Richard Horner
The average rate on a 30-year mortgage dipped this week to just below 7% for the first time since mid-April, a modest boost for home shoppers navigating a housing market dampened by rising prices and relatively few available properties.
The rate fell to 6.94% from 7.02% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.57%.
This is the third straight weekly decline in the average rate.
The recent pullbacks follow a five-week string of increases that pushed the average rate to its highest level since Nov. 30.
Higher mortgage rates can add hundreds of dollars a month in costs for borrowers, limiting homebuyers’ purchasing options.
Federal Reserve Chair Jerome Powell said earlier this month that the central bank remains closer to cutting its main interest rate than hiking it.
Still, the Fed has maintained it doesn’t plan to cut interest rates until it has greater confidence that price increases are slowing sustainably to its 2% target.
Until then, mortgage rates are unlikely to ease significantly, economists say.
After climbing to a 23-year high of 7.79% in October, the average rate on a 30-year mortgage stayed below 7% this year until last month.
Even with the recent declines, the rate remains well above where it was just two years ago at 5.25%.
Last month’s rise in rates were an unwelcome development for prospective homebuyers in the midst of what’s traditionally the busiest time of the year for home sales.
On average, more than one-third of all homes sold in a given year are purchased between March and June.
Sales of previously occupied US homes fell in March and April as home shoppers contended with rising mortgage rates and prices.
This month’s pullback in mortgage rates has spurred a pickup in home loan applications, which rose last week by 1.9% from a week earlier, according to the Mortgage Bankers Association.
“May has been a better month for the mortgage market, with the last three weeks showing declining mortgage rates and increasing applications,” said MBA CEO Bob Broeksmit. “Rates below 7% are good news for prospective buyers, and MBA expects them to continue to inch lower this summer.”
Source: nypost.com
The big effort we have is a GPT. But we also own our own point of sale system. We’ve always owned our own loan application — it’s something we’ve built. We own it, we control it and we customize it for the best usage.
SW: What does your tech team look like?
CB: My tech team is hybrid. I have my expertise in technical analysis on-shore here, and then I use some overseas developers to do the actual coding. But all of the other product design and execution and rollout happens out of our offices.
SW: What differentiates your tech?
CB: Because I only have one client, I’m able to do the most customized thing that helps our business the most. Our team’s success is we’re very close to sales and operations. I’m not removed in some sort of headquarters building somewhere. I get my best ideas from my salespeople and from my ops people. So, the fact that I can collaborate with the users to get their ideas embedded into the solutions for NFM, that’s what makes it successful.
SW: How do you think about security?
CB: We put together a plan that is focused more on business continuity. I mean, obviously, we have all sorts of things set up to defend ourselves, and many tools. But we put a lot of effort into making sure we can get up and running again quickly if something happens.
SW: What keeps you up at night?
CB: I want to be best in class. So, our new point of sale system, we want to be better than anybody else. I’m competing with the companies that are at number one, two, three and four, not with number 25.
SW: How are you leveraging artificial intelligence?
CB: We’ve been talking about AI for a while, but in April of 2023 I formalized a two-year plan that consists of a three-pronged approach. So, the first is certainly the GPT side — LLM (large language model) solutions. The second area was, how do we build a system for the loan originators? So, our loan app has [Microsoft] Copilot features. And the third prong was, how do you introduce AI in the manufacturing process?
We were invited by AWS [Amazon Web Services] to attend their event and present on AI for lending. We have our own GPT that links to all our data, and is proprietary, that privately and securely can hit the internet — not because you got an account, but I’m going directly through private, single sign-on from within my enterprise.
But I also have allowed our company to have GPTs with specific company content, so we can have our own non-QM GPT, and a GPT that goes into our HR, and I can ask those GPTs a question. So, I’m giving our users proprietary, private GPT capability inside my enterprise on our SharePoint, to ask questions of our own code.
And we took that idea to the next level, where not only can you safely ask questions on our own content, but we can also query and do data mining at the same time. So, I can ask a question: ‘Show me all the loans that I closed six months ago above 6%,’ and I get my list. And then on that list, I can say ‘Oh, for this person, write an email to this borrower based on this data.’ That’s been in production since November and people are using it. I have, on average, 350 daily hits internally of our users hitting our GPT.
SW: What’s left on your two-year road map for AI?
CB: We are just releasing a new version of our online loan application that has Copilot features for our loan officers, where it’s not making decisions for the loan officer, but it’s assessing the app as it’s coming in in real time, and giving them critical information where they can move the loan approvals faster. And then we’re working on introducing AI-enabled OCR (optical character recognition), so we can real-time compare documents using AI to catch things.
SW: What part of these new AI capabilities is exciting to you?
CB: The GPT. The ability for me to write a query right and ask it to give me my loans, and then write an email. Or to ask for files and a status update — it pulls my data out of that file and it writes an email to the borrower or to the referring Realtor about the status. I’ve just saved 15 minutes. And our people are doing that right now.
But I think where it’s exciting is for the loan officer. You are coming up with this content securely — you’re not posting anything to the internet. And this is not customer-facing. But if I can make my people 50% or 60% or 70% more productive, that’s the pick-up for me. And I can do all this on my phone — I don’t have to be on my computer
I’m a true believer that the winners of this world are the people who embrace these technologies. And we’re looking to make this available to other lenders, because our friends in the industry are asking for it, so we’re looking at that too.
Source: housingwire.com
La información sobre inversión proporcionada en esta página es sólo con fines educativos. NerdWallet, Inc. no ofrece servicios de asesoría o corretaje, ni recomienda o aconseja a los inversionistas comprar o vender acciones, valores u otras inversiones en particular.
A principios de 2022 entré en pánico al darme cuenta de que tenía poco más de treinta años y sólo tenía unos $4,000 ahorrados para la jubilación. Una vez que el pánico disminuyó, mi solución fue tener un segundo trabajo (en inglés) para acelerar mis ahorros para la jubilación. En dos años, pude utilizar mis ingresos como trabajador independiente y de 9 a 5 para aumentar mis ahorros para la jubilación en más de $100,000. Aquí hay algunas estrategias que utilicé para lograr mi objetivo.
A lo largo de los años, no había pensado mucho en cuándo quería jubilarme ni en cuánto necesitaría. Comencé leyendo artículos en línea y utilicé una calculadora de jubilación.
Elaborar un plan de jubilación fue un proceso catártico: me desafió a pensar en el estilo de vida que quiero durante la jubilación y cuánto podría costar. Llegué alrededor de la marca de los $2 millones, lo que inicialmente fue un shock para mi sistema nervioso porque sólo tenía alrededor de $4,000 ahorrados. Llegué a esta cifra ingresando mi edad ideal de jubilación, mi esperanza de vida, mi contribución mensual, mi presupuesto mensual y otras variables en una calculadora de jubilación.
La calculadora de la jubilación también me ayudó a desglosar cuánto necesitaba ahorrar mensualmente para alcanzar mi objetivo ambicioso (en inglés).
Antes de buscar trabajos por cuenta propia, quería asegurarme de tener lista una estrategia de inversión. Es fácil gastar dinero de trabajos por cuenta propia antes de que llegue a su cuenta corriente; lo sabría porque lo he hecho muchas veces.
“Como persona con un segundo trabajo, las cuentas a las que debe recurrir para ahorrar para la jubilación son IRA, Roth IRA, SEP IRA y 401(k) individual”, dice Alleson Tate, planificadora financiera certificada y fundadora de Avere Wealth Management en Atlanta. Este tipo de cuentas pueden ayudar a maximizar los ahorros para la jubilación y la atención médica.
Para alcanzar mi objetivo de ahorro mensual, planifiqué dividir mis ingresos del segundo trabajo (en inglés) en cinco grupos: mi fondo de ahorro de emergencia dentro de una cuenta de ahorro de alto rendimiento, mi 401(k), una cuenta IRA, una cuenta de ahorro para la salud y una cuenta de corretaje estándar. También planifiqué maximizar mis contribuciones permitidas a mi 401(k), HSA e IRA a medida que mis ingresos aumentaran.
Con el tiempo, encontré varios segundos trabajos de redacción independientes consistentes al enfocarme en conseguir clientes que pagaran bien y que me dieran trabajo constante durante un período de tiempo acordado. Fui colaboradora habitual de algunas plataformas en línea y también tenía clientes privados a los que les entregaba artículos. Utilicé bolsas de trabajo, correos electrónicos en frío y aproveché mi red. Aunque la mayor parte de mis ingresos como trabajador independiente fueron constantes, algunos contratos no se renovaron. Esto significaba que tenía que tener un presupuesto sólido y revisarlo con regularidad para estar al tanto de mis objetivos de ahorro.
Tate sugiere utilizar un sistema de presupuesto 50/30/20 (en inglés) para manejar el ingreso de su segundo trabajo, que NerdWallet también recomienda para los ingresos primarios. Con este método, el 50% de los ingresos netos se destina a las necesidades, el 30% a lo que quiere y el 20% al ahorro, las deudas y las inversiones.
“Los porcentajes de cada uno se deben ajustar de acuerdo a su propio estilo de vida y sus prioridades financieras”, dice Tate. “Pero ese sería un gran punto de partida”.
Yo ajustaba con frecuencia la distribución de mi presupuesto. Algunos meses invertía demasiado y no tenía suficiente en mi fondo de emergencia, mientras que otras veces no dejaba suficiente para las cuentas por pagar. Me excedí varias veces con el tema del esparcimiento y el cuidado personal, y durante los meses en los que tenía menos ingresos secundarios tuve que reducir mis ahorros.
Durante mi primer año de tener un segundo trabajo agresivo, quería la gratificación instantánea de ver crecer mis ahorros para la jubilación. Decidí dar prioridad al ahorro y esperé a pagar al Tío Sam de un solo pago durante la temporada de impuestos. Antes de tomar esa decisión, debería haber leído la letra pequeña del IRS sobre los impuestos del trabajo por cuenta propia. Si lo hubiera leído me habría ahorrado la multa que tuve que pagar ese año.
La tasa de impuesto del trabajo por cuenta propia es del 15.3% para 2023 y 2024. Para evitar una multa por pago insuficiente, generalmente deberá adeudar menos de $1,000 en impuestos después de restar las retenciones y los créditos fiscales reembolsables. O bien, necesitaría haber pagado una retención e impuestos estimados equivalentes al 90% de los impuestos del año en curso o al 100% de los impuestos del año anterior. Puede hacerlo pagando los impuestos trimestrales estimados del IRS o reteniendo impuestos suficientes de sus ingresos del formulario W2.
Para ayudar a calcular esto, Abraham Ziadeh, un contador público certificado (CPA, por sus siglas en inglés) y propietario de una firma de contabilidad pública certificada en Pembroke Pines, Florida, sugiere el uso de un software de contabilidad, un contador o un CPA.
Opté por la ruta del formulario W2 y trabajé con un asesor financiero para calcular cuánto necesito retener para evitar otra penalización.
También decidí aprender sobre formas de reducir mis impuestos de trabajo por cuenta propia. Una estrategia que mi asesor fiscal sugirió fue cambiar la estructura de mi negocio de una LLC de miembro único a una corporación S. Si tiene ingresos consistentes y cumple con los requisitos, incorporar su negocio lo podría ayudar a ahorrar en impuestos, especialmente si elige una estructura de corporación S, dice Ziadeh.
Aprovechar una cuenta de jubilación para independientes fue otra forma de reducir mi cuenta de impuestos. Elegí una SEP IRA, ya que puede aportar una cantidad mayor que con una Roth. Tate dice que las cuentas SEP IRA son sus cuentas preferidas, ya que reducen su ingreso tributable y tienen un límite de contribución relativamente alto.
Dicho esto, es importante elegir la cuenta que mejor se adapte a su situación financiera.
Este artículo fue redactado por NerdWallet y publicado originalmente en inglés por The Associated Press.
Source: nerdwallet.com
“Most sellers in Las Vegas are willing to negotiate—anywhere from 5% to 10% off their list price,” said local Redfin Premier agent Fernanda Kriese. “Sellers are offering buyers money for mortgage-rate buydowns, along with other concessions. Homes listed below market value get multiple offers and are snatched up in two to four days, but homes … [Read more…]
Embrace Home Loans celebrated the grand opening of its new location at 102 South Main St., Suite 101, on May 16, with a ribbon-cutting ceremony sponsored by the Culpeper County Chamber of Commerce.
Members of the Culpeper community were able see the new office and enjoy food and beverages.
According to Christina Swift, producing sales manager and loan officer for Embrace, when the home loan company first came to Culpeper in the early 2000s, it opened its first office on West Davis Street.
A few years later, the business moved to a space on Madison Road, where it stayed for 15 years before returning to downtown Culpeper.
“We had many, many offices and we were downsizing in a way and we also wanted a downtown location,” Swift said on the decision to move again. “When the downtown location came up, we found that this was the perfect fit for us.”
Swift added the customer response has been positive, and complimented the newly renovated office. She said he hopes the new location can attract foot traffic from those walking in the downtown shopping area and allow her to show potential clients new to the area the appeal of Culpeper.
Among Embrace’s well wishers was Justin McFarland, senior vice-president for Oak View National Bank’s Culpeper branch. “(Swift) does a lot of the same things I do in the mortgage business and in the commercial business but she’s always been a fair competitor and a great friend,” he said.
Tish Smyth, a member of the board of directors for Culpeper Renaissance Inc., added, “It is wonderful to have a local lender downtown in our small community.”
Embrace Home Loans is a residential mortgage lender helping people buy and refinance homes. The company also advises and guides clients through the home buying process.
The corporate office is in Rhode Island and has offices throughout the East Coast, including Fairfax, Woodbridge, Virginia Beach and Ashburn in Virginia.
To lean more about the business, visit embracehomeloans.com.
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Source: starexponent.com
AN interior design enthusiast has shared a rule that simplifies home decorating.
A free program helps them organize their home layout without moving furniture around.
Redditor AdHot6173 shared the interior design tip in a viral post.
A trick that’s saved them time and effort only requires one simple step.
“The ‘rule’ that helped me the most was placing my largest piece of furniture on the longest wall,” they said.
“Then, I work my way down size-wise until all I have left is my accent furniture (end tables, floor lamps).”
A free tool, they added, makes the process even simpler without needing to lift a finger.
“There is an online program (it’s free) that you can type in your room [dimensions] and add your furniture so you get a floor plan (and you can move it around without physically moving it around),” they said.
It’s called Icovia Space Planner. This really helped me in my new home as we have some shared/awkward spaces, and I am getting too old to move furniture [ten times more] if I don’t like where it’s at.”
Another trick also helps them visualize their space.
“I also found that seeing it from a bird’s eye view really helped, too,” they said.
“It doesn’t really do anything for color, pattern, or anything but just your furniture layout.”
The interior design fan also shared a resource for those looking for decor and layout inspiration.
“Pinterest would be a great visual resource for you as well; it can help you narrow down your style and colors you like,” they said.
Other room decorators seconded their advice on utilizing Pinterest.
“Look at Pinterest, magazines, Instagram, and save the images of rooms you like, then study them to see what it is you like about a room,” said another.
Interior designer Judy Hoang shared her furniture tips with The U.S. Sun.
“Look for similarities in your room and just move stuff around until you think it looks good.
“Don’t worry about making holes in the walls, buy sliders for your furniture, and always think function first — what goes on in this room, and what’s the traffic pattern?”
Another tip, they added, is to always be mindful of the dimensions of your decor pieces and their place in a room.
“As for specific arrangements, pay attention to spacing. Spacing things too far away makes a room look disconnected,” they explained.
“Think ‘seating arrangement’ when arranging your living room, for example— what’s going to be [the] most conducive to how people use this space?” they asked.
“If someone in the chairs across from the couch has to yell to be heard, bring your furniture closer together.
“If you have to squeeze between pieces to get a seat, space it out. Not everything needs to be against the wall.”
Source: thesun.co.uk
Looking for the ultimate college towns in Oregon? You’ve hit the jackpot! Oregon is home to some of the best college towns in the country. From top-notch academic programs to tight-knit communities, there’s something special around every corner.
Whether you’re looking for an off-campus apartment in Portland or a forever home in Bend, we’ve got all the inside scoop on ten of the top college towns in Oregon to spend your undergrad years and beyond.
Population: 176,654 | Student population: 23,163 | Average 1-bedroom rent: $1,695
Eugene is home to the University of Oregon, known for its stellar journalism and business programs. Students rave about the School of Journalism and Communication, which offers hands-on experience and opportunities to work with professional media outlets. The Lundquist College of Business is another highlight, offering top-tier business education with specializations in sports business, entrepreneurship, and finance.
The University of Oregon has strong ties with Eugene. They partner with local businesses for internships and community projects, providing students with real-world experience. The school’s sports teams enjoy a strong partnership with Nike, headquartered not far away. The annual Eugene Marathon also sees heavy student involvement, showcasing the university’s commitment to community engagement.
Apartments near University of Oregon | Houses for rent near University of Oregon
Population: 59,922 | Student population: 27,038 | Average 1-bedroom rent: $1,510
Oregon State University is famous for its engineering and agriculture programs. The College of Engineering is one of the best in the nation, offering programs in mechanical, electrical, and civil engineering. The agriculture programs are also respected, focusing on sustainable practices and innovative research in crop science and animal husbandry.
Oregon State University collaborates closely with Corvallis. Many students work on community projects through the university’s extension service, which supports local farmers and businesses. The university’s research in renewable energy and sustainable agriculture often involves partnerships with local companies and farms. Additionally, the annual Da Vinci Days festival, celebrating science and technology, sees significant participation from students and faculty.
Apartments near Oregon State University | Houses for rent near Oregon State University
Population: 652,503 | Student population: 15,674 | Average 1-bedroom rent: $1,545
Portland State University is right in the heart of Portland. It’s known for its urban planning and environmental science programs. The College of Urban and Public Affairs is top-notch, preparing students to tackle complex urban issues. Environmental science students get hands-on experience with real-world projects, often collaborating with city agencies on sustainability initiatives.
Portland State has deep connections to Portland. Students often intern at local companies, nonprofits, and government agencies, gaining valuable professional experience. The university partners with the city on various sustainability initiatives, including the Portland Climate Action Plan, making a significant impact on urban development and environmental conservation.
Apartments near Portland State University | Houses for rent near Portland State University
Population: 21,360 | Student population: 3,208 | Average 1-bedroom rent: $1,540
Southern Oregon University is famous for its theater arts and creative writing programs. The Oregon Center for the Arts is a hotspot for theater students, offering state-of-the-art facilities and opportunities to perform in professional-level productions. Creative writing programs are also top-rated, attracting many aspiring writers with courses in fiction, poetry, and screenwriting.
Ashland and the university have a special bond. The Oregon Shakespeare Festival involves many students who gain practical experience in theater production and performance. Local businesses support student artists by providing venues and opportunities to showcase their work, creating an active arts community.
Apartments near Southern Oregon University | Houses for rent near Southern Oregon University
Population: 99,178 | Student population: 1,374 | Average 1-bedroom rent: $1,835
Bend is home to Oregon State University-Cascades, known for its outdoor recreation and tourism management programs. The natural surroundings make it perfect for these studies, with students learning about outdoor leadership, adventure sports, and sustainable tourism. The program’s focus on experiential learning ensures that students are well-prepared for careers in the growing Pacific Northwest outdoor industry.
The campus works closely with Bend’s outdoor industry. Students often intern at local recreation companies, gaining hands-on experience in guiding, event planning, and tourism management. The university’s partnerships with organizations like the Bend Park and Recreation District provide students with opportunities to lead community programs and outdoor events, fostering a strong connection between Bend and the university.
Apartments near Oregon State University-Cascades | Houses for rent near Oregon State University-Cascades
Population: 34,319 | Student population: 1,700 | Average 1-bedroom rent: $1,250
Linfield University excels in nursing and wine studies programs. The School of Nursing is highly respected, offering comprehensive training in patient care, healthcare management, and nursing research. Wine studies attract students interested in the region’s famous vineyards and winemaking, providing in-depth education on viticulture, enology, and wine business.
Linfield University has a strong presence in McMinnville. The nursing program partners with local hospitals and clinics, offering students hands-on clinical experience and opportunities to work with experienced healthcare professionals. Wine studies students often work with nearby vineyards and wineries, gaining practical skills in winemaking and vineyard management. The annual International Pinot Noir Celebration held in McMinnville sees significant involvement from Linfield students, enhancing their education and professional connections.
Apartments near Linfield University | Houses for rent near Linfield University
Population: 175,535 | Student population: 1,565 | Average 1-bedroom rent: $1,287
Willamette University is known for its law and business programs. The College of Law is well known, producing many successful lawyers and judges. The Atkinson Graduate School of Management offers excellent business education, with specializations in sustainability, entrepreneurship, and nonprofit management.
Willamette University and Salem are closely linked. Law students often intern at local courts, law firms, and government offices, gaining practical legal experience and networking opportunities. The business school partners with local companies and nonprofits for real-world projects, providing students with hands-on experience in managing and growing businesses. The annual Salem Art Fair & Festival, which involves many Willamette students, showcases the unbreakable ties between the university and the town.
Apartments near Willamette University | Houses for rent near Willamette University
Population: 26,225 | Student population: 3,589 | Average 1-bedroom rent: $1,275
Pacific University is noted for its health professions and optometry programs. The College of Health Professions offers top-tier healthcare education, preparing students for careers in physical therapy, occupational therapy, and healthcare administration. The College of Optometry is one of the best in the area, with advanced training in eye care and vision science.
Pacific University works with local health facilities, providing students with clinical experience in hospitals, clinics, and community health centers. Optometry students often intern at eye care centers around Forest Grove, gaining hands-on experience in diagnosing and treating vision problems. The university’s community partnership programs, including free health screenings and educational workshops, benefit both students and residents, fostering a strong sense of community.
Apartments near Pacific University | Houses for rent near Pacific University
Population: 25,138 | Student population: 4,039 | Average 1-bedroom rent: $1,410
George Fox University is known for its psychology and engineering programs. The psychology department is respected, for offering specializations in clinical, counseling, and experimental psychology. The College of Engineering provides excellent hands-on training in mechanical, civil, and electrical engineering.
George Fox University has strong ties with Newberg. Psychology students intern at local mental health clinics and schools, gaining practical experience in therapy and counseling. Engineering students often work on projects that benefit the community.
Apartments near George Fox University | Houses for rent near George Fox University
Population: 21,813 | Student population: 4,913 | Average 1-bedroom rent: $1,200
Oregon Institute of Technology excels in engineering and health sciences. The engineering programs are highly technical and industry-focused, offering specializations in renewable energy, civil engineering, and manufacturing technology. Health sciences students receive practical training in cutting-edge facilities, preparing them for careers in medical imaging, respiratory care, and dental hygiene.
The university partners with local industries for internships and job placements, ensuring that students gain relevant experience and professional connections. Health sciences students often work with Klamath Falls medical centers, providing patient care and participating in community health initiatives.
Apartments near Oregon Institute of Technology | Houses for rent near Oregon Institute of Technology
College towns are qualified as towns or cities with at least one college or university and fewer than 750,000 people according to U.S. Census data. Average rental data from Rent.com in May 2024.
This is not a comprehensive list of all of the towns and cities in the state meeting those requirements.
Independent mortgage bankers continued to lose money on every loan origination, making that eight consecutive quarters of losses, and confirming what was preliminarily disclosed earlier this week by the Mortgage Bankers Association.
But some of the damage to origination loan profitability is self-inflicted, a report from Intercontinental Exchange found.
The first quarter net loss of $645 per loan is the smallest since the second quarter of 2023 and the number improved on the fourth quarter loss of $2,109 and the year ago loss of $1,972, the MBA’s Quarterly Mortgage Bankers Performance Report noted.
“In basis points, production revenue rose above the historical average and production costs declined,” Marina Walsh, vice president of industry analysis, said in a press release. “This led to an improvement in the production bottom line by almost 50 basis points during the quarter.”
The average pretax production loss was 25 basis points in the first quarter, compared with a loss of 73 basis points in the fourth quarter, and a loss of 68 basis points one year ago.
Production revenue, including fee income, secondary marketing income and warehouse spread, was 371 basis points, up from 334 basis points one quarter ago and the historical average since the MBA has performed this study of 347 basis points.
In dollar terms, production revenues increased to $11,947 per loan in the first quarter, up from $10,376 in the fourth quarter.
Total loan production expenses in the first quarter averaged 395 basis points versus 407 basis points in the fourth quarter. However, per-loan costs increased to $12,593 per loan from $12,485. Costs remain much higher than the historical average of $7,472 per loan.
ICE cited earlier editions of the MBA report in its whitepaper. Making mistakes in the TILA-RESPA Integrated Disclosures results in hits to a lender’s bottom line, as they are subject to certain error tolerances between the initial loan estimate form and the closing disclosure
The data was crunched by ICE Fee Solutions, whose parent company now owns the most used loan origination system, Encompass; the top servicing system of record, MSP; and the MERS loan registry.
A review of nearly 90,000 mortgages found lenders paid an average of $1,225 per loan on fee cures and related expenses.
“Every basis point counts,” said Tim Bowler, president of ICE Mortgage Technology, in a press release. “Unfortunately, fee cures and the costs associated with them — entirely preventable expenses — are contributing to the already ballooning cost to originate a mortgage.”
The whitepaper noted that 28% of closing disclosures had significant revisions from the loan estimate according to a 2020 Consumer Financial Protection Bureau assessment report of TRID.
A CFPB loan officer survey also cited in the paper found that 31% of respondents said the CD was an almost always accurate representation of final loan terms and costs, while 47% said that was the case often or sometimes and 16% commented it was rarely or never.
The study found that fee cures occurred on 35% of mortgages on average. That direct cost of making reimbursements was an average of $128.50 per loan; the total cost for tolerance violations was over $4 million. But lenders also had to absorb the costs of the labor associated with a fee cure review and document processing. That amounted to an average of $1,096.50 per loan.
Some fees have zero tolerance for variation between the loan estimate and closing disclosure, others allow for a 10% change from the LE.
For the zero tolerance category, the fee type which was the costliest for an error was for the payment of discount points; this was 47.5% of fee cure expenditures. The No. 2 type, the credit report fee, was 15.6%.
The MBA also found that servicing net financial income for the first quarter was $82 per loan, up from a loss of $24 in the fourth quarter and income of $54 one year earlier.
Servicing operating income, which excludes mortgage servicing rights amortization as well as gains and loss in the valuation of servicing rights net of any hedging results, and any income or losses on the bulk sale of MSRs, was $93 per loan in the period, down from $108 three months prior and $102 for the first quarter of 2023.
Source: nationalmortgagenews.com
Have you ever thought about how it would feel to live cheap?
I didn’t think about it before, but now I know.
When you live a cheap life, you have more money for what you actually want to spend it on, and you can put more money towards your future.
You can do so many things in life, but you should make sure you’re doing them on your own terms. If you want to live cheap, but still have a high quality of life, you’ll need to get out of your comfort zone and be willing to try new things.
A cheap life can also help you save money on your biggest expenses.
Plus you can learn how to live cheap but good and no one will know anything different. Except for you because you are watching your accounts grow with your money saving style.
It is way easier to learn how to live cheaply! The hardest part is saying no to all the temptations.
Living cheap does not mean you deprive yourself or never have fun. In fact, it is quite the opposite!
Let’s dig in and you can enjoy the benefits of how to live cheap and save money.
In the past, living cheaply meant sacrificing a lot of things in life. However, that’s not always true anymore. There are many ways to live cheaply and still have a great quality of life without compromising your happiness or finances.
One main reason to live cheaply is that it will save you money.
Another reason for living cheap is because of the environmental impact of having a large carbon footprint, which can cost a lot more in the long run.
You might be interested in living cheap if:
– You want to save money on expenses
– You’re struggling to make ends meet
– Your family is spending more than they earn
– You want to have a positive impact on the world
Living cheap is oftentimes associated with simple living. While simple living has a better flair and acceptance, both mean you are willing to live on less and spend less money.
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It’s possible to live cheaply, but the effort involved is significant especially when you are trying to change spending habits and ways of living.
There are big life changes you can make or tiny money saving habits you can do.
What are some ways to live cheap?
There are many ways to live cheaply! Some tips include not eating out, cooking at home, choosing entertainment wisely, and finding free activities. You just have to decide what works for you.
Learn about the frugal home must haves.
The most important step is, to be honest, and creative about what you can do and what you can’t do.
Here are the big things you can do to live cheap:
Many of us can’t afford how society wants us to live. Or maybe you can, but you have no desire to be materialistic.
You prefer the simplest way to create a new life that still allows us to work and care for our family.
Living cheap is not about living poorly. It is about spending way less than your income. Thus, you are saving the difference.
You have a heightened awareness of what your expenses are and you know where your money is spent. Now, you are mastering how to spend money wisely.
You know that living below your means is the path of how to live cheaply.
Budgeting is a way of life in order to keep your expenses at a minimum.
The thought of splurging every single day is gone and when you spend money, you invest in something that will last.
Focusing long term is the process of thinking about the consequences of your actions for a period of time before you take any action. This can be hard to do, especially when it involves emotionally charged topics.
Everyone knows that money is an emotional topic.
For example, debt is expensive. It is not just the money you borrow and repay, but also the interest fees and penalties that accumulate over time. If you want to live cheap, one of the best ways to do it is by paying off your debt as quickly as possible so that no more monthly payments go out the door.
Instead, start with a savings account where you deposit all of your extra cash each month (and ideally add some every week). This will be used for emergency purposes like car repairs, doctor visits, and so on.
Always stay focused on your current money goal as well as your long term financial vision.
Given that housing accounts for 25-35% of your income, this is the biggest place to start.
This is a great way to huge amounts of money each month.
1. Rent a room
Rent a room is an act of renting an apartment or other living space from another person. Renting rooms for a living can be seen as a service that enables people to live close to their work. Renting a room usually involves sharing living space with one or more other people.
2. Live in an RV or Van
Living in an RV or van is a question that many people have been asking themselves, and the answer to this question varies from person to person.
The most common response would be that it depends on the person. Some people love camping and would love to live in an RV for a few months before going back to their house. Other people enjoy living in a van as they are able to go to work and school without having to worry about commuting.
3. Own a Duplex
In a duplex, there is one unit of living space that shares a wall with another unit.
The concept is house hacking by living in one unit of a duplex and renting out the other units and getting money from one side of the building. Thus, making your mortgage nothing or even making money.
4. Buy a Fixer-Upper
A fixer-upper is a house with major problems, which the buyer fixes up and then sells. You can also live in the property while doing the renovations and lowering your housing expenses.
When it comes to buying a fixer-upper, there are always risks and rewards. There is always the possibility that you could end up with an expensive disaster on your hands or find yourself living in paradise for less than the market rate.
5. Rent an Efficiency Apartment
The monthly rent for an efficient apartment is usually lower than a studio.
Efficiency apartments are like studios in that they have only one room and the bathroom is separate from living quarters, but unlike studios which contain two to three rooms, efficiency apartments do not feature any additional space.
By renting an efficient apartment, it offers limited space and utilities, but at a low price.
Free housing options are available to people who are homeless, low-income, or living in shelters. These types of housing options include government-funded apartments that are given to the homeless and single-room occupancy hotels.
Other options for free housing include living in a friend or family member’s home. You are living without paying rent.
Also, you can net yourself a free room by doing a little work as well.
Finding the best place to live is a difficult task, but it can be made easier with some knowledge of where to find the cheapest housing.
There are many factors that go into finding affordable housing, such as the cost of living, quality of schools, and commute time.
The best place to find the cheapest housing is by looking for listings in your area. There are many websites that offer up-to-date listings of homes for sale or apartments.
In today’s economy, it is hard to live on a budget. However, there are ways to make your life easier by living cheaply.
Whether we’re saving money or just living debt free, we all struggle with these life decisions. Most of the time it’s better to be frugal than indulge all of our wants and needs.
Frugal living can be difficult, but it’s better for you in the long run.
Here are many tips to live cheaper yet fuller lives.
A budget can help you live a simple and cheap life. It allows for the spending of money on what is necessary to keep your quality of life up at all times.
It’s important not to spend too much time thinking about how you’re going to pay for things because that will only lead to stress, which leads to bad financial habits like overspending or taking out loans when they don’t need them.
The best way to live cheaply is by not spending on luxuries or buying too many things.
Instead, focus on big purchases. For example, buying a car can be expensive but it will make your life easier as you won’t have to rely on public transportation or worry about traffic jams.
Most people, do not want to go to the extreme of how to live super cheap.
But, that is completely up to you and what you want to do with your life.
You can choose your lifestyle.
More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!
Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.
Source: moneybliss.org
Spending is on the rise — and so is consumer debt. Americans carry, on average, three credit cards and have $6,501 in credit card debt. Overall, U.S. credit card debt is $129 billion higher than it was one year ago.
That amount of debt can be a challenge to pay down along with regular monthly household expenses. Some people may choose to refinance their high-interest credit card debt in an effort to secure a lower interest rate or a lower monthly payment. Refinancing credit card debt can be one way to make progress toward eliminating it completely.
If you’re putting more purchases on credit cards than you can pay off in a monthly billing cycle, you have credit card debt.
Interest will accrue on the balance that carries over to the next billing cycle. If you don’t pay at least the minimum amount due, you’ll likely also be charged a late fee. Since credit cards use compound interest, you’ll be charged interest on accrued interest and fees. That can add up quickly and make it more difficult to get out of debt.
Carrying a balance on more than one credit card can make the debt even more difficult to manage. If your goal is to be free of credit card debt, refinancing can be one way to achieve that.
Credit cards are revolving debt and typically have variable annual percentage rates (APRs).
Refinancing credit card debt with an installment loan that has a fixed interest rate, such as a personal loan, will mean you’ll have a fixed end date to your debt and will have the same APR for the entire term of the loan.
If you’re refinancing multiple credit card balances into one new loan or line of credit, you’ll have fewer bills to pay each month. That could potentially make monthly budgeting a simpler task.
Recommended: What Is a Good APR for a Credit Card?
Something to keep in mind when your goal is to pay down debt is that it’s a long game.
That being said, in the short term your credit score can decrease slightly when you apply for new credit and the lender looks at your credit report. During the formal application process, the lender will perform a hard inquiry into your credit report, which may result in a slight temporary drop of your credit score.
If you’re comparing multiple lenders, and they offer prequalification, they’ll do a soft inquiry into your credit report, which won’t affect your credit score.
Building your credit — or rebuilding it — through refinancing credit card debt can be possible if you make on-time, regular payments on the new loan. Reducing your credit utilization can be another positive result of refinancing credit card debt. Both of these can potentially increase your credit score.
It’s important not to overuse the credit cards you refinanced into a new loan, however, or you might accumulate even more debt than you started with.
After you’ve refinanced your existing credit card debt into a new loan, you might be tempted to cancel those credit cards. But that strategy could negatively affect your credit score.
Whether it’s a good idea to cancel a credit card really depends on the card. If you’ve had the credit card for a long time, closing it would shorten your credit history, which could result in a credit score drop. But if it’s a card you genuinely don’t have a reason to keep, such as a retail card for a store you no longer shop at or a card that has a high annual fee that can’t be justified with your current spending habits, closing the account might be the right step for you.
If you plan to keep a credit card open, it may be a good idea to use it for a small, recurring charge so the card issuer doesn’t close it for inactivity. Setting up autopay can make this a convenient way to ensure the card stays open but is paid in full each month.
Your overall creditworthiness will be a determining factor in finding available refinancing options. Lenders will look at your credit report and credit score, paying attention to how you’ve handled credit in the past and how much total debt you have in relation to your income.
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If you can qualify for a low- or no-interest credit card, you could use it to transfer a balance from another credit card. You’ll typically be charged a balance transfer fee equal to a percentage of the balance you’re transferring. The promotional rate on these types of cards is temporary, sometimes lasting up to 18 months or so, but can be as short as 6 months.
If you pay the transferred balance in full within the promotional period, you may not pay any interest at all, or a minimal amount. However, if you still have an outstanding balance on the card when the promotional period is over, the APR will revert to the card’s standard rate for balance transfers.
A potential source of refinancing funds might be your home, if you have equity in it. Funds from a home equity loan can be used for just about anything, even things unrelated to your home. You can calculate how much equity you have in your home by subtracting the amount you owe on your mortgage from the current market value of your home.
In addition to the amount of equity you have in your home, lenders will typically also look at your income and your credit history to determine how much you might qualify for. It’s common for lenders to limit a home equity loan to no more than 80% to 85% of the equity you have in your home. There are typically closing costs with a home equity loan including appraisal fee, title search, origination fee, or other fees, and can be between 2% and 5% of the loan amount.
A home equity loan is a second mortgage secured by your home. If you fail to repay the loan, the lender can foreclose on your home.
Some lenders offer loans specifically for debt consolidation. These are actually personal loans, the funds from which can be used to pay off your existing credit card debt. Then, you’ll be responsible for repaying the debt consolidation loan. There may be fees charged on this type of loan, so be sure to look over the loan agreement carefully before signing it.
For a credit card consolidation loan to be as effective as possible at reducing your debt, it will ideally have a lower APR than you’re paying on your credit cards. In this way, you would be paying less in interest over the life of the loan. If a lower monthly payment is your goal, you may opt for a longer-term loan, but may pay a higher interest rate.
Recommended: How to Get a Debt Consolidation Loan with Bad Credit
If your credit card debt is piling up and you’re finding it challenging to pay it down, you may be considering refinancing. Some credit card refinancing options include balance transfer credit cards with a promotional APR, a home equity loan, or a debt consolidation loan.
Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. Checking your rate takes just a minute.
SoFi’s Personal Loan was named NerdWallet’s 2024 winner for Best Personal Loan overall.
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Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
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Source: sofi.com