country Archives - Page 33 of 502

Apache is functioning normally

May 29, 2024 by Brett Tams

Located in the heart of the Midwest, Des Moines offers a unique blend of urban excitement and small-town charm. Known for its exciting arts scene, lush parks, and friendly neighborhoods, living in Des Moines means enjoying a community that values both culture and nature. Whether you’re exploring the bustling downtown area or taking a peaceful stroll along the Des Moines River, there’s always something to discover. So, if you’ve been asking yourself, “Should I move to Des Moines, IA?” you’re in the right place. In this article, we’ll explore the pros and cons of life in Des Moines to help you decide if it’s the perfect spot for your next adventure. Let’s go.

Des Moines at a Glance

Walk Score: 45 | Bike Score: 39 | Transit Score: 30

Median Sale Price: $210,000 | Average Rent for 1-Bedroom Apartment: $1,120

Des Moines neighborhoods | Houses for rent in Des Moines | Apartments for rent in Des Moines | Homes for sale in Des Moines

Pro: Affordable cost of living

One of the standout features of Des Moines is its affordable cost of living. The cost of living in Des Moines is 12% lower than the national average. Additionally, the median home sale price is about $200,000 less than the national average. Utilities, groceries, and healthcare costs are also relatively low. This affordability allows residents to enjoy a higher quality of life without the financial strain found in more expensive cities.

Con: Limited public transportation

With a Transit Score of 30, Des Moines doesn’t have an extensive public transit system. While Des Moines offers some public transportation options, they are relatively limited compared to larger metropolitan areas. The bus system, DART, covers the city but may not be as convenient for those living in suburban areas. This often necessitates owning a car, which can be a drawback for those who prefer or rely on public transit. Additionally, the lack of extensive public transportation can make commuting more challenging.

Pro: Exciting cultural attractions

Des Moines offers a rich array of cultural attractions, including the Des Moines Art Center and the Science Center of Iowa. The city also hosts the annual Des Moines Arts Festival, which attracts artists and visitors from all over the country. These cultural amenities provide residents with numerous opportunities for enrichment and entertainment, making the city a lively place to live.

Con: Harsh winters

Des Moines experiences harsh winters with heavy snowfall and freezing temperatures. The winter cold can last several months, making it difficult for those unaccustomed to cold weather. Snow removal can be a constant chore, and icy roads can make driving hazardous. These conditions can be a significant drawback for those who prefer milder climates.

Pro: Outdoor recreation opportunities

Des Moines offers numerous opportunities for outdoor recreation, with over 75 parks and numerous trails. Gray’s Lake Park and the High Trestle Trail are popular spots for walking, biking, and picnicking. The city’s commitment to green spaces provides locals with ample opportunities to enjoy nature and stay active. These outdoor amenities promote a healthy and active lifestyle for people living in the area.

For those who enjoy high-end shopping, Des Moines may feel somewhat lacking. While there are shopping centers like Jordan Creek Town Center, the options for luxury brands and designer stores are limited. Residents often have to travel to larger cities for a more extensive shopping experience. This can be a drawback for fashion enthusiasts and those who enjoy upscale retail therapy.

Des Moines is known for its strong sense of community and friendly residents. Neighborhoods often host events and gatherings, fostering a close-knit atmosphere. The city’s numerous community organizations and volunteer opportunities make it easy for residents to get involved. This sense of belonging and community support is a significant advantage of living in Des Moines.

Con: International air travel limitations

While Des Moines International Airport offers several domestic flights, it has limited international options. This can be inconvenient for frequent travelers or those who need to travel abroad for work or leisure. Residents often have to connect through larger airports, adding time and complexity to their travel plans. This limitation can be a drawback for those who prioritize easy access to global destinations.

Pro: Growing food scene

Des Moines has a burgeoning food scene with a variety of restaurants offering diverse cuisines. From farm-to-table eateries to international fare, the city’s culinary landscape is expanding. The Downtown Farmers’ Market is a popular spot for fresh, local produce and artisanal goods. This growing food scene provides locals with numerous dining options and culinary experiences.

Con: Limited entertainment options

While Des Moines offers some entertainment options, such as theaters and music venues, they are not as abundant as in larger cities. The variety of concerts, shows, and events can be limited, which may not satisfy those seeking constant entertainment. Residents may find themselves traveling to nearby cities for a broader range of activities. This can be a downside for those who thrive on a bustling entertainment scene.

Jenna is a Midwest native who enjoys writing about home improvement projects and local insights. When she’s not working, you can find her cooking, crocheting, or backpacking with her fiancé.

Source: rent.com

Apache is functioning normally

May 28, 2024 by Brett Tams

May 1 was supposed to be “college decision day” for high school seniors across the country. But months of Free Application for Federal Student Aid (FAFSA) errors and financial aid offer delays have left scores of students unsure of their post-secondary plans, or whether they can afford college at all.

Nationwide, FAFSA completion is down about 17% from this time last year, according to the National College Attainment Network. Schools are now scrambling to get financial aid offers out. As of May 7, roughly 28% of institutions had yet to begin assembling financial aid packages for accepted applicants, according to a poll by the National Association of Student Financial Aid Administrators (NASFAA).

Most persistent FAFSA errors have largely been resolved, including an issue that prevented students in mixed-citizenship status families from submitting the form. However, some students may now face college decision deadlines without all of their financial aid offers on the table.

“These students have no idea of, ‘what is my bill gonna look like and how am I going to be able to pay for it?’,” says Kierstan Dufour, director of external training and partnerships at Get2College, a Mississippi college access organization of the Woodward Hines Education Foundation.

Submit the FAFSA if you haven’t already. And if you’re still navigating enrollment deadlines and waiting on financial aid packages from one or more prospective schools, here’s what you can do.

Be transparent with potential schools

To give students and families more time to receive and consider financial aid offers, 63% of public four-year colleges have extended their decision deadlines, according to NASFAA. Typical May 1 deadlines may now be as late as mid-June, July or even August. The National Association for College Admission Counseling has a comprehensive list of updated 2024-25 college deadlines.

But what if School A sent your financial aid package with a June 1 decision deadline, but School B has no financial aid offer in sight and a June 30 deadline?

Be transparent with potential schools and double-check decision deadlines, Dufour says. Some schools are offering extensions on a case-by-case basis. “Just say, ‘Hey, I’m waiting for an offer and understand that you have this deadline, but I haven’t received it from another school. Is there any extension that can be made until I can get all of the pieces of the puzzle together?’”

After reaching out to schools on your own, ask your high school’s guidance counselor to contact them on your behalf, says Ellie Bruecker, interim director of research at The Institute for College Access and Success.

“An email may be more likely to be read if it’s coming from a school account from a counselor, than [from] a student and their Gmail address,” Bruecker says. “I hope that most financial aid offices are replying to everybody that they can right now, but you might get a better foot in the door if you’re going through your school counselor.”

Net price calculators, which are available on every college’s website, can also help you estimate how much you might pay for the school after financial aid, Bruecker says.

Don’t rule out community college

Financial aid delays can be frustrating, especially when they’re preventing you from making decisions about your future. But if you’re considering college next year, don’t shift direction yet, Bruecker says.

If you’ve submitted the FAFSA, pending financial aid offers should arrive in the coming weeks. The Education Department says it has processed more than 8.3 million FAFSA forms and “is encouraging schools to package aid offers as quickly as possible,” according to an April 30 announcement.

If the offer is insufficient, you can write a financial aid appeal letter to your potential school. As a plan B, you may also consider enrolling in community college in the fall.

Community colleges are much cheaper than four-year schools. Annual community college tuition and fees for in-state students are $3,501, compared with $9,375 for an in-state public four-year school and $32,825 for a private four-year school, per 2020-21 data compiled by the National Center for Education Statistics.

And if you’re eligible, Pell Grants can cover most of your community college bill, Dufour says. Community colleges often have rolling admissions, so you have plenty of time to apply for fall enrollment. If you still want to attend a four-year school, you can transfer in the future.

“Just because your route isn’t directly to that dream school, doesn’t mean that it’s never an option,” Dufour says. “A lot of times colleges will have transfer scholarships, because community colleges have such a large population of students across the country.”

Submit the FAFSA if you haven’t already

The Education Department is now processing FAFSAs within three days — instead of months — so submitting your form today can lead to a quick financial aid package, Dufour says.

If you’re thinking about going to college next year, don’t let financial aid delays dissuade you, Bruecker says. Filling out the form unlocks federal student aid, which can include Pell Grants of up to $7,395 per year. It also unlocks state and college aid, and it’s necessary to apply for some scholarships.

Your high school’s guidance or college counselor.
The financial aid office at your current or prospective college.
College access organizations in your community or state.
Online resources, like YouTube videos and the Education Department’s FAFSA help page.
The federal government’s student aid helpline: 800-4-FED-AID (800-433-3243).

You can complete the 2024-25 FAFSA after graduating from high school, but your guidance counselor may not be able to assist you at that point, Dufour says. Prioritize submitting the FAFSA before school is out — and if you need FAFSA help during the summer, reach out to other resources.

“Go do it, go do it, go do it today,” Dufour says. Filling out the FAFSA “is easier than you may think, and if you have glitches, there is a lot of support out there.”

Source: nerdwallet.com

Apache is functioning normally

May 27, 2024 by Brett Tams

A confirmed letter of credit can be an important document to those who are launching or running a business, particularly those engaging in international trade. These letters are used to help protect both the buyer and the seller in a business-to-business transaction by adding an extra guarantee that the seller will get paid. They essentially mean that a second bank will pay the seller if the first bank fails to do so, which can inspire confidence and allow a deal to go through.

Here’s a closer look at what a confirmed letter of credit is, how it works, and its pros and cons.

What Is a Confirmed Letter of Credit?

Also known as a confirmed LC, a confirmed letter of credit is an additional guarantee for a payment by a secondary bank. It states that this additional bank will be responsible for a payment being on time and in full even if the buyer doesn’t meet their contractual obligations and the first bank (called the issuing bank) defaults on the payment. You might think of it as a kind of insurance policy or Plan B if the initial bank responsible for payment fails to do its job.

This type of document can be common in international trades, such as transactions between export and import businesses. In many cases, a guarantee may be required to conduct international transactions or when a vendor or seller has reason to doubt the first bank’s creditworthiness.

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How Confirmed Letters of Credit Work

Confirmed letters of credit are commonly used as negotiable instruments, which are signed documents that promise to pay a certain sum to a specified person. They can be especially valuable in international business transactions that involve a significant payment amount for goods or services. Since the letter acts as guaranteed payment, it may take the place of a request for advance payment.

To get a regular letter of credit, the buyer will likely need to submit required documents to the first bank, including proof that certain steps have been completed. Then the bank will send appropriate documents to the seller’s bank. This paperwork shares detailed instructions on the terms and conditions, as well as how payment should be made. Depending on the agreement between the buyer and the seller, payment may be made immediately or at an agreed-upon date.

Once the letter of credit has been issued, the buyer may need the backing of a second bank, or a confirmed letter of credit. Worth noting: A fee is likely to be involved. The exact amount of this fee may depend on how good (or questionable) the first bank’s credit is. This letter usually reflects the first letter of credit and uses the same terms.

A confirmed letter of credit can protect both parties because it decreases the risk of default for the vendor or seller. Additionally, it ensures that payment is only made if all the terms are met. It can be a step to building good credit when doing a deal with a new client. It can also be helpful for a business that is just starting out and making connections, building contacts, and monitoring its credit.

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Parties Involved in a Confirmed Letter of Credit

Here’s a listing of all the parties typically involved in a confirmed letter of credit.

• Buyer or applicant: This is the party who is requesting the letter of credit and who will pay the seller.

• Beneficiary or seller: The party who is selling goods or services and is the one who receives payment.

• Issuing bank: This is usually a bank where the buyer already has a business bank account. It’s the one that issues the original letter of credit.

• Confirming bank: This is the second bank that will guarantee the funds to the seller once the terms in the letter of credit are met. In some cases, the confirming bank is from the seller’s home country (this may be called a correspondent bank) or is a bank the seller already works with.

Recommended: Guide to Irrevocable Letters of Credit (ILOC)

Confirmed Letter of Credit Example

Let’s look at a fictional example of how a confirmed letter of credit could work. Say that Pauline’s Paper Goods receives an order for 100,000 pallets of customized notebooks from JessCo, a stationery company. Pauline’s Paper Goods has never worked with JessCo before and isn’t sure that this company has the means to pay for the goods. Maybe Pauline’s Paper Goods worries that JessCo doesn’t have what is considered good credit.

In order to prevent non-payment after the notebooks are produced and shipped off to the buyer, Pauline’s Paper Goods outlines an agreement that JessCo needs to pay with a confirmed letter of credit on the date the shipment leaves their warehouse.

If JessCo agrees, it would start applying for a letter of credit at its bank, where it has its checking account, in the U.S. If the bank requires it, the company needs to provide proof it has the funds available or it will apply for financing.

As soon as the issuing bank creates the letter of credit, JessCo then applies for a confirmed letter of credit with another bank, possibly the seller’s bank. When Pauline’s Paper Goods receives the completed confirmed letter, it manufactures and ships the customized notebooks. Once Pauline’s Paper Goods provides proof of when and how the goods were shipped, the guaranteed funds are released.

Recommended: Business vs Personal Checking Account: What’s the Difference?

Confirmed vs Unconfirmed Letters of Credit

If you are conducting international business, you will probably hear the terms confirmed and unconfirmed letters of credit. An unconfirmed letter of credit is simply a letter of credit issued by a bank. A confirmed letter of credit, as we’ve described above, is backed by two banks. This can foster trust if, say, there’s reason to worry the payment won’t be made.

Here’s a look at some other differences between a confirmed vs. an unconfirmed letter or credit.

• Guaranteed payment: With a letter of credit, the issuing bank guarantees payment. With a confirmed letter of credit, however, two banks confirm payment.

• Cost: Unconfirmed letters of credit tend to cost less than confirmed letters of credit.

• Changes: The buyer is allowed to make changes to an unconfirmed letter of credit. With a confirmed letter of credit, both banks can modify the document.

• Issuance: The seller only has to approach one bank for an unconfirmed letter of credit, but needs to contact two with a confirmed letter of credit.

Recommended: Guide to a Commercial Letter of Credit

Advantages of Confirmed Letters of Credit

Confirmed letters of credit can have several benefits for sellers, particularly those doing business internationally and wanting to ensure smooth transactions. These advantages include:

• Protection for both the buyer and seller

• An extra layer of confidence for the seller

• A lower risk of default thanks to a reputable second bank (perhaps serving as a guarantor if the first bank has a low credit rating)

• Buyers can seem more creditworthy, which may increase the odds that a seller will do business with them

Disadvantages of Confirmed Letters of Credit

While confirmed letters of credit can be very valuable in business, there are a couple of downsides to recognize. Disadvantages of confirmed letters of credit include:

• It may take longer to get a confirmed letter of credit since an additional bank is involved

• Bank fees may be higher than with an unconfirmed letter of credit

The Takeaway

A confirmed letter of credit can be a valuable business tool, especially when conducting international business. For those importing or exporting, the letter will guarantee payment for goods a company is supplying if the buyer and the buyer’s bank can’t complete the deal. Getting a confirmed letter of credit may cost more and take longer compared to an unconfirmed letter of credit, but the effort may be worth it. It can secure a transaction and open doors to doing business with new customers in a way that communicates confidence.

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FAQ

What is an unconfirmed letter of credit?

An unconfirmed letter of credit is a letter of credit that’s only been issued by one bank, known as the issuing bank. In a transaction, the buyer requests an unconfirmed letter of credit to guarantee funds will be paid on time to the seller by the bank.

Is an unconfirmed LC safe?

Yes, an unconfirmed letter of credit is safe because there is a guarantee or confirmation from one bank that payment will be made. Assuming that the issuing bank has a high credit rating, the seller can feel confident that the funds will be paid once all the conditions in the contract have been met. If the seller wants an additional layer of security, they may request a confirmed letter of credit — which means a second bank will provide payment if the first one fails to do so.

What is the risk of an unconfirmed LC?

The risk of an unconfirmed letter of credit is that the issuing bank won’t have the funds to pay the seller. That means that even if the seller completes their end of the contract, they risk losing out on funds if the issuing bank doesn’t fulfill their promise.

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

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

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

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

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

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Source: sofi.com

Apache is functioning normally

May 27, 2024 by Brett Tams

Broker Products; Legal Thoughts on Dual Licensing; Agency and Investor News; Interview With Tour de France Rider

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Broker Products; Legal Thoughts on Dual Licensing; Agency and Investor News; Interview With Tour de France Rider

By:
Rob Chrisman

Fri, May 24 2024, 11:57 AM

“Abandon all hope ye who enter here.” (Dante’s words, not Disney’s.) That could be the slogan of Times Square, but for those who just spent days at the Secondary conference in Times Square, trying to avoid everything in Times Square, you can look forward to the same event at the same place in the same hotel next year, May 18-21, 2025. Manhattan has so, so much more to offer. In a year, will groups still be discussing Attorney Opinion Letters, offering a savings on refis and new construction for Agency loans? What about LOs coming real estate agents, and vice versa? (For lenders considering that, given the NAR lawsuit that isn’t 100 percent settled yet, Attorney Brian Levy addresses dual licensing in “Double Dipping and Conflicts of Interest” and “Employee or a Duck?”.) Found here, this week’s podcasts are Sponsored by Truv. Truv lets applicants verify income, employment, assets, insurance, and switch direct deposits. Unlock the power of open finance, with Truv. Today’s has an interview with Tour de France cyclist Joe Dombrowski on his transition from an athletic career to one in (potentially) residential lending.

Broker Products

Calling all mortgage brokers! Kind Lending is pumped to announce the return of VIBE 2024 – Very Important Broker Exchange, the ultimate “Growth Mindset” event designed to supercharge your success! VIBE is the only growth mindset event of its KIND within the Mortgage industry with a one-of-a-KIND speaker lineup. Don’t miss out on hearing and learning from industry-shaking speakers, Glenn Stearns, Grant Cardone, Barry Habib, and more to be announced! Join us at the Pearl Theater located at the beautiful Palms Casino Resort in Las Vegas, NV on Friday, 10/18. Registration and Sponsorship packages are open and ready for the taking! Visit www.kind-vibe.com to learn more, catch up on VIBE 2023, and/or reserve your spot at this one-day, growth mindset event! We look forward to vibin’ with you in October at the entertainment capital of the world!

“Rocket Pro TPO continues to deliver valuable training opportunities! Earlier in May, a new Pro Performance Sales Training was held for partners and featured insights from three mortgage industry experts. Attendees learned how to convert social media engagement into leads, close more loans by meeting clients at the right time and place on social media, and provide ongoing value to clients even after they’ve bought a home. The training also offered tips on using analytics to target messaging with confidence. Now, this exclusive training is available to everyone: catch the replay here. Additionally, mark your calendars for IGNITE Live on July 9th, 2024, hosted by Mike Fawaz, EVP of Rocket Pro TPO. This event will cover industry discussions, current trends, and offer insights on staying ahead in the current market. Don’t miss this opportunity. Contact Rocket Pro TPO today to explore partnership opportunities that can benefit both your clients and your business.”

Agency and Investor, Correspondent and Broker News

Federal Housing Finance Agency (FHFA) issued a Request for Input (RFI) on the mission of the Federal Home Loan Bank (FHLBank) System as the Agency considers next steps for related rulemakings. The RFI provides an opportunity for the public to provide feedback on a core recommendation of FHFA’s Federal Home Loan Bank System at 100: Focusing on the Future report. Recognizing the importance of government-sponsored enterprises serving a clear public purpose, the report recommends clarifying the mission of the FHLBank System and updating how the Agency evaluates the FHLBanks’ achievement of that mission.

FHA published ML 2024-09 amending FHA’s eligibility requirements to remove the home office geographic address from data that must be the same in both the Lender Electronic Assessment Portal (LEAP) and SAM.gov. This change will streamline data reporting and support lender compliance by reducing potential contradictory information between the LEAP and SAM.gov platforms.

The Appraiser Quality Monitoring (AQM) list is moving to Fannie Mae Connect™. You can find it and over 80 other reports using the app’s search feature. The list will continue to be available on the AQM webpage through July 30, 2024, after which Fannie Mae Connect will be required for viewing.

Fannie Mae issued Selling Notice, Area median incomes (AMIs) will be implemented in Desktop Underwriter® (DU®) and HomeReady® application programming interfaces (APIs), Loan Delivery, and the Area Median Income Lookup Tool effective May 19. The AMIs will continue to be applied in DU based on the casefile create date, while the Application Received Date provided in Loan Delivery will be used to determine which AMI limit to use when evaluating eligibility for the loan-level price adjustment (LLPA) waiver.

Discussed in Pennymac announcement 24-48, Fannie Mae and Freddie Mac have both issued recent clarifications on how seller-paid real estate agent commissions are treated in light of recent settlements and ongoing litigation involving the National Association of Realtors (NAR).

Fannie Mae and Freddie Mac announced the 2024 Area Median Income (AMI) limits with an effective date of May 19, 2024. Pennymac is aligning with these change, view Pennymac announcement 24-49.

At the direction of FHFA, Fannie Mae and Freddie Mac have updated their Selling Guides to provide more specificity regarding lender responsibilities to ensure that properties are covered by adequate insurance. Pennymac Announcement 24-50: Property Insurance Sufficiency provides additional information.

United Wholesale Mortgage (UWM) announced 0 percent Down Purchase, a program aimed to help more borrowers become homeowners without an upfront down payment. This UWM-exclusive program allows qualified borrowers to receive a 3 percent down payment assistance loan up to $15,000 from UWM. This loan will not accrue interest and will not require a monthly payment. Contact UWM for borrower requirements.

PHH Mortgage updated Government UPB LLPAs and Spec Adjustments to allow for more accurate pricing.

Capital Markets

On the heels of the latest Federal Open Market Committee meeting minutes from Wednesday, which unsurprisingly showing that FOMC voters feel they need to see more evidence of disinflation before considering any interest rate cuts, markets yesterday finally received some data from this week to crunch on.

New-home sales disappointed, dropping 4.7 percent in April after an above-average print in March. The pullback was a bit sharper than anticipated but can largely be explained by early April’s move higher in mortgage rates. And speaking of mortgage rates, 30-year fixed mortgage rates fell below 7 percent for the first time since that early April rise, according to Freddie Mac’s Primary Mortgage Market Survey. Separately, initial jobless claims dropped again.

New home sales declining means both new and existing home sales are now trending in negative directions. While rising inventory levels in the resale market are a factor weighing on new sales, existing home sales (a much larger portion of the market) have been in a downward trend since hitting a six-year peak at the end of 2020.

Existing home sales are currently running at just 79 percent of the millennium-to-date sales average. This is partly due to the majority of American homeowners being locked into their homes from record low mortgage rates as a result of QE4. Two cheers for Jerome and his efforts that will keep tens of millions of homes off the market for years to come. As far as new home sales slacking, single-family home building has been lacking since 2008.

U.S. business activity grew the most in two years in early May, evidenced by flash Manufacturing and Services PMI readings for the U.S. showing accelerating growth. The reports invited some speculation that the Fed could hold off on its initial rate cut, with pricing for a September cut now a coin-toss. If you recall, the minutes from the FOMC’s May 1st decision showed “many” Fed officials questioning whether policy was restrictive enough. Some even mentioned a willingness to tighten further if needed.

Fed speakers, of which there seem to be far too many, have stuck to the script since that meeting, cautioning investors that they will need to see more evidence of disinflation before any rate cuts are appropriate. If you don’t agree with the “too much Fed speak” sentiment, look no further than this week’s Atlanta Fed Financial Markets Conference. Atlanta Fed President Raphael Bostic has taken the stage on six different occasions, and there were eight other Fed speakers issuing remarks for public dissemination.

Today’s economic calendar is under way with durable goods orders for April at +.7 percent! Expectations were for a decline of 1.0 percent month-over-month versus a 0.9 percent increase previously. Later today brings remarks from Fed Governor Waller, and final May Michigan sentiment. Pay attention to the 1-year and 5-to-10-year inflation expectation components of the Michigan figures, which the Fed places an emphasis on when it comes to the central bank’s theory of what causes inflation. It hasn’t been pretty lately: The 1-year index has risen three releases in a row to 3.5 percent, while the 5–10-year index has also increased over the past three releases to 3.1 percent and has weighed on market hopes for rate cuts this year.

Things stop trading at 2PM ET, 8AM HT, per SIFMA’s recommendation ahead of the Memorial Day holiday. We begin the day with Agency MBS prices unchanged from Thursday’s close, the 10-year yielding 4.49 after closing yesterday at 4.48 percent, and the 2-year little change at 4.94.

Jobs

“Dreaming of a better way to run your business? We’re on a mission to empower independent mortgage banks like yours to reach new heights of success. As part of the Homestead Funding team, you’ll maintain your independence so you can focus on production. We provide cutting-edge tools, technology, and executive support to help you thrive without the burdens of regulations or compliance. Our extensive product line is constantly evolving to meet market demands, ensuring you have the programs and financing solutions to successfully assist diverse clients. Plus, our dedicated marketing team is here to amplify your visibility and attract new leads through print and digital campaigns. Since 1995, we’ve been inspiring professionals like you to thrive. Our force in the industry has proven that growth doesn’t mean sacrificing independence. Contact Dave Stagnitti to learn how you can accelerate your career with Homestead Funding, 518-390-5960.”

A 49-state licensed mortgage lender with a large servicing and strong capital base, seeking to expand retail footprint by partnering with large production teams or regional mortgage banks interested in a capital partnership. The goal of the relationship is to leverage back-office mortgage functions (e.g., secondary, technology, compliance, operations, and licensing) to provide you with long-term production growth opportunities. By partnering with us, you can utilize our mature systems to add loan officers and scale your operations across the US. If you are a strong retail loan origination team feeling constrained by layers of management, or an independent mortgage lender looking for new options for your team, we offer a compelling alternative to standard “branch” offerings. Confidential and serious inquiries can email Chrisman LLC’s Anjelica Nixt.

“Evergreen Home Loans™, a leader in the Western U.S. mortgage industry, is proud to announce its fourth consecutive recognition at the Puget Sound Business Journal’s Corporate Philanthropy Awards 2024. This accolade underlines our steadfast commitment to community engagement and philanthropy, a core aspect of our corporate culture that attracts passionate professionals dedicated to making a difference. Located across Arizona, California, Idaho, Montana, Nevada, Oregon, and Washington, Evergreen is continually looking for talented individuals eager to advance their careers in a supportive and dynamic environment. Join us in our mission to provide affordable home financing solutions and make a meaningful impact in our communities. Explore opportunities at Evergreen Careers.”

Canopy Mortgage is attracting producing loan officers across the Nation and remains profitable as we move into the summer! How many national lenders can say that they’ve made it to profitability this year? Not many. Canopy Mortgage is forging ahead with significant momentum and looking for branch managers to be part of their success story as they continue to innovate and empower LO’s with highly efficient tech that’s driving down the cost to fund a loan. Looking for a better way to run your business? Contact Josh Neumarker at 888-696-9076 for more information or to schedule a one of a kind Tech-Demo to see where the magic happens.

Nations Lending notched another win. Mortgage Executive Magazine has ranked Nations as one of the top 40 mortgage companies in the country. CEO Jeremy Sopko cited the recognition as proof of the company’s commitment to customer experience and industry innovation. The philosophy of Home Loans Made Human® has led to the continued success of Nations. This recent accolade comes on the heels of Scotsman Guide naming several of their originators in the top 5 percent nationally. Nations hosted its Presidents Club Awards to celebrate many of these top producers. The event also honored and recognized the contributions of non-producing support staff. Nations Lending President Bill Osborne summed up the spirit of the event. “It’s our way to show how thankful we are to everyone that makes this company great.”

“This lender landscape demands both speed and adaptability, which is why Sierra Pacific Mortgage (SPM) is rolling out AI within our proprietary origination system, ExpressLoan™, that provides precise and comprehensive guidance tailored to a borrower’s needs in a matter of seconds. No more wasting time sifting through underwriting guidelines to qualify potential loan scenarios! Hey Sierra is designed to fill the gaps in the mortgage industry, giving both tech-savvy newcomers and seasoned professionals an equal opportunity to work smarter, not harder. Whether you’re looking for FHA, VA, Conventional, or other loan product guidelines, Hey Sierra is the tool you turn to if you want to become a more efficient and effective loan originator. Ready to work with a lender who equips their originators with the cutting-edge technology they need to serve more clients and grow their business? Connect with a member of our Sales Leadership Team today.”

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

Source: mortgagenewsdaily.com

Apache is functioning normally

May 27, 2024 by Brett Tams

On Wednesday, the FHFA closed the comment period for the proposal, which was opened in April. In their letter, Republicans called the 30-day period “insufficient.”

If the product is approved as proposed, it will have terms of up to 20 years, be manually underwritten and remain in Freddie Mac’s portfolio for six to nine months until second mortgage non-TBA-guaranteed securities are created.

Republicans on the Senate Banking Committee, along with 23 members of the House Financial Services Committee, signed the letter sent to FHFA Director Sandra Thompson that indicated “political purposes” for creating the new product.

“We are deeply concerned that the proposal is a thinly veiled attempt by the Biden administration to offset the effects of excessive fiscal spending and tight monetary policy as the November election approaches,” the letter states.

“The sole purpose of the FHFA’s conservatorship of the GSEs is to restore their soundness and solvency so they can fulfill their statutory missions — under no circumstances should the FHFA’s ultimate authority as a conservator be exploited for political purposes. The GSEs are already the largest mortgage guarantors in the country; expanding their roles as consumer loan guarantors is a significant step in the wrong direction.”

An FHFA spokesperson told HousingWire that the letter had been received and the agency “will respond appropriately.”

According to the letter, second mortgages are consumer loans that finance spending and consumption, counteracting the effects of tighter monetary policy and worsening inflation for Americans.

Strategists at Bank of America estimate the product could unlock $850 billion in origination volume.

Freddie Mac’s head of single-family acquisitions, Sonu Mittal, told HousingWire this week that the product “will provide borrowers an alternative to the cash-out refi.”

“The thing I keep trying to tell folks is that this is not HELOC; this is not piggyback where you can do first and second, and this is not open to all first-lien mortgages in the country. It’s only if you have a Freddie Mac first mortgage. So, when you start slicing it with all those different cuts, it’s a different sizing or opportunity that exists.”

Members of Congress are also concerned that the proposed Freddie Mac product will crowd out private capital while expanding the GSE into other credit markets. Groups such as the Mortgage Bankers Association (MBA), the U.S. Mortgage Insurers (USMI) and the Housing Policy Council (HPC) highlighted the same concerns in comments to the FHFA.

“The proposed product will primarily help homeowners who possess meaningful equity in their homes and have already gained from the 68.9% increase in home prices since the pandemic,” the letter states.

“It offers no benefit to renters or homeowners who lack meaningful equity, such as first-time homebuyers. In fact, the proposal is likely to adversely affect these Americans through its broader inflationary impact on the economy, as well as by exacerbating the rate lock-in effect, the adverse effects of which were reported on by the FHFA earlier this year.”

Source: housingwire.com

Apache is functioning normally

May 27, 2024 by Brett Tams

Thinking about spending your college years in Virginia? You’re making the right call. This state is home to some of the most beloved college towns in the country.

From tech majors to aspiring artists, there’s a place for all in Virginia. Whether you’re an undergrad on the hunt for your first apartment in Richmond or a career academic looking for the perfect house in Charlottesville, you’ll find what you’re looking for in Virginia.

Let’s take a closer look at Virginia’s top college towns and uncover what makes each one stand out. From campus life to strong community ties, you’ll see why Virginia is the place to be for your college journey and beyond.

1. Charlottesville – University of Virginia

Population: 46,553 | Student population: 26,005 | Average 1-bedroom rent: $1,702

Charlottesville is home to the University of Virginia, renowned for its business, law, and medicine programs. The McIntire School of Commerce offers a top-tier undergraduate business program, consistently ranked among the best in the nation. The UVA School of Law is one of the oldest and most prestigious law schools in the country. The School of Medicine is also highly respected, particularly for its research in cancer, cardiovascular, and neurosciences.

The bond between the university and Charlottesville is evident throughout the town. The Downtown Mall, one of the longest pedestrian malls in the country, is a favorite spot for students and locals alike. Local businesses often collaborate with the university, offering internships and job placements that provide students with valuable real-world experience.

Apartments near University of Virginia | Houses for rent near University of Virginia

2. Blacksburg – Virginia Tech

Population: 44,826 | Student population: 31,000 | Average 1-bedroom rent: $1,233

Blacksburg is where you’ll find Virginia Tech, famous for its engineering and computer science programs. The College of Engineering is one of the largest in the country, with programs that include aerospace, civil, and electrical engineering. The Department of Computer Science is known for its cutting-edge research in artificial intelligence, cybersecurity, and data analytics. Students also flock to the School of Architecture, known for its innovative approaches and strong emphasis on practical experience.

Virginia Tech and Blacksburg share a deep connection that enhances the college experience. The Virginia Tech Corporate Research Center hosts over 180 research, technology, and support companies, offering internships and co-op opportunities. The Moss Arts Center, a sizable venue, hosts performances that enrich the community culture.

Apartments near Virginia Tech | Houses for rent near Virginia Tech

3. Williamsburg – William & Mary

Population: 15,425 | Student population: 9,654 | Average 1-bedroom rent: $1,740

Williamsburg is home to the College of William & Mary, known for its excellent programs in history, law, and business. The history program is particularly strong, leveraging the town’s rich colonial heritage for immersive learning experiences. William & Mary Law School, the oldest law school in the United States, offers students a rigorous and prestigious education. The Raymond A. Mason School of Business is highly rated for its undergraduate and MBA programs, emphasizing leadership and ethical business practices.

The college’s relationship with Williamsburg is a rare mix of academia and history. Colonial Williamsburg, a living history museum, offers students opportunities for internships and volunteer work, providing a deeper understanding of American history. The annual An Occasion for the Arts festival, sponsored by the college, brings together artists, musicians, and performers.

Apartments near William & Mary | Houses for rent near William & Mary

4. Harrisonburg – James Madison University

Population: 51,814 | Student population: 22,166 | Average 1-bedroom rent: $758

James Madison University (JMU) is known for its strong business and health sciences programs. The College of Business is nationally recognized, with standout programs in finance, marketing, and management. The Department of Health Sciences offers popular programs in nursing, dietetics, and athletic training. Students are also drawn by the School of Media Arts and Design, which provides hands-on learning in digital media, journalism, and graphic design.

The relationship between JMU and Harrisonburg is solid. The Gilliam Center for Entrepreneurship supports local startups, offering students real-world business experience. The collaboration with Sentara RMH Medical Center provides health sciences students with clinical placements and research opportunities. Additionally, the annual Harrisonburg International Festival, supported by JMU, celebrates the town’s commitment to fostering the next generation of artists.

Apartments near James Madison University | Houses for rent near James Madison University

5. Richmond – VCU

Population: 226,610 | Student population: 28,594 | Average 1-bedroom rent: $1,470

Virginia Commonwealth University (VCU) is known for its arts and health programs. The School of the Arts is one of the most esteemed in the nation, offering programs in visual and performing arts. The VCU Medical Center is a leading healthcare facility, providing top-notch education and training in medicine, nursing, and dentistry. The College of Humanities and Sciences also stands out for its diverse range of programs, from psychology to forensic science.

VCU and Richmond are deeply intertwined, especially in the arts and healthcare industries. The Institute for Contemporary Art at VCU is a vector for modern art, where students can showcase their work and even meet with renowned artists. The medical school’s partnerships with local hospitals and clinics offer students extensive clinical experience. Additionally, the annual French Film Festival, hosted by VCU, attracts filmmakers and enthusiasts from around the world.

Apartments near VCU | Houses for rent near VCU

6. Fairfax – George Mason University

Population: 24,146 | Student population: 38,628 | Average 1-bedroom rent: $2,238

Fairfax is home to George Mason University, known for its programs in public policy, economics, and computer science. The Schar School of Policy and Government offers top-ranked programs in public administration and international relations. The Department of Economics is noted for its research in experimental and behavioral economics. The Volgenau School of Engineering is highly respected, especially for its cybersecurity and data analytics programs.

George Mason University and Fairfax benefit from a synergistic relationship. The university’s proximity to Washington, D.C., provides students with internship and job opportunities in government agencies and nonprofits. The Center for the Arts on campus hosts performances and exhibitions. The Mason Enterprise Center supports local entrepreneurs, offering resources and mentorship to students and community members.

Apartments near George Mason University | Houses for rent near George Mason University

7. Norfolk – Old Dominion University

Population: 238,005 | Student population: 23,494 | Average 1-bedroom rent: $1,322

Old Dominion University is known for its engineering and maritime programs. The Batten College of Engineering and Technology has programs in mechanical, electrical, and civil engineering. The Strome College of Business is also popular, with strong programs in management, marketing, and finance. Students interested in marine science can take advantage of the unique opportunities provided by the university’s coastal location.

Old Dominion University and Norfolk have a strong connection, especially with the maritime industry. The university’s partnerships with local shipyards and maritime companies provide students with hands-on experience and job opportunities. The International Maritime, Port, and Logistics Institute offers specialized training and research opportunities in marine science and technology.

Apartments near Old Dominion University | Houses for rent near Old Dominion University

8. Lexington – Washington and Lee University

Population: 7,320 | Student population: 2,238 | Average 1-bedroom rent: $973

Lexington is home to Washington and Lee University, known for its strong law and business programs. The School of Law is excellent, offering a rigorous curriculum and extensive clinical training. The Williams School of Commerce, Economics, and Politics is renowned for its programs in accounting, business administration, and economics. Students appreciate the small class sizes and personalized attention from faculty.

The university and the town of Lexington enjoy a close-knit relationship. Local businesses frequently hire students for internships and part-time jobs, providing valuable work experience. The Shepherd Poverty Program connects students with community service opportunities, addressing local issues.

Apartments near Washington and Lee | Houses for rent near Washington and Lee

Methodology

College towns are qualified as towns or cities with at least one college or university and fewer than 350,000 people according to U.S. Census data. Average rental data from Rent.com in May 2024.

This is not a comprehensive list of all of the towns and cities in the state meeting those requirements.

Apache is functioning normally

May 26, 2024 by Brett Tams

Looking for the ultimate college towns in Oregon? You’ve hit the jackpot! Oregon is home to some of the best college towns in the country. From top-notch academic programs to tight-knit communities, there’s something special around every corner.

Whether you’re looking for an off-campus apartment in Portland or a forever home in Bend, we’ve got all the inside scoop on ten of the top college towns in Oregon to spend your undergrad years and beyond.

1. Eugene – University of Oregon

Population: 176,654 | Student population: 23,163 | Average 1-bedroom rent: $1,695

Eugene is home to the University of Oregon, known for its stellar journalism and business programs. Students rave about the School of Journalism and Communication, which offers hands-on experience and opportunities to work with professional media outlets. The Lundquist College of Business is another highlight, offering top-tier business education with specializations in sports business, entrepreneurship, and finance.

The University of Oregon has strong ties with Eugene. They partner with local businesses for internships and community projects, providing students with real-world experience. The school’s sports teams enjoy a strong partnership with Nike, headquartered not far away. The annual Eugene Marathon also sees heavy student involvement, showcasing the university’s commitment to community engagement.

Apartments near University of Oregon | Houses for rent near University of Oregon

2. Corvallis – Oregon State University

Population: 59,922 | Student population: 27,038 | Average 1-bedroom rent: $1,510

Oregon State University is famous for its engineering and agriculture programs. The College of Engineering is one of the best in the nation, offering programs in mechanical, electrical, and civil engineering. The agriculture programs are also respected, focusing on sustainable practices and innovative research in crop science and animal husbandry.

Oregon State University collaborates closely with Corvallis. Many students work on community projects through the university’s extension service, which supports local farmers and businesses. The university’s research in renewable energy and sustainable agriculture often involves partnerships with local companies and farms. Additionally, the annual Da Vinci Days festival, celebrating science and technology, sees significant participation from students and faculty.

Apartments near Oregon State University | Houses for rent near Oregon State University

3. Portland – Portland State University

Population: 652,503 | Student population: 15,674 | Average 1-bedroom rent: $1,545

Portland State University is right in the heart of Portland. It’s known for its urban planning and environmental science programs. The College of Urban and Public Affairs is top-notch, preparing students to tackle complex urban issues. Environmental science students get hands-on experience with real-world projects, often collaborating with city agencies on sustainability initiatives.

Portland State has deep connections to Portland. Students often intern at local companies, nonprofits, and government agencies, gaining valuable professional experience. The university partners with the city on various sustainability initiatives, including the Portland Climate Action Plan, making a significant impact on urban development and environmental conservation.

Apartments near Portland State University | Houses for rent near Portland State University

4. Ashland – Southern Oregon University

Population: 21,360 | Student population: 3,208 | Average 1-bedroom rent: $1,540

Southern Oregon University is famous for its theater arts and creative writing programs. The Oregon Center for the Arts is a hotspot for theater students, offering state-of-the-art facilities and opportunities to perform in professional-level productions. Creative writing programs are also top-rated, attracting many aspiring writers with courses in fiction, poetry, and screenwriting.

Ashland and the university have a special bond. The Oregon Shakespeare Festival involves many students who gain practical experience in theater production and performance. Local businesses support student artists by providing venues and opportunities to showcase their work, creating an active arts community.

Apartments near Southern Oregon University | Houses for rent near Southern Oregon University

5. Bend – Oregon State University-Cascades

Population: 99,178 | Student population: 1,374 | Average 1-bedroom rent: $1,835

Bend is home to Oregon State University-Cascades, known for its outdoor recreation and tourism management programs. The natural surroundings make it perfect for these studies, with students learning about outdoor leadership, adventure sports, and sustainable tourism. The program’s focus on experiential learning ensures that students are well-prepared for careers in the growing Pacific Northwest outdoor industry.

The campus works closely with Bend’s outdoor industry. Students often intern at local recreation companies, gaining hands-on experience in guiding, event planning, and tourism management. The university’s partnerships with organizations like the Bend Park and Recreation District provide students with opportunities to lead community programs and outdoor events, fostering a strong connection between Bend and the university.

Apartments near Oregon State University-Cascades | Houses for rent near Oregon State University-Cascades

6. McMinnville – Linfield University

Population: 34,319 | Student population: 1,700 | Average 1-bedroom rent: $1,250

Linfield University excels in nursing and wine studies programs. The School of Nursing is highly respected, offering comprehensive training in patient care, healthcare management, and nursing research. Wine studies attract students interested in the region’s famous vineyards and winemaking, providing in-depth education on viticulture, enology, and wine business.

Linfield University has a strong presence in McMinnville. The nursing program partners with local hospitals and clinics, offering students hands-on clinical experience and opportunities to work with experienced healthcare professionals. Wine studies students often work with nearby vineyards and wineries, gaining practical skills in winemaking and vineyard management. The annual International Pinot Noir Celebration held in McMinnville sees significant involvement from Linfield students, enhancing their education and professional connections.

Apartments near Linfield University | Houses for rent near Linfield University

7. Salem – Willamette University

Population: 175,535 | Student population: 1,565 | Average 1-bedroom rent: $1,287

Willamette University is known for its law and business programs. The College of Law is well known, producing many successful lawyers and judges. The Atkinson Graduate School of Management offers excellent business education, with specializations in sustainability, entrepreneurship, and nonprofit management.

Willamette University and Salem are closely linked. Law students often intern at local courts, law firms, and government offices, gaining practical legal experience and networking opportunities. The business school partners with local companies and nonprofits for real-world projects, providing students with hands-on experience in managing and growing businesses. The annual Salem Art Fair & Festival, which involves many Willamette students, showcases the unbreakable ties between the university and the town.

Apartments near Willamette University | Houses for rent near Willamette University

8. Forest Grove – Pacific University

Population: 26,225 | Student population: 3,589 | Average 1-bedroom rent: $1,275

Pacific University is noted for its health professions and optometry programs. The College of Health Professions offers top-tier healthcare education, preparing students for careers in physical therapy, occupational therapy, and healthcare administration. The College of Optometry is one of the best in the area, with advanced training in eye care and vision science.

Pacific University works with local health facilities, providing students with clinical experience in hospitals, clinics, and community health centers. Optometry students often intern at eye care centers around Forest Grove, gaining hands-on experience in diagnosing and treating vision problems. The university’s community partnership programs, including free health screenings and educational workshops, benefit both students and residents, fostering a strong sense of community.

Apartments near Pacific University | Houses for rent near Pacific University

9. Newberg – George Fox University

Population: 25,138 | Student population: 4,039 | Average 1-bedroom rent: $1,410

George Fox University is known for its psychology and engineering programs. The psychology department is respected, for offering specializations in clinical, counseling, and experimental psychology. The College of Engineering provides excellent hands-on training in mechanical, civil, and electrical engineering.

George Fox University has strong ties with Newberg. Psychology students intern at local mental health clinics and schools, gaining practical experience in therapy and counseling. Engineering students often work on projects that benefit the community.

Apartments near George Fox University | Houses for rent near George Fox University

10. Klamath Falls – Oregon Institute of Technology

Population: 21,813 | Student population: 4,913 | Average 1-bedroom rent: $1,200

Oregon Institute of Technology excels in engineering and health sciences. The engineering programs are highly technical and industry-focused, offering specializations in renewable energy, civil engineering, and manufacturing technology. Health sciences students receive practical training in cutting-edge facilities, preparing them for careers in medical imaging, respiratory care, and dental hygiene.

The university partners with local industries for internships and job placements, ensuring that students gain relevant experience and professional connections. Health sciences students often work with Klamath Falls medical centers, providing patient care and participating in community health initiatives.

Apartments near Oregon Institute of Technology | Houses for rent near Oregon Institute of Technology

Methodology

College towns are qualified as towns or cities with at least one college or university and fewer than 750,000 people according to U.S. Census data. Average rental data from Rent.com in May 2024.

This is not a comprehensive list of all of the towns and cities in the state meeting those requirements.

Apache is functioning normally

May 26, 2024 by Brett Tams

Looking for the best college towns in California? You’ve come to the right place. California has some of the finest college towns in the country.

Whether you’re searching for an off-campus apartment in Berkeley or a secluded home in Santa Cruz, we’ve got the info you need on the best spots to enjoy your college time and the years that follow.

Let’s dive into nine of California’s top college towns and find the one that’s right for you.

1. Berkeley – UC Berkeley

Population: 121,385 | Student population: 45,307 | Average 1-bedroom rent: $2,771

UC Berkeley is famous for its strong engineering and computer science programs. Many students also flock to Berkeley for its political science and business programs as well. Both are known for their rigorous curriculum and world-class faculty.

Berkeley and the university work hand-in-hand. The town provides internship and research opportunities, particularly in tech and politics. The Berkeley Startup Cluster supports student entrepreneurs, while partnerships with Lawrence Berkeley National Laboratory offer coveted research opportunities.

Apartments near UC Berkeley | Houses for rent near UC Berkeley

2. Palo Alto – Stanford University

Population: 68,572 | Student population: 18,283 | Average 1-bedroom rent: $2,705

Stanford University excels in computer science, engineering, and business. The school’s medical and law schools are also highly respected and competitive. Stanford is renowned for its humanities programs as well, particularly literature and philosophy.

Stanford and Palo Alto have a close relationship. Many startups and tech giants in Silicon Valley partner with Stanford, providing students with sought-after internships and job opportunities. The local hospitals and clinics also collaborate with the university, benefiting medical students. The Stanford Research Park hosts a handful of companies that work closely with students on projects and research.

Apartments near Stanford University | Houses for rent near Stanford University

3. San Luis Obispo – Cal Poly

Population: 47,063 | Student population: 22,000 | Average 1-bedroom rent: $925

Cal Poly San Luis Obispo is known for its engineering and architecture programs. These majors consistently rank among the best in the country. Students also flock to Cal Poly for its agriculture and business programs, both known for their practical approach and strong industry connections. The university’s emphasis on “learn by doing” attracts students eager for hands-on experience.

San Luis Obispo and Cal Poly have a very close relationship. Agricultural students benefit from partnerships with local farms and wineries, providing real-world experience. The San Luis Obispo Chamber of Commerce works with Cal Poly to connect students with local businesses, enhancing their professional development opportunities.

Apartments near Cal Poly | Houses for rent near Cal Poly

4. San Diego – UC San Diego

Population: 99,600 | Student population: 38,644 | Average 1-bedroom rent: $2,000

UC San Diego is a leader in the fields of biology and oceanography. The university’s engineering and computer science programs are also highly rated. Many students come to UCSD for its innovative and research-oriented environment.

San Diego and UCSD have a symbiotic relationship. The city’s biotech industry collaborates closely with the university, providing students with valuable internships. Local marine institutes work with the oceanography department, offering hands-on research opportunities. The San Diego Supercomputer Center at UCSD partners with various industries for advanced research projects.

Apartments near UC San Diego | Houses for rent near UC San Diego

5. Santa Barbara – UC Santa Barbara

Population: 88,665 | Student population: 26,420 | Average 1-bedroom rent: $2,595

UC Santa Barbara is famous for its physics and marine biology programs. The university also offers strong programs in environmental science and engineering.

Santa Barbara and UCSB are tightly linked. The local marine research centers collaborate with the university’s marine biology program. Environmental science students benefit from partnerships with nearby environmental organizations, providing the type of practical experience that’s needed to fill out a resume.

Apartments near UC Santa Barbara | Houses for rent near UC Santa Barbara

6. Davis – UC Davis

Population: 66,850 | Student population: 39,679 | Average 1-bedroom rent: $2,268

UC Davis has great veterinary and agricultural programs. The university also excels in environmental science and engineering. Many students choose UC Davis for its focus on sustainability and research. The school also has strong programs in food science and plant biology.

Davis and the university have a strong connection. The town’s agricultural prowess provides internships and job opportunities for students. Veterinary students benefit from the nearby animal hospitals and clinics, gaining practical experience. The UC Davis Arboretum collaborates with the city on urban forestry and sustainability projects.

Apartments near UC Davis | Houses for rent near UC Davis

7. Irvine – UC Irvine

Population: 307,670 | Student population: 35,937 | Average 1-bedroom rent: $3,393

UC Irvine is known for its strong computer science and engineering programs. The university also has a respected business school. Many students are attracted to UCI for its emphasis on research and innovation. The university’s programs in public health and law are also highly respected.

Irvine and UC Irvine work closely together. The surrounding tech industry provides internships and job opportunities to students. The business school collaborates with nearby companies, providing students with practical experience. UCI’s Institute for Innovation connects students with startups and entrepreneurial resources in the area.

Apartments near UC Irvine | Houses for rent near UC Irvine

8. Santa Cruz – UC Santa Cruz

Population: 61,800 | Student population: 19,478 | Average 1-bedroom rent: $3,386

UC Santa Cruz is celebrated for its marine biology and environmental science programs. The university also offers strong programs in computer science and engineering. Many students choose UCSC for its focus on research and sustainability.

Santa Cruz and UCSC have a close relationship. Local marine research centers collaborate with the university’s marine biology program. Environmental science students benefit from partnerships with nearby environmental organizations. The Santa Cruz Economic Development Office works with UCSC to find additional internships and job opportunities.

Apartments near UC Santa Cruz | Houses for rent near UC Santa Cruz

9. Claremont – The Claremont Colleges

Population: 37,266 | Student population: 8,500 | Average 1-bedroom rent: $4,094

The Claremont Colleges, including Pomona and Claremont McKenna, are a group of seven schools known for their strong liberal arts programs. These colleges also offer top-tier economics and political science programs. Many students choose Claremont for the small class sizes and personalized education.

Claremont and the colleges are tightly linked. The town offers plenty of internships and job opportunities, particularly in education and politics. Many local businesses collaborate with the colleges, giving students hands-on experience in their fields before their four years are up.

Apartments near The Claremont Colleges | Houses for rent near The Claremont Colleges

Methodology

College towns are qualified as towns or cities with at least one college or university and fewer than 400,000 people according to U.S. Census data. Average rental data from Rent.com in May 2024.

This is not a comprehensive list of all of the towns and cities in the state meeting those requirements.

Apache is functioning normally

May 25, 2024 by Brett Tams

Thinking about college in Maine? You’re in luck. The Pine Tree State is full of great college towns that work with their colleges and universities to create an environment where higher education shines.

Whether you’re an undergrad leaving the nest and looking for an apartment in Orono or a professor on the hunt for a home in Portland, there’s a place in Maine for you.

Let’s dive into some of the best college towns in Maine. From marine biology or economics, there’s a place for you in Maine. Here’s a quick look at eight top college towns in Maine and what makes them special.

1. Orono – University of Maine

Population: 11,183 | Student population: 12,657 | Average 1-bedroom rent: $1,328

The University of Maine is renowned for its engineering programs. Students appreciate the hands-on learning and innovative research opportunities. Mechanical and civil engineering are particularly strong, with state-of-the-art labs and equipment. Forestry and business programs also draw their fair share of students.

Orono and the University of Maine have a close relationship that enhances the student experience. The university hosts local farmers’ markets, music festivals, and art exhibits, making weekends something to look forward to. Businesses in Orono frequently hire students for internships, giving them valuable real-world experience before they graduate. Additionally, the university’s Cooperative Extension works with local farmers and businesses, supporting the community and providing students with unique learning opportunities.

Apartments near University of Maine | Houses for rent near University of Maine

2. Brunswick – Bowdoin College

Population: 21,756 | Student population: 1,951 | Average 1-bedroom rent: $1,958

Bowdoin College stands out for its liberal arts programs, which are among the best in the country. The college’s English and history departments are particularly strong. Environmental studies is also a big draw, especially for those interested in sustainability and conservation.

Brunswick and Bowdoin College work hand-in-hand to create a supportive community environment. Students often volunteer in local projects, like tutoring at elementary schools and participating in environmental clean-ups.

Apartments near Bowdoin College | Houses for rent near Bowdoin College

3. Lewiston – Bates College

Population: 37,121 | Student population: 1,821 | Average 1-bedroom rent: $1,300

Bates College excels in the social sciences and humanities, making it a top choice for students interested in these fields. The college’s psychology and political science programs are highly regarded, with faculty members known for their research and teaching excellence. Bates’ commitment to social justice and community engagement is a big draw for students passionate about making a difference.

Bates College plays a key role in the Lewiston community. The college supports local businesses through partnerships and service-learning projects. Students frequently help out local nonprofits, working on projects that address issues like housing, education, and health care.

Apartments near Bates College | Houses for rent near Bates College

4. Waterville – Colby College

Population: 15,828 | Student population: 2,262 | Average 1-bedroom rent: $1,100

Colby College in Waterville offers strong programs in the sciences and economics. The biology and chemistry departments are particularly notable, with faculty members involved in cutting-edge research. Colby’s emphasis on undergraduate research helps students prepare for graduate studies and careers in science and technology.

Waterville benefits greatly from Colby College’s presence. The college has invested in downtown revitalization projects, improving local amenities and attracting new businesses.

Apartments near Colby College | Houses for rent near Colby College

5. Portland – University of Southern Maine

Population: 68,408 | Student population: 7,996 | Average 1-bedroom rent: $2,637

The University of Southern Maine is known for its business and nursing programs. The School of Business offers a range of concentrations, including marketing, finance, and management. The nursing program is also highly regarded, with a focus on clinical practice and patient care.

Portland and USM share a connection that enhances the educational experience. The university partners with local healthcare providers, giving nursing students hands-on experience in real clinical settings. Business students often intern at Portland’s innovative startups and established companies, gaining valuable insights and professional connections.

Apartments near University of Southern Maine | Houses for rent near University of Southern Maine

6. Farmington – University of Maine at Farmington

Population: 7,592 | Student population: 1,878 | Average 1-bedroom rent: $1,000

The University of Maine at Farmington specializes in education and psychology, making it an excellent choice for aspiring teachers and counselors. The education program is known for its comprehensive curriculum and practical training opportunities in local schools. UMF’s psychology program also attracts many students, offering courses in clinical, developmental, and experimental psychology.

Farmington and UMF have a strong and supportive relationship. Students often work in local schools as part of their training, gaining valuable classroom experience. The college hosts a variety of events that bring the community together, like poetry readings, theater productions, and art installations.

Apartments near University of Maine at Farmington | Houses for rent near University of Maine at Farmington

7. Augusta – University of Maine at Augusta

Population: 18,899 | Student population: 4,422 | Average 1-bedroom rent: $1,200

The University of Maine at Augusta focuses on nursing, cybersecurity, and business administration. The nursing program provides extensive clinical training, while the cybersecurity program equips students with the skills needed to protect digital information. Business administration is also a popular choice, with courses in management, marketing, and finance.

Augusta benefits from UMA’s contributions to the community. The university partners with local hospitals for nursing clinicals, giving students hands-on experience in patient care. Cybersecurity students often intern with local government agencies and businesses, helping to protect sensitive information and systems.

Apartments near University of Maine at Augusta | Houses for rent near University of Maine at Augusta

8. Biddeford – University of New England

Population: 22,552 | Student population: 6,642 | Average 1-bedroom rent: $1,340

The University of New England is a leader in health sciences, offering top-notch programs in osteopathic medicine, pharmacy, and dental medicine. UNE’s marine science program is also highly regarded, thanks to the university’s coastal location and state-of-the-art facilities.

UNE and Biddeford collaborate closely to benefit students and residents. The university’s health clinics serve the local community, providing essential medical care and training opportunities for students. Marine science students engage in local conservation efforts, working with organizations to protect the area’s natural resources.

Apartments near University of New England | Houses for rent near University of New England

Methodology

College towns are qualified as towns or cities with at least one college or university and fewer than 100,000 people according to U.S. Census data. Average rental data from Rent.com in May 2024.

This is not a comprehensive list of all of the towns and cities in the state meeting those requirements.

Apache is functioning normally

May 25, 2024 by Brett Tams

Enjoy complimentary access to top ideas and insights — selected by our editors.

Coming out of the Mortgage Bankers Association Secondary Conference, the big topic of conversation was the price being paid for mortgage servicing rights. As it becomes clear that the Fed is going to take longer to drop the target for fed funds, lenders face decisions about expenses and markets. And a drop in the short end of the yield curve may not mean lower 10-year Treasury yields.

Goldman Sachs’ CEO Officer David Solomon expects the Federal Reserve to not cut interest rates this year because the country’s economy has proved to be more resilient. But JPMorgan CEO Jamie Dimon has repeated his warning from last year that the consumer is running low on cash and will roll over next year. We’ll see. Default rates on prime 1-4s are still near zero, but FHA is at 10%.

In an earlier comment in The IRA blog, we recounted how several industry leaders are buying up mortgage servicing rights at a brisk clip, with bids at least half a multiple above the market. The reason for this intense interest in MSRs is a desire to build income generating assets for a tepid loan market ahead. Winter has come. Think of MSRs as acorns with leverage.

The excellent analysis published by Ginnie Mae in the Global Markets Analysis Report shows that the average coupon for government MBS is about 3.6%. The average loan coupon in a pool is a point above the debenture rate. Natural portfolio runoff will take many more years to rebalance the equation for lenders by getting the average MBS coupon closer to a five handle than a three APR. The on-the-run MBS coupon today for loans sold into the TBA market is a 6% contract.

Because the industry did extraordinary amounts of business in 2020 and 2021, today the market is light a trillion dollars or so in theoretical mortgage production. But we cannot spend theoretical money to meet real expenses. Firms which habitually sell their MSRs to offset operating losses are likely to face a tough road ahead. No acorns for the long cold winter in Michigan.

It will be no surprise to readers that there are a couple of initiatives being pursued in Washington to boost loan production, but not all of them necessarily make sense for consumers. Freddie Mac has proposed the purchase of single-family closed-end second mortgages. It will only purchase a second mortgage “if it currently owns the first mortgage in order to assist with servicing and risk oversight,” says the smallest GSE.

My firm submitted comments on the proposal, which is opposed by the MBA and a surprising number of other industry trade groups and think tanks. The Structured Finance Association (SFA) and American Bankers Association both opposed the proposal, noting that non-agency outlets are already providing enough liquidity for seconds. The ABA also questioned Freddie Mac’s motivations for a proposal to acquire seconds.

Our contacts in the non-QM market like the private product, but complain about the small number of customers. We worry that using a government guarantee to lure consumers who cannot do business with a bank is bad policy. To make sense under the GSE risk pricing methodologies, a closed-end second has to have a coupon near 10% or more. The private market today is low to mid-teens.

A mortgage REIT CEO told NMN: “Re-levering the taxpayer to utilize excess capital instead of doing something mission-focused with the money is bad boy behavior. We’ll look back in five years and wonder again how we got here. That said, the fix seems to be in at FHFA and this is going to happen, so we are positioning accordingly.”

Meanwhile over at the FHA, a proposal from the Housing Policy Council would allow closing costs to be rolled into the principal of refinanced loans. Erica Adelberg of Bloomberg Intelligence says proposals for the FHA to modify its streamlined refinancing program to make it more similar to that for VA loans might increase prepayment risks for Ginnie Mae MBS, impacting investors.

While there may be higher levels of prepayments, the most recent data from Ginnie Mae shows that yield spreads on MBS have widened considerably since the Fed increased interest rates, more than compensating investors for the change.

Several government lenders tell NMN that allowing the borrower to finance the closing costs helps borrowers get into a better financial position, is cheaper and helps them stay in the FHA program.

“Keeping borrowers in the FHA means they will continue to contribute to the MIP program vs. shift to a GSE conforming loan,” argues the industry lender. “Low income borrowers in underserved communities are better off in the FHA program. The catch is Ginnie Mae would need to waive any prepay violation.”

A number of readers of NMN are probably thinking right now about the fact that the FHA and Ginnie Mae have recently been vocal about rising prepayment rates. It was only in April that Ginnie Mae admonished issuers to be aware of rising prepayment rates. But now the FHA seems to be leaning in the direction of adopting changes that will increase prepayments.

“Completing a rate and term refinance can be beneficial to both homeowners and FHA alike,” HPC head Ed Demarco wrote in a May 21, 2024 letter. “The typical rate and term refinance reduces the borrower’s monthly mortgage obligation, and the borrower can use the savings to increase consumption or pay off other debts.”

According to the Urban Institute, the Federal Housing Administration should adopt a streamlined refinancing program because it can reduce defaults and foreclosures, and make loans safer for investors and guarantors.

We like the idea of helping low-income borrowers access the cash that they need within the existing first-lien mortgage product. The FHA market is not risk priced, thus low-income and first-time home buyers almost always find better rates in the government market. Astute lenders can make a decent profit, avoid the putback risk found in the conventional market and retain the MSR.

As we note in our comment letter on the Freddie Mac proposal, a loan officer acting in the best interest of a low-income consumer might recommend a 15-year floating rate refinance loan vs. a second lien so as to eliminate the mortgage debt faster. A second lien mortgage with a double digit coupon and a higher probability of default does not strike us as a very good deal for the consumer or the taxpayer. Doing a cash-out refinance for a consumer into a new, 15-year FHA loan makes a lot of sense to us.

Source: nationalmortgagenews.com

Des Moines at a Glance

Pro: Affordable cost of living

Con: Limited public transportation

Pro: Exciting cultural attractions

Con: Harsh winters

Pro: Outdoor recreation opportunities

Con: International air travel limitations

Pro: Growing food scene

Con: Limited entertainment options

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1. Charlottesville – University of Virginia

2. Blacksburg – Virginia Tech

3. Williamsburg – William & Mary

4. Harrisonburg – James Madison University

5. Richmond – VCU

6. Fairfax – George Mason University

7. Norfolk – Old Dominion University

8. Lexington – Washington and Lee University

Methodology

1. Eugene – University of Oregon

2. Corvallis – Oregon State University

3. Portland – Portland State University

4. Ashland – Southern Oregon University

5. Bend – Oregon State University-Cascades

6. McMinnville – Linfield University

7. Salem – Willamette University

8. Forest Grove – Pacific University

9. Newberg – George Fox University

10. Klamath Falls – Oregon Institute of Technology

Methodology

1. Berkeley – UC Berkeley

2. Palo Alto – Stanford University

3. San Luis Obispo – Cal Poly

4. San Diego – UC San Diego

5. Santa Barbara – UC Santa Barbara

6. Davis – UC Davis

7. Irvine – UC Irvine

8. Santa Cruz – UC Santa Cruz

9. Claremont – The Claremont Colleges

Methodology

1. Orono – University of Maine

2. Brunswick – Bowdoin College

3. Lewiston – Bates College

4. Waterville – Colby College

5. Portland – University of Southern Maine

6. Farmington – University of Maine at Farmington

7. Augusta – University of Maine at Augusta

8. Biddeford – University of New England

Methodology