earnings

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If Data Stays in This Week’s Range, The Highs Are In

By:
Matthew Graham

2 Hours, 54 Min ago

If Data Stays in This Week’s Range, The Highs Are In

Friday’s weak jobs report and strong bond market reaction raise bigger questions than they answer.  Granted, it is very nice to answer the question of whether the gains over the past two days were justified, but now we have to wonder if this entire week is enough to inform a long-term rate ceiling.  Using our own advice about needing to see 2-3 months of similar data before drawing such conclusions, clearly it’s not enough.  If we could know that the next 2 rounds of big-ticket data would be similarly cool, the top is in for rates.  That’s still a big “if.”

    • Nonfarm Payrolls
      • 150k vs 180k f’cast, 297k prev
    • Unemployment Rate
      • 3.9 vs 3.8 f’cast, 3.8 prev
    • Earnings
      • 0.2 vs 0.3 f’cast, 0.3 prev
    • ISM Services PMI
      • 51.8 v 53.0 f’cast

09:35 AM

Slightly stronger overnight and now much stronger after jobs data.  MBS up a full point.  10yr down 15.5bps at 4.504.

11:32 AM

Off the best levels by roughly 3/8ths in MBS, but still up 5/8ths on the day.  10yr down 13.6bps at 4.527.

02:17 PM

No further losses in MBS.  6.0 coupons back up more than 3/4ths of a point.  10yr down 11.5bps at 4.554

04:48 PM

10yr yield drifting higher into the 5pm close, but still down 8.4bps on the day at 4.579.  MBS have been flatter with 6.0 coupons just 1 tick (0.03) off a 3/4 point gain.

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

Source: mortgagenewsdaily.com

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Intercontinental Exchange (ICE) Mortgage Technology reported an adjusted operating income of $131 million in the third quarter of 2023, up from Q3 2022’s $126 million — despite the headwinds the mortgage industry is facing.

ICE attributed “an analog to digital conversion occurring in the U.S. residential mortgage industry” for its mortgage business outperforming in Q3 even as the industry experienced a nearly 20% decline in origination volumes. 

Strong sales in its Encompass loan origination system, as well as its mortgage servicing platform (MSP) solutions business, drove an improved adjusted operating income for the mortgage technology division at ICE.

In Q3, about 60% of existing Encompass customers that were due for a renewal increased their base subscriptions. ICE expects to have its second-best year for MSP sales since 2017.

“Through October, we have already surpassed our prior full year record for new Encompass sales, which was set in 2020. In our servicing solutions business, the closing of the Black Knight transaction has unlocked the pipeline with four new MSP customers signed in October alone,” Warren Gardiner, chief financial officer of ICE, told analysts in its Q3 earnings call. 

Since ICE completed its acquisition of Black Knight in September, M&T Bank has become a new customer of Encompass, replacing its existing loan origination platform and adding ICE’s data and document automation platform.

ICE also cross-sold MSP and several data and analytics products to Fifth Third Bank, an existing customer of ICE, Ben Jackson, president of ICE and chair of ICE Mortgage Technology, noted.

ICE said it doesn’t anticipate any negative impact to its Encompass business from the recent commission lawsuits if homebuyers use fewer real estate agents which, in turn, could result in loan officers losing their largest referral pipeline.

“We don’t have a business of selling leads to real estate brokers and the like. For us, our core businesses are all in and around the origination transaction itself,” Jackson told analysts. 

“If anything, all of the data and analytics offerings that we have that underpin this overall platform, front to back both between ICE Mortgage Technology assets that we’ve had historically, as well as the data assets that have come with the Black Knight business, all position us very well in that space going forward,” Jackson added. 

The mortgage technology division at ICE posted $330 million in total revenue in the third quarter, up about 19.6% from Q3 2022’s $276 million. 

Adjusted operating expenses posted $199 million in Q3 2023, up about 32.7% from $150 million in the same period a year ago.

Looking ahead to Q4 2023, ICE expects near-term cyclical headwinds in the mortgage industry to persist. 

“Coupled with typical seasonal pressures on origination volumes in the first and fourth quarters of each year, we expect the total fourth quarter ICE Mortgage Technology (IMT) revenues will be in the range of $490 million to $500 million, bringing full year pro forma IMT revenues to approximately $2.06 billion,” Gardiner said. 

Source: housingwire.com

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Your house, your rental income and your future.

In the age of Airbnb, listing your home, property or apartment for temporary and long-term renting is a unique way to generate income while stepping into property management shoes. Listing your property, which may initially sound simple, requires meticulous management, organization skills and a general understanding of landlord-tenant law. The worthy feat of generating income through property rental is gaining popularity, particularly in areas where housing is in high demand.

Explore the comprehensive guide below to understand the process of renting your house and assist in developing an efficient property management strategy. These step-by-step instructions are tailored to assist both novice and seasoned property owners in maximizing the benefits of the significant endeavor that is the rental game.

Renting out your house: a step-by-step guide

Follow these steps to ensure you and your potential renters gain the most from the renting experience. In addition to optimizing your earnings, acquire the know-how to increase your visibility, ensure compliance with legal regulations and cultivate essential management abilities.

1. Understand local laws and regulations

Before you embark on your property management journey, it’s imperative to research and familiarize yourself with local laws and regulations around renting. Here are some rules, regulations and definitions to understand concerning renting out your house while playing by the rules.

Fair Housing Act: This federal law prohibits discrimination against housing applicants on the basis of race, color, religion, national origin, disability, sex, age or familial status (e.g., women who are pregnant, families with small children or teenagers, etc.).

Fair Credit Reporting Act (FCRA): Credit and criminal background checks are subject to federal regulation known as the Fair Credit Reporting Act (FCRA). Its many provisions include the following requirements:

  • You must notify applicants in writing and get their written permission before running any check on them.
  • If you decide to reject an applicant based on the findings of a credit report or background check, you must notify the applicant of your intent in writing, furnish them a copy of the report and give them a reasonable amount of time (a week suffices) to respond with a correction or explanation of the report’s findings.
  • After that period, upon consideration of any response you get from the applicant, you may notify them in writing of your final decision.

“Fair chance” laws: This isn’t a federal law, but a growing number of states and cities have enacted these measures to prevent discrimination against persons with prison records. Specifics vary by jurisdiction, but most of these laws forbid asking about past criminal convictions or incarceration on housing applications.

Protect yourself by consulting your legal advisor to see whether any fair chance laws apply to you, and how they might affect your tenant-screening process. Avoid exposing yourself to legal liability as well by utilizing professional background-check companies or consulting legal advice further.

2. Prepare your property

Staging your property and making it suitable for renters is the next step. Ensure any broken appliances are fixed, messes tended to and any recommended enhancements are made. Completing some market research to see similar rental properties to yours (properties that have similar offerings like bedroom and bathroom numbers or properties in the same location) can be helpful in terms of improvements or enhancements to make to your rental property.

Secure landlord insurance as a part of your preparation step. Landlord insurance is a specialized policy that safeguards property owners from potential financial losses and liabilities when renting out their residential properties to tenants. It typically covers property damage, liability protection and loss of rental income due to covered events.

3. Set a competitive rental price with our rent estimator tool

Continue your market research in this step to determine the ideal price range for renting out your property to temporary tenants. Utilize this rent estimator tool to assist you in valuing your property for rent price.

4. Draw up a lease agreement

Draft a comprehensive lease agreement that clearly outlines the terms and conditions of the rental, including rent amount, security deposit, lease duration and any rules or policies for the property. Ensure that it complies with local and state laws.

5. Create your listing

Once you know what you’re charging for rent, you’re ready to get to the heart of marketing the property online: putting together a listing that will entice tenants into renting out your home.

The key to a great listing is communicating the unique advantages of your property in a way that attracts the right kind of tenant. Namely, a tenant who will be dependable and take care of your property as if it were their own.

A Rent. survey found that most seekers of single-family rental (SFR) properties are married or in domestic partnerships (62 percent), have children (61 percent) and have pets (54 percent).

Regardless of who you are renting out your home to, it’s important to highlight what’s most likely to resonate with your ideal tenant. Here are some potential features to consider when renting out your home.

  • Schools: Each Rent. listing automatically displays GreatSchools.org ratings for schools closest to each property. If nearby schools get high marks, consider highlighting them in your property description and noting if any are within walking distance.
  • Parks or playgrounds: If there are parks or playgrounds nearby, mention them and how long it takes to walk or bike to them. If you pique any rental seekers’ curiosity, they can use the map embedded in the Rent.com listing to explore via Google Street View.
  • Pet-friendliness: If you plan to allow pets on the property, make sure you include this in the listing, along with any breed restrictions info. Call out relevant details that will be of interest to pet owners (e.g., nearby pet-friendly parks, fenced-in yards, doggy doors, etc.).
  • Neighborhood highlights: Call out nearby landmarks, much-loved hangouts or transportation conveniences like a train or subway stop and include a picture. Don’t forget to call out the distance from your property.

6. Market your property

Share your listing across ILS networks to cover a lot of the heavy lifting, but you can also share links to your Facebook and Instagram accounts. Try using Facebook Marketplace to limit the post geographically (and to reach potential tenants you aren’t friends with on Facebook).

Once you’ve posted one and shared it across multiple ILS sites and social media, you’ll likely be moving on to the next phase of the rental process: choosing the best tenant from among the applicants who are interested in your rental listing.

7. Screen and collect

Develop a tenant screening process that includes background checks, credit checks and references. This will help you select reliable tenants who are more likely to pay rent on time and take care of your property. Once you find a suitable tenant, collect a security deposit and the first month’s rent from your tenants before they move in. Make sure you follow local laws regarding the handling of security deposits.

Once tenants are inhabiting your rental property, it’s imperative to stay responsive to maintenance requests from your tenants. Timely repairs and maintenance will help keep your property in good condition and your tenants satisfied.

8. Maintain your rental property

Regular maintenance tasks include keeping the property in good repair, addressing maintenance requests promptly and conducting routine inspections to identify and address issues before they become major problems. Timely maintenance is important because it minimizes the risk of costly repairs down the road. Make sure to stay up to date with local regulations and safety standards as well to ensure that your rental property remains compliant and safe for renting out.

Renting our your house made easy

Renting out your home, in the age of Airbnb and VRBO, is an exciting time and journey to embark on. Once you estimate your home using our rent calculator tool, draw up your lease and prepare your property, the rest of the process involves meeting and vetting potential tenants. Sharing your home, community and amenities is a unique job that just about anyone can do, using this article.

The information contained in this article is for educational purposes only and does not, and is not intended to, constitute legal or financial advice. Readers are encouraged to seek professional legal or financial advice as they may deem it necessary.

Wesley is a Charlotte-based writer with a degree in Mass Communication from the University of South Carolina. Her background includes 6 years in non-profit communication and 4 years in editorial writing. She’s passionate about traveling, volunteering, cooking and drinking her morning iced coffee. When she’s not writing, you can find her relaxing with family or exploring Charlotte with her friends.

Source: rent.com

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Inside: Intuit bought its popular Mint app and now it shutting down leaving users scrambling to find an alternative. This guide will help you understand Intuit’s decision to move Mint to Credit Karma and provide a list of alternatives for personal finance management.

In an era where personal finance apps are thriving more than ever, the shutdown news of Intuit’s Mint app comes as a shock for many.

When I heard the news, I couldn’t believe my ears… moving Mint’s feature to Credit Karma – a credit repair app?!?!

Once I got over the shock, I knew you wanted the best information out there to decide on what to do next.

Our guide here is dedicated to helping Mint users navigate the ongoing changes and prepare for what’s next in their personal finance journey.

This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.

The Downfall: Intuit’s Decision to Shut Down Mint

Mint has always been a beacon in the realm of top budgeting apps; mostly due to the fact it was free.

However, Intuit’s decision to close Mint marks the end of an era. Yet, there is a teaser… Mint is propelling people to Credit Karma.

Here is a statement in the Mint App News:

“Credit Karma is thrilled to invite all Minters to continue their financial journey on Credit Karma, where they will have access to Credit Karma’s suite of features, products, tools and services, including some of Mint’s most popular features.”

Mint App News1

Mint’s commendable service, free albeit with ads, which has been helping many people manage their finances effectively, will be missed by Minters—time to understand why this happened.

Why is Mint Shutting Down?

Credit: Intuit MintLife 1

A surprising fact is that a free personal finance app like Mint isn’t a sustainable business. Most free apps have marginal direct costs associated with their services, unlike personal finance apps. They heavily rely on expensive data aggregators to gather the necessary financial data, causing a steady revenue loss for Mint per free user.

Intuit’s model has never been able to cover these costs leading to a revenue crisis. That was a key reason why I believe Intuit decided to shut down Mint. While Intuit denied Mint’s expenses being material in their quarterly earnings calls in 2023, they did note however they are looking to grow their consumer base across all of their products. 2

The Controversy Surrounding Mint’s Shutdown

While the financial reason behind Mint’s closure is understandable, this decision has provoked a wave of consternation among the users. Massive user outcry on Reddit underscores the integral role Mint played in their lives, and some even accuse Intuit of abandoning its commitment to free financial management resources.3

Given the fairly recent acquisition of Mint into Intuit, this may be surprising for many including these Twitter users.10

When is Mint shutting down?

Yes, Mint is being shut down. Mint’s curtains will be drawn on January 1, 2024.

From this date, users will no longer be able to access their accounts or use any Mint services as we know them today.

So, don’t be caught off-guard; stay prepared and choose the right alternative before Mint bids adieu. We have other options below to help you guide this transition.

Mint User’s Guide: Next Steps to Credit Karma

Okay, one piece of advice I always give at Money Bliss is to plan and carve your own money journey. So, let’s move from panic to planning:

What should Mint users do now?

It’s natural to feel perturbed by Mint’s shutdown. Yet, the smart step is to immediately switch to planning mode.

Some crucial actions include exporting your transactions from Mint for future use and deleting your account once you have secured all necessary information.

In this interim period, also make sure to explore personal finance app alternatives, considering their features and support services, to find one that fits your needs perfectly.

Starting Afresh: Alternatives to Mint App

In light of recent events, here are the best apps available for Minters.

Switching to a new personal finance app might feel daunting initially, but there’s no need to worry. This era offers a wide array of options, many of which employ advanced technology and provide a user-friendly experience.

Look for apps that offer seamless data importation from Mint with a CSV file, comprehensive financial overview, dependable security features, and preferably, competitive pricing as well.

Diving into Details: A Comparison of Mint Alternatives

When comparing Mint alternatives, consider factors such as user interface, functions, cost, and customer feedback. Each app has its unique strengths.

For instance, YNAB stands out for budgeting, and Quicken shines in terms of portfolio management, while Simplifi offers a user-friendly interface. You may pick a budget app based on your budgeting preference, such as budget by paycheck or zero based budgeting.

Research thoroughly to find the app that delivers your personal financial needs the best.

YNAB

YNAB, or You Need a Budget, stands out for its award-winning budgeting system. It’s not a clone of Mint, but rather, it takes a unique approach to helping people proactively track spending and work towards financial goals.

YNAB stands out in personal finance management since it allows for utmost user control with its four simple pillars:

  1. Give Every Dollar a Job
  2. Embrace Your True Expenses
  3. Roll with the Punches
  4. Age Your Money

Additionally, YNAB presents flexible customization options for category names, a feature that enhances user experience, along with an open-source toolkit for extensive reporting while maintaining supreme user data privacy.

  • Learning Curve: YNAB requires diligence and customization in its early stages, but offers a robust set of personalized budgeting tools once users cross the learning curve.
  • Import Existing Mint Transactions: Yes 4
  • Price: Free 34 day trial and then a subscription-based model of $14.99 monthly or $99 annually.

Most people struggle with YNAB because of the steeper learning curve as well as getting one month ahead on their money. This is YNAB’s rule #4 to age your money, which is a smart money move and one we do personally.

No need to compare YNAB vs Mint anymore.

YNAB

Enjoy guilt-free spending and effortless saving with a friendly, flexible method for managing your finances. 

Pros:

  • Comprehensive approach to budgeting, helping you plan monthly budgets based on your income.
  • Offers expert advice, making it suitable for those who require an in-depth, forward-thinking budgeting strategy.
  • Superior synchronization skills make it the winner in this area.
  • YNAB has extra features like goal setting for budgeting, shared budgeting tools for partners.
  • Option to manually add and upload transactions from accounts each month.
  • YNAB prioritizes user privacy.

Start 34 Day Free Trial

YNAB vs Mint

Simplifi

Simplifi by Quicken is a budgeting app that strikes a fine balance between complexity and simplicity.

Cheaper than a gallon of gas per month, Simplifi by Quicken a great bargain that offers a clean, intuitive, and clutter-free interface. It allows users to effortlessly track their spending, monitor savings goals, capture bills, and more.

  • Learning Curve: Simplifi is smooth due to its user-friendly interface and detailed instructions
  • Import Existing Mint Transactions: Yes 6
  • Price: Starting at $2.39/ month for new users

Simplifi has been rated as a preferred choice for people who want a fuss-free app to manage finances.

simplifi

Manage your money less in 5 minutes each week.

Reach your money goals with confidence!

“The easiest, most comprehensive way to both see where your money is going and plan for future expenses.”

Start FREE Trial

Quicken

This is the personal finance software I have been using for over 25 years.

Quicken offers robust personal finance management tools that make it easier to track expenses, income, and investments. Many people complain their budgeting feature isn’t up to par, but their cash flow reporting overcomes this as you can see your spending and plan accordingly.

  • Quicken Classic Deluxe: Robust & feature-rich | Best for power users
  • Quicken Classic Premier: Robust & feature-rich including investment| Best for serious users
  • Quicken Classic Business & Personal: Best-in-class business features integrated with our flagship personal finance product

Quicken might be the most suitable option for current Mint users due to its compatibility and ease of use. Unlike Mint, Quicken is not free, but its expansive features such as detailed expense tracking, report generation, and robust investment tracking arguably justify the cost. Plus you can add attachments of receipts into the transactions.

  • Learning Curve: Quicken may present a significant learning curve for beginners.
  • Import Existing Mint Transactions: Yes 5
  • Price: Starts at $4.19/ month for Quicken classic for new users. All plans have a 30 day money back guarantee.

It’s a perfect match for anyone requiring a comprehensive personal finance tool. You can sync between multiple devices as I covered in my Quicken review.

Quicken

Personal finance and money management software allows you to manage spending, create monthly budgets, track investments, retirement and more.

I have used this platform for over 20 years now.

Pros:

  • Birds-eye view of your complete financial picture.
  • Conveniently download your spending activities, and automatically categorize them (Quicken connects to over 14,000 financial institutions).
  • Track investments with it’s features like portfolio analytics, retirement goals, and market comparison.
Cons:

  • Little complex to use at first, the learning curve is moderate.
  • Yearly subscription-based model to use the platform.

Save 40% on New Memberships

Our Review

Monarch Money

Monarch Money’s unique selling point is its robust data connectivity. Armed with state-of-art financial transaction infrastructure that integrates with various data aggregators, Monarch promises effective budgeting and financial planning. It’s not free but offers a 7-day free trial to test its features.

Its subscription charges are $14.99 per month or $99.99 per year, a fair trade for its impressive service.

This is the latest top budget app to surface as true competition.

  • Learning Curve: Monarch Money boasts an intuitive and user-friendly interface, making the learning curve minimal and easy for new users.
  • Import Existing Mint Transactions: Yes 7
  • Price: Try Monarch Premium for free for 7 days. Then choose between the $14.99/month or annual $99/year plan.

Monarch Money facilitates financial planning with goal setting and forecasts, allows Mint transactions importation for history preservation, has customer-driven rapid development, provides a multi-user platform for collaborative financial management, is available across multiple platforms, and provides efficient customer service.

Tiller Money

Tiller Money might be the perfect solution for spreadsheet enthusiasts. This unique budgeting tool uses spreadsheets to manage finances and daily transaction updates. It is highly customizable with categories and reports to help you stay on top of your spending.

Tiller Money is a definite contender in the personal finance app scene.

  • Learning Curve: While Tiller Money requires a basic understanding of spreadsheets, users can easily customize it to suit their personal budget needs.
  • Import Existing Mint Transactions: Yes 8
  • Price: Starts with a free trial for 30 days and then charges a reasonable annual fee of $79.

A notable feature is its ability to pull and categorize credit card transactions, providing an in-depth view of spending habits.

Tiller Money

Your financial life in a spreadsheet, automatically updated each day. 

Tiller is the fastest, easiest way to manage your money with the unlimited flexibility of a spreadsheet.

Update your finances in one place, so you can take control of spending, optimize cash flow, and confidently plan your financial future.

Pros:

  • Tiller automatically updates Google Sheets and Microsoft Excel with your latest spending, balances, and transactions each day.
  • No more tedious data entry, CSV files, or logging into multiple accounts.
  • You can customize everything and finally track your money, your way.

Try Tiller Free

Empower

Empower, formerly known as Personal Capital, is a comprehensive personal finance app that provides tools for managing income, expenses, assets, and liabilities.

With its intuitive interface, Empower users can seamlessly track their spending, create custom budgets, and even get insights into their net worth which can be updated on a monthly basis, thereby aiding in effective financial management. Additionally, their retirement planner is one of the best available – plus for free.

  • Learning Curve: Empower has a relatively intuitive interface, making the learning curve fairly manageable for new users.
  • Import Existing Mint Transactions: No 9
  • Price: Free to use

The downfall is Empower provides wealth management services, so there is a heavy sales pitch to bring assets under management.

Empower

Empower offers powerful tools to help you plan your investment strategy along with basic budgeting features and a great net worth tool.

As a free app, Empower can help you to save money, save time, and even make more money.

Get Started

Empower Personal Wealth, LLC (“EPW”) compensates Money Bliss  for new leads. Money Bliss  is not an investment client of Personal Capital Advisors Corporation or Empower Advisory Group, LLC.

How to Move From Mint to Credit Karma?

Yep, I gave you the alternatives to Mint first.

Yet, the goal for Intuit is to move to Credit Karma. The core issue right now is while we do know which features will be transferred from Mint to Credit Karma. We are not sure as Minters if we will like the new layout and features offered with Credit Karma.

Right now, the budgeting feature will not be offered at Credit Karma, which I know for many Money Bliss readers is a big feature lost.

Learn more on how to move from Mint to Credit Karma.

Intuit’s Current Portfolio of Products

Intuit buying out Mint in 2020, you may be wondering about the current products offered by Intuit. 10

Intuit offers a range of financial and tax preparation products, including

Most notable is the success of TurboTax and Credit Karma.

Frequently Asked Questions

Once Mint shuts down, it’s crucial to know that Intuit will no longer have access to your financial data. All account and transaction information associated with your Mint profile will be deleted permanently from Mint’s databases.

To prevent any loss of important financial information, make sure to export all your transactions from Mint before the shutdown date arrives.

This highlights the importance of regularly backing up financial data as you may not know the next steps a company has for their product.

Yes, you can migrate your Mint data to a different personal finance app before Mint shuts down.

After you export your transactions from Mint, you can then import them to your new finance management app, ensuring you seamlessly carry over all essential financial information and continue managing your finances smoothly. However, bear in mind that the steps to do this may vary depending on the app you choose as your next financial companion.

Coping with the Closure: Dealing with the Loss of Mint

For long-time Minters, Mint’s shutdown can feel like losing a trusted companion. It’s natural to feel a sense of loss and uncertainty. I completely understand. That is why I haven’t switched from Quicken because of the long-term history.

However, remember that technology promises continual growth and evolution. There are numerous other personal finance apps out there, likely even better ones suited to your needs.

So, take a deep breath, do your research, and move on to the next chapter of your financial journey with confidence.

Source

  1. Intuit MintLife. “Intuit Credit Karma welcomes all Minters!” https://mint.intuit.com/blog/mint-app-news/intuit-credit-karma-welcomes-minters/. Accessed November 1, 2023.
  2. Intuit. “Event Details – Intuit Investor Day 2023.” https://investors.intuit.com/events-and-presentations/event-details/2023/Intuit-Investor-Day-2023/default.aspx. Accessed November 1, 2023.
  3. Reddit. “Thoughts on the Mint shutdown from Monarch CEO (and first Mint product manager.” https://www.reddit.com/r/mintuit/comments/17llnbu/thoughts_on_the_mint_shutdown_from_monarch_ceo/. Accessed November 1, 2023.
  4. YNAB. “File-Based Import: A Guide.” https://support.ynab.com/en_us/file-based-import-a-guide-Bkj4Sszyo. Accessed November 1, 2023.
  5. Quicken. “Quicken for Windows: Importing Address Book Records From Another Program.” https://www.quicken.com/support/quicken-windows-importing-address-book-records-another-program. Accessed November 1, 2023.
  6. Quicken Simplifi. “How to Manually Import Transactions.” https://help.simplifimoney.com/en/articles/4413430-how-to-manually-import-transactions. Accessed November 1, 2023.
  7. Monarch. “Move data over from Mint to Monarch.” https://help.monarchmoney.com/hc/en-us/articles/4411877901972-Move-data-over-from-Mint-to-Monarch. Accessed November 1, 2023.
  8. Tiller. “How to Easily Export Mint Transactions to a Spreadsheet.” https://www.tillerhq.com/exporting-mint-transaction-data-into-a-google-sheet-spreadsheet/. Accessed November 1, 2023.
  9. Empower. “Am I able to see more than 3 months of data in Empower Personal Dashboard after I first link my account?” https://support-personalwealth.empower.com/hc/en-us/articles/201170160-Am-I-able-to-see-more-than-3-months-of-data-in-Empower-Personal-Dashboard-after-I-first-link-my-account-. Accessed November 1, 2023.
  10. Intuit MintLife. “Intuit to Acquire Mint.com.” https://mint.intuit.com/blog/press/intuit-to-acquire-mint-com/. Accessed November 1, 2023.

Know someone else that needs this, too? Then, please share!!

Did the post resonate with you?

More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!

Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.

Source: moneybliss.org

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LO Jobs; Production Efficiency, HELOC, Database Mining Tools; FHA, VA, USDA Changes; Freddie’s $2.7 Billion in Profits

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LO Jobs; Production Efficiency, HELOC, Database Mining Tools; FHA, VA, USDA Changes; Freddie’s $2.7 Billion in Profits

By:
Rob Chrisman

3 Hours, 10 Min ago

The talk here in Missoula is about general inflation, and continued reductions & cutbacks as our biz hunkers down. Yet a mortgage publication just raised its subscription prices, only telling readers, “Good news, you don’t need to take any action,” then something about “auto renew… we’ll simply charge the payment method on file…” We all try to save money wherever possible. And price changes are wide-ranging… think global. Yesterday I flew into Montana and enjoyed, in my seat at 22D, a can of Minute Maid Apple Juice, produced by the Coca Cola Company. What could be more American?! Think again. A glance at the ingredients showed the can contained apple juice from the U.S.A, Argentina, Chile, China, Turkey, Hungary, Austria, Poland, and Italy. I kid you not. No wonder world events impact the price of goods here. Looking for less amenities and a higher monthly payment in your next home search? Well, Lending Tree recently released a report on just how costly buying a house in a town can get, “micropolitan” style. Of towns with populations between 10,000 and 50,000, the most expensive median home values were in Vineyard Haven, MA, Jackson, WY, and Breckenridge, CO. (Today’s podcast can be found here, 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.)

Lender and Broker Software, Products, and Services

HELOCs, HELOCs, HELOCs! In this market, if you’re a loan originator and not fully dialed in to them, what are you waiting for? Especially when you have a lender like The Loan Store paying you 200 bps per loan. The kids trick-or-treated earlier this week, but 200 bps for a HELOC is like candy for adults, on a regular basis. Conveniently enough, The Loan Store is hosting a webinar next week to teach LOs how to best sell HELOCs and explain how HELOCs tie into the new TLS Consumer Rewards Program. Sign up for the webinar here.

“At Usherpa we have a saying, ‘Born in a branch. Forged in a meltdown.’ Most of our team, including myself, Dan, and Chris Harrington, have been in the mortgage industry since the mid-nineties in a branch where I originated loans and Chris processed them. We started a department in 1995 for CTX Mortgage where our sole purpose was to provide opportunities for loan officers to do more loans. In the mortgage meltdown of 2008, we were laid off like so many others, and started Usherpa. Today, our purpose is the same: Provide opportunities for loan officers to do more loans. In this unprecedented market, we are humbled and grateful to be partnered with so many wonderful loan officers, helping them close more deals and strengthen their repeat and refer business relationships. We will get through this together. Thank you all for allowing us to serve.”

Freddie Mac Checks In

Freddie Mac (OTCQB: FMCC) reported its Third Quarter 2023 financial results and filed its Quarterly Report on Form 10-Q with the U.S. Securities and Exchange Commission. The company’s Form 10-Q and earnings press release, along with the Third Quarter 2023 financial results supplement are available now on the Investor Relations page of the company’s website.

Freddie reported $2.7 billion in profits, a 104 percent year-over-year increase in net income in the third quarter. That boost in earnings came at the same time as a 30 percent decline in new business activity, attributed to Freddie’s credit loss reserve activity. In the third quarter of 2022, Freddie booked a $1.78 billion provision for credit losses versus a $263 million benefit for the three months ending Sept. 30.

FHA, VA, and Government Program News

October 27th, the Federal Housing Administration (FHA) began implementing security enhancements that will require the use of multi-factor authentication (MFA) to access certain of its websites and systems. View FHA INFO 2023-83 for details on the systems MFA will be implemented.

FHA published a Federal Register (FR) Notice, Home Equity Conversion Mortgage (HECM) for Purchase – Acceptable Monetary Investment Funding Sources and Interested Party Contributions [Docket No. FR-6382-N-01], for public comment. This FR Notice serves to inform the public of FHA’s changes to the HECM for Purchase program by expanding the list of acceptable funding sources, including premium pricing, and permitting additional interested party contributions to satisfy a HECM borrower’s monetary investment requirement.

USDA Rural Development issued a bulletin announcing The Single-Family Housing Guaranteed Loan Program (SFHGLP) revisions to technical Handbook-1-3555, Chapter 8, Applicant Characteristics; Chapter 14, Funding; Appendix 3, Review and Appeals; and Appendix 5, Income Limits. These changes became effective upon the recent issuance of a Procedure Notice (PN).

Get “Back to Basics” with the Single-Family Housing Guaranteed Loan Program. 100 percent financing with zero down payment? Why, yes you CAN! Learn about the USDA Single Family Housing Guaranteed Loan Program and how it can expand your loan portfolio…It’s as easy as 1-2-3!

Rural Development announced that Housing Assistance Corporation has expanded its service area to include South Carolina. An updated intermediary coverage map has been posted on the Direct Loan Application Packagers page.

PRMG posted updates and clarifications in PRMG Product Update 23-49: Product Profile Updates including its alignment with the changes to FHA Standard and High Balance announced by HUD in Mortgage Letter 2023-17. Updated Onyx Jumbo requirements for rental income from current principal residence that is being converted to an investment property. Loan Level Price Adjustments (LLPAs) clarification on Expanded Access and Investor Solution. CO CHFA Conventional. Regardless of condo approval option used, a current condo budget must be provided and reviewed by the condo team for CO CHFA Conventional product.

In addition to agency loans, Plaza Home Mortgage® now offers the option to eClose for FHA, VA and USDA loan. Provide the best experience for borrowers with the convenience to review and sign all closing documents online; including the loans which require a notary with Remote Online Notarization (where available).

Plaza Home Mortgage recently launched new FHA 100 percent CLTV Combo Loan Program. This new program offers 100 percent financing by combining a FHA first lien at 96.5 percent and a concurrent second lien of up to 3.5 percent to assist with down payment and/or closing costs. Additional highlights include a minimum 600 FICO, a 30-year fixed-rate FHA first lien, no income limits, and eligibility in most states (except for NY and WA.).

Capital Markets

For the third time in the past four policy meetings, the Federal Open Market Committee (FOMC) yesterday unsurprisingly kept steady on interest rates. Even with the Committee keeping the door open to hiking again, investors reading Fed Chair Powell’s tea leaves are leaning toward a potential end to further hikes, and it appears to us that the bar for further rate increases is getting increasingly higher. The Fed acknowledged tighter credit conditions from high interest rates and tighter financial conditions from a steepening yield curve with the expectation being that it will eventually weigh on economic growth. In the wake of the meeting, the market sees even lower odds of another hike and is now pricing in a potential cut a bit earlier than it had previously.

We also learned that, according to the ADP Employment Report, after the economy posted the weakest advance in jobs in two years during September, it added 113k jobs in October, fewer jobs than forecast. Though we will receive more clarity from tomorrow’s payrolls report where 183k jobs are expected to have been created in October, this report suggests that demand for workers in a robust labor market may be starting to wane. Separately, the U.S. Treasury announced its plans for upcoming auction sizes, revealing that the total size of next week’s note and bond sales will be a bit smaller than what the market had expected. Treasury noted that it expects to increase auction sizes again next quarter to meet higher funding needs.

Today’s calendar kicked off overseas with both Norges Bank and the Bank of England releasing its latest decisions, holding rates steady at 4.25 percent and 5.25 percent, respectively. Domestically, Challenger, Gray & Christmas released job cuts for October: U.S.-based employers announced 36,836 cuts in October, a 22 percent decrease from the 47,457 cuts announced one month prior but 9 percent higher than the 33,843 cuts announced in the same month last year. We’ve also received weekly jobless claims (217k, up from 212k last week), and preliminary Q3 productivity and unit labor costs (+4.7 percent and -.8 percent, respectively). Later today brings September factory orders, Freddie Mac’s latest Primary Mortgage Market Survey, and remarks from interim St. Louis Fed President Paese. We begin the day with Agency MBS prices better than Wednesday evening by .250-.375, the 10-year yielding 4.67 after closing yesterday at 4.79 percent, and the 2-year down to 4.93.

Jobs

Planet’s multi-channel business model gives our MLOs the stability to meet any market head on. Planet’s team has access to exclusive creative product solutions such as Purchase EDGE. These novel products are attracting more MLOs and Branches eager for a secure future in the mortgage industry. Advance your career, and your market position, by moving to a top lender that values professionalism and innovative thinking. Contact VP of Talent Peter Briggs or 949-202-8213. All inquiries are held in strict confidence.

“At Fairway Independent Mortgage Corporation, customer service is a way of life. #FairwayNation mortgage loan officers are dedicated to finding great rates and loan options for our customers while offering some of the fastest turn times in the industry. Our goal is to act as a trusted mortgage advisor, providing highly personalized service and helping you through every step of the loan process, from application to closing and beyond.”

Don’t forget that private mortgage insurance companies are hiring: MGIC, National MI, Arch MI, Radian, Essent, and Enact (in no particular order). And while’s we’re at it, Fannie Mae and Freddie Mac. And my cat Myrtle’s friend the CFPB has career opportunities.

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

Source: mortgagenewsdaily.com

Apache is functioning normally

Dave Stevens, CEO at Mountain Lake Consulting and former president and CEO of the Mortgage Bankers Association (MBA), said the current rate environment “is what’s crushing the mortgage industry and grinding it to a halt.”

“This is a really tough one because it’s an inflationary recession, where the Federal Reserve is having to actually contract the economy by driving interest rates high,” Stevens added. “…This is going to be the hardest, slowest winter, and you’re going to have a hard time finding anybody who’s old enough to remember a period that was this hard.”

Jeff Walton, CEO and co-founder of mortgage data analytics company InGenius, which provides loan-officer data to IMBs for recruiting purposes, said it’s going to be a “tough time through winter.” He added that the hope is we see some improvement in the spring or summer, “but it’s anyone’s guess.”

“I was speaking to someone the other day who said, ‘If you’re in this business [mortgage lending], I can’t see a downside to a recession.’”

Industry consolidation underway

Hale said he would not be surprised to see 40 to 50 merger and acquisition (M&A) deals play out over the next six months.

“I think there could be some big deals,” he said. “And to be blunt, I’ve been in conversations around deals that I think would be shocking, but nothing’s transacted yet. 

“… I can tell you that I have two [potential M&A deals] that I’m leading currently. I have four more that I’m in negotiations on representing buyers, and in some cases, buyers who might be interested in multiple transactions, and I think I’ll know the results of those [talks] in the next couple of weeks.”

Ludden said what he sees ahead is the thinning of the mid-sized IMB ranks due to mergers and acquisitions as well as a thinning of the smaller IMB players, many of whom will “become brokers or just dissolve.”

“In our pipeline of deals underway, the vast majority involve [lenders with] $500 million to $5 billion in annual originations, and it’s as big of a pipeline as we’ve ever had,” Ludden said. “…There are roughly 1,000 lenders [IMBs], and our expectation is that probably 70% of them are sub-$500 million [in annual origination volume].

“I think you’re going to see a lot of them transition to brokers.”

He said of the remaining 300 or so IMBs with $500 million or more in annual origination volume, “it’s not unreasonable to assume that group will be whittled down to 150 or 200.”

Ludden said much of the consolidation is expected to take place via M&A deals involving IMBs in the $500 million to $2 billion range in annual originations. 

“So, we’ll be much more top heavy [at the end of this cycle], with the remaining three-quarters of IMBs in that group [of 150 to 200] being in the $2 billion-plus category [due to mergers and acquisitions],” he said.

Ludden added that in many cases, the M&A deals ahead will be handled quietly without press announcements, and that “nobody ever sees” to guard against recruiting headhunters luring away the loan officers of companies being acquired prior to deals closing.

Stevens stressed that financing costs are prohibitively high right now and, in most cases, are not favorable for leveraged buyout deals. 

“The guys who are doing buyouts now are going to be buying with their own cash,” he said. “I don’t think anybody’s going to borrow to buy, … so, that limits the pool of buyers.

“… There are some folks who were very successful in 2020 and 2021, generated huge portfolios and have retained earnings, probably, in large part, from servicing, and they didn’t buy corporate jets or things of that sort,” Stevens added. “These are the folks who are buying right now, and I you know because some of them are my clients.”

Loan officers going away

Data from InGenius shows that the average number of active IMB and bank loan officers with valid Nationwide Mortgage Licensing System (NMLS) licenses dropped 49% between the third quarter of 2021 and the second quarter of 2023 — from 181,656 in Q3 2021 to 89,094 in Q2 2023. 

Mortgage-origination volume between 2021 and yearend 2023, however, is projected to drop 63% — from $4.44 trillion to $1.64 trillion, according to the MBA’s forecast. Hale said he thinks that 2023 origination forecast may even turn out to be on the high side.

“… We’re in the business of giving data for recruiting, and we’re still growing as a company because the haves [the healthy IMBs] are buying data … to go after the have-nots’ [loan officers],” Walton said. “There’s no question about it, the ‘haves’ definitely have a growth hat on and are buying data to recruit, and they are definitely extremely active.”

Hale added: “I’ll bet you a dinner that by February [2024], those [LO] numbers are down by 20,000 to 25,000 from where they are now because [NMLS license] renewals in all the states happen at the end of the year. A lot of originators or companies won’t pay the license-renewal fees at the end of the year for originators who haven’t closed a loan in the last six months.”

Hale continued: “… I worked for a guy at one time who said, ‘You know, you don’t know who’s not wearing swim trunks until the tide goes out,’ and the tide is now receding. We could be down to 60,000 to 70,000 originators by 2025.”

Walton said there is going to be more IMB consolidation this winter, adding that he doesn’t see any other outcome at this point. “Even if rates don’t go up [further], it’s going to get worse. And if they do go up, then it’s going to get really worse.”

Sevens said most acquisition deals taking place now involve lenders who might have gotten an up-front cash offer a year ago. 

“Today, almost every originator has been losing money several quarters in a row,” he added. “And so virtually every deal being put on the table now is an asset-only, earn-out offer, with no money upfront, so they [the seller] get paid assuming the buyer makes a profit.

“So, the deals aren’t as attractive to sellers. …We’ll definitely see between now and April more [M&A] transactions occur in the [IMB] space. And some [IMBs] may just decide to get out of mortgage banking and become brokers, and some may shut their doors, so we’ll have to see how this all plays out.

Disruption opportunities

Walton stressed that as difficult as the winter ahead will be for the IMB industry, at the end of this dark period — which could last through next year, unfortunately — “there will be lenders who come out the other side of this in better shape than before the downturn.” 

“Market disruptions create opportunities,” Walton said, adding “for IMBs that are structured right, this is actually an opportune time.”

Stevens added that a phrase coined at a recent MBA convention by Susan Wachter, a professor of real estate and finance at the University of Pennsylvania’s Wharton School, has now become a bit of an industry slogan: “Survive until ‘25.”

“We are going to see who the best leaders are in our industry by who survives this downturn,” Stevens said. “…A lot of people thought they were really good at this business in 2020 and 2021, and they got really arrogant based on their success, some becoming multi-millionaires or billionaires during that period of time.

“But if you couldn’t be successful then, you shouldn’t have been in any business because rates went to 3%, and you could refinance the world and make a great margin. Now, we’re going to separate the winners from the losers in terms of who’s really built for long-term survival.”

Stevens added that those IMBs that do make it through this dark period “are going to have the strongest management quality.”

“And we’ll probably end up with a much stronger industry on the backend of this [downturn],” he said.

Source: housingwire.com

Apache is functioning normally

A version of this story first appeared in CNN Business’ Before the Bell newsletter. Not a subscriber? You can sign up right here. You can listen to an audio version of the newsletter by clicking the same link.


New York
CNN
 — 

Policymakers at the Federal Reserve are feeling optimistic that a rise in long-term Treasury yields could finally put an end to the past 19 months of historic interest rate hikes meant to tamp down inflation.

Wall Street is also feeling hopeful that there won’t be further tightening of monetary policy. The odds of another interest rate hike by the Fed in November are falling, according to the CME FedWatch Tool.

Financial markets currently see a nearly 90% chance the US central bank will keep rates unchanged at its next policy meeting to be held on October 31 through November 1. Just a month ago, markets had those odds at just 57%.

The majority of traders are betting that there will be no more hikes and that the Fed will hold rates steady through June 2024 before loosening policy, the CME tool shows.

What’s happening: US Treasury rates are white hot — 10-year Treasury yields are near their highest levels since 2007. That’s bad news for the economy, but those yields could be doing the Fed’s job for it.

For American consumers, an elevated 10-year Treasury return means more costly car loans, credit card rates and even student debt.

It also means more expensive mortgage rates. Mortgage rates tend to track the yield on 10-year US Treasuries. When Treasury yields go up, so do mortgage rates; when they go down, mortgage rates tend to follow.

US mortgage rates are at 23 year-highs, and home affordability is at its lowest level since 1984.

That means consumers are beginning to sweat. Americans haven’t been this worried about missing a minimum debt payment since the early weeks of the pandemic, according to consumer survey data released Tuesday by the New York Federal Reserve.

The average perceived probability of not making a minimum debt payment in the next three months increased 1.4 percentage points to 12.5% in September, according to the Federal Reserve Bank of New York’s latest Survey of Consumer Expectations. That’s the highest rate since May 2020.

But what’s bad for the economy tends to be good for bringing prices down. And some Fed officials indicated this week that rates are now high enough to lower inflation to their target goal of 2%.

Philip Jefferson, the number two official at the Fed, said in a speech on Monday that he would “remain cognizant of the tightening in financial conditions through higher bond yields and will keep that in mind as I assess the future path of policy.”

That’s Fed speak for: I’m paying attention to the fact that borrowing money is more expensive and I’ll keep that in mind when deciding what actions the Fed should take in the future.

Dallas Fed President Lorie Logan also suggested on Monday that higher yields mean there’s not as much need for future rate hikes.

On Tuesday, Federal Reserve Bank of Atlanta President Raphael Bostic said barring unforeseen economic events, he didn’t see the need to raise interest rates any higher.

“I think that our policy rate is at a sufficiently restrictive position to get inflation down to 2%,” he said at the annual convention for the American Bankers Association. “I actually don’t think we need to increase rates anymore.”

Bostic, who does not vote on policy decisions, said that Treasury yields showed rates were “clearly” restrictive and slowing the economy.

Last week, San Francisco Fed President Mary Daly said that the increases in Treasury yields since the Fed’s last meeting in September were equivalent to another quarter percentage point interest rate hike. If financial conditions remain tight, she said, “the need for us to take further action is diminished.”

What about markets: In a twist, the prospect of a steady Fed policy buoyed markets and sent Treasury yields lower on Tuesday. Bonds compete with stocks for investors’ dollars, so when equities go up, yields often go down.

The 2-year Treasury yield fell to 4.96% on Tuesday and the 10-year Treasury yield dropped to 4.65%, but both still sit near recent highs.

What’s next: Investors will pay attention to the Producer Price Index (PPI), which tracks the average change in prices that businesses pay to suppliers, due out Wednesday and the Consumer Price Index (CPI), a closely watched inflation gauge, on Thursday for further clues about the Fed’s next move.

PPI for September is expected to be unchanged for the year at 1.6% and lower for the month at 0.3% versus 0.7% in August, according to Refinitiv estimates.

Inflation as measured by CPI, meanwhile, is expected to have slowed month-over-month to 0.3% from 0.7% in August.

Birkenstock is now an $8 billion company

It’s official. Birkenstock will be making its debut on the New York Stock Exchange Wednesday under the ticker symbol BIRK.

The beloved cork-soled shoemaker priced its initial public offering at $46 a share, making Birkenstock an $8.6 billion company, reports my colleague Elisabeth Buchwald.

That would make Birkenstock one of the 5 largest consumer discretionary IPOs of the past 20 years, according to data from Renaissance Capital.

It also means that the company is valued at about 37 times its earnings. That’s a signal of confidence in the market despite an “ongoing IPO market slump,” said Megan Penick, public securities chair and partner at law firm Michelman & Robinson.

The climate crisis is coming for your hoppy beer

Hops in major beer-producing European countries like Germany, Czech Republic and Slovenia are ripening earlier and producing less since 1994, scientists found. And, perhaps most alarmingly for the IPA lovers of the world, they are starting to lose their critical bitter component, reports my colleague Rachel Ramirez.

It’s going to get worse, researchers say. Hop yields could decline by as much as 18% by 2050, and their alpha acid content — which makes beer bitter — could decrease by up to 31% due to hotter and drier conditions, according to a study published Tuesday in the journal Nature Communications.

Scorching temperatures have already shifted the start of hop growing season by 13 days from 1970 to 2018, according to the study. The growth of new shoots from the hop plant typically occurs during the spring, but since 1995, the researchers found it’s happening earlier in the regions analyzed than years prior.

In recent years, more consumers are preferring beer aromas and flavors that require higher-quality hops, according to the study. Since these hops are only grown in smaller regions, researchers say they’re put at even higher risk from climate change-fueled heat waves and droughts.

Source: cnn.com