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Efficiency, POS, Policy and Procedure Tools; Events and Webinars Entering August; More “Soft Landing” Talk?

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Efficiency, POS, Policy and Procedure Tools; Events and Webinars Entering August; More “Soft Landing” Talk?

By:
Rob Chrisman

1 Hour, 23 Min ago

“Yesterday I completed a chore I’ve been putting off for four months. It took me 20 minutes. I will learn nothing from this.” That sums up a lot of my tasks. But that was then, and today I head to Austin, the capital of Texas and where they just voted to approve a wide-ranging property tax reduction bill. Which is good, as Texas residents will need the money for air conditioning in the 106-degree heat forecast for today. What if you’re the owner of an office building with few tenants, absorbing that AC cost yourself? Say what you will about slow times in residential lending, commercial lenders are very anxious. Rumor has it there is 1 billion (with a “b”) square feet of empty space. That’s 4.44 million 15×15 square foot offices. Word has it that landlords are very concerned about when the leases are due in commercial real estate around the nation, and world, as some percentage of people have shifted from office to WFH (working from home), or at least are in some hybrid arrangement. “People need a place to live, they don’t necessarily need a place to work.” (Today’s podcast can be found here and is sponsored by Candor. Candor’s patented automated underwriting decision engine, CogniTech, is a state-of-the-art, 100 percent machine platform that can handle infinite loan scenarios. Listen to an interview with CHLA’s Scott Olsen on the seven consumer rights.)

Lender and Broker Software, Products, and Services

Have you ever experienced something so good you couldn’t wait to tell the world about it? Maybe it was a Michelin star restaurant, or a play under the glittering lights of Broadway. Or maybe it was your loan origination system. Mortgage professionals from across the industry are raving about Empower®, and they’re opening up on camera about how Black Knight’s automated, integrated LOS has created new efficiencies, saved time and money, and helped foster borrowers and members for life. Empower is a cloud-based LOS that puts you back in control of your lending business, and its credibility speaks for itself. Want to know why mortgage pros can’t stop talking about Empower? Click here to see, and then contact Black Knight when you’re ready to try it for yourself.

Did you know Symmetry has some the lowest rates in-market for our Piggyback and Post-Close HELOCs? Not only that, but with NO condo overlays and an ability to move files quickly, you’ll be speeding towards close… AND the simplicity and speed of our service is second-to-none. With the demand for HELOCs being higher than ever, now’s the time to present this solution to your borrowers. Don’t wait until it’s too late: Contact Symmetry today!

“The mortgage industry is constantly in flux. Many mortgage lenders and servicers need more bandwidth and comprehensive oversight challenges. Increased risk exposure comes with a high level of change and uncertainty, so when times slow down, it presents the opportunity for companies to redefine their processes and explore how to become more efficient. Consolidated Analytics’ experienced team of consultants can review your policies & procedures and help safeguard your business while ensuring it remains compliant.

Contact Stephen Faulkner to see how we help businesses remain compliant and keep pace with regulatory change.”

You don’t have to accept lower profitability when loan volume is down. Instead, find efficiencies in your mortgage process that add up to cost savings and bolster your bottom line. Loan officers using Maxwell Point of Sale achieve more with less work, closing 20% more loans and moving loans to clear to close 35% faster. Maxwell POS syncs with your LOS bi-directionally, keeping real-time data in one place for easy management and seamless updates and preapprovals. Managers have visibility into the team’s entire pipeline, allowing them to identify opportunities for quick adjustments and better results. If you’re ready to maximize your mortgage operations and take advantage of every basis point, schedule a call with the Maxwell team.

Is your focus to do more with less? A business intelligence solution should highlight where there are opportunities to incorporate efficiencies and reduce costs. The most forward-thinking industry leaders are turning to Richey May’s RM Analyze to learn what they need to know now more than ever: how to operate even leaner. It’s half the cost of a full-time employee, and you gain access to a strong bench of talent with a rich background in the mortgage industry and access to hundreds of reports, including real-time peer benchmarking data, in no time. With these insights you can make meaningful decisions for your business and do more than just survive. Learn how to operate leaner.

Conferences, Training, and Webinars

Register for Mortgages with Millennials with Kristin Messerli and Robbie Chrisman, a weekly video show designed to empower mortgage professionals to tap into the millennial market. Each episode will feature timely and relevant market updates by Robbie Chrisman, exclusive research by Kristin Messerli, and a guest conversation with an expert in millennial homebuying. This show demystifies the psychology of first-time homebuyers and offers strategies to win more market share with a key segment of the market. Sign up for a weekly reminder with the link to join and a sneak peek into the next episode. The first episode airs on Tuesday August 8 at 10AM PT.

FAMP! Florida Association of Mortgage Professionals 2023 Annual Convention & Trade show, “A Grand Affair”, is August 2-5, at Signia by Hilton Orlando Bonnet Creek. For Over 60 years, this is the annual event that attracts Florida’s top mortgage professionals, and this year is no different. Exhibitors from all over the country will be exhibiting current mortgage products and industry tools for all originators. Do not miss this opportunity to network with mortgage brokers and lenders from across Florida and the United States.

The National Association of Realtors® will host its virtual Real Estate Forecast Summit: Residential Update event, Wednesday, August 2, 1-2 p.m. Eastern. NAR Chief Economist Lawrence Yun and NAR Deputy Chief Economist and Vice President of Research Jessica Lautz will share critical data and an outlook for the economy in this mid-year market update. In addition to the focus on housing, attendees can expect an updated overview of the commercial markets.

Looking for more in-depth commentary on weekly mortgage news? Register here for “Mortgage Matters: The Weekly Roundup with Robbie and Rob Chrisman” presented by Lenders One. Every Wednesday at 2:00 PM EST/11:00 AM PT starting August 9th, Robbie and Rob will dive into a range of mortgage-related topics, including market trends, interest rate fluctuations, innovative mortgage products, and industry advancements. Robbie and Rob will bring a unique mix of age perspective, expertise, and charisma to the screen, ensuring that the information is not only educational but also entertaining. Register for the first show on August 9th with Lenders One’s Justin Demola, CMB, as a featured guest discussing chatter from his hundreds of members.

Friday the 4th at noon PT is the next edition of The Mortgage Collaborative’s Rundown with Melissa Langdale and me. We’ll will be covering current events in the mortgage market for 30 minutes starting at noon PT in “The Rundown”.

Whether you communicate in-person or online, with spoken words or written words, delivering a clear and compelling message is more challenging than ever. Join Arch MI on Thursday, August 3, at 1 p.m. ET, as Blaine Rada, Certified Speaking Professional (CSP), and Arch MI’s Senior National Trainer & Instructional Designer, offers his perspective SMART Communicating.

FHA free on-site training in Atlanta, GA., August 7, 8:30 AM – 12:30 PM (Eastern). FHA Endorsement & Program Offices Overview will provide information on FHA endorsement/insuring policies, practices, procedures, and more. Additionally, there will be an introduction to Real Estate Owned (REO), Program Support Division (PSD), and Quality Assurance Division (QAD). Also that day at the same place is free on-site FHA Condominium Approval and Processing Training from 1:30 PM – 4:00 PM (Eastern) providing information on FHA policies for approving condominium project submissions and Single Unit Approval (SUA) guidance.

Free, in-person FHA Appraiser and Appraisal training, August 8, 8:30 AM – 4:00 PM (Eastern), in Atlanta addresses industry FAQs on the Single Family Housing Policy Handbook 4000.1. Topics include changes, policy clarifications, and updates on property acceptability criteria, underwriting the appraisal, minimum property requirements, property defective conditions, enhanced appraiser, underwriter responsibilities and requirements, programs, and products (i.e., 203(k)), and much more.

Free, on-site FHA Underwriting Training in Atlanta, GA., August 9, 8:30 AM – 4:00 PM (Eastern) will address industry-related FAQs on the Single Family Housing Policy Handbook 4000.1. Topics include changes, policy clarifications and updates on CIA (credit, income, and asset) documentation, manual underwriting, Automated Underwriting System (AUS), closing, and more.

Are you wondering what today’s Fed decision means for rates and the mortgage market? Register for a new webinar on August 9th at 11AM PT hosted by Agile Trading Technologies.

In this webinar, Phil Kukafka of Towne Mortgage, Ryan Ferderer of Multi-Bank Securities, and Andrew Rhodes of MCT will give an overview of MBS pooling, discuss the current market, share strategies for efficiently pooling and selling mortgage-backed securities, as well as the process for MBS pooling using Agile’s technology.

Join Optimal Blue for the next session in its Hedging 301 series on Wednesday, Aug. 9th, Noon ET, take a deeper dive into more advanced capital market strategies and how they naturally interplay with technological advances. This session will address the many ways Optimal Blue helps clients streamline daily processes to achieve success and optimal best execution – including mandatory price discovery and dissemination, saving basis points while delivering representative mix, solving for numerous execution iterations, and integrating to the MSR broker community for live, loan-level servicing valuations.

PRMG University TPO August Training Calendar. Walk through calculations to determine what income can be used to qualify a traveling health care professional. Join PRMG University and Essent training on Monday, Aug 14th 1:00 PM – 2:00 PM PDT, for On the Road Again… Traveling As a Traveling Nurse.

Don’t miss the MMA’s Triple Crown Event. Golf on beautiful grounds of The Wilds Golf Club, Tuesday, August 15th. Network with mortgage lenders and brokers while golfing with your friends and colleagues. Get ready to learn and interact with everyone in the industry, on Wednesday, August 16th. Enjoy a full day of speakers and breakouts, with keynote speaker Kristin Messerli. Stay for the after-party with LIVE horse racing just after the conference with the MMA.

FHA free, Live, on-site training in Ankeny, IA will provide an overview of FHA underwriting procedures and addresses a number of industry-related frequently asked questions (FAQs). August 24, 9:00 AM to 12:00 PM

August 17-20 will be Originator Connect, the nation’s largest LO conference. A huge exhibit floor and tons of sessions that will help loan originators bulk up their pipeline, it’s also got special events such as The Non-QM Summit and the Private Lender Forum. Looking to start your own brokerage? There’s an entire half day Build-A-Broker program. And attendees can also get their federal NMLS license renewal class done while you’re there. It’s all free to NMLS-licensees and their support staff. Just go here and register using the code CHRISMANFREE. And if you want to know what’s coming your way, don’t miss keynote speaker Lawrence Yun, the chief economist for the National Association of Realtors.

Join PRMG University to learn about using Symmetry HELOCs option for wholesale and non-delegated correspondent channels, Wednesday, August 23rd 12:00 PM PDT.

On Thursday, August 24th 1:00 PM PDT, learn about the FHA 203(h) product, the Mortgage Insurance for Disaster Victims program, which allows for up to 100% financing for the purchase of a new home for borrowers who owned or rented a home.

The 2023 Kentucky Affordable Housing Conference (KAHC), Rising to the Challenge: Building A Stronger Kentucky, will be held at Central Bank Center in Lexington on Thursday and Friday, August 24-25. Offering a wide range of training, panel discussions and networking opportunities, whether you’re interested in specialized housing, mortgage lending, single-family development, multifamily development, or HMIS. The general business development sessions will cover cyber security, diversity, language access and more. #KAHC23 is hosted by Kentucky Housing Corporation (KHC).

National MI University’s August Webinars: The Basics of Underwriting the Self-Employed Borrower ​​​​​with Marianne Collins – August 2nd at 1pm ET. Leading With Style ​​​​​​with Andrew Oxley – August 8th at 2pm ET. How to Build, Maintain, and Protect Your Database ​​​​​with Dr. Bruce Lund – August 9th at 1pm ET. Building Trust and Eliminating Virtual Credibility-Crushers with Julie Hansen – August 15th at 1pm ET. Power of Mindset in Today’s Market ​​​​​with Rebecca Lorenz – August 22nd at 1pm ET.

The California MBA’s Western Secondary will be August 21-23 at the Waldorf Astoria at Monarch Beach in Orange County. “Explore the possibilities of the 2023 Western Secondary Market Conference – a unique in-person event that brings together the most influential players in the secondary market.”

Capital Markets: “Soft Landing” Still on the Table?

Well, here we are: The Federal Reserve pushed its key policy rate (overnight Fed Funds) to a 22-year high last week, with another 25-bps hike to 5.25%-5.50%. It’s not enough for the central bank to declare victory on inflation just yet, but it sure looks like markets are charting their next steps, with the Consumer Price Index now down to 3%, and the Dow Jones Industrial Average notched its biggest winning streak since the 1980s. Furthering the case for a soft landing, U.S. GDP growth in Q2 was stronger than expected, while durable goods orders showed the fourth straight month of growth.

In its policy statement, the Fed’s committee observed “moderate” economic growth and “elevated” inflation due to a strong labor market. Additionally, the committee, as well as chairman Powell, reiterated the Fed’s reliance on further economic data and the perceived risk of declaring victory prematurely only to have inflation rebound. Following the Fed meeting, the “advance” estimate of GDP for the second quarter came in at 2.4 percent annualized growth, higher than market expectations for 1.8 percent. The Atlanta Fed GDPNow is already estimating 3.5 percent annualized growth in the third quarter. While higher than expected GDP soured markets, Friday’s lower than expected inflation data was a welcome surprise. The core Personal Consumption Expenditures price index for June slowed to 4.1 percent from 4.6 percent. Lower inflation with continued economic growth would support the soft-landing narrative.

This week brings July month-end which means July payrolls on Friday with other labor market indicators before including ADP employment and Challenger layoffs. Central bank decisions include the Royal Bank of Australia (tomorrow) and Bank of England (Thursday) where each is expected to hike rates by 25 basis points. Today’s month-end calendar gets under way later today with Chicago PMI and Dallas Fed manufacturing, both for July. We begin the week with Agency MBS prices roughly unchanged from Friday, the 10-year 3.97 after closing last week at 3.97 percent, and the 2-year up at 4.88.

Jobs and Promotions

A National IMB is looking to revamp its accounting structure and is seeking to hire a Chief Finance Officer and fill other, multiple Senior Staff Accounting Roles. These roles must possess strong business and leadership skills and excel in forecasting and communication. Both should also be proficient in Loan Vision or AMB. Confidential inquiries should be directed to Chrisman LLC’s Anjelica Nixt for forwarding; please specify the opportunity.

Homeowners Financial Group announces the promotion of Eric Zeier, who will assume the role of National Sales Manager in the Homeowners sales organization. Based in Atlanta, Eric began his mortgage career in 2002 after playing football in college and the NFL. He joined Homeowners in 2020 after years of proven success in senior leadership roles with other lenders throughout the Southeast. “Eric Zeier is one of the hardest-working, most coachable leaders I’ve ever met,” said Homeowners Financial Group CEO Bill Rogers. “It’s going to be very exciting to see what his accomplishments will be in the future.” “I’ve had the privilege and honor to be part of so many special teams and organizations,” Zeier said. “Few if any can rival what we’ve created here at Homeowners. I’m excited to continue to serve and support our entire organization as we write the next chapters of this amazing journey we’re on.”

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

Source: mortgagenewsdaily.com

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Today’s RealTrending features Rich Hopen, broker-associate of Compass and co-founder of REAL-E in New Jersey and Susan Vanech, broker-associate of Compass and founder of Compass Coastal in Connecticut. Hopen is a self-taught expert in all things ChatGPT and artificial intelligence and built an AI-powered listing chatbot. Vaneck used that chatbot to market a multi-million dollar property.

Today, they discuss the power of AI in real estate marketing, what the future holds, how they are embracing AI in their businesses and what trends they are seeing. Hopen is the editor of the e-newsletter: The AI Daily Brief where he discusses the latest trends in AI and how to apply them.

Here is a small preview of today’s interview with Susan and Rich. The transcript below has been lightly edited for length and clarity:

Tracey Velt: There’s a lot of controversy there over ChatGPT. You’ve heard Elon Musk talk about the necessity to have some controls on it before it’s too late. So talk to me a little bit about that and the possibilities for AI in real estate

Rich Hopen: It’s hard to look at the news and not see someone take a position on AI. It basically ranges from this advanced technology that’s going to solve huge macro issues, and then the other end of the spectrum is that we shouldn’t unleash this thing. It’s going to destroy the human race. But one thing that everyone agrees with is that it’s a very advanced and powerful technology. It’s hard for me to really come up with any industry that’s not going to be impacted in a major way. You have a small percentage of agents that are leaning into this tech. They’re using it to generate content. And then you have a really small percentage of agents like Susan, that are getting way ahead of that and asking where it’s going. There’s all these applications, and that really involves building and having a custom Chatbot.

Susan Vanech: I want to create the content to educate the butler. So, kind of leapfrogging over what’s more exposed to the typical agent through ChatGPT. Using the AI Butler, doing exactly what Richard just said, which is adding another layer of service to that end user, and giving them the ability to engage and participate in a more human way, even though it’s through the use of this artificial intelligence. It’s about merging and bridging what we each as humans have contained within us, but having this bot that’s able to communicate on our behalf.

The RealTrending podcast features the brightest minds in real estate. Every week, brokerage leaders, top agents, team leaders, and industry experts share their success secrets, trends, and lessons learned navigating this ever-changing industry. Hosted by Tracey Velt and produced by Elissa Branch.

Source: housingwire.com

Apache is functioning normally

Today’s RealTrending features Rich Hopen, broker-associate of Compass and co-founder of REAL-E in New Jersey and Susan Vanech, broker-associate of Compass and founder of Compass Coastal in Connecticut. Hopen is a self-taught expert in all things ChatGPT and artificial intelligence and built an AI-powered listing chatbot. Vaneck used that chatbot to market a multi-million dollar property.

Today, they discuss the power of AI in real estate marketing, what the future holds, how they are embracing AI in their businesses and what trends they are seeing. Hopen is the editor of the e-newsletter: The AI Daily Brief where he discusses the latest trends in AI and how to apply them.

Here is a small preview of today’s interview with Susan and Rich. The transcript below has been lightly edited for length and clarity:

Tracey Velt: There’s a lot of controversy there over ChatGPT. You’ve heard Elon Musk talk about the necessity to have some controls on it before it’s too late. So talk to me a little bit about that and the possibilities for AI in real estate

Rich Hopen: It’s hard to look at the news and not see someone take a position on AI. It basically ranges from this advanced technology that’s going to solve huge macro issues, and then the other end of the spectrum is that we shouldn’t unleash this thing. It’s going to destroy the human race. But one thing that everyone agrees with is that it’s a very advanced and powerful technology. It’s hard for me to really come up with any industry that’s not going to be impacted in a major way. You have a small percentage of agents that are leaning into this tech. They’re using it to generate content. And then you have a really small percentage of agents like Susan, that are getting way ahead of that and asking where it’s going. There’s all these applications, and that really involves building and having a custom Chatbot.

Susan Vanech: I want to create the content to educate the butler. So, kind of leapfrogging over what’s more exposed to the typical agent through ChatGPT. Using the AI Butler, doing exactly what Richard just said, which is adding another layer of service to that end user, and giving them the ability to engage and participate in a more human way, even though it’s through the use of this artificial intelligence. It’s about merging and bridging what we each as humans have contained within us, but having this bot that’s able to communicate on our behalf.

The RealTrending podcast features the brightest minds in real estate. Every week, brokerage leaders, top agents, team leaders, and industry experts share their success secrets, trends, and lessons learned navigating this ever-changing industry. Hosted by Tracey Velt and produced by Elissa Branch.

Source: housingwire.com

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Is it better to buy or rent? It’s one of the eternal personal finance questions, and one that each person has to decide for herself. There are lots of non-financial factors that affect this decision, of course, including your hobbies, lifestyle, and personal psychology.

Despite these non-financial considerations, often the choice comes down to money. What makes the most financial sense? In July, guest-author Tim Ellis shared his thoughts on the rent vs. buy debate with us. While re-reading his article recently, I followed a link to this beautiful rent vs. buy calculator from The New York Times.

This interactive tool allows the user to play with the numbers, providing immediate feedback after adjustments to predicted home appreciation or rent increases. Don’t overlook the panel of advanced settings — these can help you evaluate tricky scenarios.

This could be a handy tool if you believe you’ll have to make a decision whether to rent or to buy in the near future.

Source: getrichslowly.org

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Carry trade is a strategy used by some traders who invest in currency markets to take advantage of differences in interest rates. In a carry trade, an investor buys or borrows a security or asset at a low interest rate, and then uses it to invest in another security or asset that provides a higher rate of return.

Carry trades have some clear uses in the foreign exchange market, or “forex” market. Given that they can be used to drive returns, they can be important for investors of all stripes to understand.

What Is a Carry Trade?

In a carry trade, forex traders borrow money at a low interest rate in order to invest it in an asset with a higher rate of return. In the forex markets, the currency carry trade is a bet that one foreign currency will hold or increase its value relative to another currency.

Of course, this investing strategy hinges on whether or not interest rates and exchange rates are in the traders’ favor. The wider the exchange rate between two currencies, the better the potential returns for the investor.

Recommended: What Is Forex Trading?

Even so, a carry trade strategy can be a relatively simple way to increase an investor’s returns, assuming they understand the difference in interest rates. In that way, it’s similar to understanding “spread trading” as they relate to stocks.
💡 Quick Tip: The best stock trading app? That’s a personal preference, of course. Generally speaking, though, a great app is one with an intuitive interface and powerful features to help make trades quickly and easily.

How Do You Execute a Carry Trade?

Executing a carry trade can seem nebulous without an example. Here’s a runthrough.

Carry Trade Example

Imagine that the U.S. dollar has a 1% interest rate, but the British pound has a 2% interest rate. A trader could take 100 U.S. dollars, and then invest that 100 dollars into the equivalent number of pounds (according to the exchange rate), and earn a higher return in interest. The discrepancy in interest rates allows traders to take advantage and earn higher returns.

This is a rather simplistic carry trade example, professional traders and investors can engage in complex carry trade strategies, and even employ the use of a carry trade formula to help them figure out expected returns, and whether the strategy is worth pursuing in a given situation.

Rather than simply buying one currency with another, traders often execute a carry trade that involves borrowing money in one currency and using it to purchase assets in another currency. In this scenario, traders want to borrow the money at the lowest possible interest rate, and do so using a weak or declining currency.

That can create higher profits when they close the deal and pay back the borrowed money. In general, carry trade is a short-term strategy, rather than one focused on the long-term.

Recommended: Short-Term vs Long-Term Investments

Is a Carry Trade Risky?

The concept of a carry trade is simple, but in practice, it can involve investment risk.

Most notably, there’s the risk that the currency or asset a trader is investing in (the British pounds in our previous example) could lose value. That could put a damper on a trader’s expected returns, as it would eat away at the gains the difference in interest rates could provide. Currency prices tend to be very volatile, and something as mundane as a monthly jobs report released by a government can cause big price changes.

The greater the degree of leverage an investor uses to execute a carry trade, the higher the potential returns — and the larger the risk. In addition to currency risk, the carry trade is subject to interest rate risk. Given the risks, carry trades in the currency markets may not be the most appropriate strategy for investors with a low tolerance for risk.
💡 Quick Tip: When you’re actively investing in stocks, it’s important to ask what types of fees you might have to pay. For example, brokers may charge a flat fee for trading stocks, or require some commission for every trade. Taking the time to manage investment costs can be beneficial over the long term.

The Takeaway

Carry trades are one way for investors or traders to generate returns, although the approach involves some risks that aren’t present in other types of investment strategies. While the carry trade concept is straightforward, it can quickly get complex when institutional investors put it in place.

Carry trades can be advanced trading tools or strategies. For that reason, they may not be appropriate for all investors or traders. If you feel like you’re in over your head, it may be a good idea to speak with a financial professional for guidance, or to do some more homework to further your understanding.

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For a limited time, opening and funding an account gives you the opportunity to win up to $1,000 in the stock of your choice.

Photo credit: iStock/akinbostanci

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The information provided is not meant to provide investment or financial advice. Also, past performance is no guarantee of future results.
Investment decisions should be based on an individual’s specific financial needs, goals, and risk profile. SoFi can’t guarantee future financial performance. Advisory services offered through SoFi Wealth, LLC. SoFi Securities, LLC, member FINRA / SIPC . SoFi Invest refers to the three investment and trading platforms operated by Social Finance, Inc. and its affiliates (described below). Individual customer accounts may be subject to the terms applicable to one or more of the platforms below.
1) Automated Investing—The Automated Investing platform is owned by SoFi Wealth LLC, an SEC registered investment advisor (“Sofi Wealth“). Brokerage services are provided to SoFi Wealth LLC by SoFi Securities LLC, an affiliated SEC registered broker dealer and member FINRA/SIPC, (“Sofi Securities).

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For additional disclosures related to the SoFi Invest platforms described above, including state licensure of Sofi Digital Assets, LLC, please visit www.sofi.com/legal.
Neither the Investment Advisor Representatives of SoFi Wealth, nor the Registered Representatives of SoFi Securities are compensated for the sale of any product or service sold through any SoFi Invest platform. Information related to lending products contained herein should not be construed as an offer or prequalification for any loan product offered by SoFi Bank, N.A.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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Source: sofi.com

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Geek Estate is about celebrating entrepreneurship, focused on the real estate tech (residential and commercial). The REACH program, backed by the National Association of Realtors and Second Century Ventures, is a big part of the broader ecosystem. Today, they announced their entire 2020 class.

The eight companies selected for the REACH Class of 2020:

  • Earnnest: secure, electronic escrow fund transfer platform
  • Kangaroo: affordable, DIY smart home and small business security solutions
  • RealX: America’s first online property rights exchange
  • Ylopo: end-to-end, cross platform, digital marketing
  • PunchList: all-in-one closing repair solution
  • Transactly: simple, streamlined platform for real estate professionals and transaction coordinators
  • CartoFront: software-as-service (Saas) based flood insurance tool for Realtors®
  • Modus: secure, modernized title and escrow platform

The eight companies selected for the REACH Commercial Class of 2020:

  • Obie: insurance and portfolio management for small-to-medium CRE investors and owners
  • EPR2: clean energy solutions for commercial property owners
  • Pear Chef: private chef and culinary services for the multi-family housing market
  • Dealius: integrated, web-based CRE brokerage management platform
  • Dealius Capital: working capital funding specializing in lease commission receivables
  • Leasera: on-demand services platform for the multi-family rental housing market
  • Real Time Risk Solutions: mobile risk management platform with advanced analytics
  • Occupier: Deal management, lease accounting and lease portfolio management solution

Please join us in congratulating the entire 2020 REACH class!

Source: geekestateblog.com

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In recent years, the housing industry has witnessed a surge in interest towards innovative and sustainable solutions for affordable living. One such trend that has gained traction is modular homes. These homes, often referred to as “prefab modular homes,” have been praised for their versatility, cost-effectiveness, and environmental friendliness. 

In this Redfin article, we will delve into the world of modular homes, exploring what they are, their benefits, and how they contribute to the future of housing. From bustling metropolises like New York City and Los Angeles to suburban areas such as Seattle and Dallas, the demand for innovative and sustainable housing solutions is on the rise. Let’s embark on this journey to uncover the hidden potential of modular homes.

What are modular homes?

Modular homes, also known as prefabricated homes, are structures that are built in sections (modules) at a factory, before being transported and assembled on-site. These modules are constructed in a controlled environment, ensuring precision and quality, and then transported to the building site, where they are pieced together like building blocks to form the final dwelling.

These homes can vary greatly in size and style, ranging from single-story bungalows to multi-story houses with unique architectural designs. The ability to customize the layout and aesthetics makes them an attractive option for homebuyers seeking personalization within their budget.

Types of modular homes

Single-section homes

Also known as “single-wide” homes, these are the simplest and most compact modular homes available. They consist of a single unit and are well-suited for individuals or small families with limited space requirements.

Multi-section homes

Multi-section homes, often referred to as “double-wides” or “triple-wides,” are larger than single-section homes. They are constructed in multiple sections and are joined together during on-site assembly. Multi-section homes offer more spacious living areas and can accommodate larger families.

Custom modular homes

Custom modular homes are tailored to the specific needs and preferences of the homeowner. From unique floor plans to high-end finishes and custom architectural features, these homes offer endless possibilities for personalization.

Panelized homes

Panelized homes fall under the broader category of modular construction. They are built in panels, such as walls and roof sections, which are assembled on-site to create the entire home. Panelized construction allows for more flexibility in design and can cater to complex architectural styles.

Prefab accessory dwelling units (ADUs)

Prefab ADUs are smaller modular homes designed to serve as secondary dwelling units on an existing property. They are an ideal solution for homeowners looking to create rental income, house elderly family members, or have a private home office space.

The Advantages of Modular Homes

Cost-effectiveness: One of the primary advantages of modular homes is their cost-effectiveness. Compared to traditional stick-built homes, modular homes often come at a lower price point due to the economies of scale achieved through factory construction and reduced labor costs.

Reduced construction time: Since most of the construction occurs in a factory setting, the overall building process is significantly faster than conventional methods. On-site assembly usually takes only a few weeks, cutting down on construction time and saving both money and resources.

Quality and durability: Factory construction ensures a higher level of quality control. These homes are engineered to withstand transportation stresses and must adhere to strict building codes and standards. As a result, modular homes often exhibit greater durability and structural integrity.

Eco-friendly: Prefab modular homes are built with sustainability in mind. The controlled manufacturing environment reduces waste and energy consumption. Additionally, some manufacturers use eco-friendly materials and offer energy-efficient options for appliances and insulation, making them an environmentally responsible housing choice.

Customization: Modular homes offer a surprising degree of customization. Homebuyers can choose from various floor plans, finishes, fixtures, and architectural styles to create a home that suits their preferences and lifestyle perfectly.

Flexibility and expandability: Another attractive feature of modular homes is their flexibility. They can easily be expanded in the future by adding additional modules or reconfiguring the existing space, providing homeowners with the option to accommodate their evolving needs.

“When exploring modular homes, consider the benefits they offer, such as rapid construction, customization options, and sustainability,” insists smart house builder DEEPBLUE. “Embrace the flexibility of modular design to create a living space that perfectly suits your preferences and lifestyle. By prioritizing your needs and carefully considering the layout, finishes, and features, you can make the most of the advantages modular homes provide, ensuring an efficient and enjoyable living experience.”

Prefab modular homes: the process

The construction process of prefab modular homes is an intricate combination of advanced technology, skilled labor, and creative design. Here is a step-by-step overview of how these homes are built:

Design and planning: The process begins with the design phase, where the homebuyer collaborates with architects and designers to create a customized floor plan and select the desired features and finishes. The design is then translated into a detailed plan for factory construction.

“When considering modular or prefab homes, it’s best to think modular from day one,” mentions Built Prefab. “Avoid designing a traditional home with hopes of adapting it for modular construction. Engage industry experts early on to ensure a smoother and more successful project. Planning with a modular mindset from the beginning will save time, resources, and potential headaches, leading to a seamless and efficient homebuilding experience.”

Factory construction: In a climate-controlled factory, skilled workers assemble the modules. Advanced machinery and techniques are used to ensure precision and quality during each stage of construction, from framing and insulation to plumbing and electrical work.

Transportation and assembly: Once the modules are complete, they are carefully transported to the building site using specialized trucks. On-site, a crane is employed to lift and place the modules onto the foundation. The modules are then fastened together, and the home’s final touches are completed.

Finishing touches: After the modules are assembled, the finishing touches are added, including interior and exterior trim work, painting, flooring, and installation of fixtures and appliances.

Inspection and certification: Before the home is handed over to the homebuyer, it undergoes a rigorous inspection process to ensure compliance with local building codes and safety standards. Once approved, the home is ready for occupancy.

“Modular construction offers a fast and customizable way to build your dream home,” shares  Affinity Modular Homes. “Adhering to state and local codes, including high wind requirements, modular homes can be placed almost anywhere. With minimal on-site hassles, homeowners can actively participate in the construction process. These homes arrive at the property 85%-90% complete, and you can choose floor plans and special options for a custom touch. Enjoy the benefits of moving into your perfect home within approximately 6 months from start to finish.”

Selecting the perfect location for your modular home

When building a modular home, choosing the right location is paramount to ensure it aligns with your lifestyle and preferences. Consider proximity to amenities like grocery stores, healthcare, schools, and recreational areas to enhance daily life. Evaluate transportation options for easy commuting and access to nearby regions. Examine natural surroundings for a peaceful living environment. Research local regulations to ensure the site is suitable, and look into potential future developments to gauge their impact. By considering these factors, you can find the perfect location that complements your modular home design and enriches your overall living experience.

“When selecting the ideal location for your modular home, consider the benefits of building on vacant land, as it provides customization options, cost savings, and the freedom to choose the perfect spot,” notes Discount Lots. “To make an informed decision, weigh the pros and cons between raw land and developed lots, considering factors like cost, infrastructure, customization possibilities, and potential limitations. By carefully evaluating these aspects, you can ensure your modular home fits seamlessly into your desired location and meets your lifestyle preferences.”

The future of modular homes

As the demand for sustainable and affordable housing grows, modular homes are expected to play a significant role in the future of the housing industry. Several factors contribute to this projection. Continued advancements in construction technology, including 3D printing and robotics, are likely to enhance the efficiency and precision of modular home manufacturing. With an increasing focus on environmental conservation, modular home manufacturers are likely to adopt even more eco-friendly construction materials and practices, further reducing the carbon footprint of these homes. 

Moreover, modular homes are no longer limited to simple designs, as architectural firms are exploring creative and stylish options, allowing homeowners to enjoy unique and aesthetically appealing living spaces. Additionally, in regions facing housing shortages, modular homes offer a viable solution to quickly provide affordable and high-quality housing for a growing population. The combination of these factors positions modular homes as a sustainable, innovative, and practical choice for meeting the housing needs of the future.

Source: redfin.com

Apache is functioning normally

U.S. pending home sales unexpectedly rose in June for the first time in four months, despite ongoing supply and financing challenges facing the resale market. 

The National Association of Realtors’ index of contract signings to purchase previously owned homes advanced 0.3% last month to 76.8, data out Thursday showed. The median estimate in a Bloomberg survey of economists called for a 0.5% drop.

The existing-home market has been under pressure over the past year as many homeowners have been hesitant to move in an environment of high mortgage rates. That’s limiting the number of available homes, while elevated prices and borrowing costs are also keeping many prospective buyers at bay.

“The recovery has not taken place, but the housing recession is over,” Lawrence Yun, NAR’s chief economist, said in a statement. “Given the ongoing job additions, any meaningful decline in mortgage rates could lead to a rush of buyers later in the year and into the next.”

The pending-home sales report is often seen as a leading indicator of existing-home sales given houses typically go under contract a month or two before they’re sold.

Sales rose in the Northeast and Midwest and fell in the South and the West. From a year earlier, U.S. home purchases were down 14.8% on an unadjusted basis.

Source: nationalmortgagenews.com

Apache is functioning normally

Contrary to popular belief, you don’t need to pay annual fees topping $550 to get the best travel credit card. If you don’t travel enough to use all the benefits that come with a top-tier card — or simply don’t have room in your budget to justify these fees each year — there are still plenty of no-annual-fee cards to choose from.

When it comes to hotel credit cards, the good news is that a no-annual-fee card can offer you more benefits than you might expect. From complimentary (or a pathway to) elite status to earning hotel points on your everyday purchases, you’ll only gain from owning these cards instead of worrying about outsizing the value from cards with no annual fees.

While the best hotel card for you will depend on which hotel chain you prefer, the best options of the bunch are the Marriott Bonvoy Bold Credit Card and the Hilton Honors American Express Card. Both brands are widely prevalent, meaning you have more opportunities to earn and redeem points at properties worldwide.

The best no-annual-fee hotel credit cards

The information for the Best Western Mastercard has been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.

Comparing the best no-annual-fee hotel credit cards

Card Rewards rate Intro bonus
Marriott Bonvoy Bold 3 points per dollar at participating Marriott Bonvoy hotels, 2 points per dollar on other travel purchases and 1 point per dollar on all other purchases Earn 50,000 bonus points after spending $1,000 on purchases in your first six months from account opening; plus earn an additional 50,000 bonus points after you stay six eligible paid nights at Marriott Bonvoy through Jan. 31, 2024. Offer ends Aug. 10.
Hilton Honors American Express Card 7 points per dollar on eligible purchases directly with hotels and resorts in the Hilton portfolio, 5 points per dollar at U.S. restaurants, U.S. supermarkets and at U.S. gas stations and 3 point per dollar on other eligible purchases. Earn 80,000 Hilton Honors bonus points after you spend $1,000 in purchases on the card within your first three months of card membership.
IHG One Rewards Traveler Credit Card 5 points per dollar at IHG Hotels & Resorts, 3 points per dollar on utilities, internet, cable, phone services and select streaming services, gas station and restaurant purchases and 2 points per dollar on everything else. Earn 80,000 bonus points after you spend $2,000 in purchases in the first three months of account opening and up to $50 in IHG statement credits on purchases at IHG Hotels & Resorts during the first 12 months from account opening.
Choice Privileges Mastercard 5 points per dollar at eligible Choice Hotels, 3 points per dollar at gas stations, grocery stores, home improvement stores and phone plan services, and 1 point per dollar on everything else. Earn 60,000 bonus points after you spend $1,000 in purchases within three months of card membership.
Best Western Rewards Mastercard 13 points per dollar on Best Western purchases and 2 points per dollar on everything else. Earn 40,000 bonus points after you spend $1,000 within the first three months after account opening.
Capital One VentureOne Rewards Card 1.25 miles per dollar on all purchases Earn a bonus of 20,000 bonus miles once you spend $500 within the first three months from account opening.

The best no-annual-fee hotel credit cards

Marriott Bonvoy Bold Card: Best card for Marriott

ERIC HELGAS/THE POINTS GUY

Current sign-up bonus: Earn 50,000 bonus points after spending $1,000 on purchases in your first six months from account opening; plus earn an additional 50,000 bonus points after staying six eligible paid nights at Marriott Bonvoy hotels through Jan. 31, 2024. Offer ends Aug. 10.

Rewards rate: Earn 3 points per dollar at participating Marriott Bonvoy hotels, 2 points per dollar on other travel purchases and 1 point per dollar on everything else.

Other benefits: You’ll become an automatic Silver Elite member as a cardholder, which gets you perks such as priority late checkout and 10% bonus points on stays. Therefore, you’ll have the ability to earn up to 14 points per dollar on eligible Marriott stays (3 points per dollar with this card, 10 points per dollar for being a Marriott Bonvoy member and 1 point per dollar for Silver Elite). Plus, earn 2 points per dollar on all travel purchases.

You’ll also have the opportunity to improve your elite status the more you stay with Marriott. This card comes with an impressive number of travel and purchase protections, including baggage loss and delay insurance and more. To top it all off, there’s no annual fee (and no foreign transaction fees).

Analysis: As you build up your credit card portfolio, you’ll eventually want to have a card that earns transferable points, along with an airline card and a hotel card. If Marriott is your hotel chain of choice (we don’t blame you since there are more than 7,000 properties worldwide), the Bold is the perfect place to start. With a complimentary jump-start to Silver Elite status, the possibilities of reaching higher tiers of Marriott elite status are endless.

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Further reading: Marriott Bonvoy Bold card review

Apply here: Marriott Bonvoy Bold

Hilton Honors American Express Card: Best card for Hilton

THE POINTS GUY

Current welcome offer: Earn 80,000 Hilton Honors bonus points after you spend $1,000 in purchases on the card within your first three months of card membership

Rewards rate: Earn 7 points per dollar on eligible Hilton hotel and resorts purchases, 5 points per dollar at U.S. restaurants, U.S. supermarkets and U.S. gas stations, plus 3 point per dollar on other eligible purchases.

Other benefits: It’s not often that a no-annual-fee card (see rates & fees) provides you with as many perks as the Hilton Honors Amex card does. For starters, enjoy complimentary Silver Elite status to get 20% bonus points on stays and a fifth free night benefit. In addition to a lucrative rewards rate on Hilton and everyday purchases, you’ll have secondary rental car coverage and no foreign transaction fees (see rates & fees).

Analysis: The Hilton Honors Amex proves you don’t have to pay an annual fee to get top-notch perks. Its welcome bonus offers a healthy stash of Hilton Honors points and ample ways to continue earning on your everyday spending. We recommend this card for those who enjoy staying at Hilton properties but want to keep costs as low as possible.

Further reading: Hilton Honors American Express card review

Apply here: Hilton Honors American Express

IHG One Rewards Traveler Credit Card: Best no-annual-fee card for IHG Hotels

THE POINTS GUY

Current sign-up bonus: Earn 80,000 bonus points after you spend $2,000 in purchases in the first three months of account opening and up to $50 in IHG statement credits on purchases at IHG Hotels and Resorts during the first 12 months from account opening.

Rewards rate: 5 points per dollar at IHG Hotels & Resorts, 3 points per dollar on utilities, internet, cable, phone services and select streaming services, gas station and restaurant purchases and 2 points per dollar on everything else.

Other benefits: This hotel card comes with the unique benefit of a fourth-night reward, meaning you’ll pay the price of three nights to stay for a total of four nights. Plus, you’ll get a 20% discount on points purchases when you pay for those points with your card.

Analysis: By being strategic with this card, you can get a ton of value without ever paying an annual fee.

Further reading: IHG One Rewards Traveler card review

Apply here: IHG One Rewards Traveler card

Choice Privileges Mastercard: Best for Choice Hotels

ALVAREZ/GETTY IMAGES

Current bonus: Earn 60,000 bonus points after you spend $1,000 in purchases within the first three months of card membership.

Rewards rate: 5 points per dollar at eligible Choice Hotels, 3 points per dollar at gas stations, grocery stores, home improvement stores and on phone plan services and 1 point per dollar on everything else.

Other benefits: You’ll get automatic Gold Elite status, which unlocks benefits such as an elite welcome gift, early check-in and late checkout. You’ll also get up to $800 of cellphone protection against damage or theft when you pay your monthly bill with this card (subject to a $25 deductible) as well as Mastercard World Elite benefits.

Analysis: Being a Choice Hotels elite member will enhance your hotel experience, and with this card, you’ll be granted this status for free. While not the most lucrative no-annual-fee hotel card out there, this card offers simplicity — a reason to keep it in your wallet each year with the opportunity to earn anniversary points.

Further reading: 2 new Choice Privileges credit cards are now open to new applicants

Apply here: Choice Privileges Mastercard

Best Western Rewards Mastercard: Best for Best Western

WILL BARTON/GETTY IMAGES

Current bonus: Earn 40,000 bonus points after you spend $1,000 within the first three billing cycles after account opening.

Rewards rate: 13 points per dollar on Best Western purchases and 2 points per dollar on everything else.

Other benefits: With this card, you’ll enjoy no foreign transaction fees, exclusive member room rates and complimentary Gold status, which guarantees you 10% bonus points for your eligible stays and early check-in and late checkout.

Analysis: For a card with no annual fee, those who stay at Best Western properties regularly can get considerable value from the welcome bonus and ongoing Gold elite status.

Further reading: Your ultimate guide to Best Western Rewards

Capital One VentureOne Rewards Card: Best for all hotels

THE POINTS GUY

Current bonus: Earn a bonus of 20,000 bonus miles once you spend $500 within the first three months from account opening.

Other benefits: While the hotel cards above can get you elite perks or other exclusive benefits, sometimes limiting yourself to one brand doesn’t make sense. That’s why the VentureOne is our favorite for all hotel stays, as it offers a simple earning scheme (unlimited 1.25 miles per dollar on all purchases) plus an even simpler way to redeem. You can redeem your miles at 1 cent each for any hotel (or other travel) charges on your card. If you’re an advanced award traveler, you’ll be happy to know that you can transfer your Capital One miles to airline and hotel partners like Air Canada Aeroplan and Singapore Airlines KrisFlyer to find even more potential value.

Analysis: We like the flexibility that the VentureOne offers. You won’t get hotel elite status with this card, but you can use this card to pay for hotels from any brand. If all you’re looking for is a way to earn and redeem your travel rewards, this is a good card for you. Plus, with no foreign transaction fees, you can take the VentureOne with you anywhere.

Further reading: Capital One VentureOne review

Apply here: Capital One VentureOne

Bottom line

Almost all of the no-annual-fee hotel cards in this guide get you automatic elite status, plus a pathway to the next level for even better benefits. The best pick for you will first depend on the hotel chain you prefer, but take a deeper look at the ongoing rewards rate and any additional benefits you can get from the card (such as no foreign transaction fees or any travel and purchase protections).

And remember: Since you’re not paying an annual fee on any of these cards, you won’t have to worry about if you’re stretching enough value to justify the cost each year.

Additional reporting by Emily Thompson.

For rates and fees of the Hilton Amex card, click here.

Source: thepointsguy.com