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Looking for jobs where you work alone? If you’re an introvert or simply want minimal human interaction, here are 40 ideas.

Looking for the best jobs where you work alone? If you’re an introvert or simply want minimal human interaction, here are 40 ideas.

With there being so many different types of jobs out there nowadays, more and more people are looking for jobs where they can be by themselves, away from the busy office or customers. They find comfort in jobs where they can do tasks on their own, letting them really concentrate and do well in what they do best.

For me, I have worked mostly alone for over a decade now, and I wouldn’t change it for the world. I enjoy the flexibility of working on my own and having less stress.

Jobs that let you work this way are usually appealing to introverted individuals, those who like a calmer setting, or people who just work better with more independence.

Knowing which jobs let you work alone is really important for those who want to find the right mix of being on their own and getting things done well.

Top Jobs Where You Work Alone

There are 40 jobs where you can work alone listed below. If you want to skip the list, here are some jobs that you may want to start learning more about first:

Benefits of Jobs Where You Work Alone

More and more people are looking for jobs where they can work alone, and I get it! I have been working mostly alone for over a decade and I really love it.

After all, a person spends so much of their time working, so you might as well like what you’re doing. If you’re an introvert, or if you like working by yourself, there are jobs where you can do just that.

Some of the positives of working alone include:

  • Less stress if you’re an introvert – If you’re an introvert, then you may feel stress when working with other people, such as coworkers and customers.
  • Getting more stuff done in less time – Working alone may mean that you can complete your tasks faster because there are fewer distractions.
  • Having a more flexible schedule – Some jobs where you work on your own sometimes let you choose when you want to work, as long as you get the work done.

If you’re looking for jobs where you work alone, think about what you’re good at and what you enjoy (and also think about what you don’t like!).

40 Jobs Where You Work Alone

Below are 40 jobs where you can work on your own. The jobs below range from earning a part-time to a full-time income too.

1. Proofreader

Proofreaders check and edit written content for errors and inconsistencies, and this job requires strong attention to detail and excellent grammar skills.

If you’re good at paying close attention to details, then proofreading could be an ideal work-alone job for you.

Authors, website owners, and students often hire proofreaders to improve their work. There’s a high demand for proofreaders, and you can find jobs through many different platforms.

Even the most skilled writers can make mistakes in grammar, punctuation, and spelling. That’s why hiring a proofreader can be very helpful for pretty much anyone and everyone.

If you want to find online proofreading jobs, I recommend joining this free 76-minute workshop focused on proofreading. In this workshop, you’ll learn how to begin your own freelance proofreading business.

Recommended reading: 20 Best Online Proofreading Jobs For Beginners (Earn $40,000+ A Year).

2. Virtual Assistant

One of my first side jobs was as a virtual assistant and it was a fun and flexible way to earn income. While you do have a boss when you are a VA, a lot of the tasks that you do will require you to take charge and complete them by yourself in your own home.

A virtual assistant is someone who helps people with office tasks from a distance. This could be from your home or while you’re traveling. It might include things like replying to emails, setting up appointments, and managing social media accounts.

This job can pay you more than $50,000 each year.

If you want to find part-time or full-time virtual assistant jobs, I recommend joining the free workshop called “5 Steps To Become a Virtual Assistant“.

Recommended reading: Best Ways To Find Virtual Assistant Jobs

3. Bookkeeper

Bookkeepers are people who keep track of all the money-related things for businesses such as writing down sales, keeping a record of expenses, and making financial reports.

This is a job where you can work alone and a typical salary is $40,000+ each year. Plus, you’ll mainly be dealing with numbers and not people.

You can join the free workshop that focuses on finding virtual bookkeeping jobs and how to begin your own freelance bookkeeping business by signing up for free here.

Recommended reading: How To Find Online Bookkeeping Jobs

4. Blogger

Blogging is a great way to make money while working on your own. It’s one of the reasons I really enjoy it, haha! I get to work by myself, for myself, and I can pick the projects I want to work on.

As a blogger, you write content for others to read online. You get to choose what you want to write about as well as how you want to make money blogging because there are so many different options (like affiliate marketing or displaying ads).

You can begin a successful blog about a specific topic like finance, travel, lifestyle, family, and many others.

Blogging is my main source of income, and it has completely transformed my life. I have the freedom to travel whenever I want, set my schedule, and be my boss.

Since I began Making Sense of Cents, I’ve made more than $5,000,000 from my blog. I earned this money by working with companies through sponsored partnerships, affiliate marketing, display ads, and selling online courses.

Learn more at How To Start A Blog FREE Course.

5. Delivery Driver

Delivery drivers pick up and drop off packages. And, they get to work by themself most of the time as they are in the vehicle alone.

A delivery driver may drive a car, truck, or even a bike, depending on the company they work for. They don’t usually have a boss watching them all day nor have to deal with very many customers for long periods.

6. Book Reviewer

Book reviewers read books and share their thoughts in book reviews.

There are websites where you can get paid for sharing your thoughts about books and you may earn money through PayPal or a bank transfer, and sometimes you get to keep the book you reviewed.

They don’t just want positive reviews either, they want to know what you really think! You see, authors and publishers like to send out free copies of their books so that they can get honest opinions. Just like us, they know it’s helpful to read reviews before deciding if a book is worth the time.

Some sites that pay for book reviews include Online Book Club, Kirkus Media, and BookBrowse.

Recommended reading: 7 Best Ways To Get Paid To Read Books

7. Deliver RVs or Cars

You can earn money by traveling across the country and delivering vehicles for people and dealerships. Sometimes you’ll be towing the vehicle, and other times you’ll be driving it.

If you want a job with minimal human interaction, this can be a good one to look into as you are mostly by yourself. You simply pick up the vehicle, drive by yourself, and then drop it off.

For this job, you need to have a clean driving record. Those who do this type of work can earn around $300 to $400 (or much more!) for each vehicle they deliver. It depends on the distance they are traveling and what is being transported.

8. Digital or Graphic Designer

A graphic designer is someone who creates designs for others, such as people and businesses.

As a digital designer, you may be making things like images, printables, planners, t-shirt designs, calendars, business card designs, social media graphics, stickers, logos, and more.

Recommended reading: How To Make Money As A Digital Designer

9. Pet Sitter and Dog Walker

Pet sitters and dog walkers take care of pets while pet owners are away, such as on vacation or in the hospital. Some of the tasks include feeding, taking dogs for walks, and playing with them.

You might have pets come to your home or you can go to their owner’s place (this is something that is agreed upon beforehand). Dog walkers earn around $20 for every hour walking a dog. Looking after someone’s pet overnight can earn a person around $25-$100+ or even more each day.

I have personally paid a person to watch my dogs overnight in their home $100 a day. She was so wonderful too and my dogs loved her.

Now, with this job, you’re not working entirely alone, because you will be with pets. But, they can be great friends and companions!

Rover is a company you can sign up with and list your dog walking and pet sitting services.

10. House Cleaner

House cleaners make sure homes and businesses are nice and clean. They might work alone or with a small group. They can earn between $25 to $50 an hour for cleaning for others.

You can work for a cleaning company, but you’ll likely make more money if you have your own business.

Starting this kind of business isn’t expensive because you likely already have the cleaning supplies you need. You can advertise your services on Facebook, tell your friends and family, or make an account on Care.com.

11. Transcriptionist

An online transcriptionist’s main task is to listen to video or audio files and then type out everything that is being said, a process known as transcribing. The aim is to accurately write down what is heard, without any mistakes in spelling, grammar, or punctuation.

There are many different types of transcriptionists as well – legal, general, and medical transcriptionists.

This job requires strong typing and listening skills, and you can work from home all by yourself.

Online transcriptionists earn around $15 to $30 per hour on average, with new transcribers on the lower end of that.

A helpful free resource to take is FREE Workshop: Is a Career in Transcription Right for You? You’ll learn how to get started as a transcriptionist, how you can find transcription work, and more.

Recommended reading: 18 Best Online Transcription Jobs For Beginners To Make $2,000 Monthly

12. House Flipper

House flippers buy, renovate, and sell properties for a profit. This job involves managing renovation projects, and you can work alone or with a small crew.

House flipping is when someone buys a property at a lower price, fixes it up (like painting, redoing the kitchen, and improving the outside appearance), and then sells it for more money to make a profit. This is done to make a quick return on the investment.

Recommended reading: 10 Best Books on Flipping Houses To Make Money

13. Grocery Shopper

Grocery shoppers buy groceries for people like you and me, offering a helpful service for those who don’t have the time or can’t shop on their own. You’ll work on your own and talk to clients through an app on your phone.

One service you can easily sign up with to become a grocery shopper is Instacart. This is a popular site for people who want to make extra money by shopping for and delivering groceries.

Instacart shoppers make money from a mix of base pay, tips from customers, and sometimes bonuses or rewards (like for finishing orders during busy times).

You can sign up here to get started as a grocery shopper with Instacart.

Recommended reading: Instacart Shopper Review: How much do Instacart Shoppers earn?

14. Affiliate Marketer

Affiliate marketers share products or services with their followers for a commission. You do this by placing a referral link on your website, blog, or social media (like Instagram). When people use that link to buy something, you then get a commission.

For example, if you share a link to a book on Amazon and someone buys it through your link, you make some money. Companies like Amazon want people like you to help them sell things, so they’re happy to work with you as it helps them.

If you get someone to sign up through your special link, the company gives you a commission for telling others about their product. It’s like a little thank-you for your help!

This is one of my favorite jobs where you work alone from home, and what I do full-time!

Click here to get Affiliate Marketing Tips – Free eBook.

15. Flea Market Flipper

Flea market flippers find underpriced items at flea markets, yard sales, and thrift stores, then resell them for a profit. This job requires a good eye for valuable items and the ability to research market value.

Finding items to resell may be one of the best jobs to work alone on this list because we all have things in our house we could probably sell. Plus, there are always things that you can buy for a low price and possibly resell for a profit.

If you are looking for work-alone jobs, this is a great one to look further into.

I recommend signing up for this great webinar, Turn Your Passion For Visiting Thrift Stores, Yard Sales & Flea Markets Into A Profitable Reselling Business In As Little As 14 Days, that will help you learn how to make money by flipping items as well.

16. Sell Printables on Etsy

Creating and selling digital printables on Etsy is a great way to work independently and earn money.

Making printables can also be a pretty hands-off job since you only have to create one digital file for each product, and you can sell it as many times as you like. It’s quite affordable to start because you only need a laptop or computer and an internet connection.

Printables are digital items that customers can download and print at home. They can include things like bridal shower games, grocery shopping checklists, budget planners, invitations, printable quotes for wall art, and patterns.

I recommend signing up for Free Workshop: How To Earn Money Selling Printables. This free training will give you great ideas on what you can sell, how to get started, the costs, and how to make sales.

17. Mechanic

Mechanics diagnose and repair vehicles, working independently or in small shops. Strong problem-solving skills and knowledge of automotive systems are important.

Being a mechanic is a job where you often work on your own. While they might work in a garage with other mechanics, they often have their own tasks to do. They need to be really careful and pay close attention to make sure everything gets fixed just right.

18. Dog Treat Baker

Do you really like dogs? If you do, here’s a way to work mainly alone and make an extra $500 to $1,000 or even more each month.

You don’t need to know how to bake beforehand, because you can learn this skill. You can make special treats like cupcakes, cookies, cakes, and more, all for dogs.

You can sign up for this free training workshop that shows how to start a dog treat bakery.

You can learn more at How I Make $4,000 Per Month Baking Dog Treats (With Zero Baking Experience!).

19. Amazon Seller

Selling items on Amazon is a job where you work alone (mostly) and don’t have to deal with customers face-to-face.

Even if you’re new to selling on Amazon, you can make money by selling household goods, books, electronics, and more.

If you’re interested in learning about starting an Amazon business, you can join this free training that will teach you how to sell products on Amazon and make around $100 to $500+ each day.

20. Stock Photo Photographer

Stock photo photographers work on their own, and this job can be done without talking to anyone for the most part. Almost all of the tasks can be done with just a camera and then uploading photos on a site.

Stock image sites are some of the most popular ways for photographers to sell their pictures. These are sites where customers can buy pictures for websites, TV shows, books, social media accounts, and more. There are stock photos that I have purchased within this blog post that you can take a look at to see an example.

One great thing about stock photo sites is that they can be a great form of passive income. You can take pictures, upload them, and earn money from an older photo for months or even years in the future. There is no need to talk to anyone as everything is online and mostly automated.

Some stock photo websites include Shutterstock, iStock, DepositPhotos, and Dreamstime.

Recommended reading: 18 Ways You Can Get Paid To Take Pictures

21. Social Media Manager

Social media managers post on social media accounts for businesses and their goal is to bring in new customers and help a business grow.

Social media managers may post a picture or a video of a product or the company, join in a viral trend to get more views (such as on TikTok), answer common questions from customers, and more.

This includes social media platforms such as TikTok, Pinterest, Instagram, Twitter, and Facebook.

Salary can vary, and this job can be done part-time or full-time.

22. Landscaper

A landscaper improves and maintains outdoor areas, such as by taking care of the lawn, planting flowers, or even renovating a whole outdoor area (such as to make it more enjoyable to sit outside and have company).

If you’re interested in jobs where you work alone outside, this is one to consider as you will be outdoors and working on your own a lot. Customers may talk to you occasionally, but you are mostly by yourself.

Landscapers work at houses, apartment complexes, businesses, or somewhere else.

23. Data Entry Clerk

Data entry clerks enter, update, and check information in databases or spreadsheets. They type information such as numbers and names into computers to keep things organized and recorded.

This job can sometimes be done remotely and alone, with minimal supervision or interaction with customers.

Data entry jobs typically pay around $15-$20 an hour.

24. Editor

Editors review and improve written content for clients and they usually work on their own as most of their time is spent editing content.

Their job is to read articles, blog posts, advertising, books, and more to make them better. They fix any mistakes in grammar or spelling and help the words flow smoothly.

Editors typically earn anywhere from $40-$60+ an hour.

25. Freelance Writer

Freelance writers write content for clients, such as blog posts, advertising, and more. Freelance writing jobs where you work by yourself are common as you’ll be given a topic to write about from the client, and when you are done you may be given some feedback (such as paragraphs to improve or add to). But, that is usually as much human interaction as you’ll get if you want.

You can find different writing jobs on platforms like Upwork and Fiverr, or even find clients on your own.

I was a freelance writer for many years before switching to working full-time writing here on Making Sense of Cents. It is a great career path where you can work from home mostly by yourself.

Recommended reading: 14 Places To Find Freelance Writing Jobs – (Start With No Experience!)

26. Translator

Translators convert written content from one language to another, requiring fluency in at least two languages. Freelance and remote opportunities are available.

If you know another language, you might be able to find a work-from-home job where you can earn money by reading books and translating them. Another option is to get paid for proofreading or editing translated books to ensure they read smoothly and accurately.

There are lots of places you can find translation jobs, such as UpWork, Babelcube, Today Translations, Ulatus, Fiverr, and more.

27. Computer Programmer

Computer programmers write and maintain computer software, often working alone on projects.

They use coding to tell computers what to do and create all sorts of things like apps, games, and websites.

28. Canva Template Designer

Creating and selling Canva templates online allows you to work alone.

A Canva template is like a ready-made design that you can use for things like making posters, Pinterest pins, ebooks, or presentations. It’s like having a helpful starting point if you’re not super good at designing things from scratch. Canva templates come with empty spaces where you can put in your own words and pictures and you can also change colors and fonts to make them just how you like. They’re really helpful for people who want their things to look nice without spending a lot of time on it.

Making and selling Canva templates can be a great way to earn extra money as you only need to create them once, and then you can sell them as many times as you like.

Recommended reading: How I Make $2,000+ Monthly Selling Canva Templates

29. Voice Over Actor

A voice-over actor is the person whose voice you hear but don’t see in YouTube videos, radio ads, educational videos, and more.

Voice-over actors many times work right from their own homes!

Voice actors don’t need experience for this job (eventually, it does help, yes). Instead, they need to have a voice that the company is looking for.

Recommended reading: How To Become A Voice Over Actor And Work From Anywhere

30. Truck Driver

Truck drivers are people who move things from one place to another. To do this job, truck drivers need a commercial driver’s license (CDL). This job often involves working by yourself for long hours.

The salary for a truck driver can depend on things like what kind of items they’re moving and the miles they have to drive. Usually, they can make between $45,000 and $75,000 or even more in a year.

31. UPS Driver

UPS drivers deliver packages to people’s homes and businesses. They do this mostly on their own, in their trucks by themselves.

UPS drivers make a good income and they earn about $30-$45 per hour or even more, depending on how many years they have worked at UPS and where they work.

32. Security Guard

Security guards protect property and/or people, and they usually work alone.

A security guard’s salary depends on things like where they work, how long they’ve been doing the job, and what exactly they have to do. Usually, they can make between $25,000 and $35,000 in a year.

33. Self-Storage Facility Owner

Self-storage facilities are where people store their belongings, like boxes of their mementos, vehicles, RVs, and more.

Owning a self-storage business can be a way to make money and run a business with low expenses, plus they typically only have a couple of employees.

Many of the times when I’ve been to a self-storage lot, it’s been just the owner or an employee of theirs working. There are almost no customers either.

Recommended reading: How To Invest In Self-Storage For Beginners

34. Laundromat Owner

Similar to a self-storage business, a laundromat typically does not have very many employees.

Running a laundromat can be a way to make money, with low costs, as most things are automated (the washer and dryer machines do all of the washing).

Recommended reading: Are Laundromats Profitable? How Much Do Laundromats Make?

35. Get Paid To Text

When getting paid to text, you will many times be talking to someone else, but it is all done through text messages.

Some jobs may include:

  • Text Therapy or Coach
  • Answering questions, such as if you are a mechanic, doctor, lawyer, veterinarian, home expert, appraiser, computer expert
  • Customer support

Recommended reading: 28 Ways To Get Paid To Text And Make Money

36. Survey Taker

Taking online surveys and answering questions for focus groups is not a full-time job, but it can be a way to make some extra money.

You share your thoughts and answer straightforward questions, and in return, you can receive cash or rewards such as Amazon gift cards.

The survey companies I recommend signing up for and the best-paying survey sites include:

  1. American Consumer Opinion
  2. Survey Junkie
  3. Swagbucks
  4. InboxDollars
  5. Branded Surveys
  6. Pinecone Research
  7. Prize Rebel
  8. User Interviews – These are the highest paying surveys with the average being around $60.

Recommended reading: 18 Best Paid Survey Sites To Make $100+ Per Month

37. Twitch Streamer

Twitch is a site where you can make money playing video games, talking online in a live stream, and more. A streamer may be able to make money from their own home and all alone. Yes, they do need to be live recording their life, but they are their own boss.

There are many ways to make money on Twitch such as with paid subscriptions, display ads, selling merchandise (like t-shirts and mugs), and more.

Some of the most successful Twitch streamers make hundreds of thousands or even millions of dollars each year, but, it’s important to know that most don’t earn much at all.

Recommended reading: How Much Do Twitch Streamers Make?

38. Litter Cleanup Worker

If you own a business, it’s important to keep your place clean and tidy. Nobody likes to see trash lying around, right?

That’s why some business owners are happy to pay for someone to clean up before their business opens for the day. A clean area makes the place look nice and welcoming for customers.

This business can be started all alone and earnings on average are about $30 to $50 for every hour you work. It’s pretty simple too. You’ll just need a broom, a dustpan, and some tools to help you pick up litter easily. It’s almost like taking a stroll while you work! Plus, you can choose when you want to do it, so it can fit nicely into your schedule.

Recommended reading: How I Started A $650,000 Per Year Litter Cleanup Business

39. Google Rater

A Search Engine Evaluator, also known as a Google Rater, is a person who looks at websites and blogs and gives them a score based on how good and helpful they are for Google.

You don’t need to be a tech expert or have a fancy background for this job. Google actually wants regular people, just like you, to rate websites. Plus, you can do this in your own language. Google works in lots of different countries, so you can help out right from where you are.

Recommended reading: How To Become a Search Engine Evaluator

40. Actuary

An actuary is a financial expert who helps businesses figure out and manage their money-related risks, such as for insurance, pensions, and investments.

They use mathematics and statistics to forecast what might happen and help companies make smarter financial decisions.

Actuaries can earn a good salary, and as they get more experience and pass more exams, they can make even more money. Depending on where they work and how experienced they are, actuaries earn average salaries of anywhere between $70,000 to well over $100,000 each year.

Frequently Asked Questions About Jobs Where You Work Alone

Here are answers to common questions about finding jobs where you work alone.

What are jobs with no interaction? What jobs allow me to work by myself?

Yes, there are jobs where you don’t need to talk to people a lot. For example, being a night shift security guard, a transcriptionist, or a stock photo photographer.

How can I work alone from home?

There are jobs where you can work alone at home such as being a blogger, a transcriptionist, or a computer programmer.

What are jobs where you work alone with no degree?

Many jobs don’t require bachelor’s or master’s degrees (a high school diploma will work for many on the list above) and offer the opportunity to work independently. Mowing lawns, painting houses, repairing cars, or walking dogs often don’t require formal education and focus more on skills and experience.

Which part-time jobs are best suited for solitary workers?

Many of the jobs in this blog post can be done part-time, such as any of the freelance jobs, house cleaning, dog walking, and taking surveys. That is one of the joys of many of the jobs above – you can choose your schedule.

What trade jobs can one perform independently?

Trade jobs that you can perform independently include carpentry, welding, or plumbing. These professions usually require specific skills or certifications but may offer opportunities to work alone.

Are there any tech jobs ideal for people who prefer to work alone?

Yes, there are tech jobs that can work well for people who want to work on their own such as web developers, software engineers, or data analysts. These roles usually involve solving problems and working independently, though there might be some instances where collaboration is needed from time to time.

What jobs can be done in isolation with no experience required?

Jobs such as house cleaning, taking surveys, and flea market flipping can be good places to start for entry-level jobs.

How can I find work-alone job opportunities near me?

To find work-alone job opportunities near you, try perusing local job boards, classified ads, or online sites like Indeed or LinkedIn. You can also network with people in your community or join online forums related to your interests to find jobs.

Jobs Where You Work Alone – Summary

I hope you enjoyed this article on jobs where you work alone.

These jobs are like a safe space for people who like being by themselves. It’s a place where you can really concentrate and do your own thing with low social interaction. Jobs where you work alone often appeal to introverts and individuals who require fewer distractions.

Jobs like writing, coding, and freelancing let you work on your own. Not everyone may like working alone, but for those who do, it can be a lot less stressful and overwhelming.

I have been working mostly on my own for years now, and I really love it!

Do you want to find jobs where you work alone?

Source: makingsenseofcents.com

Apache is functioning normally

Apache is functioning normally

It was a tale of two lenders in the first quarter of 2013, according to earnings reports released today by Wells Fargo and Chase.

After crunching the numbers, it appears the two are heading in different directions, though Chase is unlikely to dethrone Wells Fargo anytime soon.

Wells Fargo saw home lending volume dip to $109 billion in the first quarter, down from $125 billion in the fourth quarter and $129 billion a year earlier.

Along with that, the San Francisco-based bank and lender also experienced in decline in mortgage applications, which fell to $140 billion from $152 billion in the fourth quarter and $188 billion in the first quarter of 2012.

As a result, the company’s unclosed mortgage pipeline shrunk to $74 billion, down from $81 billion in the linked quarter and $79 billion a year ago.

Refis and Correspondent Lending Down

If you dig into the numbers, there are a couple of reasons why home loan production is off. For one, refinances as a percentage of total application fell to 65% in the first quarter.

They’re down from 72% in the fourth quarter and 76% a year ago. Long story short, there just aren’t as many potential refinance transactions left, as most predicted.

Most homeowners already refinanced, though there is the possibility for some homeowners to refinance again, seeing that mortgage rates have continued to trickle lower.

Still, refinance activity is expected to drop tremendously this year, and purchase-mortgage activity certainly won’t be able to make up for the entire decline.

Additionally, Wells Fargo saw a big drop in correspondent lending, which actually accounted for much of their quarterly and annual decline.

I’m assuming this isn’t by accident, and could be the result of the bank choosing to focus only on its highest quality business partners.

There’s also an industry-wide push to focus on retail relationships as well, which are valuable from a cross-selling (and loan quality) standpoint.

Chase Growing Larger in the Mortgage Space

While Wells was sputtering, number two was making up for lost time. Chase said it increased mortgage lending by 3% from the fourth quarter and 37% from a year ago.

Total mortgage origination volume for the NYC-based bank increased to $52.7 billion in the first quarter (260,000 mortgages), up from $51.2 billion at year-end and $38.4 billion in the first quarter of 2012.

Chase was also able to increase mortgage application volume slightly, though only by one percent from a year ago. It was off 8% from the fourth quarter.

Contrary to Wells, Chase increased its correspondent mortgage lending significantly from a year earlier.

In fact, it nearly doubled correspondent output (+69%) as the channel accounted for nearly half of overall production. Retail volume increased 12% from a year earlier, but was off one percent from the fourth quarter.

Chase seems to be making a bigger push in home loan lending, as evidenced by these numbers and a recent ad campaign.

The bank is running commercials nationwide promoting its “Chase My New Home” app, which allows potential customers to search and compare homes, calculate monthly mortgage payments, and connect with a Chase Mortgage Banker.

It appears to be their way of saying they want a bigger piece of the purchase market. However, it’s going to take a lot of work to steal the number one spot from Wells Fargo…

Source: thetruthaboutmortgage.com

Apache is functioning normally

Apache is functioning normally

For example, bank regulators in July released a plan to increase capital requirements for residential mortgages, the Basel III Endgame rules. Redwood executives are positioning the company to acquire mortgage loans in the market, mainly jumbos, with the expectation that banks will have a reduced appetite. 

Abate doesn’t think “banks are going to necessarily exit the mortgage market,” but they will “be heavily disincentivized from growing mortgage portfolios.” Ultimately, “the real shift is going to be all those jumbos that were going to banks will come back out, hopefully to non-banks like us.”

Another opportunity is in the home equity space. Redwood launched in September its in-house home equity investment (HEI) origination platform called Aspire. Through Aspire, Redwood plans to directly originate HEIs by leveraging the company’s nationwide correspondent network of loan officers and establishing direct-to-consumer origination channels, the company said. 

“The interesting thing about HEIs is instead of a homeowner taking out equity in the form of cash and paying a mortgage on it, there is no monthly payment within HEI,” Abate said. “The way the investor gets paid is that you share in the upside of the home.” 

Abate explained the impacts of the Basel III Endgame rules on the market, the rationale behind the home equity investment product, and more about Redwood strategies in an interview with HousingWire from a company’s office in New York last week. 

This interview has been condensed and edited for clarity.

Flávia Nunes: How has Redwood strategically positioned itself in the residential mortgage space amid all of these potential regulatory changes?

Christopher Abate: Redwood is almost a 30-year-old company. The company was originally built to serve banks and others with the thought that there was no private sector [to invest in mortgage assets], only Fannie Mae and Freddie Mac. We would partner with banks to buy their loans and securitize them so the banks could recycle their capital. We don’t originate residential mortgages. We don’t service them. We’re very similar to the GSEs. We modeled the business to serve that role in the private sector. The mortgage market has changed over the decades. We’ve seen a few cycles. We’ve got the Great Financial Crisis, the Covid-19 pandemic, and now we’ve had a lot of interest rate volatility. Along the way, there have been many regulatory changes that have impacted the market; the CFPB has been created, and there’s the Dodd-Frank Act. Then there are the Basel rules, the regulatory capital rules for banks. And that’s what’s really in play today. 

We’ve positioned the company, from a strategic perspective, with the thought that banks will be heavily disincentivized from growing mortgage portfolios as an earning asset class. The banks are not going to necessarily exit the mortgage market because the mortgage asset is the biggest that a client takes out, and you want to be there for all the cross-selling in all the other consumer products. Banks will always serve their best clients. But viewing the mortgage portfolio as an investment class, that’s where the posture will shift because the capital required to hold against it [residential mortgages] is going to go up. And just based on the rapidly rising rate of deposits, just given where interest rates are at, the net interest income that they earn is getting squeezed. Banks move slowly. This will be an evolutionary shift, not an overnight shift. 

Nunes: As you noted, bank regulators released a plan to increase capital requirements for mortgages through the Basel III Endgame rules. Can we expect changes to what was proposed?

Abate: Yes, it will change. In particular, some of the sliding scale capital charges are based on things like LTV [loan-to-value]; there’s a fair likelihood that that changes because of the way it disproportionately impacts first-time homebuyers and underserved communities. But the rule is not going away. Bank regulators are paid to keep things safe. And the idea that regulators are going to allow banks to continue to do what a First Republic or Silicon Valley Bank did, I don’t see that in the cards. 

We saw significant changes after the Great Financial Crisis, which was more of a credit crisis. We saw banks getting out of risky credit mortgages like option ARMs and some subprime lending happening back then. There will be changes. Banks will not wait for the rule to be finalized to start implementing it. There will be some evolution to the rule itself. But the thrust of the rule is that it’s going to be more expensive for banks to hold mortgages.

Nunes: If banks won’t wait for the Basel III Endgame to be finalized, how are they anticipating the rules?

Abate: A year ago, banks were very happy to hold mortgages, deposit rates were sticky, and the cost of deposits was still very low. Now, all of them are looking for a capital partner, at least an option to have liquidity. The tone has changed dramatically amongst bank executives. Some banks move more slowly than others.

I like to remind people that independent mortgage banks live and die by liquidity. They care about the basis point. Banks don’t operate that close to the ground. Things take longer to develop, but the relationships are also typically stickier. Once you forge a strong partnership with a bank partner, the likelihood of them shopping for that liquidity is much less than an independent mortgage bank that is trying to optimize every dollar.

Nunes: In your recent 2Q 2023 earnings report, you mentioned acquiring three bulk pools of loans from depositories, primarily with seasoned underlying loans at attractive discounts. How is the secondary market now for these trades in terms of volumes and prices?

Abate: I certainly expect RMBS volumes to go up significantly over time. It’s not something that happens overnight. We’ve been active. We just completed a deal in August. I would expect us to continue using securitization. 

Right now, we’re in this hybrid phase where loans that are getting securitized are partially seasoned loans, and some of the loans have gone down in value–the lower coupon mortgages. The banks have been slowly selling some of those, and Wall Street dealers have quite a bit in inventory. We’re still seeing a lot of that aged collateral coming out through securitization. Issuers like Redwood have been combining current coupon mortgages. We saw this last year in the private sector securitization market, where we had all of this aged inventory. It was hard to get investors to focus on the collateral because there was so much sitting in inventory that they could price it wherever they wanted to. The pricing now is probably the best it’s been in a year, maybe two years. So, the market is finally starting to cross back into more current coupon on-the-run production, which is what we’re focused on.

We’ve completed well over 100 residential securitizations, close to 140 If we factor CoreVest. There’s been years we’ve done 12-15 securitizations. There’s been years where we’ve done none or one. So, we very much want to get volume going again to the extent we could be in the market with certainly a deal a quarter, but if not two or three, that would feel the base to me.

Nunes: In terms of products, what the current landscape brings in terms of opportunities? 

Abate: Right now, the biggest opportunity, ironically, is in the regular prime jumbo market because that was the product banks were most focused on. And they weren’t wrong to focus on it from a credit standpoint because when the banks got through the Great Financial Crisis, all the big regulatory shifts were to get them out of taking risky mortgages on the balance sheet. Then, they started taking less risky mortgages, which are jumbos. The real shift is going to be all those jumbos that were going to banks will come back out, hopefully to non-banks like us. 

Nunes: Redwood also launched a home equity platform. What is the strategy here? 

Abate: When you look at prime rates in the high single digits and add a credit spread to that, even for the most well-qualified borrowers, you are looking at a 10% to 12% interest rate on a second mortgage. For a well-qualified borrower, 750 FICO or above, and a low-LTV first mortgage, you might be comfortable paying 10% to 12%. But that’s the best-case scenario. For everybody else, unlocking that equity is even more expensive. We’re seeing that for the traditional second mortgage products, there’s way more investor demand than consumer demand.

We’ve rolled out the traditional products and a newer product called home equity investment [HEI] options. The interesting thing about HEIs is instead of a homeowner taking out equity in the form of cash and paying a mortgage on it, there is no monthly payment within HEI. The way the investor gets paid is that you share in the upside of the home, so the home price appreciation. There are a lot of use cases for HEI over traditional products. If you think about somebody with a lot of student debt or lower FICO, they’re going to qualify for a very expensive second mortgage. So, this is a good option. It doesn’t add to their monthly payment obligation. You can do what you want with the cash, just like with a home equity line of credit, but not having the payment. It’s a bridge until the second mortgage is cheaper.

Nunes: To invest in this product, investors must believe home prices will keep rising, right?

Abate: There are a couple of things investors care about. You have to believe in a HPA [home price appreciation] story. But one way we mitigate that is we strike the price of the home at a discount to its current appraised value. So that, even if the home is sold next week, the investor will make money. If you believe that interest rates are nearing the top, as far as the Fed’s rate hike cycle, HPA should start to realign. If rates are going down, HPAs are going up. Investors are starting to get comfortable with this huge move in rates, hopefully, this fall is gonna pause. 

Then, ultimately, the investors want to understand if we give you $100,000 with this HEI, when do they get their money back? Because it’s a 30-year product. And that’s where we’ve designed the product, which is unique to Redwood, that creates strong incentives for the homeowner to refi.

Nunes: How did you get the property at a discount? 

Abate: The product is for people in their homes that are not moving out. There isn’t an actual transaction on the property. It’s somebody that wants to stay in their home. And if it’s a $1 million home, and we offer you $150,000 HEI, we might strike that HEI at $900,000. Let’s say it’s a $1 million home, and for purposes of coming up with the investor return, we’re going to call it a home at $850,000. Even if they sold the home at a $50,000 loss, the investor would still generate a return, and that’s what gets investor capital into the asset class. But what the homeowner gets is all of the proceeds, the cash and no monthly payments

The investors are institutional investors, well-known institutions, firms, pension funds, and life companies; they’re all just to varying degrees focused on HEI now. And the big reason is that nobody’s been able to tap this massive home equity opportunity. We are going to give it a try. 

Nunes: Residential mortgages are just one facet of the business. What are your plans for commercial real estate, which has had a challenging year?

Abate: What we do here in New York is our business-purpose lending platform. We realized a number of years ago that investors are becoming a much bigger participant in the real estate markets. Serving them and providing bridge loans to investors who want to flip homes or provide turned-out financing for investors who want to rent homes, that’s an entire other residential business that we run under the flag of CoreVest. In residential, we’ve more or less stuck to our knitting of non-agency. We’ve had opportunities to enter the agency space in the past and participated in certain instances, but mostly, what we do is non-agency. 

Nunes: You mentioned banks, but what are the business opportunities with IMBs?

Abate: We’ve had a great long-term relationship with the IMBs. The IMBs have a big opportunity to pick up some [market] share. Since the Great Financial Crisis, most of our business has been with the IMBs. We have a network of between 150 to 200 [partners], predominantly non-banks that we will buy mortgages from. We expect that to rebalance in the next few years. But the IMBs are also a big opportunity to take clients from the banks.

Nunes: And what are the plans for servicing mortgage rights? 

Abate: Servicing will continue to move out of the banks. That’s another big opportunity that we’ll focus on. We don’t plan to operate as a servicer, but we might own servicing rights. What we’ve done typically is when we own servicing rights, we will subservice. We want to hire somebody with a call center. And we’ll pay them a monthly fee. But when you balance out the revenue potential with the servicing asset, with the cost of service, there are still good opportunities. There’s a lot of competition for servicing. For some mortgage REITs, that’s their primary asset class, just not for us.

Nunes: Can you shed some light on your partnership with Oaktree and Riverbend?

Abate: Both of those are related to the business-purpose lender space. Oaktree is a great example of us expanding our capital partnerships into the private credit sector. Redwood is a publicly traded company, and historically, when we needed to raise money, we would do a common stock offering or a public market deal. When rates started going up, things got pretty ugly for the mortgage REIT space and the public markets. We and all other mortgage REITs started trading at discounts. Raising money in that environment hasn’t been overly attractive. So, building partnerships with private credit firms like Oaktree to focus on specific asset classes is a big part of what we want to do. One aspect that’s attractive to us is we can earn asset management fees.

The Oaktree model is something that we want to replicate on the residential side as the jumbo opportunity picks up. We’ve been in discussions with other private credit investors and institutional investors who see the same opportunity as in jumbo and non-QM.  

Nunes: With a reported cash and cash equivalents of $357 million as of June 2023, can we anticipate any M&A activities, especially considering the challenges faced by many lenders in the industry?

Abate: M&A activity has picked up in the space and based on our track record, we are a logical call. Part of our strategy is: to be active in M&A, you have to be active. It’s not efficient to call on at eight, seven different firms. You start with the ones that have shown interest in actually transacting. We have seen some opportunities, and nothing I can share in this interview, but it’s safe to say we’ve been active in M&As and we’ll continue to focus on that as part of our growth strategy.

We haven’t been open to it [acquiring a lender]. For many years, we’ve wanted to keep the business sort of regulator-light. The best way to do that is not to directly face consumers with products. We’re comfortable originating to investors, that’s what CoreWest does. But investors are sophisticated business-run ventures and not homeowners who may or may not be sophisticated in the financial markets. We have tended to not originate, but I think where we’re at as a company is from a strategic standpoint, we’d be much more open to it through M&A.

Nunes: What do you expect for the macro landscape in the coming year?

Abate: There’s such a vast shortage of supply of homes in many parts of the country, which is supporting home prices. The Fed consciously inflated home prices, particularly during the COVID years. These high asset values prevented normal credit losses you might see through a cycle. The combination of QE-fueled asset prices with an economy that hasn’t dropped off too much has created a strong housing market. 

But credit in residential housing should perform immensely better than many facets of the commercial real estate market. There’s so much vacancy in these central business districts. These buildings are valued based on cash flows– not like a residential home, which is an appraisal. If it’s 50% full, it’s worth half as much. From a credit standpoint, certain facets of the commercial real estate sector will have a rough road ahead.

I’m probably supposed to say this, but I feel better about my sector. The technical supporting housing will continue to be strong. The big challenge with residential today is just transaction activity. If you own a home with a 3% mortgage, you don’t want to sell it. If your home suits your needs, the prospect of doubling your monthly payment to move is very unappealing. The real challenge in residential has been a lot of capacity to make loans, but there’s not much demand. If rates do stabilize, that will change quickly. When the market thought in January that rates were stabilizing, we saw a pickup in loan activity, and then they started going up again; we’ll see what happens this fall. 

 Nunes: Do you see a crisis on the commercial side of the market? If so, how could it impact the residential side?

Abate: It’s hard to say. The only real obvious driver for a crisis is what could be a permanent impairment of occupancy in these commercial office buildings. The way that can affect our markets is there’s a trickle-down effect. If the buildings aren’t full, the restaurants aren’t full, the delis aren’t full, the subways are not full, and the hotels aren’t full because people aren’t traveling to see people in the office. That could have an effect on the economy in general, which would impact housing indirectly. As far as the economy goes, the airports seem more full than ever, and hotels seem to be doing fine. Overall, [the problem] is probably mostly office. But if it keeps getting worse, it certainly could have downstream effects.

Source: housingwire.com

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Once you decide where you want to go to college and what you want to major in, you may still have another decision to make — whether to pursue a Bachelor or Arts (B.A.) or a Bachelor of Science (B.S.) degree. Depending on the school and program, you may be limited to getting either a B.S. or a B.A. With some majors, however, you may have a choice. Whether you should go with a B.A. or B.S. will depend on both your educational and career goals.

Generally, a B.A. is more focused on the arts and humanities, while a B.S. is more centered around science and math. Read on for a closer look at a B.A. vs. a B.S., including how it can affect your coursework and future job options.

What’s the Difference Between a B.A. and a B.S.?

A Bachelor of Arts and a Bachelor of Science are both four-year undergraduate degree programs. Students completing either of these degrees will typically need to take similar general education requirements, such as courses in English, mathematics, natural science, writing, history, and social science.

A B.A. focuses on traditional liberal arts subjects like history, literature, art, philosophy, the social sciences, and other topics in humanities. It will provide a student with a more diverse course of study and may require fewer credits than a B.S. degree.

On the other hand, a B.S. program emphasizes science, engineering, technology, and math, and is more focused on one subject. When looking into a B.A. vs. B.S., you’ll want to decide what kind of job or graduate school program you want to pursue after graduation.

For instance, if you have a choice of earning either a B.A. or a B.S. in psychology and know you eventually want to go into one-on-one counseling with patients, you may want to choose a B.A. degree.

If, on the other hand, your plan is to earn a Ph.D. and pursue a career in research, then a B.S. may be a better choice. Keep in mind that some colleges offer students the opportunity to earn a B.A. or a B.S. in the same major, while other colleges don’t offer that choice.
💡 Quick Tip: SoFi offers low fixed- or variable-interest rates. So you can get a private student loan that fits your budget.

Which Degree Is Better?

When looking at a B.A. vs. a B.S., you may be wondering which one is better and more attractive to employers. In reality, it may not make much of a difference which one a student earns, as long as they have a bachelor’s degree in general.

Some employers may want graduates with a broader view of liberal arts topics, while others might prefer candidates who honed in on a particular subject. However, a candidate would probably not lose a job opportunity just because they had the “wrong” type of bachelor’s degree.

When prospective employers and graduate school admissions officers are looking at candidates, they generally care much more about factors like a student’s grades, the courses they took, the major they enrolled in, and which school they went to.

They may also care about whether or not a student completed internships and work-study programs related to their major.

Recommended: Return on Education for Bachelor’s Degrees

Finding a Good B.A. or B.S. Program

Instead of getting hung up on the difference between a Bachelor of Arts and a Bachelor of Science, you may want to instead dive into the content and quality of the curriculum you could be studying for the next four years. You can see if the curriculum sounds interesting to you and if it would be applicable to your future career.

You may also want to evaluate all the schools you want to apply to or have gotten into before making a decision.

It’s a good idea to research a school’s reputation through a site like College Board® or Niche to determine how hard it is to get into, who the alumni are, what kinds of opportunities their graduates have pursued, and the strength of their programs.

Of course, it’s critical to investigate the location, enrollment size, and cost of attendance as well. You may find it helpful to create a shortlist of potential colleges/bachelor’s programs and then rank what’s most important to you.

For example, if you want to go to a competitive grad school, you may want to emphasize selectivity for your undergraduate program.

If you’re concerned about how you’re going to pay for college, you may also want to look into programs that are less expensive or that tend to offer scholarships to students. You can also research your options for private and federal student loans to pay for school.

If it’s feasible, it can also be helpful to visit and tour potential schools. This gives you a chance to get a feel for the school and student body, and get all your questions answered. For example, you may want to ask about job and career support, including job fairs and on-campus interview opportunities, so you know you will have support and be set up for success after you graduate.

Recommended: How to Pay for College

Why Get a Bachelor’s Degree?

B.A. and B.S. degrees can be very similar. What matters in most cases is simply getting a bachelor’s degree. This can open you up to a broader range of professional opportunities, allowing you to fulfill your career goals as well as earn more money.

You can choose to go directly into the workforce following graduation and have an advantage over candidates who only have a high school diploma (or less), or you could choose to go to graduate school to earn an advanced degree.

According to the National Center for Education Statistics, the employment rate for 25- to 34-year-olds with a bachelor’s or higher degree was 87% in 2022, compared to 61% for those who had not completed high school.

Those with bachelor’s degrees also tend to earn more. In 2021, the median earnings of those with a bachelor’s degree were 55% higher than the earnings of those who only completed high school.

There are a number of personal benefits as well. Many students find college to be very fulfilling because they gain valuable skills like teamwork and time management.

They also learn how to take on challenges, which can improve their self-esteem. Research suggests that people with college degrees are more likely to volunteer, donate to charitable organizations, vote, and contribute to their communities than those without college degrees. They also tend to report higher levels of happiness.
💡 Quick Tip: Even if you don’t think you qualify for financial aid, you should fill out the FAFSA form. Many schools require it for merit-based scholarships, too. You can submit it as early as Oct. 1.

The Takeaway

A B.A. and a B.S. are both four-year undergraduate degrees that often require similar general education requirements, like math, English, and history. Broadly, B.A. degrees are more focused on liberal arts subjects, while B.S. degrees usually emphasize subjects like math and science.

Some schools may offer a B.A. and B.S. in the same subject, but with slightly different degree requirements, such as a B.A. or a B.S. in chemistry or computer science. The B.S. program typically has more required courses than the B.A. program.

Once you determine what degree you want to get and where you want to get it, you’ll likely also need to figure out how you’re going to pay for it. Fortunately, you have options, including financial aid (which may include grants, scholarships, work-study, and subsidized federal loans), as well as unsubsidized federal loans and private student loans.

If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.

Cover up to 100% of school-certified costs including tuition, books, supplies, room and board, and transportation with a private student loan from SoFi.

Photo credit: iStock/mangpor_2004

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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 Private Student Loans
Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs.
SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See SoFi.com/eligibility-criteria for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change.

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.

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Source: sofi.com

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Insurance executive Jawed Barna will succeed Sven Odia as the CEO of international luxury real estate brokerage Engel & Völkers, the company announced Thursday.

Odia, who led the Hamburg-based company for nine years, has stepped down from the management board and will assume the newly created role of president.

Barna most recently served as deputy CEO at Zurich Insurance Group Germany, where he has worked since 2005.

“We are excited to welcome Jawed Barna as a strong leader with a proven track record. His successful experience in building digital platforms and managing a complex sales organization makes him a perfect fit for E&V,” Christian Völkers, founder and chairman of the advisory board, said in a statement. “Together with our majority owner Permira, we are convinced that Jawed Barna has what it takes to lead E&V into the next phase of growth, with the goal of becoming the best platform for high-quality real estate worldwide.”

In his most recent role at Zurich Insurance Group Germany, Barna was responsible for driving sales and partnerships, and successfully led large business units serving private and SME clients, as well as managing thousands of external brokers and insurance agents, Permira, said.

In a statement, Odia, who has worked at E&V for 26 years, said he would “actively support” Barna.

“With its strong growth and digitization strategy, E&V is perfectly positioned to continue its success story,” he said. “We have significantly increased revenue and earnings in recent years and look back on a stellar performance in 2023 so far, even in a difficult market environment. Throughout my career, my top priority has always been empowering people to write their own success story under the E&V brand. I would like to express my heartfelt gratitude to the entire team worldwide for the terrific collaboration over the past two decades.”

Odia led E&V through Permira’s acquisition in late 2021, in which the global private equity firm bought a controlling stake for an undisclosed amount.

Operations for E&V North America are led by Anthony Hitt, who’s been at the helm since 2014.

The global luxury real estate brand recently partnered with Dilbeck Real Estate, which achieved $1.04 billion in sales volume last year, according to the RealTrends 500 rankings. Dilbeck was #373 in the nation by sales volume last year, and its agents averaged $2.99 million in volume. Dilbeck ranked as the 178th largest independent brokerage in America in 2022 and nine of its agents cleared $16 million in sales volume last year, according to our rankings.

Under the arrangement, Dilbeck will retain partial ownership and oversee the day-to-day operations of Los Angeles and Ventura county locations.

Engel & Völkers Gestalt Group, based out of Park City, Utah, ranked as E&V’s top affiliate in the most recent RealTrends rankings. The affiliate posted $3.77 billion in sales volume last year, with the average agent generating $4.88 million.

Source: housingwire.com

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Mortgage tech firm Blend Labs has launched its first AI-powered chat tool, which it says will allow loan officers to be more efficient and offer a far more personalized touch for prospective borrowers.

The AI-powered assistant ‘Copilot’ executes precise tasks and assists borrowers in giving timely answers to borrower questions on behalf of loan originators, Nima Ghamsari, Blend’s co-founder and CEO, said in an interview with HousingWire on Friday. 

In addition to a chat feature that Ghamsari said a lot of lenders are using via SMS or messaging, Blend connects all the providers that are required internally to the bank and the lender, and externally to the customer, to get a full understanding of the consumer’s financial situation and the lender’s products and services.

The AI layer of Copilot goes a step further to deconstruct nuanced questions, which is what Blend said sets the new tool apart from other existing chat features. 

“If you ask a really nuanced question, like ‘Can you show me a monthly payment with a 15-year fixed and no down payments, or a 30-year fixed, and a 10% down [payment]?’ You can then go and actually break that down into seven different systems with companies, run those seven things twice for two different scenarios, and then come back to the consumer with the answer side by side and say, ‘Here’s your monthly payment and your upfront cash the monthly payment compared to this one,’” Ghamsari explained.

In a previous interview with HousingWire, Ghamsari noted AI is about combining an understanding of what the client is trying to accomplish.

“Now that a system can understand the essence of the question the consumer is trying to understand, it (AI) can actually do that work for the LO in the background, and then when the LO shows up, that work is already done,” Ghamsari had said.

“Some of these borrowers have hundreds of products that they can choose from. How is an LO supposed to keep that in their head? It’s too much context, and this will be a supercharger for them,” the CEO explained. 

The goal is to make Copilot practical and useful for LOs’ workflow.

“A lot of the AI use cases I’ve seen today are not immediately utilitarian. So people look at it, they like it, they try, [but] it doesn’t actually serve some natural function in their life,” Ghamsari said.

The company announced the tool this week but won’t be rolling it out to its clients immediately.

Blend is working with a few LOs internally to test the tool and plans to expand it to its customers on the waitlist gradually.

“We just announced it Tuesday and we have a really good solid waitlist already. My approach with products like this is to make it work extremely well,” Ghamsari noted.

The San Francisco, California-based mortgage tech firm reported a non-GAAP net loss of $22.7 million in the second quarter, narrowing the loss from $35.6 million in Q1 and $45.1 million in Q2 2022. 

Its financial improvement was largely driven by its resilient customer base and growing mortgage market share, the company said in its Q2 financial earnings call with analysts. 

Blend has focused heavily on cutting costs to adjust to the rising interest-rate environment. Ghamsari noted the company conducted layoffs in Q3 as part of rightsizing efforts.

Source: housingwire.com

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Florida-based financial services firm The Graystone Company has completed the acquisition of mortgage banker and broker Direct Capital Investment Group through a reverse merger transaction, the companies announced Monday. The financials of the deal were not disclosed. 

Direct Capital, through its subsidiary Direct Mortgage, offers residential, commercial and SBA loans, per its website. The company has 98 loan officers and six branches, according to the National Multistate Licensing System (NMLS). 

Direct Mortgage oversaw the funding of $119 million in 353 mortgage loans from January through August 2023, per Securities and Exchange Commission (SEC) filings. And, in a shrinking mortgage market, it registered $1.8 million in revenue and delivered a $20,583 loss from January to May. 

To compare, in 2022, the company’s total volume was $152 million through approximately 450 mortgage loans. Last year, the company reported $6.3 million in revenues but had a $1.7 million loss (unaudited), the SEC filings show. 

The deal with The Graystone Company resulted in a change in control of Direct Capital Investment from Anastasia Shishova to James Anderson. 

“Ms. Shishova will transfer 40,951,000 shares of the Class B Common Stock to the shareholders of Direct Capital Investment. Once the acquisition is complete, the shareholders of Direct Capital Investment will own approximately 80% of the voting power of the company and be the sole officers and directors of the Company.”

As part of the transaction, Shishova resigned as company CEO and sole director of Direct Capital. Anderson was appointed president and CEO. Seasoned mortgage professional Glen Gomez will also be a director. 

“As a result of the DCIG/DMI acquisition, the Company will focus exclusively on operating and expanding the mortgage lending business and will cease all its existing business operations,” a Graystone’s SEC filings state. 

Source: housingwire.com