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Welcome to the ultimate guide on converting a carport to a garage. Whether you reside in the vibrant city of Nashville, TN, and dream of transforming your carport into a garage with a guest living area, or you just bought a house in the quaint and charming city of San Marcos, CA, where you envision creating a mini bar and recreational living space, this Redfin article provides a comprehensive list of all the major considerations you should to take into account before you begin your project. 

Converting a carport into a functional and versatile space is not only a trending home feature that adds value to your home but also opens up a world of exciting possibilities. In this article, we’ll provide you with a comprehensive checklist to consider before starting on your carport conversion project, along with fresh and innovative ideas that will inspire and elevate your project to new heights.

Carport garage conversion checklist

1. Check your local building codes, HOA regulations, and permits

Before starting on a carport garage conversion, it’s crucial to familiarize yourself with the specific building codes and regulations in your area. Local building codes determine the minimum standards for construction, safety, and design, ensuring that the garage conversion meets essential requirements. Additionally, if your property falls under a Homeowners Association (HOA), their rules and guidelines may impose restrictions or design criteria for garage conversion. 

Ensure compliance with both the local authorities and the HOA to avoid potential legal issues or costly alterations down the line. Furthermore, obtain all necessary permits before beginning your project as these documents ensure that the project is reviewed and approved by the appropriate authorities and that it adheres to safety and zoning standards.

2. Determine your budget and financing options

Creating a comprehensive budget is a crucial step before starting any carport garage conversion project. Carefully assess the scope of your project, including materials, labor, permits, and any additional features or amenities you plan to incorporate. Factor in unexpected expenses to allow for flexibility during the project. If your budget exceeds your available funds, explore financing options such as home equity loans, personal loans, or lines of credit. Make sure to choose a financing solution with favorable terms and interest rates that align with your financial capabilities.

3. Hire a professional for a structural assessment

Converting a carport into a garage involves altering the existing structure, and it’s vital to ensure its stable and durable. Engage a qualified and experienced professional, such as a structural engineer or contractor, to conduct a thorough assessment of the carport’s foundation, framework, and load-bearing capacity. They will identify any potential weaknesses or areas that require reinforcement to support the additional weight of walls, roofing, and other modifications. The structural assessment provides crucial insights that guide the design and construction phase, ensuring that your new garage is safe and built to last. 

Relying on professional expertise during this stage minimizes the risk of structural issues and potential hazards in the future. Before commencing any home improvement project, make sure to ask contractors questions to ensure their qualifications, experience, and adherence to local regulations and building codes. This proactive approach will help you select the right professional for the job and provide peace of mind throughout the conversion process.

4. Plan the design and layout of your garage 

Careful planning of the design and layout is essential for creating a functional and aesthetically pleasing garage. Consider the number of vehicles you want to accommodate, as well as any additional storage needs or utility areas, such as a workbench Think about the placement of windows and doors to ensure sufficient natural light and easy access. If you intend to use the garage for multiple purposes, create designated zones to optimize space. Sketch out your ideas and explore various design options to find the one that best suits your needs and complements the overall architecture of your home.

5. Select the appropriate building materials

Choosing the right building materials is vital for the structural integrity, durability, and appearance of your garage. Select materials that align with your design preferences and work best for your local climate. For example, if your area experiences harsh weather conditions, opt for materials that offer superior weather resistance. Consider the type of walls, like wood or concrete blocks, and the types of roofing materials, like asphalt shingles or metal that will suit your needs and budget. High-quality materials may require a higher upfront cost but can save you money in the long run by reducing maintenance and repair expenses.

6. Plan for ventilation and climate control

Proper ventilation and climate control are essential to maintain a comfortable and safe environment within the garage. Adequate ventilation prevents the buildup of moisture and fumes, which can lead to mold growth and unpleasant odors. Install vents or exhaust fans to promote airflow and improve air quality. Additionally, consider insulation to regulate temperature extremes, keeping the garage cooler in summer and warmer in winter. If you plan to use the garage for activities that generate heat, such as a workshop or home gym, consider incorporating heating and cooling systems to ensure a pleasant workspace year-round. Efficient ventilation and climate control contribute to the longevity of the garage and protect any valuable items stored inside.

7. Determine if you need utility connections

Evaluate whether your garage conversion requires utility connections such as electricity, water, or gas. If you plan to use the garage as a workshop, laundry room, or home office, electrical outlets are essential to power tools and appliances. If you need water for a utility sink or bathroom, ensure the plumbing connections are feasible. Consider the potential cost of extending utilities to the garage and consult with professionals to understand the best approach for connecting utilities safely and efficiently.

8. Explore your garage door options

Selecting the right garage door is crucial for convenience, security, and aesthetics. Assess various garage door types, such as overhead roll-up doors, sectional doors, or swing-out doors, each offering different benefits. Also, consider the material of the garage door, such as steel, wood, or aluminum, based on your preferences and budget. Automatic garage door openers with remote controls provide added convenience and security. Choose a garage door that complements the architectural style of your home and meets your functional requirements.

9. Plan for lighting

Proper lighting is essential for a functional and safe garage. Assess the lighting needs based on the garage’s intended use. Overhead lighting provides general illumination, while task lighting is necessary for work areas. Consider LED lighting for its energy efficiency and long lifespan. If you want to maximize natural light, strategically place windows or skylights to enhance brightness during the day. Motion-activated lights around the garage’s exterior can also serve as security measures, deterring potential intruders.

10. Consider security measures

Garages often store valuable items like vehicles, tools, and equipment, making security a top priority. Install sturdy locks on all doors, including entry doors and any connecting doors to the house. Consider an alarm system to protect against theft and unauthorized access. Security cameras provide surveillance, allowing you to monitor activities around the garage. Motion sensor lights outside the garage act as a deterrent and enhance visibility during nighttime. Additionally, if you have windows in the garage, consider adding window locks for added security. By incorporating these security measures, you can safeguard your belongings and ensure peace of mind.

Carport conversion garage ideas

A garage is more than just a space to store cars, it can be a versatile extension of your home. Once you have converted your carport into a functional area, it’s time to consider a garage makeover that will elevate its potential even further. Explore exciting ideas such as transforming your garage into a dedicated home gym, a productive home office, or a fun-filled playroom. 

For DIY enthusiasts, a well-organized workshop area can become a dream come true. Alternatively, create a cozy pet area to ensure your furry companions have a safe and comfortable space. With these creative garage makeover ideas, your garage will become a dynamic and multi-functional space that enhances your lifestyle and adds value to your home.

Workshop space

Converting your home garage into a workshop area is a dream come true for DIY enthusiasts and hobbyists. Start by installing a sturdy workbench with ample storage for tools and materials. Organize your tools on peg boards or wall-mounted tool racks for easy access. Adequate lighting is crucial for precision work, so consider adding task lighting above the workbench and general overhead lighting for the entire space. Enhance functionality by incorporating built-in shelves and cabinets for storing supplies. Insulate the garage to regulate temperature and make it a comfortable workspace year-round. With a dedicated workshop in your garage, you’ll have the ideal environment to unleash your creativity and complete various projects with ease.

Playroom

Converting your garage into a versatile playroom creates a dedicated space for recreational activities and entertainment for all members of the household. Start by creating a blank canvas with neutral colors to suit various interests and age groups. Consider adding soft and comfortable flooring for activities like yoga, board games, or simply lounging around. Install ample storage solutions such as shelves, bins, or cabinets to keep toys, games, and recreational equipment organized and easily accessible. Incorporate versatile furniture like bean bags, floor cushions, and modular seating to accommodate different play activities. 

Add a chalkboard or whiteboard wall for creative expression and interactive fun. Integrate a variety of entertainment options, such as a TV, gaming consoles, or a projector for movie nights and virtual adventures. By creating a multifunctional playroom in your garage, you’ll have a space where everyone can unwind, have fun, and spend quality time together.

Home office

Converting your garage into a home office allows you to create a productive workspace away from distractions inside the house. Start by insulating the garage to ensure a comfortable and quiet environment. Consider adding windows or skylights to bring in natural light and create a pleasant working atmosphere. Install a sturdy desk and ergonomic chair for comfortable hours of work. Organize the office with shelves, filing cabinets, and storage solutions for a clutter-free space. Set up a reliable internet connection to stay connected and productive. If necessary, add heating and cooling systems to maintain a comfortable temperature. Personalize your home office with artwork, plants, and decor to create a motivating and inspiring workspace that enhances your productivity and creativity.

Home gym

Transforming your garage into a home gym provides the ultimate convenience for fitness enthusiasts. Clear out clutter and install rubber or foam flooring to create a safe and comfortable workout area. Incorporate wall-mounted mirrors to check your form and enhance the sense of space. Install proper ventilation or fans to keep the air fresh during intense workouts. Organize your gym equipment with wall-mounted racks or freestanding storage systems. Consider adding a sound system to keep you motivated during exercise sessions. With a home gym in your converted garage, you can exercise at any time without the hassle of traveling to a commercial gym, ensuring a more consistent and effective fitness routine.

Pet play area

Transforming your garage into a pet play area provides a safe and comfortable space for your furry companions. Clear out the garage and create a cozy environment with pet-friendly flooring, such as rubber mats or pet-safe carpeting. Designate specific areas for your pets to rest, play, and eat, and consider adding built-in pet beds or kennels. Install proper ventilation to maintain a fresh and odor-free atmosphere. Set up storage for pet supplies and accessories, including food, toys, and grooming tools. Ensure the garage is secure with pet-friendly doors and windows, allowing your pets to enjoy the outdoors safely. By converting your garage into a pet area, you offer a dedicated space where your pets can feel at home and be well-cared for.

Home bar and entertainment area

Converting your garage into a stylish home bar and entertainment area provides an ideal space for hosting gatherings and unwinding with friends and family. Install a functional bar counter with seating, complete with a sink and storage for drinkware and beverages. Consider adding a mini-fridge, ice maker, and wine cooler for easy access to refreshments. Set up a media area with a large-screen TV, sound system, and comfortable seating for movie nights and sports events. Enhance the ambiance with mood lighting, such as pendant lights or LED strips. Add decorative elements like wall art, mirrors, and shelving to showcase your spirits collection and add character to the space. With a well-designed home bar and entertainment area, your garage will become the go-to spot for fun and relaxation.

Laundry room

Transforming your garage into a laundry room not only significantly enhances your home’s functionality but also provides the added benefit of maintaining a clean and organized garage space. Install a utility sink for handwashing and soaking clothes, and set up space for your washing machine and dryer. Add ample counter space for folding and organizing laundry. Integrate built-in cabinets or shelves for storage of laundry supplies, cleaning products, and household essentials. Consider a drying rack or designated hanging space to air-dry clothes. Ensure the garage is well-ventilated for humidity control and maintain a pleasant atmosphere while doing laundry. By transforming your garage into a laundry room, you can streamline your laundry routine and keep your living spaces tidy and clutter-free.

Art and music studio

Transforming your garage into a versatile music and art studio at home provides an inspiring and creative space for artistic expression and musical pursuits. Start by creating a well-lit environment with ample natural light and adjustable artificial lighting to cater to various art and music needs. Install soundproofing materials like acoustic panels or foam to minimize sound leakage and ensure optimal acoustics for musical instruments. Consider adding storage solutions like shelves, drawers, and cabinets to organize art supplies, paints, brushes, and musical equipment. 

Set up designated areas for artwork creation, musical instrument practice, and recording projects. Personalize the studio with artwork, musical memorabilia, and decor that reflect your unique style and inspirations. With a dedicated art and music studio in your garage, you’ll have a sanctuary to explore your creative passions and immerse yourself fully in the world of art and music.

Guest room

Converting your garage into a cozy and welcoming guest room is a fantastic way to provide a welcoming space for visiting friends and family. Begin by decluttering and insulating the garage to create a comfortable environment. Install proper lighting and ventilation to ensure a pleasant stay for your guests. Consider adding a comfortable bed, storage solutions, and decor that make the guest room feel like a home away from home. Personalize the space with thoughtful touches to make your guests feel special and cared for during their stay. 

However, before proceeding with the conversion, be sure to check with your local authorities about Accessory Dwelling Units (ADUs) regulations, as these may apply to the guest room conversion depending on your area’s zoning laws and building codes. Taking these factors into consideration will help you create a delightful and compliant guest room for your loved ones.

Source: redfin.com

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Rates are high, housing inventory is down, and competition for new originations is fierce. Leaders across mortgage and banking are turning to their marketing partners with some variation of the same ask: “We need to improve the effectiveness and profitability of our campaigns, increase originations, and oh, by the way, budgets have been slashed — so any ideas better be cost-effective.” Easy, right?

Sure, multi-million-dollar ad campaigns and exciting new lead sources would be great, but often lenders can find opportunities more efficiently by referring to the data and resources they already have. Many lenders have access to a large amount of consumer data, namely their customers and prospects, and the attributes they know about them.

Here’s how to turn those existing data assets into origination opportunities, all while creating a better experience for customers. 

Get your data in shape.

For example, Americans move on average 11.4 times in their lifetime and alerting their bank to a change of address is not always a priority, especially for those who interact with their financial institutions digitally. So, until the consumer volunteers that new address, direct mail offers are likely piling up at their old one. At scale, this can generate enormous marketing waste. 

If you’re relying on consumer information collected years ago, it’s good to score it for accuracy and update it regularly. Refreshing your data avoids the risk of misplaced marketing expenses and missed opportunities to engage with customers and prospects. This goes for phone, email and digital identifiers as well. To market effectively it is crucial to have accurate consumer information.

Taking it a step further, consider whether data is being collected accurately to begin with, especially on lead submissions. Many consumers are, rightfully, hesitant to submit a correct phone number on a lead form. This hesitation not only hinders lenders from reaching them, but also poses a compliance risk to the business if incorrect numbers are dialed.

Expand on what you know.

Even if you have the right information and tools to engage customers and prospects, you likely can’t engage with all customers at all times, nor should you want to. 

This is where expanding what you know about the consumer comes into play. Demographic, financial, and psychographic attributes can all help in segmenting target audiences for more effective engagement and deliver a more meaningful experience for the consumer. Consider developing an “ideal customer profile” that correlates with a higher conversion rate, then find and prioritize these “ICPs” within your database. This will be significantly more effective than “one size fits all” campaigns. 

You can also use these insights to build out digital audiences for acquisition. It’s remarkable how many financial institutions deploy a universal model when there will be significant variation across how their prospects and customers respond to their marketing. By understanding and leveraging this variation, lenders can cut wasted spend and improve profitability. As with getting data in shape, these insights can also be leveraged at the point of lead submission to inform things like scoring, routing, and messaging from the first consumer interaction onwards. 

Remember that great marketing requires great timing.

Most lenders leverage credit triggers to try to prevent competitive fallout, and it’s often considered table stakes for any retention strategy. 

However, consider this: a credit trigger means a consumer is likely applying elsewhere and solely relying on that insight is akin to showing up to the game in the fourth quarter. And because other lenders are also getting that trigger, it’s like showing up to play against five other teams. Not surprisingly, there’s even a legislative proposal to ban credit triggers entirely in the name of consumer experience. Delivering an effective and relevant consumer experience requires engaging with consumers earlier in their homebuying journey. 

We’ve historically seen consumers first start shopping online for a new mortgage or home around 100 days before a credit trigger, a timeline that’s expanded even further with the current rate environment and limited housing inventory.

Evaluate internal and external resources that can help you determine who might be at the beginning of that shopping process. It’s going to be a long process, so create touch points to offer the consumer resources that will keep them engaged with your brand throughout their homebuying journey. 

Galen Foote is an enterprise account executive at Verisk Marketing Solutions.

Source: housingwire.com

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Are you ready to create your very own DIY shed without breaking the bank? Whether you’re in sunny Orlando, FL, dealing with the winds in Oklahoma City, OK, or facing the seasons in Rochester, NY, this step-by-step guide is here to help you construct a shed that perfectly suits your needs and location. We’ve got you covered with various shed models, ensuring your build is a success, no matter where you are, while fitting your lifestyle. 

How to build a DIY shed on a budget

From planning and design to installing doors and windows, here are the essential elements to ensure a successful and cost-effective shed-building journey.

1. Planning and design

Proper planning and design are crucial when building a DIY shed on a budget. Start by assessing your specific needs for the shed, whether it’s extra storage space, a workshop, or a place to pursue hobbies. By clearly defining its purpose, you can determine the ideal size and layout to minimize unnecessary expenses. Sketch out the shed’s design, considering practical aspects like door and window placements to ensure adequate light and ventilation. It’s essential to plan for cost-effective construction methods, such as simple roof designs and standard dimensions, to reduce material waste and expenses.

When planning cost-effective construction, opt for straightforward shed designs that don’t require complex angles or special tools. A rectangular or square shape with a single-pitched roof is not only easier to build but also more budget-friendly. Moreover, think about incorporating salvaged materials like old doors, windows, or reclaimed lumber into your design. Reusing materials can significantly cut costs while adding a unique touch to your shed.

For those looking for an even simpler and more budget-conscious option, DIY shed kits are worth considering. Shed kits typically include pre-cut and pre-measured materials, along with detailed instructions, making the construction process more accessible for beginners. These kits often come in various sizes and styles, allowing you to choose one that fits your needs and budget. While DIY shed kits may have a slightly higher upfront cost, they can save you time and labor, ultimately translating into potential cost savings.

Additional Tip: Before purchasing any materials or starting construction, check with local authorities about building permits and regulations. Compliance with local codes is essential to avoid potential fines or setbacks during the construction process. 

2. Acquiring materials

Consider using pressure-treated lumber, which is durable and resistant to decay, at a lower price point than premium lumber. Reclaimed or salvaged materials can be excellent options for siding, roofing, and finishing touches, adding character to your shed while reducing expenses. Explore local classifieds, online marketplaces, or salvage yards to find discounted or secondhand building supplies. Additionally, reaching out to friends, family, or local community groups might lead you to unused materials they’re willing to part with. Being resourceful in sourcing materials can significantly contribute to cost savings.

Here is a checklist of basic tools needed for shed construction:

  • Measuring tape and level for precise measurements
  • Circular saw or hand saw for cutting lumber
  • Power drill with various bits for drilling holes and driving screws
  • Hammer and nails for traditional fastening
  • Screwdriver for assembling components
  • Safety equipment (gloves, safety glasses, ear protection) for protection during construction
  • Ladder for reaching higher areas during the build
  • Carpenter’s square for ensuring accurate angles

By having these essential tools on hand, you’ll be well-equipped to handle the construction efficiently and avoid costly delays or trips to the hardware store for missing items.

3. Preparing the site

Begin by selecting a level area with good drainage to prevent water accumulation around the shed. Clear the site of any debris, rocks, or vegetation that may interfere with construction. If the ground is uneven, consider using a shovel or a rented plate compactor to level the surface. Installing a base or foundation is essential for elevating the shed above the ground to protect it from moisture. For budget-friendly options, consider using a gravel or concrete block base, which requires less material and labor compared to a full concrete slab. Make sure to follow local building codes and regulations regarding setbacks and property lines.

Before construction, it’s a good idea to check the local utility lines and mark their location to avoid accidental damage during digging. Additionally, consider adding a layer of landscaping fabric beneath the foundation to prevent weed growth and improve drainage. If the site is susceptible to heavy rainfall or flooding, you might also consider building a raised platform or using pressure-treated lumber for the foundation to protect the shed from moisture. Proper site preparation will not only provide a stable base for the shed, but also prevent potential problems and costly repairs in the future.

4. Building the foundation

Depending on your budget and site conditions, there are several cost-effective options available. One of the simplest and budget-friendly choices is using concrete blocks or pressure-treated lumber as piers, which elevate the shed off the ground and prevent direct contact with soil and moisture. Another budget-friendly option is a gravel foundation, consisting of compacted gravel or crushed stone, which provides good drainage and stability. Follow the shed’s design and local building codes to determine the number and placement of piers or gravel pads. Once the foundation is in place, double-check its levelness and stability before proceeding to the next steps.

Consider adding cross-bracing or additional support beams to enhance the stability of the foundation, especially if your area experiences high winds or seismic activity. When using concrete blocks as piers, ensure they are level and evenly spaced to evenly distribute the shed’s weight. For gravel foundations, it’s crucial to create a stable and well-compacted base to prevent sinking or shifting over time. 

5. Constructing the frame

The frame is the backbone of your shed, providing structural support and determining the shed’s overall strength. Use pressure-treated lumber or other cost-effective materials for framing components, such as joists, studs, and beams. The frame should follow the shed’s design and dimensions accurately, and all connections must be secure. Precisely cut the lumber according to your measurements and join the components using nails, screws, or appropriate hardware. Ensure the frame is square and level to avoid any structural issues down the line.

If you’re new to carpentry, take extra care when measuring and cutting the lumber to ensure accurate dimensions. Utilize a carpenter’s square to check for right angles, and consider using diagonal measurements to verify the frame’s squareness. Additionally, using galvanized or weather-resistant fasteners will enhance the frame’s durability and protect it from rust or corrosion.

6. Installing roofing and siding

When it comes to roofing and siding options for a budget-friendly shed, consider materials that offer durability without breaking the bank. Asphalt shingles are a cost-effective roofing choice, providing adequate protection against the elements. Metal roofing is another affordable option that offers longevity and easy installation. For siding, T1-11 plywood or oriented strand board (OSB) are economical choices that can be painted or stained for added protection and aesthetics. Alternatively, consider using salvaged materials or repurposed wood to create a rustic and budget-friendly exterior. Properly install the roofing and siding, paying attention to weather-proofing and sealing to ensure the shed remains dry and resistant to moisture.

To maximize cost savings, consider using a combination of new and salvaged materials for roofing and siding. Check local salvage yards or building material recycling centers for discounted or reclaimed materials that can be suitable for your shed. Additionally, apply weather-resistant barriers like roofing felt or house wrap beneath the roofing and siding to further protect the shed from moisture and drafts.

7. Adding doors and windows

Consider cost-effective options for doors, such as pre-hung exterior doors or repurposed doors from other projects. For windows, single-pane or salvaged windows can be more budget-friendly than high-end, energy-efficient models. Install weather stripping and proper sealing around doors and windows to minimize air leakage and improve energy efficiency. Additionally, consider positioning the doors and windows strategically to maximize natural light and ventilation within the shed.

If using salvaged doors or windows, ensure they are in good condition and provide adequate security and insulation for the shed. Applying a fresh coat of paint or stain can revitalize their appearance and extend their lifespan. For added security, consider installing simple and budget-friendly locking mechanisms or latches on doors and windows.

8. Finishing touches and interior

Install trim and moldings to cover any exposed edges and add a polished look. Apply a weather-resistant paint or stain to protect the exterior from the elements and prevent premature deterioration. Consider using leftover or salvaged materials for interior finishes, such as reclaimed wood for shelving or repurposed cabinets for storage. Organize the interior to maximize space and functionality, adding hooks, pegboards, or wall-mounted racks to keep tools and equipment neatly stored. Adding proper lighting, either through natural light from windows or affordable LED lighting fixtures, ensures a well-lit and functional workspace.

To further save on costs, explore creative DIY solutions for shelving and storage. Utilize old crates, pallets, or cinder blocks to create custom storage units. Additionally, consider using recycled materials or inexpensive alternatives for flooring, such as gravel or rubber mats, to create a comfortable and budget-friendly surface. 

9. Safety and security 

Regularly inspect the shed for any structural issues, such as loose nails or rotting wood, and address them promptly to prevent further damage. If your area experiences extreme weather, consider adding hurricane straps or anchors to reinforce the shed’s stability. Install a budget-friendly lock or latch on doors and windows to deter potential intruders and safeguard your belongings. In regions prone to pests, use weather stripping and sealant to close any gaps and prevent entry.

Incorporate additional safety measures such as smoke alarms or fire extinguishers, especially if you plan to use the shed for activities involving heat or flammable materials. If you have electrical outlets or wiring in the shed, ensure they are installed correctly and up to code to prevent potential fire hazards. 

Types of sheds

Here are a few examples of the different types of sheds and their purposes. 

1. Storage shed

The primary function of a storage shed is to provide ample space for storing various items, such as gardening tools, lawn equipment, bicycles, and seasonal decorations. Storage sheds typically have a simple design with single or double doors for easy access. They may include shelving, hooks, or pegboards for organizing and maximizing storage capacity.

2. Garden shed

A garden shed serves as a dedicated space for gardening activities, such as potting plants, storing gardening tools, and housing supplies like soil and fertilizers. Garden sheds often have workbenches or planting tables to facilitate potting and transplanting. They may also include windows or skylights to provide natural light for gardening tasks.

3. Workshop shed

Workshop sheds are designed as functional spaces for DIY projects, woodworking, or hobbies that require a dedicated workspace. Workshop sheds have sturdy workbenches or workstations with ample storage for tools and materials. They may have multiple electrical outlets and good lighting to support various projects.

4. Home office shed

Home office sheds provide a quiet and separate workspace away from the distractions of the main house, making them ideal for remote work or personal projects. Home office sheds are insulated and climate-controlled, with windows for natural light and ventilation. They often have space for a desk, chair, storage, and electrical outlets for electronic devices.

5. She shed

A she shed is a retreat space designed for relaxation, hobbies, or personal escape, providing a peaceful and private environment. She sheds are customizable and can include cozy seating, bookshelves, art supplies, or a mini-fridge for refreshments. The decor and furnishings are tailored to the owner’s preferences and interests.

Source: redfin.com

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Rohit Chopra, director of the Consumer Financial Protection Bureau, has said the bureau is “no stranger” to litigation challenging the agency’s constitutionality. The Supreme Court is poised to hear oral argument on another such case this fall that could hold much of the agency’s rulemaking agenda in the balance.

Bloomberg News

The Consumer Financial Protection Bureau has a jam-packed agenda ahead with final rules coming soon that would cut credit card late fees to $8, create a registry of corporate “bad actors,” and require nonbanks to disclose terms waiving consumers’ rights to arbitration.

But the CFPB is operating under a cloud of uncertainty with the Supreme Court scheduled to hear oral arguments in October in a case challenging whether the bureau’s funding is constitutional. The legal and regulatory uncertainty will continue until the high court rules on the case by June 2024 at the latest. CFPB Director Rohit Chopra has been clear that the bureau is “not holding back” on rulemaking or enforcement.

“The CFPB is certainly no stranger to these types of challenges,” Chopra told American Banker in a recent interview. 

But the CFPB got hit with further legal turbulence this week when a federal judge in Texas temporarily blocked implementation of the bureau’s small business data collection rule until the Supreme Court case is decided. Bankers have since urged the bureau to halt all bank data collection under the rule until after the outcome of the Supreme Court’s decision.

The ruling could change the calculus for the CFPB’s regulatory agenda going forward, potentially holding off several rules from going into effect. The judge granted a preliminary injunction to members of two bank trade groups and a private bank that had sued the CFPB, setting the stage for other trade groups to follow suit. 

“This creates the precedent that fundamentally alters the CFPB’s agenda for the next year,” said Ed Mills, managing director at Raymond James. “The biggest development in favor of the industry is the most recent ruling and that there is a judge that says the CFPB can’t do anything until the Supreme Court has decided.”

The big question for banks, consumers and investors is not whether industry trade groups will sue the CFPB to block any final rules from going into effect but when and where they will sue. Trade groups have already threatened to sue the CFPB over the credit card late fee proposal, with the choice of venue likely in Texas, where Republican jurists dominate the U.S. Court of Appeals for the Fifth Circuit.

The CFPB “is going to get sued for everything and part of the reason why they get sued is because a number of the lawsuits have been successful,” added Mills.  

The industry’s playbook for how to successfully gut a CFPB rule — and challenge the constitutionality of the bureau — is the years-long litigation over the payday lending rule. The bureau issued the payday rule in 2017 and was sued in 2018 by two Texas payday groups. Last year, a three-judge panel on the Fifth Circuit ruled that the CFPB was unconstitutionally funded through the Federal Reserve System and invalidated the payday rule. The CFPB appealed that ruling last year, teeing up the current constitutionality case before the Supreme Court. 

In the case this week that temporarily halted the small business data collection rule for banks, the two bank trade groups also had appealed to the Fifth Circuit. 

CFPB Director Rohit Chopra is poised to issue four final rules by year-end that could be challenged. A rule on credit card late fees is expected to be finalized in September or October and go into effect early next year. The rule is a priority for Chopra and many experts think the CFPB will not change its proposal to drop late fees to $8 from between $30 to $41 currently. 

“Chopra has the authority to issue the rule on credit card late fees, and trade groups likely will look to file a lawsuit in Texas to get before the Fifth Circuit,” said Dan Smith, president and CEO at the Consumer Data Industry Association and a former CFPB assistant director.

Todd Zywicki, a law professor at the Antonin Scalia Law School at George Mason University, said the credit card late fee rule “does seem more likely to get the chopping block if the final rule resembles the proposal.”

Two more final rules expected by year end on nonbank registries — one for so-called “bad actors,” and the other that is a workaround of the CFPB’s invalidated arbitration rule  — are also expected to be challenged. The CFPB proposed a rule in December that would create a public database of corporate lawbreakers, requiring nonbanks to report any state and local court orders or judgments involving consumer financial products. A second registry proposed in January would require nonbanks to register contract terms waiving consumers’ rights to arbitration. 

“The bad actors’ registry just puts a bull’s eye on the industry,” said Eric Johnson, a partner at Hudson Cook. “I can see somebody challenging both of those rules while we’re waiting for the Supremes to act, especially now that two banking associations have had success before a judge.” 

Finally, a much-anticipated proposal on open banking that would give consumers control over their personal financial data is expected to be finalized in 2024. 

Chopra is mindful of the timeframe and deadlines for getting rules from the proposal stage through the public notice-and-comment process, and to the final rule stage before enactment. If the CFPB waits too long, there is always a threat — albeit a minor one, experts say — that a rule could be repealed by Republicans, assuming they take control of the Senate and Presidency and retain the House in 2024. Republicans used an obscure legislative process called the Congressional Review Act to overturn the CFPB’s arbitration rule in 2017 by a vote of 51-50. 

The Congressional Review Act is one of the reasons the CFPB is moving quickly to propose other rules and get them finalized next year before the election. Proposed rules are coming in 2024 on overdraft fees, nonsufficient funds fees and credit reporting.

By halting compliance with a rule, industry hopes to stall or at least put off enactment until another day. 

“The delay is really important for the industry because it opens up other avenues,” said Mills. “If there is an effective delay, could industry be saved by a Supreme Court decision and by the 2024 presidential election?”

The CFPB is moving quickly on rules to appear as though it is “business as usual,” despite the threat of the Supreme Court case, experts said. 

“I can see where Chopra has sped up the bureau’s activities because they are trying to show all the good they think they’re doing for consumers to justify their existence and prove their worth to Congress,” said Johnson.

Source: nationalmortgagenews.com

Apache is functioning normally

Real estate focused artificial intelligence firm Restb.ai has formed a strategic alliance with Black Knight, according to an announcement on Monday. Through this new partnership, all Black Knight Paragon MLS platform users will have access to the Restb.ai MLS Product Suite, as it will be integrated into Paragon.

With Restb.ai, Paragon users will now have the ability to automate listing creation processes, unlock new data sets, and instantly validate property listings imagery to support compliance with MLS guidelines.

“Black Knight is known for delivering highly innovative, proven and cutting-edge real estate solutions that strengthen customer relationships and help agents work faster and smarter, not harder,” Ben Graboske, the president of Black Knight Data & Analytics, said in a statement. “With Restb.ai, we’re helping our MLS clients deliver more value to brokers and agents nationwide. Agents will be able to spend significantly less time on manually entering listings, enabling them to focus instead on interacting with homebuyers and sellers.”

Using the listing photos uploaded by the agent, Restb.ai automatically detects each image’s interior and exterior features, architecture style, and room type.

Restb.ai also has a photo compliance solution that can evaluate logos, watermarks, yard signs, people, license plates, and duplicate images, enabling it to auto-detect misuses of listing photos and corresponding violations based on MLS and Realtor association rules and regulations.

“Building Restb.ai into Black Knight’s MLS platform will radically transform how MLS subscribers interact with MLS Listing data. This enhanced AI automation will provide users with a new listing entry experience along with unique visual search capabilities for over 200 MLSs,” Lisa Larson, Restb.ai’s managing director for North America, said in a statement.

According to the press release, Restb.ai processes more than 1 billion images a month.

Source: housingwire.com

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Source: pressherald.com

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@properties announced the promotion of Branden Lopez to the position of General Counsel. This move comes as @properties aims to expand its business and enhance legal support across its portfolio of enterprises.

Lopez, who joined @properties in November 2022 as Director of Legal, has proven herself as a key member of the leadership team for @properties and Christie’s International Real Estate. In her new role, she will be responsible for overseeing various legal aspects of @properties’ fast-growing business.

Branden Lopez

As the second-largest privately held brokerage firm in the United States, @properties boasts an impressive array of businesses under its umbrella, including the renowned Christie’s International Real Estate global luxury brand, the @properties franchise brand, multi-state title company Proper Title, and other real estate ventures.

@properties was ranked No. 8 by both transaction sides and sales volume in the 2023 RealTrends 500 brokerage rankings.

Among her core duties, Lopez will handle legal matters related to affiliate agreements in the U.S. and internationally for both @properties and Christie’s International Real Estate. Additionally, she will ensure compliance with local licensing laws and General Data Protection Regulation (GDPR) laws concerning marketing in Europe. The management of outside counsel and the protection of @properties’ intellectual property portfolio will also fall under her purview.

Lopez brings extensive expertise to her new role, with more than 17 years of experience as a corporate attorney, including 15 years in the real estate industry. She is a member of esteemed professional organizations such as the Florida Bar Association, the D.C. Bar Association, the Commercial Real Estate Women Network (CREW), and the International Council of Shopping Centers (ICSC). Lopez holds an undergraduate degree from Florida State University and a J.D. from the Stetson University College of Law.

Source: housingwire.com

Apache is functioning normally

Last week, construction finance platform Rabbet announced raising a Series A funding round of $8 million led by Goldman Sachs, QED Investors, and Camber Creek. The Fintech company which was formerly known as Contract Simply – helps companies involved in construction finance to digitize and view documents relevant to a deal.

“Rabbet brings efficiency, accuracy and visibility to the complex construction finance industry.”

Rabbet co founders Will Mitchell left and Andrew Latime at right Courtesy Rabbet

Rabbet’s groundbreaking software solves a huge point of pain for construction loan processing by helping to expedite construction draw processing, which saves time and money while minimizing human error in data processing. Currently, these processes are manual and paper-based, making it time-consuming and prone to errors.

This funding round comes as the construction markets are in a big slowdown, a trend which has caused a shift from new developments toward the operations and technology end of the business. Given this “throttling back” environment, many in the business of construction finance are searching for new ways to streamlining and making more efficient all their processes.

Rabbet provides just such a streamlining solution, at a time when Fintech investing is empowering entreprenuers to blaze new trails with AI, machine learning, and VR. RealtyBizNews asked Jake Fingert, General Partner at Camber Creek about the VC firms investment in Rabbet. Here’s what Fingert had to say:

“Given the recent deceleration of the construction market, many in the industry are shifting more of their focus from new development to operations and technology. Rabbet is the leading construction loan software solution, an area ripe for innovation and where many in the space, such as Goldman Sachs, are looking for more efficient ways of doing business.  Rabbet’s technology significantly reduces the time it takes to process a loan, which means faster payments for subcontractors and more interest for banks, all while digitizing the workflow to improve compliance and record keeping. Instead of ten days, banks are pushing out draws in as little as two days.”

Rabbet’s platform helps banks, developers, and contractors to perform streamlining functions which are currently manual paper-based functions. The Austin based startup makes use of machine learning to located and extract key information from documents so that data and information can be migrated to PDF or spreadsheet form. At the end of the day, Rabbet technology creates a cross-sharing capability that is not currently available. Will Mitchell, Rabbet’s , CEO and co-founder, told interviewers last week:

“All this information is trapped in disconnected PDFs, spreadsheets, emails. We want to focus on the efficiency, accuracy and transparency that software can bring to this complex industry.”

Goldman Sachs’ construction finance division uses Rabbet’s software for streamlining and modernizing their construction investing operations, according to this Reuters release.

Babbet announced the company will use the new funding to continue to invest in the development of its automation platform, to expand service offerings, and to cultivate partnerships. The company also announced an expansion of its software engineering and sales teams in Austin.

Founded back in 2017, Babbet (Contract Simply) was accelerated with Y Combinator. Since that time the company has seen rapid growth, having improved efficiency for projects sized up to $150 million nationwide.

Phil Butler is a former engineer, contractor, and telecommunications professional who is editor of several influential online media outlets including part owner of Pamil Visions with wife Mihaela. Phil began his digital ramblings via several of the world’s most noted tech blogs, at the advent of blogging as a form of journalistic license. Phil is currently top interviewer, and journalist at Realty Biz News.

Latest posts by Phil Butler (see all)

Source: realtybiznews.com

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2008 & 2018 lenders: ghosts in the machine; warehouse, pre-approval, DPA, manufactured housing, marketing products

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2008 & 2018 lenders: ghosts in the machine; warehouse, pre-approval, DPA, manufactured housing, marketing products

By:
Rob Chrisman

Wed, Aug 2 2023, 8:26 AM

“If you have no interest in banking, you are not a loan.” (Best said out loud to a 6th grader.) Cutting edge humor aside, this morning I head to Orlando for the FAMP event, in a state where there are a total of 186 banks operating with 4162 branches. Some of the conversation will be about Freddie Mac earning $2.9 billion in the 2nd quarter (how’d your company do?). Banks… Last Friday we saw something we haven’t seen for a while: a bank closure. “Heartland Tri-State Bank of Elkhart, Kansas, was closed by the Kansas Office of the State Bank Commissioner, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver… the FDIC entered into a purchase and assumption agreement with Dream First Bank, National Association, of Syracuse, Kansas…” While we’re on Agency and government news, the Federal Reserve’s quarterly Senior Loan Officer Opinion Survey found that banks have tightened credit standards for both business and consumer clients, and they expect to tighten further through the rest of the year. “…a less favorable or more uncertain economic outlook, an expected deterioration in collateral values, and an expected deterioration in credit quality of [commercial real estate] and other loans.” (Today’s podcast can be found here and is sponsored by Candor. Candor’s patented automated underwriting decision engine, CogniTech, is a state-of-the-art, 100 percent machine platform that can handle infinite loan scenarios. Listen to an interview with Polunsky Beitel Green attorney Andy Duane on recent capital rules plans changes by U.S. bank regulators.)

Lender and broker software, products, and services

In 2022, Americans spent an average of $6,000 on engagement rings to demonstrate lifelong commitment to their partners. Just as the act of proposing with a ring symbolizes a promise, SimpleNexus, an nCino company, also seeks to engage prospective homebuyers with the promise of an intuitive, modern home financing experience. A single-sign mobile app gives borrowers the convenience of managing their mortgage loan from anywhere, with a rich feature set that allows them to submit an application, scan and upload documents, eSign disclosures, and attend virtual eClosings. What’s more, built-in messaging and notification features foster meaningful connections between lenders, borrowers, and their real estate agents. See how SimpleNexus can put your organization and your borrowers on the path to a future filled with security and prosperity. Schedule a demo today.

Click links, ask questions later. The most common attack vector for a cyberattack is the human element. It’s what phishing emails, phone calls and text messages all have in common. Yet while it’s the weakest link, the human element could be your organization’s greatest prevention layer if trained correctly. In an industry that incentivizes people based on sales goals, every mortgage lead has bottom line potential. And in the current market, it’s only human to go after leads without stopping to consider their legitimacy. But recent data shows just how risky clicking without thinking can be. According to ISACA, in 2022 social engineering (tricking humans) was the #1 attack vector, and even the best teams are vulnerable. Learn how to do a better job at testing and training your team to identify legitimate leads. Talk to Richey May’s cybersecurity experts for help assessing and defining your cybersecurity training needs.

“Attention Mortgage Technology Companies! Discover the secrets to thriving in this competitive market with our free white paper, tailored specifically for you. Written by Seroka Brand Development, the mortgage industry’s leading marketing and public relations company, this exclusive guide reveals top marketing and PR strategies for 2023. As the industry faces its current set of challenges, effective yet cost-conscious marketing is more crucial than ever for companies like yours, competing for every opportunity. Learn six impactful ways to reach your target market and secure success through the rest of 2023 and beyond. Don’t miss out on this invaluable resource: download your FREE white paper now.”

“AFR Wholesale® (AFR) is teaming up with financing experts from Fannie Mae for the next session of our Why Wait Live Webinar Series! Please join us Wednesday, August 9th at 2 PM EST, where we will be highlighting what you need to know about manufactured home financing. AFR has been a leading expert in manufactured homes for over 25 years. With this added knowledge and proven experience, we’ll be an extension of your team to help the prospects in your portfolio to become borrowers. Over this series, AFR has been discussing affordable financing solutions that together will help us provide homeownership opportunities to more families. Register Today! This is a live webinar, and a recording will not be provided. Sign up today and don’t miss it! If you are currently a partner of AFR, start utilizing these programs right away! Contact AFR by going to afrwholesale.com, email [email protected] or call 1-800-375-6071.”

“Why are some lenders and LOs thriving in this market? Because they know there are still 1st-time buyers and people seeking DPA! Stairs Financial aggregates DPA information and matches homebuyers, often CRA-eligible, to lenders/programs on our platform to help lenders create customers for life. Through Stairs, borrowers are educated about loan programs and terms to better understand their loan options before connecting with our lender network. Stairs is launching in Texas and quickly expanding nationwide with licenses in 40 states. We’re partnering with national, regional, and local lenders in every market to ensure every aspiring homeowner gets the help they need. By seamlessly connecting to your PPE, Stairs can show borrowers your rates, loan terms, and DPA program options. Further, we can deliver mortgage leads to your CRM or lead management system. If your firm wants to help more 1st-time buyers achieve their dream of homeownership, contact Mike Romano.”

“This seems too good to be true” is what we hear pretty often when it comes to QuickQual. Lucky for you, it is true. Loan officers issue QuickQuals right from within the LOS and give borrowers and Realtors the ability to run payments and update pre-approval letters within guardrails you set. Check out QuickQual by LenderLogix and they’ll text a demo right to your phone!


Warehouse/liquidity programs

If you’re heading to California for Western Secondary, carve out time to meet with the team from Flagstar Bank. At a time when banks are downsizing or leaving the warehouse business altogether, Flagstar remains firmly committed to the mortgage space. They’re the second largest warehouse lender with $119 billion in assets, offering the strength, stability, and best-in-class service you’ve been looking for. Flagstar warehouses most loan types, including conventional, non-QM, and construction, and offers MSR, servicer advance, and EBO financing solutions. Their warehouse platform is flexible enough for 400+ warehouse clients of all sizes to fund quickly and easily. While you’re at the conference, talk to Flagstar about their experienced Specialized Mortgage Banking Solutions team to find out if they can help streamline operations and provide greater value for cash balances. With 35 years of experience, Flagstar is a trusted lending partner ready to unlock a world of opportunities for your business. Contact Jeff Neufeld or Patti Robins today to discuss what Flagstar can do for you.

“If you’re attending the California MBA Western Secondary Market Conference in Dana Point, make sure to include Axos Bank’s Warehouse Lending Team in your agenda. Our team will be available to discuss strategies and showcase how our diverse array of Agency, Jumbo, and Non-QM products can provide you with the flexibility and liquidity needed to become a top producer in today’s market. With our expanded portfolio programs and extended cutoff times (6:15 p.m. ET), achieving success has never been easier. To secure a meeting time, simply reach out to Eric Nelepovitz and Justin Castillo via email, or if you have any questions, feel free to contact the Warehouse Lending team at 888-764-7080. Don’t miss out on this opportunity to elevate your business to the next level.”


The only thing constant is change

Independent mortgage banks and credit unions aren’t the only entities who originate residential loans. Banks have been in the news!

Grizzled industry vet Ken Sonner, showing his age, noted, “The ‘Banc of California buying PacWest’ deal is very interesting. A $10BB bank tries to swallow a $40BB bank? Kinda like GreenPoint buying Headlands.” Don’t forget that Norwest bought Wells Fargo but kept Wells’ name.

And then there’s this story: “Donald Trump’s business empire faced a potential crisis after he left the White House and his longtime accounting firm warned not to rely on his past financial statements. But Axos Bank, an online-only financial firm headquartered in San Diego, soon agreed to loan him $225 million, stabilizing his finances.”

In general, do you think anything is permanent in residential lending? How many of 2008’s top 20 are still in the game? Wells Fargo, Chase, Bank of America, Countrywide Financial, Citi, Residential Capital LLC, Wachovia, SunTrust Mortgage, US Bank Home Mortgage, PHH Mortgage, Washington Mutual, Taylor, Bean, & Whitaker, Flagstar Bank, AmTrust Bank, National City Mortgage, ING Bank, BB&T Mortgage, First Horizon Home Loans, Franklin American Mortgage Company, and IndyMac.

How about in 2018?

Wells Fargo, Chase, Quicken Loans, PennyMac Financial, United Wholesale Mortgage, Bank of America Home Loans, U.S. Bank Home Mortgage, Caliber Home Loans, Amerihome Mortgage, loanDepot.com, Flagstar Bank, Freedom Mortgage, Fairway Independent Mortgage Corp., Guaranteed Rate Inc., SunTrust Mortgage, Nationstar Mortgage, Citizens Bank, Guild Mortgage, Stearns Lending LLC, and Navy Federal Credit Union.

Recognize some ghosts?


Capital markets: rates, as always, up some, down some

Yesterday was yet another volatile day in rates and MBS as rates staged another breakout to higher yields after shrugging off month-end buying and some weak data. While volatility remains elevated it also remains range-bound, and sentiment is that the Fed is finally finished with its historically aggressive pace of tightening.

On the data front, we received a weaker than expected ISM Manufacturing survey (Institute for Supply Management) for July as the manufacturing economy continues to contract. New Orders improved, and pricing pressures continue to fall. Supply delivery times decreased. Overall, the news on pricing should be good for the Fed, as it looks like its tightening policy is having the desired effect. There was also a smaller than expected increase in June Construction Spending (actual 0.5 percent) after increasing an upwardly revised 1.0 percent in May. Residential spending continues to be powered by new single-family construction to meet demand that cannot be satisfied through the existing home market.

Ahead of Friday’s payrolls report, job openings were 9.6 million at the end of June, according to the JOLTS report. Hires decreased to 5.9 million, with losses experienced in finance and manufacturing. The “quits” rate, which tends to forecast wage inflation, decreased to 2.4 percent from 2.6 percent in June and 2.7 percent a year ago. The jobs market remains exceptionally tight but continues to show incremental signs of weakening. Job openings have fallen 20 percent since the Fed began tightening policy in March 2022, even with the unemployment rate trending sideways. Price growth still elevated and a pullback in demand for workers ongoing, a “soft landing” remains far from assured, but this is an encouraging step toward inflation subsiding without a recession.

Today’s economic calendar kicked off with mortgage applications decreasing 3.0 percent from one week earlier, according to data from MBA. We’ve also received ADP employment (324k, nearly twice as strong as expected! We’ll learn the U.S. Treasury details of the Quarterly Refunding (3-year notes, 10-year notes, and 30-year bonds) where we can expect amounts to increase from previous auctions in the face of a Fitch downgrade of U.S. debt. We begin the day with Agency MBS prices unchanged from Tuesday and the 10-year yielding 4.04 after closing yesterday at 4.05 percent; the 2-year is at 4.90, showing no impact of Fitch’s opinion of U.S. debt. Much ado about nothing?

Jobs and transitions

“FLCBank is looking for seasoned Wholesale Account Executives in the northeast, southeast, central, and northwest regions. If you are looking to make a move and join a company with a tenured culture of collaboration, team-based success, and the security of working for a federally chartered national bank, then it’s time to call Bob Eisendrath, Strategic National Account Manager (414.350.3986). FLCBank is an agency-approved lender, offering a suite of Jumbo products with IO, fixed, and ARM options, as well as bank portfolio products like bridge loans. Our AEs work with Brokers, Non-Delegated Correspondents and have the opportunity to offer warehouse lines to your customers. FLCB cultivates a fun team environment where both sales and the operations staff are passionate about delivering exceptional customer experience with every loan. We offer competitive compensation, an energized culture, and seasoned operations and support staff. FLCBank is an Equal Opportunity/Affirmative Action Employer.”

Do you have what it takes to be a mortgage superstar? Do you want to work with a lender that is leading the way in using AI to revolutionize the mortgage industry? If so, you need to check out Stockton Mortgage, a proud adopter of Lender Toolkit and its revolutionary solution, AI Underwriter™, which automates and applies underwriting conditions in 90 seconds or less. With just one click, you can review credit reports, income, assets, appraisals, loan data, fraud reports and more. Stockton Mortgage is using AI Underwriter to boost its productivity, quality, compliance, and find issues earlier in the process, delivering faster communication to Stockton’s customers. Stockton is looking for talented and ambitious professionals to join its team and grow with others on the team. If you’re ready to take your career to the next level and be part of the tech future of mortgage lending, visit Stockton’s website or contact the team today.

“Security National Mortgage Company (SNMC) has announced that Austin Jacks has joined the Company to serve as its Chief Marketing Officer. Mr. Jacks has over a decade of mortgage industry marketing experience focused on creating marketing products and building teams to enable loan originators to thrive. Mr. Jacks most recently served as the field marketing manager for Nations Lending. Joel Harward, SNMC’s SVP, stated, “Austin’s approach to modern marketing and his extensive experience will help us elevate awareness of the Company’s brand and expand its market share. His passion for marketing, strategic focus, and creativity will make him a great addition to the SNMC team. We are confident that Austin will play a key role in SNMC’s continued growth and success.” If you are interested to find out why Austin Jacks joined SNMC and why “It is Better Here”, please check us out here.”

How many ads for mortgages have you seen like this ad for mobile homes?

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

Source: mortgagenewsdaily.com

Apache is functioning normally

Whether you found a billing error on your credit card statement, suspect a fraudulent charge or simply aren’t satisfied with a product you purchased, the Fair Credit Billing Act of 1974 (FCBA) gives cardholders recourse to dispute charges and get their money back. But that grace period comes with a time limit, as disputes must be submitted in writing no later than 60 days after your credit card statement is issued.

Here’s what you need to know about the FCBA, including credit card dispute time limits, valid reasons for filing a dispute and how long credit card disputes take once they are filed.

Understand your legal rights

The ability to dispute false charges isn’t just a courtesy extended by credit card issuers; it’s a legal right protected by the FCBA. In accordance with that federal law, you have 60 days from the date your credit card statement is issued to dispute a billing error. To comply with this policy, your dispute must be submitted in writing.

🤓Nerdy Tip

The legal minimum time frame for filing a dispute is 60 days, but some credit card processors allow for a longer window. For example, Visa, Mastercard and American Express each allow chargeback requests up to 120 days from the date of the transaction in certain cases. If it’s been longer than 60 days, check with your issuer directly to determine whether you can still file a dispute.

Once you’ve filed your dispute, the FCBA provides that the credit card issuer must acknowledge receipt of your dispute and launch an investigation within 30 days. From there, it has 90 days to either resolve the dispute with a credit to your account or provide a written explanation of why the charges stand.

Before you dispute a credit card charge

Although all cardholders have the legal right to dispute unfair credit card charges, the process can be complicated, so it’s best to make sure your dispute is valid before filing it.

🤓Nerdy Tip

Disputes can’t be filed on pending charges, so if you see a suspicious transaction, you’ll have to wait until it has fully processed. Note that pending transactions can sometimes be caused by credit card holds, meaning they don’t match the final amount that will be charged.

To save yourself from unnecessary paperwork, take these steps before you follow through with initiating a dispute:

Run a search on the name of the company. Some companies operate under multiple names, using one name for customer-facing purposes and a different one for operations and logistics. If you see a transaction from a company name you don’t recognize, a quick online search may help you realize what the charge is.

Check your email, past statements and other payment records. Do you have a free trial or subscription that you forgot to cancel? Or do you have recurring but infrequent charges, like an annual bill? If you take a few minutes to check through your email for order confirmations and review past credit card statements, that will help ensure this isn’t a charge you simply forgot about.

Talk to authorized users to see if they recognize the charge. If your spouse, child, employee or anyone else is an authorized user on your credit card or has access to use the card, they may be the source of the unrecognized transaction.

Contact the merchant directly. If you’re certain there was a billing error — or alternatively, if you’re simply not satisfied with a product you purchased — contact the merchant directly. Explain the issue with the transaction and request a chargeback. If the chargeback is approved, the transaction will be reversed and funds will be returned. And even if the merchant is uncooperative, that documentation will help speed up the investigation once your dispute is filed.

Put your dispute in writing

Although it may make sense to initiate a credit card dispute online or by phone, full compliance with the FCBA requires that you follow up that initial contact in writing within that 60-day window. This ensures that both you and your credit card issuer have record of the dispute and that an investigation can be conducted with accurate information.

🤓Nerdy Tip

Many major issuers offer options to dispute a charge in writing from your online account. Simply go to your account activity, select the charge in question and look for a link that says “report a problem,” “dispute charge” or similar. Then follow the prompts to complete your written dispute.

Your written dispute should include your name and account number, the date you’re filing the dispute, the date of the transaction in question and an explanation of why you’re disputing the transaction. If you’re dissatisfied with the quality of a product and have already reached out to the merchant, include that information as well. And make sure to include copies of any supporting documentation.

Source: nerdwallet.com