICING NEWS SUBSCRIBE NOW! Call 214.525.6700 or connect with us online at DSNews.com.