“Housing sentiment increased from November through February, driven largely by consumer belief that mortgage rates would move lower,” he said in the report. “However, recent data showing stickier-than-expected inflation, rising mortgage rates, and continued home price appreciation appear to have given consumers pause regarding the market’s direction.” While 67% of consumers surveyed said they believe … [Read more…]
After formally endorsing plans for an ambitious new Bay Area City in Solano County this week, Vacaville’s vice mayor is in the hot seat after it was revealed that he had earlier sought to associate his home loan business with the developer’s campaign for the project known as California Forever.
Through his real estate license, Vice Mayor Greg Ritchie and owner of Citizens Financial Home Loans filed two fictitious business names or “Doing Business As” titles as “California Forever Home Loans” and “California Forever Homes,” in January, according to The Mercury News.
Ritchie has faced some backlash over his support of the project on social media. Members of the California ForNever Facebook group advised in a post that Vacaville residents should reach out to their City Council representatives to voice concerns over Ritchie’s affiliation with the project.
In an attempt to address the filings, Ritchie’s informational website, California Forever Home Loans, now redirects inquiries to a personal message from the vice mayor acknowledging the filings by saying he was “energized … by the forward thinking proposal by California Forever to supply $400M in downpayment assistance specifically for Solano and Travis families as part of their East Solano Plan. It is an unprecedented benefit for working families across Solano County.”
The original content on the website was removed because Ritchie said it caused confusion since “the project is still a few years from building homes.”
“I want to make one thing crystal clear — neither my company nor myself have any economic relationship or interest in California Forever,” Ritchie goes on to say in his online message. “I have also not received any donations or political contributions for my endorsement. My endorsement was given purely based on my professional and personal belief that this is a good project that will help thousands of Solano families reach the dream of homeownership.”
Ritchie could not be reached for comment by The Times.
On Tuesday, the Bay Area tech leaders behind the California Forever campaign held a news conference to announce that they had turned over more than 20,000 voter signatures to the Solano County registrar in support of putting the issue before local voters. If the county validates at least 13,062 of those signatures, the measure would go before voters in November, seeking to amend zoning codes to allow the residential project to be built on agricultural land.
Backers tout the project as an innovative way to create more affordable housing in close proximity to the Bay Area. The designs calls for transforming 18,000 acres now dedicated to ranching and wind farms into a community of 50,000 residents that would grow, over time, to as many as 400,000. The project promises 15,000 higher-paying jobs in manufacturing and technology, as well as parks, bike lanes and a solar farm.
“Solano voters have made their first decision, and they have made it loud and clear,” said Jan Sramek, a former Goldman Sachs trader who is chief executive of California Forever. “People from all walks of life, all parts of the county are all saying the same thing. They are saying, ‘Yes, we want to have a say in the future of this place that we love.’”
Along with Sramek, backers of the project include LinkedIn co-founder Reid Hoffman, venture capitalist Marc Andreessen, and Patrick and John Collison, who founded the payment-processing company Stripe.
Even if the measure is certified for the November ballot and voters approve it, the project faces a number of challenges and regulatory hurdles. Chief among those are additional approvals, including from the federal government, and the specter of lawsuits from environmental groups that have signaled they intend to take the nascent effort to court.
Source: latimes.com
LOS ANGELES — Move that bus!
A new iteration of the beloved home renovation show, “Extreme Makeover: Home Edition” is returning to ABC for the 2024-2025 season.
Clea Shearer and Joanna Teplin, who have taken the world by storm with their organization and home decor skills, will serve as co-hosts. The pair are co-founders of lifestyle brand The Home Edit, where they share tips, tricks and all-things home design.
Like the original series, Shearer and Teplin will work with deserving families to meet their needs and design homes that work for them.
The show will feature heartwarming stories, hardworking volunteers and inspiring members of the community.
The renovations will be led by a team of experts from home builder Taylor Morrison, whose builders and contractors will tailor the home from the inside out.
Producing the show is Endemol Shine North America and Reese Witherspoon’s Hello Sunshine.
“Extreme Makeover: Home Edition” will return to ABC and stream the next day on Hulu for the 2024-2025 season.
The Walt Disney Company is the parent company of ABC, Hulu and this ABC station.
Copyright © 2024 OnTheRedCarpet.com. All Rights Reserved.
Source: abc7ny.com
Did you know that there are many ways to get free Target gift cards? You can get free Target gift cards and make extra money for this favorite store. Target is a very popular store in the United States, and their gift cards make a great present for any occasion. Whether you’re getting one as…
Did you know that there are many ways to get free Target gift cards?
You can get free Target gift cards and make extra money for this favorite store.
Target is a very popular store in the United States, and their gift cards make a great present for any occasion. Whether you’re getting one as a gift or want to use them for your shopping, you might want to know how to get Target gift cards without spending any extra money.
You can earn these free gift cards through many different ways too.
Before you think it’s not doable, let me tell you – I’ve personally earned over 110 free gift cards over the years. It feels so nice to use a free gift card to get something I want. So, it’s definitely possible with some effort!
Below, you will see the different ways you can earn free Target gift cards.
Here are my quick picks to get started with:
Swagbucks is one of the top sites to start with if you want to earn free gift cards to your favorite places, such as Target.
Swagbucks is a website where you can earn points (they call them “SB”) by doing tasks like browsing the internet, watching videos, using their shopping deals, and answering surveys. Simply sign up, complete your account profile, and start earning points to get a free Target eGiftCard code.
I’ve been using Swagbucks for years, and in that time, I’ve personally earned over 110 free gift cards. It’s easy to earn points, and the website is very easy to use as well.
You can get anywhere from a free $5 Target gift card to $100 at a time on Swagbucks.
Please click here to sign up for and use Swagbucks (and receive a $10 bonus).
Fetch Rewards is a cell phone app (that I personally use at least once a week!) where you earn points by scanning receipts from grocery stores. You can then use these points to redeem Target gift cards.
I personally use Fetch Rewards every time I go grocery shopping as it’s one of the easiest apps to use to earn points. I just shop like I normally do, and once I get home, I use the Fetch Rewards app on my phone and take a picture of my grocery receipt.
Fetch Rewards then scans the receipt and adds points to my account within just seconds. And, it doesn’t matter what I buy at the grocery store – I can earn points.
You can sign up for Fetch Rewards by clicking here.
Did you know you can earn free Target gift cards while shopping for your everyday items?
Target has deals where you can get more for your money. When you purchase certain products, Target gives you a free gift card as a bonus.
For example, sometimes they have a deal where if you buy two boxes of diapers, you can get a free $20 Target gift card. I have also seen a similar deal for if you buy face wash, household goods, pet food, and more.
These will typically be listed either online on Target’s website or in person right on the shelf. Then, after you check out, you’ll get the free gift card.
This is a very easy way to get free Target gift cards for stocking up on things that you most likely already buy and need anyway.
InboxDollars is a rewards site that gives points for answering online surveys, watching quick clips, playing games, and more.
You can use your points to get free Target gift cards.
You can join InboxDollars and get a free $5 sign-up bonus.
American Consumer Opinion is a market research company that pays people to share their opinions by answering surveys.
It’s free to join, and surveys typically pay around $1 to $5 each. Once you reach a certain amount, you can then redeem your earnings for free Target gift cards (and many other rewards like PayPal cash).
Please click here to sign up for American Consumer Opinion.
Survey Junkie is a popular platform where you can earn free Target gift cards by sharing your opinions through surveys. When you complete surveys, you earn points that can be redeemed for gift cards, including Target gift cards.
By answering three surveys daily on Survey Junkie, you can earn about $40 per month in free Target gift cards.
Please click here to sign up for Survey Junkie.
Branded Surveys is a survey platform where you earn points by answering questions, and you can redeem these points for free Target gift cards.
The surveys typically take 5 to 15 minutes to complete and pay between $0.50 and $5.00 each.
You can sign up for Branded Surveys here.
PrizeRebel is a website where you earn rewards points by completing tasks such as surveys and watching videos. Once you collect enough points, you can exchange them for free Target gift cards.
I personally just redeemed around $150 in points last week, so I know that this is a legit way to get free Target gift cards!
You can join PrizeRebel here.
Another great way to get free Target gift cards is to download PayPal Honey. You can install the Honey browser extension, which automatically finds and applies coupon codes and promo codes when you shop online.
Here’s how it works:
You can redeem your points from Honey for cash, Target gift cards, or PayPal shopping credits.
You can add Honey by clicking here.
If you ever buy gas for your car (which is pretty much everyone!), then Upside is the app for you. Upside is a cash back rewards app specifically for gas purchases.
When you use the app to find and purchase gas at participating gas stations, you can earn cash back that can be redeemed for gift cards, such as for free Target gift cards.
Not every gas station is included in the app, but you can earn rewards by selecting from the stations listed within the app. You do need to select the gas station before you pump the gas into your car – this is important to remember!
You can sign up for Upside here.
Ibotta is an app that gives you cash back for shopping, especially at grocery stores. After you shop, just upload your receipts to earn cash back that you can use for free Target gift cards. I use Ibotta often and think it’s really helpful!
Here’s a quick summary of how you use Ibotta:
You can join Ibotta here.
Rakuten has an easy way to earn cash back on purchases from over 3,500 stores. When you buy something, a percentage of your purchase comes back to you as cash. Your earnings can be sent to you by check or PayPal.
While Rakuten doesn’t pay you in free Target gift cards directly, you can use the cash you earn from Rakuten for other purposes, like going shopping at Target.
You can join Rakuten by clicking here.
If you want to get free Target gift cards, entering sweepstakes and giveaways can be a fun way to try.
To earn free Target gift cards through giveaways:
Entering these giveaways can be a simple way to possibly get free gift cards, even though winning isn’t guaranteed.
Prime Opinion is a survey website where you can earn money by sharing your opinions from home.
It’s simple: You share your thoughts and they pay you for it. Prime Opinion is a legitimate survey platform that has many surveys to complete (there are over 40 different surveys currently listed in my personal dashboard).
You can redeem your points for Target gift codes or cash payouts, starting at just $1.
Click here to join Prime Opinion and get up to a $5 free bonus.
If you want to get free Target gift cards, I highly recommend reading Target’s weekly circular! It’s your go-to for the latest deals and promotions – whether that be seasonal promotions, weekly promotions, holidays (such as Mother’s Day, President’s Day, Father’s Day, Labor Day, Thanksgiving, etc.), and more.
Target’s weekly circular is also great around Black Friday and Cyber Monday, as they will list many Target coupons and free gift card deals here.
This is a flyer that Target updates every week, filled with sales on items from clothes to electronics. But that’s not all! Target also announces when you can earn free gift cards after buying certain products.
To find the weekly circular, check online on Target’s website or look in your mailbox if you receive paper ads. Target makes it easy to spot offers for free gift cards – they’re usually highlighted to stand out.
Joining Target Circle, Target’s free loyalty program, is an easy way to get free Target gift card offers.
Here’s how this works:
This is easy to use too – when ringing out at Target, just enter your phone number in the keypad.
Do you have old gadgets collecting dust at home? Your unused electronics can be turned into a free Target gift card through Target’s trade-in program. You can swap phones, tablets, game consoles, and more for a Target eGiftCard.
Here’s how it works:
Below are answers to common questions about how to get free Target gift cards.
You can earn a free Target gift card through different promotions, such as buying specific items at Target, joining the Target Circle loyalty program, or taking advantage of special deals that include a gift card as a bonus.
No, Target gift cards do not expire, even the ones you get for free. This means you can use them anytime – you don’t have to rush! But, I do always recommend keeping up-to-date on this as it can change at any time.
Checking your Target gift card balance is easy. Just go to Target’s website, find the gift card balance page, and enter the card number and access code. The balance will show up, and you’ll know exactly how much you can spend.
Yes, you can win Target gift cards from legitimate online contests. Just make sure you’re entering contests from reputable websites and companies to avoid scams.
Yes, you can earn Target gift cards by taking surveys on websites like Swagbucks and Branded Surveys. These sites give gift cards, including ones for Target, as rewards for completing surveys. Keep in mind that you typically need to accumulate a certain amount of credits before you can cash out for a gift card.
To use a Target eGiftCard in stores, just show the barcode on your phone. I have done this in the past and it is very easy.
I hope you enjoyed this article on how to get free Target gift cards.
There are many, many ways to earn free gift cards to Target as you learned above. From answering online surveys, taking pictures of your grocery shopping receipts, and using cash back sites, there are probably many ways that you can save some money at Target or SuperTarget by using Target gift cards.
I’ve earned many free gift cards over the years, and I absolutely love it. Just last week, I redeemed over $150 in gift cards to some of my favorite retailers.
Do you like to earn free Target gift cards?
Recommended reading:
Source: makingsenseofcents.com
The information provided on this website does not, and is not intended to, act as legal, financial or credit advice. See Lexington Law’s editorial disclosure for more information.
If you’re one of the millions of Americans who has outstanding debt, it can be helpful to better understand the difference between installment loans vs. revolving credit. Although debt can harm your credit, responsibly managing a mix of installment and revolving debt can help build your credit. Read on to learn more about installment loans vs. revolving credit and how to use them to your benefit.
| Installment debt | Revolving credit | |
|---|---|---|
| Definition | A borrowed lump sum that is paid back over time on a set schedule | A line of credit that enables for spending up to a predetermined limit |
| Examples | Mortgage, student loan, auto loan or personal loan | Credit cards and personal lines of credit |
| Interest rates | Typically fixed when the loan is established | Usually variable, and often higher overall |
| Payments | Consistent monthly payments on a set schedule | Payments vary based on spending |
| Effect on credit score | May increase credit score due to improved mix of credit, payment history and length of credit | Tends to have a larger effect on credit score, and score increases are possible with responsible usage |
Revolving credit allows you to spend up to a certain limit. As you pay down your outstanding balance each month, you can re-borrow up to the credit limit. If you need to borrow more, you can request a credit limit increase. It not only gives you access to more funds, but when used responsibly, it can also help improve your credit by reducing your credit utilization ratio.
When you have a revolving credit account, you can pay the monthly minimum or choose to pay more. Many lenders charge interest, but some lines of credit come with introductory offers, like 0 percent interest for a certain amount of time.
One way revolving credit is different from installment credit is that your account stays open until you close it. As you continue to make your payments and don’t spend more than the limit, you can continue to use your revolving credit.
The biggest benefit of revolving credit is its flexibility, which can also be a downside. You can borrow up to your credit limit, but the ability to increase it may tempt you to overspend and get into debt. Below, we break down some of the additional pros and cons, starting with the benefits:
Some of the downsides to revolving credit accounts include:
Revolving credit accounts typically affect your credit score more. With the FICO® scoring model, your payment history accounts for 35 percent of your score, and your utilization accounts for 30 percent of your score.
Your credit utilization is the amount you owe vs. your max credit limit. To benefit from this, you should keep your utilization below 30 percent. This is based on the credit limit of all your revolving accounts minus the amount you owe.
For example, if you have two credit cards, one with a $5,000 limit and one with a $3,000 limit, your total limit is $8,000. To stay lower than 30 percent, you would never want to owe more than $2,400. If you opened up a new credit card with a limit of $10,000, you could then spend up to $5,400 (30 percent of $18,000).
An installment loan account allows you to borrow a lump sum of money and pay it back in installments. Unlike revolving credit accounts, you have a set amount of money to pay back with interest before the account closes.
There are various installment loans, and you may need additional funds. Rather than increasing the loan amount, you would need to apply for a new loan.
Although credit cards are the most common form of credit, it’s helpful to have at least one installment credit account. One aspect of your FICO® credit score is “credit mix,” which accounts for 10 percent of your overall credit score.
The following are some of the additional benefits:
Some of the downsides include:
Those who only open revolving credit accounts are missing out on the benefit of credit mix and improving their credit. Having installment credit accounts like auto or student loans can help improve your credit mix. Installment loans can also help with your credit history if they’re open for a long time, like when you get a home loan.
Similar to revolving credit accounts, you want to make your payments on time each month to improve your payment history. This is a positive signal of creditworthiness to future lenders.
Now that you understand what installment credit accounts are, it can be helpful to see some examples:
Personal loans are forms of installment credit as well, but you often won’t need to use the funds for a specific purpose. Many people use personal loans to pay for large purchases or expenses, consolidate their debt or pay for home repairs.
The most common forms of revolving credit accounts include:
Whether you’re hoping to open a revolving or installment credit account or both, the first step is to have good credit. Good credit not only improves your chances of getting approval but can also help you get lower interest rates, saving you thousands of dollars. To start working on your credit score, first find out what it is. Lexington Law Firm offers a free credit assessment, and if you have errors on your credit report, we provide additional services to challenge them on your behalf. To get started, sign up today.
Note: Articles have only been reviewed by the indicated attorney, not written by them. The information provided on this website does not, and is not intended to, act as legal, financial or credit advice; instead, it is for general informational purposes only. Use of, and access to, this website or any of the links or resources contained within the site do not create an attorney-client or fiduciary relationship between the reader, user, or browser and website owner, authors, reviewers, contributors, contributing firms, or their respective agents or employers.
Source: lexingtonlaw.com
The theme of “waiting” amid an empty calendar will be played out by the end of the week (if it’s not already played out from most of the past year spent waiting for only a handful of key events each month). Despite a few scattered events on today’s calendar, none of them are worth any significant potential volatility for bonds. Without big ticket data, other considerations become a bit more visible in terms of their impact on trading levels. In today’s case, it’s the return of European markets after a 3 day weekend. Weaker PMI data in Europe helped bonds overnight and US traders have added to the gains in the first few hours.
In the slightly bigger picture, however, we see that it requires a microscope to draw any conclusions from this morning’s movement and its relationship to the present trend.
Also recall yesterday’s commentary regarding the range set by the April 10th CPI reaction, and the assertion that this would be a logical place to wait for the next CPI release. Against this backdrop, this morning’s moderate improvement only brings bonds closer to the center of that range.
Source: mortgagenewsdaily.com
Americans are in limbo about where the housing market could go next, but they are resolute about the conditions for buying right now.
Nearly 80% of Americans think it’s a bad time to buy a house, according to the Fannie Mae Home Purchase Sentiment Index (HPSI), a survey gauging homebuying and selling confidence. The index stayed flat in April compared to the previous month as consumers adjust to elevated mortgage rates that show little promise of easing. The average rate on a 30-year loan stood at 7.22% last week. Consumer confidence is still up 8% year over year.
In addition, fewer Americans believe mortgage rates will decline over the next 12 months, sidelining buyers awaiting affordability improvement.
“Housing sentiment increased from November through February, driven largely by consumer belief that mortgage rates would move lower,” said Doug Duncan, Fannie Mae senior vice president and chief economist. “However, recent data showing stickier-than-expected inflation, rising mortgage rates, and continued home price appreciation appear to have given consumers pause regarding the market’s direction.”
Waning expectations of a rate drop are becoming a common trend.
In the latest survey, only about 1 in 4 Americans believed rates would drop over the next 12 months, a decline from nearly 1 in 3 a month prior. In comparison, at the beginning of the year, almost 40% of survey respondents said they expected rates to fall.
“[Strong economic and job market data] will keep mortgage rates at elevated levels for the near future, sidelining some prospective buyers from entering the housing market,” said Edward Seiler, Mortgage Bankers Association’s (MBA) associate vice president.
With rates hovering around 7% for a 30-year loan over the last few months, monthly mortgage costs have risen. The national median payment rose past $2,200 in March from $2,184 in February, according to the MBA. Payments could become even more expensive going forward as average 30-year loan rates surpassed 7% over the last three weeks, with no signs of falling.
Read more: Mortgage rates top 7% — is this a good time to buy a house?
Contrasting homebuyers’ woes, an increasing number of Americans think now is a good time to sell. The share of survey respondents confident in selling reached nearly 70% in April, up from 60% at the beginning of the year and 62% in the same month last year.
Home sellers’ growing optimism could be attributed to the continual growth in home prices nationwide. The latest national housing price index gained 6.4% in February, according to the S&P CoreLogic Case-Shiller US National Home Price.
“As interest rates go up, people’s purchasing power goes down, and thus, so should home prices. But that hasn’t happened in this latest correction cycle,” Jon Grauman, founder of Grauman Rosenfeld, a real estate firm in Los Angeles, told Yahoo Finance.
Consumers are braced for high prices — more than 40% of Fannie Mae’s survey participants expect home prices to increase over the next 12 months, compared to 37% earlier this year.
“We think consumers’ generally improved sense of home-selling conditions bodes well for listings and housing activity, particularly for the segment of the population who may need to move for lifestyle reasons and have already begun adjusting their financial expectations to the current mortgage rate and price environment,” Duncan said.
Correction: A previous version of this article listed the incorrect firm name for Grauman Rosenfeld. We regret the error.
Rebecca Chen is a reporter for Yahoo Finance and previously worked as an investment tax certified public accountant (CPA).
Click here for the latest personal finance news to help you with investing, paying off debt, buying a home, retirement, and more
Read the latest financial and business news from Yahoo Finance
Source: finance.yahoo.com
Finance of America Companies (FOA), which controls the outgoing brands Finance of America Reverse (FAR) and American Advisors Group (AAG), recorded a net loss under generally accepted accounting principles (GAAP) of $16 million in Q1 2024 and an adjusted net loss of $7 million for the quarter, according to a recently released earnings report.
Total revenues at the company dropped sharply from $276 million in Q4 2023 to $75 million in Q1 2024. Company leaders, however, expressed confidence in their strategic positioning following the completion of the corporate integration of AAG and the recently announced sunsetting of the FAR and AAG brands under the FOA brand, which is expected to go into effect later this year.
CEO Graham Fleming said during the earnings call that the company “is well positioned to return to sustained profitability,” particularly due to its leadership position in the reverse mortgage space and a reduced adjusted net loss compared to Q4 2023.
Graham Fleming, CEO of Finance of America Companies.
” data-image-caption=”
Graham Fleming
” data-medium-file=”https://www.housingwire.com/wp-content/uploads/2024/01/grahamfleming_foa.jpg?w=268″ data-large-file=”https://www.housingwire.com/wp-content/uploads/2024/01/grahamfleming_foa.jpg?w=801″ src=”https://www.housingwire.com/wp-content/uploads/2024/01/grahamfleming_foa.jpg?w=801″ alt=”Graham Fleming, CEO of Finance of America Companies.” class=”wp-image-435655″ srcset=”https://www.housingwire.com/wp-content/uploads/2024/01/grahamfleming_foa.jpg 801w, https://www.housingwire.com/wp-content/uploads/2024/01/grahamfleming_foa.jpg?resize=134,150 134w, https://www.housingwire.com/wp-content/uploads/2024/01/grahamfleming_foa.jpg?resize=268,300 268w, https://www.housingwire.com/wp-content/uploads/2024/01/grahamfleming_foa.jpg?resize=768,860 768w” sizes=”(max-width: 801px) 100vw, 801px”>
“These results were driven primarily by an improvement in operating performance compared to recent quarters as margin improved and remained strong through the quarter,” Fleming said. “On an adjusted basis, in the first quarter, we recognized a net loss of $7 million or $0.03 per fully diluted share. This is a 65% improvement from the net loss of $20 million or $0.09 per fully diluted share in the fourth quarter.”
Higher revenues and lower costs helped to drive this improvement, he explained, and loan origination revenue went up despite a slight loss in volume.
“During the quarter, reverse volumes were down only 3% to the prior quarter as previously guided,” he said. “However, improved margins led to a $5 million increase in revenue in our originations platform. Our net balance-sheet markup due to outside factors was minimal for the quarter as spread tightening and home price appreciation improvements offset an increase in interest rates.”
The company is eyeing a 10% increase in origination volume for Q2 2024, estimating the volume from April through June at somewhere between $465 million and $500 million, Fleming said.
FOA President Kristen Sieffert provided an operational update for the company, saying that “much of our previously communicated work to streamline our operations is now behind us and the integration of AAG’s platform is complete.”
Kristen Sieffert, president of leading reverse mortgage lender Finance of America Companies.
” data-image-caption=”
Kristen Sieffert
” data-medium-file=”https://www.housingwire.com/wp-content/uploads/2024/01/kristensieffert_far.jpg?w=213″ data-large-file=”https://www.housingwire.com/wp-content/uploads/2024/01/kristensieffert_far.jpg?w=726″ src=”https://www.housingwire.com/wp-content/uploads/2024/01/kristensieffert_far.jpg?w=726″ alt=”Kristen Sieffert, president of leading reverse mortgage lender Finance of America Companies.” class=”wp-image-434830″ srcset=”https://www.housingwire.com/wp-content/uploads/2024/01/kristensieffert_far.jpg 726w, https://www.housingwire.com/wp-content/uploads/2024/01/kristensieffert_far.jpg?resize=106,150 106w, https://www.housingwire.com/wp-content/uploads/2024/01/kristensieffert_far.jpg?resize=213,300 213w” sizes=”(max-width: 726px) 100vw, 726px”>
Early this year, the company finalized its transition plans to bring both FAR and AAG personnel onto a single loan origination system (LOS), which Sieffert said was the “last step in the full integration process.” Completing it now allows the company to continue with the next phase of its “go-to-market strategy,” which the brand unification will help to facilitate.
A unified brand will serve to “optimize and maximize” the company’s resources and reach, including the discontinuation of the AAG and FAR brands, which are expected to take place in early Q3 2024. Modernizing the company’s digital capabilities is also a priority, she said, and there has been interest in the company’s wholesale partnerships program from “traditional mortgage lenders and servicers,” with a focus on FOA’s proprietary second-lien product within the “HomeSafe” product catalog.
“In March, we expanded the reach of this product through a leading broker-facing platform and approved the product to be offered through our principal agent channel, giving partners more flexibility in how they bring the product to market,” Sieffert said. “Following the launch of the most recent loan origination system, we’ve seen interest in the product grow to over 6% of our overall submission volume.”
The company’s retirement solutions division produced “strong top-line revenues” of $46 million in Q1 2024, according to chief financial officer Matt Engel.
“As expected, funded volumes were modestly down from the fourth quarter as we completed the LOS consolidation,” Engel said. “However, revenue margins for the segment equated to 10.8% or a 17% increase over the fourth quarter. This is due to spread tightening across our suite of products, leading to improved margins. Expenses decreased from the prior quarter as the company continues to align our infrastructure to our current business model.”
Engel also addressed high-yield debt on the company’s balance sheet that is currently scheduled to mature in November 2025.
“We are moving proactively to review our options and holding productive conversations with the necessary parties to identify an optimal path forward,” Engel said. “While it is premature to discuss specifics, we are encouraged by the early conversations.”
In a Q&A session following the main segment of the call, FOA leaders were asked about products that seem to be garnering the most demand from consumers. Sieffert quickly pointed to HomeSafe Second.
“With the HECM product and the regular HomeSafe product, as the rates rise, the LTVs are compressed a little bit. We don’t have that dynamic on the HomeSafe Second,” Sieffert said. “And so it’s freeing up more capital for people to access the cash that they need.
”We see that as one of the bigger growth opportunities for us — especially in conversations with larger traditional mortgage bankers and servicers that have portfolios of products — that borrowers are looking for different solutions that the traditional products just aren’t filling the needs right now.”
Engel also alluded to a potential securitization of HomeSafe products in the range of $300 million in future quarters.
Source: housingwire.com
Though a promissory note and a mortgage work together to create a legally binding loan agreement, each has its own distinct purpose in finalizing a real estate transaction. When you sign a promissory note, you’re agreeing to pay back the loan amount under specific loan terms. When you sign a mortgage, you’re acknowledging that if you default on that loan, the lender can get its money back by foreclosing on the property.
These separate contracts have important roles in your purchase, so before you sign on the dotted line, read on for an explanation of how each one works.
If you’re borrowing money to buy real estate, you’ll likely be asked to sign both a promissory note and a mortgage at your closing. And in the blur of paperwork, it may seem as though they’re pretty much the same thing.
They aren’t. Here’s a look at the role each document has in finalizing a home loan agreement.
You can think of a promissory note as a formal and really specific IOU. It’s the borrower’s promise to repay the loan by a predetermined date, and it typically details the terms of the loan, including the loan amount, the interest rate, the length of the loan, and monthly payments (all the factors you would see in an online mortgage calculator).
If you sign the promissory note, sometimes referred to as a mortgage note, you are obligated to pay back the loan under these terms.
A mortgage is the contract you sign with the lender that states that the property you’re purchasing serves as the security, or collateral, for the loan. It contains a legal description of the property and usually notes that you’re responsible for things like maintenance and for carrying homeowners insurance.
The mortgage doesn’t obligate you or anyone who signs it to repay the loan, but it does allow the lender to take the property as collateral if you don’t make your payments or if you otherwise fail to follow through on the terms of the loan. If you default, the lender can proceed with a mortgage foreclosure and then sell the home to recover its money.
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Because the paperwork a borrower completes and signs for a real estate loan is often referred to, in general, as the “mortgage,” it can be easy to lose sight of the different purposes of the mortgage and promissory note. So here’s a quick breakdown of some of their similarities and differences.
• Both documents establish a legally binding contract that ensures the lender is protected if the borrower defaults on the loan.
• Some of the terms of the promissory note may also be listed in the mortgage, including the length of the loan and the amount due. (The interest rate and monthly payment usually aren’t included on the mortgage, however, and won’t be a part of the public record.)
• Both are important documents that you should read (and understand) before signing.
• Each document has a distinct purpose and legal implication. A signed promissory note serves as the borrower’s promise to repay the home loan. A signed mortgage secures the note to the property and says you agree the lender can foreclose on your property if you default on the terms of the loan.
• Each document contains different pieces of information. While the promissory note lists more details about the loan terms, including the interest rate and repayment schedule, the mortgage has more details about the borrower’s obligations and the lender’s rights.
• There’s also a difference in where each document is kept after the closing. The lender holds onto the promissory note until the loan is paid off. (After that it can serve as the borrower’s “receipt,” proving the loan is paid — so it’s important to make sure you keep it in a safe place when you receive it.) The mortgage becomes part of the county land records to provide a traceable chain of ownership.
• Each document confers a different obligation on those who sign it. Anyone who signs the promissory note can be held personally liable for the borrowed money and could face legal consequences if they fail to make their payments. If, for example, the lender forecloses on the home and sells it, but the sale doesn’t cover the amount you owe, you may be responsible for paying the difference, depending on state laws. However, if you sign only the mortgage document and not the promissory note, the lender can’t hold you legally responsible for paying back the loan; you’re only giving the lender permission to foreclose on the property if the loan isn’t repaid.
|
How Promissory Notes and Mortgages Compare |
||
|---|---|---|
| Promissory Note | Mortgage | |
| Protects the lender if the borrower defaults | x | x |
| Outlines terms of the loan agreement | x | x (with limits) |
| Establishes borrower’s legal promise to repay loan | x | |
| Establishes lender can foreclose upon default | x | |
| Is held by the lender until loan is paid | x | |
| Is filed in county records | x | |
| Should be read and understood before signing | x | x |
You should be prepared to provide and sign several documents during the homebuying process — first on the front end, when you’re applying for a loan, and again later, when it’s time to close on the property.
The person who’s in charge of your closing can give you a complete list of what you’ll need to bring with you and the paperwork you’ll be asked to sign, but here are a few of the documents you can expect to see:
The Closing Disclosure lays out the final terms of the loan, including all closing costs, and provides information about who is paying and who is receiving money at closing. Lenders are required to send buyers a copy of their Closing Disclosure at least three business days before closing so there’s time to review it and clear up any potential discrepancies. You should bring it with you to your closing to be sure your costs remain the same as you expected or that any necessary changes were made.
The promissory note is the document that states that you legally agree to repay your home loan. It provides important details about the loan, including the amount owed, interest rate, dates when the payments will be due, length of the loan, and where payments should be sent.
This document gives your lender the right to foreclose on your property if you fail to live up to the repayment terms you agreed to. It also will outline your responsibilities and rights as a borrower.
(Your state may use a deed of trust vs. a mortgage as part of the home loan process. A deed of trust states that a neutral third party — usually the title company — may hold legal title to the home until the borrower pays off the loan.)
This form explains the specific charges you may have to pay into an escrow account each month as part of your mortgage agreement, such as money to cover property taxes and insurance.
This document transfers ownership of the property from the seller to the buyer.
You’ll only see this form if you’re refinancing your home loan (it doesn’t apply if you’re purchasing the property). It states your right to cancel the loan within three business days and explains how that process works.
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Though people tend to think of the term “mortgage” as describing everything that has to do with their home loan, there are actually two separate documents that form the legal agreement between a buyer and a lender and outline their responsibilities.
It’s important to understand the differences between these two distinct pieces of paperwork — the promissory note and the mortgage — before you see them at your closing. You’ll also want to carefully review them — and all the forms you see — before you sign for your loan.
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Usually, yes. But you might have a promissory note without a mortgage if you’re using an unsecured loan from a family member, a friend, or the seller.
A promissory note is part of a formal loan agreement. It contains a promise from the borrower to repay a specific amount of money to the lender under designated terms.
The promissory note helps formalize the terms of a real estate loan, including the length of the loan, the interest rate, how and when payments should be made, and what happens if the borrower defaults.
No. A promissory note obligates the borrower to repay the loan, but it does not “collateralize,” or secure, the loan to the property.
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Have you ever wondered, “Should I move to Boise, ID?” Located in the heart of the Treasure Valley, Boise offers a blend of urban amenities and outdoor adventures. With its vibrant downtown, thriving arts scene, and proximity to the beautiful Boise River and foothills, this city always has something new to explore. Whether you’re a foodie, outdoor enthusiast, or culture connoisseur, Boise has it all. In this article, we’ll discuss the pros and cons of living in Boise to help you decide if it’s the right place for you. Let’s dive in.
Walk Score: 38 | Bike Score: 62 | Transit Score: 23
Median Sale Price: $510,000 | Average Rent for 1-Bedroom Apartment: $1,425
Boise neighborhoods | Houses for rent in Boise | Apartments for rent in Boise | Homes for sale in Boise
Boise is a haven for outdoor enthusiasts and offers a plethora of activities. Popular activities range from hiking and biking on the Ridge to Rivers trail system to kayaking and fishing on the Boise River. The city’s proximity to Bogus Basin provides residents with easy access to skiing and snowboarding in the winter months. Additionally, the expansive greenbelt along the river offers miles of scenic paths for walking and biking. This makes it easy for locals to enjoy the natural beauty of the area while staying active.
As Boise has grown in popularity, the cost of living has also risen. In fact, the cost of living in Boise is 5% higher than the national average. Additionally, home prices and rents have seen significant increases. Median home sale prices are about $100,000 more than the national average. While Boise’s cost of living is still lower than in some larger metropolitan areas, the recent trends have raised concerns about long-term affordability.
Boise’s downtown area is a bustling hub of activity, offering a mix of cultural, dining, and shopping experiences. The city boasts an array of local restaurants, craft breweries, and coffee shops, alongside unique boutiques and stores. Cultural attractions such as the Boise Art Museum, the Idaho State Capitol building, and a variety of theaters add to the downtown charm. The area’s lively atmosphere is further enhanced by regular events, including the Boise Farmers Market and the First Thursday art walk.
One of the drawbacks of living in Boise is the limited public transportation options available. With a Transit Score of 23, public transit routes and frequencies may not meet the needs of all residents, particularly those living outside the downtown area. This can make it challenging for individuals without a car to navigate the city efficiently. The reliance on personal vehicles contributes to traffic congestion and parking difficulties in the more popular areas of Boise.
Boise is often praised for its strong sense of community and friendly atmosphere. Residents are known to be welcoming and supportive, creating a close-knit feel that can be hard to find in larger cities. This sense of community is fostered through various neighborhood associations, community events, and local initiatives that encourage participation and engagement among residents. Whether it’s through volunteering, attending local events, or simply knowing your neighbors, Boise offers a warm and inviting environment.
Despite its natural beauty, Boise sometimes struggles with air quality. Especially during the summer months when wildfire smoke from surrounding areas can drift into the city. This can obscure the scenic views and potentially pose health risks, especially for individuals with respiratory issues. Inversions in the winter can also trap pollutants near the ground. This leads to periods of poor air quality that contrast sharply with the city’s otherwise clean and fresh atmosphere.
Compared to many other parts of the United States, Boise has a relatively low risk of natural disasters. The city is not prone to hurricanes, tornadoes, or significant earthquakes, which can offer peace of mind to residents concerned about natural disasters. This stability contributes to a sense of security and makes Boise an attractive place to live for those looking to avoid the stress and potential dangers associated with higher risk areas.
While Boise does offer a variety of entertainment options, the city’s nightlife and entertainment scene may not be as extensive or varied as those found in larger cities. People looking for a wide range of late-night entertainment options, from dance clubs to live music venues, might find the offerings in Boise somewhat limited. This can be a drawback for those who prioritize a bustling nightlife in their choice of where to live.
With a Bike Score of 62, Boise boasts a network of bike-friendly routes, trails, and amenities. This makes cycling a convenient and enjoyable mode of transportation and recreation for many residents. The city features dedicated bike lanes and shared pathways along major roads and streets, enhancing safety and accessibility for cyclists of all skill levels. Moreover, the city’s commitment to promoting cycling is evident through initiatives like Boise Bike Week, which encourages residents to participate in biking events, workshops, and activities aimed at fostering a bike-friendly community.
Source: rent.com