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A den is an additional room in an apartment that you can use as a multi-purpose space.

Apartments have different floor plans, rent prices and amenities. Depending on what you are looking for, you can pretty much find it when apartment hunting these days. Want a pool or an on-site gym? That’s an option!

One perk that is rising in popularity is the den. Everyone wants more space and dens are a unique way to get it. So, what is a den exactly and how might you use it? We will walk you through the 10 benefits of an apartment with this room and why you might want to rent one.

What is a den?

A den is defined as an extra room, usually without windows or closets. Dens can be found in both one and two-bedroom apartments. They are not considered additional bedrooms as they don’t have that designated closet space that a true bedroom features.

Does a room without windows sound dreary to you? Well, before you confuse a den with a dungeon, let us show you all the ways that an apartment with a den could be used. Essentially, a den is a bonus room where you can do anything you want.

10 benefits of renting an apartment with a den

What would you do with an extra room in your apartment? A den can be just that; it’s an extra room, albeit smaller than a bedroom, to do whatever you want! Here are some of Rent.’s suggestions on what to do with an apartment dent.

1. Built-in home theater

To be considered a den, the room cannot have any windows. This makes dens a cozy, dark space perfect for binging your favorite TV show or streaming the most recent Hollywood hit. With endless streaming platforms at your disposal these days, having a built-in theater room is an awesome perk of apartment living. If you’re a movie lover or Netflix and chill kind of person, an apartment with a den is a must-have. You can invite all your friends over for movies in your dedicated home theater.

2. Optional work-out room

Do you like to work out but don’t have a gym membership or on-site gym? Get some free weights, a Pelaton and a yoga mat and you’ve got yourself a small, personal workout room in the den. It’ll also be cool as there won’t be hot sunlight streaming in from any windows, so you can turn up that music and crank out a quick burn session.

3. WFH spare office

In a world where remote work is more common, you may need a dedicated office space. While some people use their bedroom or living room as a makeshift option, a den is the perfect extra room to transform into a focused work zone. In the den, you have a specific space to go to work and then at the end of the day go back to your main living room without feeling like you never left home that day. You can WFH and live at home without feeling burnt out when you have a den.

4. Meditation or wellness room

We could all use more R&R in a stressful world. If you rent an apartment with a den, you can transform it into a Zen meditation or wellness room. Get a comfortable couch or yoga mat, light a nice candle or essential oils and settle into some dedicated meditation time in your new den wellness room.

5. Private “man den,” “she cave,” or “theysment” space

Bears hibernate in dens, and honestly, that can sound kind of nice. So, why don’t you turn your den into a private space? Do you like to paint? Make your cave a painting studio. Do you like to play poker or chess around some drinks? No matter how you use it, a den is the perfect extra room to make it anything you want it to be.

6. Secondary living space

Are you simply feeling crowded in your apartment and needing more space? Then a den is a great option for additional living space. You can have your bedrooms, kitchen and dining areas and living room plus a den. Extra space in an apartment is always a pro. But, keep in mind you’ll likely pay more in rent for the extra square footage.

7. Peaceful reading room

Escape to a fictitious land by reading or listening to a book. When you turn your den into a peaceful reading room and library, you can go anywhere you want when you escape through the pages of your book. This dedicated reading space can be charming and like your own small bookstore. Get some cozy couches and plush pillows and your den is now your escape.

8. Game room

Do you enjoy game nights with friends? Well, turn your den into the go-to game room. Depending on the size, you could add a pool table or ping pong table here. Or, get a cool table and lots of board games for any sort of competitive gaming setup. Dens are ideal for game rooms.

9. Additional guest room

While it’s not technically a bedroom, a den can double as a spare bedroom for short stays. Get a futon so your guest can have a couch and bed to stay in. This additional room will enable you to host guests without giving up your precious bedroom space or main living room area.

10. More storage space

You probably have too much stuff, as we all do, so extra storage space is never a bad thing. Because apartments are smaller and often have fewer storage options, a den can double as a storage unit. Free up those closets and put your seasonal clothes in the den. Or, fill it with holiday decorations or food storage. Really, you can use it however you like because it’s extra space.

How to find apartments with dens

Does an apartment with a den sound appealing to you? Then it’s time to start the apartment hunt! You can search for apartments in your desired area, within your price range and with the desired amenities — like a den!

Source: rent.com

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BlackRock Inc. Chief Executive Officer Larry Fink said artificial intelligence has tremendous potential to boost productivity and may ultimately be the technology that can tamp down inflation.

The collapse of productivity has been a key issue within global economies and a major “reason why we have such sticky inflation,” he said Wednesday at the BlackRock Investor Day. Fink said AI “may be the technology that can bring down the inflation.”

The CEO of the world’s largest asset manager said AI could have “some very large outcomes for long-term investing” and could also transform margins across sectors. With AI, Fink said, BlackRock will have the “same healthy paranoia, the same healthy enthusiasm,” that it brings to its other businesses.

The CEO of the world’s largest asset manager said AI could have “some very large outcomes for long-term investing” and could also transform margins across sectors.

Hollie Adams/Photographer: Hollie Adams/Bloom

Fink and other senior executives laid out a vision for BlackRock’s growth as a one-stop shop for investors that provides tech, data, analytics, funds and financial markets advice to clients.

The firm aims to double its private markets revenue over the next five years to about $2 billion from $1 billion in 2022. Revenue from private markets — which includes infrastructure, private equity, real estate and private credit — had already more than doubled since 2018.

Read More: BlackRock Seeking to Become One-Stop Shop for Private Assets

Fink, 70, also told investors he doesn’t anticipate retiring in the near future. 

“I’m not planning to leave BlackRock any time soon,” he said, “but BlackRock’s board and I have no higher priority than developing the next generation of leaders.”

BlackRock’s size and influence have grown over the past decade, with investors pouring money into the firm’s index, exchange-traded and other funds. The company managed $9.1 trillion in client assets at the end of March, and had net inflows of $110 billion in the first quarter as investors put money into the firm’s cash-management and bond funds.

Source: nationalmortgagenews.com

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As we think about easy ways to refresh our homes without diving into a complete decor overhaul, a simple swap of accessories immediately comes to mind! One of our favorite rooms in the home is the office. It’s a personal space for the entrepreneur in the house to spread their wings. It’s also the place that is usually piled with messy paperwork, a couple of cups of old coffee and frankly, just always covered in “un-fun” stuff. Oh, but how that little corner of the world can be flipped upside down with a few gorgeous, streamlined desk accessories. As the glimmer of a new season begins to peek around the corner, we can’t help but start thinking about getting back down to business. Good looking business of course!

Get Your Shop On:

> 1. Trash Bin
> 2. Tape Dispenser
> 3. Notepads
> 4. Elastic Ball
> 5. Lamp
> 6. Scissors

We, like you, need all of these desktop pretties asap. We can see it now…a clean desk! What a life that would be…

image via Coco Lapine Design

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Source: apartment34.com

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“How can I travel on a budget?” is one of the top questions we receive at TPG.

There’s no question that travel is expensive right now as millions satisfy the itch to travel more. Demand has been through the roof. Inflation and correspondingly high hotel, rental car and airline ticket costs have many would-be travelers throwing up their hands in frustration.

However, there are still many ways to save. In addition to using reserves of points and miles to book hotels and airfare, TPGers have many budget travel tips to help stretch your dollars when traveling.

Here are 22 ways to travel on a budget.

Use membership codes to save on car rentals

AARP webpage showing car rental discounts. AARP

If you’re a member of AAA or AARP, have a Costco membership, are a veteran or work for a large company with a car rental discount code, pull all of these levers. You might be eligible for discount codes you didn’t even know about. A few examples from AARP include 30% off a car rental at Budget or Avis.

Related: How to never pay full price for a rental car

Look beyond traditional car rental companies and locations

TURO

Most people search for rentals at the airport with standard companies like Hertz and Avis. If you don’t find good results, consider off-airport locations or try alternatives like Kyte, Turo and Silvercar.

Related: Delta and Turo launch partnership, allowing travelers to earn 2,000 SkyMiles on 1st rental

Check credit card merchant offers

American Express offers. AMERICAN EXPRESS

Before booking your trip, review your credit cards’ special merchant offers. Multiple issuers offer this option (although American Express is a leader in the category).

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Every program works similarly: Log in to your card account online or through your banking app, review the offers available to you, add the ones you want and make a qualifying purchase using the card for which the offer is registered.

There are no promo codes to enter at online checkout or coupons to print to take to the register. There are likely offers you can activate that will provide discounts on dining, gas and entertainment.

Related: How credit card merchant offers can save you hundreds of dollars every year

Take advantage of free days at national parks

Avalanche Lake in Glacier National Park. CLINT HENDERSON/THE POINTS GUY

Every year the U.S. National Park Service sets aside several days when entry is completely free; options include Martin Luther King Jr. Day in January, the first day of National Park Week in April, National Public Lands Day in September and Veterans Day in November.

Visiting a national park on one of the NPS’ free-entry days can save you up to $35 per vehicle at some of the most popular national parks, such as Glacier National Park and the Grand Canyon.

Stay outside the national parks

The Holiday Inn West Yellowstone. CLINT HENDERSON/THE POINTS GUY

You might dream of a night in a rustic cabin inside a national park, but getting that reservation could be challenging or costly — especially if you can’t pay for it with points.

However, just beyond the park, there’s probably a hotel you can book with points. For example, you could stay at the Holiday Inn in West Yellowstone with IHG One Rewards points; the SpringHill Suites just outside of Zion National Park is a great property if you have Marriott Bonvoy points to spend.

Related: The best campgrounds, hotels and lodges near Yellowstone National Park

Download the T-Mobile Tuesdays app

If you’re a T-Mobile user, you’re in luck: This app is a major perk that will put money in your pocket just for checking your phone on Tuesdays.

To participate, download the T-Mobile Tuesdays app, check the app on Tuesday and claim your discount code. We’ve seen weekly discounts on everything from rental cars to gas, hotels and theme park tickets.

Related: T-Mobile expands travel-focused ‘Coverage Beyond’ benefits

Get discounted gas at Shell through the Fuel Rewards app

At TPG, we love to stack savings. The Shell Fuel Rewards app is a good one to pile on the discounts.

You can link it to other loyalty programs — including American Airlines AAdvantage, Giant Food, Stop & Shop, Advance Auto and more — to receive extra discounts. Also, if you purchase through Fuel Rewards, link to partner retailers such as Petco, Bed Bath & Beyond, Office Depot/OfficeMax and many others to save even more.

Don’t forget to use a credit card that gives bonus points or discounts at gas stations for even more savings. TPG likes the Citi Premier® Card (see rates and fees), which awards 3 ThankYou points per dollar at gas stations, and the Blue Cash Preferred® Card from American Express, which also gives 3% back at U.S. gas stations.

Related: These are the best credit cards for gas purchases

Save on theater tickets in New York and London

Check TodayTix for cheap Broadway and West End tickets if traveling to New York City or London.

The TodayTix app has discounted tickets to various shows available. Prices vary, but most of the top shows currently playing are available on the site and the app.

While not all shows are hugely discounted, TodayTix often runs no-fee promotions. Keep in mind that for some shows, you won’t be able to choose your precise ticket location. Instead, you will pick a section you’d like to sit in.

Related: On with the show! How to get a great deal on Broadway tickets

Save on entrance fees with Bank of America

JOHNNY GREIG/GETTY IMAGES

Bank of America cardholders can enjoy free general admission to more than 225 cultural institutions in dozens of U.S. cities on the first weekend of every month just by showing their cards. It’s through the Museums on Us program that’s been going on for 25 years. It’s open to Bank of America, Merrill and Bank of America Private Bank (U.S. Trust) credit or debit card holders.

Related: 5 reasons to get the Bank of America Premium Rewards credit card

Use your library card for museum entry

Another way to get free museum admission is with a library “lending ticket” — a program where libraries will lend museum passes for a set amount of time.

Also, check if your local museum’s membership comes with ROAM (a reciprocity program across North America). It’s an easy way to get maximum value from a regional (and usually less expensive) membership.

Take a free walking tour

Downtown Greenville, South Carolina. DENNISTANGNEYJR/GETTY IMAGES

Sign up for a free walking tour on your first day in a new city. It’s an inexpensive way to learn about the city and orient yourself.

Look online for options before traveling and sign up in advance if necessary. Then, all you need to do is show up with comfortable shoes and enjoy your free tour.

Although tipping is suggested, you’ll spend much less, even after generously tipping your guide, than you would with a standard tour option. You will likely also meet other like-minded travelers, which can be welcome if you’re traveling alone or looking to make new friends.

If you’re interested in seeing what’s available on your next trip, Google the city you’ll visit and the phrase “free walking tour” to see what comes up.

Dine on the cheap with Seated

A view of New York City restaurants on the Seated app. SEATED

Here’s a fun one: The Seated app allows you to dine out and get paid for it.

The app rewards diners who sign up and eat at designated restaurants with cash they can redeem through gift cards. All you have to do is let the app know you’ll be dining at a location before you take a seat. You can also get gift cards for Uber, Amazon and Starbucks.

Fly on weekdays

Flexibility on which days you fly is one of the keys to getting the best airfare prices. Leisure travelers most commonly book weekend flights, while many business travelers fly on Monday. So, the midweek days — Tuesday and Wednesday — have lower demand and are often the best days to travel for lower prices.

Related: When is the best time to book airfare?

Book vacation packages

AAVACATIONS.COM

Airlines that bundle airfare and hotels as vacation packages can offer better deals thanks to their vast buying power and inventory. These bundles can offer savings of up to 40% off. Savings on business-class plane tickets and high-end hotels can offer some of the best deals.

Also, purchasing directly from the airline gives you a one-stop shopping experience. You can even add a car and activities to your trip at the same time. Plus, you’ll often be able to take advantage of special sales and bonus points and miles offers.

Related: Everything you need to know about saving money with vacation packages

Use a price monitoring tool

A Google Flights tracking page. GOOGLE

Airline fare monitoring sites such as Hopper and Google Flights ensure you get notifications when your trip’s best and lowest prices become available. Set up as many combinations as you’re considering, including different departure and return dates, so that you can get alerts for all possible fare reductions.

Be flexible on destination

If you’re not locked into a fall or winter vacation location (like you would be for a destination wedding or family reunion that you can’t change), try an alternative to find better prices. For example, consider subbing Quebec City in for Paris if you want Old World charm. For scuba diving enthusiasts, skip the expensive long-haul flight to Australia and the Great Barrier Reef and instead head to the second-largest barrier reef in the world in easy-to-access Belize.

Related: 5 key tools and tips for cheap airfare

Hold your deal

If you see a great deal but are not yet ready to book, hold it. For example, Hopper’s Price Freeze allows you to lock in the price of a flight for up to seven days to take more time to finalize plans before you book. Some airlines will also let you hold flights for a small fee. (Remember that all U.S. airlines, by law, allow you to hold and cancel a flight booking within 24 hours without penalty as long as you book more than seven days in advance.)

Re-price your flights and hotels

CLINT HENDERSON/THE POINTS GUY

As long as you’ve booked a hotel, car or flight that can be canceled without penalty, you should make it part of your weekly routine to check for price drops. If you find a lower price, rebook. You can use these same rebooking strategies with points to make dynamic pricing work in your favor for hotel stays so you can save on award nights.

Related: How I saved 33,500 points on upcoming hotel stays

Consider alternative airports

JetBlue’s Airbus A321-LR, which flies its transatlantic routes, sits at the gate in Boston ahead of the inaugural flight to London Gatwick Airport. SEAN CUDAHY/THE POINTS GUY

With prices high, now is the time to be flexible and check all nearby airports. For example, Houston and Chicago have two airports, while the New York City area has three, including Newark Liberty International Airport (EWR) in New Jersey. In Southern Florida, you could easily fly to West Palm Beach, Fort Lauderdale or Miami. It works internationally too: Try Gatwick Airport (LGW) instead of Heathrow Airport (LHR) when flying to London.

It may even make sense to get to one city by flying to another city and then taking a short train ride for the rest of the journey. For instance, you could fly into Philadelphia and catch a train to New York. Strategies like this can help you get to your destination on a flight with better pricing or award availability.

Use positioning flights

Positioning flights are unrealistic for every situation or trip, but they can often offer better award availability or pricing than those from your home airport. Can you reach your destination for a lot less by starting in Seattle or Chicago? Would adding another flight to a different airport save you money or miles? Just ensure you leave enough time between flights to avoid unnecessary travel headaches.

Related: Use positioning flights to get amazing deals

Use points and miles when appropriate

Since you are reading TPG, you may also want to earn points or miles through your everyday spending that you can use to pay for part of your trip. Some credit cards — like the Delta SkyMiles® Gold American Express Card and the Hilton Honors American Express Surpass® Card — can help you earn airline miles or hotel points that you can redeem directly with the airline or hotel. Cards such as the American Express® Gold Card earn transferable points you can redeem for travel or transfer to various travel partners.

If you have a stash of points and cash fares are high, it makes a lot of sense to use those points instead. For example, I recently priced a trip to San Francisco and found a flight over the Fourth of July weekend; it should normally cost about $400, but for this particular weekend, it was going to cost me at least $621. I used 46,000 Delta SkyMiles instead. While it wasn’t the best redemption in the world, it was better than shelling out all that cash. Most of those SkyMiles came from credit card spending on my Delta SkyMiles® Reserve American Express Card.

Related: Why I’m keeping my Delta Reserve card even when I’m flying less

There are many strategies for getting the most out of your credit card. You’ll generally get the most value when redeeming for premium-cabin flights or luxury hotel stays. However, you may prefer to book economy award flights or lower-category hotel stays using your points to stretch your points further.

Join AARP

The AARP discount travel page. AARP

You can join AARP for discounts even if you are not retired. The advocacy group for older adults offers all kinds of cool discounts, including $60 to $200 off British Airways flights and 10% off Hilton hotels.

Related: How to use AARP discounts on travel

Bottom line

Paris in 2022. CLINT HENDERSON/THE POINTS GUY

Spending a small amount of time researching the best ways to travel on a budget could easily make a dream trip, like a Paris vacation, more attainable.

It’s possible to take an excellent vacation on a budget. You just need to put in the time to plan your trip, budget your expenses, download a virtual wallet of money-saving apps and consider using points and miles to decrease your out-of-pocket costs.

Some of our top budget travel tips include shopping around, signing up for deal alerts through websites like TPG and using points and miles. Opening a credit card or two for the sign-up bonus once or twice every few years could make your trips even cheaper. Don’t forget to sign up for our daily newsletter, where we teach you how to travel better for less. At TPG, we make traveling on a budget easy.

Related reading:

Additional reporting by Melissa Klurman.

Source: thepointsguy.com

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Would retirement planning be easier if you had a pension?

It’s a silly question, I know. For most people, the answer is, “Yes, of course.”

Here’s a less-silly question: Did you know that you can buy a pension?

Most people I talk to don’t know that. But it’s true. If you want to, you can buy a pension from an insurance company. You can pay an insurance company a lump-sum of money, and the insurance company will promise to pay you a certain amount of money, which will adjust upward with inflation, every month for the rest of your life. (Or, if you prefer, they’ll promise to pay a smaller amount of money every month for the longer of your life or your spouse’s life.)

The technical name for such a product is a bit of a mouthful: single premium immediate inflation-adjusted lifetime annuity.

Yep, the dreaded A-word: annuity. It’s true that many types of annuities are a poor deal for investors. But I hope you’ll suspend your suspicion for a moment to see if this one particular type of annuity may be helpful for you.

They Let You Spend More Money

In addition to making retirement planning simpler (because of the predictable level of income they provide) this type of annuity has another major benefit: It can allow you to spend more per year than you can safely spend from a typical portfolio of stocks, bonds, and mutual funds.

If you’ve read much about retirement planning, you’ve probably come across the “4% rule.” That is, most retirement planning experts recommend withdrawing no more than 4% per year from your portfolio in the early stages of retirement.

Even in today’s low interest rate environment, a 65-year-old male can get a lifetime annuity paying 5.1%. And that payout will increase with inflation every year for the rest of his life. For a female of the same age, the available inflation-adjusted payout would be 4.5%. (The annual payout is lower for women because the insurance company knows that, on average, they’ll have to make payments for a longer period of time for female annuitants.)

Note: For anyone curious, these quotes came from Vanguard’s site. You can run your own numbers by going to this page and clicking the “Income Solutions” link, though you’ll need to have a Vanguard account first.

What’s the Catch?

So far, I’ve made these annuities sound like an investor’s dream come true. But that’s not exactly the case. Like anything else, they have their drawbacks.

First and most importantly: The money disappears when you die. If you retire, put your entire portfolio into a lifetime annuity, and promptly get hit by a bus, the money is gone. Your heirs do not get a dime of it. Rather, the money goes to fund the payouts on annuities for still-living annuitants. This is the reason that you cannot build your own lifetime annuity using bonds and other fixed-income investments. Lifetime annuities provide a higher payout per year than you can safely take from a typical investment portfolio because part of that income is coming from other annuitants–ones who have passed away.

The second drawback to such annuities is that they involve credit risk. Granted, insurance companies are subject to regulatory funding requirements that make it very uncommon for them to go belly-up, but that doesn’t mean it’s impossible.

Finally, lifetime annuities aren’t “liquid” in the way that stocks, bonds, and mutual funds are. If you find yourself crunched for cash, you cannot sell a piece of your annuity in the way that you could with other investments.

The Bottom Line

Because they allow for a high withdrawal rate, and because they provide predictable income, lifetime annuities can be a helpful tool for people who have under-saved and are now looking to safely draw the maximum amount of income from a portfolio. But this isn’t a retirement tip suitable for everyone.

For investors who have saved enough to be able to deal with the unpredictable returns that come with a stock/bond portfolio, lifetime annuities may not be a good fit. In addition, even if a lifetime annuity would be a good fit for you, it’s not a good idea to annuitize your entire portfolio.

Source: getrichslowly.org

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POS, Dashboard, Credit Verification Products; Freddie and Fannie Changes; Today’s CPI Suggests Fed Holds Steady Tomorrow?

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POS, Dashboard, Credit Verification Products; Freddie and Fannie Changes; Today’s CPI Suggests Fed Holds Steady Tomorrow?

By:
Rob Chrisman

Tue, Jun 13 2023, 10:38 AM

Sad?: “Invitations to the Unabomber’s funeral were mailed out, but no one wants to open them.” Hopefully not sad: for anyone wanting to know about comp for processors, underwriters, or LOs, STRATMOR’s current blog is, “Compensation: Ever Changing.” Sad for real: Comerica (CMA) announced that it is “organically” exiting mortgage banker finance, aka, warehouse lending. (Talk to your rep for details.) Sadder: this story about what to do when the U.S. becomes uninsurable. “Climate change means actuaries are making a radical new calculation about the price of risk.” Some would say sad, but with a hint of optimism: volume in residential lending, although it did pick up last month! According to Curinos, May 2023 funded mortgage volume decreased 37 percent YoY and increased 23 percent MoM. In the Retail channel, funded volume was down 44 percent YoY and up 23 percent MoM. The average 30-year conforming retail funded rate in May was 6.36 percent, -1bps lower than April and 136bps higher than the same month last year. Curinos sources a statistically significant data set directly from lenders to produce these benchmark figures. (Today’s podcast can be found here and this week’s is sponsored by SimpleNexus, the homeownership platform that unites the people, systems, and stages of the mortgage process into one seamless, end-to-end solution that spans engagement, origination, closing, incentive compensation, and business intelligence. Today’s has an interview with Black Knight’s Frank Poiesz on what lenders need to do to be ready to adopt AI solutions safely.)

Broker and Lender Products, Services, and Software

Most fans enjoy the “free baseball” that comes with extra innings. However, fans at the longest game in professional baseball history might beg to differ after the 33 (mostly scoreless) innings they took in. But did you know that Down Payment Resource can help you score more volume by recovering some of the 33 percent of declined loan applications that could have been saved with homebuyer assistance? In a market where lenders need to hang on to every fundable loan, Down Payment Resource’s DPA directory of over 2,000 homebuyer assistance programs is an essential tool to help qualified borrowers build wealth through homeownership. Request a personalized Declined Loan Analysis to learn how many more borrowers you can send home.

AFR Wholesale® is incredibly honored to be recognized as the “Champion for Wholesale Manufactured Home Lending” by the USDA. As we continue to celebrate National Homeownership Month, what more of a heartfelt appreciation we have for being selected and highlighted at the USDA SFH Guaranteed Lender Awards in Washington, DC. Chris Guerin, AFR’s EVP of Origination and Business Development said it best when accepting this award, “At AFR, we firmly believe that local third-party originators play a pivotal role in the real estate market…It is through their expertise and tireless efforts that we can provide the vital financial support necessary for aspiring homeowners.” So, with a profound sense of gratitude and pride we would like to send a heartfelt thank you to our AFR partners. Here’s to a future where affordable housing becomes a reality for all. Have a USDA transaction? Contact us today! www.afrwholesale.com , [email protected] or call 1-800-375-6071.

“Your borrowers can eSign their SSA-89 with Service 1st! Eliminate wet signatures in your disclosure packages. Pioneers in the industry for 4506-C/TRV Services® accessible through most LOS platforms, supporting eSign and Day 1 Certainty. There is pain in the market with unpredictable service and rising costs for VOE cascades/waterfalls. We know how important borrower experience is for you. We are 100 percent onshore support and order fulfillment. S1 is the mortgage industry’s performance leader in credit and loan verifications with over 80 percent same-day supplements. Nearly half of all manual VOE/I are completed in under 12 business hours. Learn why we’re Service 1st! Contact us today.”

In a turbulent mortgage market, it’s all hands-on deck. Brokers, credit unions and banks are challenged to do more with less and running a tight and profitable ship means being as efficient as possible. That’s why lenders are turning to Black Knight’s mortgage automation technology to help find new cost savings, decrease turn times and increase the effectiveness of mortgage employees. Powered by a competitive, automation-focused loan origination system, Black Knight’s solutions operate in the cloud and feature time-saving tools like an online point of sale, AI document classification and indexing, a pricing engine, fee service and more. In a market where every second counts, there’s no time to waste. Read more here about how automation is helping lenders navigate choppy seas. Then schedule a demo with Black Knight to see what their automated solutions can do for you.

Is your focus to do more with less? A BI solution should highlight where there are opportunities to incorporate efficiencies and reduce costs. The most forward-thinking industry leaders are turning to Richey May’s RM Analyze to learn what they need to know now more than ever: how to operate even leaner. It’s half the cost of a full-time employee, and you gain access to a strong bench of talent with a rich background in the mortgage industry and access to hundreds of reports in no time. With these insights you can make meaningful decisions for your business and do more than just survive. Learn how to operate leaner.

Does it feel like your current point-of-sale vendor has lost focus on mortgage? As a mortgage-specialized partner, Maxwell is committed to giving lenders a competitive advantage in a tough mortgage market. Compared to a top competitor, Maxwell Point of Sale averages a 5.9 percent higher pull-through rate from rate-lock to close. For the average lender using Maxwell POS, this equates to $42MM in additional loan volume. Maxwell also focuses on providing an excellent borrower experience, with a 17 percent faster turn-time from application submission to conditional approval. Schedule a call with the team to learn how Maxwell Point of Sale can start working for you and your borrowers quickly.

Fannie and Freddie News

Do you know what a Gold Book is? When looking at what we’re producing, non-Agency volume (think non-QM, jumbo, or portfolio product) runs about 5-10 percent, FHA & VA & USDA about 25 percent, and the rest, consistently, is conventional conforming. So, Freddie Mac’s and Fannie Mae’s moves are closely watched.

Freddie Mac launched a new mortgage product to support members of Native American communities. HeritageOne℠ will provide affordable financing options for single-family properties on tribal lands in rural areas, creating greater access to homeownership. It will also provide financial counseling and other resources to members of Native American tribes, especially first-time homebuyers. The intent behind HeritageOne is outlined in Freddie Mac’s 2022-2024 Duty to Serve Plan, which specifically details the company’s commitment to provide housing support for tribal members in rural tracts within Indian Country.

Freddie Mac Seller/Servicer Guide Bulletin 2023-13 provides updates addressing:

HeritageOne℠ mortgages, a new conventional loan offering for borrowers who are members of federally recognized Native American tribes purchasing property located in Native American tribal land. The addition of borrower paystubs to be included in the assessment in Loan Product Advisor® asset and income modeler (AIM) for income using direct deposits. Expanded single-wide manufactured home eligibility and revised manufactured home appraisal requirements.

Updates to Guide Form 400, Warranty of Completion of Construction. New cash-specified payup types for 10-,15-, 20- or 30-year fixed-rate mortgages, when you sell for Cash using the Best-Efforts execution option. 2023 Area Median Income Limits and how Area Median Income is used for Credit Fee Caps.

Get an early assessment of Freddie Mac affordable product eligibility to maximize benefits for your borrower. Affordable Check lets you quickly and easily identify candidates for competitive conventional loan programs. Watch this Affordable Check API video to learn more.

Fannie Mae SEL-2023-25, June Selling Guide update includes information regarding allows temporary interest rate buydowns for mortgages secured by manufactured homes; allows 7- and 10-year adjustable-rate mortgage (ARM) borrowers to be qualified using only the note rate;

adds clarifying details for amounts that may be included with the payoff of existing loans in limited cash-out refinance transactions; and makes miscellaneous updates.

Freddie Mac will be hosting the 5th annual Rural Research Symposium on November 2nd at the Hilton at the Mall in Washington D.C. This year, the symposium will be in-person and offers a platform for academia, nonprofits, government, and industry to gather, present research and discuss the state of housing in rural markets.

Capital Markets

How has your experience been transitioning to updated agency AMI values? Are you looking to obtain loan-level pricing, improve efficiency, and ensure data accuracy when committing your loans to Freddie Mac? MCT’s Rapid Commit features intelligent best execution capabilities and is the first secondary marketing software firm to integrate with Freddie Mac’s Income Limits API created for first-time home buyer AMI limits. “MCT’s Income Limits API with Freddie Mac has ensured we are pricing out loans with accurate LLPA values when we have loan sales. Given the complexities of the new income and region related LLPAs, this integration has allowed us to not skip a beat,” said Arie Pisarevsky, Capital Markets – Hedge Manager at Bay Equity Home Loans. “We appreciate how MCT and Freddie Mac work together to continue adding value for us with these API integrations.” Learn more about MCT’s integrations with Freddie Mac or schedule a call today.

It’s crunch time. Consumer prices today, followed by the latest Fed decision and Chair Powell’s press conference tomorrow. Following ten consecutive rate hikes, there’s cautious optimism that the fed funds rate may be approaching the peak of this tightening cycle. However, the Fed decision and hawkish/dovish tilt of the Summary of Economic Projections will impact rates for the foreseeable future. Even if the Fed opts for a pause in its interest rate hikes, a more prolonged break from the Fed’s aggressive tightening stance is unlikely and expectations for another 25 basis points increase in July remain in place. After tomorrow’s Fed decision, the central banks of Europe and Japan hold monetary policy meetings later this week.

Getting a little ahead of myself here, when is any homeowner with a 3 percent mortgage going to see the opportunity to refinance into a lower rate? How about those with a 4 percent rate? Before the Fed decision, the U.S. Treasury will finish selling $296 billion worth of debt. That started with $123 billion worth of bills and $72 billion worth of notes yesterday with the remainder set for auction today. The market did a good job absorbing nearly $200 billion worth of bills and notes to open the week, good news as prices of Treasuries declining would likely ultimately increase mortgage rates. The current average mortgage rate is just under 6.5 percent. Despite elevated inflation and interest rates, consumer spending among Americans rose a strong 2.3 percent in April from a year earlier. It’s puzzling that people aren’t cutting back when almost everything is more expensive.

Today brings the aforementioned all-important May CPI report. Headline CPI increased .1 percent, exactly as expected month-over-month and 4.1 percent year-over-year with the core reading rising 0.4 percent month-over-month, as expected and 5.3 percent year-over-year versus 0.4 percent and 5.5 percent previously. Real weekly earnings were -.7 percent when it was seen declining 0.1 percent month-over-month. Prior to CPI, markets received an update on NFIB small business optimism for May, as if anyone cares. Later today brings Redbook same store sales, a Treasury auction of $18 billion reopened 30-year bonds, and the beginning of the Fed’s two-day FOMC meeting. After the inflation data, 30-year Agency MBS prices are better .250-.375 and the 10-year is yielding 3.70 after closing yesterday at 3.77 percent. The 2-year is at 4.53.

Employment and Transitions

At its annual all-employee State of the Union event, Homeowners Financial Group announced the promotion of Nitesh Patel, who was named EVP of Operations. Patel has worked in the mortgage industry for more than 20 years and joined Homeowners as a Closing Manager in 2007, three years after the company’s inception. Instrumental in the nationwide growth of Homeowners, he has played a key role in the company’s ability to weather down markets and emerge on the other side as a stronger lender with increased market share. “It’s been an honor to work with Nitesh for the last 16 years,” said HFG CEO Bill Rogers. “He’s brought so much to this company and I’m looking forward to the next stage of his growth and his contributions to Homeowners.” “My main goal is to make sure that we’re driving home our company’s core values and ensuring our clients’ needs are being met,” Patel said. Homeowners Financial Group continues to add key personnel in selected markets; reach out to David King.

Movement Boost, Movement Mortgage’s new down payment assistance program, aims to eliminate barriers and make the dream of homeownership a reality for homebuyers across the country. The program is available nationwide (excluding New York) to help qualified FHA borrowers cover the required 3.5 percent down payment and even a portion of closing costs. Movement Boost will expand the company’s impact across the country, particularly for first-time homebuyers. The program builds on the momentum started with Movement’s Grab The Key and Comunidad initiatives to help even more diverse and often underserved communities take the first steps toward homeownership. Want to learn more about Movement Boost and Movement’s Impact Lending initiatives? Join a virtual discovery call with members of the company’s leadership team this Thursday, June 15 from 3-4 pm ET. Participation is anonymous!

Draper and Kramer Mortgage Corp. announced that Coleen Bogle has been promoted to Chief Marketing and Growth Officer. Bogle, who has 15 years of mortgage marketing management experience, joined the company in 2015 as Director of Marketing and Communications and will oversee growth and recruiting for the company. Congratulations!

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Source: mortgagenewsdaily.com

Apache is functioning normally

The other day, I made a passing comment in my article about judging (or not judging) others. I mentioned that although my friend Michael is in dire financial straits, he’s still making life decisions based around the fact that his family has two dogs. (They’re renting a larger, more expensive home than they otherwise would, for example.) “What about getting rid of the dogs?” I asked.

Well.

This suggestion struck a nerve with a lot of people. Many GRS readers argued that giving up pets during financial crisis is irresponsible. Tiffany’s response was typical:

Sorry, but dogs are like kids, you can’t just get rid of them in hard times. Certainly, you shouldn’t take on dogs when you’re not financially able to (and similarly, you should do your utmost to not have kids when you can’t support them). If you’ve already got dogs when the financial hard times hit, well then too bad, they’re still your responsibility. You can’t get rid of the kids, can’t get rid of the dogs. No real pet owner would want to, either.

Let me quell some concerns: I own four cats, and if Kris would let me, I’d own a dozen more. Plus a couple of dogs. And some birds (I really want a parrot). And some fish. I’m an animal person, and am often amazed that I still eat meat. (That cognitive dissonance is a topic for another time.)

I’m about as pro-animal as you can get. (Except that I’m not vegetarian — yet.) In general, I actually agree with those who scolded me. Pets are not furniture. They’re not possessions to be disposed of carelessly. They’re thinking, emotional beings, and ought to be treated with consideration and respect.

As many of you know, one of my pet projects (ha!) is an ongoing documentation of animal intelligence; I read everything I can find on the subject. (My friends are always sending me stories about amazing animals because they know I love them.) At the same time I started Get Rich Slowly, I started an animal intelligence blog, though that site has long since faded to nothing.

People Are Passionate About Pets

Despite my deep respect and admiration for animals, I don’t think this issue is as crystal clear as many GRS readers make it out to be. This debate is interesting, and for a variety of reasons.

  • First, it shows that different people value different things. If my family were in a rocky financial situation, the pets wouldn’t be the first to go, but they’d certainly be on the list of options.
  • Second, when talking about spending on pets, we get to explore questions like “How much is too much?” When do you stop spending on pets? Do your pets take priority over your children? Over your home? Over your self? Again, different people have different answers.
  • Third, this clearly demonstrates one of my mantras: Money is more about mind than it is about math. Everyday, all of us make financial decisions based on factors other than the numbers. Numbers are important, but they’re far from the only factor.

Last fall at MSN Money, my pal Donna Freedman — who will share her reader story here on Sunday, by the way — wrote about the financial implications of pet ownership:

When people say “I’d never give up my pet,” they’re usually speaking from a position of privilege. Sure, they may feel broke right now, but they’re still in a place where they can say what they would “never” do. If you were ever truly destitute, you’d know better than to make that kind of claim.

Or maybe I’m wrong. Maybe you lived in your sedan with four cats or out in a culvert with a husky-shepherd mix. Maybe all of you survived. But most of us aren’t cut out to take that kind of risk — and frankly, we shouldn’t. It’s too dangerous. A human life is worth more than the chance to nurture a corgi or a ferret for a few more years. Besides, Fido deserves better than car camping and eating old Wonder bread from the food bank.

As you might expect, her article received a lot of comments — over 1200 responses, in fact — many of which were nasty. But, you know what? I think Donna is right, and agreeing with her doesn’t make me a heartless bastard.

My Best Friend

I’ve had my cat Toto since she was a kitten. (In fact, I’ve known and loved her since the day she was born, 01 May 1994.) Aside from Kris, Toto is my best friend. When I’m home, she’s usually by my side, helping me write about personal finance. But Toto is getting old. Her body is failing, and it breaks my heart. She’s often in pain. The vet isn’t sure exactly what’s wrong with her, so we keep trying different things. With each vet visit, my costs mount. So far, I’m okay with that. I’ve maybe spent a thousand dollars in the past few months, and it’s bought me more time to cuddle with my cat.

But where do I draw the line? How much do I spend to keep Toto alive? (Especially when her quality of life is beginning to deteriorate?) Do I tap the money I have saved for our trip to France and Italy just to buy her a few more weeks? What if I were still in debt? How much would I spend then?

The calculus of pets is complex; there are no easy answers.

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A Vet’s Voice

As I was finishing this article, my vet phoned. She was calling to give me Toto’s latest lab results: Her kidneys are beginning to fail and she may have thyroid problems (still waiting on a last set of tests).

After we finished talking about Toto, I told Dr. McDaneld about the discussion at Get Rich Slowly. It turns out she volunteers with the Humane Society to provide veterinary care in low-income areas throughout the country. She shared her thoughts about folks who find themselves unable to afford their pets.

“I don’t like to see pets neglected just because their owners are in financial distress, but it happens,” she told me. “When somebody’s not financially able to care for their pets — even the bare minimum — then that pet really is best off in another situation.”

But Dr. McDaneld also noted that for some, pets really are members of the family. Sometimes, an animal can be a person’s closest companion. “People’s relationships with their pets can run a wide gamut,” she said. “Some people would lose their house and health before they’d give up their pets.”

Fortunately, there are programs to help pet owners in need. “There are a lot of groups out there trying to help people who want to be responsible pet owners but are in financial trouble,” Dr. McDaneld said. She gave me three examples in the Portland area:

  • The PAW Team (Portland Animal Welfare Team) provides free vet care to the pets of people who are homeless or in extreme poverty.
  • FIDO (Friends Involved in Dog Outreach) offers a number of programs to assist dog owners, including Animeals (meals-on-wheels for cats and dogs) and a Dog Food Bank (for dog owners in financial need).
  • Cat Adoption Team, which provides a cat food bank.

There are sure to be similar programs in most major cities. The bottom line: If my friend Michael gets into a situation where he can’t afford to keep his dogs, there are organizations that can help.

Pets Aren’t People

That said, animals aren’t people. Somewhere — and where, I do not know — there’s a line between what you do for your children and what you do for Fido or Fluffy. I believe that it’s this line that bothered so many people in Wednesday’s article; I was suggesting that Michael give up his dogs much earlier than some readers would consider such an option.

So, where is this line for you? How long do you keep a pet, even when you can’t really afford it? Do you sacrifice your family’s well-being for that of the animal? How do you prioritize when you have to make a sacrifice? Is it ever better to give up an animal than to fail at other obligations?

Source: getrichslowly.org

Apache is functioning normally

From wild fan theories to a wormhole of a website, HBO’s Westworld has become a global obsession. But while you’re busy trying to figure out the answer to “who is Arnold,” you might also wonder where Westworld is located. When it comes to on-location filming, it had to be nothing less than the American west. While we can’t guess where it’s supposed to be set in the show, we can tell you where it’s filmed — and where you can live to take your obsession to new heights.

Santa Clarita, CA

As the third largest city in Los Angeles county, you’d think that Santa Clarita was strictly urban. However, the city offers plenty of opportunity to soak up the feel of the wild west with canyons, mountains and even plenty of wildlife. This area featured scenes such as James Marsden’s Teddy and Evan Rachel Wood’s Dolores galloping for miles across the wide-open spaces in this area of California’s Ventura County. It’s close proximity to L.A. (it’s just a 20-minute drive to Universal Studios) also makes it an ideal spot for filming, including nearby movie sets. Seeing as the next season of Westworld isn’t coming out until 2018, now’s the right time to set up your own homestead in Santa Clarita.

Castle Valley and Fisher Valley, UT

One of the things Westworld is known for is their old-style, sweeping filming techniques of the great plains and rocky terrains of the the wild west. Two of their filming locations to get this feel include Fisher Valley, UT and Castle Valley, UT. Rugged and studded with gorgeous backdrops of red rocks and vast plains, you might recognize some of The Man in Black’s (Ed Harris) most iconic scenes shot here. If your trigger finger is itchy and you’re looking to ride out, look at renting apartments in nearby Grand Junction, Colorado or Provo, Utah.

Newhall, CA

California’s Newhall is no stranger to a western style of life. Home to the Melody Ranch Motion Picture Studio, countless westerns and television shows have filmed here. The ranch serves as the backdrop for the town of Sweetwater, where the newcomers first step off the train into Westworld. It’s also the home and set to Maeve’s (Thandie Newton) very own saloon and brothel, The Mariposa. Though you can’t pull up to the bar and listen to The Rolling Stone’s “Paint it Black” on the player piano, you can certainly rent an apartment in Newhall which puts you in close enough proximity to visit the Melody Ranch any time you want.

Need more Westworld before the season finale? Discover access codes to the website here, or read some of the best fan theories about the finale on the web. Word of warning — they may contain spoilers.

Photo Credit: John P. Johnson / HBO

Have a theory on Westworld? Who exactly is Arnold? Who’s a host and who is human? Let’s hear your thoughts below!