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Apache is functioning normally

June 2, 2024 by Brett Tams

Co-Issue, MERS Audit Products; Retirement, Wholesaler Lawsuit, MBA and CFPB Requesting Info

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Co-Issue, MERS Audit Products; Retirement, Wholesaler Lawsuit, MBA and CFPB Requesting Info

By:
Rob Chrisman

Fri, May 31 2024, 11:42 AM

How is it that there are only three weeks until the summer solstice? Three more weeks of the amount of daylight increasing in the Northern Hemisphere, and then, if you want more sun time, head to the Southern half of the globe. If you think presidential administrations or Federal Reserves eliminate business cycles, they don’t. If your business model is based on lower rates, don’t look at this graph from the Federal Reserve. If you want some insight into builder business and builder associations, today’s “Rundown” has Christy Beck, Corporate Director of Sales and Marketing for Caruso Homes and the current President of the Raleigh-Wake County Home Builders Association (which is one of the largest HBAs in the country). If you think everything that you do is private, sorry. I’m not sure why every outfit needs to keep so much info about us. When we want to buy a ticket we should be able to buy it without our info being kept, because then it can become part of a Ticketmaster data breach and sold to bad people. (Found here, this week’s podcasts are sponsored by American Financial Resources, the mortgage lender that’s shaking things up by streamlining processes, bringing on the best humans in the business, and putting the customer experience front and center. Hear an interview with Tim Braheem on both how originators can cultivate relationships with agents in today’s market and also diversify their referral sources, so they are not so reliant solely on realtors.)

Software, Products, and Services for Lenders and Brokers

In Q4 2023, independent mortgage banks (IMBs) and mortgage subsidiaries of chartered banks reported an average net loss of $2,109 per loan, nearly double the $1,015 lost per loan in Q3. How can mortgage lenders tackle these rising costs while staying profitable? Join Kevin Peranio (PRMG), Richard Grieser (Truv), and Rob Chrisman on a webinar next week to find out. Learn from real-world examples of lenders reducing production costs through technological innovation and process optimization. June 4 at 1pm CT. Register now.

“Bueller? Bueller? Yes, you heard it right! It’s time to channel your inner Ferris and seize the day with MQMR’s Summer Special for MERS audit. Picture yourself in the role of the charismatic Ferris Bueller, effortlessly taking charge and making the most of every opportunity. Just like Ferris, you can make your MERS Audit unforgettable, and with our special offer, you’ll be saving some serious cash while you’re at it! In the words of Ferris himself, ‘Life moves pretty fast. If you don’t stop and look around once in a while, you could miss it.’ At MQMR, we embrace Ferris’s philosophy by staying ahead of the curve. With our proactive approach, MQMR guarantees a compliant and hassle-free MERS Audit experience! Like Ferris’s legendary day off, this MERS offer won’t last forever! Our audit professionals will ensure that your MERS audit is as spotless as Ferris’s slick moves. Schedule a call!”

“Newrez Correspondent is thrilled to announce that Co-Issue has been added to our suite of delivery methods. If you are interested in Newrez’s Co-Issue program, please contact your Regional Sales Manager. In addition to Co-Issue, we have several other delivery methods and executions that will help you succeed in today’s market. We have also added Delegated Non-QM and Closed-end Home Equity products to enhance your product offering. Not approved? Sign up today! A big thank you to all of our clients, prospects and industry partners for spending your valuable time with our team at the National Secondary in NY. You can meet Tom Van Auken, Alex Weems and Chris Nobile at the upcoming 40th Regional Conferences of the MBAs in Atlantic City, NJ, June 4-7 at the Hard Rock Hotel and Casino to discuss all that Newrez has to offer.”

Supersonic Lawsuit

Anyone can sue anyone at any time, but this particular mortgage case has some nuances, including allegedly stealing a brand.

Jet Mortgage is the Wholesale division of Home Mortgage Alliance Corporation (HMAC). Around May 1, Michael Turturro, who was the head of Jet, allegedly took a number of AEs and went to OCMBC and set up Jet Alliance Mortgage. Execs and AE going to competitors is a fairly common occurrence in the California mortgage market (and elsewhere) but taking the brand, if true, is a new twist. That’s why, in addition to other claims, HMAC has filed suit in the Superior Court of the State of California in Orange County against Turturro and his new employer OCMBC, Inc., Irvine, CA.

Santa Ana-based Home Mortgage Alliance Corporation (HMAC), the owner of Jet Mortgage, released the following statement regarding the lawsuit it has filed in the Superior Court of the State of California in Orange County against a former senior executive, Michael Turturro, and his new employer OCMBC, Inc., Irvine, CA.

The Company released the following statement. “While surprised and deeply disappointed by the events that forced us to take legal action, we intend to let the lawsuit speak for itself. We are speaking out, however, to address the rumors being spread in the marketplace about our business and our brand. Jet Mortgage is very much still in business and is actively soliciting and processing new loans. We remain committed to the wholesale market and have both the resources and the capital to deliver a superior experience to our mortgage broker clients and their customers.

“On an interim basis, Alfred Hanna, founder of both Jet Mortgage and HMAC, will assume the day-to-day leadership of Jet Mortgage until a new executive has been appointed. Hanna remains fully committed to investing in, and growing, the Jet Mortgage brand. With more than 40 years of experience in all aspects of the mortgage business, Hanna has built three highly successful mortgage companies including a company that, at one time, was the largest Realtor-based mortgage company in California. Over the course of his career, Hanna has led these companies through a number of economic downturns.

“Under his leadership, we have already taken steps to deploy additional underwriting and processing resources so that the Company can continue to provide extraordinary service to our broker clients. In the weeks to come, the Company will be announcing a number of high-level, high-quality executive and account executive hires.”

Founded in 2013, HMAC is a national mortgage lender licensed in 47 states with 13 branches employing more than 175 loan officers. Its Jet Mortgage division was established in 2022 and is a national wholesale lender, serving more than 1,900 mortgage brokers nationwide.

CFPB Asks Mortgage Industry about Fees

With your opinion about a Request for Information (RFI) regarding fees imposed in residential mortgage transactions. You can access the RFI here.

The California MBA Wants to Hear From You

With your opinion about insurance. “Our association has launched a public affairs campaign to draw attention to the insurance crisis that is affecting property owners throughout the state. We know that homeowners and commercial property owners are getting dropped from their insurance carriers, facing uncompetitive costly new polices, or having to turn to the FAIR plan or force-placed insurance as a last resort.

“California MBA has the opportunity to increase awareness of how the crisis is impacting homeowners and business owners and increase pressure on policymakers to adopt swift and meaningful solutions. We are developing materials and will be distributing messages through a variety of communication channels to encourage business community engagement and coalition activation.

“We will be calling for the Legislature and Insurance Commissioner to take actions that will lead to more reliable rates, greater insurance availability, and safer communities. As such, we would like to show the harm that is occurring across the state from this crisis.

“Can you help by sharing examples of how the insurance crisis is impacting your business or your customers? We would like to point to real-life examples of the consequences across California. Here is a link to fillable form to enter any helpful information or examples. (Any questions should be addressed to California MBA CEO Susan Milazzo.)

Capital Markets

There’s not a lot of reason for rates to drop much. But is U.S. economic growth going to slow enough to help the Fed’s fight against inflation? We learned yesterday that Q1 Gross Domestic Product was revised downward to 1.3 percent from 1.6 percent, as expected but primarily driven by weaker consumer spending, which grew at 2.0 percent, down from the previous estimate of 2.5 percent. Initial jobless claims remained stable, in line with expectations and indicating a generally solid labor market. Pending home sales experienced a notable decline in April, with contract signings dropping across all regions, particularly in the Midwest and West.

Today’s month-end session brings Fed favorite Personal Core Expenditures, the Fed’s favorite gauge of inflation. For April it was +.2 percent, year over year +2.7 percent. Expectations were for the core PCE Price Index increasing 0.3 percent month-over-month and 2.8 percent year-over-year, unchanged from March, with personal income and spending (+.2 percent) increasing 0.2 percent and 0.4 percent, respectively. The core deflator year over year was +2.8 percent, as expected. Later today brings Chicago Purchasing Managers Index for May, and remarks from Atlanta Fed President Bostic. We begin the last day of the shortened workweek with Agency MBS prices a touch better from Thursday’s close, the 10-year yielding 4.53 after closing yesterday at 4.55 percent, and the 2-year still much higher at 4.92.

Employment

What are you doing for the next 25 years? ACC has been doing Non-QM for the past 25 years. ACC is seeking five (5) well-qualified Account Executives or a team that is looking for support, pricing, culture, and stability. ACC is the company that continued lending throughout COVID and the GFC. Recent article talks about ACC’s vision: ACC’s Senko talks non-QM outlook. Please send your resume for confidential interview.

“Evergreen Home Loans proudly marks 35 years of our innovative Security Plus Seller Guarantee®, the first of its kind in the industry. Our program provides an upfront, guaranteed financing commitment with minimal conditions. If we don’t uphold our commitment, we will pay the seller $5,000*, making your offer more attractive and giving you a competitive edge. Over the past 35 years, Security Plus has empowered countless buyers and sellers, simplifying the home buying process and ensuring confidence. As we continue to lead with innovative, customer-focused solutions, we invite talented loan officers and branch managers to join our team. Be part of a company that values excellence and innovation and help us continue making a difference in the home buying experience. To see available jobs here. *View disclosures here.

“Canopy Mortgage is on the rise, attracting top-producing loan officers nationwide and maintaining profitability as we advance through Q2! In a challenging market, how many national lenders can claim profitability this year? Few, if any. Canopy Mortgage is charging ahead with significant momentum, seeking branch managers to join our success story. We empower LOs with cutting-edge technology that streamlines processes and significantly reduces the cost to fund a loan. Come meet us in person at the Mastermind Summit in Vegas June 5-7 or call Josh Neumarker at 888-696-9076 – For more information or to schedule an exclusive Tech-Demo and see our innovative solutions in action.”

Mark Teteris writes, “30+ years flies by, even in the mortgage business, and I have decided to retire, effective June 1st. I was thrilled to join Optimal Blue nearly ten years ago and hope that I have played some small part in the amazing success the company has had over these years, and which I’m sure OB will continue to enjoy in the future. From the early days as an individual contributor and ‘rainmaker’ to building a new department within the sales organization to the director role I enjoy today, I have always felt at home here at Optimal Blue. That is a testament to the wonderful leadership and colleagues that make this place special. As part of my succession plan, Steven Baselice has been named the new Director of Solutions Specialists for Optimal Blue, effective June 1st.”

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

Source: mortgagenewsdaily.com

Apache is functioning normally

June 2, 2024 by Brett Tams

Stale PCE Helped; Fresher Version Up Next

By:
Matthew Graham

Thu, May 30 2024, 4:21 PM

Stale PCE Helped; Fresher Version Up Next

The quarterly vs monthly PCE reports are potential sources of confusion for rate watchers. To be fair, only the monthly version is a dedicated report. The quarterly version is simply the sum of the 3 monthly reports + revisions, presented with the GDP release and revisions. That’s the one that came out this morning, showing that Jan-Mar inflation was another 0.1% lower than initially reported. Does that have a bearing on tomorrow’s dedicated monthly PCE numbers? Not this time… While that was the case last month (because the monthly report was for March… one of the months in Q1), tomorrow’s PCE inflation data is for April. Thus, it is more interesting and more timely. If today’s stale update was worth a modest rally, it’s a clue as to Friday’s potential volatility in the event of another deviation from expectations.

- Jobless Claims
  - 219k vs 218k f’cast, 216k prev
- Core PCE Q/Q
  - 3.6 vs 3.7 previously
- GDP, Q1 1st revision
  - 1.3 vs 1.3 initial
- Pending Home Sales
  - -7.7% vs -0.6% f’cast, +3.6% prev

08:53 AM

moderately stronger overnight with additional gains after data. MBS up 7 ticks (.22) and 10yr down 4.2bps at 4.573

11:17 AM

additional gains with MBS up 9 ticks (.28) and 10yr down 6.5bps at 4.55

01:33 PM

Sideways at the best levels. MBS up 10 ticks (.31) and 10yr down 7.2bps at 4.543

03:41 PM

Still fairly flat, but off the best levels. MBS up 9 ticks (.28) and 10yr down 6.2bps at 4.553

Download our mobile app to get alerts for MBS Commentary and streaming MBS and Treasury prices.

Source: mortgagenewsdaily.com

Apache is functioning normally

June 1, 2024 by Brett Tams

Checks seem a pretty mundane bit of banking, but when they say “Do not convert to ACH,” that means the payer doesn’t want the funds transferred electronically. Rather, they are requesting manual processing.

Here, learn more about the implications of these five little words on a check.

ACH System 101

First, understand what ACH is. It stands for Automated Clearing House, which is an electronic system that transfers funds throughout the United States. This network allows individuals and businesses to move money from one financial institution to another, quickly and securely.

Every time you set up automatic bill pay or receive your paycheck by direct deposit or write an eCheck, that’s ACH at work. Apps such as PayPal and Venmo also use the ACH network to send and receive money.

💡 Quick Tip: Did you know online banking can help you get paid sooner? Feel the magic of payday up to two days earlier when you set up direct deposit with SoFi.

How Does ACH Work?

ACH transfers are initiated by either making a withdrawal or deposit into an account. You can send money to another account on a one-time basis — such as through an ACH debit to a utilities company or transferring money to a friend for your share of a restaurant meal — or opt into recurring payments. For example, some companies allow you to make automatic payments, such as for subscription services. In either case, you give permission for the receiver to initiate a withdrawal from your account.

You can also get money via an ACH credit. This happens when people receive a direct deposit of their paycheck or Social Security.

Once you or someone else initiates a transfer, the request will be processed first by your financial institution, usually by the next business day. You may be able to expedite the request, as well as schedule a transfer for a future date.

Typically, ACH transfers are faster than other types of transactions, though a potential downside is that it’s only available for transfers within the U.S. (That’s one of the distinctions between an ACH vs. wire transfer, incidentally; the latter has global reach.)

What Is Check Conversion?

Check conversion refers to the process of transforming a check payment into an electronic payment. This usually happens at one of these three points:

• Point of Purchase (POP), meaning when a purchase is made, say, at a store

• Accounts Receivable Conversion (ARC), when a business receives a check by mail and then processes it electronically

• Back Office Conversion (BOC), or when a check is processed electronically after acceptance at, say, the office of a retail location

What Does Conversion to ACH Mean?

ACH conversion describes the fact that a paper check will be converted to a payment that’s processed through the ACH network. In other words, even though a paper check was written and used as payment, it will become an electronic ACH transfer.

Recommended: How to Cash a Check with No Fees

Why Might a Check Be Converted to ACH?

The main reason why a check may be converted is to save time and money when processing payments. Plus, converting a check payment to ACH could be more efficient, as it can help financial institutions detect potential bank fraud earlier, make fewer mistakes, and even result in fewer returned payments. The service of ACH transfers is typically free to consumers.

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Open a SoFi Checking and Savings Account with direct deposit and get up to a $300 cash bonus. Plus, get up to 4.60% APY on your cash!

Can a Check Be Converted to ACH?

A check can be converted to ACH in many cases (unless it says “do not convert to ACH”) to help it move swiftly and securely; there’s no check to get lost or be forged, for instance.

How the conversion usually happens: When the check gets deposited in a checking account, the payment details are captured from the check. Then, the check itself will be stored securely by the financial institution — unless you have the physical check and are making a mobile deposit. If the check is converted in person, then the original check will be voided and given back to the payer.

If the check was converted for ACH, it will typically appear on a bank statement as a direct payment (or withdrawal) in the same section as ATM withdrawals or other forms of electronic payments. It could also appear as a check payment — some banks include a scanned image of the check or include the payment details.

Recommended: How Much are the Average ATM Fees?

What Does It Mean When a Check Says ‘Do Not Convert to ACH’?

When a check says “do not convert to ACH,” it means that the payer does not want to make a payment electronically. Instead, the payment needs to be processed manually from one financial institution to another through the check collection system.

More specifically, it means the financial institution will contact the other financial institution to request the funds, which are then delivered through a local clearinghouse exchange or other form organization like the Federal Reserve Bank.

It’s rare to receive a check that says this on it, but if you do, there’s not much to be done to alter the payer’s request.

What Is the Benefit to the Drawee if a Check Says ‘Do Not Convert to ACH’?

Checks that say “Do not convert to ACH” may sometimes be printed when a payer is issuing multiple checks; for example, if a class action suit is being paid out. In this case, perhaps the check issuer does not want the much faster electronic processing of their checks. Perhaps it suits them to have a slower payment process.

What Is the Difference Between ACH and a Check?

The difference between ACH and check payments is the network by which they’re processed. ACH payments are processed electronically through the ACH network, whereas non-converted paper checks are processed manually. In many cases, ACH transfers are processed faster than paper checks, since you may have to wait for a check to clear.

The Takeaway

When it comes to getting paid, converting a check to ACH is most likely the fastest, safest way. Unfortunately, there’s not much you can do if the check you receive says “Do not convert to ACH,” however rare they may be. You’ll probably need to deposit it and allow the extra time required for it to become available cash.

Most of us love the conveniences of banking today, and if you want to make a good thing even better, why not check out your options?

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 4.60% APY on SoFi Checking and Savings.

FAQ

Can an ACH payment be declined?

Yes, an ACH payment may be declined or rejected for a few reasons, the most common one being that the payer doesn’t have enough funds in their account for the transfer. Other reasons include the account was closed by the time the transfer took place, the funds have been frozen, or the payer has stopped the payment request.

What does “ineligible for conversion” mean on a check?

If a check says “ineligible for conversion,” it means the check can’t be converted to an ACH payment. This may be due to the paper the check was printed on. The payee needs to either cash or deposit the actual check at a local branch.

Why would a bank reject a check?

There are several reasons a bank would reject a check, including:

• You don’t have an account at the bank where you want to cash the check

• You don’t have proper identification to show to the bank

• The amount may be too large for the financial institution to process

• The check is void (for example, the check is old and the payment is no longer valid)

• The signature on the check doesn’t match what the bank has on file

Photo credit: iStock/fizkes

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2023 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.

The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

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.

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.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

SOBK-Q224-1902266-V1

Source: sofi.com

Apache is functioning normally

June 1, 2024 by Brett Tams

Data Driven Rally, But Next Week’s Data is More Important

By:
Matthew Graham

Fri, May 31 2024, 4:23 PM

Data Driven Rally, But Next Week’s Data is More Important

By the end of this holiday-shortened week, bonds didn’t quite manage to completely erase the damage done during the first half, but they came close enough to help balance the near term outlook. Credit goes to the slightly lower reading in Core PCE for the bulk of the AM rally. But Chicago PMI didn’t hurt, falling to the lowest levels in more than a decade apart from the initial covid lockdown. Bonds didn’t rally for much longer after that and then spent the rest of the day in a sideways, narrow range, just above the 4.50% technical level. As big as this week’s apparent volatility may have been, next week’s potential is much bigger as it brings the typical combo of events seen during the 1st week of every month (ISMs, JOLTS, ADP, NFP).

- Core PCE m/m
  - 0.2 vs 0.3 f’cast
- Core PCE y/y
  - 2.8 vs 2.8 f’cast/prev
- Chicago PMI
  - 35.4 vs 41.0 f’cast, 37.9 prev

08:58 AM

Stronger after PCE data. MBS up 5 ticks (.16) and 10yr down 4.4bps at 4.509

10:03 AM

Additional gains after Chicago PMI with MBS up 7 ticks (.22) and 10yr down 6.1bps at 4.491

01:11 PM

MBS an eighth off best levels but still up 3 ticks (.09) on the day. 10yr still down 4.1bps at 4.511 but up from lows of 4.49.

02:54 PM

Weakest levels of the afternoon with MBS up only 1 tick (.030). 10yr still down 3.9bps at 4.513

Download our mobile app to get alerts for MBS Commentary and streaming MBS and Treasury prices.

Source: mortgagenewsdaily.com

Apache is functioning normally

June 1, 2024 by Brett Tams

This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.

Money is a tricky concept.

It can be both the best and worst thing in your life depending on how you manage it.

Understand how to manage your money wisely and apply a few helpful tactics to your daily life. Simple habits will help you manage money better every day.

You must make money management easier and understand what types of pitfalls to avoid while we’re at it!

The following are a few ways to manage money. You can save it, spend it, or invest it.

There are many ways to manage your money wisely, but you should always start with your own control. You might not make all the choices that are right for you, but you must be prepared for the future.

This blog post provides tips for managing money, avoiding common mistakes by other people, reducing debt, spending wisely – these are just some examples of topics covered.

If you are ready to learn how to manage your money like a millionaire, then you are in the right place!

How to Manage Money Wisely

The key to managing your money is following the steps that are outlined in this article.

Financial stress can be managed by following the steps of managing money wisely. It is important to prioritize spending, don’t overspend on things that are not necessary, and learn about saving too because it will help you move towards financial stability.

You can learn how to properly manage your money with these swift mindset changes.

Below are 10 money management tips that will help you make better use of your finances.

1. Build a Firm Foundation

In order to make money better, people should set a firm foundation for themselves. This means setting up a financial strategy and making sure you have a plan in place. It also means having the right mentality about money and spending less than what you earn every month to avoid debt.

The first step is to establish a firm financial foundation, which means you must spend less than you make, save money for emergencies, and get out of consumer debt.

2. Design a Money Management Blueprint

A financial blueprint is a tool that can help you to build and maintain your money.

The problem for most people is they are starting at one place in their financial journey and are stuck on how to move to where they want to be.

That is where you need to follow the Money Bliss Steps to Financial Freedom. These are the exact steps to help guide your journey and a helpful blueprint to follow.

By taking each step one at a time, you will be able to make progress faster.

3. Define Your Goals

You must identify what your financial goals are.

What do you want?
Are you looking for more income?
Work fewer hours?
Something else entirely?

By setting money goals, this process will help you set a timeline and map out your journey.

4. Analyze Your Current Situation

This step is about taking stock of what you currently have to work with, such as income and expenditures, debts and assets, and savings.

This will help you decide what changes need to be made so that your goals can happen.

Honestly, this is probably the hardest step, and when most people give up. Taking a look at your true financial picture can be scary and painful to do.

5. Get on a Budget

Money is a source of stress for many people. It can be difficult to manage money when it’s not well-organized and set up properly.

In order to make sure that your money does not continue being a source of stress, create a budget and track spending!

A budget is a plan that helps you organize your money so that it can be spent effectively. It also shows where your money goes and what you are spending it on. Budgeting is an important part of managing money wisely because it helps you stay within your financial means, which ultimately saves you from living paycheck to paycheck or needing to borrow more than needed.

To create a budget, first set aside time for research and planning (this will take one day). Then create and write down the basic budget in a well-organized manner. It is important that you have a budget that works with your lifestyle and spending habits, so take the time to create one that fits what you need.

Some people go into budgeting with the goal of changing everything, but this is not necessary.

It’s important to make sure you’re realistic about your goals and target in order to get the most out of it. This will ensure you can meet your financial targets without breaking account after account or losing track of what has been spent already.

6. Say No to Debt and Create a Plan to Pay Off Debt

Creating a plan to pay off debt is crucial in order to reach financial goals.

It is important to create a plan to pay off your debts in order for you to be able to manage them better. High-interest rates should be tackled first, then work your way down through the rest of the debts.

The other key aspect is to stay out of debt. There is no need to buy something you cannot pay for in cash today.

Tools and tips to help you pay off debt:

This includes creating a budget and sticking with it, getting out of the habit of using credit cards, and saving money for an emergency fund.

7. Track Spending

Tracking expenses can help you see where your money is going so that you can make better decisions. For example, tracking your spending will allow you to know if the $200 concert was worth it.

Tracking spending will help you manage your money better.

It is important to be aware of how much we spend and what we spend it on so that you can make the best financial decisions possible.

This will help you to manage bills and save money.

8. Save Money

Every month, save money and put it in another account to be used in the future.

In order to make large purchases, it is important to have money set aside for that purpose. It is also a good idea to budget and save money in case there is an emergency.

An important phase in making smart money management tactics is to start investing as soon as you can. This is how you make your money work for you. Learn how to start investing.

9. Invest in your Financial Future

Almost a third of older Americans have nothing saved for retirement. That is a statistic you do not want to be a part of.

It’s never too early or too late to start saving for your retirement.

You should always be mindful of the future and plan accordingly. Whether it is through a 401k, IRA, Roth IRA, or other investment vehicles that you can contribute to in order to save up money for when you retire; make sure that whatever vehicle you choose gives an appropriate return on your invested funds (e.g., stocks).

In order to learn how to properly manage money wisely, you must be contributing to your retirement accounts. It may seem like a long way off until it is not.

10. Be Persistent

Managing your money can be a difficult task.

There are many ways that you can take control of your money situation and make it easier for yourself.

When it comes to managing your money, persistence is key. You’ll need to be persistent at all income levels in order for your savings and investments to grow.

How to Manage Money Effectively Now

Only do what you need to, not what you want to or can afford. Set up a budget and stick with it. Pay yourself first before buying anything else. Always save for the future, even if that means sacrificing now on some luxuries like eating out more often or setting aside money for retirement since your employer doesn’t offer one of those options yet.

A budget is a plan for how much money you will spend in each category every month. This will help you to pay off debt and reach your financial goals.

1) Create a monthly budget.

2) Track your progress in the spreadsheet throughout the year.

3) Make sure you’re saving at least 10% of your income/income minus loan payments, bills, and other expenses for emergencies and savings.

4) Pick one of these how to manage money books.

Take Action!

This step is all about taking the necessary steps to achieve your goals.

Again, this will vary for each individual and goal setter, but might include: cutting out unnecessary spending on luxuries; increasing income by asking for a raise or starting up a side hustle; and spending less on debt repayment by extending the term of your loan.

Be Patient!

This step is about being mindful that not every goal can be accomplished overnight, but it will happen with dedication and patience.

Be patient with yourself, your progress, and the change that is happening in your life as you work on achieving these new goals!

Are you Ready to Manage Money Better?

Learning how to manage money can be overwhelming when you haven’t built a strong foundation with money.

We have covered ways to make your life easy and money management better.

You need to learn how to manage your money.

You have to be the one to implement these tactics.

Proper money management ensures better outcomes with your finances.

From all of the free and paid budgeting apps, here are our top budgeting apps to check out!

This section may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. Please read the full disclosure below.

Empower Personal Wealth, LLC (“EPW”) compensates Money Bliss for new leads. Money Bliss is not an investment client of Personal Capital Advisors Corporation or Empower Advisory Group, LLC.

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Did the post resonate with you?

More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!

Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.

Source: moneybliss.org

Apache is functioning normally

June 1, 2024 by Brett Tams

Saving money can be daunting. But what if you could make it seem less like a chore and more like a game? That’s the idea behind TikTok’s viral 100 Envelope Challenge. With this popular money-saving hack, you set aside a predetermined dollar amount in different envelopes each day for 100 days. By the end of the challenge, you’ll have saved over $5,000.

One of the appeals of the 100 Envelope Challenge is that you visually see your progress as you fill up each envelope, which can make the process of saving more tangible and fun. And like many savings challenges, this money game can help you save a sizable sum in a short period of time.

That said, the 100 Envelope Challenge may not be realistic for everyone. Here’s a closer look at how it works, its pros and cons, plus some other fun saving strategies to consider.

What Is the 100 Envelope Challenge?

The 100 Envelope Challenge, also known as the 100-Day Money Challenge, is a savings technique that involves setting aside a specific amount of money each day for 100 days. The goal is to accumulate $5,050 in just over three months.

The concept is simple: You start with 100 envelopes and number them from 1 to 100. On day 1 of the challenge, you put $1 into envelope #1. On day 2, you put $2 into envelope #2. On day 3, you put $3 in envelope #3. You continue this pattern, increasing the amount by $1 each day until you reach the 100th day, when you deposit $100.

There are also variations on the game. For example, instead of stuffing envelopes in chronological order, you can shuffle the envelopes, put them in a bucket or basket, and then randomly pick one each day. This allows you to alternate between low and high cash amounts throughout the challenge.

If your budget is tight, and saving $5,050 in 100 days isn’t feasible, you can do the 100 Envelope Challenge over 100 weeks, rather than 100 days. You’ll still get to $5,050 — it will just take longer.

And if you’re not a fan of cash, you can do the challenge digitally. Simply download a free “100 Envelope Challenge” printable (widely available online). You then check off the “envelopes” in order (or use an online number generator to pick a random number each day). Once you’ve selected your envelope number, you transfer that amount to your savings account. If you open a high-yield savings account, you’ll have the added advantage of earning competitive interest on your cash.

How to Do The 100 Envelope Challenge

Here’s a step-by-step guide to the original 100 Envelope Challenge.

1. Assemble Your Supplies

You’ll need 100 plain envelopes and a marker or pen to set up the challenge. If you don’t normally carry cash, you’ll also want to hit the ATM and withdraw some money to cover you for the first week. You’ll likely make multiple trips as you make your way through the challenge — and your paychecks get deposited.

Recommended: How to Avoid ATM Fees

2. Prep Your Envelopes

Label each envelope with number, starting with #1 and ending with #100. You’ll also want to find a safe place to keep your envelopes, such as a box, drawer, or safe. The idea is to keep them accessible but still secure.

3. Start Stuffing

Each day, pick out an envelope in chronological order (or, as an alternative, you can choose randomly) and place the corresponding amount of cash inside.

4. Stay Consistent

The key to any money-saving challenge is consistency, so do your best to stick to the rules as closely as you can. If you miss a few days, don’t give up — simply dust yourself off and get back on track. Or consider switching to a weekly or biweekly schedule to make the challenge more manageable.

5. Put Your Savings to Good Use

When you reach the finish line, it’s time to put your envelope cash to good use. For example, you might use your $5,050 to start your emergency fund (if you don’t already have one), pay off credit card debt, or fund something fun like a vacation. Or you might use the money to get started on a larger, long-term goal, like a home down payment, kid’s college fund, or retirement savings.

How Much Money Is Involved in the 100 Envelope Challenge?

By the end of the 100 Envelope Challenge, you will have saved a total of $5,050. You get to this amount by progressively increasing your daily (or, if you prefer, biweekly or weekly) deposit, starting with $1 and ending with $100. While the amounts may seem small at first, they add up over time, demonstrating the power of consistent saving.

Recommended: 15 Creative Ways to Save Money

Pros and Cons of the 100 Envelope Challenge

The 100 Envelope Challenge comes with both pros and cons. Here are some to consider before you decide to jump in on the trend.

Pros of the 100 Envelope Challenge

• Easy to start: You don’t need to comb through bank statements and set up spreadsheets to start this savings plan. All you need to get going are envelopes and some cash.

• Visual progress: The envelopes provide a visual representation of your progress. Watching them stack up can motivate you to keep going.

• Builds discipline: The challenge encourages regular saving habits, helping to build discipline and financial responsibility.

• Flexible: You can adjust the challenge to fit your budget, preferences, and savings goals.

Cons of the 100 Envelope Challenge

• Cash-based: The default design relies on using cash, which may not be convenient for everyone.

• Risk of loss: Keeping cash in envelopes can be risky, since they can potentially get lost or stolen.

• It’s not all fun and games: Even though it’s a game, you’ll likely need to cut back on spending (and, yes, fun) to come up with the cash you need to stick with the program, especially near the end, when you’re stuffing large sums every day.

• Not realistic for everyone: If your monthly essential expenses are already close to your monthly income, you might find it difficult to stick with a 100-day Envelope challenge.

Alternatives to the 100 Envelope Challenge

While the 100 Envelope Challenge is a popular savings method, it may not be the right approach for everyone. Here are some alternatives to consider.

• The 30-Day Savings Challenge: Here, you start with just 30 envelopes, numbered 1 through 30. Each day, you’ll save the amount indicated on the envelope you choose. You could go in order or shuffle the envelopes and randomly select one. At the end, you’ll have saved $465.

• The Spare Change Challenge: This involves saving the spare change from your everyday transactions. You can do it manually, by dropping your spare change into a jar each day and, once it’s filled, bringing it to the bank. Or you can do it digitally, using an app that automatically rounds up your purchases and transfers that money into savings. Either way, you’ll accumulate savings without much effort

• No-Spend Challenge: In a no-spend challenge, you commit to not spending money on non-essential items for a set period of time, such as a week or a month. This can help you identify and eliminate unnecessary expenses, allowing you to save more money.

• Savings Percentage Challenge: In this challenge, you commit to saving a specific percentage of your income each month, such as 10% or 20%. To make it easy, you can set up an automatic transfer from checking to savings for this amount for the same day each month (ideally right after you get paid). This can help you save consistently and build your savings over time.

Recommended: 52 Week Savings Challenge (2024 Edition)

The Takeaway

The 100 Envelope Challenge is a simple yet effective way to save money and build financial discipline. By following the steps and sticking with the program, you can reach your savings goal and have a tangible reminder of your progress along the way.

If socking away $5,050 in a little over three months feels too challenging, however, you might want to try one of the many other ways to gamify saving. The best approach to boosting the balance in your savings account is the one you’ll stick with.

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FAQ

Can I save $5,000 in 3 months with 100 envelopes?

Yes, it’s possible to save around $5,000 in three months with the 100 Envelope Challenge. The challenge is designed to be completed over 100 days, which is a little over three months.

How it works: You gather 100 envelopes and number them from 1 to 100. Each day you fill up one envelope with the amount of cash to match the number on the envelope.You can fill up the envelopes in order or pick them at random. After you’ve filled up all the envelopes, you’ll have a total of $5,050 saved.

How long does it take to complete the 100 envelope challenge?

The 100 Envelope Challenge is designed to be completed over 100 days. Each day, you deposit a specific amount of money into an envelope, starting with $1 on day #1, and increasing by $1 each day until you reach $100 on day #100. By then, you’ll have saved $5,050.

You can also choose to do the 100 Envelope Challenge over 100 weeks, filling each envelope according to the week number. In this version, you’ll save $5,050 in a little less than two years.

What are other money saving challenges besides the 100 envelope challenge?

There are several other money-saving challenges that you can try besides the 100 Envelope Challenge. Some popular alternatives include:

• 30-day Savings Challenge Here, you start with 30 envelopes, numbered 1 through 30. Each day, you put cash into an envelope, basing the amount on the number written on the envelope you choose. At the end, you’ll have saved $465.

• No-Spend Challenge With this approach, you commit to not spending any money on non-essentials for a set time period, say a week or a month. This can boost your bank account and highlight how much you spend on unnecessary purchases.

• Savings Percentage Challenge In this challenge, you commit to saving a specific percentage of your income each month, such as 10% or 20%. If you set up an automatic transfer, you can build your savings without even thinking about it.

Photo credit: iStock/solidcolours