decades

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The 30-year fixed-rate mortgage averaged 6.78% this week, backing away from its near-7% mark last week. “That relief is welcome at a time when the St. Louis Fed is reporting there are tighter lending standards now for consumers seeking mortgages,” says Jessica Lautz, deputy chief economist and vice president of research at the National Association of REALTORS®. “Simultaneously, home prices have now hit the second-highest amount recorded since January 1999.”

For a buyer purchasing a $410,200 home—the median price of an existing home in June—that translates to a mortgage payment of $2,135 at today’s mortgage rate, Lautz says. “This is out of reach for many first-time buyers, as the median qualifying income would need to be $102,480.”

Besides higher rates, buyers are up against a deep housing shortage. Thirty-three percent of homes sold above the list price in June due to housing inventory, which has hit its lowest level in four decades, Lautz says.

Many homeowners may be reluctant to sell out of fear they wouldn’t find or couldn’t afford another home in this bare market. Lower mortgage rates could help counter that somewhat, Lautz says. “While new inventory is needed, lower rates would bring current owners out of their homes they may have outgrown and into the market,” she adds. 

Here’s a closer look at mortgage rates for the week ending July 20, according to Freddie Mac’s weekly mortgage market index:

  • 30-year fixed-rate mortgages: averaged 6.78%, falling from last week’s 6.96% average. A year ago, 30-year rates averaged 5.54%.
  • 15-year fixed-rate mortgages: averaged 6.06%, dropping from last week’s 6.3% average. This time last year, 15-year rates averaged 4.75%.

“Borrowers should remember that an average rate isn’t the exact rate that everyone will be offered,” says Jacob Channel, senior economist at LendingTree. “Owing to this, while home buyers can generally expect lenders to offer rates near what the current average is, they should also remember that other factors like their personal credit score and income will also play a large role in the specific rate they get.” Channel urges borrowers to shop around among different lenders and gather several rate quotes.

Source: nar.realtor

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“History doesn’t repeat itself, but It often rhymes.” – Mark Twain. Although Twain was not a forefather, he knew a thing or two. Our country recently celebrated 247 years since we declared our independence from England by blasting off fireworks, chugging beer and grilling American hamburgers and hot dogs. I’d like to take a moment to analyze what business and sales professionals can learn from this historic time period. 

In school, we learned that our Nation was founded in 1776 when a group of men (aka a Congress) who drafted, voted on and signed the Declaration of Independence. We were even taught that it was Thomas Jefferson, our third president, who penned those famous words. 

What you might not have comprehended is that this did not happen overnight. Like many great businesses, it took our forefathers much time, many compromises, multiple decisions made that did not go as planned and unwavering grit to build what they built.

We learn from our forefathers that success is a process. Follow along and let me explain:

Our fight to become our own nation started way before 1776. The Boston Tea Party, widely regarded as the colonies’ biggest official revolt against England’s ruling was in 1773. 

The lesson learned here is that when pain becomes great enough, change is desired. Take action. Even if that action is just the beginning to something unknown.

The first time the colonies came together to discuss their shared concerns of how they were being ruled by King George III was in 1774. We know of this as the First Continental Congress. What you might not remember is that not all 13 colonies were represented. Georgia could not be bothered. The delegates, most strangers who did not have much in common, met for six weeks. They shared their concerns, negotiated and compromised a solution, and then collectively notified the King of their displeasure. Their plea failed. 

The takeaways from this experience for business professionals are many. Understand that not all team members will be on board at first. That is okay. Give them time. Not all ideas succeed. This is normal. Don’t give up. And finally, allow enough time for collaborate meetings. Greatness is not knocked out in an hour or two. 

With the results of the decisions made at the First Continental Congress backfiring (literally), a Second Continental Congress convened back in 1775 reminding us today that if at first you don’t succeed, try and try again. It took until June 1776 before a resolution for independence was suggested. On July 2 (yes, the second and not the fourth) the Second Continental Congress voted to adopt the resolution. However, not all members could agree on the actual wording of the document. It took two extra days to make everyone happy. This is why we celebrate July 4 and not July 2. On July 4, 1776 the Declaration of Independence is signed. 

By example, our forefathers teach us the power of persistence and the art of compromise.

As they say, “the rest is history”. We go to war with England. The newly formed United States were not favored to win. The war lasts seven long years. Without the help from the French (as well as a couple other nations who don’t get mentioned enough in textbooks), the chance of gaining independence is non-existent. The Constitution is draft. The Bill of Rights are adopted. George Washington is named President. Yet…what about the timeline?

The war ended in 1783. The Constitution was not ratified until 1788. George Washington was elected President in 1789. The Bill of Rights (you know the words that give us things like “freedom of speech” and “right to bear arms”) were ratified in 1791. And lastly, it was not until 1797 that President Washington did what was at the time unthinkable; he peacefully transferred power to another leader without war and without the successor being family. More impressive is when in 1801 John Adams transfers this power to Thomas Jefferson as where Washington and Adams were friends, Adams and Jefferson were not.

What makes our great country what it is today is that it is forever growing and evolving. The same applies to business success. Remember you won’t have all the answers. Not every decision works out as intended. It is a process. Things take time. You will not be able to do it alone. The minute you think you have it all figured out, you’ll realize you still have much left to accomplish.  

Afterall, our forefather’s started down their path for success in 1773 by recognizing a desire for change. It was not until 1801 that the majority of the pieces to their masterpiece were in place. It still takes this young nation six decades before slavery is abolished (Amendment 13) and over a century before women can legally vote (Amendment 19). 

Be the American Dream. Live the American Dream. Promote the American Dream. Just make sure you understand what that means if you care to learn from those who laid the foundation for our great nation. 

Dustin Owen, CMB, is vice president – Eastern Division Sales for Waterstone Mortgage in Florida.

Source: housingwire.com

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Paine Field (PAE) is getting a rebrand.

As of Wednesday, the airport will officially be known as Seattle Paine Field International Airport in an effort to make travelers more aware of the second-busiest airport in the city’s metro area.

PAE hopes the name change will attract more passengers to the smaller airport in Everett, Washington.

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“We have always viewed Paine Field as a second gateway to the Seattle metro area and are excited that the County has rebranded the airport,” Brett Smith, CEO of Propeller Airports, the private company that operates PAE, said in a statement. “‘Seattle Paine Field International Airport’ better captures the market that our airport serves.”

The name change also signals the airport’s ambitions to grow its presence in the Seattle area. PAE has made a major comeback in recent years after decades of no commercial air service.

A partnership between Snohomish County and Propeller Airports revived the small airport in 2019 to give travelers in the area another option. Commuters to Seattle-Tacoma International Airport (SEA) — one of the busiest airports in the U.S. — face some of the worst traffic in the country, making PAE an appealing alternative. (PAE also happens to sit on the same airfield as Boeing’s assembly plant.)

Since Alaska Airlines first entered PAE in 2019 with flights to Las Vegas, Phoenix and Portland, Oregon, the carrier has expanded its presence in the market. Now, the carrier also flies to San Francisco, Los Angeles, Honolulu and Anchorage, along with other cities in the western U.S.

As the smaller airport has become a popular alternative to SEA — the airport had about 1 million passengers during its first year since commercial service returned — PAE expects to see its passenger traffic continue to grow, possibly quadrupling by 2040. This means it would see approximately 4.3 million passengers make their way through the airport annually. Analysts have predicted that the airport will need to expand its two gates and build four more in order to meet that growing demand.

Editorial disclaimer: Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, airline or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.

Source: thepointsguy.com

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We think we know what will make us happy, but we don’t. Many of us believe that money will make us happy, but it won’t. Except for the very poor, money cannot buy happiness. Instead of dreaming of vast wealth, we should dream of close friends and healthy bodies and meaningful work.

The Psychology of Happiness

Several years ago, James Montier, a “global equity strategist”, took a break from investing in order to publish a brief overview of existing research into the psychology of happiness [PDF]. Montier learned that happiness comprises three components:

  • About 50% of individual happiness comes from a genetic set point. That is, we’re each predisposed to a certain level of happiness. Some of us are just naturally more inclined to be cheery than others.
  • About 10% of our happiness is due to our circumstances. Our age, race, gender, personal history, and, yes, wealth, only make up about one-tenth of our happiness.
  • The remaining 40% of an individual’s happiness seems to be derived from intentional activity, from “discrete actions or practices that people can choose to do”.

If we have no control over our genetic “happy point,” and if we have little control over our circumstances, then it makes sense to focus on those things that we can do to make ourselves happy. According to Montier’s paper, these activities include sex, exercise, sleep, and close relationships.

What does not bring happiness? Money, and the pursuit of happiness for its own sake. “A vast array of individuals seriously over-rate the importance of money in making themselves, and others, happy,” Montier writes. “Study after study from psychology shows that money doesn’t equal happiness.”

The Happiness Paradox

Writing in The Washington Post last June, Shankar Vedantam described recent research into this subject. If the United States is generally wealthier than it was thirty or forty years ago, then why aren’t people happier? Economist Richard Easterlin of the University of Southern California believes that part of the problem is the hedonic treadmill: once we reach a certain level of wealth, we want more. We’re never satisfied. From Vedantam’s article:

Easterlin attributes the phenomenon of happiness levels not keeping pace with economic gains to the fact that people’s desires and expectations change along with their material fortunes. Where an American in 1970 may have once dreamed about owning a house, he or she might now dream of owning two. Where people once dreamed of buying a new car, they now dream of buying a luxury model.

“People are wedded to the idea that more money will bring them more happiness,” Easterlin said. “When they think of the effects of more money, they are failing to factor in the fact that when they get more money they are going to want even more money. When they get more money, they are going to want a bigger house. They never have enough money, but what they do is sacrifice their family life and health to get more money.”

The irony is that health and the quality of personal relationships are among the most potent predictors of whether people report they are happy — and they are often the two things people sacrifice in their pursuit of greater wealth.

Why aren’t rich people happier? Perhaps it’s because many of them are workaholics, because they’re more focused on money than on the things that would bring them joy. A brief companion piece to The Washington Post story notes that researchers have found that “being wealthy is often a powerful predictor that people spend less time doing pleasurable things, and more time doing compulsory things and feeling stressed.”

In general, rich people aren’t much happier than those of us in the middle class. Yes, money can buy happiness if it elevates you from poverty, but beyond that the benefits are minimal. So why do so many people believe that money will make things better?

Stumbling on Happiness

In 2006, Harvard psychology professor Daniel Gilbert published Stumbling on Happiness, a book about our inability to predict what will really make us happy. Here is is a 22-minute video of a presentation Gilbert made at TED 2004, in which he compresses his ideas into bite-sized chunks.

[embedded content]

Gilbert says that because humans can plan for the future, we naturally want to structure our lives in such a way that we are happy, both now and later. But how do we know what will make us happy? We don’t. In fact, we’re surprisingly bad at predicting what will bring us joy. Gilbert asks:

Which future would you prefer? One in which you win the lottery? Or one in which you become paraplegic? Which would make you happier? […] A year after losing their legs, and a year after winning the lotto, lottery winners and paraplegics are equally happy with their lives.

The problem is impact bias, the tendency to overestimate the “hedonic impact” of future events. Put another way, the things that we think will make us happy usually don’t make us as happy as we think they will. Winning the lottery isn’t a panacea. Having an affair with your hot new co-worker won’t be as thrilling as you imagine. And losing a leg isn’t the end of the world.

It turns out that humans are able to synthesize happiness. Many people look outside themselves for fulfillment; they expect to find it in things, or in relationships, or in large bank accounts. But true happiness comes from within. True happiness comes when we learn to be content with what we have.

13 Steps to a Better Life

What does all this mean to you? If money won’t bring you happiness, what will? How can you stop making yourself miserable and start learning to love life? According to my research, these are the thirteen actions most likely to encourage happiness:

  1. Don’t compare yourself to others. Financially, physically, and socially, comparing yourself to others is a trap. You will always have friends who have more money than you do, who can run faster than you can, who are more successful in their careers. Focus on your own life, on your own goals.
  2. Foster close relationships. People with five or more close friends are more apt to describe themselves as happy than those with fewer.
  3. Have sex. Sex, especially with someone you love, is consistently ranked as a top source of happiness. A long-term loving partnership goes hand-in-hand with this.
  4. Get regular exercise. There’s a strong tie between physical health and happiness. Anyone who has experienced a prolonged injury or illness knows just how emotionally devastating it can be. Eat right, exercise, and take care of our body. (And read Get Fit Slowly!)
  5. Obtain adequate sleep. Good sleep is an essential component of good health. When you’re not well-rested, your body and your mind do not operate at peak capacity. Your mood suffers. (Read more in my brief guide to better sleep.)
  6. Set and pursue goals. I believe that the road to wealth is paved with goals. More than that, the road to happiness is paved with goals. Continued self-improvement makes life more fulfilling.
  7. Find meaningful work. There are some who argue a job is just a job. I believe that fulfilling work is more than that — it’s a vocation. It can take decades to find the work you were meant to do. But when you find it, it can bring added meaning to your life.
  8. Join a group. Those who are members of a group, like a church congregation, experience greater happiness. But the group doesn’t have to be religious. Join a book group. Meet others for a Saturday morning bike ride. Sit in at the knitting circle down at the yarn shop.
  9. Don’t dwell on the past. I know a guy who beats himself up over mistakes he’s made before. Rather than concentrate on the present (or, better yet, on the future), he lets the past eat away at his happiness. Focus on the now.
  10. Embrace routine. Research shows that although we believe we want variety and choice, we’re actually happier with limited options. It’s not that we want no choice at all, just that we don’t want to be overwhelmed. Routines help limit choices. They’re comfortable and familiar and, used judiciously, they can make us happy.
  11. Practice moderation. Too much of a good thing is a bad thing. It’s okay to indulge yourself on occasion — just don’t let it get out of control. Addictions and compulsions can ruin lives.
  12. Be grateful. It’s no accident that so many self-help books encourage readers to practice gratitude. When we regularly take time to be thankful for the things we have, we appreciate them more. We’re less likely to take them for granted, and less likely to become jealous of others.
  13. Help others. Over and over again, studies have shown that altruism is one of the best ways to boost your happiness. Sure, volunteering at the local homeless shelter helps, but so too does just being nice in daily life.

Remember: True wealth is not about money. True wealth is about relationships, about good health, and about continued self-improvement.

Related >> Is it More Important to be Rich or to be Happy?

Source: getrichslowly.org

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We would like to think of life insurance agents as trusted advisers whose only aim is to get us the right coverage.

But the nature of life insurance -– and the job of life insurance agents -– makes them something close to our natural enemy.

Life Insurance Agent Secrets 

One easy way to prevent being taken advantage of is to find an independent agent. “Independent agents save you time and money,” said Chris Huntley, co-founder of JRCInsuranceGroup.com.

“Rather than completing applications and medical exams with 15 of the best life insurance companies to see which one will approve you at the best rating, make one call to a qualified independent agent, who can place you with the most appropriate carrier based on your unique personal and medical history.”

In a lot of ways, what hurts us as consumers of life insurance actually benefits life insurance agents. Here are nine examples of what I’m talking about in a quick Life Insurance 101 article!

1. Their Income Is 100% Commission

Any time you’re buying from a person compensated 100 percent by commission, your radar needs to be up and in perfect working order. Being on commission doesn’t make a person evil. But it may change his or her perspective, as well as the type and degree of products that you will be introduced to.

If the agent is entirely on commission, he or she will then have a vested personal interest in selling you products that will result in you paying the highest premium possible and hence yielding the highest commission.  It is also why when you fill out the form for an online life insurance quote engine you will frequently get calls from multiple agents within minutes of hitting submit. Each one is trying to reach you first so that they can get the sale.

2. You May Very Well Be Over-Insured

Whenever an agent evaluates how much life insurance you need to have, he will almost inevitably start with numbers that are larger than anything you’d ever imagine that you would need.

For example, it’s not unlikely that the agent will suggest that you need to have life insurance equal to 30 times your annual income. If you are earning $100,000 per year, he may suggest — without flinching — that you will be adequately insured by a $3 million dollar insurance policy.

After all, you will need to provide income for your family for the next 20 years, college educations for your children, the payoff of your mortgage and a comfortable retirement for your spouse.

He knows that it is unlikely that you will take a life insurance policy that large, but it’s an excellent starting point — for him. After all, if he suggests $3 million but walks out of your house with an application for a $1 million policy, he wins. That’s because he knew going in the door that you probably only wanted a policy for a couple hundred thousand dollars.

And you’d probably be right. After all, if you have other investments and your spouse is also well-employed, you will only need a fraction of the life insurance coverage that the agent will suggest.

Most often, life insurance is only needed to settle final arrangements, medical bills, outstanding debts and maybe a few years of living expenses. Providing for your loved ones to live in luxury for the rest of their lives is an expensive you can’t afford, nor need.

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3. Whole Life Isn’t a Good Investment — Or Even Good Insurance

Life insurance agents like to sell whole life insurance as the best of both worlds–- an investment program with life insurance coverage. In truth, it doesn’t do either particularly well. The insurance benefit will be limited because the premiums are high. And since so much of the premium goes to pay for investment fees and the life insurance coverage, there is relatively little left over for investment within the plan.

4. The Cash Value of Whole Life Won’t Benefit You for Years

Life insurance agents like to hawk the virtues of the cash value build-up in a whole life insurance policy. This is another myth. As a rule, it will take at least five years before you will have a cash value that is equivalent to the amount of money you paid in premiums into the policy. And maybe not even then.

5. “Buy Term and Invest the Difference” Really Is a Better Strategy

There is probably no slogan confronted by life insurance agents that is more irritating to them than this one. And that’s because the slogan is true.

Since term insurance is so much less expensive than whole life, you can buy a lot more of it -– in fact a more reasonable amount for your needs. And the investment performance of mutual funds -– particularly index funds –- dramatically outperforms that of any insurance related investment vehicle.

Even if the combination of term life insurance and investment in a mutual fund is no less expensive than a whole life insurance premium, the money you will accumulate in the mutual fund — and the speed at which you will do it — make it a far superior investment to a whole life insurance policy. And you’ll have a whole lot more life insurance coverage along the way.

6. We Don’t Know About the Value of Long-term Care Insurance

From a consumer standpoint, there are two fundamental problems with long-term care insurance coverage:

  • It’s very expensive.
  • It’s not certain that you will ever need it.

Since people are living longer than ever, making a provision for long-term care has become a hot topic. Insurance agents know this, and they’re exploiting the fear.

Emotions aside, most people don’t need long-term care. And even if they do, it’s often for a short period just before death. If there are other assets available, particularly retirement assets or a home with substantial equity, long-term care insurance with my be unnecessary.

And if it isn’t ever needed, you will have spent tens of thousands of dollars over many decades funding an insurance policy that was never necessary. This is an important consideration when there are so many other priorities in your household budget.

Long-term care insurance is relatively new coverage, and it’s not at all certain that it will survive the test of time. Some insurance companies have withdrawn long-term care insurance coverage due to the inability to predict future medical costs or the longevity of their clients.

7. Your Kids Don’t Really Need Life Insurance

Life insurance agents love to sell whole or universal life insurance policies to parents of young children, stressing the advantages of the investment provisions of the policies. Those provisions, they argue, will help parents to provide funds for their children’s college educations. But nowhere is the advice of “by term and invest the difference” more relevant.

You should have only enough insurance coverage on your children to pay for final expenses and uncovered medical costs. In most cases, a $50,000 term life insurance policy will get that job done with money to spare. There is no need to replace lost wages with a ridiculously large policy.

And as we’ve already discussed, insurance related investment vehicles are underperforming investments. You’ll be far better off investing money in a mutual fund for your children.

8. There Is No FDIC Equivalent Back-Stopping Insurance Companies

This is a very relevant question – but seldom asked — since life insurance agents like to position themselves as investment advisers. The investments that they sell are almost always exclusively insurance products. However, there is no equivalent to the Federal Deposit Insurance Corp. that will back up the life insurance company in the event of investment failure.

There are arrangements within each state for companies to collectively backup a failed insurance company, but there is no apparatus in place to deal with a systemic failure such as the financial meltdown that hit the banks and financial companies a few years ago.

While this has obvious implications for the life insurance coverage that you pay for and expect to have, it becomes much more significant when you have a lot of money sitting in insurer-sponsored investments.

More Tips for Dealing With Life Insurance Agents

If you apply for life insurance, keep these four tips in mind from Jeff Root, a life insurance agent and founder of Rootfin.com. And again, they’re not tips your agent will be likely to recommend.

  • If you’re not satisfied, ask for reconsideration. Life insurance underwriters will always offer the best possible rate class as permitted by their underwriting guidelines; however, if you’re not happy with the life insurance company’s offer, your agent can submit a “reconsideration request” and ask the underwriter for a better offer. Most agents don’t even mention this as an alternative because of the extra work involved in drafting a letter convincing the underwriter why they should qualify for a better health classification.
  • Ask for tentative offers. Consumers can get “tentative offers” from life insurance companies before applying for life insurance. Independent life insurance agents send your risk anonymously to various underwriting desks. Underwriters typically reply within 48 hours with a health classification in what we call a “tentative offer”. You can attach this tentative offer to the life insurance application, and the company you apply with must give you this rate unless you withheld any information from them. This is a must for people with health issues applying for life insurance.
  • Shopping won’t necessarily get you a better rate. Going from website to website won’t result in finding better rates. However, each company looks at your health differently. It’s your agent’s job to fit your unique health situation into the underwriting guidelines of each company and then see who provides the best rates.
  • Most applicants won’t get the preferred best rate. Less than 5 percent of people who apply for life insurance can qualify for “preferred best.” Yet it’s the No. 1 health classification quoted on websites.

Source: goodfinancialcents.com

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[Note from editor: The “Mastermind Showcase” highlights companies and news from members of the GEM. Today’s showcase: RESO.]

The Real Estate Standards Organization (RESO) is a non-profit trade organization that champions open standards in the real estate industry, specifically with respect to data. Originally created in 1999 as a NAR work group responsible for the first version of RETS (Real Estate Transaction Standard), RESO was incorporated as an independent, non-profit in 2011 that has a wide range of initiatives:

Web API: A modern RETS alternative for MLS data transfers.

Data Dictionary: The Rosetta Stone for real estate data that allows systems to interact efficiently.

Universal Property Identifier (UPI): represents property data globally to reduce inconsistencies.

Unique Organization Identifier (UOI): A list of individual organizations used to accurately identify the original source data recipients can accurately identify the organizational source (publisher) of each piece of data in an aggregated database
Pinpoints the organizational source for specific pieces of data to improve transparency and accuracy.

Unique Licensee Identifier (ULI): Helps properly identify practitioners to give customers more transparency.

Workgroups: used to create RESO’s standards.

Serving MLS’, brokerage and tech providers, RESO counts the National Association of Realtors, Zillow, eXp, Realtor.com, FBS, MoxiWorks, and W&R Studios among its members.

Represented in the GEM by: Sam DeBord & Joshua Darnell.

What we like: No one but RESO is incentivized to bring the entire industry together to standardize the messy decades-old process of making disparate real estate datasets speak to each other using a common language.

Learn More

Source: geekestateblog.com

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The American dream of homeownership is getting further out of reach for many Hoosiers. 

As pandemic-era supply shortages began to return to normal, home prices fell, giving prospective homebuyers hope they could find something affordable. But those hopes were dashed for some who found they could not pay the high mortgage rates, which are currently more than double pandemic lows. 

According to Paul Schwinghammer, former president of the Indiana Builders Association, markets will bounce back eventually. But when prices return to “normal,” many will still be unable to afford the investment that sustained previous generations. 

“The days of a brand new home at $200,000 are probably very much in our rearview mirror,” Schwinghammer said. 

As potential homeowners are pushed into becoming renters due to high mortgage rates, Schwinghammer said the thriving rental market is not the silver bullet to the housing market some think it is. 

“That’s not the American dream,” he said. 

Homeownership is increasingly expensive

Housing has become more expensive overall in the past several decades. 

In 1950, Hoosiers made less — the median household income was $2,827, or about $30,000 in today’s dollars — now the median household income is $61,944. But housing prices have zoomed past that growth. 

In 1950, the inflation-adjusted cost of the median home value was around $70,000. Today, the median listing price is $218,000, according to the state housing dashboard. In other words, the cost of housing has tripled, clearly outpacing wage growth in Indiana. 

Paul Schwinghammer, former president of the Indiana Builders Association (Courtesy photo)

The cause of this gap is hotly debated. Some argue it is due to a decreased supply of housing — in Indiana, 16.8% of existing housing was built prior to 1940, and the percentage of homes built in the 2010s makes up the smallest slice of the housing pie at just 5.3%. 

Experts point to the 2008 housing crash as a major factor in the building slowdown. After the crash, the membership of the Indiana Builders Association fell from 7,200 to 3,000, and the industry has been cautious ever since. 

While building picked up pace in response to pandemic-driven demand, Indiana still has a 1.04% shortage of housing stock according to FreddieMac — the largest of all surrounding states. 

Density, zoning and community opposition

At the most basic level, a housing unit cannot be cheaper than the raw cost to build it. During the pandemic, supply and demand saw timber, copper and other building materials spike in price, which was exacerbated by high labor costs. Schwinghammer argues this raw cost can be further increased by municipal regulations surrounding lot size, materials and aesthetics. 

“That’s all well and good, except you’re ruling out homebuyers,” Schwinghammer said. 

For affordability advocates, a relatively simple solution is increasing the amount of homes that can be built in an area by reducing lot size. This allows more homes to be built, increasing supply, all at a lower cost to builders, which are hopefully passed onto consumers. 

But in practice, housing density is fiercely contested. Examples of density can range from apartment complexes to duplexes, which can be impossible if an area is zoned for single-family use. Other times, things like parking space requirements can thwart density attempts. 

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But overwhelmingly, the biggest opposition to denser housing can come from neighbors and community members, whether it’s an apartment complex in Broad Ripple or a controversial zoning change to allow for multifamily housing in certain Bloomington neighborhoods. In fact, a survey of New York developers found that the majority of opposition to developments came from residents. 

Ultimately, Indiana joins most of the country in having high rates of single-family detached housing, with the housing type making up 73.1% of all housing in Indiana, according to the state housing dashboard. 

A shortage of affordable housing

While housing supply remains low in general, low-income Hoosiers are facing an even bigger gap when it comes to affordable housing supply. According to a Prosperity Indiana report, the state is 120,796 homes short of affordable and available rental homes, which means there are only 39 affordable units available for every 100 low-income renter households. The numbers show Indiana is performing worse than the regional average. 

“Indiana is increasingly out of step with its Midwest peers when it comes to affordability and stability,” Andrew Bradley, policy director at Prosperity Indiana, said. 

While commodity prices have dropped, mortgage rates have skyrocketed. (Photo by Spencer Platt/Getty Images)

One method of helping low-income renters is Section 8 housing, a federal program that allows income-qualifying individuals to pay subsidized rents. But the program often fails to meet the demand — in Indiana, people are often on waitlists for three to five years before they can get housing, and sometimes the waitlists themselves are closed. There are currently seven waitlists open on the Indiana Housing and Community Development Authority website, spanning only about a third of counties. 

With state and federal assistance so hard to find, some municipalities have attempted to fill the gap in affordable housing through local regulations.

In Bloomington, where housing is the most expensive in the state, local officials attempted to implement inclusionary zoning in 2017. Inclusionary zoning is a type of policy that requires developers to include a certain percentage of affordable units in their projects instead of trying to individually negotiate more affordable units through incentives. 

Andrew Bradley, of Prosperity Indiana (Courtesy photo)

That same year, the Indiana General Assembly banned municipalities from doing so, putting a direct halt to the city’s plans. Today, Indiana preempts municipalities from enacting four different types of equitable housing policies. In addition to inclusionary zoning, these include short term rentals, source of income nondiscrimination policies and rent regulation. Indiana is the only state in the country to prohibit all four policies. 

Bradley said Indiana’s Housing Task Force is focusing too much on building new homes instead of sharing a focus on strengthening protections for tenants and improving current housing stock. He said this is partly due to a lack of representation of everyday Hoosiers on the task force. 

He referenced Senate Bill 202, bipartisan legislation focused on tenant protections that was later stripped down to a study bill, as an example of the priorities of the legislature. The bill did not end up passing the House, and was not selected as a summer study topic.

“Suppliers of new housing have dominated the conversation at the Statehouse,” Bradley said. 

Homebuyers suffer from high rates

Although commodity prices have decreased 10% across the board, Schwinghammer said, homebuyers are not seeing true relief due to high mortgage rates, which currently hover around 7%. Although mortgage rates have spiked as high as 16% in previous decades, the current rate is higher than pre-pandemic rates of around 4% and pandemic lows of 3%. 

Part of this is due to the Federal Reserve’s sharp hikes in interest rates in order to combat inflation. 

Ultimately, Schwinghammer said it would take 33% of the average person’s wage to begin homeownership — resulting in the highest debt to income ratio since 2007. Housing is effectively the least affordable it’s been in nearly two decades, he said. 

As potential homebuyers are shut out of the market, builders have turned to the build-for-rent phenomenon sweeping the country in order to keep busy. BFR involves communities of single family rental homes that people can live in without making a purchase, allowing people to avoid interest rates. 

Schwinghammer said BFR, which once took up 3% of the market, is now 15%. 

As people struggle to afford new homes, pre-existing — and often cheaper — homes are selling less because homeowners don’t want to trade in their lower rates for the current 7% interest rate. 

But the market is cyclical by nature, Schwinghammer said, and interest rates will likely be declining in a year. 

“The natural ebbs and flows of the market will allow that to happen,” he said. 

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Source: indianacapitalchronicle.com

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If you’re a U.S. homebuyer waiting for a return to super-low mortgage rates, don’t hold your breath.

The short-lived era of 3% interest rates for 30-year fixed mortgages is over, and unlikely to return anytime soon — perhaps for decades — says Lawrence Yun, chief economist at the National Association of Realtors.

“One can never truly predict the future, but I don’t see mortgage rates returning back to the 3% range in the remainder of my lifetime,” he says.

That’s because average 30-year fixed mortgage rates of 3% or less were an anomaly related to the pandemic, lasting from about July 2020 to Nov. 2022. Historically, the rates have been closer to an average of 7% over the past 50 years, according to Freddie Mac data.

Why super-low mortgage rates won’t return any time soon

Historically low mortgage rates during the pandemic were “an exceptional measure, during exceptionally uncertain times,” says Yun.

With the pandemic came economic uncertainty not seen since the 2008 financial crisis. Fearing a prolonged recession, the Federal Reserve followed the same playbook it used in 2008, pumping money into the economy to stimulate growth.

As was the case in 2008, the Fed slashed interest rates to nearly 0%, created emergency lending programs and bought government bonds and mortgage-backed securities, otherwise known as quantitative easing.

Since mortgage rates are closely linked to the Fed’s benchmark interest rate and can be driven further down by quantitative easing, the interest on mortgages subsequently hit rock bottom at 2.67% in January 2021.

Congress also passed trillions of dollars in Covid-19 relief and stimulus spending, which helped increase U.S. national debt by roughly 30% between 2020 and 2022, according to Treasury Department data.

However, unlike 2008, the economy recovered quickly and rising inflation soon became a problem. By spring 2021, the year-over-year inflation rate had accelerated beyond the Fed’s benchmark of 2%, forcing the central bank to start raising interest rates again. And with that, mortgage rates rose too.

I don’t see mortgage rates returning back to the 3% range in the remainder of my lifetime.

Lawrence Yun

Chief economist at the National Association of Realtors

As a result of inflation and current federal spending deficits, Yun doesn’t think the Fed is likely to drop interest rates down to nearly 0% again, even in the event of another financial market panic or pandemic.

Other economists who spoke to CNBC Make It agree that homebuyers shouldn’t expect a return to record-low mortgage rates in the near term.

“It’s unlikely that the Federal Reserve will respond with the same breadth and aggressiveness like it did in 2020, as the very low mortgage rates in 2020 were caused by very unique circumstances” related to the pandemic, says Abbey Omodunbi, senior economist at PNC Financial Services.

“I haven’t seen mortgages that low in over 30 years in the business,” says Dottie Herman, vice chair at Douglas Elliman. “It’s highly unlikely we’ll see rates that low anytime soon.”

Where mortgage rates are headed

The current average mortgage rate for a 30-year fixed-rate mortgage is 6.81% as of July 6, slightly lower than its November peak of 7.08%, per Freddie Mac data. (Check out this list of the best mortgage lenders here, from CNBC Select.)

However, many projections are expecting a steady decline over the next year or so.

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Source: cnbc.com

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Buying a home is likely one of the biggest moves you’ll make in your personal and financial life, and your home may represent one of your largest assets.

If you take out a mortgage to help you buy it, you will end up making mortgage payments — and if your lender ends up servicing your loan after closing — you will make payments to that lender, possibly for decades. That’s why it’s important to shop around before committing to a mortgage lender and loan program that’s right for you.

Today, borrowers have more choices than ever. With the rise of online and marketplace lenders, there’s increased competition, which fuels improvements in process, service, and cost — and can mean a much better experience for you.

With so much choice, however, finding the right lender can feel overwhelming. To help simplify the process, we’ve listed five key things you may want to consider when shopping for a mortgage lender.

1. Does the lender offer competitive interest rates?

A good first step is to get the lay of the land by looking at various lenders and the rates and fees they advertise. Taking this step may help you understand what the market looks like overall and who may be offering competitive rates.

Remember that the rates and programs you are ultimately eligible for will likely depend not only on the lender you choose but also your needs and financial situation. However, this initial comparison can give you a baseline to start working from.

You’ll also want to look at the common loan types offered. Interest rates for fixed-rate loans do not change over the life of the loan. Interest rates for adjustable-rate mortgages (ARMs) can change over the life of the loan and are influenced by benchmark interest rates.

Hybrid adjustable-rate mortgages are mortgages that offer an initial fixed rate for a certain period of time. These hybrid ARMs often offer a low introductory rate for either 1, 3, 5, 7 or 10 years. Some hybrid ARMs will also offer an interest-only payment option for a specified period of time such as 10 years.

When the initial fixed-rate period is over, the interest rate is normally reviewed on an annual basis for adjustment. Although the benchmark index tied to the ARM rate may have moved much higher, these loans typically have yearly and annual interest rate caps to control rate and payment fluctuations.

When talking to a lender about their mortgage offerings, it’s a good idea to not only ask about interest rate, but also about APR, or annual percentage rate. This figure takes into account certain fees like broker fees, points, and other applicable credit charges, giving you an easier way to compare loan offers.

2. Does the lender offer loan products with terms that suit your needs?

Your needs and financial situation can play a large part in which mortgage programs you choose and are eligible for. For example, some lenders require a 20% down payment to qualify for a mortgage.

If you can’t pay 20%, lenders may require that you have private mortgage insurance (PMI), which covers them in case you default on your mortgage payments. Mortgage insurance premiums vary depending upon many factors.

It’s a good idea to ask your chosen lender how much insurance payments will add to your monthly payment. Also keep in mind that, in certain circumstances, PMI does not apply, such as with some jumbo loan programs. In addition, PMI can be eligible for removal from your home loan later if certain criteria is met.

If you can’t afford a 20% down payment, you can look for lenders who offer more flexible down payment requirements. Also, consider what term — the length of time you’ll be paying off your loan — works best for you. See what kinds of terms lenders offer and the interest rates that accompany those terms.

A shorter term will likely come with higher monthly payments, but lower interest rates that result in lower interest charges over time. Not everyone can afford those higher monthly payments, however, in which case a longer term may be preferable. Note that longer terms usually mean that you end up paying more in interest over the life of the loan.

Once you’ve found a loan with rates and terms that work for you, you can typically obtain a rate lock from your lender, generally for the time it takes to close on the transaction, such as 30 or 45 days.

You may have to pay a fee if you want to lock in the rate for a longer extended period of time. However, once you do, it will guarantee that you have access to the mortgage at a specific rate during the lock-in period, even if interest rates rise while your loan is being processed.

First-time homebuyers can
prequalify for a SoFi mortgage loan,
with as little as 3% down.

3. What type of origination, lender, and other fees might you be responsible for?

We’ve already alluded to the fact that you’ll likely be on the hook for other costs in addition to your down payment. One good idea is to request a Loan Estimate (LE) for any mortgage you’re considering to see a solid estimate of what costs you may be on the hook for.

Keep your eye out for things like:

•   Commissions Mortgage brokers are paid on commission, which is either paid by you, your lender, or a combination of both.
•   Origination fees These fees may cover the cost of processing your loan application.
•   Appraisal fees Appraisal fees cover the cost of having a professional come in and put a value on the home you want to buy. You must have a property valuation of some type in order to borrow money to buy a home and in most cases a full appraisal is required.
•   Credit report fee This covers the cost of the bank obtaining your credit report from the credit reporting bureaus.
•   Discount points Optional fee the borrower can pay to reduce or buy down their interest rate.

Unless you receive a seller or lender credit towards closing costs, the added fees will impact the overall cost of buying the home, so doing your research and reading the fine print up front might pay off.

Depending on the loan terms and fees charged, some will be paid upfront at the beginning of the application process (such as credit report and appraisal), while other fees might be paid at loan closing (such as lender fees and title insurance).

In some cases, under certain loan programs, you can borrow the money to cover these fees, which will increase your overall mortgage payment(s). Therefore, having a clear understanding of what fees you’ll owe is critical to understanding how much you’ll end up paying.

It’s a good idea to request from your lender a quote on all the costs and fees associated with the loan. A Loan Estimate (LE) is a typical form used to disclose loan fees to a borrower. Ask questions about what each fee covers. Have your lender explain any fees you don’t understand, and then find out which ones may be negotiable or can be waived entirely.

4. How much of the process is online vs. on paper or in person?

How much facetime you have to put in to apply for a mortgage can vary by lender. Some online banks will have you complete the process entirely online, while brick and mortar banks may require an in-person visit.

In the past, applying for a mortgage required a lot of physical paperwork. But much of this has now been replaced by online interactions. For example, you are now likely able to send your financial information like bank statements and W-2s electronically.

Lenders who complete much, or all, of the mortgage application process online may be able to offer lower rates or fees, since they don’t have the cost of brick and mortar bank locations and their employees to maintain.

That said, if you’re someone who likes face-to-face help, you may consider a lender that allows you to apply in person or a lender who utilizes facetime.

5. How quickly can the lender close once you’re in contract?

Once you’ve found the home you want to buy and you’re under a purchase contract with the seller, the amount of time it takes to close on a loan can vary. Depending on the situation, you may have to wait for inspections, appraisals, and all sorts of paperwork to go through before you can close.

However, your lender may offer you ways to speed up the process. For example, you may be able to get preapproved for a loan, which takes care of a lot of potentially time-consuming paperwork upfront before you’ve even started shopping for a home.

Ask your lender how much time their closing process usually takes and what you can do to expedite it. Especially if you’re crunched for time, their answer can have a big impact on which lender you choose. After all, the faster you’re financed, the sooner you’ll be able to move in.

Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% – 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It’s online, with access to one-on-one help.

SoFi Mortgages: Simple, smart, and so affordable.


SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility for more information.

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

*SoFi requires PMI for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Minimum down payment varies by loan type.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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

SOHL0723014

Source: sofi.com

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Lite Doc, Efficiency, 40-Year, HELOC Products; FHA, VA, USDA, HECM Agency and Investor News

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Lite Doc, Efficiency, 40-Year, HELOC Products; FHA, VA, USDA, HECM Agency and Investor News

By:
Rob Chrisman

8 Hours, 1 Min ago

Isn’t ice cream a great food!? In fact, I worked in an ice cream plant in my early 20s. Did you know that Moose Tracks ice cream was named for a miniature golf course in Michigan’s Upper Peninsula? Thank you to Carla M. who reminded me that July is National Ice Cream Month with an article on the top flavors. It is fortuitous that chocolate and ice cream met, as many of the most popular flavors have it. I know for a fact that mortgage attorney Brian Levy’s favorite ice cream is the uncommon rum raisin, although his latest piece has no relation to it whatsoever. Brian Levy’s most recent Mortgage Musing covers crowdsourced housing policy, professionalism, conflicts of interest in affiliated business arrangements, and whether doctor body cams are a good idea (spoiler alert: no). If you want to be “a-mused” while learning something about the mortgage business, subscribe to Levy’s Musings (it’s free and he promises he won’t sell your email address). (Today’s podcast can be found here and this week’s is sponsored by Richey May, a recognized leader in providing specialized advisory, audit, tax, technology and other services to the mortgage industry for almost four decades. To experience how Richey May can help you transform your mortgage business, visit richeymay.com. Hear an interview with TD Bank’s Scott Lindner on first time homebuyer programs and advice.)

Lender and Broker Products, Services, and Software

“With Summer in full swing, we know that your clients may be looking for the financial flexibility to make improvements around the home, financially prepare their recently graduated senior for college, or even just stabilize their monthly debt payments. And they are looking to do so as affordably as possible. At Symmetry Lending, our HELOC rates are considerably lower than many credit cards and other HELOC providers, and we’re ready to help your clients make the most out of their money. Let us help you win and keep more business with our financially conscious HELOC offerings. Get in touch with Symmetry’s experts to learn more!”

Great News! Carrington Wholesale and Correspondent have introduced two game-changing product improvements. The first is a 40-year loan term option for fixed-rate and fixed-rate Bank Statement Non-QM Loans. Borrowers benefit from lower monthly payments and increased purchasing power, perfect for real estate investors seeking enhanced cash flow. The second is a Temporary buydown programs for FHA, VA, and Conventional purchase loans. Borrowers enjoy reduced payments for 1, 2, or 3 years, depending on the buydown type. Discover more at CarringtonWholesale.com and CarringtonCorrespondent.com. Explore the perfect loan solutions for your borrower’s unique financial needs!

NEW EBOOK: The Essential Guide to Lending Efficiency. Today, labor makes up more than 50 percent of the cost to close a loan. That’s why it’s vital to boost your team’s productivity. In this eBook, mortgage solutions provider Maxwell lays out 4 vital steps to maximize efficiency without increasing overhead. From eliminating bottlenecks to thoughtfully automating busy work, these actions will transform your lending process and profitability. Want to create a nimble lending team that produces top borrower experiences and reduces leakage? Click here to download Maxwell’s free eBook, “The Essential Guide to Lending Efficiency.”

Working with self-employed borrowers? You’re probably already utilizing a bank statement program, but have you familiarized yourself with Lite Doc programs? Join us on Wednesday, August 2 at 2:00 pm ET / 10:00 am PT for a DealDesk session focused on Quontic’s Lite Doc Program, presented by National Mortgage Professional. This interactive forum provides brokers and originators with the opportunity to share real deals and scenarios. Quontic Wholesale, a bank with CDFI status, offers unique income validation methods for its owner-occupied and investor Lite Doc programs. The program eliminates the need for tax returns or W2s and accepts 100 percent gift funds for down payment and closing costs. It allows one year of self-employed income and loan amounts up to $3,000,000 with up to 80 percent LTV and 50 percent DTI. Cash-out proceeds can be used towards reserves, and the program is available for various property types. Register here to present your deals and ask questions about Quontic’s Lite Doc program.

FHA, VA, USDA, HECM (reverse), Ginnie News

Government products account for about 25 percent of applications and business. Let’s see who’s doing what.

What does the Veteran’s Administration tells vets about cash-out refinancing? Here you go: Cash-Out Refinance Loan | Veterans Affairs (va.gov).

Ginnie Mae announced the expansion of its low-to-moderate income (LMI) disclosure initiative to include loan-level pool data for U.S. Department of Agriculture, Rural Housing Service (USDA-RHS) loans. This pool level borrower income data will be used in Ginnie Mae’s Mortgage-Backed Security Level “LMI Income” disclosure. Ginnie Mae has been working to enhance its LMI disclosures, beginning with LMI geographic information two years ago and the addition of LMI income earlier this year. These disclosures are an integral part of Ginnie Mae’s inherent social and environmental mission, and align with increased environmental, social and governance (ESG) considerations from our mortgage-backed securities (MBS) investors.

The Fiscal Year 2023 income limits for the Single Family Direct Loan and Grant Programs were published on July 13, 2023 through Procedure Notice 587. The Guaranteed Underwriting System (GUS) and the Income Eligibility calculator on the Eligibility Website have been updated with the new income limits. The income limits were updated in the impacted websites and systems (e.g., UniFi and Section 502’s Self-Assessment tool). The following automated worksheets were also updated. Section 502 – Worksheet for Computing Income and Maximum Loan Calculator (as found on the Direct Loan Application Packagers pages). Section 504 – Automated Worksheet (as found on the Single Family Housing Repair Loans & Grants page (under the ‘To Apply’ tab).

The Federal Housing Administration (FHA) posted additional translated materials to its recently launched Language Access Resources web page, including the HUD-92564-CN, “For Your Protection, Get a Home Inspection” form and the “Dispelling Homebuying Myths” four-part presentation series to help increase awareness and understanding of the homebuying process. The Dispelling Homebuying Myths series includes presentations on: Finding the Right Home; Qualifying for a Loan; Tips for Buying Your First Home; and Affording a Home.

FHA Mortgagee Letter (ML) 2023-15, considered industry feedback received on the draft ML posted on the Single Family Drafting Table and announced in FHA INFO 2023-41, implements changes to the processes FHA employs for instances of anticipated or actual default of a mortgagee’s disbursement obligations to a HECM borrower. The policies are designed to improve FHA’s ability to make prompt payments in the event of mortgagee default, ensuring that HECM borrowers receive scheduled or requested funds in a timely manner.

Ginnie Mae’s mortgage-backed securities (MBS) portfolio outstanding grew to $2.422 trillion in June, including $39 billion of total MBS issuance, leading to $18 billion of net growth. Issuance for this month was significantly higher than May’s $34 billion as well as April’s $33 billion. For more information on monthly MBS issuance, UPB, REMIC monthly issuance, and global market analysis, visit Ginnie Mae Disclosure.

Carrington Correspondent USDA Price Improvement, 25 BPS in Price on Purchase Loans.

The future of reverse is there: The population aged 65 and older is projected to reach about 80.8 million by 2040, more than twice as many as in 2000, according to The Administration for Community Living. And with the median income of older persons at $26,668 in 2020, rising living costs and out-of-pocket healthcare expenses are inevitable for this fast-growing population. Maximize your senior clients’ potential for financial freedom by taking advantage of the benefits of reverse mortgages. The Plaza Home Mortgage® reverse team can help guide you through the process, whether you’re new to the reverse market or adding more reverse into your business strategy.

Capital Markets

Even as Freddie Mac reported yesterday that mortgage rates dropped from the prior week’s year-to-date highs after tame inflation reports last week, the combination of data, damaged technicals, and nervous markets ahead of next week’s central bank meetings saw the 10-year yield surge to its highest level in over a week. Market participants are at odds with the Fed once again with unemployment remaining at half-century lows as inflation cools. It’s still unclear if Fed tightening has tamed inflation, but some Fed members are calling for two additional 25 basis points rate hikes before year end, something the markets don’t have priced in. Monetary policy works with a long lag time, and rather than the Fed looking at early indicators like future inflation and commercial leasing activity, the Federal Open Market Committee (FOMC) has been focused on the lagging economic indicator of jobs.

Speaking of early indicators, we learned yesterday that the Index of Leading Economic Indicators fell again in June, fueled by gloomier consumer expectations, weaker new orders, an increased number of initial claims for unemployment, and a reduction in housing construction, according to the Conference Board. The Leading Index has been in decline for fifteen months, the longest streak of consecutive decreases since 2007-08 during the runup to the Great Recession. June’s data suggests economic activity will continue to decelerate in the months ahead due to elevated prices, tighter monetary policy, harder-to-get credit, and reduced government spending.

True, rates dropped over the last week, but the overall recent uptick in mortgage rates is clearly weighing on the resale market. Total existing home sales declined 3.3 percent to a 4.16-million-unit pace in June as the monthly median sales price ($410,200) reached its second-highest amount ever. Sales dropped by 18.9 percent from one year ago to 1.08 million at the end of June, with the inventory of unsold existing homes (3.1 months’ supply at the current monthly sales pace) unchanged from the previous month. Even if rates were 0 percent, if there are no homes to buy, sales are going to drop.

Though today is Class D 48-hours for those that need to announce specific MBS involved in the trade before the settlement, there are no economic data points today, and we begin the day with Agency MBS prices roughly unchanged from Thursday afternoon, the 10-year yielding 3.84 after closing yesterday at 3.85 percent, and the 2-year at 4.85: the yield curve inversion is alive and well.

Employment and Transitions

“Chelsea Vonder Haar, Senior Vice President of Marketing for USA Mortgage, has been named a 2023 marketing leader by HousingWire.com. Vonder Haar has risen through the ranks over her 10-year history with USA Mortgage. Taking the reins of the marketing team in 2017, she spearheaded dramatic growth via a cutting-edge marketing strategy, helping evolve USA from a local lender to a national operation licensed in 49 states. USA Mortgage is a full-service mortgage bank known for its unmatched marketing options for their loan officers and real estate agents, helping them effectively reach more clients. Today, Vonder Haar’s award-winning group of 17 marketing professionals offers lead-generating print, social media, digital, and video marketing for thousands of stakeholders. Her team’s priority is to give USA’s loan officers numerous custom resources to grow and support their business. For a confidential conversation about joining USA, contact Brooke Anderson at 609-500-1520 or email us.”

“Keith McKay, CEO of Prime Choice Funding, invites you to participate in reshaping the mortgage industry. Our mission for 2023 is to become the top mortgage broker in the nation. Join our team and expand your professional horizon with our diverse loan programs, flexible compensation plans, and a unique opportunity to earn extra by offering solar solutions to your clients. Backed by comprehensive marketing resources, cutting-edge platform, and robust operations support, your potential for growth is limitless. With a history dating back to 2007, Prime Choice represents stability and innovation in finance and sustainability. Register for our webinar today and explore these rewarding opportunities.”

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Source: mortgagenewsdaily.com