Month: August 2023

Apache is functioning normally

Eleanor wrote with a question that could test even the mightiest personal finance expert. “What,” she asks, “can you do when you want to save money and your roommates don’t care?”

I share a house with four roommates. This saves me at least $200 a month from what I would be paying if I lived in an apartment. But roommates raise expenses in other, unexpected ways. I have been trying to cut down on monthly bills and am finding it incredibly difficult.

For example, I live with roommates that want digital cable and high-speed internet bundle. I can live without the cable (I don’t watch TV) and don’t mind having a lower-speed connection. But because three of my five roommates want the more expensive package, that’s what we get, and instead of splitting a $60/month bill five ways we’re splitting a $100/month bill. I end up paying more money overall. While I can simply not watch cable and argue with them that I won’t pay for that fractional cost of the bill, there’s no way I can somehow use a lower speed internet connection without some serious technological finagling.

Another way I find it difficult to cut down on monthly bills is electricity usage. I try to turn off lights, appliances, the air conditioner, and my computer when I’m not using them. My roommates would prefer to leave their computers and air conditioner on and are not as vigilant as turning off lights. The electricity bill is higher, but it still gets split five ways. Again, I have no idea how I would go about dividing the bill by individual electricity usage — how would you even start to go about measuring such a thing, when no one remembers who left the kitchen light on?

But perhaps I’m being too nitpicky — as annoying as these extra expenses are, I doubt they make it worth moving to an apartment.

It’s been a l-o-n-g time since I lived with roommates — wife and cats notwithstanding — and I’ve forgotten some of the stuff that occurs. I certainly remember the passive-aggressive games we used to play out of spite, but I think that, in general, I never had a living situation in which splitting money was an issue.

AskMetafilter often has roommate-related questions. Many of them involve money problems, but none that I could find involve this sort of problem. Though it doesn’t address Eleanor’s specific concerns, UK-based iOWEYOU looks like a great little web tool for tracking roommate accounts:

iOWEYOU is an expenses sharing calculator. It is ideal for people living in a shared house. To use iOWEYOU, you log all the items you buy that you share with your group. This may be bills, food shopping, light bulbs, TV license, etc., etc. iOWEYOU then tells you how much you all owe each other.

What general advice do you have for keeping money matters between roommates peaceful but fair? What specific advice do you have for Eleanor?

Source: getrichslowly.org

Apache is functioning normally

May 11, 2017
by Zach Festini

Lamar Odom, former basketball player and ex-husband of Khloe Kardashian, has put his long-time Miami estate on the market.

He originally bought the property in 2003, just before his first and only season playing for the Miami Heat. Over his 14 season career, he went on to play for the Lakers, the Clippers, and the Mavericks and wed (and divorced) a Kardashian. After all that, it’s no wonder he could use a fresh start.

This 8,557 square foot pad comes with 6 bedrooms, 7.5 bathrooms, a media room, a pool and spa, and (of course) a basketball court. All that will set you back $5.2 million.

Take a look at the pictures below.

[huge_it_slider id=”26″]

Photos via Zillow

Filed Under: Uncategorized

Source: totalmortgage.com

Apache is functioning normally

HSBC’s lending practices in New York, Seattle and various parts of California are under scrutiny, according to the National Community Reinvestment Coalition, which filed a complaint that prompted the Department of Housing and Urban Development’s investigation.

Hollie Adams/Bloomberg

HSBC’s U.S. division is under federal investigation for potentially engaging in discrimination against minority borrowers in six metropolitan areas.

The U.S. Department of Housing and Urban Development is reviewing the bank’s lending practices in majority Black and Hispanic neighborhoods within the six regions, HSBC disclosed in a regulatory filing Tuesday.

The geographic areas where HSBC is facing scrutiny include New York, Seattle and four parts of California — Los Angeles, San Francisco, Oakland and Orange County — according to the National Community Reinvestment Coalition, which filed a complaint that prompted the HUD investigation.

After the NCRC filed the complaint, HUD has been investigating whether HSBC violated federal law by engaging in discriminatory lending practices between 2018 and 2021, the bank’s filing states.

Alan Pyke, an NCRC spokesperson, said in an email that his organization, which advocates for community groups nationwide on financial and investment issues, filed the complaint earlier this year.

“Lending redlining is a violation of the Fair Housing Act,” Pyke said. The NCRC based its complaint on data suggesting “unfair treatment of disenfranchised communities and individuals,” he said.

The nonprofit group is focused on working with government agencies to “pursue any remedies they deem appropriate,” Pyke said.

A spokesperson for HSBC USA declined to comment. HUD did not respond to a request for comment.

HSBC’s U.S. arm has previously faced scrutiny in connection with fair-lending laws.

In 2016, the London-based bank agreed to a $601 million settlement with 49 U.S. states and numerous federal agencies — including HUD, the Department of Justice, the Consumer Financial Protection Bureau and the Federal Reserve — over allegations related to discriminatory mortgage lending and foreclosure practices.

In 2021, Attorney General Merrick Garland launched an interagency initiative to combat redlining.

Earlier this year, City National Bank, a unit of Royal Bank of Canada, agreed to pay a $31 million fine in the largest redlining settlement in U.S. history. The Department of Justice alleged that City National discouraged Black and Hispanic customers from applying for home loans.

In March, Park National Bank agreed to a $9 million settlement over redlining allegations in Columbus, Ohio. And last month, the DOJ announced that ESSA Bank & Trust will pay over $3 million to resolve similar allegations in the Philadelphia metro market.

In 2022, HSBC sold 10 California branch locations, along with loans and deposits associated with its West Coast consumer banking business, to Cathay General Bancorp.

The sale was part of HSBC’s broader pullback in U.S. retail banking, which also included the sale of 80 branches, mostly in the New York metropolitan area, to Citizens Financial Group.

Source: nationalmortgagenews.com

Apache is functioning normally

2008 & 2018 lenders: ghosts in the machine; warehouse, pre-approval, DPA, manufactured housing, marketing products

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2008 & 2018 lenders: ghosts in the machine; warehouse, pre-approval, DPA, manufactured housing, marketing products

By:
Rob Chrisman

Wed, Aug 2 2023, 8:26 AM

“If you have no interest in banking, you are not a loan.” (Best said out loud to a 6th grader.) Cutting edge humor aside, this morning I head to Orlando for the FAMP event, in a state where there are a total of 186 banks operating with 4162 branches. Some of the conversation will be about Freddie Mac earning $2.9 billion in the 2nd quarter (how’d your company do?). Banks… Last Friday we saw something we haven’t seen for a while: a bank closure. “Heartland Tri-State Bank of Elkhart, Kansas, was closed by the Kansas Office of the State Bank Commissioner, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver… the FDIC entered into a purchase and assumption agreement with Dream First Bank, National Association, of Syracuse, Kansas…” While we’re on Agency and government news, the Federal Reserve’s quarterly Senior Loan Officer Opinion Survey found that banks have tightened credit standards for both business and consumer clients, and they expect to tighten further through the rest of the year. “…a less favorable or more uncertain economic outlook, an expected deterioration in collateral values, and an expected deterioration in credit quality of [commercial real estate] and other loans.” (Today’s podcast can be found here and is sponsored by Candor. Candor’s patented automated underwriting decision engine, CogniTech, is a state-of-the-art, 100 percent machine platform that can handle infinite loan scenarios. Listen to an interview with Polunsky Beitel Green attorney Andy Duane on recent capital rules plans changes by U.S. bank regulators.)

Lender and broker software, products, and services

In 2022, Americans spent an average of $6,000 on engagement rings to demonstrate lifelong commitment to their partners. Just as the act of proposing with a ring symbolizes a promise, SimpleNexus, an nCino company, also seeks to engage prospective homebuyers with the promise of an intuitive, modern home financing experience. A single-sign mobile app gives borrowers the convenience of managing their mortgage loan from anywhere, with a rich feature set that allows them to submit an application, scan and upload documents, eSign disclosures, and attend virtual eClosings. What’s more, built-in messaging and notification features foster meaningful connections between lenders, borrowers, and their real estate agents. See how SimpleNexus can put your organization and your borrowers on the path to a future filled with security and prosperity. Schedule a demo today.

Click links, ask questions later. The most common attack vector for a cyberattack is the human element. It’s what phishing emails, phone calls and text messages all have in common. Yet while it’s the weakest link, the human element could be your organization’s greatest prevention layer if trained correctly. In an industry that incentivizes people based on sales goals, every mortgage lead has bottom line potential. And in the current market, it’s only human to go after leads without stopping to consider their legitimacy. But recent data shows just how risky clicking without thinking can be. According to ISACA, in 2022 social engineering (tricking humans) was the #1 attack vector, and even the best teams are vulnerable. Learn how to do a better job at testing and training your team to identify legitimate leads. Talk to Richey May’s cybersecurity experts for help assessing and defining your cybersecurity training needs.

“Attention Mortgage Technology Companies! Discover the secrets to thriving in this competitive market with our free white paper, tailored specifically for you. Written by Seroka Brand Development, the mortgage industry’s leading marketing and public relations company, this exclusive guide reveals top marketing and PR strategies for 2023. As the industry faces its current set of challenges, effective yet cost-conscious marketing is more crucial than ever for companies like yours, competing for every opportunity. Learn six impactful ways to reach your target market and secure success through the rest of 2023 and beyond. Don’t miss out on this invaluable resource: download your FREE white paper now.”

“AFR Wholesale® (AFR) is teaming up with financing experts from Fannie Mae for the next session of our Why Wait Live Webinar Series! Please join us Wednesday, August 9th at 2 PM EST, where we will be highlighting what you need to know about manufactured home financing. AFR has been a leading expert in manufactured homes for over 25 years. With this added knowledge and proven experience, we’ll be an extension of your team to help the prospects in your portfolio to become borrowers. Over this series, AFR has been discussing affordable financing solutions that together will help us provide homeownership opportunities to more families. Register Today! This is a live webinar, and a recording will not be provided. Sign up today and don’t miss it! If you are currently a partner of AFR, start utilizing these programs right away! Contact AFR by going to afrwholesale.com, email [email protected] or call 1-800-375-6071.”

“Why are some lenders and LOs thriving in this market? Because they know there are still 1st-time buyers and people seeking DPA! Stairs Financial aggregates DPA information and matches homebuyers, often CRA-eligible, to lenders/programs on our platform to help lenders create customers for life. Through Stairs, borrowers are educated about loan programs and terms to better understand their loan options before connecting with our lender network. Stairs is launching in Texas and quickly expanding nationwide with licenses in 40 states. We’re partnering with national, regional, and local lenders in every market to ensure every aspiring homeowner gets the help they need. By seamlessly connecting to your PPE, Stairs can show borrowers your rates, loan terms, and DPA program options. Further, we can deliver mortgage leads to your CRM or lead management system. If your firm wants to help more 1st-time buyers achieve their dream of homeownership, contact Mike Romano.”

“This seems too good to be true” is what we hear pretty often when it comes to QuickQual. Lucky for you, it is true. Loan officers issue QuickQuals right from within the LOS and give borrowers and Realtors the ability to run payments and update pre-approval letters within guardrails you set. Check out QuickQual by LenderLogix and they’ll text a demo right to your phone!


Warehouse/liquidity programs

If you’re heading to California for Western Secondary, carve out time to meet with the team from Flagstar Bank. At a time when banks are downsizing or leaving the warehouse business altogether, Flagstar remains firmly committed to the mortgage space. They’re the second largest warehouse lender with $119 billion in assets, offering the strength, stability, and best-in-class service you’ve been looking for. Flagstar warehouses most loan types, including conventional, non-QM, and construction, and offers MSR, servicer advance, and EBO financing solutions. Their warehouse platform is flexible enough for 400+ warehouse clients of all sizes to fund quickly and easily. While you’re at the conference, talk to Flagstar about their experienced Specialized Mortgage Banking Solutions team to find out if they can help streamline operations and provide greater value for cash balances. With 35 years of experience, Flagstar is a trusted lending partner ready to unlock a world of opportunities for your business. Contact Jeff Neufeld or Patti Robins today to discuss what Flagstar can do for you.

“If you’re attending the California MBA Western Secondary Market Conference in Dana Point, make sure to include Axos Bank’s Warehouse Lending Team in your agenda. Our team will be available to discuss strategies and showcase how our diverse array of Agency, Jumbo, and Non-QM products can provide you with the flexibility and liquidity needed to become a top producer in today’s market. With our expanded portfolio programs and extended cutoff times (6:15 p.m. ET), achieving success has never been easier. To secure a meeting time, simply reach out to Eric Nelepovitz and Justin Castillo via email, or if you have any questions, feel free to contact the Warehouse Lending team at 888-764-7080. Don’t miss out on this opportunity to elevate your business to the next level.”


The only thing constant is change

Independent mortgage banks and credit unions aren’t the only entities who originate residential loans. Banks have been in the news!

Grizzled industry vet Ken Sonner, showing his age, noted, “The ‘Banc of California buying PacWest’ deal is very interesting. A $10BB bank tries to swallow a $40BB bank? Kinda like GreenPoint buying Headlands.” Don’t forget that Norwest bought Wells Fargo but kept Wells’ name.

And then there’s this story: “Donald Trump’s business empire faced a potential crisis after he left the White House and his longtime accounting firm warned not to rely on his past financial statements. But Axos Bank, an online-only financial firm headquartered in San Diego, soon agreed to loan him $225 million, stabilizing his finances.”

In general, do you think anything is permanent in residential lending? How many of 2008’s top 20 are still in the game? Wells Fargo, Chase, Bank of America, Countrywide Financial, Citi, Residential Capital LLC, Wachovia, SunTrust Mortgage, US Bank Home Mortgage, PHH Mortgage, Washington Mutual, Taylor, Bean, & Whitaker, Flagstar Bank, AmTrust Bank, National City Mortgage, ING Bank, BB&T Mortgage, First Horizon Home Loans, Franklin American Mortgage Company, and IndyMac.

How about in 2018?

Wells Fargo, Chase, Quicken Loans, PennyMac Financial, United Wholesale Mortgage, Bank of America Home Loans, U.S. Bank Home Mortgage, Caliber Home Loans, Amerihome Mortgage, loanDepot.com, Flagstar Bank, Freedom Mortgage, Fairway Independent Mortgage Corp., Guaranteed Rate Inc., SunTrust Mortgage, Nationstar Mortgage, Citizens Bank, Guild Mortgage, Stearns Lending LLC, and Navy Federal Credit Union.

Recognize some ghosts?


Capital markets: rates, as always, up some, down some

Yesterday was yet another volatile day in rates and MBS as rates staged another breakout to higher yields after shrugging off month-end buying and some weak data. While volatility remains elevated it also remains range-bound, and sentiment is that the Fed is finally finished with its historically aggressive pace of tightening.

On the data front, we received a weaker than expected ISM Manufacturing survey (Institute for Supply Management) for July as the manufacturing economy continues to contract. New Orders improved, and pricing pressures continue to fall. Supply delivery times decreased. Overall, the news on pricing should be good for the Fed, as it looks like its tightening policy is having the desired effect. There was also a smaller than expected increase in June Construction Spending (actual 0.5 percent) after increasing an upwardly revised 1.0 percent in May. Residential spending continues to be powered by new single-family construction to meet demand that cannot be satisfied through the existing home market.

Ahead of Friday’s payrolls report, job openings were 9.6 million at the end of June, according to the JOLTS report. Hires decreased to 5.9 million, with losses experienced in finance and manufacturing. The “quits” rate, which tends to forecast wage inflation, decreased to 2.4 percent from 2.6 percent in June and 2.7 percent a year ago. The jobs market remains exceptionally tight but continues to show incremental signs of weakening. Job openings have fallen 20 percent since the Fed began tightening policy in March 2022, even with the unemployment rate trending sideways. Price growth still elevated and a pullback in demand for workers ongoing, a “soft landing” remains far from assured, but this is an encouraging step toward inflation subsiding without a recession.

Today’s economic calendar kicked off with mortgage applications decreasing 3.0 percent from one week earlier, according to data from MBA. We’ve also received ADP employment (324k, nearly twice as strong as expected! We’ll learn the U.S. Treasury details of the Quarterly Refunding (3-year notes, 10-year notes, and 30-year bonds) where we can expect amounts to increase from previous auctions in the face of a Fitch downgrade of U.S. debt. We begin the day with Agency MBS prices unchanged from Tuesday and the 10-year yielding 4.04 after closing yesterday at 4.05 percent; the 2-year is at 4.90, showing no impact of Fitch’s opinion of U.S. debt. Much ado about nothing?

Jobs and transitions

“FLCBank is looking for seasoned Wholesale Account Executives in the northeast, southeast, central, and northwest regions. If you are looking to make a move and join a company with a tenured culture of collaboration, team-based success, and the security of working for a federally chartered national bank, then it’s time to call Bob Eisendrath, Strategic National Account Manager (414.350.3986). FLCBank is an agency-approved lender, offering a suite of Jumbo products with IO, fixed, and ARM options, as well as bank portfolio products like bridge loans. Our AEs work with Brokers, Non-Delegated Correspondents and have the opportunity to offer warehouse lines to your customers. FLCB cultivates a fun team environment where both sales and the operations staff are passionate about delivering exceptional customer experience with every loan. We offer competitive compensation, an energized culture, and seasoned operations and support staff. FLCBank is an Equal Opportunity/Affirmative Action Employer.”

Do you have what it takes to be a mortgage superstar? Do you want to work with a lender that is leading the way in using AI to revolutionize the mortgage industry? If so, you need to check out Stockton Mortgage, a proud adopter of Lender Toolkit and its revolutionary solution, AI Underwriter™, which automates and applies underwriting conditions in 90 seconds or less. With just one click, you can review credit reports, income, assets, appraisals, loan data, fraud reports and more. Stockton Mortgage is using AI Underwriter to boost its productivity, quality, compliance, and find issues earlier in the process, delivering faster communication to Stockton’s customers. Stockton is looking for talented and ambitious professionals to join its team and grow with others on the team. If you’re ready to take your career to the next level and be part of the tech future of mortgage lending, visit Stockton’s website or contact the team today.

“Security National Mortgage Company (SNMC) has announced that Austin Jacks has joined the Company to serve as its Chief Marketing Officer. Mr. Jacks has over a decade of mortgage industry marketing experience focused on creating marketing products and building teams to enable loan originators to thrive. Mr. Jacks most recently served as the field marketing manager for Nations Lending. Joel Harward, SNMC’s SVP, stated, “Austin’s approach to modern marketing and his extensive experience will help us elevate awareness of the Company’s brand and expand its market share. His passion for marketing, strategic focus, and creativity will make him a great addition to the SNMC team. We are confident that Austin will play a key role in SNMC’s continued growth and success.” If you are interested to find out why Austin Jacks joined SNMC and why “It is Better Here”, please check us out here.”

How many ads for mortgages have you seen like this ad for mobile homes?

 Download our mobile app to get alerts for Rob Chrisman’s Commentary.

Source: mortgagenewsdaily.com

Apache is functioning normally

After a slight increase in late February, mortgage applications dipped 1.3% in the week ending March 5, according to the latest report from the Mortgage Bankers Association. But experts aren’t concerned.

With spring approaching – signaling the start of a busy buying season – the purchase market sported its strongest showing in four weeks, with gains in both conventional and government applications, according to Joel Kan, MBA’s associate vice president of economic and industry forecasting.

“Loan sizes moderated for the second straight week, which is potentially a sign that more first-time buyers are entering the market,” Kan said. “Signs of faster economic growth, an improving job market and increased vaccine distribution are pushing rates higher. The 30-year fixed mortgage rate climbed to 3.26% last week, which is the highest since last July and up 40 basis points since the start of 2021.”

Rates have been trending upward for more than a month now, jumping above 3% this month for the first time since the summer, when sub-3% rates were the norm. Climbing rates are combining with low inventory and high home prices to keep mortgage applications low, Kan said.

The refinance index decreased 5% from the previous week and was 43% lower than the same week one year ago. The seasonally adjusted purchase index increased 7% from the previous week, as did the unadjusted purchase index, which increased 9%.

The FHA share of total mortgage applications decreased to 11.6% from 12.1% the week prior. The VA share of total mortgage applications decreased to 11.1% from 12.3% the week prior.

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

  • The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($548,250 or less) increased to 3.26% from 3.23%
  • The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $548,250) increased to 3.34% from 3.33% – a second straight week of increases
  • The average contract interest rate for 30-year fixed-rate mortgages increased to 3.20% from 3.19%
  • The average contract interest rate for 15-year fixed-rate mortgages decreased to 2.63% from 2.64%
  • The average contract interest rate for 5/1 ARMs decreased to 2.69% from 2.84%

Source: housingwire.com

Apache is functioning normally

A new survey from Zillow found the “mortgage rate tipping point” at which homeowners are likely to sell their homes. According to the survey, homeowners with a mortgage rate above 5% are almost twice as likely to say they plan on selling their home in the next three years than those paying a rate below 5%. 

As the Fed continues to raise the federal funds rate in an attempt to combat inflation, consumers are facing higher commercial interest rates, especially mortgage rates. As of August 2, the average 30-year mortgage rate is 6.81%, compared to 6.78% last week and 5.54% a year ago. This is lower than the long-term average of 7.74%. Additionally, the average interest rate for a 15-year fixed mortgage is 6.11%, up from 6.06% a week ago and up from 4.75% last year.  

mortgage calculator to determine your monthly payment, 

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The survey found that about 80% of mortgage holders reported having a rate of less than 5%, 90% reported having a rate of less than 6%, and almost a third reported having a rate of less than 3%. Homeowners who already have a relatively low interest rate are hesitant to sell their home and remortgage at a higher rate. 

This reluctance to sell can have an impact on the housing supply. As homeowners are “locked-in” to their current mortgages, “it results in a shortage of housing options, resale supply, homeowner mobility, and places upward pressure on housing prices” according to Zillow. In fact, a survey from Redfin reported that mortgage payments in March hit a high of $2,563, up from $1,988 the previous year. Zillow also reports that current monthly mortgage payments are more than twice as much as they were in 2020 and 13% higher than a year ago. 

Orphe Divounguy, a senior economist at Zillow Home Loans said in the company’s press release: “We expect mortgage rates may notch down slightly as inflation comes under control, but they are unlikely to return to 5% in the near future. Over time, homeowners will likely accept higher rates as the new normal, but until then, the market could remain challenging for home shoppers, who will see fewer options and higher prices.”  

However, as inflation cools down and more mortgages drop into the 5% range, housing inventory could go up. Zillow found that 23% of homeowners are considering selling their home in the next three years or currently have their home listed for sale. This is much higher than last year, when only 15% of homeowners reported the same. Nearly 40% of homeowners considering selling their home in the next three years have mortgage rates above 5%. 

Related Content

Source: kiplinger.com

Apache is functioning normally

In a clear sign of the times, Zillow has announced a partnership to syndicate new-construction listings on Redfin.

This means home shoppers will see more new builds than they did in the past, at a time when existing housing supply has rarely been lower.

It also means home builders will gain even more exposure, further boosting their already-high market share.

Once launched, Redfin will source non-MLS new-construction listings exclusively from their competitor Zillow.

And any new-construction listings that are available through an MLS will continue to be discoverable on the Redfin platform.

Zillow and Redfin Linkup a Boon to Home Builders

Zillow apparently has the largest selection of new-construction communities of all real estate U.S. websites.

This seems to be due to their existing partnerships with home builders, whereby they advertise their properties on Zillow.

To broaden their reach, these listings are slated to be syndicated to Redfin starting in the fourth quarter of 2023.

And Redfin users will get to take advantage of new features designed specifically to discover new-construction communities and connect with home builders.

Powered by Zillow’s Community pages, they’ll list all available homes for sale within the community, along with their amenities.

Shoppers will be able to view move-in ready homes, nearly complete homes, and even lots.

Those interested will find a direct link to the home builder’s website, along with pertinent contact information and sales center hours.

New Home Sales Up Big Year-Over-Year

The U.S. Census Bureau recently reported that sales of newly built single‐family houses climbed to a seasonally adjusted annual rate of 697,000 in June 2023, up an estimated 23.8% from a year earlier.

Meanwhile, the seasonally‐adjusted estimate of new homes for sale at the end of June was 432,000, which represents a 7.4-month supply at the current sales rate.

That’s down from 448,000 a year earlier, when supply stood at 9.5 months.

At the same time, Zillow reported that there were 28% fewer new listings in June compared to a year ago.

And Redfin noted that about one-third of all single-family homes available for sale were new construction, which is apparently a record-high share.

As you can see from the chart above (from early 2022), newly-built homes saw their market share rise from around 21% in 2019 to 34.1% by the end of 2021.

It appears their market share has climbed even higher since then, as existing supply continues to be hard to come by.

Where Did Existing Home Supply Go?

The National Association of Realtors (NAR) reported that there were just 1.08 million unsold existing homes at the end of June.

That was down 13.6% from a year ago when there were about 1.25 million existing homes available.

This represents a 3.1-month supply at the current monthly sales pace. Interestingly, it’s up slightly from 3.0 months in May and 2.9 months in June 2022.

As for why, demand is also low, mainly because housing affordability is so poor at the moment.

Between much higher mortgage rates and all-time high home prices, there aren’t many willing and able buyers out there.

Still, inventory remains in short supply, especially due to the mortgage rate lock-in effect. In short, existing owners are staying put because of the stark difference in interest rates.

Even if they’re able to sell their home and buy a replacement at today’s rates, going from a 2-3% rate to a 7% rate isn’t ideal for anyone.

Home building has also lagged for many years, so inventory wasn’t great to begin with over the past decade.

This explains why the median existing-home price was $410,200 last month, the second-highest price of all time and just shy of its record-high $413,800 in June 2022.

Home Builders to the Rescue

To help alleviate this supply and demand imbalance, home builders have been stepping up their game.

They’ve been offering both temporary and permanent rate buydowns to ease affordability concerns.

And because they often have their own financing departments, they’re able to get creative and really push down rates.

While someone purchasing an existing home might be subject to a 6-7% mortgage rate, the home builders could be able to offer a 5% mortgage rate.

This is a huge advantage for builders. Additionally, they don’t have to worry about a seller finding a replacement property.

As such, there’s no mortgage rate lock-in to worry about, nor is a contingent sale necessary.

Collectively, this may explain why the market share of new homes has increased so much. And why Zillow and Redfin want more new home listings on their platforms.

So if you’re a prospective home buyer, don’t be surprised if you see more and more newly-built homes versus existing homes in your searches.

Read more: Should I buy a new home or an old home?

Source: thetruthaboutmortgage.com

Apache is functioning normally

Mobility Market Intelligence (MMI), a data intelligence and market insight tool provider for the mortgage and real estate industries, has acquired Bonzo – a relationship management and mortgage marketing platform.

Ohio-headquartered Bonzo will operate as an independent service provider that is led by the current leadership team, which includes co-founder and president Jason Perkins, co-founder and COO/CRO Miles Miller, and CEO Chad Jampedro.

Customers of MMI and Bonzo will benefit from a list of the two tech platforms’ integrated services and features, MMI said in a release announcing the acquisition. Terms of the deal were not disclosed.

“MMI’s acquisition of Bonzo is the next logical step in the path we’ve been pursuing for the past year or more, which is to deliver cost-efficient, best-in-breed solutions to the mortgage industry in a consolidated, easy-to-use, integrated environment,” MMI founder and CEO Ben Teerlink, said in a statement.

Founded in 2018, key features of Bonzo include a campaign builder to conduct personal and customized outreach at scale; messaging that supports voice, video and text; an ad builder for Google and Facebook; and a pipeline dashboard to organize the sales process.

The company has more than 2,000 clients, according to its website.

MMI – established in 2008 and headquartered in Utah – provides tech solutions for mortgage and real estate professionals that allows buyers to search out and view properties on the Multiple Listing Service (MLS) through its MobilityRE app.

Real estate brokerages – including Coldwell Banker, Keller Williams, Century 21, Keller Williams and RE/MAX—have purchased subscriptions and thousands of real estate professionals and homebuyers are now using the services, according to MMI. 

MMI is currently used by more than 450 enterprise customers – including 20 of the top 25 lenders in the country, the company said. 

The company in April named Brian McKray as its director of product development.

Source: housingwire.com

Apache is functioning normally

A few weeks ago I wrote about my realization that I have too much Stuff. For two decades, I had been a willing participant in our consumerist culture, buying books and magazines and video games and compact discs and George Foreman grills. After twenty years of this, all I had to show for it was a mountain of debt and a home filled with Stuff.

Recently, Kris and I have been working to purge our Stuff. While we’ve discarded some of it as trash, we’ve also managed to sell some of it. We’ve donated some of our Stuff to charity. We’ve given other Stuff to friends.

At first this was painful. Then it became appalling. It was shocking to think that I’d paid tens of thousands of dollars to buy this Stuff, and then paid even more in interest fees. Now I’m casting much of it aside, shipping it off to a landfill.

This has made me realize that Stuff has more than just a personal financial cost. Every time I buy something, it has an impact on the world around me. When I buy a new kitchen appliance, for example, there’s an environmental cost for the manufacturing process, for the packaging, for the transportation, and for the marketing. By reducing my role as a consumer, couldn’t I help myself and help the environment? Here are five strategies that I’ve developed to help me accomplish both goals at once:

  • Reduce your consumption — buy less stuff. Such a simple notion, yet so powerful. The less you buy, the less money you spend. When you buy less, you’re also reducing your environmental impact. Buying fewer things means a little more money in your pocket, and a little less pollution in the world.
  • Reuse the things you have. Last week, Amanda encouraged us to get value from the things we own. Before you buy a new computer game, ask yourself if you’re finished playing the last one you bought. Before you buy a new bicycle, consider taking your old bike in for a tune-up instead. If you currently buy disposable diapers, disposable razors, or paper towels, consider switching to re-usable alternatives.
  • Recycle the Stuff you no longer want or need. If you replace your 1996-era 19″ Sony television with a new widescreen model, don’t set the old TV out in the trash. Find another home for it. Put it on Craigslist. Set it outside with a “free” sign on it. If you really want to save money, place yourself on the other side of the equation: look for Stuff that people are getting rid of. You can find nearly everything you need for much less than you’d pay new. You just need to know where to look!
  • Embrace imperfection. We like the things we buy to be perfect. But that perfection comes at a price, both financially and environmentally. Learn to look beyond the surface:
    • Hand-crafted goods may contain minor imperfections.
    • Organic fruits and vegetables often have visible blemishes that do not affect the quality of the food.
    • The things you find at garage sales and thrift stores will often require mending.

    All of these flaws can be disconcerting at first, but in time you may find yourself wondering why they once bothered you.

  • Pursue quality. I used to buy a pair of $3 gardening gloves every spring because I didn’t see the sense in spending more. They’d work fine for a couple months, but by the end of the summer, they’d be worn to pieces. Then one year I bought a $15 pair of gloves. I haven’t bought another pair since. We often assume the least expensive option is the best way to save money. That’s not always the case. Quality items usually have a higher initial cost, but the total cost of ownership can be much less than a cheaply-made equivalent.

These rules can be difficult to follow — I’ve been working on some of them for years. Most of the time, I still think like a consumer. But because it’s important to the environment, and because it’s important to my bottom line, I’m willing to keep trying.

Source: getrichslowly.org

Apache is functioning normally

Anxiety can be considered a disability. If you have severe anxiety symptoms that prevent you from working and you meet certain criteria, it’s possible to qualify for Social Security Disability Insurance (SSDI) benefits.

Applying for disability benefits takes time, though, and most claims are denied. To increase your chances of getting approved, you’ll need to show robust medical documentation. Consider getting an experienced disability lawyer to help you put together a strong case.

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Work accommodations for anxiety

The Americans with Disabilities Act (ADA) requires that reasonable accommodations be made in the workplace (assuming the employer is able to do so) for employees with disabilities, including mental health conditions and anxieties

. Common accommodations for workers with anxiety might include:

  • Quieter workplace environments.

  • The ability to work from home.

  • Flexible scheduling to allow for medical appointments. 

If your employer refuses to provide reasonable accommodations for anxiety, this could be considered discrimination. If you believe you’re being discriminated against on the basis of disability, you can file a complaint with the U.S. Equal Employment Opportunity Commission within 180 days of when the discrimination occurred. You might be entitled to a remedy such as a reassignment, promotion or back pay.

What type of anxiety qualifies for disability benefits?

Your anxiety needs to be found to be a medically determinable impairment of your daily life in order to qualify as a disability for SSDI, says Amanda J. Bonnesen, an attorney with Berger and Green Attorneys at Law, an injury and disability law firm based in Pittsburgh.

The Social Security Administration’s definitions

The Social Security Administration (SSA) will first consider whether your supporting medical documentation aligns with the adult medical listing for anxiety in the SSA Blue Book

, the guide that lists medical specifications to qualify for disability.

For anxiety disorders: Patients must display several overlapping symptoms, starting with three or more of the following:

  1. Irritability.

  2. Difficulty concentrating.

  3. Restlessness.

  4. Easily fatigued.

  5. Muscle tension.

  6. Sleep disturbance.

For anxiety that’s medically diagnosed as agoraphobia or a panic disorder: The condition must cause a person to have a disproportionate fear or anxiety about two separate situations (like interacting with other people and using public transportation) and/or cause persistent panic attacks.

Along with those indicators, you’ll also have to show either

:

  • Certain functional limitations.

  • Or a history of having a serious or persistent anxiety disorder for at least two years and receiving treatment for it.

Your work history

If your medical records don’t exactly match the criteria in the Blue Book, the SSA will move on to analyze your work history. That usually includes consulting with vocational experts, physicians and/or therapists to formulate what they see to be a person’s functional limitations, and whether or not the condition is impacting the ability of a person to do their job.

A disability attorney will typically try to get a claim approved “by showing that even though a client is in treatment, the best functionality this person is going to have still prevents this person from attending work regularly,” Bonnesen says. “Or, if they do attend, they’re not able to stay on task, maybe requiring moments to leave work to gather themselves, or to leave altogether because of their symptoms.”

How likely is it that the SSA will approve my SSDI application?

The likelihood of your SSDI application being approved depends greatly on the details of your specific case.

For claims filed from 2010 through 2019, 31% of disabled-worker applications were granted benefits

. As of December 2021, about 4% of SSDI recipients received benefits due to “other mental disorders,” a category that includes anxiety.

“The problem is, at every stage of the game there’s a human being on the other end making that decision,” Bonnesen says. “So unfortunately, as much as they try to make it objective with rulings, laws and federal codes, there’s still a human being interpreting it. There’s no way to take the subjectivity completely out of it.”

Julie Burkett, an attorney who serves on the board of directors for the National Organization of Social Security Claimants’ Representatives (NOSSCR), says she recently had two decisions handed down regarding anxiety disorders in the same week, one that was approved and one that was denied.

The likelihood of getting a claim for anxiety approved? “It’s possible, but not a given,” she says.

SSDI benefits for anxiety

How much income a person can bring in through SSDI is dependent on several factors.

“What Social Security will do is analyze your earnings history pooled through the IRS,” Bonnesen says. Social Security then uses its own formula to calculate a monthly benefit.

Of those awarded benefits, payments typically amount to more than part-time wages but not as high as a full-time salary, Bonnesen says. In June 2023, Social Security paid approximately $1,483 per month to disabled workers

. This, it’s worth noting, is barely above the federal poverty level.

How to improve your chances of qualifying for SSDI

Applying for SSDI can be a challenging task. There are a few things you can do to help improve your chances of qualifying.

Try every recommended treatment

The SSA is looking for medical conditions where the person is doing everything medically recommended to get better and the treatments are just not helping them stabilize, says Bonnesen. Someone who drops out of treatment or only sees a primary care physician — as opposed to therapists and specialists — won’t be considered, she notes.

Communicate clearly and frequently with your medical team

Be sure to communicate all of your symptoms with your doctors and therapists. 

“Don’t assume or take for granted that the first time you tell them something, that will carry through,” Bonnesen says. “Be vocal the whole time, or your records won’t reflect what you’re suffering with.”

Follow your doctor’s orders

If your doctor recommends a course of action or treatment for your condition, you’ll want it documented that you’re doing what they recommended, says Burkett.

Avoid alcohol and recreational drugs

If you drink or use recreational drugs and have anxiety, the SSA will need to determine whether you’d still suffer from anxiety without the interference of those substances. This makes the process more difficult.

Get to know the parameters for continuing to work

Anyone looking to apply for SSDI should understand the rules regarding working and receiving benefits.

“A person cannot be working full time. That’s the whole standard,” Bonnesen says. “Social Security compensates individuals who are unable to work full time, on a consistent and ongoing basis, due to a condition lasting or expected to last 12 months or longer.”

Since the application process can take a while, people can work part time, within certain limits, while waiting on their decision. That’s typically under 40 hours a week, with gross monthly earnings that are less than a certain amount. For 2023, someone earning over $1,470 per month (or $2,460 if they’re blind) won’t be considered for SSDI

.

Once your application has been accepted, there is a trial period of nine months allowed for someone to receive full benefits and test their ability to work, regardless of how much they make.

Get a lawyer

If it seems like qualifying for SSDI requires jumping through a lot of hoops, that’s because it does.

“Representation can help so much, because it allows an individual to focus on what they need to do with their health team, rather than worrying about paperwork with the administration or deadlines or gathering records,” Bonnesen says.

Look for a disability lawyer with experience working on claims like yours, with a high rate of successful outcomes. Disability lawyers work on contingency, meaning they won’t be paid unless your claim is approved. The SSA also sharply limits how much disability lawyers can charge in fees.

Frequently asked questions

If I’m denied SSDI once, can I reapply?

There are four ways to appeal an SSDI denial:

  1. A reconsideration of your original claim by a person who was not involved with the original claim.

  2. A hearing by an administrative law judge.

  3. A review by the appeals council.

  4. A federal court review, which can only take place if you disagree with the appeals council or your request was denied by them.

If you do plan to appeal a denial, you have 60 days from when you receive notification of your denial to do so.

What records do I need to share with the SSA to qualify for SSDI?

The more information you can gather to file your SSDI request, the better your chances are of succeeding.

The SSA recommends getting together a “substantial” history of treatment from your physician and qualified mental health professionals. That includes therapy notes, hospitalization records, psychological tests, reports from your doctors and, if relevant, work history reports.

What if my anxiety keeps me from being able to handle everything I need to do to apply?

Look for an experienced disability lawyer who has worked on anxiety claims in the past. They can help with meeting deadlines and completing the application process.

Source: nerdwallet.com