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Apache is functioning normally

April 26, 2024 by Brett Tams

When both parents and kids in one family have student loans, you may benefit from a game plan about how to handle the debt and the stress that can go along with it. Perhaps the student is still in college and the parent is reaching the end of their payments. Or maybe the parent is currently getting a degree, and the child with student loans has just graduated and is living at home.

Whatever your particular situation may be, there is a silver lining when parents and kids both have student loans. You can all work together as a unit toward the same goal: to pay them off in the most manageable way possible.

Here, you’ll learn about the financial impacts of student loans, repayment strategies, how to prioritize financial security, and how to support each other. While being in debt can be hard, arming yourself with knowledge is a solid step forward.

Understand the Financial Impact

Student loans can have several impacts on individuals of any age. It can alter your budget and your debt-to-income ratio (also known as your DTI), meaning the amount of debt you carry versus your earnings. This, in turn, can make lenders less likely to offer you loans or credit, or do so at the most favorable rates.

To look at the big picture, student debt could affect your ability to do the following:

• Purchase housing, including renting an apartment or qualifying for a mortgage

• Get married due to financial setbacks and can also add stress to a marriage

• Commit to attending graduate school

• Build long-term savings

But keep in mind, plenty of people have student loans and achieve these things, whether the debt means a delay in plans or they find a way to forge ahead. And know that people without student loans also face financial challenges: Perhaps they have a lot of credit card debt or a mortgage that is difficult to pay. Know that you are not alone in having financial challenges.

If student debt proves to be really unmanageable, it can affect other areas of your life as well, and the consequences of default can range from ineligibility for more federal financial aid, having a default reported to credit bureaus, credit score impact, and paycheck garnishment.

Of course, you want to avoid these scenarios. So if your family unit has multiple members with student loans, it’s wise to start by having open communication between parents and kids. Take the following steps:

1. Talk with each other. Don’t sweep the topic under the rug. Talking about it together can help you both share knowledge, support one another emotionally during what can be a difficult time, and come up with ideas for tackling your debt.

2. Total it up. Identify the total student loan debt for parents and kids. Break it up individually and figure out how much you both owe and the types of loans you have. Federal or private? High interest rate or low interest rate? When does the loan interest accrue? Only after you map it all out can you see exactly what’s going on.

3. Explore the implications of student loan debt on future financial goals. How will student loan debt affect your future financial goals? Writing down your future financial goals can help you create goals for moving forward.

4. Budget together. Finding a budget that helps you manage and track your finances is crucial. Share learning about the different budgeting techniques available, experiment with them (including apps that may be provided by your bank), and land on a system that helps you.

💡 Quick Tip: Often, the main goal of refinancing is to lower the interest rate on your student loans — federal and/or private — by taking out one loan with a new rate to replace your existing loans. Refinancing makes sense if you qualify for a lower rate and you don’t plan to use federal repayment programs or protections.

Create a Repayment Strategy

Next, you can create a repayment strategy. Both parents and students can follow these steps:

• Understand the loans. Particularly in the child’s case, do they understand all the terms, including interest rate, repayment schedule, and cosigned loans? Cosigning means that the parents signed to obtain loans on their behalf. A Direct PLUS loan is a loan made to a parent to pay for a student’s education and cannot transfer to the child. The parent is legally responsible for repaying the loan.

• Look into repayment plans. Will you stick with the Standard Repayment plan or would a Graduated or Extended plan work better? Reach out to your loan servicer to find out if you qualify for an income-driven repayment plan. An income-driven repayment plan bases your payments on income and family size. It can help ensure that you make manageable payments every month.

You might also benefit from learning about the SAVE Plan, which replaces the REPAYE Plan, and can make debt repayment more manageable for some borrowers.

• See if you qualify for student loan forgiveness. If a government or nonprofit organization employs you, you might qualify for the Public Service Loan Forgiveness Program, or PSLF. If you qualify, you could have the remaining balance on your federal student loans forgiven. In other words, you won’t have to pay them back.

• Consider consolidating federal student loans. Consolidating means combining one or more federal education loans into a new Direct Consolidation loan to lower your monthly payment amount or gain access to federal forgiveness programs.

• Pay extra toward the principal. You can pay extra toward the principal, meaning you make more payments toward your loans every month — the principal is the amount you owe on your loans. This can help speed up repayment and potentially lower the amount of interest you pay over the life of the loan.

• Consider refinancing student loans. You can also explore refinancing your student loans, which means replacing your current student loans with private student loans. This might enable you to get a simpler single monthly payment that is more affordable. However, it’s important to know these two facts:

◦ When you refinance federal student loans with private ones, you forfeit federal benefits and protections, such as deferment and forgiveness. For this reason, think carefully about which option best suits your needs.

◦ When you refinance with an extended term, you may get a lower monthly payment, but you could pay more interest over the life of the loan. This knowledge can help you make an informed decision.

Yes, that’s a lot of information to digest and contemplate. What’s the right student loan debt solution? Ultimately, it’s determining the repayment strategy that will help you meet your financial goals while paying off your loans. Talking to your loan servicer about options can help, as can speaking with a nonprofit credit counselor who specializes in managing student loans.

Take control of your student loans.
Ditch student loan debt for good.

Prioritize Financial Security

What does it mean to prioritize financial security? Financial security means having the money to cover the necessities in your life, like food, water, and shelter, and having a safety net, like an emergency fund and having money stashed away for your future retirement. It also means balancing loan repayments with these other financial obligations.

Building financial stability could also include:

• Creating a budget: Creating a budget involves totaling up your income and subtracting your expenses, choosing a budgeting system, like an app, and tracking your expenses. Many experts recommend the 50/30/20 budget rule, which advocates spending 50% of your budget on necessities, 30% on wants, and 20% on savings and additional debt repayment.

• Putting together an emergency fund: Try to put some money aside for an emergency fund. Many experts recommend at least $1,000 to start and then go on to save three to six months’ worth of emergency expenses. That said, $1,000 can be a significant chunk of money. Setting up automated deductions from checking into a high-yield savings account ($20 or so per paycheck is fine) can get you started.

Building an emergency fund can help you combat unexpected expenses that may come up, like a job loss.

• Setting long-term financial goals: What long-term financial goals do you have? Set some long-term financial goals, such as saving for retirement or achieving homeownership with student loans. Both parents and college-aged or newly graduated kids can do this with a financial advisor who can help everyone balance loan repayments alongside other financial aspirations.

Support Each Other

This is a biggie, emotionally and financially. As you discuss your money goals, consider creating a joint plan. Kids should remember that parents still need support throughout this journey, and the reverse is true. Paying off debt and staying motivated during your repayment journey can be incredibly stressful.

Reach out to the people who will support you in your journey, and that includes resources and support networks for guidance, such as your student loan servicer, a financial advisor, and, if stress is an issue, a mental health provider.

Planning for the Future

Planning for the future may seem overwhelming while managing student loan debt. However, you don’t have to go it alone. Consider meeting with a financial advisor to discuss how to balance today (as in, your student loan repayment strategies) and tomorrow, such as putting away some funds for retirement.

It can be a good idea to have an objective, outside expert come in and evaluate your situation so they can help you devise a plan of action — in both kids’ and parents’ situations. You may feel as if you can’t possibly save for the future while focused on paying off your student debt, but a trained professional can often offer wise guidance.

Both parents and students may also wonder how to save for college for future generations. Ultimately, it’s important to secure your financial path first to reach your long-term financial goals and achieve financial freedom before worrying about future generations. After all, grandchildren can also borrow for college, but you can’t borrow for retirement. That said, this is another good topic to broach with a financial expert who is familiar with student loans and saving.

The Takeaway

Student debt can be challenging on its own, but when two generations of the same family are paying off their loans, it can feel overwhelming. It’s important to remember that student debt is a phase you are moving through, like paying off a car loan or mortgage. It doesn’t define you, nor is it with you forever. By supporting one another emotionally, budgeting well, and exploring repayment options, families can take control of their debt and pay it off in the most manageable way possible.

Looking to lower your monthly student loan payment? Refinancing may be one way to do it — by extending your loan term, getting a lower interest rate than what you currently have, or both. (Please note that refinancing federal loans makes them ineligible for federal forgiveness and protections. Also, lengthening your loan term may mean paying more in interest over the life of the loan.) SoFi student loan refinancing offers flexible terms that fit your budget.

With SoFi, refinancing is fast, easy, and all online. We offer competitive fixed and variable rates.

FAQ

How does student debt affect families?

Student debt can affect families in many ways, from stretching the family budget thin to making it difficult to save for long-term financial goals. However, families that devise a plan and explore their loan repayment options can pay off their debt and work towards future goals successfully.

What is the average student loan debt?

The average student loan debt is $37,718 on average per borrower of federal loans — about 92% are federal student loans and the remaining are private student loans. Including both federal and private loans, borrowers in the U.S. owe about $1.75 trillion in student loan debt.

Are children responsible for parents’ student loan debt?

No, children are not responsible for parents’ student loan debt. However, parents may be legally obligated to repay student loans on behalf of a child if they took out Parent PLUS loans.

Photo credit: iStock/Daniel Balakov

SoFi Student Loan Refinance
If you are a federal student loan borrower, you should consider all of your repayment opportunities including the opportunity to refinance your student loan debt at a lower APR or to extend your term to achieve a lower monthly payment. Please note that once you refinance federal student loans you will no longer be eligible for current or future flexible payment options available to federal loan borrowers, including but not limited to income-based repayment plans or extended repayment plans.

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

SOSL1223004

Source: sofi.com

Apache is functioning normally

April 25, 2024 by Brett Tams

Data Mining, Servicing, Marketing Products: Check Your Noncompete Agreement; Training Next Week

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Data Mining, Servicing, Marketing Products: Check Your Noncompete Agreement; Training Next Week

By:
Rob Chrisman

Wed, Apr 24 2024, 11:23 AM

Sometimes you just have to “risk it for the biscuit.” Capital markets are, for the most part, a little more complicated than, say, a recipe for next level dark chocolate brownies with salted caramel. Occasionally the topic of LOs or brokers being able to lock a loan, any time, any day, comes up. The New York Stock Exchange, owned by Intercontinental Exchange (ICE) has started polling market participants on their interest in and potential implications of an exchange that trades stocks 24/7. The polling underscores growing interest in trading stocks in off-hours. Could MBS be far behind? The survey comes after 24 Exchange, backed by Steven Cohen’s Point72, applied with the Securities and Exchange Commission to start the first 24-hour exchange. The prospect of 24-hour trading, which would likely lead to changes across the ecosystem, becomes a heavier lift for exchanges as they’re supervised by the SEC. Found here, this week’s podcasts are sponsored by Calque. With The Trade-In Mortgage powered by Calque, homeowners can buy before they sell, make non-contingent offers, and tap their home equity to fund the down payment on their next home. Today’s has an interview with Michael Bremer and Peter Kallodaychsak on interactions between lenders and Realtors in the wake of the proposed NAR settlement.

Lender and Broker Products, Software, and Services

Down Payment Resource’s Q1 2024 Homeownership Program Index (HPI) report reveals the largest annual jump in programs since it began tracking data in 2020, with 2,373 DPA programs now available nationwide. That’s 204 more programs than Q1 2023, a 9 percent YoY increase. DPR also noted that there’s at least one program in every U.S. county and 10 or more programs available in 2,000 counties, making it highly likely DPA could boost homeownership for borrowers in your footprint. The report also documents increases in programs for manufactured housing and multi-family purchases. Lenders are reminded that DPR is a software company, with a suite of tools to help you operationalize DPA to better serve your customers and lower your declines, especially among LMI buyers. Read the full report or schedule a demo to learn more.

“Every marketing team we’ve talked to is spread thin. Thankfully, Usherpa is here to help! Partnering with Usherpa means your sales team not only gets excellent done-for-them automated marketing campaigns, but your marketing team also gets all the tools and the support they need. Usherpa has its finger on the pulse of the market continually creating new, innovative marketing campaigns… for you! Usherpa’s award-winning automated SmartScore AI Opportunity Alerts and marketing campaigns (free for enterprise clients) are built on proprietary algorithms to target prospects in LO’s databases with effective messaging, creating hot call lists and inbound requests from prospects. Wouldn’t it be nice to have this type of targeted campaign, with proven ROI, launched automatically for your loan officers? Usherpa’s SmartScore AI alerts added an extra $1.4 billion pipeline volume and funded loans (and counting). Schedule a demo today.”

“Revolutionizing mortgage servicing through digital transformation! As Sagent CTO Uday Devalla recently explained in a fireside chat with Robert Turner (Kyndryl) and Manisha Tank (CNN International), since collaborating with Kyndryl to move away from legacy data centers and into the cloud, Sagent is focused on delivering a unified servicing workflow with end-to-end data to truly transform the business processes and improve the lives of the people who use our systems. To learn more about our future-of-servicing model and the benefits of our partnership with Kyndryl, check out our recap here (and watch the interview when you get a chance) and be sure to hit us with your questions.”

Interested in learning how retain/release MSR decisions can be included in your best execution strategy? Join MCT for a webinar today at 11:00 AM PT titled Complete Best Execution – Now Including Fully Integrated Retain/Release MSR Decisioning. In this webinar, MCT will review the current state of the MSR market and discuss more comprehensive retain vs. release strategies, in addition to our recently introduced fully integrated Enhanced Best Execution (EBX) solution. MCT’s Paul Yarbrough will then provide insights from a trader’s perspective regarding MSR best execution strategies at time of loan sale. He will also highlight MCT’s Rapid Commit technology and assignment of trade processes. This session will include a live demo of the EBX (MCTlive! and MSRlive!) integration, showcasing how EBX can effectively optimize your flow MSR trading process and decisions. Register for the webinar to join the session.

Tired of granting excessive concessions that impact your bottom line? Say goodbye to unnecessary giveaways with Optimal Blue data at your fingertips! Access to OB’s data solutions empowers you to make informed decisions, leveraging real-time market insights to negotiate with confidence. With over 35 percent of loans priced and locked through our platform, we offer the depth of market data you need to optimize every deal and maximize profitability. Whether you’re a bank, credit union, or independent mortgage banker, our user-friendly data solutions make it easy to access the information you need to secure the best terms for your borrowers and your business. Learn more about Optimal Blue’s data offerings today to start saving time, money, and headaches on every loan transaction.

Snapdocs released new industry research that found lenders using the company’s eClosing platform experience 18-day faster loan velocity than their industry peers. The survey was conducted by STRATMOR Group with data self-reported by mortgage lenders. I got a note from Michael Sachdev, CEO of Snapdocs, that said eClosing technology, when paired with the right partner to scale adoption, is helping lenders set new industry benchmarks for loan processing speed, operating costs, and borrower satisfaction. So often we see vendors make claims about their product value, but this report is a good example of that validation being sourced directly from the lender users themselves.

Most Noncompetes Now Illegal, Except…

The Federal Trade Commission narrowly voted Tuesday to ban nearly all noncompete agreements, employment agreements that typically prevent workers from joining competing businesses or launching ones of their own. The FTC received more than 26,000 public comments in the months leading up to the vote. The FTC estimates about 30 million people, or one in five American workers, from minimum wage earners to CEOs, are bound by noncompetes. It says the policy change could lead to increased wages totaling nearly $300 billion per year by encouraging people to swap jobs freely. The ban, which will take effect later this year, carves out an exception for existing noncompetes that companies have given their senior executives, on the grounds that these agreements are more likely to have been negotiated. The FTC says employers should not enforce other existing noncompete agreements.

Training, Webinars, and Events Next Week

The Independent Community Bankers of America (ICBA) will host hundreds of community bank leaders during the 2024 ICBA Capital Summit from April 28 to May 1 in Washington. As part of ICBA’s annual advocacy gathering, community bankers will meet with policymakers to discuss ICBA’s regulatory and legislative agenda and share personal accounts of their efforts to stimulate economic growth and support the diverse financial needs of consumers.

Great things are happening around the 2024 Fair Lending Forum, April 29 – May 1 in Charlotte, NC! Asurity is thrilled to announce that Josh Stein, North Carolina Attorney General, will be joining us! He will share his perspectives on fair lending during a fireside chat with our Founder and CEO, Andy Sandler titled The Role of State Attorney Generals in Fair Lending Enforcement. Other prominent speakers are Bob Broeksmit, President and CEO of MBA; Lindsey Johnson, President and CEO of CBA: Grovetta Gardineer, Sr. Deputy Comptroller for Bank Supervision Policy, OCC; Ben Olson, Senior Associate Director for Consumer Protection & Supervision, FRB; Varda Hussain, Principal Deputy Chief for Fair Lending in the Civil Rights Division, Housing and Civil Enforcement Section, DOJ; and Frank Vespa-Papaleo, Principal Deputy Director of Fair Lending, CFPB. Register at www.fairlendingforum.com.

How are Biden’s new student loan repayment programs impacting mortgage affordability? Join LoanSense for a market and student loan update. Lake Michigan Credit Union will join and share how LoanSense helps their credit union members qualify for $50,000+ more home in 21 days. Sign up for the May 1st webinar at 3PM ET.

New York MBA webinar on May 1st at 12pm will explore the journey from origination through servicing, focusing on how to initiate and maintain an electronic process leveraging the latest in digital mortgage technology. Dive into the benefits of MISMO SMART Doc® Version 3 disclosures, eNote, eVault, and the differences between hybrid and full eClosing processes with remote online notarization (RON) and in-person electronic notarization (IPEN). Additionally, strategies for default resolution with digital execution to enhance homeowner engagement and streamline servicer workflows. Hosted by Ryan Murray, Tim Anderson, Shane Hartzler with Stavvy.

If you’re in Minnesota on May 1st, 10:00am – 12:00pm and a Loan Originator, are you interested in creating and building strong realtor relationships? If so, register and attend the “Mastering the Realtor Referral Relationship” presented by Steven Ross, Author of Doors Open When You Knock.

Looking for more in-depth commentary on weekly mortgage news? Register here for “Mortgage Matters: The Weekly Roundup” presented by Lenders One. Every Wednesday at 2:00 PM EST/11:00 AM PT join Robbie Chrisman and Justin Demola for a dive into a range of mortgage-related topics, including market trends, interest rate fluctuations, innovative mortgage products, and industry advancements. On May 1 listen to Vice President, FICO Mortgage and Capital Markets, Joe Zeibert.

Register for NALHFA Annual Conference 2024, May 1-4 in Las Vegas. Experience education and connection at NALHFA 2024 with an Affordable Housing Bus Tour, Women in Finance Luncheon & Roundtable, Speaker Sessions, and Networking Opportunities.

Thursday, May 2nd, at 3PM ET, Rich Swerbinsky is interviewing the CFPB’s Mark McArdle on what the big misconceptions about the CFPB are, and where its focus is currently.

Register for the Maryland Mortgage Bankers and Brokers Association Annual Conference, scheduled for Thursday, May 2nd, 10 a.m. to 4 p.m. in the picturesque setting of Queenstown. This year’s conference will delve deep into the dynamics of the mortgage industry and explore the current market trends. Whether you’re a seasoned professional or just stepping into the mortgage world, this event promises valuable insights to navigate the industry’s landscape.

Join Northern Michigan Luncheon, Thursday, May 2, 11:30 AM – 1:00 PM at Silver Spruce Brewing Company, to hear from a panel of VA Loan Experts and they dive into the specifics of this loan type, any changes that are coming on VA loans and much more. They’ll also be discussing the pending NAR settlement, and what changes that brings to VA loans, sales, and associated realtor fees.

Friday the 3rd we’ll see an episode of The Mortgage Collaborative’s Rundown covering current events in the mortgage market for 30-45 minutes starting at noon PT, 3PM ET, in “The Rundown”.

Capital Markets

Spoiler alert: the U.S. economy is motoring along with interest rates at these levels. The U.S. economy appears to be on track for a soft landing, with notable obstacles being a potential resurgence of inflation and heightened geopolitical risks. There’s been a cautious stance on interest rate adjustments from Fed members of late, and some have even floated the possibility of a hike, if warranted by data. Atlanta Fed President Bostic anticipates a slower path to achieving 2 percent inflation than the Fed originally thought, while New York Fed President Williams is not feeling any urgency to cut rates and didn’t rule out the possibility of a hike in his latest remarks. Bostic doesn’t foresee easing until year-end, and Minneapolis Fed President Kashkari also suggested the Fed could maintain rates throughout the year.

Looking ahead, while no changes to the fed funds rate are expected, a slowdown in the pace of balance sheet runoff is anticipated. The Committee may announce a reduction in the runoff of Treasury securities starting in June, capping it at $30 billion per month, compared to the current cap of $60 billion per month. This adjustment reflects a cautious approach to monetary policy amid economic uncertainties, aiming to maintain stability while monitoring key indicators such as inflation and geopolitical developments.

We learned yesterday that new home sales jumped 8.8 percent to a 693k-unit pace in March, the strongest pace since September 2023. New home sales should continue to gradually improve with a sturdy economy, and structural affordability and availability constraints in the resale market should also help. That noted, strength in the Northeast and West regions has fluctuated, impacting supply dynamics, and higher interest rates and rising existing supply could weigh on the new home market moving forward.

Today’s economic calendar kicked off with mortgage applications from MBA, which decreased 2.7 percent from one week earlier. We’ve also received the always volatile Durable goods orders for March (+2.6 percent). Later today brings some Treasury auctions that will be headlined by $30 billion 2-year FRNs and $70 billion 5-year notes. We begin the day with Agency MBS prices slightly worse than Tuesday night, the 10-year yielding 4.63 after closing yesterday at 4.60 percent, and the 2-year is at 4.94.

Employment

“Join a premier, mid-sized independent mortgage banker and award-winning lender as a Financial Controller and key member of our Senior Management Team. Recognized by National Mortgage News as one of the best companies to work for, we operate branches along the East Coast, and in Texas, with plans for strategic growth and expansion in 2024 and beyond. The Financial Controller develops and implements the overall financial strategy by overseeing accounting and cash management, driving the company’s financial planning, and managing the accounting staff within the department. The ideal candidate will have 7+ years of experience in mortgage banking and a strong background in accounting and financial management. If you are prepared to play a pivotal role as a Financial Controller in a corporate culture that is dynamic, innovative and collaborative, please email Chrisman LLC’s Anjelica Nixt to forward your confidential note. Remote or Washington DC metropolitan based.”

Figure Technology Solutions announced the appointment of Michael Tannenbaum as Chief Executive Officer and a member of the Board of Directors, effective immediately. Michael comes over after stints as Chief Operating Officer, Chief Financial Officer, and Chief Business officer at Brex, and Chief Revenue Officer at SoFi. Mike Cagney, Co-Founder, and previous Chief Executive Officer of Figure, has assumed the role of Executive Chairman. (The appointment of Mr. Tannenbaum follows the launch of Figure’s DART System, a combined lien filing and eNote registry service, and the company’s AI and machine learning-powered borrower-facing chatbot, which improves customer support efficiency and further streamlines the HELOC origination process.)

A&D Mortgage announced the appointment of Satish Vishwakarma as its new Servicing Manager where he will be responsible for overseeing the day-to-day operations of the Mortgage Servicing group, ensuring the successful management of mortgage servicing teams, and leading efforts to streamline operations, enhance quality, and reduce costs.

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

Source: mortgagenewsdaily.com

Apache is functioning normally

April 25, 2024 by Brett Tams

Uneventfully Weaker Regardless of Durable Goods Data

By:
Matthew Graham

Wed, Apr 24 2024, 4:43 PM

Uneventfully Weaker Regardless of Durable Goods Data

Bonds were weaker in the overnight session on a combination of anxiety over potential sales of US Treasuries in Japan and European economic data. The domestic session brought actual selling of US Treasuries in the form of the 5yr Treasury auction, but the market already knew about that one. The auction was reasonably well received and had no impact on trading levels. Earlier in the morning, Durable Goods came out right in line with expectations and also had essentially no impact. Overnight weakness was maintained throughout the day with most of the momentum being sideways near recent highs yields.

- Durable Goods
  - 2.6 vs 2.5 f’cast
  - last month revised from 1.3 to 0.7
- Durables, excluding defense and aircraft
  - 0.2 vs 0.2 f’cast
  - last month revised from 0.7 to 0.4

09:06 AM

Weaker overnight and little-changed after AM econ data. 10yr yield up 4.1bps at 4.644. MBS down 6 ticks (.19).

10:51 AM

Weakest levels. MBS down 7 ticks (.22) and 10yr up 5.6bps at 4.657

01:04 PM

Boring 5yr auction. No major reaction. MBS down 5 ticks (.16). 10yr up 4.8bps at 4.649.

03:55 PM

Roughly unchanged from the last update and mostly flat since the late AM hours.

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

Source: mortgagenewsdaily.com

Apache is functioning normally

April 24, 2024 by Brett Tams

The following is a sponsored partnership with Kudos. Have you heard about Kudos – the free AI-powered wallet that helps you get more out of your credit cards? In this Kudos Review 2024, I’ll explain how this desktop browser extension and iPhone app helps you earn the maximum rewards and benefits when shopping online. With…

The following is a sponsored partnership with Kudos.

Have you heard about Kudos – the free AI-powered wallet that helps you get more out of your credit cards? In this Kudos Review 2024, I’ll explain how this desktop browser extension and iPhone app helps you earn the maximum rewards and benefits when shopping online. With the average Kudos member earning $750 per year, you won’t want to miss out on this game-changing tool!

With Kudos, you can always choose the best card for maximum rewards at checkout, easily autofill your card information (including CCV) with just one click, find new cards that match your shopping preferences, and more.

Plus, Kudos has helped its members earn $150 million in rewards and counting!

The best part? Kudos is completely free. That’s right—no hidden fees. Just shop like you normally do, and Kudos automatically helps you during checkout to maximize your rewards.

If you don’t want to leave money on the table, there’s no reason not to use Kudos to take the guesswork out of deciding which credit card to use for each online purchase.

Personally, I find Kudos incredibly helpful. As someone with multiple rewards credit cards, each with their own unique benefits, Kudos saves me a ton of time by instantly identifying the best card to use for each transaction. This not only simplifies my life but also helps me earn more money!

This is great so that you are using the full potential of your credit cards.

And, even if you only have one credit card, Kudos is still helpful! This is because, at many online stores, you can still double your rewards for using the Kudos browser extension and earn points to put towards free gift cards.

You can download Kudos for free by clicking here. Plus, use code “CENTS” to earn $20 back after your first eligible Boost purchase.

Key Takeaways from this Kudos Review 2024

Kudos is a free AI-powered wallet that maximizes your credit card rewards when you shop online, whether you’re buying groceries, clothing, travel packages, furniture, or anything else—all with a single click.
With Kudos, you no longer have to guess which credit card to use for each purchase. Just shop like normal and Kudos will automatically recommend the best card to make sure you always earn the highest cashback, points, or miles on every transaction.
Kudos supports over 2 million stores, so you’re virtually guaranteed to find your favorite retailers and maximize your rewards with them.
Even if your credit card doesn’t typically offer rewards, you can still earn rewards by shopping through the Kudos browser extension at participating merchants.
Kudos is compatible with all major desktop browsers (Chrome, Safari, Edge) and is also available as an iPhone app, making it easy to boost your credit card rewards across every device.

Kudos Review 2024

Below is my Kudos review.

What is Kudos?

Kudos (also known as Kudos Technologies, Inc.) is a helpful AI-powered browser extension and app designed to help you make the most of your credit cards, particularly when shopping online. It was founded by Tikue Anazodo and Ahmad Ismail, and Kudos has been featured on Forbes, Yahoo Finance, Bloomberg, The Motley Fool, Nasdaq, and more.

Think of it as a smart wallet for your browser. Driven by the complex world of credit card rewards, the Kudos team created this tool to simplify the process.

Here’s how it shines: Select the cards you commonly use (without the need for any sensitive bank details) and Kudos tells you which one to use at checkout. You see, your cards might be packed with potential rewards for different spending categories—travel, groceries, or dining.

Different credit cards have so many different benefits (such as the rewards percentage, extended warranties, purchase protection, insurance, and more), which can be difficult to keep track of.

Kudos makes sure you’re using the best card possible to earn the most rewards, which is especially useful if you have more than one rewards credit card.

Members have collectively earned over $150 million in rewards with Kudos. On a personal level, you could boost your annual shopping rewards by an average of $750 just by using Kudos.

Plus, Kudos is super user-friendly. You can add it to your preferred desktop browser (Chrome, Safari, Edge) or use it on your iPhone, and it’s completely free. The service makes money by earning a small commission when you shop at participating stores or sign up for a card through their recommendations.

When you shop without Kudos, you could be missing out on opportunities to earn rewards with your purchases. Why miss out on potential earnings when Kudos provides a free and simple solution?

Kudos also has a really helpful Instagram account full of helpful credit card tips. I highly recommend checking that out here.

How Kudos works

Imagine you’re online shopping, ready to checkout, and you pause, thinking, which credit card do I use? That’s where Kudos steps in, always there to give you the best advice.

Kudos knows your cards and suggests which one to use at checkout. But how? First, you add your credit cards to the Kudos wallet. It’s safe and simple. When it’s time to buy something, Kudos pops up and says, “Hey, use this card!” Why? Because it’s the card that will give you the most rewards or savings for that purchase.

Here are the steps to get started:

Download the Kudos browser extension (takes less than a minute to do) on your desktop browser (Chrome, Safari, Edge) or iPhone. You’ll also answer basic questions like your name and the type of credit card you have (such as the Chase Freedom card).
Shop like you normally do.
Once you’re ready to checkout, Kudos will automatically appear to let you know which credit card you should use to get the most rewards and benefits.
Click the card you want to use and Kudos will then autofill the card info, making checkout a breeze.

What stores does Kudos work on?

Kudos works at over 2 million online stores and with over 3,000 credit cards – so there’s a very good chance that it’ll work for you.

Don’t see a store supported or can’t find your card? Their support team is super responsive and will help you out!

After I told Kudos what credit card I wanted to add, the site then told me what benefits I have.

Kudos vs. other rewards tools: What sets Kudos apart?

When it comes to maximizing credit card rewards, Kudos stands out from other popular tools like Rakuten, Honey, and Capital One Shopping.

While these platforms primarily focus on providing cashback offers or coupon codes, Kudos takes a more comprehensive approach to optimize your entire credit card strategy.

What sets Kudos apart is its AI-powered technology that analyzes your specific credit cards and spending habits to recommend the best card for each purchase.

This makes sure that you’re not only earning cashback but also maximizing your points, miles, and other card-specific perks. By considering factors like bonus categories, statement credits, and exclusive benefits, Kudos helps you get the most value out of your credit cards.

Key Features of Kudos

When shopping online, you want to stretch your dollar as far as it can go. Kudos has features that make this easy by helping you get the most out of your credit cards such as:

Maximize your credit card rewards

When you’re shopping online, Kudos helps you pick the best card to use to maximize your rewards and benefits.

With Kudos, you no longer have to guess which credit card to use. This AI-powered wallet automatically recommends the best card for each purchase, making sure you always receive the highest cashback, points, or miles possible.

I personally didn’t even know that one of my credit cards had some of the benefits that Kudos listed, and I can’t believe I had been wasting so much money by skipping out on such a valuable benefit! Kudos makes it very easy for me to see my card’s benefits all in one easy place.

Plus, if you’d like, you can add your credit card information to Kudos, and Kudos will autofill your card info (including CCV) to make checking out fast.

Another way that Kudos helps you earn more rewards is because Kudos helps you build your Dream Wallet so you can get the most out of your everyday purchases. You’ll go through a quick quiz to help Kudos gather information about your needs.

Double your rewards with Kudos Boost

With Kudos, you can increase the amount you can get in credit card rewards with just one click.

If you usually earn 4% cash back when shopping at sites like Walmart or Sephora, you’ll now earn a total of 8% back with Kudos Boost. The best part? You can earn Boost at participating stores even if your card doesn’t offer its own rewards.

Kudos Boost are reward points you earn by shopping at Boost merchants.

It works like this:

Shop at one of Kudos’ 15,000 participating Boost merchants
Click “Activate Boost” on the bottom right corner of the screen
Use Kudos at checkout – At checkout, Kudos will find your best credit card to use, autofill the payment forms, and match your credit card rewards.
Redeem rewards for a gift card

You’ll receive an email from Kudos around 1-2 days after completing an eligible transaction. After the store confirms your purchase it usually takes between 60 to 120 days for your rewards to be available, and you can then find your rewards on your Activity page on Kudos.

When you’ve earned 1,000 Kudos Boost points (equal to $10.00 USD), you can exchange them for an Amazon gift card.

Receive personalized credit card recommendations

Stop wasting time opening up credit card application pages on incognito. You can receive access to elevated card offers on Kudos’ Explore Tool through their partnership with The Points Guy.

So, if you are looking for a new credit card, use Kudos to help filter the best one for you and your situation and compare different cards in one easy place.

For example, Kudos member Christina L. was able to get 150,000 Membership Rewards points after spending $6,000 on the Amex Platinum card within the first three months of account opening. That’s almost double the 80,000 points after spending $8,000 found on the American Express website!

Answer all your credit card questions with MariaGPT

Maria GPT is an AI-powered, personalized assistant designed to answer all your credit card questions, available on the Kudos mobile app.

She can help you understand the benefits of your current cards and offer personalized suggestions for new cards based on your spending habits, goals, and objectives.

Frequently Asked Questions about Kudos Review 2024

Below are common questions about Kudos, the free AI-powered wallet.

Is Kudos free to use?

Kudos is free to use.

How does Kudos make money?

Kudos earns a small affiliate commission when you make an online purchase at one of their participating merchants. Additionally, if you use the Kudos Explore Tool to apply for a new credit card, Kudos may receive a payment from the credit card issuer.

Is there a Kudos referral code?

Yes! Sign-up for Kudos for free and use the Kudos referral code “CENTS” to earn $20.00 back after your first eligible Boost purchase.

How much can you earn with Kudos?

On average, Kudos members earn $750 per year in rewards by using the app to maximize their earnings.

Do I need to provide my credit card numbers to use Kudos?

No, you don’t need to enter your credit card numbers to use Kudos. Simply select the cards you have in your wallet, and Kudos will help you maximize your benefits at checkout. Providing your credit card information is optional if you want to speed up the checkout process.

Can I use Kudos with other browser extensions?

If you use Kudos Boost and then activate another rewards program like Rakuten, Honey, Capital One Shopping, or others during the same shopping session, Kudos may not be able to earn an affiliate commission. To make sure you get maximum rewards, it’s best to use Kudos exclusively during your online shopping.

Is Kudos wallet legit?

Yes, Kudos is a legitimate browser extension and app used by over 200,000 shoppers who have earned over $150 million in rewards. You can find genuine user reviews on trusted platforms like Trustpilot, Chrome Web Store (4.8/5 stars from 667+ reviews), and the Apple App Store (4.7/5 stars from 3,500+ reviews).

Is Kudos safe and secure?

Yes, Kudos prioritizes user security and employs industry-leading protocols, including bank-grade 256-bit encryption, to safeguard your data. Kudos handles your personal and financial information with the utmost care and never sells or shares it with third parties. You can feel confident and secure when using the Kudos browser extension and app.

My Kudos Review 2024: Final Thoughts

I hope you found this Kudos review informative and helpful in understanding how this AI-powered wallet can help you maximize your credit card rewards.

Navigating the world of credit card rewards can be overwhelming, but Kudos simplifies the process with its intelligent recommendations. By analyzing a database of over 3,000 cards, Kudos ensures you always use the best card for each purchase, boosting your rewards effortlessly.

In addition to its AI-driven recommendations, Kudos streamlines your online shopping experience with a one-click autofill feature. This not only saves you time but also guarantees that you’re always using the card with the most advantageous benefits for each transaction.

Personally, I find Kudos to be a must-have shopping tool. As someone with multiple rewards credit cards, each with their own unique perks, trying to determine which card to use for every purchase can be time-consuming and confusing. Kudos eliminates this hassle by automatically identifying the best card for each transaction, allowing me to maximize my rewards efficiently.

Even if you only have a single credit card, Kudos can still help you earn more rewards. By shopping through the Kudos browser extension at thousands of participating online stores, you can accumulate points that can be redeemed for free gift cards. This means that regardless of how many credit cards you have, Kudos enables you to optimize your rewards earning potential.

Kudos also helps users find new credit cards through its partnership with The Points Guy, a well-known credit card rewards and travel website. By using the CardMatch service, Kudos helps users find the best credit card offers tailored to their specific needs and spending habits. This feature is particularly useful for those looking to expand their credit card portfolio and maximize their rewards earning potential across multiple cards.

You can sign up for Kudos for free by clicking here.

Do you use Kudos? What other questions do you have for this Kudos review?

Source: makingsenseofcents.com

Apache is functioning normally

April 23, 2024 by Brett Tams

Sometimes Sideways is The Best Case Scenario

By:
Matthew Graham

Fri, Apr 19 2024, 4:32 PM

Sometimes Sideways is The Best Case Scenario

Granted, there was a possibility that today could have been a rally day for the bond market, but as seen in the overnight trading session, that possibility depended on the escalation of war in the Middle East. There aren’t many other reasons for bonds to push back too much on recent weakness. One of the only other reasons would be Friday position squaring and short covering, but that would be just as much of an indication of ongoing bearishness in bonds. In that sense, holding sideways is possibly the best victory we could have hoped for today. The fact that we’ve avoided Tuesday’s high yields through the end of the week could even signal sideways vibes until May, at which point data and the Fed will let us know the direction of the next big move.

09:38 AM

Initially stronger overnight, but giving up gains since then. 10yr down 1.7bps at 4.609. MBS up 1 tick (.03).

10:27 AM

10yr all the way back to unchanged at 4.627. MBS down 2 ticks (.06)

02:02 PM

Broadly sideways and choppy, but currently unchanged in MBS and 10yr.

04:27 PM

Still sideways. MBS up 1 tick (0.03) and 10yr down half a bp at 4.622

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

Source: mortgagenewsdaily.com

Apache is functioning normally

April 23, 2024 by Brett Tams

Despite the obvious appeal of side hustles — more money! — they’re not for everyone. If your side hustle makes you stress out, neglect relationships, or miss opportunities at your day job, then consider it a bad idea. Side hustles are only beneficial when they help you accomplish goals without sacrificing what matters most.

Side hustles are often promoted as a simple way to generate extra cash or fulfill your passions. However, the often-ignored price tag is physical and mental strain. Not to mention the time requirement and potential financial commitment necessary to get a gig going.

Read on to find out how to evaluate your options and goals before taking on a side hustle.

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Track your credit score for free. Sign up and get $10.*

What Is a Side Hustle?

A side hustle refers to a second job or source of income that people pursue outside their primary employment. The purpose may be to earn extra money, pursue a pet project, or develop skills in a different area.

A side hustle can take various forms, from freelance work or consulting to selling handmade crafts or driving for a rideshare service. Renting out property and offering tutoring services also qualify. The point is leveraging your time and skills to pad your budget or explore a wider field than your day job allows.
💡 Quick Tip: We love a good spreadsheet, but not everyone feels the same. A free budget app can give you the same insight into your budgeting and spending at a glance, without the extra effort.

Pros and Cons of a Side Hustle

Browse the pros and cons below, and make a mental note of how many of each apply to your situation. If one side of the scales is considerably heavier, your decision may be obvious.

Pros of a Side Hustle

Here’s a breakdown of the benefits of a side hustle:

• Develop Your Career: Side hustles can provide a valuable opportunity to develop skills, gain experience, and broaden your professional horizons. By taking on projects or roles outside your main job, you may acquire new competencies to help advance your career or get a promotion. Additionally, side hustles can demonstrate initiative, entrepreneurial spirit, and versatility to potential employers, enhancing your marketability and opening up new opportunities.

• Switch Up the Norm: A side hustle allows you to break away from the routine of your primary job. This variety can be refreshing and stimulating, helping to prevent boredom and burnout. Whether you’re pursuing a different passion, exploring a new industry, or experimenting with creative projects, having a side hustle can inject excitement and fulfillment into your life outside work.

• Build Your Network: Side hustles often involve interacting with different people and communities, which can expand your professional network. Whether you’re collaborating with clients, partners, or fellow freelancers, each connection presents an opportunity to exchange ideas, learn from others, and potentially uncover new career prospects. Building a diverse network through your side hustle can provide valuable support, mentorship, and referrals in your professional journey.

• Channel Creativity: Side hustles offer a platform for expressing your creativity, passions, and interests outside your primary job. Whether it’s writing, photography, crafting, or any other form of expression, a side hustle can bring more meaning and fulfillment than your 9-to-5. This outlet can serve as a source of inspiration, relaxation, and personal growth, enriching your life beyond the confines of your main occupation.

• Increase Income: One of the most practical benefits of a side hustle is the extra money. Whether saving for a major purchase, paying off debt, or simply seeking financial security, the income from your side hustle can provide greater financial flexibility and stability. Likewise, having multiple streams of income can be a buffer against economic uncertainty and provide a safety net in case of job loss or another hardship.

Cons of a Side Hustle

On the other hand, these are the potential drawbacks of a side hustle:

• Less Time to Relax: Side hustles require time and effort, eroding your leisure time. Working 60+ hour weeks can lead to fatigue and even burnout. When juggling your day job, side hustle, and personal commitments causes you to lose sleep, your quality of life can become unsustainably low.

• Distraction from Work: A side hustle can encroach on your attention and focus during work hours. Constantly thinking about your other gig, responding to email, or taking calls while at your main job can detract from your performance. If colleagues or supervisors perceive your divided attention, this can also strain your professional relationships and undermine your credibility.

• Managing the Stress of Two Jobs: Managing the demands of a side hustle on top of your primary job and personal responsibilities can significantly increase stress. Deadlines, client expectations, financial pressures, and the need to constantly switch between different roles and tasks can elevate anxiety. Chronic stress associated with balancing multiple commitments can affect your mental and physical health over time.

• Sustainable Prices Can Be Elusive: Setting prices or negotiating rates for your side hustle services can be challenging, especially if you’re just getting started or dealing with imposter syndrome. Striking the right balance between competitiveness and fair compensation can be tricky, and you may encounter situations where clients or customers undervalue your work. Plus, breaking into a competitive market may require setting prices so low that you work at a loss for the first few months or even years. As a result, your side hustle may ding your budget instead of adding to it.

💡 Quick Tip: An online money tracker makes monitoring your spending a breeze: You can easily set up budgets, then get instant updates on your progress, spot upcoming bills, analyze your spending habits, and more.

When Does a Side Hustle Make Sense?

Several ingredients are key for a side hustle to make sense for your situation. First, it’s essential to have a clearly defined reason for pursuing a side hustle. For example, you may want to generate income, follow a creative impulse, or pave a path to a new career. This clarity of purpose will guide your efforts and motivate you throughout your side hustle journey.

Second thorough research is crucial to understanding the market, demand, competition, and potential challenges associated with your chosen side hustle. This is significant even if you don’t have financial aspirations for your other gig.

For example, if you’re interested in fitness, is your specific angle better suited for a blog or a YouTube channel? Will you create a social media presence to drive more traffic? What kind of value are you delivering to your audience?

In a different vein, if you want to become a rideshare driver, which company offers the best pay? Do you have a presentable vehicle that you’re willing to put miles on? Answering these kinds of questions will help you make informed decisions and set realistic expectations. Not doing your homework will likely bring a lack of results, monetary loss, and frustration.

Next, understand the time commitment your side hustle will require. For instance, a few hours of woodworking on the weekend is less demanding than taking a constant flow of orders on Etsy. If your schedule is already full to the brim from your primary job, family responsibilities, and personal pursuits, incorporating a side hustle can do more harm than good. Even if you work a side gig with your significant other, it’s not the same as spending quality time together.

Finally, your side hustle should fit into the larger picture of your goals and values. For instance, you might start a side hustle in order to build a $5,000 emergency fund. Or you could take a software engineering course in the evenings that will help you eventually switch careers. In any case, your side hustle should have specific benefits and point toward a defined objective. Otherwise, you’ll burn time without accomplishing much.

The Opportunity Cost of a Side Hustle

The “opportunity cost” of a side hustle depends upon the resources you invest. When you dedicate yourself to anything, you lose opportunities to engage in leisure activities, spend time with family and friends, and take vacations. In essence, the opportunity cost of a side hustle equals the value you place on other aspects of life that matter most.

Also ask yourself what is the financial cost of your side hustle? You might have to invest money to purchase materials or pay for marketing. You might also give up overtime at your primary job. That’s cash that could go into savings, investments, or paying off debt.

Likewise, your time could be going into skill development for your day job, leading to promotions or raises. Plus, your employer might sponsor specific types of professional development, resulting in free training that moves your career forward and increases your salary.

Ultimately, the opportunity cost of a side hustle varies depending on individual circumstances, goals, and priorities. It’s essential to carefully consider these factors and assess how the benefits of the side hustle compare to the time and money.

Examples of Side Hustles

While there are unusual ways to make money, side hustles are typically more accessible. Here are some side hustles that match with a range of backgrounds and skill sets:

• Freelancing: Offer services such as writing, graphic design, programming, bookkeeping, and more. You’ll take projects on a contract basis with multiple clients.

• Dog Walking: Providing exercise and companionship for dogs by taking them on walks on a regular or as-needed basis.

• Blogging: Creating and maintaining a consistent feed of valuable written content on a topic you love or have expertise in. Find out how much it costs to start and run a blog.

• Non-Medical Senior Care: Assisting elderly individuals with daily tasks (shopping, bathing, housework, etc.) and providing companionship to support their wellbeing.

• Babysitting: The tried-and-true income-generator for teenagers and adults alike. You’ll care for children in the evenings and on weekends when parents are busy or need a break.

• Personal Assistant: Providing administrative support and assistance to individuals or businesses. You’ll manage schedules, run errands, and handle correspondence. You can also be a virtual assistant and provide numerous essential services (bookkeeping, arranging travel, etc.), therefore creating a side hustle from home.

• Handyman: Offering services to repair, maintain, and improve residences. You can specialize in one or more areas: plumbing, electrical work, carpentry, or general home tasks.

• Crafting: Creating handmade goods and artwork, such as jewelry, clothing, and home décor, to sell online or at craft fairs.

• Cooking/Baking: Crafting you can eat! Get to work in the kitchen to make treats, desserts, or meal kits for sale.

• Private Tutor: Providing personalized academic instruction to students in a particular subject or skill, often on a one-on-one basis.

• Self-Publishing: Writing and publishing books or other written works independently, without the involvement of traditional publishing companies. Self-publishing is inexpensive because your work will be accessible as an ebook.

• Teaching Online Courses: Creating and delivering educational courses or tutorials on a specific topic via online platforms is another side hustle from home.

• Product Tester: Testing and reviewing products or services for companies or brands, often providing feedback and insights based on personal experience.

• E-Commerce: Selling products or services online through a website or online marketplace, which may involve sourcing or creating products, managing inventory, and handling customer inquiries and orders.

When Is a Side Hustle Not Worth It?

A side hustle may not be worthwhile because of the toll on your physical, mental, and financial wellbeing. Here are more specific ways that a side hustle can negatively impact your life:

• Burnout: Working an 8-hour job and dedicating 2 to 4 additional hours per day to your side hustle leaves little room for anything else. The demands of a side hustle can result in excessive stress, fatigue, and burnout.

• Missed Career Advancements: Devoting significant time and energy to a side hustle may detract from opportunities for advancement in your primary job. They can also keep you from visualizing a sustaining career. So if you’re in a job you don’t like, a side hustle can act as a bandage instead of a cure. It’s advisable to focus on switching vocations instead of supplementing your income through another unsatisfying side job.

• Unhealthy Lifestyle Habits: A demanding side hustle may lead to poor eating choices due to lack of time for meal prep, insufficient exercise, and disrupted sleep. Over time, these habits damage physical health and overall quality of life.

• Strained Relationships: Spending excessive time on a side hustle can strain relationships with family, friends, and romantic partners. Missing significant events or quality time with loved ones due to work commitments can lead to feelings of resentment and isolation.

• Financial Costs: Some side hustles require upfront investments of time and money, for purchasing inventory or equipment, marketing expenses, or training courses. If the return on investment does not justify these costs, the side hustle may not be financially sustainable in the long run.

• Not-So-Passive Income: Many side hustles require active participation and ongoing effort to generate income, which can limit scalability and long-term earning potential. Without the ability to create passive income streams, you’ll constantly trade time for money without achieving financial freedom.

• Neglecting Personal Growth: A side hustle that consumes all available time and energy may leave little room for hobbies or other interests. Over time, this can lead to stagnation and dissatisfaction with your lifestyle.

Side Hustle Tips

A side hustle can quickly get out of hand or detract from your life if you’re not careful. Here’s how to create a practical side hustle that serves your needs:

• Start Small: When beginning a side hustle, starting with manageable tasks or projects that don’t require a significant investment of time or resources is wise. Starting small allows you to test the waters, gain experience, and assess the viability of your chosen side hustle without taking on too much risk. As you gain confidence and experience, you can gradually expand and scale your side hustle over time.

• Play to Your Strengths: Identify your special skills, interests, and areas of expertise, and leverage them in your side hustle. By focusing on activities that align with your strengths, you’re more likely to enjoy the work, excel at it, and differentiate yourself from competitors. This approach also allows you to maximize your earning potential by offering high-value services or products that cater to a specific niche or market. Remember, this doesn’t mean you must stick to your current skill set. Your interests and abilities can also lead you to pick up new skills.

• Maintain Your Performance at Work: Balancing a side hustle with a full-time job means prioritizing high performance and professionalism in your primary job while pursuing your side hustle. To that end, it’s recommended to set boundaries for the time you dedicate to your side hustle and to manage your schedule efficiently. By maintaining your performance at work, you can preserve your job security and opportunities for advancement.

• Aim at a Goal Instead of a Job: Instead of treating your side hustle as just another job, set out to achieve specific goals or milestones that align with your long-term aspirations. Whether your goal is to generate additional income, pursue a passion project, or transition to full-time entrepreneurship, having a clear vision and purpose for your side hustle will keep you motivated and focused on what truly matters to you. By focusing on goals rather than simply exchanging time for money, you can create a more fulfilling and meaningful side hustle.

The Takeaway

Side hustles can be a bad idea when they damage your quality of life. While picking up a side gig can create more income, this result must be weighed against other priorities, including advancement in your day job, time dedicated to relationships, and alternatives that slowly but surely create passive income.

Asking yourself whether a side hustle is a good move might not be the most relevant question. Instead, you can ask yourself if a second job makes sense after developing a clear vision of the future.

Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.

See exactly how your money comes and goes at a glance.

FAQ

Are side hustles risky?

Side hustles can be risky because of the opportunity cost of picking up extra work. Specifically, a side hustle can drain time and financial resources, add unmanageable stress to your life, and lead to worse quality of life because of the sacrifices required to work a second job. As a result, it’s essential to evaluate your circumstances and identify your goals before starting a side hustle.

Are side hustles a waste of time?

Side hustles can be an excellent way to generate more income, develop yourself professionally, or transition to a different career. However, they can also be a waste of time if you don’t set goals and create a realistic plan when starting. So a carefully planned side hustle that fits into the larger picture of your life can provide massive benefits, while picking up more work to simply stay busy can lead to missed opportunities in your professional and personal life.

Is starting a side hustle really worth it?

Starting a side hustle can be worth it for additional income, pursuing passions, or expanding your skill set. However, it requires careful consideration of the potential drawbacks, such as time constraints, increased stress, and the risk of hindering career advancement. Ultimately, the value of a side hustle depends on your aligning it with personal goals, managing resources effectively, and maintaining a healthy work-life balance.

Photo credit: iStock/JLco – Julia Amaral

SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.

*Terms and conditions apply. This offer is only available to new SoFi users without existing SoFi accounts. It is non-transferable. One offer per person. To receive the rewards points offer, you must successfully complete setting up Credit Score Monitoring. Rewards points may only be redeemed towards active SoFi accounts, such as your SoFi Checking or Savings account, subject to program terms that may be found here: SoFi Member Rewards Terms and Conditions. SoFi reserves the right to modify or discontinue this offer at any time without notice.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

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.

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.

SORL0324010

Source: sofi.com

Apache is functioning normally

April 23, 2024 by Brett Tams

Piggyback, 2nds, POS Products; G-Rate’s CEO Podcast Interview; Agency News

This website requires Javascrip to run properly.

Piggyback, 2nds, POS Products; G-Rate’s CEO Podcast Interview; Agency News

By:
Rob Chrisman

Mon, Apr 22 2024, 11:28 AM

When I was a kid, whenever I would walk by a pay phone or newspaper vending machine, I’d check the coin change slot. Or periodically check under my Dad’s La-Z-Boy… every penny or dollar counted! (Nowadays, I still get excited when I find a forgotten quarter in my own pants or backpack.) Plenty of folks at last week’s Great River Conference were trying to do the modern equivalent of that by learning about the current vendor offerings of technology, or meeting with their current vendors to see if pennies or dollars could be saved on every loan given the current $12k+ cost per funded loan. Smart and compliant speed and efficiency are critical… speaking of which, found here, today’s podcast features an interview with Guaranteed Rate’s Victor Ciardelli on the company’s goal of closing a loan in one-day and how they will get there. This week’s podcasts are sponsored by Calque. With The Trade-In Mortgage powered by Calque, homeowners can buy before they sell, make non-contingent offers, and tap their home equity to fund the down payment on their next home.

Lender and Broker Products, Software, and Services

When people say they can see miles and miles on a clear day, they aren’t wrong: the horizon is about 3 miles away, with some variation depending on your height. And whatever may lie beyond, Dark Matter Technologies is helping lenders prepare with its first annual Horizon user conference. The event kicks off Wednesday at the Fontainebleau Miami Beach and will bring together hundreds of industry notables to network, get the inside scoop on Dark Matter’s innovation roadmap, and explore business trends including market growth strategies, AI, and cybersecurity. Feeling a little FOMO? Request a consultation today and your team could be working smarter with the Empower LOS, and catching some Florida sun, by this time next year.

Does it feel like your current point-of-sale vendor has lost focus on mortgage? As a mortgage-specialized partner, Maxwell is committed to giving lenders a competitive advantage in a changing mortgage market. With Maxwell Point of Sale, lenders can tailor workflows to fit the unique needs of their organization, so back-end teams can work quickly without costly interruptions. Compared to a top competitor, Maxwell Point of Sale averages a 5.9 percent higher pull-through rate from rate-lock to close. For the average lender using Maxwell POS, this equates to $42MM in additional loan volume. Schedule a call with the team to learn how Maxwell Point of Sale can start working for you, your borrowers, and your lending team quickly.

Take your accounting department from “Cost Center” to Revenue Generator” with Loan Vision & LV-PAM. Loan Vision customers report a 10 percent reduction in loan fallout, 30 percent+ decrease in days to close the books, and 20 percent+ reduction in accounting headcount. Interested in learning how Loan Vision can reduce internal costs and help you gain a competitive edge? Contact Carl Wooloff to schedule a call today.

LoanStream wants you to Spring into more business with its April Specials on Prime, Non-QM and Closed End Seconds now through April 30th, 2024. Includes 25 BPS Price Improvement on FHA/VA loans 620+ FICO (excludes DPA and CalHFA) on Prime, 25 BPS price improvement on all Non-QM loans (excludes Select) and 25 BPS Price Improvement on all Closed-End Seconds. Restrictions apply so contact your LoanStream Account Executive to learn more. Specials are valid for loans locked 4/1/2024 through 4/30/2024. Offers subject to change at any time, terms and conditions apply.

Symmetry Lending introduces its April Special for Piggyback Pricing! Enjoy a remarkable discount on Piggyback HELOC transactions until April’s end, including a -1.00 percent Spring Discount for qualified customers with a FICO score of 740+ and a draw of $200k+, equating to Prime + .25 percent margin. This offer demonstrates appreciation for clients’ support and trust. Ready to seize this opportunity? Connect with your Symmetry Lending Area Manager to formulate a plan for getting these solutions in front of your clients today!

eClosing Survey by STRATMOR

Today, Snapdocs released new industry research that found lenders using the company’s eClosing platform experience 18-day faster loan velocity than their industry peers. The survey was conducted by STRATMOR Group with data self-reported by mortgage lenders. I got a note from Michael Sachdev, CEO of Snapdocs that said eClosing technology, when paired with the right partner to scale adoption, is helping lenders set new industry benchmarks for loan processing speed, operating costs, and borrower satisfaction. So often we see vendors make claims about their product value, but this report is a good example of that validation being sourced directly from the lender users themselves.

Agency and Investor News

Last week, the Department of Housing and Urban Development issued a HUD final rule that it says will increase lender participation in the Section 184 Indian Housing Loan Guarantee program, strengthen regulations to meet growing demand, and ensure the program will remain a vital resource for Native American families for years to come. Miki Adams, president of CBC Mortgage Agency, a correspondent investor that is wholly owned by the Cedar Band of Paiutes in Utah, stated, “The Section 184 program is a vital tool for so many Native American homebuyers. The new regulations will bring more clarity and predictability to this important program, and we applaud the Administration for the improvements and their efforts to work closely with Tribal leaders and other stakeholders. There is still more that must be done to modernize the program and we look forward to working collaboratively with HUD on future improvements.”

Loss mitigation: what would you do? A borrower is out of work, is three months delinquent on their mortgage payments, has been offered a new job in another state, and will relocate within 60 days. They’re also unable to catch up on their arrears and have equity in the home. What should the servicer do? Review this and other scenarios from Fannie Mae’s March Loss Mitigation webinar and download the presentation.

Fannie Mae has launched “Mission Index,” a new initiative to sell agency mortgage-backed securities (MBS) that cater to socially conscious investors, aiming to attract more buyers to the market, Bloomberg reported. Fannie Mae assigns scores to MBS pools based on affordable rental housing availability, borrower location (high-poverty or rural areas), and other indicators, giving investors more visibility into the underlying mortgages and stimulate lending to underserved borrowers, potentially leading to lower interest rates for these borrowers.

Saving for a down payment is a barrier first-time homebuyers face. While there are numerous down payment assistance programs (DPA) available, it can be difficult for housing professionals to find programs that meet the specific needs of their borrower. Given the number of DPA programs in the market, there hasn’t been a consistent way to match the right DPA program to the needs of a particular borrower. To address this issue, Freddie Mac launched DPA One®, a free online solution to help DPA program providers reduce submission errors and program requirement questions from lenders by developing a single, standardized, online access point to manage their DPA program information. To learn more, read Freddie Mac’s case study about how one of Freddie Mac’s housing finance agency partners, Southeast Texas Housing Finance Corporation (SETH), is promoting affordable housing in the Southeast Texas community.

As part of a recent Fannie Mae Mortgage Lender Sentiment Survey® (MLSS) special topic analysis, Fannie’s economists surveyed senior executives of mortgage lending institutions to better understand how they feel about Technology Service Provider (TSP) solutions, particularly as TSPs have become an increasingly essential part of lenders’ day to day operations. The results are in a new Perspectives blog.

Ginnie Mae announced revisions to its monthly single-family reporting requirements to include expanded Payment Default Status (PDS) reporting. The expanded PDS dataset will include loan default information, any mitigation actions taken, and the timing of those actions. For more information regarding the transition to the new reporting requirements, see All Participants Memorandum (APM) 24-06.

In Bulletin 2024-1, Freddie Mac announced changes to trust income requirements pertaining to history of receipt for trust income with pre-determined fixed payments, and documentation of continuance for all trust income types. Pennymac is aligning with these changes effective with loan deliveries on or after April 30, 2024. View Pennymac Announcement 24-36 for details.

Pennymac posted Announcement 24-37 informing it will update Conventional LLPAs effective for all Best Efforts Commitments taken on or after Monday, April 22, 2024.

Capital Markets

Investor attitudes drive investor demand, and therefore rates. So, what is driving investor attitudes? There is the escalated geopolitical uncertainty between Iran and Israel (central bankers are girding for potential oil shocks that could reignite consumer-price growth), there is rising volatility amidst fear of a potential rate increase due to sticky inflation (voting Fed members have not ruled out the possibility of a future rate hike and have urged patience for any potential easing at least until year-end), there is also cautious optimism surrounding the world economy (earnings season continues on Wall Street this week), and new economic releases are always on the docket, even if most are backward-looking (Q1 GDP, due out later this week, is expected to have risen to 2.9 percent as of the most recent estimate).

More germane to the mortgage industry, we learned last week that existing home sales were down 4.3 percent during the month of March. Meanwhile, housing starts fell 14.7 percent in March although some of the decline was attributed to weather conditions in parts of the country. In terms of the American consumer, retail sales in March rose 0.7 percent which was well above market expectations for a 0.3 percent increase. Additionally, retail sales from February were revised higher from the initial release. The 1.1 percent jump in control group sales led some economists to increase their forecast for personal consumption growth in the first quarter.

Bank economists are growing more optimistic about the outlook for credit conditions compared to the latter half of 2023, according to the American Bankers Association’s latest Credit Conditions Index. Conditions are expected to improve for a second consecutive quarter in Q2, which would mark the highest level in two years, reflecting a moderate increase in optimism. Job growth is expected to continue, inflation is forecasted to ease toward the Fed’s 2 percent target, and three rate cuts are expected by the end of the year.

This week’s highlights include month-end supply consisting of $183 billion in fixed coupons and $44 billion 2-year FRNs auctioned over tomorrow through Thursday, flash PMIs from S&P Global, new home sales, Fed surveys, durable goods, Q1 GDP, PCE, and Michigan Sentiment. No Fed speakers are scheduled with the Fed in blackout ahead of the May 1/2 FOMC meeting. The week gets off to a quiet start with one data point, Chicago Fed National Activity Index for March, due out later this morning. We start Monday with 30-year Agency MBS prices worse roughly .125 from Friday evening and the 10-year yielding 4.65 after closing last week at 4.62 percent.

Employment

radius financial group inc. is looking for an experienced Accounting Manager to lead all accounting operations. radius is a full-service retail mortgage banker that has been making mortgages better through a customer obsessed and team inspired culture since 1999. We are seeking an experienced Accounting Manager to lead all loan accounting, financial reporting, accounts payable and payroll functions. The Accounting Manager will report to the CFO and must have experience in a mortgage accounting system (Loan Vision is a plus), branch reporting and MSR accounting. Remote candidates will be considered and should send confidential inquires to Mike Clark.

Imagine a world where you, as a loan officer, aren’t stuck choosing between a broker model and a retail model. What if there was a company that blended the best of both worlds: the transparency of a broker model with the solid support of a retail banking platform? What if this company not only generated qualified local leads for you but also helped you add value for your existing realtor partners and connect with new ones? What if I told you this company is not just a dream: It’s real and it’s here to revolutionize your workflow. Please schedule a confidential Zoom meeting with Next Wave Mortgage.

TAYGO INC. presents an enticing new opportunity for a SaaS Sales Representative! This pivotal role is instrumental in propelling the success of TAYGO through selling our SaaS solutions to prospective clients. The key focus is comprehending the requirements and challenges of mortgage lenders (as well as mortgage brokers) and adeptly showcasing how our products, WEB-GO and RIN-GO, can optimize their operations and business performance. You must have a strong understanding of CRM products, their features, and the mortgage industry. You must effectively engage with prospects to understand their needs. You must also carefully monitor existing clients’ activities to identify upsell opportunities. You must have exceptional communication skills for online demos and meetings, cold or warm calls and emails. Your expertise, patience, and ability to build and maintain strong customer relationships will be vital in achieving our sales goals and ensuring customer satisfaction. Please send your resume to [email protected].

Alanna McCargo, President of the Government National Mortgage Association (Ginnie Mae) and whom I have had the opportunity to spend some time with, will resign from public office, effective May 3. “McCargo has served in the Biden-Harris Administration since January 2021, first as the Senior Advisor for Housing Finance in the U.S. Department of Housing and Urban Development (HUD) for former Secretary Marcia Fudge and then later nominated by President Biden to lead Ginnie Mae. McCargo’s confirmation, with bipartisan support by the U.S. Senate, made history as she became the first woman and woman of color at the helm of this U.S. Government corporation.”

The announcement came with the usual platitudes from Ms. McCargo about the Administration and Ginnie Mae and its “complex $2.5 trillion guarantee business” as well as others saying some very nice things about her.

Principal Executive Vice President (PEVP) Sam Valverde will serve as the Acting President upon President McCargo’s departure. Senior Advisor for Strategic Operations and Interim Chief Operating Officer Laura Kenney will assume additional responsibilities as part of this transition.

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

Source: mortgagenewsdaily.com

Apache is functioning normally

April 22, 2024 by Brett Tams

The number of people living paycheck to paycheck is rising, and not just among low-income workers. One-third of Americans with an annual income of $150,000 or more are struggling to pay their bills and have no money left over for savings. Reasons for this include high housing costs, a lack of financial literacy, and lifestyle creep.

So how do high earners end up living paycheck to paycheck, and what can you do to break the cycle?

What Does Living Paycheck to Paycheck Mean?

Most people expect to earn a “living wage.” The term refers to an income sufficient to afford life’s necessities, including housing, food, healthcare, and child care. That level of income should also allow you to save for an emergency, retirement and other goals to some degree.

When a person lives paycheck to paycheck, they can barely pay basic bills and have nothing left over to save for a rainy day. In the event of a pricey emergency — like a big medical bill or major car repairs — low-income families are financially wiped out.

High earners have more wiggle room. They have the ability to downsize their home or car and find other ways to cut back on expenses.

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Understanding the Paycheck-to-Paycheck Situation

According to a 2023 survey conducted by Payroll.org, 72% of Americans are living paycheck to paycheck, with Baby Boomers the hardest hit. When you are living paycheck to paycheck, as noted above, you have no ability to save. If you go into debt, you may not be able to afford to pay down the debt in a meaningful way.

According to research from MIT, the average living wage for a family of four (two working adults with two children) in the U.S. in 2022 was $25.02 per hour before taxes, or $104,077.70 per year. Compare that to the federal minimum wage of $7.25. Even in Washington, D.C., which has the highest minimum wage at $17, families make well below what is considered an adequate income.

But even households bringing in $200,000 or more say they feel the crunch. According to a Forbes study, 39% of those earning at least $200K described themselves as running out of money and not having anything left over after covering expenses. While they have the freedom to downsize their lifestyle, many people may not realize the precariousness of their financial situation until they’re locked into a mortgage and car payments they cannot afford.

Why Do Some Americans Live Paycheck to Paycheck?

The reasons why Americans live paycheck to paycheck vary. For lower-income workers, you can point to a higher cost of living and wages that have not kept up with inflation. For those with higher incomes, the issue is more about a lack of financial literacy and living beyond one’s means.

Rising Cost of Living

According to the Federal Reserve, 40% of adults spent more in 2022 than they did in 2021. They spent more because monthly expenses, such as rent, mortgage payments, food, and utilities had all increased.

Low Income

Low incomes are another reason some people live paycheck to paycheck. This is particularly the case for people who earn minimum wage or live in areas with a high cost of living.

Poor Budgeting

Another reason some people are living paycheck to paycheck is that they lack basic financial knowledge and budgeting skills. It’s easy to overspend and accumulate credit card debt, but difficult to pay down the principal and interest.
💡 Quick Tip: When you have questions about what you can and can’t afford, a free budget app can show you the answer. With no guilt trip or hourly fee.

Lifestyle Creep

Also known as lifestyle inflation, lifestyle creep happens when discretionary expenses increase as disposable income increases. In plain English: You get a raise and treat yourself to a new ’fit. And a fancy haircut. And a weekend at a charming B&B in the countryside.

Whether you can afford it is debatable. On one hand, you may be paying your credit card bill in full each month. On the other, you’re not saving or investing that money.

Factors Driving Financial Insecurity for Six-Figure Earners

Because of inflation, it is increasingly hard to buy a home, car, and other nice-to-haves. However, people may still expect and try to afford these things once they earn a certain amount. And if they have a taste for luxury items, they may struggle to maintain that standard of living and pay their bills.

It’s common for people to buy things on credit and then find that they cannot make the payments. Soon, they find themselves mired in high-interest debt.

How to Stop Living Paycheck to Paycheck

You can stop living paycheck to paycheck by living below your means rather than beyond your means. That requires earning more than you spend and saving the difference. The obvious steps to take are to increase your income and to live more frugally.

Once you have downsized your lifestyle, you can find relief quicker than you might think. And some changes may only be temporary. For example, you might have to work a part-time job for a short time until your debt is paid off.

Tips for Those Living Paycheck to Paycheck

Here are some changes you can make to get on the path to living below your means.

1. Create a Budget

You have to know where your money is going before you can cut back. By tracking your expenses, you can see what you are spending where. There are lots of ways to automate your finances and make it much easier to stay on top of things.

Then, create a budget where you subtract your non-negotiable expenses, or needs, from your net income. Non-negotiables are your housing costs, utilities, food, and transportation. Hopefully, you have some money left over to allocate to savings. If not, it’s time to look at how you can make your life more affordable.

Here are a few budget strategies to try:

• Line-item budget

• 50/30/20 method

• Envelope method

2. Cut Back on Nonessentials

Budgeting will help you find expenses that you can eliminate or reduce. For example, look closely at things that might seem insignificant. You are not necessarily bad with money just because you lose track of subscription services that you have forgotten about.

Be aware that a large cold brew on your way to work every morning can add up, and eating out or spending $30 on takeout each week adds up to over $1,500 annually. More consequential changes are downsizing your home, accepting a roommate temporarily, or finding a part-time gig to supplement your income.

3. Pay Off Your Debt

Debt is expensive. High-interest credit card debt and buy-now-pay-later (BNPL) schemes can eat up your income as you struggle to pay the minimum while the interest mounts up. Consider using a personal loan to consolidate debt and reduce the interest you’re paying.

4. Save for Emergencies

If you are living paycheck to paycheck, just one unexpected expense can cause you to spiral into debt. It’s important to have enough cash on hand. Once you have paid off your debt, start an emergency fund so that you don’t have to rely on credit if you experience an unexpected financial emergency. A rule of thumb is to have three to six months’ worth of expenses saved up.
💡 Quick Tip: Income, expenses, and life circumstances can change. Consider reviewing your budget a few times a year and making any adjustments if needed.

5. Hold Off on Big Purchases

While you are trying to reduce expenses and pay off debt, hold off on buying big ticket items. For example, forgo an expensive vacation for a year and start saving toward next year instead. As much as you might like new furniture or a new car, try to economize for a while until you are in a better place financially.

6. Ask for a Raise

Asking for a raise is not an easy thing to do when money is tight. However, it could be well worth it. According to Payscale.com, 70% of survey respondents who asked for a raise got one. You are in a particularly strong position if your skills are in demand and your employer values you.

The Takeaway

Many Americans are living paycheck to paycheck, even high earners. The reasons why are linked to inflation, lifestyle expectations, and the ease with which people fall into debt. The remedy is to live below your means, and that often means making sacrifices.

If debt is a concern, temporary steps such as downsizing while you pay off your debt or finding additional sources of income are options. Identify where your money goes and stick to a budget to reduce unnecessary spending. Also, getting rid of high-interest debt and cutting back on eating out and other nonessentials can free up a significant amount of cash each month.

Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.

See exactly how your money comes and goes at a glance.

FAQ

Does living paycheck to paycheck mean you’re poor?

Living paycheck to paycheck does not necessarily mean that you are poor, but it does mean that you are living beyond your means. Even high earners can find themselves in a position where they are living paycheck to paycheck, often due to mounting debt and lifestyle creep.

Lifestyle creep is when people spend more whenever their income increases. According to a Forbes study, 39% of those earning $200,000 or more described themselves as running out of money and not having enough leftover to save after covering expenses.

Is living paycheck to paycheck stressful?

Yes. When you live paycheck to paycheck, you may constantly worry how you will afford to pay for an emergency. It’s important to have an emergency fund, so that you do not have to use a loan or high-interest credit card to pay for something unexpected.

How many americans are living paycheck to paycheck?

Close to 80% of Americans are living paycheck to paycheck and are struggling to meet their monthly bills, according to a 2023 survey by Payroll.org. That’s an increase of 6% from the previous year.

Photo credit: iStock/Jacob Wackerhausen

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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

Apache is functioning normally

April 21, 2024 by Brett Tams

If you’re trying to save some money, trimming some discretionary spending categories from your budget can be a good way to start.

But it isn’t necessarily the only or best way to save — especially if reducing or removing things like streaming services, concerts, or monthly massages from your budget makes it harder to stick to your plan.

Instead, it may make sense to track where your money is going for a few weeks and then take a look at all your spending categories to determine which cuts could have the biggest impact.

What Are Spending Categories?

Spending categories can help you group similar expenses together to better organize your budget. They can come in handy when you’re laying out your spending priorities, deciding how much money to allot toward various wants and needs, and determining whether an expense is essential or nonessential.

Many of the budgets you’ll see online use pretty much the same spending categories, such as housing, transportation, utilities, food, childcare, and entertainment. But you may find it’s more useful to track your spending for a while with a money tracker, and then create some of your own categories. You may choose to drill down to specific bills or go broader, breaking down your budget into just the basics.

By personalizing your spending categories, you may be able to put together a budget that’s more manageable — and, therefore, one you’re more likely to stay with.

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How Do Spending Categories Work?

To customize your spending categories, it can help to gather as much information as possible about where your money is actually going.

You can start by looking at old bank and credit card statements to get a good picture of past spending. Your bigger spending categories should be easier to figure out. Those bills are often due on the same day every month and are usually about the same amount. But you’ll also want to keep an eye out for expenses that come just once or a few times a year (such as taxes, vet bills, etc.). And, if you use cash frequently, you’ll want to determine where that money went, too.

A tracking app can help you grasp the hard truth about your spending as you move forward. That cute plant you bought for your windowsill? Pitching in for a co-worker’s going-away gift? Those little splurges can add up before you know it.

Once your spending picture comes into focus, you can divide your expenses into useful personal budget categories, and start thinking about what you might be able to trim or cut out altogether.
💡 Quick Tip: When you have questions about what you can and can’t afford, a spending tracker app can show you the answer. With no guilt trip or hourly fee.

Examples of Spending Categories

Although it can be effective to organize your spending categories in a way that’s unique to you, there are a few basic classifications that can work for most households when making a budget: They include:

Essential Spending

• Housing: This category could include your rent or mortgage payment, property taxes, homeowners or renters insurance, HOA fees, etc.

• Utilities: You could limit this to basic services like gas, electricity, and water, or you might decide to include your cell phone service, cable, and WiFi costs.

• Food: This amount could be limited to what you spend on groceries every month, or it could include your at-home and away-from-home food costs.

• Transportation: Your car payment could go in this category, along with fuel costs, parking fees, car maintenance, car insurance, public transportation, and DMV fees. You could also include the cost of Uber rides.

• Childcare: If you need childcare while you work, this cost would be considered necessary spending. If it’s for a night out, you may want to move it to the entertainment or personal care category.

• Medical Costs and Health Care: This could include your health insurance premiums, insurance co-pays and prescription costs, vision and dental care, etc.

• Clothing: Clothing is a must-have, of course, but with limits. You may want to put impulse items in a separate category as a nonessential or discretionary expense.

Non-essential Spending

• Travel: This category would be for any travel that isn’t work-related, whether it’s a road trip or a vacation in Paris.

• Entertainment: You could get pretty broad in this category, but anything from streaming services and videogames to concerts and plays could go here.

• Personal: This might be your category for things like salon visits, your gym membership, and clothes and accessories that are more of a want than a need.

• Gifts: If you’re a generous gift-giver, you may find you need a separate category for these expenses.

Other Spending

• Savings and investments: Though it isn’t “essential” for day-to-day life, putting money aside for long- and short-term goals is a must for most budgets.

• Emergency fund: This will be your go-to for unexpected car repairs, home repairs, or medical bills.

• Debt repayment: Student loan payments, credit card debt, and other balances you’re trying to pay off could fit in this category.

Pros and Cons of Spending Categories

The idea of making a budget can be daunting, particularly if you’re trying to fit your needs and wants into spending categories that aren’t suited to how you live. Here are some pros and cons to using categories for spending that might keep you motivated and help you avoid potential budgeting pitfalls.

Pros

• More control: Creating a budget with spending categories that match your lifestyle can help you put your money toward things that really matter to you.

• Less stress: If you’re living paycheck to paycheck even though you know your income is sufficient to cover your needs, a budget with realistic spending categories can help you see where your money is going.

• Better planning: Whether you’re trying to save for a vacation, wedding, house, retirement, or all of the above, including those goals in your spending categories will help ensure they get your attention.

Cons

• May feel limiting: Working with a budget can feel restrictive, especially if you’ve been winging it for a while or aren’t including enough discretionary spending.

• Time consuming: It might take some trial and error to find a budget system that works for you. And if you’re budgeting as a couple, you’ll likely have to work out some compromises when determining your spending categories.

• Requires maintenance: Budgeting isn’t a one and done. You’ll be more likely to succeed if you consistently track your spending to make sure you’re hitting your goals.

Common Spending Categories to Cut First

Often when you see or hear budgeting advice, it tends to focus on cutting back on small extras — $6 daily lattes at your favorite café, for example, or those weekly Happy Meals for the kids. Some other top spending categories that traditionally are among the first to hit the chopping block include:

• Gym memberships

• Dining out

• Subscription services you don’t use anymore

• Cable

• Personal care services you can do at home for less, such as manicures and pedicures

• Alcoholic beverages

• Cigarettes and vaping products

• Vacations

But it can also be useful to review, and potentially cut back on, how much you’re budgeting for basic living expenses, such as:

• Clothing and shoes

• Utility bills

• Groceries

• Insurance

• Cars

• Cellphones and computers

• Rent

Tips for Customizing Your Spending Categories

As you create your spending plan, keep in mind that it doesn’t have to be like anyone else’s. If you track your expenses and use that information to create your personalized budget, you may have a better chance of building a plan you can stick with.

Here are some more steps to consider as you get started:

• Be realistic. It may take a while to get to your goal, but doing even a little bit consistently can make a difference. Know yourself and do what you can.

• Don’t forget irregular expenses. Bills that you pay every month can be easy to remember. (You might even put them on autopay to make things more convenient.) But infrequent expenses such as tax bills can get away from you if you don’t include them in your spending categories.

• Avoid spending more than you have. Knowing how much you’ll have left after taxes each month is an important part of successful planning. An emergency fund can help you stay on track when unexpected expenses pop up.

• Leave room for fun. Eliminating date nights and small splurges completely could make it much harder to stay with your plan.

• Pay yourself. Make saving and investing goals a separate spending category.

• Find a budgeting method that works for you. Whether it’s the popular 50/30/20 budget — which divides your after-tax income into needs, wants, and savings — or a detailed spending breakdown with multiple categories, try various budgeting methods until you find one that motivates you.

💡 Quick Tip: Income, expenses, and life circumstances can change. Consider reviewing your budget a few times a year and making any adjustments if needed.

The Takeaway

Want to save some money but know you need to make some changes? Monitoring where your money is going every month can help you create a spending plan with categories that are customized to your needs, wants, and goals. A plan that’s realistic, but not too restrictive, can give you the kind of control and motivation you need to get and stay on track financially.

Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.

With SoFi, you can keep tabs on how your money comes and goes.

FAQ

What are the four main categories in a budget?

The four main spending categories for most budgets are housing, food, utilities, and transportation. Once you’ve established how much you’ll need to cover these costs, you can move on to planning for other expenses.

What is the 50/30/20 rule of budgeting?

The 50/30/20 rule is a budgeting method that allocates your take-home income to three main spending categories: needs or essentials (50%), wants or nonessentials (30%), and saving or financial goals (20%).

What are the four characteristics of a successful budget?

A successful budget usually includes accurate income and spending projections, realistic and personalized spending categories, consistent and frequent check-ins, and solid savings goals.

Photo credit: iStock/mapodile

SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.

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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

Apache is functioning normally

April 21, 2024 by Brett Tams

Cybersecurity, TPO, Verification Tools; Tech Tracking Whereabouts; Why Rates Are Where They Are

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Cybersecurity, TPO, Verification Tools; Tech Tracking Whereabouts; Why Rates Are Where They Are

By:
Rob Chrisman

Fri, Apr 19 2024, 11:33 AM

It is “Take Your Child to Work Day” next Thursday which, if you work from home, is probably like a day off from school for the tyke. (I won’t be bringing my son Robbie to work, who, as I write this, is pedaling from Chicago to New York and bunked down last night in Union Home’s Bill Cosgrove’s humble abode.) I do not track his exact whereabouts, but we all know that, in having a smart phone, one gives up pretty much all of their privacy. For example, a new working paper posted to the National Bureau of Economic Research sought to examine the polling data that indicates 22 percent of Americans reported attending religious services on a weekly basis. They did this by looking at geodata from smartphones of 2 million people in 2019, and found that while 73 percent of people did indeed step into a place of worship on a primary day of worship at least once over the course of the year, just 5 percent of Americans studied in fact did so weekly, significantly smaller than the data people reported to pollsters. (Found here, this week’s podcasts are sponsored by Optimal Blue. OB’s smart solutions automate critical functions like pricing, hedging, trading, and social media. More originators and investors rely upon Optimal Blue’s integrated solutions, data, and connections to support their unique business strategies, no matter how complex. Hear an interview between Robbie and me on a variety of topics in mortgage that are germane to the Daily Commentary.)

Lender and Broker Products, Software, and Services

Operations leaders! You don’t want to miss this event if you care about improving your operations! Join Femi Ayi, EVP Operations at Revolution Mortgage, Brooke Smith, Senior Manager, Loan Sourcing Digital Solutions at Fannie Mae, and Jodi Eberhardt, Strategic Integration Director at Freddie Mac, and Richard Grieser, VP, Marketing at Truv, as they highlight different strategies to provide customers with a more transparent, efficient borrowing experience. Freddie Mac’s Loan Product Advisor® asset and income modeler (AIM) and Fannie Mae’s Desktop Underwriter® (DU®) validation service play a critical role for lenders committed to streamlining origination processes and improving loan quality. However, the key to optimizing borrower verification workflows and ensuring compliance is partnering with the right provider that helps lenders improve loan quality and save hundreds of dollars per loan compared to traditional verification providers. Come join us! “Minimizing Risks with GSE Borrower Verifications”, April 24 2:00 PM ET Use code TRUV100 to participate FOR FREE, even if you are not an MBA member! Register now.

“AFR Wholesale® is thrilled to announce the renewal of our partnership with AIME for 2024, underscoring our commitment to the wholesale channel. As we continue our collaboration, we are committed to providing essential resources, comprehensive training, and robust support to independent mortgage professionals and the wholesale channel. This partnership will allow AFR to set new industry standards, promote best practices, and deliver exceptional services to our clients and partners. We also will look to spearhead innovative initiatives aimed at boosting operational efficiencies and enhancing customer experiences. Reflecting on a history of successful collaborations, we are excited about the potential for even greater achievements. This announcement is just the beginning, as AFR plans to unveil several exciting partnerships and updates in the coming weeks. Join us in driving change in mortgage lending. To get involved, contact us at [email protected], 1-800-375-6071, visit AFR.”

In the wake of frequent breaches within our industry, we are reminded of the precarious position mortgage lenders and their customers’ data are currently in. These repeated security incidents emphasize an undeniable truth: robust cybersecurity defenses are not merely an option; they are imperative. A breach can mean the difference between a thriving business and a devastating collapse. There is a very real risk to mortgage companies right now; you’re not just guarding data, you’re safeguarding trust, livelihoods, and the very integrity of the financial system. It’s a responsibility to take seriously, and it’s time to double down on cybersecurity. Richey May’s cybersecurity team is here to help: Check out the latest post detailing the often-overlooked risks in the industry.

Capital Markets

One can’t ignore the U.S. Federal Reserve’s role in interest rates. (The current STRATMOR blog is titled, “Relying on the Fed: How Did This Happen?”) The “experts” have been predicting multiple rate cuts in 2024. Sure enough, the much-awaited Fed pivot has materialized, but it’s not what investors had been expecting. The Fed change was supposed to signal a reverse of its contractionary monetary policy path, keeping rates high, which has been in place since March 2022.

But that is not the message, especially after three consecutive months of stronger-than-expected inflation readings. Fed Chair Jay Powell said, “The recent data have clearly not given us greater confidence and instead indicate that it’s likely to take longer than expected to achieve that confidence. Last year, rebounding supply supported U.S. growth in spending and also employment, alongside a considerable decline in inflation. The more recent data show solid growth and continued strength in the labor market, but also a lack of further progress so far this year on returning to our 2 percent inflation goal.”

As always, the Federal Reserve is watching the data as it comes out. But things will be higher for longer. At least the next rate move is still forecast to be a cut. Things could get rocky for lenders and borrowers if that shifts to a hike, which could happen if price pressures resurface and put a so-called soft landing into doubt. And now we have the yield on the benchmark 10-year U.S. Treasury note up at its highest level since November, above 4.6 percent versus a yield of 4.25 percent in the last week or two and starting the year at 3.88 percent, meaning that the 10-year is now nearing a full point rise for 2024!

As today’s podcast interview alluded, it’s been pretty quiet out there in terms of market-moving news. Weekly jobless claims showed no change from last week’s level and there was a better-than-expected Philadelphia Fed survey for April yesterday, which prompted some selling. Investors bought plenty of Treasuries to close 2023 and open 2024, betting on several rate cuts this year from the Fed. However, Fed speakers hammering home patient rhetoric on interest rates (several more Fed speakers reiterated yesterday that they do not feel urgency to cut rates at this time) due to a reluctance of the U.S. economy to cool, has forced investors to abandon bets on a rally, giving way to a wave of selling.

Accordingly, mortgage rates surged in the latest Primary Mortgage Market Survey from Freddie Mac, with the 30-year rate above 7 percent for the first time this year. For the week ending April 18, the 30-year and 15-year mortgage rates jumped 22 basis points and 23 basis points versus the prior week to 7.10 percent and 6.39 percent, respectively. Those rates are 71 basis points and 63 basis points higher than this time last year.

Inflation is back below 3 percent, but hotter-than-expected readings for the rental category of housing in the first few months of the year are a big reason the Fed has held back on the rate cuts that Wall Street has been hoping for. Markets seeing the biggest rent declines are the ones where there’s been the most construction. The Northeast and Midwest have experienced lingering high inflation, while the West and South have seen it moderate rapidly.

Existing-home sales fell 4.3 percent in March to a seasonally adjusted annual rate of 4.19 million, a widely expected decline given the recent slip in purchase mortgage applications and solid gains registered in the first two months of 2024 from increased supply and a temporary dip in mortgage rates. Sales were down 3.7 percent from the previous year. The median existing-home sales price rose 4.8 percent from a year ago to $393,500, the ninth consecutive month of year-over-year price gains and the highest price ever for the month of March. The inventory of unsold existing homes grew 4.7 percent from one month ago to the equivalent of 3.2 months’ supply at the current monthly sales pace.

There is no data of note on today’s economic calendar, though there is one Fed speaker, Chicago President Goolsbee. For capital markets folks, today is Class D 48-hours. We begin the day with Agency MBS prices better by .125-.250, the 10-year yielding 4.59 after closing yesterday at 4.65 percent, and the 2-year is at 4.96.

Employment

“At Evergreen Home Loans, our mission is simple: equip our clients with affordable strategies to not only buy a home but to make a winning offer. Our unique approach helps families secure their futures and build generational wealth. As we navigate a fluctuating housing market, Evergreen Home Loans remains committed to innovation and client success. Our tailored solutions emphasize stability and long-term prosperity, ensuring that homeownership is a reality for first-time buyers and seasoned investors alike. By fostering a supportive environment and providing strategic financial guidance, we empower our clients to turn their dreams of homeownership into tangible assets that benefit generations. We’re expanding our team and invite skilled loan officers and branch managers to explore the career opportunities we offer. Join us in making a difference and shaping the future of homeownership. To view all openings visit: Careers.”

Synergy One Lending continues to reemerge as one of the industry success stories in 2024. The addition of 12 new branches and the successful expansion of the company’s footprint into several new markets has provided an even stronger foundation of profitable growth as it prepares for even more ahead. A vision with a P&L structure built to grow market share, relentless execution and adoption of leading-edge technology and a culture that is focused on their 3 core values (delighted customers, inspired employees and a pristine reputation) are leading indicators of the company’s trajectory. Be part of it and Make Your Mark by reaching out to Aaron Nemec at (208) 794-7786 or Eric Kulbe at (303) 717-0293.

Geneva Financial, operating in 48 states, announced that Jessie Ermel has joined its leadership team as Chief Compliance Officer where Jessie will drive quality control and compliance for the company’s mortgage operations.

Our industry lost another veteran recently with the death of Alabama’s John Johnson. John was CEO and co-founder of MortgageAmerica, Inc. from 1978 to 2012. But John’s mortgage career began in 1966 at Colonial Mortgage Company and then Molton-Allen & Williams. He served as the Mortgage Bankers Association of Alabama President in 1980-1981 and chaired the organization’s Convention in 1982. John was awarded the Certified Mortgage Banker designation in 1982. was a member of the Board of Directors of the Mortgage Bankers Association of America from 1999-2003, served as Chairman of the Residential Board of Governors in 2001-2002, and was Chairman of the Board of Directors for MERS in 2006. Guys like this helped make our industry what it is today, and he’ll be missed.

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Source: mortgagenewsdaily.com

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