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What makes a city a great food city? Well, just like with any dish, it takes the right ingredients, which can vary. Perhaps the city is located in an agriculturally-rich area. Or the city is a diverse melting pot, creating a place for expression and creativity where chefs can share recipes from around the world or experiment with fusion cuisines. It also needs to have well-stocked grocers that carry specialty items.

No matter what, a great food city should be a place where chefs are supported by a population that loves dining out and supporting local restaurants. Whether you’re a chef looking for where to launch your next venture, or a food lover looking for the next big thing, here are the best cities for chefs to practice their craft.

Finding the best cities for chefs

So then, where do chefs thrive? There are different factors to consider, like grocery cost, population size and specialty stores where chefs can source high-quality ingredients. Taking all those into account, here are the ten best cities for chefs.

10. Grand Rapids, MI

While Grand Rapids may not immediately jump off the page as a great dining destination, you’d be surprised. There’s a robust craft brewing scene, top-notch cafes and a range of beloved, non-chain dining options.

Sourcing fish and seafood from the nearby Great Lakes and using area farms for fresh produce, seasonality is key. Chefs can even dine where they shop. They can tuck into fish and chips at fishmonger and restaurant Fish Lads, or grab a bite at the Grand Rapids Downtown Market while also shopping for produce, olive oil or spices.

Groceries are also the most affordable of all the cities in the top ten. Not only do chefs get to experiment with fresh, regional ingredients in Grand Rapids, but it’s extremely affordable to do so.

9. Santa Fe, NM

With its blend of cultural influences, the food scene in Santa Fe is unparalleled in the Southwest. With Native and Hispanic cuisines leading the playbill, an excellent supporting cast of other global offerings like Indian and Italian rounds it out. And lovers of spicy food find themselves falling under the spell of New Mexico’s famed Hatch green chiles, which feature heavily in local cuisine.

Against such a gastronomically diverse background, chefs also have a wide range of markets and grocers to choose from. There are 0.23 specialty grocers and 0.5 markets per 10,000 residents. So with a population of over 85,000, there are options aplenty. And that population, plus robust summer tourism crowds in Santa Fe, are only too happy to support local chefs.

8. Napa, CA

Ah, Napa.

As the seat of California wine country, this town of just over 78,000 would naturally be a great place for chefs to create exceptional meals. With a strong focus on high-end fares like Italian, French and New American, there’s an incredible variety of tastes to try. And experimenting with pairing with local wines is another plus.

The area’s agricultural history and current reputation for viticulture give Napa chefs easy access to locally-grown, fresh foodstuffs at local markets and grocers. With 0.89 markets per 10,000 residents, chefs can find everything from fresh produce to meats at spots like the Oxbow Public Market. There are also 23 non-chain establishments per capita, making it incredibly easy to support the local restaurant community.

7. Conroe, TX

Sitting on edge of Lake Conroe, the 91,000-population town of Conroe is a lakeside slice of country living within driving distance of Houston. As with many smaller towns, community and hospitality are important. So the local dining is heavily focused on family-run, feel-good food and service. Obviously, barbecue is huge here, as well as Mexican.

Chefs have their pick of the litter when it comes to specialty markets and grocers, with 0.54 grocers and 0.21 markets per 10,000 residents. And the cost of groceries is one of the lowest on the top ten list, so chefs in Conroe can prepare excellent food on a reasonable budget.

6. Cincinnati, OH

Cincinnati chili. Reuben sandwiches. Ice cream. Gooey pizza. Tender ribs. If you love big food with big, bombastic flavor, Cincinnati is the place. From regional treasures like Cincinnati-style chili, which is piled on top of spaghetti or hot dogs, to creative riffs on classics like burgers, chefs here love going big.

As a larger city, grocery costs are elevated, but there’s an abundance of markets and grocers. With 0.42 markets per capita and 0.16 grocers, in a city of over 300,000, there’s always something fresh and delicious close by for chefs to work with. From getting meats and produce at Country Farm Fresh Market to finding global flavors and fun at the famed Jungle Jim’s International Market, accessing the best ingredients is never an issue.

Cincinnati also ranks among the top cities with the most non-chain dining establishments in the top 10. So if you’re a chef looking for a place that welcomes bold flavor and never-say-die energy, head to the Queen City.

5. Asheville, NC

Over the past decade, the Blue Ridge Mountains-based Asheville has emerged as North Carolina’s preeminent food city. This scenic mountain hideaway has it all, from excellent craft brews and comforting Southern fare to elevated fine dining. This dedication to authentic food in all its forms has created a restaurant scene with 35 non-chain restaurants per 10,000 residents.

As a food scene that revels in experimentation and pushing the envelope, chefs in Asheville have an environment in which they can creatively grow and thrive. And the local supply options support that as well, with 0.21 grocers and markets per capita. And don’t forget to try that famous North Carolina barbecue!

4. Pensacola, FL

For seafood chefs seeking new stomping grounds, Pensacola, on the far western end of Florida’s panhandle, has enough attributes to crack the top five best cities for chefs. Sitting right on the edge of Pensacola Bay, fresh seafood is always within reach. The local food scene is rich with delicious seafood spots, as well as Southern and global fare.

With 0.94 markets per capita, chefs can head to specialty stores like Joe Patti’s Seafood and Four Winds International Market for both local and far-flung ingredients. And at 54 non-chain restaurants per 10,000 people, there are plenty of options for the nearly 53,000 residents of Pensacola.

3. West Des Moines, IA

Image source: Rent. / Sun Prairie Apartments

Betcha didn’t know just how vital Iowa is to U.S. agriculture. The Hawkeye State is the nation’s biggest producer of eggs, corn and pork. It also produces 14 percent of cattle in the United States, giving us tender flavorful steaks and beef. With such high-quality produce and meat, it’s no wonder chefs and meat lovers can have a field day here.

In West Des Moines, which forms the western edge of greater Des Moines, chefs will find a particularly hospitable environment for their craft. There’s an abundance of specialty grocers to choose from, like Fresh Thyme Market, providing quality meats, produce and other ingredients. Dining-wise, chefs can express themselves at classic steakhouses and casual brewpubs or branch out into other meat-heavy cuisines like Brazilian. There’s also great Mexican and Asian dining to be found in West Des Moines.

2. Marietta, GA

Snagging second-place for best cities for chefs is the 60,867-strong city of Marietta. Sitting northwest of Atlanta, Marietta is home to a hidden gem food scene. There’s something for everyone, from home-style Southern and farm-to-table to traditional Latin American cuisines.

This gives chefs a large playing field, allowing them to carry on the treasured culinary traditions to American diners, craft dishes from around the world or create exciting combos. Shopping is done at established specialty grocers like Cajun Meat Company, and with 1.15 markets per 10,000 residents, there’s plenty to go around.

One caveat: The cost of groceries is the highest of all the cities on the top 10 list.

1. Greenville, SC

The surrounding states must look on South Carolina with envy, as it’s home to two of the South’s best food cities. First, there’s Charleston (one of our best cities for brunch), and then, No. 1 on the list of the best cities for chefs, is Greenville.

This up-and-coming foodie haven has everything from top-tier Southern comfort food to sophisticated fine dining. Chefs can have fun with flavor at casual neighborhood spots, or get creative with elegant plating at high-end restaurants. And while grocery cost is second only to Marietta on this list, the local population is extremely supportive of their dining scene. There are 59 non-chain restaurants per 10,000 residents, so it’s plain to see that the inhabitants of Greenville love dining out and eating well. Here, chefs are sure to find a supportive and loving audience for whatever they want to cook.

The top 50 cities for chefs

Want to expand your cooking and culinary horizons beyond the top ten? There are many other options for chefs to choose from, as you’ll see from the top 50.

Methodology

To determine the best cities for chefs, we looked at all cities with at least 50,000 residents according to the U.S. Census Bureau’s 2019 estimates that had at least one specialty grocer, market and non-chain (local) restaurant. That final list included 386 cities spread all across the country. We then ranked each city by the following factors:

  • The average cost of groceries: The cost of an average grocery bill in the metro area of each city according to cost of living estimates from the Council for Community and Economic Research.
  • Specialty markets: Per capita and business density calculations in each city from a list of commercially licensed business data. Specialty markets include ethnic, organic and health food.
  • Food markets: Per capita and business density calculations in each city from a list of commercially licensed business data. Food markets include butchers and farmers markets.
  • Local restaurants: Per capita and business density calculations in each city from a list of commercially licensed business data. Local restaurants include all dining establishments that are labeled as non-chain.

Each of these factors was weighted equally, and the cities with the best overall score were determined to be the best cities for chefs.

Source: rent.com

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Broker, Credit Report Fee, Flip and Bridge Products; TPO News

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Broker, Credit Report Fee, Flip and Bridge Products; TPO News

By:
Rob Chrisman

Fri, Jan 19 2024, 11:02 AM

If you’re in Chicago, the newest attraction is “the rat hole.” Here in Denver, besides the cat I saw in the airport yesterday being walked on a leash, one attraction is the National Ice Core Lab, where, you guessed it, ice sample cores from all over the world are kept for research purposes at temperatures even colder than those outside. It is around this time of year when plenty of people think about vacations or moving to warmer places… Like Phuket in Thailand. In 2023 it saw 6.24 million airport arrivals, up 88 percent from 2022, and the real estate market is booming. The island has 26 beaches and a population of 420,000. Phuket is trying to move away from over-reliance on tourism by simply selling to wealthy outsiders, often Russians: 27,000 Russians have moved to Phuket in the past 12 to 18 months, fueling a development boom. Follow the money, right? Today’s podcast can be found here, and this week’s is brought to you by nCino, makers of the nCino Mortgage Suite for the modern mortgage lender. nCino Mortgage Suite’s three core products (nCino Mortgage, nCino Incentive Compensation, and nCino Mortgage Analytics) unite the people, systems, and stages of the mortgage process. Today’s features an interview with Polunsky Beitel Green’s Marty Green on mortgage spreads, why 2024 is a year of transition in the mortgage industry, and potential ramifications of NAR lawsuits.

Lender and Broker Services, Products, and Software

Anchor Loans Launches TPO Broker Channel for Flip, Bridge, New Construction and Rental Investment Financing! With so many banks and private lenders scaling back on fix and flip and construction lending, house flippers and builders are turning to mortgage brokers and other intermediaries to help identify reliable sources of capital. National private lending leader Anchor Loans has stepped up to launch a new Third-Party Originator (TPO) Broker Channel to serve loan brokers and other third-party originators whose clients are the real estate investors and developers building and refurbishing homes for America’s buyers and renters. With 25+ years in business, $14B+ in loans funded to date and expert teams lending in 48 U.S. states, Anchor offers flexible loan programs, experience-based pricing, $100k to $10MM loan amounts, fast funding, and a speedy draw process. Mortgage brokers and loan originators can learn more here.

Lenders across the country are still looking for ways to cut costs without sacrificing revenue. Start off easy with collecting credit report fees upfront. Fee Chaser by LenderLogix makes it as easy as clicking a button… literally.

Rocket Pro TPO’s recent IGNITE Live showcased a powerful line up of new product & technology solutions designed to help broker partners exceed expectations with clients and outpace its competition. If you missed it, check it out here. Mike Fawaz, Rocket Pro TPO’s EVP reminded the audience of the benefits of the lender’s free credit report offer. He also featured Product Compare, an innovative new tool available from Pathfinder by Rocket. This platform enables partners to quickly and easily identify the ideal mortgage products for every client scenario. Also, the lender introduced a special discount for partners using Mobility Market Intelligence (MMI): a leading real estate and transaction database that will immediately impact broker’s business strategies. Be sure to review the IGNITE Live video for many other updates and special offerings. Interested in learning more about a Broker or Non-Delegated Correspondent partnership? Contact Rocket Pro TPO to learn more.

Wholesale and Correspondent News

A&D Mortgage launched its innovative ITIN Mortgage Program, designed to extend homeownership opportunities to a broader community. This groundbreaking initiative offers mortgage solutions to individuals who possess an Individual Taxpayer Identification Number (ITIN) but do not have a Social Security number, thereby catering to a previously underserved market. Tailored to meet the diverse needs of borrowers, ranging from first-time homebuyers to those seeking to invest in property, there are several attractive features such as eligibility for borrowers with minimum FICO score of 660 for Super Prime loans. A DSCR (Debt Service Coverage Ratio) option is available for applicants with a minimum FICO score of 700.

Discover more information about the ITIN Mortgage Program and other services offered by A&D Mortgage.

United Wholesale Mortgage (UWM) announced that it will sunset the name of its consumer-facing website, FindAMortgageBroker.com, and replace it with Mortgage Matchup. “Mortgage Matchup will continue to be a consumer-facing website geared toward homebuyers and real estate agents and will offer both educational material around the homebuying and refinancing processes, along with a searchable database of independent mortgage brokers near them. The goal is to connect this audience with a local mortgage broker in their area and they understand the vast array of loan options available to them based on their specific financial situation.”

According to IHDA, nearly 10 percent of all first-time homebuyers use IHDA Mortgage products to help receive the additional leverage needed to bridge the gap of homeownership. An IHDAccess Forgivable loan is for both first-time and repeat homebuyers and offers a very competitive interest rate to help keep costs down over the length of the mortgage. IHDAccess Forgivable highlights include 4 percent of the purchase price up to $6,000 in assistance for down payment and closing costs, forgiven monthly over 10 years and does not have to be repaid. 30-year, fixed rate mortgage with an affordable interest rate. Available to first-time and repeat homebuyers statewide. Interested homeowners can learn more about IHDAccess Forgivable and eligibility requirements by contacting any INB mortgage lender.

Rocket Pro TPO, the wholesale arm of Rocket Mortgage, has just announced updates to its ONE+ program aimed at making it easier for prospective homeowners to obtain a low-down-payment conventional mortgage. ONE+ allows buyers to make a down payment of as little as 1 percent of the home’s purchase price. The program now includes Freddie Mac’s Loan Product Advisor. Use of the automated underwriting system could increase buyer eligibility by 16 percent, Rocket Pro TPO executive vice president Mike Fawaz said in a recorded statement.

Angel Oak Mortgage Solutions DSCR Loan (Investor Cash Flow) program has been enhanced to accommodate an impressive 85 percent Loan-to-Value (LTV). Loan highlights include Purchase Only, Minimum DSCR 1.00. SFR, PUD, Condo, Multifamily 2 – 4 units. ​Minimum loan amount $150,000, Maximum loan amount $1 million, and minimum FICO 720.

Plaza Home Mortgage® is kicking off the New Year with improved updates to its Solutions Non-QM, DSCR, Jumbo AUS 1 and Jumbo Champion loan programs. Details are available in the updated Solutions Non-QM Program Guidelines, DSCR Investor Solutions Program Guidelines, Jumbo AUS 1 Program Guidelines, and Jumbo Champion Program Guidelines.

Citizens Correspondent National Bulletin 2024-01 includes information on Conventional Conforming Products- FNMA- Income Calculator, FNMA- Restricted Stock Income Units, Non-Taxable Income-DU, LPA Cash-Out Occupancy and Condo Eligibility, VVOE Alternatives – DU and LPA, FHA and VA Loan Limits- AUS update, USDA Product Update, Secondary Marketing Contact Info and Disaster Tax Filing Relief. See the bulletin for additional information and all lock, delivery, and purchase by dates, if required.

The average annual number of business applications rose to 4.9 million between 2020-2022. This is an 89 percent increase compared to 2005-2016. This strong and steady market of non-traditional, high-quality borrowers presents a clear opportunity for Non-QM program options. How to capitalize on this growing segment of borrowers? Angel Oak Mortgage Solutions range of products for self-employed borrowers can help you unlock this market. Bank Statement Mortgage, 12- or 24-months business or personal bank statements, Profit and Loss (P&L) statements are a valid form of income verification, non-permanent residents allowed, ​​​Closed End Second Mortgage, Borrowers receive a lump-sum payment, no restrictions on how borrowers can use the funds. Owner-occupied, second homes, and non-owner occupied.

Capital Markets

Economic data yesterday held some good news for U.S. consumers, with signs of improvement in the job market and some relief on mortgage rates. Initial jobless claims (187k) fell to the lowest level in over a year, a bigger drop than any forecaster expected. After two weeks of increases, mortgage rates fell to the lowest level in eight months, per the latest Freddie Mac Primary Mortgage Market Survey. For the week ending January 18, the 30-year and 15-year mortgage rates fell 6 basis points and 11 basis points to 6.60 percent and 5.76 percent, respectively. Both rates have fallen more than 100 basis points from the October highs. (Unfortunately, the more timely data already shows rates moving quickly higher – MND)

LOs looking for an increase in inventory in homes for sale aren’t seeing much help from builders. The overall direction of economic data recently has given Fed officials some cover to maintain their “hawkish” rhetoric. That is of little comfort to homebuilders, evidenced by housing starts falling in December for the first time since August. Housing starts showed a smaller than expected decrease in December (actual 1.460 million, expected 1.417 million).

There’s historically been theory that “an enemy of my enemy is my friend.” We’ll see. Something to keep an eye on is an expanding conflict in the Middle East. Pakistan’s military carried out targeted strikes against militant hideouts in Iran on Thursday, responding to an attack by Tehran a day earlier. Historically strife around the world leads to a flight to quality and the buying of U.S. fixed income securities. Now, not so much.

Today’s economic calendar sees some key data later this morning with existing home sales for December, a preliminary January look at Michigan sentiment, November TIC data from the U.S. Treasury, and remarks from Fed Vice Chair of Supervision Barr and San Francisco Fed President Daly. We begin the day with Agency MBS prices roughly unchanged from Thursday’s close and the 10-year yielding 4.12 after closing yesterday at 4.14 percent on little financial news.

Employment

Logan Finance Welcomes Paul Jones as SVP, Business Development! Logan Finance is happy to announce that Paul Jones has joined the organization as SVP, Business Development. “Paul is an industry giant with an uncanny ability to identify and develop winning strategies and educate the industry on the benefits and opportunities within Non-QM. We’re thrilled to have Paul join the team”, said Logan’s Chief Revenue Officer, Aaron Samples. Paul Jones has spent 30 years in Operations and Sales and he’s developed a methodology for parlaying the many aspects of Non-QM into a cohesive strategy for Account Executives and Originators. This strategy is instrumental in scaling Non-QM production, expanding referral sources, and refining customer outreach. “The spotlight is on the world of Non-QM right now, and I’m ready to help focus that spotlight on Logan,” Paul said. “We have a lot of things in play for 2024, and I’m looking forward to contributing to Logan’s exciting future.”

“Primis Mortgage was born out of a belief that we, as an industry, can do better. We decided that to do this, we needed to act like an Independent Mortgage Bank, but leverage the stability and resources of a traditional bank. And the results speak for themselves. We saw a 107 percent increase in funded loans from 2022 to 2023, and while most companies were cutting back, we decided to step up: increasing our sales staff by 160 percent in that same time period. Primis Mortgage is a place where proven all-stars come to win. Our in-house support staff averages just 22 days from ITP to Docs Out, and leadership constantly motivates and educates our loan officers to strive for continued growth. If you’re a highly-successful loan officer ready to take your career to the next level, reach out to Chris Blevins, National Sales Director.”

Last week, Sales and Operations leadership from both the Lower and Thrive Mortgage teams got together in Columbus, OH to collaborate and discuss the way forward. Not just for the merger between the two entities, but what they see for the industry. After two days together, the response was clear… this is a powerful move for both companies. The game-planning, engagement with new colleagues, and enthusiasm continues to grow as each side returned to share what they’d learned. Above all else, the most commonly referenced statement was, “It felt like we’ve known each other for years.” Ready to find out what the insiders already know? Let’s talk about how you can Thrive with Lower.

A well-capitalized IMB, based in the NJ/PA tri- state market, is seeking Loan Officers, Sales Teams, or possible acquisition opportunities of small to midsize IMBs in NJ, NY, CT, FL, PA, while expanding in MD, DC, VA, NC and SC. The IMB’s focus is a highly personable and high touch experience for LOs and Realtors. Organizationally lean, very competitive pricing, a wide array of products, and much higher LO Comp than what is offered by other larger IMBs. The focus is to attract serious loan officers who want an unparalleled service, where your voice matters and you have a seat at the table in growth. If interested, message Chrisman LLC’s Anjelica Nixt for a confidential discussion.

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Source: mortgagenewsdaily.com

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Hedging, Servicing, Fulfillment, Non-QM Products; Senators, The CFPB, and Navy Federal

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Hedging, Servicing, Fulfillment, Non-QM Products; Senators, The CFPB, and Navy Federal

By:
Rob Chrisman

Wed, Jan 17 2024, 11:20 AM

Today I am in San Diego for the SD CAMP event. At the same latitude, a poll was taken by Texas Governor Greg Abbott’s office which asked whether people who live in Texas think illegal immigration is a serious problem. 29 percent of respondents answered: “Yes, it is a serious problem.” 71 percent of respondents answered: “No es una problema seriosa.” (Did you know that Texas even has its own pledge of allegiance?) Politics aside, Texas is home to many lenders. And many hotels. Marriott certainly has the business travel market dialed in, but just six companies in the United States control 80 percent of branded hotels, and two companies (Choice Hotels and Wyndham) may merge giving us five. Choice owns Radisson, Quality Inn and Econolodge brands; Wyndham owns Ramada, La Quinta, Days Inn, Super 8, and Howard Johnson. If a takeover/merger occurs, 16,500 hotels and 46 brands will be run by a single entity. Yikes! Today’s podcast can be found here, and this week’s is brought to you by nCino, makers of the nCino Mortgage Suite for the modern mortgage lender. nCino Mortgage Suite’s three core products (nCino Mortgage, nCino Incentive Compensation, and nCino Mortgage Analytics) unite the people, systems, and stages of the mortgage process. Today’s features an interview with nCino’s Pam Faulkner on a topic that every mortgage lender has to contend with: change management.

Lender and Broker Services and Software

Short-term rental analysis product announcement! Opteon AMC, a top nationwide appraisal management company (AMC), announced its pioneering Short-Term Rental Analysis (STRA) product last week. The first of its kind on the market, Opteon collaborated with AirDNA, a leading short-term rental (STR) data and analytics provider, on this innovative tool set to revolutionize how non-QM lenders assess properties for STR investment. It will equip lenders with accurate rental potential, occupancy rate predictions, market trends with comparables, and an expert appraiser analysis. This appraiser-approved Short-Term Rental Analysis replaces the existing 1007 form which, while widely used, falls short in addressing the unique dynamics of STR investments. Opteon and AirDNA partnered together to create a simple, comprehensive solution that promises to reshape the appraisal process for STRs. This product is exclusively available to Opteon customers as of January 8, 2023. To learn more, visit: www.opteonusa.com or contact [email protected].

“FundingShield, the market leader in wire & title fraud prevention, released its Q4-2023 report showing an all-time high 51.8 percent of transactions had deficiencies. During Q4-2023, 49.23 percent of transactions had CPL issues, 7.6 percent had CPL Validation issues and 8.45 percent had increased Wire risks. This increase highlights ongoing cybersecurity challenges such as Business Email Compromise (BEC) events and phishing attacks. “Cyber-Breach Events at First American and Fidelity National Financial are driving additional demand for funding controls, cyber-security defenses and closing-agent vetting as auditors, regulators or investors ask for evidence of controls. Our tech-driven solutions to manage payment risk, vendor selection, live monitoring of service providers and more are addressing these needs with customized solutions. These sophisticated, intentional acts of cybercrime create financial losses within impacted firms and threaten enterprise valuations of listed public firms. This creates additional motivation for short players who are looking to express their negative view in free markets,” shared Ike Suri, CEO. Contact us for demos and free trials.”

“Increase your company’s pipeline and margins with Non-QM loans through Verus Mortgage Capital. The Mortgage Bankers Association (MBA) forecasts mortgage originations to increase to $2 trillion. With mortgage rates expected to stabilize through the end of the year and the possibility of a Fed interest rate cut soon, the stage is set for growth. Give your production pipeline an extra boost by adding Non-QM loans. Now’s the perfect time to partner with Verus, the nation’s largest issuer of securitizations backed by non-qualified mortgage (Non-QM) loans. We offer flexible non-agency loans for property investors, foreign nationals, and many others. Navigate the evolving landscape with confidence, backed by our Non-QM expertise. We’re not just a solution, we are your key to unlocking new opportunities. To learn more, contact Jeff Schaefer, EVP – National Sales or 202-534-1821.”

“Wholesale lending is more competitive than ever. These lenders are competing to win a shrinking volume of loans, fighting for attention among a sea of loan originators. Giant lenders are brandishing technology tools that only the giants can afford and using them to shoulder out smaller competitors. But as the market thaws and lenders find firmer footing, there’s an opportunity to fight back. Join our webinar, ‘Mastering the Art of Mortgage Broker Engagement’ on January 24th at 10 am PST to learn best practices and strategies that wholesale lenders are using to thrive in the TPO market. This webinar will show you proven tactics and technology tools that are helping wholesale lenders create efficient sales processes that are both scalable and effective. Click here to register for the webinar and gain insight on an origination channel that needs more attention.”

Save over 20 percent on costs and gain valuable flexibility with outsourced loan fulfillment. Maxwell’s on-demand underwriting provides the agility lenders need to scale their fulfillment expenses in proportion to loan volume. With direct integration to your LOS, Maxwell’s experienced onshore team of underwriters provides a seamless, fast, and cost-effective experience. Plus, you’ll be able to maintain your operations even during gaps in in-house coverage, ensuring an uninterrupted workflow no matter the market conditions. To learn more about Maxwell’s on-demand underwriting and other fulfillment services, click here or schedule a call today.

Servicing Assistance and Software

“LoanCare®, a top U.S. mortgage subservicer, has re-imagined the homeowner digital experienced with our newly re-engineered and re-designed homeowner website: myloancare.com. Powered by LoanCare’s own proprietary software, our consumer digital experience is a fully white label capable platform designed to help you maximize your brand, recapture customers, and build lasting relationships. Frictionless functionality coupled with advanced security features, intuitive design, and comprehensive line of sight into the homeowner experience mean our clients are in the driver’s seat managing their portfolio from every angle. And did we mention? The site is available in both English and Spanish! Contact us to learn more today.”

“Delivering the Best Homeowner Experience! Cenlar is more than just a mortgage subservicer. We strive to be our clients’ trusted partner each and every day. And a big part of that is how we care for our clients’ homeowners. A home is most likely someone’s largest asset. That’s why we continue to deliver industry-leading subservicing solutions that offer the very best experience for our clients and their homeowners. Whether that’s the regular cycle of onboarding, escrow, monthly payments and year-end or challenges facing homeowners like natural disasters, we are responsive, anticipatory and always caring. Let’s discuss how Cenlar can meet the mortgage servicing needs of your organization. Call 1-888-SUBSERV (782-7378) or visit here. We want to be your trusted partner, each and every day.”

Monitoring the State of the Markets

To me, and many that I speak with, the lending biz has continued to be quiet after the flurry of activity in November. But that is just a feeling that I have. There are groups that actually provide a quantitative analysis of what is going on. Glancing around the biz…

A group of U.S. senators are calling on the Department of Housing and Urban Development (HUD) and the Consumer Financial Protection Bureau (CFPB) to review the gap in mortgage approval rates between white applicants and Black and Hispanic applicants at Navy Federal Credit Union.

Optimal Blue announced the release of its Originations Market Monitor report, looking at mortgage origination data through December month-end. Leveraging daily rate lock data from the Optimal Blue PPE, the industry’s most widely used product, pricing, and eligibility engine, the Originations Market Monitor provides a comprehensive and timely view into origination activity.

The latest ICE Home Price Index data for November 2023 showed continued home price growth resiliency, rising demand, and falling 30-year rates provided some affordability relief. ICE Vice President of Enterprise Research Andy Walden explained, “In simple dollars and cents, it requires $279 less per month to purchase the median priced home when compared to late October. Given that improvement, it’s no surprise mortgage applications have risen in recent weeks, hitting their highest adjusted levels since early September.” Annual home price growth rose to +5.1 percent in November, up from a revised +4.5 percent in October, as momentum from early year increases. On a non-adjusted basis, home prices fell by -0.46 percent in the month, but when adjusted for seasonality prices were up +0.14 percent, slightly above October’s +0.09 percent. While home affordability remains a significant challenge, falling rates in recent weeks. Due to the holidays ICE Mortgage Monitor will not publish a report in January. Reports for previous months are available online at https://www.blackknightinc.com/data-reports/. The next ICE Mortgage Monitor will be published February 5, 2024.

Capital Markets

“As a secondary marketing professional, your top priorities are managing interest rate risk and maximizing loan sale execution. But when’s the last time you stopped to consider whether your hedging software helps you achieve those goals? Optimal Blue offers the most comprehensive hedging solution in the industry, complete with exclusive API connections to the Optimal Blue PPE and aggregator bulk-bidding via the CompassPoint buy-side bid tool. This powerful combination provides you with the most accurate price discovery to drive your front-end pricing, mark to market, and best execution. Plus, optimization tools and bulk bid/AOT functionality help you squeeze every basis point out of your loan sales. Optimal Blue sets itself apart when it comes to managing risk through precise valuation and fallout modeling, use of spec pay-ups and spec durations, real-time MSR values, and much more. Contact our team to learn what this can mean for your business.”

As investors returned from a three-day weekend, corporate earnings were in focus to open the trading week. There was some optimism amongst market participants about the economy as Goldman Sachs and Morgan Stanley reported better than expected results for Q4. However, a strong economy means that the Fed is less likely to cut rates as soon as investors are predicting. Market expectations are still for up to six cuts in 2024. Fed Governor Waller yesterday urged caution for central bankers when the time comes to lower rates. He said that the U.S. central bank should take a cautious and systematic approach when it begins cutting interest rates, a process that can start in 2024 absent a rebound in inflation.

The U.S. economy continues to be resilient, with robust consumer spending. While 2024 started with expectations that inflationary pressures around the world were abating, higher military spending due to various global conflicts as well as rising healthcare costs may lead inflation to be stickier and rates to be higher than markets expect. An escalation in geopolitical tensions in the Middle East, more from incidents in the Red Sea than the war in Gaza, has introduced added costs of recalibrating shipping routes and upward pressure on energy prices. That, along with an economy fueled by large amounts of government deficit spending and past stimulus makes for a thorn in the side of central banks around the globe trying to bring inflation down.

Today’s busy economic calendar began with mortgage applications increasing 10.4 percent from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending January 12, 2024. Last week’s results included an adjustment to account for the New Year’s holiday. Another increase was expected after the year-end slowing, while the 10-year yield fell 9 basis points during the reporting period with 30-year mortgage rates following suit.

Markets have also received retail sales for December (+.6 percent, also +.6 percent ex auto and gas) and import prices (flat). Later today brings Redbook same store sales, industrial production and capacity utilization for December, November business inventories, the NAHB Housing Market Index for January, a $13 billion Treasury auction of reopened 20-year bonds, and the latest Beige Book from the Fed. Three Fed speakers are scheduled: Vice Chair for Supervision Barr, Governor Bowman, and New York President Williams. We begin the day with Agency MBS prices worse .125-.250 from Tuesday and the 10-year yielding 4.11 after closing yesterday at 4.07 percent after the strong retail sales figures.

Employment

A trillion dollars in credit card debt. That’s A LOT and it’s what Americans currently owe.* The good news? There’s something you can do about it. With access to a wide variety of loan products, you can help your borrowers and boost business while you’re at it. The ability to shop hundreds of loan options with dozens of lenders means you can: * help your clients consolidate debt* and *get creative with home financing so they can reach their homeownership goals.* So, how do you get all this access? By joining your local Motto Mortgage office. Motto Mortgage brokerages are hiring talented loan originators in: AK, AZ, CA, CO, CT, FL, GA, ID, IL, IN, KS, KY, MA, MI, MN, MO, MS, NC, NJ, NM, NV, OH, OK, OR, PA, SC, TN, TX, UT, VA, WA, WI. More of a “make it happen” kind of LO? Schedule a chat to learn about joining Motto HERE.

The Association of Independent Mortgage Experts (AIME) and its advocacy group and political action committee, Broker Action Coalition (BAC) and BACPAC announced they are acting independently (AIME focuses on member services and BAC on advocacy initiatives) and AIME’s CEO Katie Sweeney will be stepping down at the end of March from her current role to lead BAC full time. “AIME has been the backbone of the independent mortgage broker community since 2018, and that’s not going to change,” stated Marc Summers, President of AIME. Along with Sweeney, BAC’s leadership will include former AIME President of Advocacy Brendan McKay who will focus on growing the advocacy network’s members, donors, and programs as the co-founder and Chief Advocacy Officer. Congratulations!

Ranieri Solutions, which has been developing a platform to address the antiquated state of mortgage servicing technology, today announced the appointment of Rob Lux as its Chief Executive Officer to spearhead the company’s go-to-market efforts for its cloud-native servicing platform. The addition of a new CEO is coupled with the recent announcement of a partnership with SAP Fioneer. (The Ranieri platform’s standout feature is its elegant, uniform core and modern user interface which we believe will lower the risk of misconfiguration and incompatibilities. Servicers need the agility to quickly respond to industry changes and seize market opportunities. This modern cloud-based platform was built from the ground-up with servicers in mind.)

The Mortgage Firm announce the promotion of Sheri Nedley to the position of Chief Operating Officer. With a remarkable journey spanning 25 years at the company, Nedley’s promotion is a testament to her exceptional leadership and dedication with time spent as Closing Manager, SVP of Operations, and Head of Capital Markets. As COO, Sheri will oversee the company’s day-to-day operational strategies, aiming to enhance customer experience and drive sustainable growth. Her focus will be on leveraging technology, optimizing operational processes, and nurturing a culture of excellence within the organization.

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

Source: mortgagenewsdaily.com

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Servicing, Jumbo, Appraisal, HELOC Products; CA ADU News; Why Extensions Cost Money; Recruiter Interview

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Servicing, Jumbo, Appraisal, HELOC Products; CA ADU News; Why Extensions Cost Money; Recruiter Interview

By:
Rob Chrisman

2 Hours, 29 Min ago

“I’m supposed to respect my elders, but now it’s getting harder and harder for me to find one.” Gradually it’s becoming harder and harder to find a bank that does loans outside of its footprint. Finding people in their late 30s or 40’s is not hard: The median age in the United States is 38. There are plenty of people in our industry in their 40s. You know, the 40s… when you’re like an iPhone 6: you don’t have all the features of the newer models but you’re dependable and affordable. While we’re on ages, yesterday a few folks pointed out that Happy Days first aired on ABC (remember network TV?) fifty years ago yesterday. (It went for 10 years until July 1984.) The show was “set” in Milwaukee but filmed in California which accounts for 20-25 percent of residential loan production and is in the news for its ADU policy. (More below.) Today’s podcast can be found here, and this week’s is brought to you by nCino, makers of the nCino Mortgage Suite for the modern mortgage lender. nCino Mortgage Suite’s three core products (nCino Mortgage, nCino Incentive Compensation, and nCino Mortgage Analytics) unite the people, systems, and stages of the mortgage process. Today’s features an interview with recruiter Brianna King on how job candidates can separate themselves from their competition and common résumé faux pas.

Lender and Broker Services and Software

Spring EQ, ranked as the #1 non-bank and #6 overall home equity lender according to reported data from Bankrate (based on statistics from Inside Mortgage Finance,) knows money can be tight after the holidays. Now is the time to assist your borrowers in tackling their seasonal debt! Spring EQ’s fixed-rate home equity loans and adjustable-rate HELOCs (3yr & 10yr) can help your borrowers get the cash they need without refinancing a low first mortgage rate. Need pricing for a loan? Try Spring EQ’s quick Pricing Calculator and get multiple options in seconds! And with Spring EQ, you can earn up to 2.5 percent in broker compensation on HELOCs and HELOANs. Start 2024 off right and join today’s webinar, which will review the many reasons borrowers want to tap their home equity. Think of Spring EQ first for all your seconds. Become a partner now or contact your Account Executive today.

At this point, the phrase “appraisal modernization” is nothing new, but does it make sense? Are you lost in a jargon jungle, unsure what it means for you? This free webinar recording, “Decoding the Modern Appraisal,” clears the fog and equips you with the knowledge to navigate all things appraisal modernization. Consider it your modern appraisal masterclass, your go-to guide. Industry experts like Scot Rose from Class Valuation, Rachel Robinson from Rocket Mortgage, and Julie Giesbrecht from the FHFA answer your toughest questions like: How are lenders utilizing modern appraisal options? What are the real-world results and benefits of these efforts? How do modern appraisals combat bias? What does the property data collection process look like? And more! Get ahead, get informed, and unlock the secrets of appraisal modernization. Click here to watch and navigate this ever-evolving landscape with confidence!

“Discover your secret weapon in today’s mortgage market: the Lakeview Correspondent Team. In an era where reliable partners are vital, our Correspondent team stands out, providing solutions that enable mortgage lenders to not just compete, but thrive. With the Bayview Non-Agency Product Suite, including Bank Statement, DSCR, and Prime Jumbo ARM’s programs, among others; lenders are equipped with the innovative products necessary to pave a successful path into 2024 and beyond. Don’t be left behind: contact our Regional Business Development professionals today and set your team up for success.”

Servicing Assistance and Software

“Can digitization change the customer experience in 2024? Absolutely! Ask yourself if your potential and existing customers can access the information, decision-making, and results they need 24/7, real-time, and from any device? This is the expectation. Regretfully, many servicers have limited capabilities in this area, and past industry volatility may have impaired your organizational capacity to meet the needs of today’s customers. However, bridging the gap between current functionality and delivering a digital experience doesn’t have to be daunting. Our recent blog, “Break the Rules: Reimagine a Digital Customer Experience in 2024,” explores how digital capabilities can be readily incorporated into your existing processes, delivering innovation, self-serve access, dynamic results, operational efficiencies, cost savings, and more. Want to see how? Meet us in Orlando for MBA’s Servicing Solutions Conference & Expo. A reimagined digital customer experience starts with a better approach, better results, and better software. CLARIFIRE®, truly BRIGHTER AUTOMATION®.”

MBA’s Servicing Solutions Conference and Expo is around the corner, which means it’s almost time for Martini Hour. Servbank, the nation’s premier bank subservicer, and Auction.com are hosting a martini hour that promises to shine and be as lively as the city of Orlando. Indulge in martini flights and delicious food while enjoying the company of friends. The martinis begin flowing on Wednesday, February 21, between 5-9PM ET, at Blue Martini, 9101 International Dr #1182, Orlando, FL 32819. RSVP here. No time for martinis? Meet Servbank, the nation’s premier bank subservicer, at booth #601 or set up some time to connect by emailing us.

When your customers are hit by a natural disaster, they can find themselves face-to-face with financial challenges they never would have expected. And since experts predict the number and intensity of natural disasters will only increase, servicers need to rethink how they help homeowners, before the next crisis hits. After all, ICE data shows that most borrowers in forbearance after disaster events ultimately return to performing status. And what’s more, a multi-year analysis revealed that access to self-service technology may help more borrowers stay in their homes during periods of financial hardship. Read more in ICE’s complimentary case study, “Helping Homeowners in Times of Financial Hardship.”

ADUs: As California Goes, So Goes the Nation?

Are you ready to lend on them? AB-1033 gives California cities the option to allow homeowners to sell their ADUs separately from the main house. Accessory dwelling units, also referred to as ADUs and “granny flats,” have been available in California only as rentals. But the new law, Assembly Bill 1033, is giving Californians the opportunity to buy and sell them as condominiums.

California MBA CEO Susan Milazzo sent me a note yesterday. “The California MBA monitored AB 1033 throughout 2023 and worked to ensure certain amendments were taken to address mortgage industry concerns. Specifically of concern was whether the ADU sale would impact the mortgage note on the primary property. Eventually amendments were taken to include that the country recorder cannot record the separate ADU/condominium with the consent of all lien holders, which addressed our major concerns and allowed us to remove our opposition.”

Lenders and property owners across the nation that ADUs come in all shapes and sizes, like converted garages, a small structure in the backyard, or, as often seen in San Francisco, an unused portion of the main house.

Assemblyman Phil Ting (D-San Francisco) drafted the legislation where property owners in participating cities will be able to construct an ADU on their land and sell it separately, following the same rules that apply to condominiums. It gives homeowners more options for building on their property, and “the hope is, it would create more homeownership,” said Ting.

As with new condominiums, homeowners building ADUs must notify the local utilities, including water, sewer, gas and electric, of the creation and separate conveyance of the unit. The main residence and the ADU will have two different property taxes. Each property will also have to form a homeowner’s association to assess dues to cover the cost of caring for the property’s exterior and shared spaces, such as the driveway, a pool, or a common roof.

California, however, is not the first. Selling ADUs as condominiums is having success in places such as Oregon, Texas, and Seattle, primarily to friends or family members. When Seattle removed regulatory barriers that discouraged property owners from constructing ADUs in 2019, the city issued nearly 1,000 ADU permits, more than four times the number permitted in 2018. In 2022, the city permitted 437 attached ADUs and 551 detached ADUs, which it referred to as backyard cottages. Just under half were on sites with multiple ADUs and one-third were part of a development that included a new single-family residence and sold mostly between $500-800k.

The law, with the backing of the California MBA, removes a state prohibition on the conversion of accessory dwelling units (ADUs) to condominiums. It ties in nicely with the FHFA’s goal of increasing the supply of affordable housing. “FHFA asked the Enterprises to review AB 1033 in the form passed by the California Assembly on May 31, 2023. Specifically, the bill’s proposed language related to the separation of an ADU, and lienholder consent (Section 2) does not appear to conflict with the current Selling Guides of either Enterprise.”

A letter sent to the FHFA, which oversees Freddie Mac and Fannie Mae, earned a response with, “Your letter requests a formal confirmation regarding the Enterprises’ policies for purchases of loans on 2-to-4-unit condominium projects, including projects that were previously single-family homes with an ADU that are converted to condominiums. Information about the Enterprises’ current policies for condominium projects can be found through these links: Fannie Mae Selling Guide Section B4-2.1-01, General Information on Project Standards, Fannie Mae Glossary 2-to-4-unit Condominium Project Characteristics, Freddie Mac Selling Guide Section 5701.2 Condominium Project Review and General Condominium Project Eligibility, and Freddie Mac 2-to-4-unit Condominium Projects.

Capital Markets

For MLOs who locked their borrowers at the lows, I continue to be asked about why extending a rate lock, if even for a few days for something beyond the control of the borrower, costs money. The cost to extend a best-efforts lock reflects the cost incurred by Secondary Marketing to move the corresponding hedge to reflect the new closing date. It’s an easier concept to understand if you acknowledge the inequity of hedging a mortgage pipeline: best efforts locks, which may or may not close, are given for FREE to Loan Officers, then hedged with mandatory security instruments. When a lock extension is granted, the hedge needs to reflect the change in delivery dates.

For example, when a loan comes in with a 45-day lock, your hedge model will pull from your LOS the estimated closing date, to best execute that loan for delivery into the secondary markets. In the process it determines what month security needs to be sold to off-set the 45+ days of interest rate exposure that loan will incur. If that 45-day lock was taken out January 2nd, with an February 15th estimated funding, a February security would probably be sold as the hedge instrument; a ‘only 7 days’ extension might just mean that loan now best executes into a March commitment, meaning you now must buy-back your February coverage, and sell a March security to match the new closing date. This “roll,” from a front month security to a “back” month, has a transactional cost. Much of the fee charged to extend a loan with your secondary group reflects this cost.

In the next four days we’ll have some Fed surveys, retail sales, import prices, housing-related data, and Michigan sentiment on Friday. Besides bills, Treasury supply consists of $13 billion reopened 20-year bonds on Wednesday and $18 billion 10-year TIPS on Thursday. But today there isn’t much to move rates (NY Fed manufacturing for January, Fed Governor Waller speaking, the Treasury auctioning off $75bn of 3- and $68bn of 6-month bills followed by $70bn 42-day CMBs at 1:00pm, and some bank earnings). Last Friday the U.S. 10-year T-note closed yielding 3.95. This morning it’s at 4.01 while current coupon Agency MBS prices are worse by about .250. (The 2-year is at 4.20.)

Employment

A well-capitalized IMB, based in the NJ/PA tri- state market, is seeking Loan Officers, Sales Teams, or possible acquisition opportunities of small to midsize IMBs in NJ, NY, CT, FL, and PA, while expanding in MD, DC, VA, NC, and SC. The IMB’s focus is a highly personable and high touch experience for LOs and Realtors. Organizationally lean, very competitive pricing, a wide array of products, and much higher LO Comp than what is offered by other larger IMBs. The focus is to attract serious loan officers who want an unparalleled service, where your voice matters and you have a seat at the table in growth. If interested, message Anjelica Nixt for a confidential discussion.

“Sagent named #32 on Builtin’s best remote places to work! Sagent is proud to share our recognition from BuiltIn’s 2024 Best Places to Work awards. Securing positions as 32nd among Top 100 U.S. Remote Companies and 76 among Best Mid-Size Companies in the US, this achievement is not just ours, but a direct result of our dynamic team of talented associates who live our values of relevance, reliability, and relentlessness and exemplify intentionality in fostering this cohesive culture in a fully remote setting. Read the blog to learn more here, and we’re hiring! If a dynamic, remote-first culture sounds like your style, head on over to our Careers page to see if there’s a good fit. Come be a part of the best team in fintech that’s building the future of servicing.”

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

Source: mortgagenewsdaily.com

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The Capital One Venture X Rewards Credit Card is a travel credit card offering a long list of benefits for travelers. For the card’s $395 annual fee, you get a lot of perks — an annual $300 Capital One Travel credit, a 10,000-point anniversary bonus and Priority Pass lounge access, among other travel perks.

The card also offers several travel insurance benefits, which makes it a good choice for booking travel. Even if another card offers you more points, paying for travel with your Capital One Venture X Rewards Credit Card might make sense if the other card doesn’t have insurance and you want coverage.

Trip cancellation and interruption coverage

If you pay with the Capital One Venture X Rewards Credit Card you can be reimbursed up to $2,000 per person for any nonrefundable airline, bus, train or ferry tickets if your trip is canceled or cut short for an eligible reason. Only the cardholder, their spouse and any dependent children are covered.

🤓Nerdy Tip

The card’s included trip interruption or cancellation insurance doesn’t provide coverage for prepaid tours or hotel reservations.

The card’s plan only covers trip cancellation or interruption in two specific scenarios:

  1. The death, injury or illness of you or an immediate family member. 

  2. Financial insolvency of the common carrier, resulting in default.

If you have to cancel a trip or return home early for any other reason, this policy will not reimburse you the cost of your tickets.

How to submit a trip cancellation or interruption claim

Trip cancellation and interruption protections are managed by an external claims administrator, so you’ll need to work with them to process your request. Claims can be initiated by mail to the following address: CBSI Card Benefit Services; 550 Mamaroneck Avenue, Suite 309; Harrison, NY 10528.

Once you’ve initiated your claim, you’ll use the portal at www.myclaimsagent.com to upload documents and check the status of your claim. Note that you can’t initiate claims online.

You should submit your claim within 20 days of when the incident that cancels or interrupts your travel occurred. Once you’ve received the required forms from the benefits administrator, you’ll need to sign and return them, along with all necessary documentation, within 15 days.

Here are some of the documents you may be required to submit:

  • Copies of proof of cancellation from the common carrier, as well as an itinerary with the traveler’s names and ticket cost.

  • Document showing the common carrier’s cancellation policies.

  • A copy of your credit card statement, showing that the travel was charged to your card.

  • Confirmation showing the reason for the trip cancellation or interruption.

  • Other claim documentation, as requested by the benefit administrator.

Trip delay coverage

When you book your airline or other common carrier tickets with your Capital One Venture X Rewards Credit Card, you also receive trip delay coverage.

If your trip is delayed by more than six hours, or requires an unexpected overnight stay, you’ll receive up to $500 per eligible passenger toward any reasonable incurred expenses. This typically includes purchases like hotel accommodations, food, toiletries and other essentials.

Capital One offers trip delay coverage when you use credit card rewards for your travel or pay for all or part of the fare with your Capital One Venture X Rewards Credit Card. Plus, it covers you, your spouse and any children under 22 years of age.

How to file a trip delay reimbursement claim

Within 30 days of your trip, you’ll need to file a claim with the benefits administrator by filling out a form at www.eclaimsline.com or calling 800-825-4062. Be sure to save your receipts and get a statement from your carrier about the reason for the delay.

Here’s what you’ll be expected to provide with your claim:

  • A copy of your itinerary and common carrier tickets.

  • Your monthly billing statement, showing that your travel expenses were charged to your account.

  • A statement from your common carrier stating the reason for the delay.

  • Itemized receipts for expenses claimed.

Common carrier travel accident coverage

Even with careful planning, accidents can happen when traveling. If you’re injured (or worse) while traveling on a common carrier, you’re protected by up to $1,000,000 of travel accident insurance — as long as you charge your trip to your Capital One Venture X Rewards Credit Card. The coverage protects you against loss of life or specific, significant bodily injuries.

Capital One’s coverage is door-to-door as long as you’ve charged your common carrier fare to your card. This means you’ll be protected from your home all the way to your destination, including any travel by taxi, bus, ferry or other form of public transportation.

How to file a travel accident claim

If you need to file a claim under Capital One’s common carrier travel accident insurance policy, contact Broadspire, the claim administrator for this benefit. Broadspire’s contact information is as follows: Broadspire, a Crawford company; P.O. Box 459084; Sunrise, FL 33345. It can also be reached by phone at 855-307-9248.

During the claims process, you’ll need to fill out a form and provide the requested documentation and proof of loss.

Lost or damaged baggage coverage

When an airline loses or damages your luggage, you may receive some compensation, but it might not cover the total cost of your loss. If you’ve booked your trip with your Capital One Venture X Rewards Credit Card, its lost luggage coverage can make up the difference. This benefit will pay up to $3,000 per passenger to cover the difference between what the airline pays you and the value of your claim.

The lost luggage policy also covers carry-on baggage, but only in cases where it was damaged or mishandled by the common carrier.

How to file a lost or damaged baggage claim

Your first step when you have a lost or damaged bag is to submit a claim with the common carrier. Once you’ve done this, you should contact the benefits administrator at 800-825-4062 or file online at www.eclaimsline.com. You’ll need to do this within 20 days of the bag being lost or damaged.

You’ll also need to provide documentation, including:

  • A copy of your billing statement showing payment of the common carrier fare.

  • A copy of your common carrier ticket.

  • Evidence of any payment provided by the common carrier as a settlement of your baggage claim.

  • The declarations page of any other applicable insurance policies, plus copies of any settlements from them.

Rental car collision coverage

Rental car insurance, also known as an auto rental collision damage waiver, protects you against the cost of damage to or theft of a rental car.

As long as you charge the rental to your Capital One Venture X Rewards Credit Card and decline the rental company’s collision damage waiver agreement, you’ll receive reimbursement for the cost of theft or damage of the rental car. The coverage is primary and covers the actual cash value of the rental, up to $75,000 when the vehicle is new.

Capital One’s car rental insurance doesn’t cover liability — meaning if you damage property or injure someone with your rental car, they can still pursue a claim against you or your personal automobile insurance. Additionally, the coverage has some exclusions, including rentals in specific countries, antique and luxury cars, motorcycles, recreational vehicles (RVs) and cargo vans, among others.

The rental period cannot be longer than 15 days within your country of residence or 31 days outside your country of residence.

How to submit a rental car insurance claim

If you need to submit a rental car insurance claim, you’ll want to inform the benefits administrator as soon as possible — but no later than 45 days after the incident occured. As soon as you are aware of damage or theft, you should call the benefit administrator at 800-825-4062. You can also start your claim online at www.eclaimsline.com.

During the claim process, you’ll be required to provide documentation:

  • A copy of the rental company’s accident report form and the rental car agreement.

  • A copy of a repair estimate and itemized repair bill.

  • Photos of the damaged vehicle.

  • A police report, if available and/or applicable.

  • A copy of the letter from the rental agency showing what costs you are responsible for and what has already been paid.

Capital One Venture X Rewards Credit Card travel insurance recapped

The Capital One Venture X Rewards Credit Card offers a suite of travel protection benefits that can protect you when you’re on the road and encounter unexpected circumstances.

Be sure to read your card’s guide to benefits to understand important benefit limitations and exclusions.

How to maximize your rewards

You want a travel credit card that prioritizes what’s important to you. Here are our picks for the best travel credit cards of 2024, including those best for:

Source: nerdwallet.com

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If you’ve always dreamt about walking a mile in Tom Brady’s shoes, an opportunity just came up — but you’d have to pony up some serious cash to afford it.

A glam apartment at the Fendi Chateau Residences in Surfside, Florida that the former New England Patriots / Tampa Bay Buccaneers quarterback rented after his divorce from supermodel Gisele Bündchen landed on the market, looking for a new owner to enjoy its unobstructed ocean views.

As expected, it has a price tag worthy of its former occupant’s deep pockets: the Fendi Chateau unit is listed for a hefty $15,900,000.

But it comes with the added perk of owning a space that served as a bachelor pad for the NFL’s most decorated and accomplished players, not to mention a whole suite of luxury amenities and upscale finishes that the Surfside building has gained a reputation for.

Photo credit: Become Legendary courtesy of Compass Florida

Inside Tom Brady’s former apartment at the FENDI Chateau Residences

Tom Brady reportedly lived here right after his widely-covered divorce from Gisele Bündchen, with media outlets dubbing it the NFL superstar’s “bachelor pad”.

He rented it during his final year with the Tampa Bay Buccaneers before announcing his retirement (for a second time) in February 2023.

See also: Tom Brady’s & Giselle’s Custom-Built Home in Brookline, Massachusetts

The unit is one of only 58 residences in the luxury residential development — which sets itself apart from nearby Miami’s soaring skyscrapers, rising only 12 stories high and adding a note of boutique living to its appeal. Mendel Fellig with Compass Florida holds the listing.

Key facts & numbers

  • Location: 9349 Collins Avenue, Surfside, FL
  • Bedrooms: 3
  • Bathrooms: 4.5
  • Square footage: 4,103
  • Year built: 2016 (building)
  • Amenities: White glove service (including full beach service), in-house salon and spa, state-of-the-art fitness center, resident-only restaurant, kid’s club, and more.
  • Asking price: $15,900,000

“The condo offers a sanctuary of privacy and luxury, boasting unobstructed ocean and skyline views and a highly desirable flow-through layout,” listing agent Mendel Fellig tells us. “With only 58 units, the building ensures an intimate and exclusive living experience.”

Photos

Photo credit: Become Legendary courtesy of Compass Florida
Photo credit: Become Legendary courtesy of Compass Florida
Photo credit: Become Legendary courtesy of Compass Florida
Photo credit: Become Legendary courtesy of Compass Florida
Photo credit: Become Legendary courtesy of Compass Florida
Photo credit: Become Legendary courtesy of Compass Florida

With its many wellness-oriented amenities, the Surfside building is a great choice for athletes

While Tom Brady was undoubtedly the Fendi Chateau Residences’ most famous resident, the building is known for attracting top earners.

Current and former residents reportedly include UnitedHealthcare CEO, Claudio Lottenberg, Founder of Naturhouse, Felix Revuelta, Founder and CEO of E&M Management, Irving Langer, and Software Chief of Totvs, José De Lucena Cosentino.

And it’s easy to see why.

Talking about the many amenities Fendi Chateau residents enjoy, Fellig lists upscale features like “full beach service, in-house salon and spa, business center, movie theater, and a resident-only restaurant, creating a lifestyle of pure luxury. It’s easy to see why a celebrity may be captivated by the privacy, luxurious amenities, and the stunning ocean vistas that this property provides.”

Photo credit: Become Legendary courtesy of Compass Florida

Standing out in its long roster of amenities are the building’s many wellness-oriented perks, which make it a great choice for athletes.

“Fendi Chateau is the perfect haven for athletes, with a focus on health and wellness,” agent Mendel Fellig confirms.

“The residence offers a state-of-the-art fitness center, a rejuvenating sauna, an invigorating steam room and a private massage room. These amenities make Fendi Chateau the ultimate destination for athletes looking to maintain their physical well-being.”

“The in-house facilities offer a comprehensive approach to fitness and recovery, making it the top choice for athletes seeking luxurious living that caters to their health and fitness needs.”

So it wouldn’t be at all surprising to see another athlete taking up residence here. Who do you think that might be?

The article You can buy Tom Brady’s former Miami apartment – But it won’t come cheap first appeared on Fancy Pants Homes.

More stories

Where does Leo Messi live now? The soccer star’s Miami homes

A Jupiter, FL house across the waterway from Tiger Woods’ place sells for $15.4M

Mar-a-Lago neighboring mansion undergoing a massive renovation eyes $40 million sale

Source: fancypantshomes.com

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November home sales dropped from October levels, posting the lowest median sales price in eight months, according to the RE/MAX National Housing Report for November 2023. The report revealed the number of homes for sale also fell slightly.

Indicative of the usual year-end slowdown, home sales in November dropped by 9.8% compared to October and declined 6.5% versus the same period last year. This decline can also be attributed to rising interest rates most of this year and last. Interest rates have decreased over the last two months, which could result in more activity in the market.

The number of homes for sale changed slightly – dropping 1.6% from October and declining 2.6% compared to November 2022.

Across the 52 metro areas surveyed, homes sold for a median price of $405,000, which was $5,000 less than in October but $13,000 higher than in November 2022. New listings, though up 1.5% year over year, were down 19.1% from October.

Key Findings:

  • Homes sold were on the market an average of 40 days–four days longer than in October and one day more than in November 2022.
  • Homes sold in November for an average of 99% of the listing price–the same as in October and up from 98% in November 2022.
  • Months’ supply of inventory in November was 2.6, larger than 2.3 in October and 2.5 in November 2022.

“Although November results are in line with trends we’ve seen this year, there’s reason to think 2024 could be more active, especially with prices and interest rates coming down a bit recently,” said Nick Bailey, President and CEO of RE/MAX, LLC. “When we look at the national picture, it’s a collection of local snapshots, each with different conditions. As the report shows, new listings in a few markets, including Omaha and Orlando, were up more than 25% year over year, while they decreased in others. So, while the results tell an overall story, the key for homebuyers and sellers is to work with a local real estate agent who can speak to the unique local conditions.”

Steve Silcock, Broker/Owner of RE/MAX Heritage in Clermont, FL, said, “November inventory in the Orlando area increased for the sixth month in a row to bump up months’ supply to a level not seen since January 2019. But we are still well below what many consider to be a balanced market, and median home prices are down slightly. However, December activity to date looks promising, especially in our retirement markets, and considering the recent drop in interest rates and the change in tone from the Federal Reserve, we are really looking forward to what we hope will be a strong and exciting 2024.”

New Listings

Of the 52 metro areas surveyed in November 2023, the number of newly listed homes was down 19.1% compared to October 2023 and up 1.5% compared to November 2022. The markets with the biggest decrease in year-over-year new listing percentage were Anchorage, AK, at -20.3%, Birmingham, AL, at -12.7%, and Honolulu at -11.5%. The markets with the biggest year-over-year increase in new listings percentage were Omaha, NE, at +33.2%, Burlington, VT, at +25.9%, and Orlando, FL, at +25.2%.

Closed Transactions

Of the 52 metro areas surveyed in November 2023, the overall number of home sales is down 9.8% compared to October 2023 and down 6.5% compared to November 2022. The markets with the biggest decrease in year-over-year sales percentage were Burlington, VT, at -19.1%, Portland, OR, at -17.1%, and Seattle at -15.9%. The markets with the biggest increase in year-over-year sales percentage were Manchester, NH, at +9.2%, Omaha, NE, at +6.5%, and Orlando, FL, at +4.9%.

Median Sales Price

In November 2023, the median of all 52 metro area sales prices was $405,000, down 1.2% compared to October 2023 and up 3.3% from November 2022. The markets with the biggest year-over-year decrease in median sales price were San Antonio, TX, at -5.7%, Coeur d’Alene, ID, at -3.7%, and New Orleans at -3.6%. The markets with the biggest year-over-year increase in median sales price were Trenton, NJ, at +15.5%, Des Moines, IA, at +15.1%, and San Diego at +12.7%.

Close-to-List Price Ratio

In November 2023, the average close-to-list price ratio of all 52 metro areas in the report was 99%, flat compared to October 2023, and up from 98% in November 2022. The close-to-list price ratio is calculated by the average value of the sales price divided by the list price for each transaction. When the number is above 100%, the home closed for more than the list price. If it’s less than 100%, the home sold for less than the list price. The metro areas with the lowest close-to-list price ratio had a three-way tie between Bozeman, MT, Coeur d’Alene, ID, and Miami at 95%. The metro areas with the highest close-to-list price ratios were Hartford, CT, at 103%, followed by a tie between San Francisco and Trenton, NJ, at 102%.

Days on Market

The average days on market for homes sold in November 2023 were 40, up four days compared to the average in October 2023 and up one day compared to November 2022. The metro areas with the lowest days on market were Baltimore at 13, Washington, DC, at 15, followed by a tie between Philadelphia and Trenton, NJ, at 16. The highest days on market averages were in Fayetteville, AR, at 86, Coeur d’Alene, ID, at 80, and Bozeman, MT, at 71. Days on market is the number of days between when a home is first listed in an MLS and a sales contract is signed.

Months’ Supply of Inventory

The number of homes for sale in November 2023 was down 1.6% from October 2023 and down 2.6% from November 2022. Based on the rate of home sales in November 2023, the month’s supply of inventory was 2.6, up compared to 2.3 in October 2023 and 2.5 in November 2022. In November 2023, the markets with the lowest months’ supply of inventory were Trenton, NJ, at 0.8 and Hartford, CT, at 1.0, followed by a tie between Manchester, NH, and Seattle at 1.1. The markets with the highest months’ supply of inventory were San Antonio at 5.3, followed by a tie between Bozeman, MT, and Miami at 4.8.

To read the full report, including more data, charts, and methodology, click here.

Source: dsnews.com