Mortgage tech firm Blend Labs reported another loss in the first quarter of 2024, but its executives remain confident the company will deliver profits by the end of this year.
To reach this goal, the company recently received a $150 million injection from private equity firm Haveli Investments and paid down the balance of its outstanding debt.
The San Francisco-based company reported a non-GAAP net loss of $15.1 million from January to March, lower than the $17.6 million loss in the previous quarter and $35.6 million in the same period of 2023.
The company’s GAAP net loss in Q1 was $20.7 million, per filings with the Securities and Exchange Commission (SEC) on Wednesday.
To analysts, Nima Ghamsari, head of Blend, said that the deal with Haveli has “several strategic outcomes” for the company, including the “elimination of interest costs and improvement of the balance sheet, which for the first time as a public company is debt-free.”
As of March 31, Blend had cash, cash equivalents, and marketable securities, including restricted cash, totaling $135.3 million. Meanwhile, at the end of the first quarter, the company had a total debt outstanding of $135.5 million.
However, Haveli invested in Blend in April, which came as convertible preferred equity. The proceeds were used to pay down the company’s debt, eliminating costs with interest and servicing to improve profitability and cash generation.
In the quarter, Blend’s cash burn — resulting in unlevered free cash flow—was $1.3 million, compared to $14.4 million in the previous quarter and $40 million in the same period of 2023.
The company posted revenues of $34.9 million in Q1, near the high end of the guidance, compared to $36.1 million in the previous quarter and $37.4 million in the same period of 2023.
Most revenues came from the platform segment ($23.8 million), compared to a smaller share from the title segment ($11.1 million).
Blend’s platform segment includes the mortgage banking suite, which experienced a revenue decrease of 15% year over year to $15.1 million in Q1. Meanwhile, consumer banking suite revenue rose by 29% over a year ago to $6.7 million. Professional services revenue increased by 21% to $2.1 million during the same period.
On the expenses side, non-GAAP operating costs in Q1 totaled $29.5 million compared to $47 million in the same period the year prior.
Ghamsari told analysts that the company grew its product suite and customer base in the first quarter, including two of the top 10 credit unions in the country.
“Looking ahead, our pipeline now has 35 opportunities for new mortgage customers, up from 30 last quarter, including a couple of the largest financial institutions in the country,” Ghamsari said.
In addition, the company added functionalities to its platforms, such as an automated loan estimate and an updated Spanish language intake form with additional capabilities.
Blend executives estimate the company’s market share was 20.2% in the second half of 2023, considering funded loans via its platform.
The mortgage tech firm forecasts non-GAAP net operating loss between $7.5 million and $10.5 million in the second quarter.
SEATTLE — Mortgage rates, now hitting 7%, are putting heavy pressure on potential homebuyers.
According to Bankrate Analyst Alex Gailey, it may be time to rent rather than buy.
“A housing shortage, rising home prices, and high mortgage rates are tipping the housing market in favor of renting, at least in the short term, all across the country,” said Gailey.
A new Bankrate study reveals the Seattle metro area ranks third in the nation as the least affordable area to buy versus rent. Only Silicon Valley and the Bay Area are more expensive.
“You see home prices really high in Seattle, well above the national median sale price. In Seattle, the median sale price of a home is roughly around $800,000. That compares to the national median sale price, which is closer to $400,000. And so, that really makes a huge difference in the monthly mortgage payment you’re making,” said Gailey.
The Seattle-Tacoma-Bellevue area has the third-largest gap between renting and buying costs, with the average rent in the area at nearly $2,200 a month, while the typical mortgage payment is over $4,900. That’s a buy-to-rent ratio of 125%.
Gailey’s advice: If you want to buy right now you should make sure you’re in it for the long haul.
“Time in the housing market is more important than trying to time the housing market,” said Gailey.
While affordability is one of the main obstacles for aspiring homeowners, if you can afford it, then buying is a smart financial choice in the long term.
In Washington state, on average, you need a combined income of $150,000 annually to afford to buy, and more than half of aspiring homeowners say they can’t get there.
Rental rates in the area are high as well but more comparable to the national average. The average rental unit prices at $2,200, compared to a national average of about $1,950.
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(NEXSTAR) – Despite persistently-high mortgage rates, home prices in U.S. metro areas continue to rise in 2024, new data shows.
Over 90% of metro markets have seen gains in the first quarter of the year, according to the National Association of Realtors, with Illinois taking six of the top 10 spots. The highest year-over-year jump was in Fond du Lac, Wis. (23.7%), with Kankakee, Ill. (22%); Rockford, Ill. (20.1%); Champaign-Urbana, Ill. (20%); and Johnson City, Tenn. (19.3%) rounding out the top five.
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The spike in prices in those areas happened as the 30-year fixed mortgage rate ranged from 6.60% to nearly 7%, data from the Federal Reserve Bank of St. Louis shows.
“Astonishingly, greater than 90% of the country’s metro areas experienced home price growth despite facing the highest mortgage rates in two decades,” said NAR Chief Economist Lawrence Yun. “In the current market, rising prices are the direct result of insufficient housing supply not meeting the full demand.”
In February, 2024 a Zillow report found that the U.S. now has 550 “million-dollar” cities where the average home value is at least $1,000,000. That’s up from 491 at the same time in 2023.
Looking at metropolitan areas – which can include several cities – we see some regions jumping 20% or more year-over-year.
Rank
Metro Area
YOY Increase
1.
Fond du Lac, Wis.
23.7%
2.
Kankakee, Ill.
22.0%
3.
Rockford, Ill.
20.1%
4.
Champaign-Urbana, Ill.
20.0%
5.
Johnson City, Tenn.
19.3%
6.
Racine, Wis.
19.0%
7.
Newark, N.J.-Pa.
18.8%
8.
Bloomington, Ill.
18.5%
9.
New York-Jersey City-White Plains, N.Y.-N.J.
18.4%
10.
Cumberland, Md.-W.Va.
18.2%
(NAR)
When it comes to the overall home price, California markets made up eight of the top 10 most expensive, led by San Jose-Sunnyvale-Santa Clara, Calif. ($1,840,000; 13.7%), Anaheim-Santa Ana-Irvine, Calif. ($1,365,000; 14.2%) and San Francisco-Oakland-Hayward, Calif. ($1,300,000; 14%).
“The expensive markets in the West, where home prices declined last year, are roaring back,” Yun said. “Price dips in that region were viewed as second-chance opportunities by many buyers.”
The two non-California markets in the top 10 were Urban Honolulu, Hawaii ($1,085,800; 5.5%); and Naples-Immokalee-Marco Island, Fla. ($850,000; 9.4%).
Following his recent retirement from the winemaking business, former NFL star and College Football Hall of Famer, Terry Hoage has put his renowned Paso Robles winery on the market.
The 26-acre estate, located in the prestigious Willow Creek District, is listed at $7 million. It includes a luxury main residence, a guest house, and a fully operational winery, all of them surrounded by 17.5 acres of mature vineyards known for producing award-winning Rhône varietals.
Together with his wife Jennifer, an accomplished interior designer, Terry Hoage has cultivated this vineyard into a celebrated part of the local wine community over the last 20 years. The property features a 3,000-square-foot winery fully equipped to produce up to 3,000 cases annually — and even includes a tasting room.
Now, one year after the couple announced they’re retiring from winemaking, Jennifer and Terry Hoage have listed their 26-acre estate for sale. Jenny Heinzen with Vineyard Professional Real Estate holds the listing.
About the owners
Terry Hoage enjoyed a successful 13-year career in the NFL as a safety, playing for teams like the New Orleans Saints and Washington Redskins. He was recognized as an All-American during his college football days with the University of Georgia Bulldogs.
After retiring from professional football in the late 1990s, Hoage and his wife Jennifer moved to California’s Central Coast and discovered a passion for winemaking. In 2002, they purchased a 26-acre vineyard in Paso Robles and launched TH Estates Wines, specializing in Rhone varietals like Syrah and Grenache.
TH Estates Winery owners Jennifer and Terry Hoage giving a tour of their winery in 2010. Photo credit: Youtube
Over the next 20 years, the Hoages built TH Estates into an acclaimed producer of small-batch wines, earning praise from publications like Wine Spectator. They grew the majority of their grapes onsite at their Willow Creek vineyard.
The couple recently announced their retirement from winemaking after two decades in the Paso Robles wine community. Though bittersweet, they felt it was time to embark on their next chapter and announced the closure of TH Estates Winery in 2023.
The vineyard
Photo credit: Triston Ioppini / Trimotion Media
The heart of this property is the 17.5-acre vineyard planted with Rhône varietals including Syrah, Grenache, and Mourvèdre. These grapes thrive in the Willow Creek terroir and are highly sought-after by renowned Paso Robles winemakers.
The vineyard’s prized fruit contributes to many critically acclaimed wines that sold out year after year. With an approved winery permit to produce up to 3,000 cases annually, this vineyard offers endless possibilities for future owners as passionate about wine as the Hoages.
The winery
Photo credit: Triston Ioppini / Trimotion Media
The property features a full-scale winery and tasting room situated among the rolling vineyards.
At 3,000 square feet, the custom winery provides ample space for wine production and storage. It operates under a use permit allowing for up to 3,000 cases of wine to be produced annually on-site. The permit also enables the winery to conduct public tastings in the dedicated tasting room.
With climate-controlled barrel storage and professional equipment already in place, the winery provides a turnkey operation.
Award-winning wines
The Hoages found success right out of the gate with TH Estates Wines. Their first vintage in 2004 of The Hedge Syrah earned acclaim, dedicated to Terry’s former University of Georgia coach Vince Dooley. This demonstrated the vineyard’s potential for premium Rhone varietals.
In the years that followed, Terry and Jennifer’s wines continued to shine, consistently earning outstanding ratings from top critics. Their limited production pinot noir and Rhone blends became highly coveted.
Photo credit: Triston Ioppini / Trimotion Media
Robert Parker’s Wine Advocate awarded 98 points to the Hoages’ 2013 Decroux, describing it as “one of the finest wines ever produced from Paso Robles.” Grapes grown on the estate sell for premium prices to prestigious local producers like Saxum, Turtle Rock, and Torrin.
Clearly the vineyard’s complex soils and ideal microclimate translate to fruit with incredible character and depth. TH Estates brought Paso Robles to the forefront of California’s Rhone movement.
The main house
The opulent main residence is a licensed vacation rental with luxurious details and amenities throughout. Designed by Jennifer Hoage herself, no expense was spared.
Photo credit: Triston Ioppini / Trimotion Media
The interiors
The home features 3 spacious ensuite bedrooms, each with private patios to enjoy the scenic vineyard views.
The open floor plan is ideal for entertaining, with expansive windows flooding the home with natural light. Custom touches include luxe cumaru wood floors, an art gallery system, and a steam shower to unwind after a day of wine tasting.
Photo credit: Triston Ioppini / Trimotion Media
Stepping inside
The gourmet kitchen truly is the heart of the home. Custom cabinetry paired with white macaubas quartzite countertops provide a clean, modern aesthetic. Top-of-the-line Wolf range and professional series appliances make cooking a dream.
Photo credit: Triston Ioppini / Trimotion Media
Attention to detail abounds, from the wine cooler to multiple sinks and spacious walk-in pantry. A large 14-foot island seats 7 comfortably for casual dining. The formal dining room continues the upscale entertaining space with a contemporary mooii pendant lighting the table, and wine storage built right in.
Photo credit: Triston Ioppini / Trimotion Media
Practical amenities make everyday life a breeze, including whole house water filtration, a water softener, zoned AC/heating and a Lutron lighting system. This smart home has all the modern conveniences to match its luxurious style.
Property amenities
Beyond its wine-making capabilities, the 26-acre estate offers a bounty of fruit trees, olive trees, and berries throughout the property.
Photo credit: Triston Ioppini / Trimotion Media
There is also a sustainable pond for irrigation. Outdoor amenities provide plenty of opportunities for fun and relaxation. A heated saltwater pool and spa with seating for 8 is perfect for lounging on sunny days.
The stylish patio off the kitchen includes an outdoor kitchen with a firepit and BBQ, ideal for alfresco dining and entertaining. And for some friendly competition, there is a custom bocce court on the grounds.
Why sell now?
After 20 successful years immersed in the Paso Robles wine industry and community, owners Jennifer and Terry Hoage have decided to retire and pursue new adventures.
Photo credit: Triston Ioppini / Trimotion Media
The couple started their winemaking journey in 2002, after Terry’s prolific football career, when they purchased the 26-acre parcel that would become their Willow Creek vineyard and winery.
Over the past two decades, the Hoages built TH Estate Wines into an acclaimed producer of Rhône varietals and Pinot Noir that gained a cult following. They were hands-on in every aspect of the business.
Ready for a new chapter
As Terry shared, “Knowing that a book is only so long, we are now planning for a new chapter in our book of life.” While bittersweet, the Hoages are looking forward to what’s next after these invigorating decades in wine.
Photo credit: Triston Ioppini / Trimotion Media
“We have been extremely blessed to have both had two successful careers participating in exciting and invigorating endeavors,” said Jennifer Hoage. “We were fortunate to receive wonderful support from the Paso Robles community and spectacular club members that helped propel us on this journey.”
After celebrating immense success in the NFL and later as vintners, the Hoages are ready to embrace retirement and discover what life has in store next for them. Though they’ll miss being part of the Paso Robles wine community, they’re excited to see what new adventures await.
The opportunity
Photo credit: Triston Ioppini / Trimotion Media
The couple’s decision to part ways with their longtime winery opens up a rare opportunity for one lucky buyer to build upon the reputation and success that Terry and Jennifer Hoage achieved during their 20-year winemaking career here.
The property offers a move-in ready luxury main home along with 26 acres of established vines, a licensed winery, and tasting room.
From the vineyard and winery to the stunning home, all the hard work has been done — now is somebody else’s chance to reap the rewards. And for those seeking a turnkey wine country lifestyle, 870 Arbor Road checks every box.
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Welcome to the picturesque city of Newton where history meets modern charm and a strong sense of community prevails. Nestled just outside of Boston, Newton boasts a unique blend of suburban tranquility and urban convenience. With its tree-lined streets, top-rated schools, and diverse neighborhoods, Newton offers a welcoming environment for residents of all ages. There’s a neighborhood to suit every lifestyle from the historic architecture of Newton Centre to the bustling energy and Italian heritage of Nonantum.
Searching for the perfect apartment in the heart of Newton or a cozy condo in a peaceful corner of the city? You’ve come to the right place. In this Apartment Guide article, we’ll cut to the chase, breaking down the pros and cons of moving to Newton. Let’s get started and see what awaits in this charming town.
Pros of living in Newton, MA
1. Top-notch education
Newton is regionally renowned for its exceptional public school system. It consistently ranks among the best in Massachusetts. The city’s commitment to education is evident through its well-funded schools, dedicated teachers, and a wide range of academic and extracurricular opportunities for students. Newton is also close to several prestigious private schools such as the Newton Country Day School and the Commonwealth School, providing families with diverse options for their children’s education.
2. Green spaces and parks
Residents are fortunate to have access to an abundance of green spaces and parks. Newton has over 1000 acres of parkland, including the picturesque Crystal Lake and the Newton Commonwealth Golf Course. Whether it’s for leisurely strolls, outdoor sports, or simply enjoying nature, the well-maintained parks in Newton provide a tranquil escape from the bustle of Boston.
3. Vibrant cultural scene
Newton is home to numerous art galleries, theaters, and music venues. Events like the Newton Open Studios, run by the Newton Art Association, offer a unique opportunity to engage directly with talented local artists. Arts and culture lovers also have easy access to the incredible museums, theaters, and galleries of Boston.
4. Convenient access to Boston
One of the major advantages of living in Newton is its proximity to Boston, which is only a 15 minute drive away. With just a short commute via car, train, or bus, residents can easily travel to Boston for work, entertainment, and cultural experiences. This convenient access to Boston’s amenities and opportunities adds an extra layer of appeal to living in Newton. Conversely, Newton offers Boston residents a serene and charming alternative to the busy Boston streets.
5. Strong sense of community
Residents of Newton actively participate in local events, volunteer initiatives, and neighborhood associations. The city’s close-knit neighborhoods and friendly atmosphere create a welcoming environment.
6. Culinary diversity
Foodies in Newton are spoiled for choice with an array of dining options representing diverse cuisines. From cozy cafes and family-owned eateries to upscale restaurants like sycamore. and Tartuffo, the city’s culinary scene caters to a wide range of palates and budgets.
7. Historic charm
Newton boasts a rich history and architectural heritage, with many well-preserved historic buildings and landmarks that add character to the city. The Jackson Homestead offers a fascinating glimpse into the area’s past, while the picturesque Newton Centre Historic District provides a charming backdrop for leisurely walks and exploration.
Cons of living in Newton, MA
1. High cost of living
One of the primary drawbacks of living in Newton is the high cost of living, including steep housing prices and overall expenses. The city’s desirable location, excellent schools, and quality of life contribute to the premium cost of residing in this community.
2. Limited public transportation options
Despite its proximity to Boston, Newton has limited public transportation options, which can be a drawback for residents who rely on public transit for their daily commutes. While there are bus routes and commuter rail services, the overall public transportation infrastructure within the city itself may not be as extensive or convenient as in other urban areas.
3. Traffic congestion
During peak hours, the city’s roadways and intersections may become congested, impacting the overall ease of travel within and around the area. However, it’s important to remember that this is common in the Boston area and surrounding towns.
4. Limited nightlife options
For those seeking a lively nightlife scene, Newton may not offer as many options compared to nearby Boston. While there are bars, restaurants, and entertainment venues, the nightlife in Newton is relatively subdued and wraps up early.
5. Harsh winters
The New England region, including Newton, experiences harsh winters with cold temperatures, snowfall, and inclement weather conditions. While the winter season can be picturesque, it also brings challenges such as snow removal, icy roads, tire chains, and the need for extra precautions during the colder months.
6. Limited housing inventory
Housing in Newton primarily consists of single family homes so the share of apartment complexes and rental homes is smaller than many of the major cities. Furthermore, due to the high demand for housing in Newton there may be limited inventory available for sale, leading to a competitive real estate market.
7. Zoning restrictions
Zoning restrictions do not generally affect renters. But if you are hoping to buy a house in Newton eventually, you will want to be aware that the city has strict zoning regulations and restrictions. Many of these restrictions are in place to retain the character and history of the town. However, they can impact property development, renovations, and expansions. These regulations may pose challenges for homeowners looking to make major cosmetic or structural changes to their properties, requiring careful consideration and adherence to local zoning laws.
The refi market continues to be anemic as higher rates are persisting, with refi volume dropping 3.4% compared to the prior month. Seven of the top nine lenders recorded gains in April, with Plaza Home Mortgage, Liberty Reverse Mortgage/PHH and Guild Mortgage standing out for their gains between 36% and 48%.
When asked about whether or not these gains lead to overarching optimism for the direction of the industry or if caution should remain, RMI President John Lunde said he’d split the difference.
“I’ll call it cautious optimism,” he said. “Nothing we’ve seen recently suggests rampant growth, but if we can manage steady gains that would be a big step in the right direction.”
H4P gains are particularly encouraging, which likely stems from renewed industry attention likely brought about by rule changes announced in 2023 and 2024 by the Federal Housing Administration (FHA).
“I do think there’s more focus and attention on it this year with the changes by FHA, which gives originators a reason to take a fresh approach and energy into that niche,” he said.
When asked about where refi business is still taking place despite high rates and falling share of total volume, Lunde said it comes down to the concentration of home price appreciation in a given area of the country.
“Refi is generally going to happen where home price appreciation has been the strongest for the past several years, which can outpace the decline in principal limit factors from higher interest rates,” he said. “I’d expect to see these endorsements continue to whither though, as the recent increase in the 10-year CMT took away the benefit of the declines in the fourth quarter.”
As for what industry professionals should be keeping in mind, purchase may be the name of the game in the near future, Lunde said.
“I continue to think it’s all about purchase business, and getting in front of borrowers that are looking at a forward mortgage right now,” he said. “In many cases, reverse-eligible borrowers will see a lot more benefit for their financial goals from a reverse than a new forward or HELOC.”
HMBS issuance
The top HMBS issuer for April was Finance of America Reverse (FAR), which will soon consolidate under the overarching Finance of America brand. It created $155 million in new issuance, outdoing its March figure by $15 million. Longbridge Financial increased its own issuance to $107 million, while Liberty Reverse Mortgage/PHH and Mutual of Omaha Mortgage jumped to $95 million and $88 million, respectively.
“April’s original (first participation) production of $322 million was $54 million higher than March’s $268 million, though lower than that of April 2023, when approximately $379 million in original new HMBS pools were issued,” New View said in one of its two HMBS commentaries.
When asked about HMBS performance for the month, New View Partner Joe Kelly said that while performance is improved, “it’s not much of a bounce back but a period of relative stability and tightening spreads helps.”
A healthier first-participation pool market — in this case 20 of the month’s 89 pools — could be a good sign for the industry, but it largely “remains to be seen,” he said. “There is enough so far to keep reasonable liquidity and pricing.”
Mandatory purchase of HMBS loans out of pools — required when a loan reaches 98% of its maximum claim amount (MCA) — is generally stable, at least relatively speaking, Kelly explained, according to data shared in a second commentary. The payoff rate for April beat the 12-month average, and when asked how that factors into overall HMBS market health, Kelly explained the benefits.
“Payoff rates have stabilized at a lower rate for non-assignment payoffs,” he said. “The reduction in refinancing risk has had a beneficial effect on overall pricing.”
In terms of trends that New View is observing now, Kelly said that prepayments and losses are tracking low versus historical averages, which is largely healthy for the market. He added that he cannot “recall a time when there were so many proprietary reverse mortgage issuers.”
Tucked within the prestigious gated community of Monterra in Monterey, California lies a true architectural gem that’s having its second glow-up.
Originally commissioned and featured by Sunset Magazine in 2008 as one of their famed Idea Homes, the stunning property at 8370 Monterra Views in Monterey, Calif. has graced its fortunate owners with breathtaking ocean and mountain vistas for over a decade.
“Living here has been a profound experience,” the owner shares exclusively with Fancy Pants Homes. “The design of the house, particularly the living room with its expansive views, has given us countless sunset memories, a daily spectacle that never ceases to amaze.”
Photo credit: Tim Allen Properties Team / Sherman Chu
Now, for the first time since its inception, this rustic modern masterpiece is being offered for sale, priced at $6.5 million. Tim Allen of Tim Allen Properties Team (affiliated with Coldwell Banker Realty in Northern California) holds the listing.
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Property overview
Designed by renowned restoration architect Thomas Bateman Hood, the 7,286-square-foot residence seamlessly blends inspiration from Steinbeck Country’s rustic roots with contemporary luxury.
Photo credit: Tim Allen Properties Team / Sherman Chu
The 5-bedroom, 6-bathroom estate spans three main structures across 1.75 acres, employing an effortless indoor-outdoor flow through expansive windows and sliding glass doors.
Reclaimed materials like redwood siding from an abandoned stagecoach station and repurposed barn doors pay homage to the region’s history.
Architectural and design highlights
Beyond its architectural pedigree, the $6.5 million home dazzles with an array of lavish amenities, its seamless fusion of rustic charm and modern luxury, and quite a few eco-conscious features.
The design incorporates a rustic modern style using eco-friendly and recycled materials such as reclaimed barn wood from a local stagecoach station.
Photo credit: Tim Allen Properties Team / Sherman Chu
Meanwhile, energy-efficient systems and drought-tolerant landscaping ensure minimal environmental impact.
A Sunset Idea House
As a Sunset Idea Home, this property was envisioned as a model of what modern, sustainable living should embody.
Each year, Sunset Magazine collaborates with leading architects, builders, and designers to create a home that not only pushes the boundaries of residential design but also integrates the latest in green technology and materials.
Photo credit: Tim Allen Properties Team / Sherman Chu
This home serves as a prime example of that initiative, designed to inspire and influence trends in home building.
Interior design and features
The interior of the home is a testament to sophisticated design, where contemporary furnishings meet artistic flair to create a welcoming yet impressively elegant atmosphere.
Photo credit: Tim Allen Properties Team / Sherman Chu
Vast windows and strategically placed gathering areas make the natural surroundings an integral part of the home experience.
The gourmet kitchen features a rounded island, high-end appliances, sapele wood cabinetry and quartz countertops. The opulent primary suite includes an infinity soaking tub and waterfall shower, while the other bedrooms have unique themes.
The sellers have many fond memories of the house
Photo credit: Tim Allen Properties Team / Sherman Chu
The sellers, Robert and Lauren, have many fond memories of their beautiful home.
As Robert reminisces, “The living room that has the best views has allowed us to see magnificent sunsets year-round. Those will be great memories. We’d stand arms around each other, mesmerized by the colors, our puppy pushing between our legs to see what we’re looking at.”
Connection to Steinbeck Country
Embedded in the locale that inspired much of John Steinbeck’s work, the property captures the essence of what the author celebrated about the region: a life of simplicity and a profound connection to nature.
The home’s location and design philosophy reflect this ethos, offering a peaceful retreat that honors its cultural and natural heritage.
Photo credit: Tim Allen Properties Team / Sherman Chu
The open floor plan and indoor-outdoor connection further evoke the relaxed lifestyle and closeness to nature John Steinbeck captured in his writings about old Monterey and Carmel.
Entertaining spaces flow effortlessly to the outdoors, where owners can lounge by the fire pit, play bocce ball or enjoy pizza from the outdoor oven.
Indoor-outdoor living at its best
The home’s seamless indoor-outdoor living was a highlight for the couple.
“The thing we loved best about the house was its indoor/outdoor quality…We commissioned a formal dining room table…right in the middle of the arbor. For the first 10 years we lived there we did all our entertaining outside, including formal dinners,” Robert shares.
Photo credit: Tim Allen Properties Team / Sherman Chu
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A serene ambiance despite the grandeur
Robert also speaks fondly of the home’s grand yet serene ambiance.
“If you’ve ever been in a Gothic Cathedral somewhere in Europe you know the feeling of walking into a building that possesses the great quality of space… At 7,200 square feet it’s like we float from room to room.”
Photo credit: Tim Allen Properties Team / Sherman Chu
The home’s tranquil setting allowed the couple to embrace a leisurely lifestyle reminiscent of Steinbeck’s writings about the area. As Robert muses, “Thoughts are slow and deep and golden in the morning.”
The current owners redid the outdoor areas
“We remodeled the entire outside,” the seller tells us, before diving into the extensive outdoor remodel and newly added amenities.
“We added the flagstones upon which the outdoor kitchen and outdoor living room set. We also added the arbor, dinning room table and pizza oven. Then to continue the feeling of stimulating entertainment of the senses we added a full sized bocci ball court.”
Photo credit: Tim Allen Properties Team / Sherman Chu
“For landscaping we added a small grove of producing Moreno Olive trees, artichoke plantings in the raised beds, and a vegetable garden in planters outside the kitchen window.”
Architectural gem seeks new caretakers
Photo credit: Tim Allen Properties Team / Sherman Chu
With only one previous owner and a coveted location within Monterey’s prestigious Monterra community, this property presents a rare opportunity for discerning buyers seeking a harmonious blend of luxury, sustainability, and architectural excellence.
Perhaps Robert said it best: “Working, playing and sleeping in our house is like being in a magic wonderland.” For the right buyer seeking a relaxing retreat near Monterey’s scenic attractions, the magic can begin anew.
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Welcome to the charming city of Asheville, nestled in the heart of the Blue Ridge Mountains. Known for its vibrant arts scene, thriving craft breweries, and stunning natural beauty, Asheville offers a unique blend of urban amenities and outdoor adventures. Residents here enjoy a laid-back lifestyle, with plenty of opportunities for hiking, mountain biking, and exploring the scenic landscapes. Whether you’re drawn to the historic architecture of downtown Asheville or the serene beauty of the surrounding mountains, this city has something for everyone.
In this Apartment Guide article, we’ll cut to the chase, breaking down the pros and cons of moving to Asheville. So whether you’re searching for the perfect apartment in the heart of downtown Asheville or a cozy home in the surrounding mountain communities, you’ve come to the right place. Let’s get started and see what awaits in this vibrant mountain city.
Pros of living in Asheville
1. Natural beauty
Asheville is nestled in the heart of the Blue Ridge Mountains, offering residents breathtaking natural beauty at every turn. From the stunning views along the Blue Ridge Parkway to the hiking trails in the surrounding area, outdoor enthusiasts will find no shortage of opportunities to connect with nature. The city’s proximity to the Pisgah, Cherokee, and Nantahala National Forests provides endless opportunities for hiking or exploring.
2. Thriving arts scene
Asheville’s arts scene is renowned, with numerous galleries, studios, and art festivals showcasing the work of local and international artists. The River Arts District is a hub for creativity, featuring a wide range of mediums from pottery and painting to sculpture and glassblowing. The city has traditionally been especially popular with writers and musicians but now attracts a wide variety of artists in all mediums. Residents can also enjoy live music performances at venues like The Orange Peel and the Asheville Music Hall, adding to the city’s cultural richness.
3. Craft beer capital
Asheville has earned a reputation as a craft beer mecca, with a high concentration of breweries and taprooms offering a diverse selection of locally brewed beers. Residents can explore the South Slope Brewery District or take part in brewery tours to sample a wide range of craft brews. The city’s beer culture also includes beer festivals and events. Asheville Beer Week is a popular event in May and features brewers from Asheville and the surrounding towns in Western North Carolina. In the summer, residents enjoy tubing down the French Broad River from brewery to brewery.
4. Foodie paradise
With a wide array of farm-to-table restaurants, food trucks, and international eateries, Asheville’s culinary scene is a melting pot of flavors. The city’s commitment to sustainable and locally sourced ingredients ensures that residents can enjoy fresh and innovative dining from Southern comfort food to global cuisine. 12 Bones Smokehouse is a popular spot, even Barak Obama has made the pilgrimage to try their ribs. Rhubarb is a popular spot for high-end Southern food or try an Indian take on sloppy joe’s from James Beard award-winning Chai Panai. Asheville is also home to a number of weekly farmer’s markets selling locally grown produce and flowers in the summer months.
5. Outdoor recreation opportunities
With its proximity to the mountains and rivers, Asheville provides ample opportunities for outdoor recreation. Residents can enjoy activities such as whitewater rafting, rock climbing, mountain biking, and fishing, making it an ideal location for those who love to stay active and explore the great outdoors. The towns and National forests that surround Asheville are a haven for outdoor enthusiasts from around the country. The French Broad and Nantahala rivers are popular locations for tubing, fishing and whitewater rafting. Hikers and visitors love nearby Grandfather Mountain for hiking.
6. Unique neighborhoods
Asheville is known for its eclectic and diverse neighborhoods, each with its own distinct character and charm. From the historic architecture of Montford to the bohemian vibe of West Asheville, residents can find a neighborhood that suits their lifestyle and preferences. The sense of community and local pride in each area adds to the city’s appeal. For renters who prefer small towns to neighborhoods, the area around Asheville is dotted with small Western North Carolina towns that serve as bedroom communities for those who work or play in Asheville. Popular nearby towns include Weaverville, Sylva, Hendersonville, and Black Mountain.
7. Rich cultural heritage
Asheville has a rich cultural heritage, with a strong emphasis on preserving its history and traditions. The city has been a popular refuge for artists throughout its history, with Zelda Fitzgerald, Carl Sandburg, Luke Combs, Jermaine Dupree, and Roberta Flack among prestigious creatives who have lived in the town. Residents can explore historic sites, museums, and heritage trails that offer insight into the city’s past. From the Moogseum to the Museum of the House Cat to the Museum of the Cherokee there is a museum or historic site for everyone. The Biltmore House is a particular highlight for both residents and tourists. The Victorian mansion and grounds were home to the Vanderbilt clan and are now open to the public for tours and events.
Cons of living in Asheville
1. Tourist congestion
Asheville’s popularity as a tourist destination can lead to congestion, especially in the downtown area and popular attractions. During peak seasons, residents may experience increased traffic and crowds in the popular areas of town.
2. Limited job opportunities
While Asheville offers a thriving arts and cultural scene, the job market can be limited in certain industries. Residents may find it challenging to secure employment in specialized fields, leading some to seek opportunities in neighboring cities.
3. Seasonal weather extremes
Asheville experiences seasonal weather extremes, with hot, humid summers and cold winters. The fluctuating temperatures and occasional snowfall can pose challenges for residents who are not accustomed to such climate variations.
4. Cost of living
Asheville’s cost of living is higher than the national average, particularly in terms of housing and utilities. The demand for housing in desirable neighborhoods can drive up prices, making it more challenging for some residents to afford comfortable living spaces.
5. Limited public transportation
Asheville’s public transportation system is limited, which can be a drawback for residents who rely on alternative modes of transportation. The lack of comprehensive public transit options may require individuals to rely on personal vehicles for daily commuting.
7. Healthcare access
While Asheville offers quality healthcare facilities, access to specialized medical services may be limited compared to larger metropolitan areas. Residents with specific medical needs may need to travel outside the city for certain treatments and healthcare resources.
Hedging, Community Lending, Verification, CRM, Warehouse Products; NAR Reports on Q1; FHA and USDA Changes
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Hedging, Community Lending, Verification, CRM, Warehouse Products; NAR Reports on Q1; FHA and USDA Changes
By: Rob Chrisman
Wed, May 8 2024, 11:25 AM
After a very long travel day filled with odd, time-sucking delays, when I arrived in Birmingham I was happy to hear Alabama on the Uber car’s radio singing, “My Home’s in Alabama.” “That my home’s in Alabama, no matter where I lay my head. My home’s in Alabama, Southern born and Southern bred.” Home prices in Alabama have tended to mimic many parts of the United States: In March 2024, home prices in Alabama were up 1.1 percent compared to last year, selling for a median price of $273,500 with the number of homes sold being down 8.9 percent year over year, per Redfin. (This morning NAR reported that more than 90 percent of metro markets posted home price gains in the first quarter of 2024: latest quarterly report.) There’s ample inventory, with over 22,000 homes for sale in Alabama, up nearly 11 percent year over year. A chunk of those are in Huntsville, 100 miles to the north of Birmingham, Alabama’s most populous city and the home of NASA’s Marshall Space Flight Center. (Found here, this week’s podcasts are sponsored by Matic, the digital insurance marketplace built for the mortgage industry. Matic integrates home insurance shopping into the lending and servicing experience, allowing customers to shop carriers and find a policy in minutes. Create a new revenue stream that boosts customer happiness today! Hear an interview with Matic’s Ben Madick on the insurance landscape and trends impacting both potential homebuyers and existing homeowners.)
Lender and Broker Software and Services
Do you love your technology partner so much that you’d tattoo its name on your arm? A top producing team at VanDyk Mortgage resorted to “tattoo” tactics when management replaced Floify with a competing mobile-first POS. The new system’s shortcomings in functionality and vendor support impacted the productivity and satisfaction of VanDyk’s team, particularly affecting branch managers and loan officers who struggled with the platform’s limitations and the vendor’s responsiveness. The result? A “baring” of arms and quick return to Floify, which in addition to preventing an LO mutiny saves VanDyk $300,000 annually in operating costs compared to the interim system. Read the full case study and see pics of the team’s “tats.”
Compliance Review Roadmap for Financial Institutions! Regular compliance testing and monitoring helps you get out in front of potential issues, identifying areas that might not normally receive enough attention. When you embrace compliance reviews, your entire institution becomes involved in building a culture of compliance. This whitepaper offers a how-to guide for implementing a compliance review process at your financial institution. Included in this roadmap is: Step-by-step instructions for building a compliance testing program; A checklist of what to assess in compliance monitoring; A breakdown of the roles and responsibilities for each department and division; The importance of conducting a root cause analysis; Challenges encountered in implementing compliance reviews and how to overcome them; and Solutions for automating your compliance review process. Download the free whitepaper now.
PlainsCapital Bank National Warehouse Lending, a subsidiary of Hilltop Holdings (NYSE: HTH), understands the importance of efficiency when it comes to meeting mortgage lenders funding requests. “Express Funding” is how we help our customers reduce the time needed to get loans funded quickly. Express Funding allows our customers to submit multiple loans for funding in one simple data upload, whether it is one loan or 100 loans. We have a growing list of 5,000+ approved closing agents, No Doc funding requirements and funding turn times averaging under 20 minutes! As a well-capitalized financially strong banking partner we give our customers confidence in an uncertain market. If you attending the MBA Secondary Conference in NY or the TMBA Annual Conference in Austin and interested in learning more about PlainsCapital Bank National Warehouse Lending please contact John White or Brent Amos.
Usherpa’s SmartCRM and Relationship Engagement Platform has been vetted by The Mortgage Collaborative (TMC), one of the largest mortgage cooperatives in the country, and is now a Preferred Partner to TMC’s growing network of mortgage lenders. According to TMC’s 2024 “Pulse of the Network” survey of 2,000 industry executives, finding new opportunities to grow volume and market share ranked first among the top critically important issues facing mortgage lenders. Having a CRM platform that is powerful but easy to use with guaranteed adoption is crucial. “TMC prides itself on having best in class preferred partners that help our lenders lower their cost of origination, improve their customer experience, and retain their best Loan Officers so that they can easily compete with even the largest lenders,” said Melissa Langdale, TMC’s President and COO. “We are thrilled to add Usherpa as a Preferred Partner.”
During the loan process, expedited turn times are crucial. Traditional methods of obtaining tax transcripts using a 4506-C form are slow and susceptible to rejections by the IRS due to minor discrepancies between the submitted form and what is on file at the IRS, thereby extending the verification process. Xactus, a leader in verification solutions, offers a streamlined alternative, Tax TranscriptX. Providing real-time IRS data feeds, this innovative tool enables fast and easy income verification, with the IRS rejecting less than 3 percent of the requests. Endorsed by the Government-Sponsored Enterprises (GSE), this solution empowers lenders to accelerate loan closures by furnishing tax transcripts within minutes rather than days. Lenders can use Xactus’ technology to streamline workflows, boost profits, and close loans right away. For more information, email Xactus. To stay up to date on its industry innovations, follow Xactus on LinkedIn.
Wholesale and Correspondent Products
Attention all TPO and wholesale lenders: Don’t miss out on “The Wholesale Lending Sales Machine” webinar hosted by OptifiNow and Lender Price on May 15th at 10 am PT. The webinar will discuss how wholesale lenders are finding success in today’s challenging market by equipping their account executives with technology tools that are proven to generate more submissions and fundings. Make sure to register for this webinar today!
“Visio Lending is breaking records with a relentless focus on improving our Broker Experience. We are the nation’s leader in Non-QM Investor DSCR loans for buy and hold SFR rentals with nearly a decade of experience and over $2.8 billion in originations. No-DTI, 30-year terms, rate buy downs, free 45-day rate locks; I/O and Sub-1 DSCR options available. Now choose your own title company (including on refinances). Through our top-notch Broker Program, brokers are able to earn up to 2 points YSP, and 5 points total. Visio Brokers can count on a designated Account Executive and in-house processing.”
“Citi Correspondent Lending remains committed to responsible and sustainable growth with a focus on expanding our Community Lending platform. We’ve continued to gain momentum in these areas as illustrated by the 126 percent increase year-over-year in non-delegated Agency production and April’s 22 percent month-over-month increase in our proprietary HomeRun program production. We’re excited to discuss all that Citi offers now and what’s on the horizon at the upcoming Secondary and Capital Markets Conference. Reach out to your Citi Account Executive or our National Client Services Team to schedule time to talk with us.”
Government Program Updates
The lion’s share of locks continues to be headed Freddie & Fannie’s way, but there is a sizeable chunk that are either non-Agency (non-QM, jumbo, bond programs spring to mind) or are FHA, VA, and USDA. Let’s see what’s happening in that latter category.
FHA’s Mortgagee Letter (ML) 2024-08 further extends its foreclosure moratorium for borrowers with FHA-insured mortgages in Maui County, Hawaii. This extension, which runs through August 4, 2024, is effective immediately.
Mortgagee Letter (ML) 2024-07 strengthens FHA’s existing ROV process as part of HUD’s commitment to strengthening safeguards against unlawful discrimination in residential property valuations as outlined in the Property Appraisal and Valuation Equity (PAVE) Interagency Task Force. This update is the result of FHA’s consideration of the feedback received on its January 2023 proposed policy posted to its Single Family Drafting Table, and subsequent engagement with stakeholders and other federal agencies, including the Federal Housing Finance Agency (FHFA), to identify policies that would support a consistent industry-wide framework of minimum standards for the ROV process.
Updated information on SFH Section 502 Direct Funding was posted in USDA Rural Development SFH Bulletin.
Revisions that impact the AmeriHome USDA Guaranteed Rural Housing Program Guide are available in AmeriHome Mortgage Announcement 20240403-CL.
Newrez is updating its Government and Conforming loan underwriting guidelines, details are available in announcement 2024-024 and announcement 2024-025.
Capital Markets
With little in the way of economic releases this week or next until April CPI a week from today, investors continue to focus on Fed Chair Powell’s post-FOMC comments, potential Fed rate cuts in the latter half of the year, and the softer than expected April payrolls print. The MBS market is also busy digesting April agency prepayments, which were released late Monday, where speeds increased much less than expected. In reaction to the reports, UMBS30 and GNII rolls were mixed in mostly small moves.
Yesterday brought bland remarks from Minneapolis Fed President Neel Kashkari and some supply hitting the front end of the curve with a $58 billion 3-year Treasury auction that was received with good demand. Internationally, there was a policy hold from the Reserve Bank of Australia and a better-than-expected March Retail Sales report from the Eurozone.
Today’s domestic economic calendar kicked off with mortgage applications increasing 2.6 percent from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey. Sweden’s Riksbank was out with their latest monetary policy decision before the open. Later today brings wholesale inventories and sales, a Treasury auction of $42 billion 10-year notes, and remarks from three Fed speakers: Vice Chair Jefferson, Boston President Collins, and Governor Cook. We begin the day with Agency MBS prices little changed from Tuesday’s close and the 10-year yielding 4.48 after closing yesterday at 4.46 percent; the 2-year is at 4.83.
Employment
“Loan officers! Discover the radius advantage. Are you navigating a market that’s forgotten the value of loyalty? At radius financial group, we’re rewriting the script with our MLO Partnership-Proposition (MPP). We understand the industry’s pulse and the need for a genuine partnership—not just a platform to process loans. As lenders focus on consumers, we concentrate on you, the heartbeat of our business. You’re not just a number here; you’re the face of our brand, co-branded for success. We’re committed to investing in you, providing a stable home where your talents are nurtured and your book of business flourishes. For confidential inquires please contact Carla Herrera (781-742-6500).
Tired of having outdated news on your website or a stale newsletter? A skilled writer has some extra bandwidth and is available to produce weekly, monthly, or as-needed mortgage-related content for lenders on their website, email marketing or digital advertising. Reach out to Dustin Hobbs.
Carrington Mortgage Services has hired Steven Winokur to serve as VP, Marketing, Third-Party Origination using his “significant expertise in marketing strategy, brand development, marketing communications and digital marketing” to quickly build on existing marketplace momentum for Carrington’s diverse non-QM offerings. Congratulations!
Planet Home Lending has hired 20+ year vet Paul Walker to be Chief Financial Officer. “Paul will guide our financial strategy, leading Planet’s integrated platform to continuously deliver efficient, innovative solutions and services to consumers, business partners, and clients,” said Michael Dubeck, CEO and President of Planet Financial Group, parent of Planet Home Lending.
Flagstar Bank has promoted Rich Hoffman to senior vice president and head of TPO lending. Congratulations!
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Top U.S. loan officer Timothy Potempa has departed Dallas-based multichannel lender OneTrust Home Loans to join E Mortgage Capital, bringing his team of about 40 people and more than $300 million in annual production to the company headquartered in California.
“I’ve been in the industry since I was 18, so this year will be 22 years, and I’ve only been in five companies,” Potempa said in an interview. “The transition just became along the lines of the team’s ability to have a product suite and technology.”
According to Scotsman Guide, Potempa was the No. 7 loan officer in the country last year with a mortgage production volume of $326.5 million. His portfolio is concentrated on purchase loans (98% of the total volume in 2023) for first-time homebuyers. Potempa mainly focuses on the government lending space, which represents 60% of his total volume, he said.
Potempa had a joint venture with OneTrust from March 2022 to March 2024. But according to him, the firm has invested in new construction, land, and condominiums in a challenging mortgage market.
A representative at OneTrust declined to comment on Potempa’s departure.
OneTrust has had some recent leadership changes. In February, it announced the hiring of James Hecht, former head of production and executive vice president for national retail lending at Newrez, as its CEO. Co-founders Josh Erskine and Shane Erskine pivoted to the respective roles of CEO and president at Warp Speed Holdings.
Potempa brought his team of 38 professionals — including processors, business development staff, support staff and about 15 loan officers — to E Mortgage on March 25. He expects the group to close about $400 million in mortgages this year, representing about 15% of the company’s total.
“The beginning of the year started a little slower, and that’s just because we’re transitioning to a new company,” Potempa said. “The goal is $400 million this year and then $500 million for next year.”
E Mortgage charges Potempa’s team an upfront fee of $595 per funded loan, and he’s responsible for marketing, lead generation and other costs. Migrating to the new company will allow him to explore the wholesale side of the industry for the first time.
Before OneTrust, he worked at Wells Fargo, Nova Home Loans and Fairway Independent Mortgage Corp.
“With retail, you’re under a mortgage banker; you know the product set because you’re all in-house,” he said. “In wholesale, you can shop and sell the loan to a multitude of investors. Right now, we have 200 different investors.”
Regarding the macro landscape, Potempa said that higher mortgage rates and elevated costs related to homeownership are impacting affordability. On Wednesday, his team’s 30-year rate on a U.S. Department of Veterans Affairs (VA) loan for borrowers with no points and a 660 credit score was 6.25%, while conventional mortgages were at a 6.75% rate.
In this context, borrowers getting mortgages are “somebody in their mid-30s who has been saving, or move-up buyers for work, divorce or whatever reason,” Potempa said. His team is “still getting 300 to 400 leads a day from people raising their hands wanting to inquire about buying a house,” he added.