“The final approval of these settlements by the court was expected,” said Marty Green, principal at mortgage law firm Polunsky Beitel Green. “Although there were some objections that the court had to address, the momentum of the case has been rapidly moving toward a nationwide resolution, and it was very unlikely that the court was … [Read more…]
Holding company Better Home & Finance hired Chad Smith to be the president and chief operating officer of its mortgage business, it announced on Friday. Kevin Ryan, who previously held the position of president, will continue serving the company as chief financial officer.
Before joining Better, industry veteran Smith was the CEO of Mission Loans from December 2020 to May 2024. As of Friday, the online lender had 43 sponsored loan officers and eight active branches, per the Nationwide Multistate Licensing System (NMLS). Meanwhile, Better had 227 sponsored LOs and seven branches, the NMLS shows.
Prior to Mission, Smith held the position of executive vice president for consumer direct and portfolio retention at Caliber Home Loans, a mortgage lender acquired by Newrez in 2021.
Better’s board of directors appointed Smith on May 8. According to filings with the Securities and Exchange Commission (SEC), the executive will receive an annual base salary of $1 million, a minimum performance bonus of $500,000 for the first year of employment, and an annual target bonus opportunity equal to 100% of his base salary.
Smith will also be granted stock units. Better stock closed at $0.43 on Friday, up 3.37% from the previous day. The company went public in August 2023 via a partnership with the special purpose acquisition company (SPAC) Aurora Acquisition Corp, ending a two-year journey.
The deal unlocked $565 million of fresh capital for a company that has narrowed its losses. Better posted a GAAP net loss of $59.5 million in fourth-quarter 2023, down from a loss of $339.4 million in the previous quarter. In Q4 2023, Better generated a funded volume of $527 million across 1,633 loans.
Founder Vishal Garg told HousingWire in February that the company was hiring loan officers, processors and underwriters, and more recently, changing its compensation structure.
“The loan officers we’ve been hiring are industry experts that we’ve been bringing onto our platform, rather than the traditional noncommissioned loan officers that we used to hire in the past and who used to be usually people who had never worked in the industry,” Garg said.
In April, a former top executive voluntarily dismissed with prejudice a lawsuit filed about two years ago against the company and some of its leaders, including claims that they violated labor and securities laws.
Source: housingwire.com
In her new role, McDermott will focus on strategic projects and ensure a smooth knowledge transfer to maintain the company’s trajectory. “Teresa’s leadership has been crucial in building Planet from a $5 billion Ginnie Mae servicer in 2007 to its industry-leading position today with a $106 billion portfolio in servicing and sub-servicing and the #4 … [Read more…]
LOS ANGELES — The average rate on a 30-year mortgage fell for the first time in four weeks, a slight relief for home shoppers already facing the challenges of rising housing prices and a shortage of homes for sale.
The rate fell to 7.09% from 7.22% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.35%.
The modest pullback followed a five-week string of increases that pushed the average rate to its highest level since November 30. When mortgage rates rise, they can add hundreds of dollars a month in costs for borrowers, limiting how much homebuyers can afford.
Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, also declined this week, pulling down the average rate to 6.38% from 6.47% last week. A year ago, it averaged 5.75%, Freddie Mac said.
Mortgage rates are influenced by several factors, including how the bond market reacts to the Federal Reserve’s interest rate policy and the moves in the 10-year Treasury yield, which lenders use as a guide to pricing home loans.
Treasury yields have largely been easing since Federal Reserve Chair Jerome Powell said last week that the central bank remains closer to cutting its main interest rate than hiking it, despite a string of stubbornly high readings on inflation this year. A cooler-than-expected jobs report on Friday, meanwhile, suggested the U.S. economy could still pull off the delicate balancing act of avoiding getting too cold or too hot.
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 modest decline this week, it’s well above where it was just two years ago at 5.3%.
The recent upward push in rates has been 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 U.S. homes fell last month as homebuyers contended with elevated mortgage rates and rising prices.
“An environment where rates continue to hover above 7% impacts both sellers and buyers,” said Sam Khater, Freddie Mac’s chief economist. “Many potential sellers remain hesitant to list their home and part with lower mortgage rates from years prior, adversely impacting supply and keeping house prices elevated. These elevated house prices add to the overall affordability challenges that potential buyers face in this high-rate environment.”
Source: abcnews.go.com
Jasmine Hyman is the assistant shopping editor at Cosmopolitan where she covers all the best things you can add to your cart. She loves writing about everything from fashion to politics, and you can definitely find her listening to Harry Styles’ entire discography on loop while doing so. She’s also probably in bed either reading or endlessly scrolling through TikTok (most likely the latter). Feel free to follow her on Insta to be inundated with pictures of her meals.
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Source: womenshealthmag.com
M&W Design Co, a sustainable souvenir and gift manufacturer, has launched a new product in their Home/Gift division, “ThinPrints,” a trendy home decor sign that is “thin enough to hang, wide enough to sit, and fun enough to show off.” The unique signs are made of furniture-grade wood and provide a versatile and sustainable option in the home decor market.
The brand’s reentry into the home decor space comes at a poignant time as consumers demand sustainable solutions. The new brand brings the values of M&W Design, a prominent vendor in the souvenir space, to the home and gift market and is one of the few B Corp-certified companies in this space that is also made in the U.S. The ThinPrints signs have various categories which cover family, work, fun, sarcasm and holiday.
“We have a lot of fun bringing these words to life with our designs,” said Mike Whalen, founder of M&W Design. “Not only do some of these pull at your heartstrings, make you laugh, or radiate positivity, but in some instances also say out loud what others are thinking.”
In addition to being sustainable, each product in the new line is designed to be “unique and memorable,” the company said, “making them perfect for gift shops, souvenir stores, boutiques and many other retail locations.” The versatility of the signs, which can be hung as wall decor or set down as stand-alone shelf sitters, was key to its design.
“We spoke to the marketplace and listened to the fact they were asking for a product which could be put in multiple places, including tight areas other products are not able to fit,” said Alec Carr, business development director at M&W Design. “It is invigorating to provide a solution to the marketplace while also bringing awareness to B Corps with a sustainable solution for the home & gift market.”
Mike Whalen, founder of M&W Design Co, spent years in the scrap metal industry, witnessing firsthand the power of recycling and reusing. Whalen said that experience “ignited a desire in him to create something meaningful, something that resonates with the values of sustainability and stands the test of time.”
Combining art, travel and sustainability, he set out to shake up the souvenir and gift space and founded M&W Design in 2018. M&W Design’s commitment to sustainability extends beyond its products. According to the company, it is currently the only Certified B Corporation in both the souvenir and home markets with products made only in the U.S.
Certified B Corps are businesses that meet the highest standards of verified social and environmental performance, public transparency and legal accountability to balance profit and purpose. In addition to this certification, part of M&W Design’s mission is their support for OneTreePlanted.org and Water.org. Products purchased from M&W Design have a direct donation back to these organizations.
“As our brand grows, we continue to expand into new categories in which we feel we can make a difference,” Whalen said. “Being able to make a product here in the USA and do it sustainably, while also being competitive, energizes us. We’re excited to push the envelope and create products that bring awareness to consumers. Products such as ThinPrints show that being diligent, listening to the marketplace, and being creative, show what is possible. We look forward to being different from other traditional companies and creating change in the industries we evolve into.”
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Source: giftsanddec.com
With its rich cultural heritage, diverse neighborhoods, and a bustling arts scene, Hartford, CT offers a unique blend of old-world charm and contemporary living. Residents here enjoy easy access to top-notch museums, beautiful parks, and a wide array of dining and entertainment options. Whether you’re drawn to the bustling downtown area or the peaceful suburbs, Hartford has something for everyone.
In this Apartment Guide article, we’ll cut to the chase, breaking down the pros and cons of moving to Hartford. Let’s get started and see what awaits in this historic and vibrant city.
Compared to other major cities in the Northeast, Hartford offers a relatively affordable cost of living. Housing costs, in particular, are more reasonable, allowing residents to enjoy the benefits of city living without breaking the bank. As of spring 2024, the average rent for a 2 bedroom apartment is roughly $1,600/mo. This makes Hartford an attractive option for those seeking an urban lifestyle without the exorbitant expenses.
While Hartford does have public transportation, the options are relatively limited compared to larger cities. CT Transit provides bus service through the city but it is not extensive. This can pose challenges for residents who rely on public transit for their daily commutes or prefer not to drive, leading to potential transportation issues and longer commute times.
Hartford is steeped in rich cultural heritage, offering residents a deep sense of history and tradition. The city is home to renowned museums such as the Wadsworth Atheneum Museum of Art, the Mark Twain House & Museum, and the Connecticut Science Center, providing ample opportunities for cultural enrichment and exploration. Additionally, the city’s diverse population contributes to a vibrant tapestry of art, music, and culinary experiences, making Hartford a melting pot of cultural diversity.
Hartford experiences harsh winters, with cold temperatures and significant snowfall. The winter weather can be challenging for residents, leading to difficulties in commuting, outdoor activities, and overall comfort during the colder months. Those considering a move to Hartford should ensure they have the appropriate gear for their person and vehicle during the winter months.
Despite being a city, Hartford offers easy access to nature, with beautiful parks and outdoor recreational areas such as Bushnell Park, Elizabeth Park Conservancy, and the Farmington River. Residents can enjoy outdoor activities like hiking, biking, and picnicking, providing a welcome escape from the urban hustle and bustle.
Hartford experiences traffic congestion, especially during peak commuting hours. The city’s roadways can become congested, leading to longer commute times and potential frustration for residents navigating the urban landscape.
Hartford has a thriving arts and music scene, with numerous galleries, theaters, and music venues scattered throughout the city. From the Hartford Stage and TheaterWorks to the Infinity Music Hall and the Charter Oak Cultural Center, residents can immerse themselves in a diverse array of artistic and musical performances, contributing to a culturally rich and vibrant community.
While Hartford has a thriving arts and music scene, the city’s nightlife options may be more limited compared to larger metropolitan areas. Residents seeking a bustling nightlife with a wide array of entertainment venues may find the options in Hartford to be relatively more subdued.
Hartford boasts a strong presence of prestigious higher education institutions, including Trinity College, the University of Hartford, and Capital Community College. This provides residents with access to top-notch educational opportunities, cultural events, and intellectual stimulation. The presence of these institutions also contributes to a dynamic and intellectually stimulating atmosphere within the city.
Hartford has relatively high property taxes compared to other cities in Connecticut. This can be a financial burden for homeowners and impact the overall affordability of living in the city.
Hartford’s culinary scene is a melting pot of flavors, with a wide range of restaurants offering diverse cuisines from around the world. From authentic Italian eateries in Little Italy to vibrant Latin American flavors in Parkville, residents can embark on a culinary journey without leaving the city limits, satisfying a variety of palates and preferences.
Welcome to the vibrant city of Worcester, MA, where history meets modernity and a diverse community thrives. From its rich cultural heritage to its bustling arts scene, Worcester offers a unique blend of urban excitement and small-town charm. With its renowned colleges and universities, the city attracts a dynamic mix of residents, creating a lively and inclusive atmosphere. So whether you’re searching for the perfect apartment in the heart of Worcester or eyeing a cozy home in its peaceful suburbs, you’ve come to the right place.
In this Apartment Guide article, we’ll cut to the chase, breaking down the pros and cons of moving to Worcester. Let’s get started and see what awaits in this dynamic and welcoming city.
Worcester is steeped in history and boasts a rich cultural heritage. The city is home to numerous museums, including the Worcester Art Museum and the EcoTarium, offering residents and visitors a chance to explore art, science, and history. Additionally, the Hanover Theatre for the Performing Arts hosts a variety of shows, from Broadway productions to concerts, providing ample opportunities for cultural enrichment.
While Worcester does have public transportation services, some residents may find the options to be limited compared to larger cities. Depending on individual needs and preferences, access to convenient public transit routes and schedules may vary, requiring careful consideration for daily commuting and travel.
Worcester’s diverse culinary landscape offers a wide array of dining options, from trendy eateries to family-owned restaurants. The city’s food scene includes a mix of international cuisines, farm-to-table establishments, and innovative food trucks, catering to all palates. Residents can savor everything from traditional New England seafood to global flavors, making Worcester a paradise for food enthusiasts.
Worcester’s natural surroundings and green spaces can contribute to seasonal allergies for some residents. Pollen and allergens from trees, grasses, and plants may affect individuals with allergies, requiring proactive measures to manage symptoms and maintain overall well-being.
Compared to other major cities in Massachusetts, Worcester offers a more affordable cost of living. Housing prices are relatively lower, and everyday expenses, such as groceries and utilities, are more budget-friendly. As of spring 2024, the average rent for a 2 bedroom apartment is roughly $2,000/mo. This makes Worcester an attractive option for individuals and families looking to enjoy the amenities of a city without breaking the bank.
As Worcester continues to grow, urban sprawl and development may impact the city’s natural landscapes and open spaces. Balancing urban expansion with environmental preservation is an ongoing concern for residents and city planners, as the city strives to maintain its unique character and green spaces.
Worcester is home to several prestigious colleges and universities, including Worcester Polytechnic Institute and Clark University. This creates a vibrant academic environment and contributes to the city’s cultural diversity. Students and academics benefit from the intellectual stimulation and resources available in the city, enhancing the overall quality of life for residents.
Like many urban areas, Worcester experiences traffic congestion during peak hours, which can lead to longer commute times and frustration for residents. Navigating the city’s roadways and highways may require strategic planning to avoid delays and congestion, especially during rush hours.
Worcester’s neighborhoods offer a diverse range of living experiences, from historic districts with charming architecture to modern developments with urban amenities. Each neighborhood has its own unique character and community spirit, providing residents with options to find the perfect fit for their lifestyle and preferences.
Worcester experiences harsh winters with heavy snowfall and cold temperatures, which can be challenging for residents. Snow removal and winter maintenance are essential considerations for those living in the city, as the weather conditions can impact daily routines and transportation.
Worcester’s public transportation system, including buses and commuter rail services, provides convenient options for getting around the city and accessing neighboring areas. Additionally, the city’s central location in Massachusetts allows for easy travel to other major cities in the region, making it a strategic hub for commuters and travelers.
While Worcester offers a range of amenities, the job market may be more limited compared to larger metropolitan areas. Finding employment opportunities in specific industries or career fields may require residents to explore options in neighboring cities or consider remote work arrangements.
Despite being an urban center, Worcester provides easy access to nature and outdoor activities. Residents can explore the scenic trails at Green Hill Park, enjoy picnics at Elm Park, or take a leisurely stroll along the shores of Lake Quinsigamond. The city’s proximity to natural landscapes allows for a balanced lifestyle, with opportunities for relaxation and recreation.
As a bustling city, Worcester experiences noise pollution from various sources, including traffic, construction, and urban activities. Residents living in densely populated areas or near commercial districts may encounter higher levels of noise, impacting their daily living environment and overall peace of mind.
The Producer Price Index (PPI) isn’t in the same league as CPI when it comes to market movement potential, but as seen again this morning, it’s no slouch. Bonds responded immediately and somewhat forcefully to the much higher monthly core number. 10yr yields jumped an instant 5bps and MBS dropped 6 ticks (.19). But less than 15 minutes later and we’re back near unchanged levels. This wild ride can be chalked up to the previous month’s revisions offsetting the big miss as well as some of the distribution among the internal components. Specifically, several of the components that contribute to PCE (the Fed’s favorite inflation index) were weaker.
Source: mortgagenewsdaily.com
As the U.S. reaches its peak homebuying season, mortgage rates continue to ease week over week.
HousingWire’s Mortgage Rates Center showed the average 30-year fixed rate for conforming loans at 7.45% on Tuesday, below the rate of 7.51% one week ago. At the same time one year ago, the average rate was 6.54%.The 15-year conforming fixed rate averaged 6.75% on Tuesday, down from 6.77% one week earlier.
“Bond yield keeps heading lower and mortgage spreads are getting better,” HousingWire lead analyst Logan Mohtashami said. “Since the softer labor reports happened, mortgage pricing has improved. Despite today’s hotter Producer Price Index (PPI) inflation print, yields fell again after traders digested the reports.”
The release of the Consumer Price Index (CPI) on Wednesday will allow experts to determine whether or not this trend continues, Mohtashami said.
As of May 10, there were 568,000 unsold single-family homes on the market, up 1.5% compared to the week prior.
“It’s not a massive gain, but inventory is growing and will continue to grow over the next few months,” Mike Simonsen, founder and president of Altos Research, wrote on Monday.
Compared to a year ago, there are 35% more homes on the market, a gap that continues to expand. Simonsen expects there to be 700,000 unsold homes on the market by the end of September.
During the week ending May 10, 89,000 new listings hit the market, according to Altos Research, which was 3% less than the week prior.
“There is still a sense of optimism that more sellers will help this market grow,” Simonsen said. “Ideally, the combined number of new listings should be above 100,000 each week, so it’s a bit disappointing to see only 89,000 today.”
Source: housingwire.com