June 2024 - Hanover Mortgages

Apache is functioning normally

June 26, 2024 by Brett Tams

You can typically remove yourself from a joint bank account, but financial institutions’ policies on this may vary. It’s wise to check with your bank about how to separate yourself from a shared account.

Joint bank accounts can work well for many banking customers. Spouses may find it easier to budget together with a joint bank account, and parents may open a bank account with a child to help them learn how to manage their money. But what happens when you no longer want to be on the joint bank account?

Read on to learn more about your options.

What Is a Joint Bank Account?

A joint bank account is a checking or savings account that is shared between two or more people. Each person has full access to the money, meaning they can withdraw, deposit, and spend funds without having to get the other account holder’s approval.

The account holders are equally liable for the checking or savings account, including any debts and fees it incurs. For instance, if the account goes into overdraft, the joint account will incur fees, even if only one party was responsible.

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Reasons to Remove Yourself From a Joint Bank Account

As time passes, joint account holders may no longer need or want to share an account. Here are a few reasons why someone would want to remove themselves from a joint account.

Separation or Divorce

When breaking up with a partner or divorcing a spouse, you’ll likely want total control of your own money.

That means you’ll need to close any joint bank accounts (and joint credit cards) and start anew — or simply remove yourself from the account and start your own while your ex maintains the existing account, if allowed by the bank.

End of Business Partnership

If you and a business partner are closing your enterprise and going your separate ways, you will want to shut down your business checking account and/or business savings account. If you’re stepping down from the business but the partner is going to continue running it, it might be possible to remove your name from the account rather than close it completely.

Child Getting Their Own Account

Some parents may choose to be a joint account holder on their child’s first bank account. This can help parents teach a child about money management and monitor financial decisions closely. When children go to college, this can be an easy way to ensure they have enough money for food, rent, books, and other expenses.

But at a certain point, it makes sense for a parent to remove themself from the child’s checking account.

Reduction of Financial Ties

There are other specific scenarios where joint account holders may want to sever their financial ties. For instance, if the other account holder (non-spouse) is being sued, you may want to remove them from the account to protect the assets. Removing someone else from a joint account, however, typically requires that individual’s consent and may depend on bank policy or state law.

Steps to Remove Yourself From a Joint Bank Account

In terms of how to remove yourself from a joint bank account, some banks will allow one party to exit, often with the other person’s consent. Other banks, however, may require the account to be closed in full, rather than remove a single account holder.

Assuming your bank allows you to remove yourself from the joint account and you have alerted the other account holder(s), here are the steps you’ll typically need to follow:

Request Account Closure or Complete Paperwork

The first step to removing yourself from a joint bank account is reading your bank’s policy or reaching out to a customer service representative to understand the process. In some cases, the bank may simply require you to close the account entirely. State laws and individual bank policies typically require all joint bank account holders to approve the closure before you can move forward.

In the event that the bank will let you remove your name from a joint account, follow the bank’s guidelines, which may require one or both individuals to visit a local branch or fill out a form online.

Pay Fees

Before a joint account can be closed, a bank will require you to pay any outstanding fees. But in the case of simply removing yourself from a joint account but keeping it open in the other account holder’s name, you should work out if you’re responsible for paying off any account debts before taking yourself off the account.

Withdraw Remaining Funds

You and the joint account holder should review the current balance and determine how much, if any, of the funds you should withdraw for yourself. This will need to be addressed whether you are closing the account or removing your name from the joint bank account.

You won’t have access to withdraw money once your name is taken off, so make sure you know how to withdraw money from any checking account and savings account you share before moving forward.

Required Documentation

Your bank will spell out specific documentation required when removing yourself from a joint bank account. Typically, you will need to provide:

• Proof of identification

• Proof of account ownership, like a bank statement and debit card

• Written approval from the other joint account holder(s), as noted above

Recommended: Should Married Couples Have Joint Bank Accounts?

Issues to Be Aware Of

When removing yourself from a joint bank account (or closing the account entirely, if the bank doesn’t allow a single account holder to remove themselves), there are a few things you’ll want to consider.

Outstanding Checks and Automatic Payments

If you’ve written any checks or have any transactions that are currently processing, you’ll want to make sure those go through before you withdraw your portion of the funds from the account. Similarly, if you have automatic bill payments set up, you’ll need to switch these to your new bank account before removing yourself.

Otherwise, the remaining joint account holder will inadvertently pay your next set of bills. Or, if the joint account needs to be closed, you could wind up with a slew of returned (unpaid) payments.

Direct Deposits

Similarly, if you have direct deposit set up with your employer or a government entity (such as for Social Security benefits or tax refunds), make sure you redirect those to your new bank account. This ensures you don’t miss any money sent to you.

Remaining Account Holder Approval

Before taking yourself off a joint bank account, you’ll need to let the other account holder know. Banks that allow one account holder to take their name off the account may require you to submit written approval from the other account holder or might even require that all parties visit a local branch in person.

Potential Bank Fees

Your bank may charge a fee to remove your name from a joint bank account. When speaking with a bank representative about the process, ask about these fees so you know what to expect.

Alternative to Removal

If a bank does not allow you to remove your name from a joint bank account for some reason, the main alternative is to close the account altogether. You’ll need the consent of all account holders to close the account.

You can follow the steps for how to close a joint bank account if this is the route you need to take.

The Takeaway

Opening a joint bank account can add flexibility for people with shared financial goals and responsibilities. However, there may come a time when you no longer want to be on a joint bank account. While some banks may permit you to remove one of the account holders, others may require that you close the account entirely, with each joint member then opening their own new account, if they like.

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FAQ

Can one person remove themselves from a joint bank account?

Some banks may allow one person to remove themself from a joint bank account, but there are typically clear guidelines for how to go about this. That may include written permission from the other account holder. In some scenarios, banks and credit unions may require that the account be closed and each person start fresh on their own.

Do I have to notify the other person on the account?

If you plan to remove yourself from a joint bank account, you need to let the other person know. In fact, banks that allow you to remove your name from a joint account without closing it may require written permission from the other account holder.

What if other owners don’t approve the removal?

If you would like to be removed from a joint bank account but the other account holder won’t approve, work with your financial institution to determine the next steps, as they may vary from bank to bank and state to state. Sharing money can be hard enough, but when account holders aren’t seeing eye to eye, things can get tricky.

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SoFi members with direct deposit activity can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate.

As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 4.60% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.60% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.

Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.

Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.

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Source: sofi.com

Apache is functioning normally

June 26, 2024 by Brett Tams

In the era of remote work, having a functional and inspiring home office has become more important than ever. However, not everyone has the luxury of a spacious room to dedicate solely to work.

Designing a home office in a small space can be challenging, but with the right strategies, it’s entirely possible to create an efficient and comfortable workspace, whether that’s in your apartment in Orlando, your rental home in New York, or your home in San Francisco. Here are some tips, tricks, and ideas to help you maximize your small space and design a home office that boosts productivity and enhances well-being.

Create the perfect home office in a small space

“Make small changes at a time, test it to see what works, and adjust accordingly. Start small and build up, and keep a wishlist of desired products or features that you can iterate towards, little by little,” states Jose Munoz. “It’s important to remember that the setup will never be perfect or finished. No matter how much you improve it, you will see someone else’s setup and think, ‘Oh, I wish I had that.’ Enjoy the process, make it unique, and work for you.”

1. Choose the right spot

The first step in designing a small home office is finding the right spot. This could be a corner in your living room, a nook under the stairs, or even a closet. The key is to choose a location that minimizes distractions, offers enough privacy for focused work, and inspires you and your work.

“To me, the most important thing about a home office is to make it inviting, bright, and inspiring!” Katie Gardner with The Occassio Collective shares. “Pick the room with the most windows for plenty of daylight.”

2. Optimize vertical space

When floor space is limited, look up. Marcy with The Unpopular Mom recommends taking advantage of vertical space to in turn save space. “Create a space that will help to increase your productivity, your focus, and your drive,” Marcy shares. “Floating shelves can help save space and give more options when selecting your workspace.” By using vertical space, you can choose corners for office spaces. “Build a desk into the nook in the corner of the room, as little work nooks can be a very productive area,” Marcy explains.

3. Multifunctional furniture

In small spaces, furniture needs to be multifunctional. “Create a dual-purpose room to carve out an office space in your home,” Dawn Stewart with Crafidly recommends. “Any room can pull double duty without looking overstuffed with the right furniture and storage. A fold-out desk and a chic sideboard cabinet for storage may be all you need to add an office nook to your family room or bedroom.”

Multifunctional furniture is important for saving space too. “For a small home office, especially when working remotely, choose furniture that saves space and serves multiple purposes,” echoes Nguyen Le, marketing lead for Esevel Marketing. “Pick a small desk with built-in storage to keep your items organized. Consider a wall-mounted desk to free up floor space and make the room feel bigger. Use a foldable chair that you can store away when not in use. Add wall shelves to keep your workspace tidy and efficient. These tips help you stay organized and productive in a small space.”

4. Declutter, organize, and keep it simple

It’s especially important to not overcrowd the space, especially when crafting a small home office. “After working from home for the last six years, the biggest workspace realization I’ve had is that simplicity creates productivity,” Abby Flynn notes. “If you’re anything like me, you’ve been tempted to walk down the office supply aisle and purchase every little knick-knack and organizer for your home office. (It’s tax-deductible, right?!) But at the end of the day, a clean, simplistic home office with a few key pieces that inspire you will actually help you to do your best work,” Flynn explains.

In the same vein, a clutter-free workspace is essential for productivity. “In a small space, less is more,” Brittney Gaddis notes. “We find that clutter makes it difficult to think creatively. Stick with a clean space without a lot of knickknacks. If you are one to like lots of things, find organized ways to house them, such as on shelving around your office space that get them out of the way.”

Nikki Cox echoes this sentiment sharing that intentionality behind your office design assists in keeping your space clutter-free. “In my opinion, the most important thing you can do when decorating a small office space is to declutter what you are planning on putting in there,” Cox explains. “Intentionally choosing items that will add value to your workspace and omitting those that don’t. This alone will significantly reduce the need for lots of elaborate storage solutions and allow you to focus on creating systems for the things that truly matter.”

5. Tech-savvy solutions

Incorporate technology that saves space and improves efficiency. Wireless devices, such as a keyboard and mouse, can reduce cable clutter. A compact printer or an all-in-one device can save valuable desk space as well.

6. Creative storage solutions

Think outside the box when it comes to storage. “If your home office is short on square footage, think of your wall space as the backdrop to a storage haven,” The Working Stay at Home Mom recommends. “There are hundreds of clever wall storage solutions available that can help keep your workspace looking organized and stylish. However, keep in mind that the area in your peripheral vision should be free of clutter when looking at your screen. Too much visual stimulation can lead to a loss of focus and ultimately trample on your productivity.”

7. Flexible layouts

Flexibility is key in a small home office. Opt for furniture on wheels or lightweight pieces that can be easily rearranged. This allows you to adapt your workspace as your needs change.

“Working in a smaller space like an RV has taught me the value of optimizing every inch,” shares Tina Goyzueta. “I set up an outdoor tent equipped with a comfortable chair and table, creating a perfect workspace in nature’s embrace. Additionally, I rely on a versatile lap desk that allows me to work from virtually anywhere, be it inside the RV or while enjoying the great outdoors,” Goyzueta notes. “This flexibility not only boosts my productivity but also ensures I have a refreshing change of scenery whenever I need it.”

8. Don’t sacrifice style

There’s no reason you can’t make the most of a small office while keeping it a space tailored to you and your preferences. “Create a focal point with your desk space, allowing any adjacent zones to complement it in usability and design,” Jennifer with Our Blog Life shares. “Focus on functional items that double as decor, investing in items that solve an organizational problem while adding to your aesthetic. Add houseplants wherever you can — the benefits are endless.”

Crafting your perfect small-space home office

Designing a home office in a small space requires creativity and careful planning, but it’s entirely achievable. By using multifunctional furniture, keeping the area organized, and getting creative with storage solutions, you can create a workspace that is both functional and inspiring. With these expert tips, tricks, and ideas, you can transform even the smallest corner of your home into a thriving workspace.

Wesley Masters works on Redfin’s stellar Content Marketing team as a content writing specialist. She has been with Rent. since 2023 and her previous experiences include non-profit communications, graphic design, and content creation. Wesley lives in Atlanta, GA, and loves outdoor walks, hanging out with her loved ones, and finding new recipes to try on Pinterest. Her ideal home is a brownstone with contemporary interiors.

Source: rent.com

Apache is functioning normally

June 26, 2024 by Brett Tams

HELOC, Live Pricing Data, VOIE Tools; LO Survey, Webinars and Training

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HELOC, Live Pricing Data, VOIE Tools; LO Survey, Webinars and Training

By:
Rob Chrisman

Tue, Jun 25 2024, 11:54 AM

Everyone’s above average, right? If you are a lender and making money, you’re in the majority. It’s not that you’re not special, it’s just that with cuts and servicing income, and unprofitable companies going away, most companies are in the black: In the first quarter, 59 percent off all mortgage banking companies were profitable per the MBA Performance Report, buy it for details. Is our government profitable? Of course not, almost regardless of Administration. The federal budget deficit is expected to swell to around $1.9 trillion this year, according to the Congressional Budget Office, which was higher than its previous estimate of $1.5 trillion. This takes into account increased spending for student loans and Medicaid as well as the recently passed $95 billion foreign aid package. National debt is even poised to top $56 trillion over the next 10 years, or 122 percent of GDP, surpassing the 106 percent seen in 1946 after World War II. Meanwhile, the eurozone is facing debt issues of its own, with the ECB warning eight of its members (including Belgium, France, and Italy) over their excessive budget deficits. Today’s podcast is found here and this week’s is sponsored by Candor. Candor’s authentic Expert System AI has powered more than 2 million flawless, hands off underwrites. Every credit risk decision Candor makes is backed by a warranty, eliminating repurchase worries. Hear an interview with FinLocker’s Brian Vieaux on bringing consumer permission data to property searches and originations.

Software, Products, and Services for Lenders and Brokers

“Truv is the only consumer-permissioned VOIE platform approved with both GSEs, solidifying our commitment to delivering top-notch verification services tailored for mortgage lenders, banks, and credit unions. What does this mean for your business? Faster turn times, lower buyback risks, compliance assurance, and reduced operational costs. Read about why this matters for your business here.”

“Did you know that Polly is the rate engine for HousingWire’s Mortgage Rates Center? We offer the same capability to display live rates on lender websites, helping borrowers better assess your competitive edge against other lenders. This live data ensures that as the market fluctuates, prospects get real-time insights into your rates. Because in the current rate environment, having accurate, up-to-date rate intel on your homepage is crucial. It signals transparency, allowing potential borrowers to make informed decisions faster, without needing to supply personal information. This convenience can significantly increase your site’s engagement and drive more volume your way. On the flip side, NOT displaying live rates may deter potential borrowers, as they could perceive higher costs or simply prefer quick access to this information. Now, let’s take it several steps further; Polly’s Lender Intelligence will help you keep your rates competitive, ensuring you stay at the forefront of your peers. Let’s talk about it.”

“Calling all loan originators: We need your insights! Take the annual Loan Originators Survey from MGIC and Loan Officer Hub to weigh in on how you handled the challenges and opportunities of the past year. Get a head start on comparing your strategies to your peers’: Complete the survey by June 30 and you’ll receive exclusive early access to the full survey report this fall!”

Optimal Blue announced its new Competitive Data License today. In a news release, the company described its new data solution as a collection of key national mortgage pricing data that empowers lenders to price products competitively, operate more profitably, and react swiftly to changing market conditions. This product from Optimal Blue includes loan-level data from the industry’s most widely used product, pricing, and eligibility engine, providing a full price trace from borrower/buy-side to investor/sell-side pricing. Optimal Blue’s new data solution equips lenders with the ability to benchmark every aspect of their pricing strategy, providing extensive insights into markups, loan-level price adjustments (LLPAs), servicing-released premiums (SRP), concessions, loan officer compensation, base price, and PAR rate. Optimal Blue will be hosting a webinar on July 10 for those interested in learning more about Competitive Data License and its other data solutions.

HELOC borrowers can pay off debt to qualify and still close in as little as 1 day! With trillions of dollars in accessible home equity nationwide, there’s never been a better time to become a REMN Partner. REMN Wholesale, leading the way in Wholesale Digital HELOCs nationally, now provides the DEBT ELIMINATOR feature to its EQUITY ACCESS Digital HELOC. DEBT ELIMINATOR gives borrowers the ability to pay off debt to qualify. With loan amounts from $25k to $400k and recent rate reductions, REMN’s Digital HELOC is designed for fast closings. Additional features: Instant Income Verification for the vast majority of W-2 borrowers; automated analysis of bank statements to determine Income for both W-2 and Self-employed borrowers; single AVM up to $400k (appraisal options available); Broker Portal with robust functionality and real-time detailed status on all pipeline loans. Minimum FICO 640 and max 80% CLTV (see rates/guides). Flexible: Hybrid platform is digitally fast with humans to solve real-life complexities! And they provide fast payout (utilizing ACH). White Label: Brand your company/MLO. REMN is only wholesale! Contact Carl Markman.

Webinars and Shows

“Unlock the key to closing more loans in a competitive market. Join us on Thursday, June 27 at 2 pm ET / 11 am PT for the NMP Webinar “Build Your Personal Brand (and Close More Loans) by Optimizing Borrower Credit Scores.” Hosted by Mike Darne, a seasoned marketing executive who has led branding efforts at Capital One and Marriott, this webinar will share proprietary research from CreditXpert on what borrowers seek in a lender and how credit optimization meets those needs. Discover how you can help borrowers qualify, access better loan programs, lower their cost of homeownership, and reduce LLPA premiums. Learn to leverage credit optimization to build your personal brand, stand out in the marketplace, and ultimately close more loans. Don’t miss this chance to enhance your skills and grow your business: Register for the webinar here.”

Podcast: How the NAR Ruling Will Impact Lenders (& the Entire Home-Buying Process). The groundbreaking NAR settlement has real estate agents, lending professionals, and home buyers scrambling to understand its ramifications. Here to weigh in is Maxwell’s Clear to Close crew: In this conversation, Alan, Bryan, and Anthony channel their experience in the industry to walk through possible outcomes of the ruling. Specifically, this episode explores how new policy changes are likely to impact lead generation, methods to earn borrower business, and more—and how lenders can get ahead of the major ways the home-buying process is about to change. Click here to listen to How the NAR Ruling Will Impact Lenders (& the Entire Home-Buying Process).

A good place for longer term conference planning is to start is here, and click on “Conference List” for in-person events in the future.

Join Kristin Messerli and Robbie Chrisman today at 10am PT/1pm ET for the latest episode of Mortgages with Millennials as they share some new research on NextGen money trends, this time based on a personality quiz she developed to better understand the mindset, planning style, and behaviors of millennials when it comes to money and homebuying. sharing some new research on NextGen money trends, this time based on a personality quiz she developed to better understand the mindset, planning style, and behaviors of millennials when it comes to money and homebuying.

Every Tuesday at 11am PT, two veteran LOs discuss all things mortgage with Industry Leaders. Mortgage Pros 411 with Audrey Boissonou and Kevin Casey.

In support of the Credit Score Models and Credit Reports Initiative, FHFA has announced a new stakeholder forum, an “Overview of Historical Credit Scores,” that will take place today from 3-4 p.m. (ET). FHFA, Freddie Mac and Fannie Mae will provide details regarding the Enterprises’ forthcoming publication of historical credit scores to support the implementation of the VantageScore® 4.0 credit score model.

MBA’s Single Family Research Showcase 2024 Virtual Meeting, June 25 & 26, 1:00 – 5:00 pm. MBA’s Research & Economics team will take you on a deep dive behind the data during our one-of-a-kind Single-Family Research & Economics Showcase. Led by MBA’s Chief Economist, Mike Fratantoni, Ph.D., this two-day online event highlights the most current results and insights from our popular residential surveys, forecasts, and reports. For those unable to attend, meetings will be recorded on both days. Register to receive the recordings.

Capital Markets

As optimism about a US Treasury rally grows among investors, a key bond market indicator suggests high interest rates could persist, potentially hampering the Federal Reserve’s ability to cut rates. Market forecasts indicate that the economy’s neutral rate, crucial for balancing growth, is significantly higher than the Fed’s current projection, hinting at long-term elevated borrowing costs.

While we do have some significant data later this week (GDP, inflation, consumer sentiment, home prices, etc.), this final week of June began yesterday on a quiet note without much market movement. This week also brings the quarterly refunding, which sees an increased flood of Treasury issuance that investors will be asked to absorb: $211 billion in new debt this week alone, with all of it coming on the front end of the curve. Today, markets will receive $69 billion 2-year Treasury notes.

Today’s economic calendar kicked off with the non-market moving Chicago Fed National Activity Index for May (better than expected) and Philadelphia Fed non-manufacturing for June. Later today brings Redbook same store sales for the week ending June 22, April house price indices from FHFA and Case-Shiller, the Consumer Confidence report for June, Richmond Fed manufacturing and services/revenues in June, and Dallas Fed Texas services for June, followed by the aforementioned Treasury note auction. Two Fed Governors are scheduled to make appearances: Governor Bowman and Governor Cook. We begin the day with Agency MBS prices little changed from Monday’s close, the 10-year yielding 4.22 after closing yesterday at 4.25 percent, and the 2-year at 4.72.

Employment

Mortgage Equity Partners (“MEP”), a mid-cap IMB headquartered in Massachusetts, is proud to be recognized as the fastest-growing IMB in the state measured in both units closed and volume funded in 2023 and YTD 2024. MEP has added production in many of its 22 states over the last 12-14 months. “As a mid-cap, we inherently have a flatter management structure, are more nimble, and can adapt to change quicker. Consistently, we see LOs migrate from large-cap IMBs because, as architects of their own businesses, LOs want quicker access to decision-makers. Those LOs want to operate at their own cadence and not be bogged down with layers of management. Our environment has a positive impact on LOs as strong business partners to support their referral sources,” said Sean Riley, CEO and General Counsel. To learn more about MEP, visit meploans.com or contact John Cabral, National Sales Director.

A seasoned Mortgage Executive is seeking a new opportunity to help lead a mortgage lender or vendor toward achieving their growth goals. Are you a mortgage lender or vendor (established or new) in need of leadership to navigate the current market and drive future growth? This executive has extensive sales leadership experience in all production channels (TPO, Retail, and DTC) and is an expert in all product types (Agency, Non-QM, and Private Money Lending). They also have deep knowledge of the vendor and technology space. Please send inquiries to Anjelica Nixt to pass along to the candidate and specify the listing.

(Remember: job seekers can post their resumes for free on www.lendernews.com where employers can view them for several months for a nominal charge.)

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

Source: mortgagenewsdaily.com

Apache is functioning normally

June 26, 2024 by Brett Tams

MINNEAPOLIS — Last year, after Deb Jerikovsky’s husband died, she decided to swap the lake home where they planned to spend retirement for a house in the metro that’s closer to family.

She put that plan on hold, however, once she realized 7% mortgage rates would force her to dip too deeply into her savings. Instead, she moved in with her daughter, hoping she’d eventually score a lower rate.

She didn’t have to wait long.

$121,398: That’s how much you need to make to afford a mortgage in Dallas

Mortgage rates were still hovering near 7% last October when she ran across a listing for a townhouse in Coon Rapids, Minnesota, that touted a KitchenAid fridge, electronic blinds and an unexpected extravagance: a low-interest assumable mortgage.

“It was like winning the lottery,” said Jerikovsky, who assumed the seller’s 2.25% mortgage rate.

The deal saved her about $700 a month compared with today’s rates and gave her enough room in her budget to buy a new car and spend part of the winter with her aunt in Florida. Her $349,900 townhouse is one of hundreds of listings in the Twin Cities with an assumable mortgage eligible sellers can transfer to qualifying buyers, teleporting them back to a time of record-low rates.

Though they now account for only a fraction of all house listings, these government-backed mortgages — courtesy of the Federal Housing Administration (FHA), Veteran Affairs (VA) and U.S. Department of Agriculture (USDA) — are an overlooked home-buying hack saving a growing number of buyers hundreds of dollars a month and tens of thousands of dollars through the life of their mortgages.

“Most agents aren’t even aware of what it entails and what to look for,” said Tyler Miller, a Minnesota broker who has been involved with several sales involving assumable mortgages with astoundingly low rates.

Miller recently listed a four-bedroom house in Blaine with an assumable 2.25% FHA mortgage with a monthly payment that’s about $1,700 less than it would be at the going rate. To tout the listing, he posted a TikTok video promoting the benefits.

“I had some people tell me I was lying,” Miller said. “I said, ‘No, this is real.’”

Assumable mortgages have been lurking in the shadows of unusually low rates in recent history. Such mortgages were last popular in the 1980s when rates hit a record 18.1%.

At the end of 2020 and into early January 2021, rates fell to record lows, hovering around 3% for much of 2021 and causing home sales and prices to soar. That buying binge locked in thousands of mortgages at rates that likely won’t be that low again for decades. An estimated 80% of all VA mortgages, like the one Jerikovsky assumed, now have a rate that’s less than 4%, and many of those rate-holders are now ready to sell.

Today, the average 30-year fixed-rate mortgage is about 7%. Though that’s still below historical averages, there’s a generation of buyers yearning for a time of low rates that’s unlikely to re-emerge anytime soon.

An estimated one-third of all mortgages in the U.S. are assumable now. Because many owners will hold onto those rates as long as possible, assumable mortgage listings represent only a fraction of homes currently for sale, making them one of the best-kept secrets for homebuyers these days.

While some agents will include an assumable mortgage in the listing details, many homeowners don’t even know they have one — the details are buried in the fine print of their contract, which many buyers don’t carefully read. In Minnesota, just shy of 5% of the more than 30,000 houses listed on Realtor.com had assumable mortgages. The website only started including a search feature for assumable mortgages in February.

Ryan Carrillo and Louis Ortiz started their Assumable.io website, which is dedicated to assumable mortgages, after Carrillo discovered the 2.75% FHA mortgage on his own house was assumable.

The site lets you search for listings city by city, including detailed mortgage data such as the assumable rate and payment compared with the payment at current rates. All of the more than 30,000 nationwide listings on the site have an assumable mortgage, including other key details such as the required down payment and the interest savings through the remaining mortgage.

“It’s a huge opportunity,” Carrillo said, nothing that traffic to the site has doubled every month since its launch.

A recent listing for a nearly new townhouse in Maple Grove initially priced at $485,000 came with an assumable mortgage that’s half the current rate, saving a would-be buyer about $1,000 a month. Through the life of the loan, that lower rate would save nearly $400,000 in interest payments.

Roam, which doesn’t yet post listings in the Twin Cities, is another new website focused solely on assumable mortgages. It charges buyers 1% of the purchase price to help navigate the process. On average, the company claims, buyers who use the site save $15,000 in mortgage payments annually.

“It’s not a panacea and won’t work for every transaction and every buyer,” Ortiz said. “But it provides buyers the opportunity to afford more house if they can make the equity gap work.”

That equity gap is often the biggest hurdle. Because the buyer is essentially taking on the existing mortgage rather than receiving a new one, the buyer has to pay the seller the difference between the original mortgage balance and the current asking price.

Though it’s only been a couple years since rates spiked, that equity gap can be significant given how house prices have steadily risen. To eliminate that barrier, Ortiz and Carrillo said they’re now offering lenders willing to do a second mortgage access to their site.

Chris Birk — vice president of Veterans United Home Loans, which has a national network of agents who specialize in working with military buyers — said there’s been a 600% increase in the number of VA mortgage assumptions from 2022 to 2023.

“We’re seeing marked increase interest in these,” he said. “But it’s a foreign concept for so many buyers but also sellers.”

He said while any lender or servicer should be able to complete the transaction, it helps to work with professionals who are familiar with the process.

Brady Holland, the agent who helped Jerikovsky buy her townhouse, said assuming a mortgage can be a bit more complex because both the buyer and seller have to provide documentation. That’s especially true for the seller, who is essentially “selling” the mortgage to the buyer.

“It was a little tricky,” he said. “I had to call [the processor] every other day to check on things. … It takes a team to make it happen.”

Many VA mortgage holders are reluctant to let another buyer assume their mortgage because once they do, they forfeit the right to use the benefit to buy another one. Unlike FHA mortgages, VA mortgages are considered a government benefit with perks that include the ability to forgo private mortgage insurance and no, or a low down payment and competitive low rates.

A VA mortgage holder is entitled to transfer those benefits to a qualifying nonveteran, as long as the seller doesn’t plan to buy a home with another VA loan.

In the case of the house that Jerikovsky bought, the seller was a widow who moved to an apartment, enabling her to waive her right to additional VA mortgage benefits because she doesn’t plan to buy again.

Though a mortgage assumption can take longer than a new, traditional mortgage, that wasn’t the case for Jerikovsky’s purchase, which closed less than two months after she first saw the house. For her, the most challenging part of the process, she said, was filling out online forms and applications. But her tech-savvy daughter helped with that.

“I didn’t know if I would be living with my daughter for six months or a couple years until rates went down,” she said. “That (assumable) rate made all the difference in the world.”

– Jim Buchta for the Star Tribune

Source: dallasnews.com

Apache is functioning normally

June 26, 2024 by Brett Tams

Thinking about trying out Ipsos iSay? Learn what I think in my Ipsos iSay Review. If you want to earn extra cash from home on your own schedule, you may want to try out Ipsos iSay. Ipsos iSay is a survey company where you can earn points that can be turned into rewards. The surveys…

Thinking about trying out Ipsos iSay? Learn what I think in my Ipsos iSay Review.

If you want to earn extra cash from home on your own schedule, you may want to try out Ipsos iSay.

Ipsos iSay is a survey company where you can earn points that can be turned into rewards. The surveys usually ask about your shopping habits and preferences. For example, they may want to know why you buy certain things.

Using Ipsos iSay is easy. Just sign up and you’ll get survey invitations. Completing these surveys can help you earn extra pocket money.

I have been taking surveys for years, and I think it’s an easy way to make extra money in your spare time at home.

Please click here to sign up for Ipsos iSay and get a free 250 points for joining.

Ipsos iSay Review

Below is my Ipsos iSay Review.

What is Ipsos iSay?

Ipsos iSay is an online survey platform that lets you share your opinions on many different topics. You can also earn points through their referral program for each successful referral to Ipsos iSay.

This is one of the most popular and best survey sites, with millions of users.

Ipsos iSay gives you points for completing surveys. The number of points you earn depends on how long and hard the survey is. For example, a 150-point survey might take 30 minutes to finish. Usually, 500 points equal $5 in rewards.

The points you earn from taking surveys can be redeemed for free gift cards to places like Amazon, Starbucks, Subway, Target, Walmart, Apple, and Visa, as well as PayPal cash.

Recommended reading: 20 Best Paid Survey Sites To Make $100+ Per Month

How Ipsos iSay works

Ipsos iSay is a survey platform where you can earn rewards by sharing your opinions.

To get started, you need to sign up on the Ipsos iSay website, and the signup process is easy and free. You will create a username and password, as well as give basic details like your name, date of birth, gender, email, and country, and this information helps decide which surveys you can take.

After making your profile, there might be more questions to better match you with surveys. Answering these carefully can help you get more surveys that fit you.

Once your profile is ready, you’ll get survey invitations by email. These emails will tell you about the survey, like how long it takes and how many points you can earn. It’s important to respond quickly because surveys can fill up fast.

Some users might get more survey invitations based on their profile and how active they are. So, you will want to make sure to check your email regularly for new surveys, as answering surveys regularly can help you earn more and might also get you more invites.

The surveys are usually easy and quick. They might ask about your buying habits or what you think of a new product.

Sometimes, you might not qualify for every survey. When this happens, don’t get discouraged. There are always new surveys coming.

Why does Ipsos iSay pay you?

Ipsos iSay pays you to take surveys and give your opinions because companies need to know what people think about their products, ads, and services.

These companies hire Ipsos to gather this information. When you share your thoughts, you help them make better products.

Your feedback is really valuable to these companies because they want to know what you like and don’t like. This helps them improve what they sell in the market, as well as how they sell it.

What kind of questions are asked in surveys?

When you take surveys on Ipsos iSay, the questions help companies understand what people like you think.

You might be asked about products you use every day. They could ask what brand of toothpaste you buy or how often you drink soda.

Sometimes, you’ll get questions about ads you see. They might show you a commercial and ask if you liked it or if you remember what it was about.

Other times, questions will focus on your hobbies and interests. They might ask what you do for fun or what sports you watch on TV.

Surveys can also include questions about shopping habits. For example, they might ask about your last trip to the grocery store or how often you shop online.

Lastly, you might be asked about opinions on different topics. They could ask how you feel about a new movie or what you think about a recent news story.

Here’s a quick list of common survey topics:

Products you use
Ads you’ve seen
Your hobbies and interests
Shopping habits
General opinions

Each survey is different, so you won’t get bored answering the same questions all the time!

Here is a screenshot of some of the Ipsos iSay rewards.

How to cash out with Ipsos iSay

Cashing out with Ipsos iSay is simple.

Simply go to the Rewards tab when you are logged into your Ipsos iSay account. On this page, you will be able to see the rewards that are available to you as well as the amount of points that you need in order to get that reward.

Gift cards and prepaid cards are sent to you instantly once you redeem your points. If you redeem your points for PayPal cash (you will need to already have a PayPal account for this to work), then this takes around 3 to 4 weeks.

Here are some examples of what your points are worth on Ipsos iSay:

1000 points for a $10 Amazon gift card
500 points for a $5 Subway gift card
1000 points for a $10 Starbucks gift card
2500 points for a $25 Target gift card

You can also get gift cards to places like Walmart, Apple, Burger King, Dunkin’ Donuts, and Domino’s. Other options include prepaid virtual Visa cards, PayPal cash, and even charity donations to the Ipsos Foundation.

Ipsos iSay user reviews and ratings

I researched around the internet to see real Ipsos iSay reviews. Here’s what I found:

Ipsos iSay has great reviews on TrustPilot, with over 50,000 reviews and an average rating of 4.2 out of 5 stars. Many reviewers say that they received survey invitations regularly and that it is easy to use.

Ipsos iSay also has great reviews on Google Play (there is an Ipsos iSay app as well!), with over 50,200 reviews and an average rating of 4.5 out of 5 stars. There have also been over 1,000,000 downloads of Ipsos iSay just on Google Play.

Ipsos iSay reviews on the App Store were also good, with 3,300 ratings and an average of 4.7 out of 5 stars.

Alternatives to Ipsos iSay

There are many more sites similar to Ipsos iSay that you can sign up for as well. These include:

Prime Opinion
American Consumer Opinion
Survey Junkie
InboxDollars
Pinecone Research
PrizeRebel
User Interviews – This one pays the most, with many paying over $100 an hour.

If you are looking to learn more about each online survey website, I have in-depth reviews on several of them. You can find them below:

Frequently Asked Questions

Below are answers to common questions about Ipsos iSay.

Is Ipsos iSay legit?

Yes, Ipsos iSay is legit. It’s operated by Ipsos, a global market research company that has been around since 1975. The site also has positive ratings on Trustpilot, Apple App Store, and Google Play. Ipsos iSay pays real rewards for the surveys that you answer.

How much does Ipsos iSay pay?

Earnings on Ipsos iSay can vary. Some surveys pay more than others, but most surveys reward you with points. These points can later be redeemed for gift cards, cash, or other rewards. Answering surveys on Ipsos iSay will not make you rich, nor will it be a full-time job. It will simply allow you to earn some side hustle income. I would expect to earn less than $50 a month answering surveys on Ipsos iSay.

Is Ipsos iSay safe? Is Ipsos iSay a scam?

Yes, Ipsos iSay is safe to use. I have been answering surveys for years, and I have never had an issue.

How long does it take for Ipsos iSay to pay out?

The time it takes to get paid from Ipsos iSay can depend on the reward you choose. Gift card rewards are usually faster, typically paid instantly or within a few days. Cash payouts through PayPal may take longer, sometimes up to a few weeks.

What are some tips to get more surveys from Ipsos?

To get more surveys from Ipsos iSay, I recommend making sure your profile is complete and up-to-date. This helps Ipsos iSay match you with more surveys. Also, try to log in regularly to check for new survey opportunities.

Is Ipsos iSay free?

Yes, joining Ipsos iSay and participating in surveys is free. You don’t have to pay anything to become a member or to take surveys.

Ipsos iSay Review – Summary

I hope you enjoyed my Ipsos iSay Review.

Ipsos iSay rewards you for sharing your opinions through surveys. Their surveys are easy to answer, and they typically focus on your shopping habits and preferences. The number of surveys you receive can vary, and availability of surveys depends on your profile and what the target market is that Ipsos iSay is looking for.

The Ipsos iSay points you earn can be exchanged for things like Amazon gift cards and PayPal funds.

I have been answering surveys for years, and it is an easy way to make side income from the comfort of your home without any stress. The questions are always easy to answer and you can even answer them while watching TV or making dinner.

Please click here to sign up for Ipsos iSay and get a free 250 bonus points for joining.

What is your favorite survey site?

Recommended reading:

Source: makingsenseofcents.com

What Is a Joint Bank Account?

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Reasons to Remove Yourself From a Joint Bank Account

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Steps to Remove Yourself From a Joint Bank Account

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Create the perfect home office in a small space

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Determine the value of the promotion, then negotiate

Understand the restrictions and limitations

Know what to expect at the sales pitch

Be in the ‘no’

Simply pack up and go

How to maximize your rewards

Consider an Assumable Mortgage

Know the Risks

Check Out Other Options

Ipsos iSay Review

What is Ipsos iSay?

How Ipsos iSay works

Why does Ipsos iSay pay you?

What kind of questions are asked in surveys?

How to cash out with Ipsos iSay

Ipsos iSay user reviews and ratings

Alternatives to Ipsos iSay

Frequently Asked Questions

Is Ipsos iSay legit?

How much does Ipsos iSay pay?

Is Ipsos iSay safe? Is Ipsos iSay a scam?

How long does it take for Ipsos iSay to pay out?

What are some tips to get more surveys from Ipsos?

Is Ipsos iSay free?

Ipsos iSay Review – Summary