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Apache is functioning normally

December 11, 2023 by Brett Tams

When individual mortgages are originated by lenders like banks or credit unions, they may
bundle groups of these mortgages together into financial vehicles called mortgage-backed
securities (MBS) that are then sold to investors on a secondary market.

This allows investors to gain exposure and returns from the mortgage market, while the lenders gain immediate capital to issue new mortgages.

However, if a mortgage in an MBS bundle defaults or contains errors, there is a “repurchase
risk.” This means the entity that assembled and sold the MBS is obligated to buy back any non-performing or defective mortgage loans. This ensures their bundle retains its credit rating and market value.

If too many mortgages default, the MBS can lose significant value. As a result, lenders aim to include reliable mortgages in their securities and have technology to assess credit risk, detect fraud, and monitor performance — in order to avoid forced buybacks or losses for investors that diminish market confidence. In Q1 of 2023, there were $459 million in repurchases on about $68 billion in Fannie Mae loan-acquisition volume, or a 68 basis-point repurchase rate.

Benefits of technology for repurchase risk

Emerging technologies are proving essential to reducing repurchase risk and improving
confidence in mortgages sold on secondary markets, enhancing transparency and security of loan data transfer to minimize errors.

For example, automated underwriting powered by artificial intelligence (AI) and machine learning allows lenders to more accurately assess risk and detect potential fraud during the application process, leading to higher-quality loans less likely to default.

Lenders are also utilizing predictive analytics on borrower behavior to identify early signs of trouble and take preventive action through improved loan monitoring systems.

With automated tracking enabling quicker interventions as needed, these technological capabilities help drive down default rates, ensure smooth payments and significantly mitigate repurchase risk. By leveraging such innovations, lenders can greatly strengthen investor trust in bundled mortgage products.

Specific types of technologies to reduce risk

Cutting-edge data technologies are invaluable for mitigating repurchase risk across sectors,
especially in mortgages. For instance, certain firms now employ automated direct-source data connections to validate applicant details in real-time, confirming income, employment, assets and other information at the moment of origination. This prevents falsities upfront.

Additionally, enhanced data access enables lenders to monitor loan performance factors on an ongoing basis. Via API connections, loan data is streamed into systems allowing staff to catch early warning signs of borrower distress, like missed payments on other credit accounts. This data empowers lenders to take timely preventive and corrective actions with struggling borrower before complete default.

Between advanced application fraud checks and early intervention on emerging trouble signs, these data capabilities attack repurchase risk from both sides, further safeguarding mortgages for downstream investors.

Benefits to lenders and consumers

Employing such technological safeguards carries major advantages across mortgage lending stakeholders. With reduced defaults and minimized repurchase requests, lenders can reap higher profits on sold mortgages while strengthening investor trust in associated securities. This helps attract ongoing investment capital into the housing sector.

Consumers also benefit as improved loan quality and lower perceived default risk opens lending access, allowing originators to offer more borrowers mortgage financing, often at better interest rates.

By cutting risk through data and automation, these innovations allow for mortgage market growth, fueling a win-win for both lenders and everyday borrowers seeking to purchase homes. The enhanced market stability and consumer access further establishes technology’s power to drive positive change in lending.

Technology is transforming how mortgages are originated, bundled and sold on secondary
markets to mitigate repurchase risk and improve stability. Through automated underwriting,
direct source data verifications, and API-driven performance monitoring, lenders can
significantly reduce defaults and errors in loan pools.

With lower repurchase risk, lenders enjoy greater revenue potential and investor confidence in the mortgage instruments they bring to market. Further boosted by early warning systems that enable targeted borrower interventions, these capabilities don’t just move risk off lender books, but actively prevent it at scale.

The results are profitable loan growth and expanded consumer access. Government agencies like Fannie Mae and Freddie Mac both have integrated these capabilities into the loan origination process to confirm the reliability of data from day one through closing and the eventual sale of the loan.

While regulations and diligent processes remain essential, innovations in data and analytics
provide the infrastructure to continually improve mortgage quality over time. As adoption
accelerates, technology systems will become the indispensable foundation upholding housing market growth for generations to come.

John Hardesty is general manager of mortgage at Argyle, the leading platform for consumer-permissioned payroll connectivity.

Apache is functioning normally

December 11, 2023 by Brett Tams

Are you downsizing, moving or doing a major decor change in your home but don’t know what to do with your old furniture? Well, you’re in luck because many local nonprofit organizations make moving easy by offering free furniture donation pick up.

Donating furniture to your favorite charities is a chance to get rid of extra furniture and household items for free while giving back to your community. Here is how to get started in the process.

Where to donate furniture

When looking for furniture donation pickup, there can be so many options it’s hard to know where to start. Thankfully, we’ve got you covered with our detailed list summarizing nonprofit organizations, who your donation will help, items they accept and how to schedule your pickup.

The best part is that every organization in our guide is completely free of charge for their furniture removal services and your donations go to a great cause.

1. Salvation Army

When people start thinking about donating furniture, The Salvation Army is usually one of the first places to come to mind. The Salvation Army is an international organization that operates in over 7,000 U.S. towns and cities and assists 23 million Americans annually.

Their services help provide disaster aid, support the LGBTQ+ community, fight food insecurity, combat addiction, assist those living in poverty and more. With the number of people Salvation Army helps each year, you can feel confident that you are doing good by donating to this organization.

Who your donation helps: Your items are either brought directly to those in need or sold at one of their Salvation Army stores. The proceeds from their stores are used to fund their Adult Rehabilitation Centers that provide housing, food, counseling, community and employment for individuals suffering from drug and alcohol dependency.
Items they accept: The Salvation Army will accept furniture, vehicles, clothing, household items, electronics, mattresses, books, exercise equipment and more.
How to schedule a pick-up: You can schedule an appointment for furniture pickup at The Salvation Army website or call 1-800-SA-TRUCK. Salvation Army pick-up hours can vary depending on your location, but they are typically 8 a.m. to 4 p.m. They make the transition even easier by allowing you to leave items outside your home for them to pick up without you even needing to be home.

2. Goodwill

Goodwill is an organization that supports communities through job training and employment services. They also provide support services, language training, education assistance, access to transportation and child care to help people in their communities achieve success.

In 2020, Goodwill served nearly 22 million individuals worldwide and provided career support to 126,000 people. Items brought to one of Goodwill’s stores are sold at a discounted price and the money raised goes to their various programs and initiatives.

Who your donation helps: Donation funds go to their job training or community-based programs. Some of their community-based programs include classes for people with disabilities, senior resources and helping convicts reclaim their lives after prison.
Items they accept: Goodwill accepts furniture, toys, electronics, clothing, media items, electronics, vehicles, exercise equipment, dishware and tools. Something to note is that Goodwill will accept boats, cars, campers and RVs even if they aren’t in working condition.
How to schedule a pick-up: Goodwill stores provide a donation center to give easy drop-off access for donations you’re able to bring in yourself. Most stores also offer a free pick-up service for larger furniture items, making it perfect for those who are downsizing. You can schedule your free Goodwill pickup online on their website locator, but keep in mind that store hours will vary based on their location.

3. Habitat for Humanity

Habitat for Humanity is a global nonprofit that provides safe and affordable housing to families in need. Their initiative also assists older adults to improve their homes, puts efforts towards neighborhood revitalization projects, provides shelter during natural disasters and teaches classes focused on financial education. This organization has been in operation since 1976 and works in all 50 U.S. states as well as 70 countries.

Who your donation helps: Habitat for Humanity sells donated furniture, building supplies and appliances at their resale store called ReStores. Proceeds from sales go to home restoring and building projects for families in need of affordable housing.
Items they accept: Habitat for Humanity will accept furniture, building materials, appliances, vehicles and farm equipment.
How to schedule a pick-up: To schedule a free furniture donation pick up with Habitat for Humanity, visit their website and enter your ZIP code to see which stores are near you. Next, you can contact your closest store directly to schedule your appointment.

4. Green Drop

GreenDrop is a program on the East Coast that raises funds for popular charities by picking up used furniture, clothes and appliances to sell at thrift stores. Their proceeds go back to charities that help those in need. Some of the charities they support include the American Red Cross, Military Order of the Purple Heart and the National Federation of the Blind.

Who your donation helps: In 2018, GreenDrop raised $3.1 million for the charitable organizations listed above.
Items they accept: GreenDrop accepts various items, including furniture under 50 pounds, clothing, household items, electronics, tools and toys.
How to schedule a pick-up: Start by packing up all of your belongings in plastic boxes or bins. Next, decide if you want to make an in-person donation or if you can schedule a furniture pick-up online. After they receive a donation, they’ll provide you with a tax receipt.

5. The Arc

The Arc is the largest organization devoted to helping individuals with developmental and intellectual disabilities. It provides a wide variety of services, supports and advocacy for people with disabilities and their families. The organization has over 700 chapters and one of their key sources of fundraising comes from their thrift stores, which they stock with donated goods.

Who your donation helps: Their services vary based on each chapter and the unique needs of their community. Once your donation sells, it goes towards public policy advocacy, vocational programs, residential assistance, education services, financial planning and recreational activities for people with disabilities.
Items they accept: The Arc accepts furniture, clothing, electronics, toys, vehicles, books, decorations, kitchen items and more, depending on the chapter.
How to schedule a pick-up: You can also schedule via phone by calling The Arc at 1-800-283-2721. Another option is to head to their website to find your local chapter and schedule your pick-up.

6. AMVETS

AMVETS is an organization that represents the interests of 20 million veterans across the United States. This group helps veterans obtain their entitled benefits. They also work to improve the quality of life for veterans, their families and the communities where they live through leadership, advocacy and services.

Who your donation helps: AMVETS supports U.S. veterans, those who have been honorably discharged and active duty servicemen and women. They will sell your furniture in one of their thrift stores to raise money for their cause.
Items they accept: AMVETS accepts small furniture, clothing, toys, bedding, games, bikes, electronics, lamps, curtains, exercise equipment and kitchenware. AMVET requires donations to be 5-years old or less but is also open to accepting other items that are not on their list.
How to schedule a pick-up: Send an email through the AMVET site or call to schedule a furniture donation pick-up between the hours of 8 a.m. and 4:30 p.m. It’s important to check with this organization ahead of time to see if their services are available near you. AMVETS has branches across the United States, but only has free furniture pick up available in certain states.

7. Donation Town

This site is perfect for anyone feeling overwhelmed trying to find charities that provide furniture pickup in their community. Donation Town works with local charities all over the country to help put individuals in touch with nonprofits that will provide this service for free. Simply enter your ZIP code and they’ll give you a list of charities to choose from.

Who your donation helps: Your donation will help the charity of your choice. They currently have over 400 charities of all sizes in their directory and are adding more all the time.
Items they accept: Items they accept depend on each charity’s guidelines.
How to schedule a pick-up: Visit Donation Town’s website to plan your pick-up with your selected charity.

8. Furniture Banks

If you donate your items to Furniture Banks, then you’ll be playing an important part in helping vulnerable families get back on their feet. The furniture donation pick up organization encourages people to donate gently used furniture and transfer the items to those struggling financially to furnish their own homes. Furniture Banks operates in 36 states, so check their website to see if they are in your area.

Who your donation helps: The families served by this organization include the previously homeless, unemployed, victims of crime, battered women and children in retreat, immigrants, individuals with disabilities and victims of natural disasters.
Items they accept: Furniture Banks accepts good condition furniture of all sizes. They also provide a towing service to pick up cars and recreational vehicles.
How to schedule a pick-up: To schedule a pick-up with this organization simply schedule an appointment on the Furniture Banks website.

9. Vietnam Veterans of America (VVA)

The Vietnam Veterans of America are working to change negative beliefs towards Vietnam veterans and provides individual assistance in a variety of ways. This includes creating outreach programs for veterans experiencing homelessness, substance abuse, incarceration and more. The VVA furniture removal program operates through a program called Pickup Please.

Who your donation helps: The Vietnam Veterans of America promote and support the full range of issues important to Vietnam veterans and work to change public perception of Vietnam veterans.
Items they accept: The Pickup Please program accepts small furniture items, sports equipment, toys, kitchenware, electronics and lightly used household goods. Pick Up Please says that they will pick up “almost anything” in good condition, but the piece of furniture must be light enough for one person to carry.
How to schedule a pick-up: VVA operates in most states and they make it super easy to schedule a donation pickup online. You can also get to VVA by way of their Pick Up Please site.

10. Out of the Closet thrift stores

The Out of the Closet thrift stores chain is owned and operated by the AIDS Healthcare Foundation (AHF). This organization provides medical, preventive and educational resources for patients. AHF is the nation’s largest non-profit HIV/AIDS healthcare, research, prevention and education provider. The proceeds from Out of the Closet thrift stores directly benefit the AIDS Healthcare Foundation.

Who your donation helps: Donations and financial contributions to this organization fund AIDS Healthcare Foundation’s HIV/AIDS programs, free HIV testing and housing programs.
Items they accept: Out of the Closet Thrift Stores accept furniture, kitchenware, electronics, musical instruments, tools, books, vehicles, artwork and home decor.
How to schedule a pick-up: You can schedule your pickup by filling out your address and items in a form on their website. Something to note is that you must have at least two furniture items for them to complete a free pick-up. You can also deliver any pieces of furniture to their local stores.

11. PickUpMyDonation.com

PickUpMyDonation.com is an organization that works with independent non-profit thrift stores in their communities. They’re focused on making large item donations simple by getting your furniture request to a local charity in minutes. Although they are not a charity themselves, they put you in touch with smaller charitable chapters that support the area you live in.

Who your donation helps: Your donation will support the charitable cause of the thrift store you are put in contact with.
Items they accept: PickUpMyDonation.com accepts large furniture, large appliances, vehicles, tools, recyclable materials, outdoor recreation items and artwork.
How to schedule a pick-up: To schedule a pick-up, visit pickupmydonation.com to make a furniture removal request and fill out a form describing the items you want to donate. Next, they’ll put you in contact with the closest thrift store, and if they’re interested in your furniture, they will schedule a furniture removal pickup.

Tips for furniture donation pick up

Donating your furniture is a great way to get rid of furniture you don’t use anymore while also helping your community. Follow these tips for a seamless furniture pickup experience.

Schedule your donation pick-up in advance: Many charities’ free donation pickup spots fill up quickly, so it’s important not to wait until the last minute to make an appointment. Schedule as far in advance as possible to ensure you get the date and time that works for you.
Research different organizations: Instead of just picking the first charity on the list, make sure to do some research to make sure their values and methods align with your own. All of the charities listed do great things for their communities, but each has its own way of making an impact.
Prepare your furniture: Each charity will have individual guidelines for how they want your furniture packaged and prepared for pickup. Leave furniture uncovered to be inspected but make sure it is cleaned and houseware is boxed correctly.
Write off your furniture donation: Did you know you can write off your furniture donation on your taxes? Simply ask the charity picking up your furniture for a tax receipt or paperwork to file and you’ll be saving money this upcoming tax season.
Coordinate with neighbors: While many nonprofits allow you to simply leave furniture outside your home for them to retrieve, others might require you to be there. If this is the case, then it’s best to coordinate with a neighbor or friend to stop by when they’re scheduled to arrive.

If you follow these tips, you should have an easy transition and donation pickup day. Also, make sure to always check to see if the organization of your choice has any additional requirements.

Declutter with furniture donation pick up services

Finding a new apartment has never been easier with Rent.’s finder tool. Start your move off on the right foot by using a free furniture removal service to declutter your place and take care of any worries prior to moving into your new home.

Alex Heinz is a writer with experience in a variety of industries from tech to lifestyle. Her work has appeared in Business Insider, TechCo and PopSugar. She’s lived in a handful of large cities including New York and San Diego, giving her first-hand knowledge of the ins and outs of renting. In her spare time, you can find her exploring new hikes with her dog.

Source: rent.com

Apache is functioning normally

December 11, 2023 by Brett Tams

Ameer Katifi wasn’t content to be a top loan officer for an established mortgage provider.

He wanted to strike out on his own, to start a new company and “build a legacy for myself.”

And he wanted his business to be like a family, where everyone gets treated how they want to be treated, with state-of-the-art technology in a supportive environment.

So in January, the 31-year-old Irvine native launched Trusted Mortgage Capital, a mortgage brokerage and loan origination business in Laguna Hills.

Depending on how you look at it, he either had lousy timing or is getting in on the ground floor of the next boom.

On the one hand, soaring interest rates throttled the mortgage business, causing home loan volume to plunge 71% in the first half of 2023 from the 2021 peak. But on the other hand, a wave of mortgage layoffs created a large pool of unemployed talent for Trusted Mortgage to tap.

“It’s all about the mindset you have going on. Even though the business went down by 70%, there’s still a lot of business out there,” said Katifi, Trusted Mortgage’s chief executive.

“In this type of environment, it’s really you building out your engine and sharpening your skill to be the best you’ve ever been,” he said. “And the best time to grow is when it’s slow. Once it’s busy, once the rates are low again, then it will be really hard to capture good talent.”

Trusted Mortgage Capital already scored big in one arena. Even though it’s just a year old, it ranked No. 1 in the small business category of the Orange County Register’s Top Workplaces program.

The selection is based on employee survey responses rating the company.

In one response, an anonymous employee said he or she loves the job because “of the potential to grow.”

The 40-employee company already is licensed to work in 17 states. As of October, license applications were pending in five others.

The firm is both a lender — originating its own home loans to borrowers — and a mortgage broker, acting like a matchmaker connecting customers to other lenders.

During the first 10 months of the year, Trusted Mortgage already had issued 81 loans totaling almost $30 million. That doesn’t include income from the mortgage brokerage side of the business.

Katifi said his company was on track to become profitable by the end of 2023.

The firm has just seven salaried employees and at least 19 loan officers who work on commission. Of those, three to five earn both a salary and commission.

The remaining 14 loan officers are independent contractors, depending solely on commissions. And the company is looking to hire more.

Half of the company’s 6,100-square-foot office is for future growth. The other half, with about 30 cubicles, is festooned with motivational posters, with slogans like, “The only time SUCCESS comes before WORK is in the dictionary.”

Liz Meza, Trusted Mortgage’s compliance manager, said loan officers can earn $3,500 to $50,000 a month.

What makes Trusted Mortgage unique, however, is the free package of services the company provides its loan officers, including marketing, loan processing, technology and lead generation.

“A lot of mortgage lenders and a lot of mortgage brokers have the independent model, which means you have to provide your own marketing, pay for your own processing, pay for everything yourself,” Katifi said. “The difference about us is we provide all that for our branch managers (and) our loan officers … so they don’t need any money out of pocket to be able to work as a mortgage loan originator.”

Katifi said Trusted Mortgage is big on marketing and big on training. New employees start out as junior loan officers, working under the tutelage of a senior loan officer for six months.

They get a week of training at the United Wholesale Mortgage’s headquarters in Pontiac, Mich., and the company gets them licensed.

There are weekly sales and training meetings as well.

“I’m constantly adapting to changes in the industry. I’m constantly updating our approach on how they should approach the clients,” Katifi said. “And just creating a fun environment where people want to come to the office where they don’t watch the clock.”

The company provides lunch every Friday, stages potlucks and celebrates all the major holidays. There are awards ceremonies recognizing the top producers.

The big question is how long can a new company hang on during one of the slowest housing markets on record.

Katifi feels confident that loan volume will pick up as soon as mortgage rates start to subside. A lot of borrowers have high-interest home equity loans. Once rates moderate, they will want to refinance, combining those second mortgages with their firsts.

“We’re not going anywhere,” Katifi said. “Diamonds form under pressure. We’ve got the marketing down. We’ve got the operations down. … There’s still people (who are) going to be buying and selling homes, having to move and needing to get second mortgages for some unexpected expenses.

“So we are here for a long time.”

Trusted Mortgage Capital

Founded: 2022

Headquarters: Laguna Hills

Industry: credit and finance

OC employees: 40

Website: trustedmortgagecapital.com/

Quote: “In this type of environment, it’s really you building out your engine and sharpening your skill to be the best you’ve ever been.” — Ameer Katifi, CEO of Trusted Mortgage Capital

Source: ocregister.com

Apache is functioning normally

December 11, 2023 by Brett Tams

As the festive season approaches, many are eager to infuse their homes with the enchantment of Christmas. Transforming your living space into a winter wonderland is a delightful way to celebrate the holiday spirit and spread cheer. From twinkling lights to festive decor, here’s how to craft a magical Christmas haven within your home.

Deck the Halls with Festive Decor

Start by adorning your abode with classic Christmas decorations. Brighten up the interiors with a lush, fragrant Christmas tree, adorned with shimmering ornaments and twinkling lights. Incorporate garlands, wreaths, and stockings to add a festive touch to bedrooms, staircases, and doorways.

Light Up the Ambience

Warm, soft lighting enhances the cosy ambience. Use fairy lights, candles, and lanterns strategically throughout your home to create a warm and inviting atmosphere. Opt for LED candles for a safer and longer-lasting glow.

Festive Textiles

Introduce seasonal textiles like plaid or velvet cushions, cosy blankets, and holiday-themed linens. Layering textures and patterns can instantly evoke a snug and inviting feeling.

Create a Winter Wonderland Outdoors

Extend the Christmas magic outdoors by decorating your porch or garden. Hang fairy lights, set up lighted reindeer or snowmen, and adorn your front door with a festive garland to welcome guests with holiday cheer.

DIY Crafts and Personal Touches

Engage in DIY projects to personalise your decorations. Create handmade ornaments or make garlands using natural elements like pinecones and holly. Adding personal touches can make your decorations more meaningful and unique.

Festive Scents and Music

Infuse your home with the scents of the season. Use scented candles or essential oil diffusers with fragrances like pine, cinnamon, or peppermint. Play classic Christmas tunes or create a playlist of holiday favourites to set the mood.

Involve the Family

Make decorating a family affair. Gather loved ones to participate in crafting decorations or trimming the tree. It’s an excellent opportunity to create lasting memories and bond over the holiday spirit.

Transforming your home into a magical Christmas haven is about embracing the joy and spirit of the season. Whether it’s through traditional decor, cosy elements, or personal touches, the goal is to create a warm and welcoming space where cherished memories are made during this festive time of year.

Source: wionews.com

Apache is functioning normally

December 10, 2023 by Brett Tams

It’s no secret that Connecticut is a pricey place to live. This is particularly true for daily Manhattan commuters in Fairfield County paying high rents to live near the City. The “new normal” will allow several permanently remote workers to move further away from New York to other Connecticut cities or smaller towns in the Nutmeg State for a quieter life away from the bustle.

Still, others may want a spot closer to New York City, trying to take advantage of cheaper rents in certain pockets, not tied to jobs around places like New Britain or Norwich anymore. For its diminutive size, Connecticut has a diversity of both metropolitan and rural options.

So, for those looking to move to or within Connecticut, where can the most affordable rental cities be found? What are the cheapest places to live in Connecticut for renters?

Connecticut state average rent prices

First, let’s assess what rent prices look like in Connecticut. As stated previously, the Nutmeg State is not a cheap place to rent in general.

The average rent for a one-bedroom apartment across the state is $1,831. That’s pricey for a lot of renters. In fact, of the top ten cheapest cities in Connecticut in which to rent, only seven of them fall below that figure. And recently, it’s only gotten pricier. That number is up nearly twelve and a half percent from a year ago.

The cheapest cities in Connecticut for renters

As demonstrated, there are many reasons why Connecticuters are looking for cheaper places to live, or assessing the price of where they currently reside. Among all the cities and towns in the Constitution State, what are the most affordable for renters?

Below are the 10 cheapest places to live in Connecticut. Three of the top 10 are in New York-adjacent Fairfield County. Four lie in the state’s Capital Region. And one is very much (playfully?) disliked by a certain late-night show host.

10. Norwalk

Average 1-BR rent price: $2,138
Average rent change in the past year: 2.5 percent

Looking for reasonable rents in Connecticut but with a reasonable commute to New York? Look no further than Norwalk. It’s just 35 miles from New York. And a one-bedroom apartment leases for $2,128 a month on average. All told, it’s the cheapest city in the Connecticut Panhandle for renters.

For the price, Norwalk is sufficiently commutable. A train ride on the MTA’s Metro-North Railroad to Grand Central Terminal is just 90 minutes long. As well, the commute time for drivers comes in at about 75 minutes.

The north end of the city is by the Merritt Parkway, and the Connecticut Turnpike and US Route 1 roll through the south. The latter two, intersected by the Route 7 expressway, runs alongside downtown Main Street to the seaport and harbor district.

You don’t even need to travel into Manhattan to find big business. Pepperidge Farm operates on the pricey east end of the city and Xerox headquarters lies at the northern tip.

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9. Milford

Average 1-BR rent price: $1,944
Average rent change in the past year: -1.7 percent

Just about on the other side of the Housatonic River from the state’s largest city is the suburb of Milford. The city offers ten miles of beaches along its Long Island Sound shoreline, more than any town in Connecticut.

Five of the beaches are city beaches, including Walnut Beach, Gulf Beach and Silver Sands. And just offshore is 14-acre Charles Island, rumored home to Captain Kidd’s buried treasure.

Milford also lies along eight miles of shoreline on the Housatonic, but its downtown actually sits where Milford Harbor meets the Lagoons. The city’s trendy downtown offers some seaside restaurants, bakeries and beer bars along New Haven Avenue and its adjacent streets. And splitting two-lane Broad Street downtown is Milford Green, the second-longest park in New England.

Downtown also features several rentals for both residents and summer beachgoers, priced right for the season and all year long. An average one-bedroom apartment throughout Milford rents for just under $2,000 a month.

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8. Oxford

Average 1-BR rent price: $1,884
Average rent change in the past year: N/A

If you can’t get into Yale, have you tried Oxford? No, not the famous university in England, but the New Haven County town a half-hour away named for it. Oxford — the Connecticut one — has nearly 14,000 residents, but the woodsy town’s population spreads sparsely across three primary settlements.

Oxford Center offers a handful of businesses and Oxford’s only shopping center. Riverside sits along the Housatonic River and offers quaint waterside neighborhoods of single-family homes. And Quaker Farms is a lightly populated suburban center where you will find most of the town’s apartments.

The remainder of the town is immense forests and parkland. This includes parts of Kettletown State Park in the southwest and Naugatuck State Forest in the northeast.

At the north end of town sits the Waterbury-Oxford Airport, a popular corporate airport, home to dozens of large corporate business jets and a short helicopter ride away from Midtown Manhattan.

For this version of Connecticut rustic living, renters will only be shelling out $1,884 a month for an average one-bedroom apartment.

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7. Danbury

Average 1-BR rent price: $1,764
Average rent change in the past year: 3.0 percent

HBO late-night host John Oliver really, really hates Danbury, Connecticut. But truthfully, it’s just a joke. Or is it? The comedian has heckled the city several times on “Last Week Tonight.” But Oliver and the city put its epithet-riddled rivalry aside in 2020 when Danbury renamed its water treatment facility “The John Oliver Memorial Sewer Plant.”

Fortunately, Danbury has much more to offer than waste treatment. The Housatonic Valley town lies just 60 miles north of Manhattan, making it a popular New York bedroom community. New York is just two hours away by rail, with Danbury acting as the terminus of the MTA Metro-North Railroad line. Commuters can also drive into New York in 90 minutes.

The bulk of commercial and business in Danbury lies along the I-84 corridor. This includes the large Danbury Fair mall at the junction with US Route 7, adjacent to the Danbury Airport. A bit east is Danbury’s downtown, which sits in the bowl of the city’s large railyard and runs out to Western Connecticut State University.

The border of New York State forms the western edge of Danbury, with easy access to the Hudson Valley and the Catskills. Despite the convenience, rents are low. A one-bedroom apartment rents for $1,764 on average monthly.

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6. Manchester

Average 1-BR rent price: $1,470
Average rent change in the past year: 16.8 percent

There are 30 cities in the U.S. named Manchester. Of them all, only one is more populous than the one in Connecticut. A city of nearly 60,000 (the one in New Hampshire is twice the size), Manchester sits just to the east of East Hartford.

Just to the west of Manchester, I-384 splits off from I-84. The two interstates diverge as they enter Manchester, forming byways along the north and south sides of the town.

Most commercial business is along freeway exits. The Shoppes at Buckland Hills is a major mall along I-84, surrounded by some apartment complexes, shopping centers and big-box stores.

Off 394, the East Side and West Side neighborhoods offer a variety of cultural sites and numerous shops, restaurants and another pocket of apartment buildings along Main Street.

With a convenient drive into Hartford but green space enough to feel separated, Manchester is a desirable town. The Capital Region suburb is also affordable. An average one-bedroom apartment leases for just a monthly rate of $1,470.

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5. Bridgeport

Average 1-BR rent price: $1,459
Average rent change in the past year: 4.0 percent

Quick, name Connecticut’s largest city. If you are not a native Nutmegger, you may not realize the answer is the coastal city of Bridgeport, not Hartford.

The city of nearly 150,000 lies on the Long Island Sound halfway between Stamford and New Haven. And with a train commute of around two hours, it’s considered the northernmost Connecticut city a reasonable commuting distance into Manhattan.

That’s good news for city commuters willing to spend a few hours on the train each day. With a one-bedroom apartment renting for an average of $1,469 a month, it’s the cheapest place to live in Southwestern Connecticut for renters.

The city itself presents as an amalgam of mid-sized cities and dense suburbs. It features a busy waterfront along Bridgeport Harbor. The University of Bridgeport sits right on the water surrounded by many coastal parks and beaches, marinas and industrial sites.

Nearby is the city’s bustling downtown. The area features several bars and restaurants, museums, high-rise apartment buildings and the brand new Hartford HealthCare Amphitheater.

Find apartments for rent in Bridgeport
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4. Hamden

Average 1-BR rent price: $1,421
Average rent change in the past year: 4.1 percent

If New Haven is a city known for its Ivy, Hamden — its neighbor to the north — is a city of trees and parks. It’s a city with an obvious metropolitan grade. The southern end of the city adjacent to New Haven is highly urbanized. But as you travel northward, the city gradually becomes tree-filled, rural and mountainous.

The southern footprint of Hamden is densely populated with tracts of suburban sprawl, single-family homes, and apartment complexes penned in by West Rock Ridge. From there, the northern half slowly ruralizes with forests and larger lots, Sleeping Giant State Park, the Mount Carmel neighborhood and the pristine campus of Quinnipiac University.

The city of 60,000 features two major museums. The Eli Whitney Museum is a learning center built on the site of the famed inventor’s musket factory. As well, Ireland’s Great Hunger Museum is a tribute and collection relating to the devastating Irish famine.

With all that, Hamden is still the cheapest place to live in South Central Connecticut for renters. The average monthly rent for a one-bedroom apartment runs just $1,421.

Find apartments for rent in Hamden
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3. Hartford

Average 1-BR rent price: $1,400
Average rent change in the past year: -1.3 percent

Thirty years ago, Hartford was the largest city in Connecticut. But over the years, a slow population decline and an increase in population along the coast changed that.

Today, the state capital is Connecticut’s fourth-largest city. Yet it’s still most important. The good news is that the population decline has helped keep rent prices down. At $1,400 a month for an average one-bedroom, Hartford is the cheapest big city to live in Connecticut for renters.

It may no longer be the largest city, but the former home of the NHL’s Whalers is certainly the most urban and most global. Hartford is known as the “Insurance Capital of the World,” home to operations of healthcare companies like Aetna, The Phoenix Companies, Prudential, Travelers, United Healthcare and, of course, The Hartford.

But like any good major city, Hartford is also known for its distinctive cuisine and restaurant scene. As one of the nation’s oldest cities, English and Dutch cooking heavily influenced the region. Additionally, interwar immigration brought a large Polish population and with it its cuisine. And its relative proximity to the ocean gave rise to quality seafood fare.

Today, it’s a top foodie destination, with both food trucks and farmers’ markets of particular popularity.

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2. East Hartford

Average 1-BR rent price: $1,229
Average rent change in the past year: 7.1 percent

The community of East Hartford lies, predictably, East of Hartford. The region consists of the Capital Region city land east of the Connecticut River. The complementary city is about two and a half times smaller than its neighbor across the river. But rents in East Hartford run $170 lower. A one-bedroom apartment leases for $1,230 a month on average.

While Hartford is a state government town, East Hartford is an industrial town. More specifically, one industry. The city is the world headquarters of Pratt & Whitney, a large multinational aerospace manufacturer. The company’s massive 1,100-acre campus takes up a large percentage of the city’s land area. And it employs 9,000 workers.

That doesn’t mean East Hartfordites don’t kick back and have fun. The city is home to 40,000 seat Pratt & Whitney Stadium at Rentschler Field. The stadium is home to the University of Connecticut football team and has hosted the US men’s national soccer team and the NCAA lacrosse championships multiple times.

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1. Willimantic

Average 1BR rent price: $1,010
Average rent change in the past year: N/A

It’s not anywhere near New York City. It’s not in the Capital Region. The cheapest place to live in all of Connecticut for renters is the small riverside town of Willimantic in the eastern part of the state.

Willimantic is a quaint, placid small college community in the Windham region. And for that woodsy Quiet Corner lifestyle, rent for an average one-bedroom runs just $1,010 a month. That’s over $200 less than anywhere else in the state.

Rustic Willimantic is a former textile hub, known as “Thread City” for the mills along the Willimantic River. Two museums, Windham Textile and History Museum and Connecticut Eastern Railroad Museum, preserve the history of the two industries that defined Willimantic. As well, the town is home to the 4,400 students at Eastern Connecticut State University and its stunning campus.

Willimantic lies about 45 minutes east of Hartford and a little over an hour west of Providence. The town of 18,000 offers several unique cultural sites and events.

The most famous is the annual Boombox Parade. Every Independence Day, residents march the streets with boom boxes tuned to a local radio station broadcasting marching band music. It’s the largest parade of its type in the world.

Find apartments for rent in Willimantic
Buy a house in Willimantic

Methodology

Rent prices are based on a rolling weighted average from Apartment Guide and Rent.’s multifamily rental property inventory as of June 2021. Our team uses a weighted average formula that more accurately represents price availability for each unit type and reduces the influence of seasonality on rent prices in specific markets.

We excluded cities with insufficient inventory from this report.

The rent information included in this article is used for illustrative purposes only. The data contained herein do not constitute financial advice or a pricing guarantee for any apartment.

Source: rent.com

Apache is functioning normally

December 10, 2023 by Brett Tams

It’s that time of year again. December is the final call for (most) annual tax issues, and the topic of tax-loss harvesting rears its head. Let’s break down the basics and ask an important question: is tax-loss harvesting more than a simple fad?

Before answering the critical question (“Is tax-loss harvesting worth it?“), let’s baseline ourselves with some basics.

What is Tax-Loss Harvesting, and Why Bother?

Tax-loss harvesting is a strategic investment practice where investors sell assets at a capital loss to offset other capital gains. This minimizes taxable income. This technique is commonly employed to optimize investment portfolios and enhance after-tax returns.

Here’s a primer on capital losses, capital gains, and the entire capital gains tax structure.

Why bother tax-loss harvesting in the first place?

You might have assets in your portfolio with unrealized losses. Selling those assets turns that lame asset into a “tool” in your toolbox. That tool can neutralize taxes, lowering this year’s tax bill. Not bad, right?!

Losses can even neaturalize future year tax bills! Any unused losses this year are tracked on your tax returns and, eventually, can be used to cancel a future year’s capital gain.

But there’s more to the story. We’ll get into those details later.

The Wash Sale Rule

Tax-loss harvesting has a limitation. When you sell an asset at a loss, a 30-day look back and a 30-day look forward period bookend that sale. If, during those 61 days (30+1+30), you bought a “substantially identical” asset in any account**, then your capital loss doesn’t count.

The wash sale rule prevents manipulating a stock portfolio to accelerate the recognition of tax losses or defer the recognition of tax gains.

**This is a huge detail many people miss. The Wash Sale Rule looks at all investing accounts from which an owner controls or benefits.

If you execute tax-loss harvesting in your taxable account by selling an S&P 500 index fund at loss, then you cannot trade materially similar S&P 500 index funds in any accounts (IRA, 401(k), HSA, 529, etc) during the 61-day wash sale window. This even includes innocuous occurences, like a previously held S&P 500 fund paying out a dividend which is automatically reinvested.

If you’re going to tax-loss harvest, you need awareness of all your investing accounts.

If you plan on tax-loss harvesting, you must know the wash sale rule.

When is Tax-Loss Harvesting Worth It?

When misused, tax-loss harvesting can be a net-zero or even harmful activity. Let’s talk through some good and bad examples.

Good: Tax-Loss Harvesting to Offset a Liquidation Event

Perhaps you’re selling a business or a second home (primary homes typically don’t suffer capital gains taxes) and facing a significant capital gain from that sale. Tax-loss harvesting makes sense here.

Why?

In this scenario, you’re making the sale anyway. You might as well seek out ways of saving money. You’re fundamentally reallocating your net worth away from the real estate or business to something new (perhaps a stock/bond investment portfolio).

The gains and losses are from different pools of money, which permanently offset one another. This is good. But as we’ll see later, this isn’t always the case.

Example:

You sell a business for a $500,000 (long-term) capital gain.
As it happens, the S&P 500 index fund holdings in your taxable account are down $100,000 from where you bought them (also long-term).
You sell all of the S&P position, realizing a $100,000 loss.
That loss offsets $100,000 of the business gains.
Now you only have to pay taxes against $400,000 of gains (likely saving at a 23.8% Federal rate, or saving ~$23,800)
You re-invest the $100,000 proceeds of the S&P 500 fund in a similar but not materially identical manner. “Similar” because we want to maintain our overall portfolio allocation. But “not materially identical” because we don’t want to violate the wash sale rule. A good candidate here would be an “Total US Stock Market Index Fund” to replace our S&P fund.
You invest the business proceeds (less remaining capital gains taxes) according to your financial plan.

Good: Offsetting Income (Usually)

You can use tax losses to offset up to $3000 in annual earned income. This is an excellent use of tax-loss harvesting (usually).

The reason is tax-rate arbitrage.

Many taxpayers have a Federal tax rate of 22% or higher. Every dollar of income they can offset results in a 22% (or greater) savings. Meanwhile, harvesting tax losses usually creates a 15% capital gain in the future (we’ll discuss how and why this is below).

By saving 22 cents today and spending 15 cents in the future, taxpayers can arbitrage a net 7% on their $3000 for free. The benefit is even more stark in higher brackets (24%, 32%, 35%). Not bad!

Another common tax arbitrage occurs when an investor might owe capital gains at the 23.8% bracket. Losses can offset those gains (saving 23.8%), likely resulting in a 15% capital gains tax later on. That’s a deal we’d take every time.

Good: Diversifying from Over-Concentration

Uncle Ed bequested 10,000 shares of the ACME Corporation to you in 1990 at $1 each. Now they’re worth $20 each. You own $200,000 of ACME, representing a considerable over-concentration in your portfolio (and a huge capital gain if you try to diversify away from it).

Similar to the business example from above, diversifying away from ACME is something you should be doing anyway. You might as well reduce your capital gains tax while doing so.

Bad/Neutral: Zero’ing Out Gains in Your Portfolio

Perhaps the most common reason I see people tax-loss harvest is to zero out gains inside their portfolio. They have (unrealized) losses on their books and feel the need to use them. So, they think they might as well realize gains in the portfolio, use their losses to negate the gains (and negate this year’s taxes), and then reinvest the proceeds.

I think this is, at best, a neutral use of tax-loss harvesting, not to mention a waste of time. The math explains why.

First, by reinvesting all the proceeds of the transactions, the overall portfolio construction doesn’t change. There’s no fundamental investing benefit (unlike the earlier example of diversifying a concentrated position). And there’s no factor of “I’d be doing this anyway,” like the earlier example of selling a business.

But is there a tax benefit?

No, there’s no net tax benefit. The assets with gains get an increase in cost basis, while the assets with losses get a decrease in cost basis in equal magnitude, leading to zero change in the overall cost basis of the portfolio.

This means that any capital gains you “saved” this year will simply be paid in a future year.

Now, if you think you’ll pay at a lower tax rate in that future year, that’s worthwhile; it’s the tax arbitrage benefit we discussed before. But in most real-life examples I’ve encountered, there’s no arbitrage. It’s just a postponing of the inevitable for no net benefit.

What About the Time Value of Money?

“Postponing the inevitable” might be a good thing in some cases.

Would you rather pay $1000 in taxes today, or $1000 in 10 years? The answer is easy: in 10 years.

The benefit of tax-loss harvesting – simple tax deferral – is technically good. But, in my opinion, only becomes worthwhile at large dollar amounts for long periods of time.

If you’re able to defer $100,000 for 10 years, then go ahead and use tax-loss harvesting. But if you’re deferring $500 for a year, the juice isn’t worth the squeeze.

Other Bad Scenarios

Tax-loss harvesting has other downsides. Some scenarios include:

Losses Must Negate Gains First

When you realize a capital loss, it must be first-and-foremost used to offset capital gains – even if you don’t want it to.

You want to use losses to offset regular taxable income? Only if you’ve already offset all your capital gains.
You happen to be in the 0% capital gains bracket this year, and so you want to “pay” that 0% tax? Too bad. Your losses negate those gains – a.k.a. your losses were used for zero real benefits.

Without careful tax planning, your tax losses might be wasted.

Death Ends the Conversation

If a taxpayer dies with unused tax losses, the opportunity disappears forever.

Questions of mortality should be thoughtfully considered as part of a long-term tax plan.

Tax-loss harvesting, like all tax planning tactics, should never be considered in a vacuum. There are simply too many complicating factors involved. Instead, tax-loss harvesting is a tool to be used as part of a long-term tax plan.

Thank you for reading! If you enjoyed this article, join 7000+ subscribers who read my 2-minute weekly email, where I send you links to the smartest financial content I find online every week.

-Jesse

Want to learn more about The Best Interest’s back story? Read here.

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Source: bestinterest.blog

Apache is functioning normally

December 10, 2023 by Brett Tams

Designing high-end homes is a multi-layered process rooted in a deep understanding of the homeowner’s lifestyle and personality. While infusing creative distinction and achieving harmonious fusion are the fundamental principles of designing a personalised space, architectural elements such as dynamic scaling, tailored circulation and curated spaces that showcase the occupant’s unique style and personality are essential in transforming a liminal space into a unique yet authentic reflection.

Interior decor tips to design a high-end home (Photo by Pixabay)

In an interview with HT Lifestyle, Vineeta Singhania Sharma, Founder Partner and Principal Architect at Confluence, highlighted that the fundamental design principle in creating spaces that not only cater to the user’s needs but also reflect their individuality and celeb-like charisma is defining the balance between the unique lifestyle and personality of the client. She elaborated –

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Defining the Style: The first step is to define the purpose of the home. Is it a maximalist paradise, a minimalist retreat, or does it embrace the latest trends, or perhaps something more timeless and established? While some clients opt for an inward-looking design that creates a sanctuary within, like Kendall Jenner’s 6,625-square-foot Spanish-style Malibu mansion, others prefer merging indoors and outdoors seamlessly, blurring the lines between nature and luxury—similar to Dakota Jonhson’s serene getaway estate in LA, designed by architect Carl Maston. It is essential to understand the occupant’s taste by pinpointing the critical elements that shape near-ordinary spaces into exceptional homes.
Scale and Dynamic Design: High-end homes are not just about opulence; they are dynamic and engaging. We must design with scale in mind. Whether a cosy reading nook or a grand dining hall, each room should tell a distinct, engaging story that amplifies the space’s dynamism and contributes to the narrative.
Circulation for Lifestyle: The layout and circulation within the home should be tailored to the homeowner’s lifestyle. High-end homes demand distinction. However, such homes require privacy but often require accessibility for staff and guests as well. This balance is essential to ensure the space is functional and comfortable.
Creative Distinction: High-end homes are designed to stand out. To achieve the delicate balance between privacy and accessibility, featured spaces with iconic pieces as placeholders are encouraged. This could be a unique sculpture, a one-of-a-kind chandelier, or even a custom-designed piece of furniture, creating multiple focal points within a space that define the ubiquitousness of a high-end celebrity.
Harmonious Fusion: What makes these homes exceptional is combining an unusual mix of interior elements—furniture, lighting, art and rugs—into an eclectic blend of exclusivity while maintaining harmony. Each piece contributes to a unified, intriguing atmosphere. The challenge lies in selecting pieces that may seem unrelated at first glance but, when brought together, create a cohesive and intriguing atmosphere that resonates with the user’s dynamic personality.
The Art of Layering: High-end homes are a canvas for artistry. Every space is carefully layered with art, statement pieces, textures, and other objects that reflect the client’s personality. Whether it’s a collection of vintage photographs, a gallery of contemporary art, or a display of cherished memorabilia, these layers add depth and character to the living spaces. Each corner must be strategically curated with carefully selected art, statement pieces, textures, and objects that mirror the overall statement and purpose of the home, imparting depth and character to the omnipresent lifestyle of a celebrity.

According to Kuntal Vyas Aggarwal, Founder and Design Head at Resaiki Interiors and Architecture Design Studio, luxury decor is all about the finer details. He shared, “It begins with meticulous craftsmanship using premium materials like fine woods, metals, and textiles, often employing artisanal techniques such as hand-carving and hand embroidery. Elaborate ornamentation, including decorative mouldings and intricate carvings, adds a sense of grandeur and sophistication. Luxury is further heightened by the inclusion of rare materials like marble, onyx, precious metals, and gemstones, seamlessly integrated into various elements of the space. Customisation is essential, allowing for unique and exclusive designs through custom-made furniture, bespoke cabinetry and personalised finishes.”

The interior decor expert added, “Luxury extends to textiles and fabrics, with high-quality materials like silk, velvet, cashmere, and fine wool, adding visual richness and tactile comfort. Fine art pieces, antiques, and collectables are thoughtfully curated to enhance the decor’s cultural and historical significance. Lighting is carefully considered, with crystal chandeliers and hand-blown glass fixtures creating a beautiful ambience. Achieving symmetry and balance in the design contributes to a harmonious and visually pleasing environment. Modern technology seamlessly integrates into luxury decor, offering convenience through hidden audiovisual systems and automated climate control while maintaining a clean aesthetic. Significantly, luxury decor is balanced with comfort, with plush furnishings, ergonomic designs, and thoughtful layouts, ensuring that these spaces are inviting and relaxing.”

She recommended –

Limitless luxe decor: Space is a defining element of luxury decor. It encompasses several aspects that influence the perception of luxury. Luxury often entails generous space, with open floor plans and high ceilings exuding grandeur. Uncluttered designs and minimalism convey sophistication, while functionality and organisation are vital, achieved through custom storage solutions.

Abundant natural light, premium materials, and architectural details like columns enhance the perception of luxury. The seamless spatial flow between rooms and custom designs tailored to homeowners’ preferences add exclusivity. Integrating outdoor spaces and maximising views contribute to luxury and cutting-edge technology for convenience and entertainment. In summary, luxury decor involves lavish materials and thoughtful, spacious, and well-designed interiors that radiate sophistication and opulence.

2. Integrated home automation: Automation is a defining aspect of luxury decor, infusing convenience, efficiency, and a futuristic feel into living spaces. It embodies modernity and sophistication, meeting the expectations of a luxurious lifestyle. Automation’s contributions to luxury decor include –

⦁ Smart Lighting: Customizable lighting scenes, adjustable intensity, and voice control create a luxurious ambience while saving energy.

⦁ Climate Control: Automated HVAC systems allow personalised temperature control for each room, optimising comfort and energy efficiency.

⦁ Home Security: Advanced security systems with intelligent doorbells and sensors enhance safety and convenience.

⦁ Integrated Audiovisual Systems: Home theatres with automated screens and sound systems provide cinematic experiences.

⦁ Motorized Window Treatments: Remote control of blinds and shades enhances natural light control and privacy.

⦁ Smart Home Control: Centralized automation hubs and voice-controlled assistants offer hands-free management.

⦁ Customizable Scenes: Automation systems enable mood-setting scenes for various occasions.

⦁ Energy Efficiency: Automation features like smart thermostats and lighting controls reduce energy consumption.

⦁ Home Integration: Seamlessly integrated systems enhance user-friendliness.

⦁ Customization: Tailored automation adds exclusivity to decor.

⦁ Future-Proofing: Forward-thinking automation solutions ensure ongoing technological relevance.

Automation defines luxury decor by blending convenience, comfort, and control into living spaces, elevating their functionality and enjoyment.

3. Geographic directions and energies: They play a significant role in defining luxury decor, mainly through feng shui principles and cultural influences. Feng shui considers the orientation of a space, elemental balance, energy flow, natural light, colour choices, materials, and outdoor areas to create a harmonious environment. Luxury decor often aligns with these principles, using favourable orientations, balanced elements, unobstructed energy flow, abundant natural light, and colour associations to evoke opulence.

The choice of materials and textures, personalised spaces, and environmental sustainability further enhance the sense of luxury and well-being. In summary, geography and energy, guided by feng shui and cultural insights, define luxury decor by fostering balance, positive energy flow, and tranquillity, promoting a visually pleasing and harmonious living environment.

4. Meaningful and unique artwork: High-quality artwork is pivotal in defining luxury decor and infusing sophistication, cultural richness, and aesthetic value into a space. Luxury decor prioritises aesthetics, and art serves as a captivating focal point. Artwork with cultural or historical significance adds depth, while exclusivity is achieved through original pieces or limited editions by renowned artists. Art becomes a means of personal expression, allowing homeowners to showcase individuality. It also showcases artistic mastery and can be an investment.

Art influences a room’s atmosphere, scale, and balance, serving as conversation starters and intellectual engagement. Expert curatorial integration ensures seamless and sophisticated incorporation, making art an integral aspect of luxury living environments.

Source: hindustantimes.com

Apache is functioning normally

December 10, 2023 by Brett Tams

Bulk Sales, Best-Ex, Accounting Outsourcing, Verification Tools; FHA and Ginnie News; STRATMOR Tech Survey

This website requires Javascrip to run properly.

Bulk Sales, Best-Ex, Accounting Outsourcing, Verification Tools; FHA and Ginnie News; STRATMOR Tech Survey

By:
Rob Chrisman

Thu, Dec 7 2023, 10:58 AM

Time flies (see joke at bottom), and here we are at Pearl Harbor Day already. “I’m a multitasker. I can listen, ignore, and forget all at the same time!” Occasionally someone will accuse me of having a sense of humor. If true, it can be traced back to my parents, but a portion of it came from watching Norman Lear’s shows like All in the Family, Sanford and Son, Maude, The Jeffersons, and movies like The Princess Bride (“as you wish”). Mr. Lear died yesterday, but his impact will be long felt. Audiences loved his shows. Does your customer love you, no matter the price? That’s the case with Coke. The average price of a 12-ounce can of Diet Coke in a package of 12 was 34 cents in 2018 but hit 56 cents per can in October 2023, a 65 percent increase. In general, Diet or regular, prices have shot up: The average price of a Diet Coke at a restaurant hopped up from $2.05 to $2.77. Inflation at many levels is impacting rates, including Treasury and mortgage-backed securities: STRATMOR’s current blog is titled, “How Treasury Auctions Influence Mortgage Rates”. (Today’s podcast can be found here, and this week’s is sponsored 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. Hear an interview with United One’s Sean Higgins on the vendor status of full-service mortgage, credit reporting, fraud solutions, appraisals, title insurance, and loan closing support.)

Lender and Broker Products, and Services

Revolution Mortgage estimates that they can save up to $20,000 in cost on verifications with TRUV over competitors. Femi Ayi, EVP Operations shares how he estimates he is saving 80 percent on his verification costs with Truv in this recorded event. Let’s talk about our documentation costs and those giant monopolies that are out there laughing at customers and increasing prices because they have a particular monopoly. You want to lower your manufacturing costs. Contact TRUV today to discuss how we can help you with your income, employment, insurance, and asset verifications.

“Are you struggling with declining production volumes and increasing costs per loan? Look no further. Outsourcing accounting is the elegant answer to this common challenge faced by independent mortgage banks. Whether you lack accounting expertise in-house or have a new team with no mortgage experience, the Richey May Client Accounting and Advisory Services (CAAS) team is here to provide the support you need. Our team consists of industry experts who can customize a solution to meet your specific needs in this volatile time, without requiring any additional training. Whether you need help transitioning to loan level accounting, a fully outsourced function, or industry training for your controller, we’ve got you covered. Contact Richey May today!”

Missed the chance to meet with Planet at IMN’s SFR Forum West? Connect with Planet’s commercial team to explore how our expertise enhances Single-Family Rental investments. Managing $100B+ in assets, we offer top-tier service, savings-focused strategies, and complimentary access to proprietary tools. Unlock the full potential of your investments: schedule your meeting now or call (585) 512-1030. Discover the Planet difference today!

Chief Sales Officer at Deephaven Tom Davis will join Rob Chrisman on a webinar you won’t want to miss. In today’s market, originators need Non-QM to fully serve borrowers and to stay competitive. Learning how to utilize and market Non-QM isn’t difficult when you partner with the right lender. Please find out how easy it is by attending the webinar on December 12th! Register now.

Nobody wants to be sold, they want to be served. Serve every homeowner in your database and get busy investing in relationships. Eric Spottswood, Regional Market Manager at Prosperity Home Mortgage did. Here’s what he had to say: “Recognizing that staying top of mind is crucial for securing repeat business, Milestones provides an excellent opportunity to consistently engage with our clients and reinforce those valuable connections with a one-stop home management platform. The bonus of having my team and our partners prominently featured in the portals is the icing on the cake. It’s not just a product I endorse – I actively use my own hub, and I’m thoroughly impressed with it! Milestones delivers the client engagement tools you need to retain every client you have. Book a demo today.

STRAMOR Tech Survey

Lenders, there’s still time to participate in the Digital Innovations Survey of STRATMOR Group’s Technology Insight® Study. Whether you are well on your way with your digital plans or are thinking through what to do in 2024, you’ll want the data that is only available from this study. This survey takes less than 10 minutes and participating lenders receive the survey report for free. Don’t miss your chance to have data on the key digital capabilities and the benefits and barriers to the digital technology available in the mortgage market today: take the Digital Innovations Survey now!

FHA and Ginnie Mae News

FHA announced new loan limits for calendar year 2024 its Single Family Title II forward and Home Equity Conversion Mortgage (HECM) insurance programs. FHA published Mortgagee Letter 2023-21, 2024 Nationwide Forward Mortgage Limits, which provides the maximum mortgage limits for FHA-insured Title II forward mortgages. These new loan limits are effective for case numbers assigned on or after January 1, 2024. Mortgagees may view the list of areas at the “ceiling” and areas with limits between the “floor” and “ceiling” along with lists that can be sorted by state, county, or Metropolitan Statistical Area (MSA) or by calendar year on the Maximum Mortgage Limits web page.

Mortgagee Letter 2023-22, 2024 Nationwide Home Equity Conversion Mortgage (HECM) Limits, which provides the Calendar Year (CY) 2024 maximum claim amount for FHA-insured traditional HECM, HECM for purchase, and HECM-to-HECM refinances. The maximum claim amount for FHA-insured HECMs for all areas, including Alaska, Hawaii, Guam, and the U.S. Virgin Islands, in CY 2024 will be $1,149,825; 150 percent of the Federal Home Loan Mortgage Corporation’s (Freddie Mac) national conforming limit of $766,550. This new maximum claim amount applies to case numbers assigned on or after January 1, 2024.

FHA published Mortgage Letter (ML) 2023-23, Updates to the Home Equity Conversion Mortgage Program. This ML updates and streamlines Home Equity Conversion Mortgage (HECM) servicing policy to enhance the program’s financial stability and improve overall performance. These changes reinforce FHA’s commitment to serving seniors choosing to age in place in their own homes through the HECM program. Loan officers and down payment assistance program providers can visit the DPA One website for more information and to request a demo.

In Multiclass Participants Memorandum (MPM) 23-03, Ginnie Mae announced an optional early closing date for multiclass transactions beginning in December 2023. This option will allow sponsors to close transactions either on the Closing Date specified on the Ginnie Mae REMIC monthly calendar available on Ginnie Mae’s website or on the Business Day immediately preceding such specified Closing Date (an “early Closing Date”). Those sponsors choosing an early Closing Date must notify Ginnie Mae no later than the Final Structure Date and be aware that document delivery requirements outlined in the Ginnie Mae Multiclass Securities Guide (the “Guide”) will apply equally to the early Closing Date. All other transaction dates on the REMIC calendar will remain the same, regardless of the type of Closing Date chosen. For information on capitalized terms used herein, but not defined, refer to the Guide currently in effect, found on the Ginnie Mae website.

In All Participants Memorandum (APM) 23-13, Ginnie Mae announced revisions to its definition of High Balance Loans. These revisions align with the increased conforming loan limits recently announced by the Federal Housing Finance Agency (FHFA).

PRMG TPO Resource Center Updates 23-12 includes updates to Training/Instructional Material, VA Forms, Appraisal Forms, Second Mortgage Product Forms and Information, Non-QM Product Forms and Information, Updates on Bond/Housing Authority/DPA Products, Compliance and Quality Control Information.

Capital Markets

In any market scenario, it is crucial for lenders to analyze the best execution options to maximize profitability when selling loans in the secondary market. Determining what execution is most efficient and profitable will have a big impact on the bottom line. In MCT’s latest whitepaper, Optimizing your Best Execution Loan Sale Analysis, they provide insight into determining your company strategy, delivery options, retain release decisions, and more. Download the whitepaper or join MCT’s newsletter to stay up to date on the latest educational content.

MAXEX is now offering daily mandatory bids on bulk pools of Agency-eligible NOO and second home loans. Like our industry leading MAXEX Conforming flow program, get competitive pricing from five leading institutional buyers and avoid costly Agency LLPAs, all through a single contract and a single, standardized clearinghouse. MAXEX buys to agency guidelines via your existing bulk trading process. Visit here to learn more.

Taking a look at rates, which have improved, as the debate rages over when next year the U.S. Federal Reserve will begin cutting rates we learned yesterday that American employers unexpectedly cut back hiring in November, according to data from ADP. It’s yet another sign of the labor market softening, but don’t read too much into it before tomorrow’s payrolls number, history shows it’s a very bad guide. Despite pullbacks in hiring and spending, the service sector expanded at a faster pace last month on improved business activity.

Challenger, Gray & Christmas, Inc. tells us that U.S.-based employers announced 45,510 cuts in November, a 24 percent increase from the 36,836 cuts announced one month prior but 41 percent lower than the 76,835 cuts announced in the same month in 2022 and marks the first time cuts were lower than the corresponding month a year ago since July. So far this year, companies have announced plans to cut 687k jobs, a 115 percent increase from the 320k cuts announced in the same period last year. The job market is loosening, and employers are not as quick to hire. The labor market appears to be stabilizing with a more normal “churn.”

Today’s economic calendar also includes weekly jobless claims (220k; continuing claims 1.86 million), and wholesale inventories and sales for October. The U.S. Treasury will then announce the details of next week’s mini-Refunding package, estimated to be consisting of $50 billion 3-years, $37 billion reopened 10-years, and $21 billion reopened 30-years. And Freddie Mac will release its Primary Mortgage Market Survey. We begin the day with Agency MBS prices worse than Wednesday night by .125-.250 and the 10-year yielding 4.17 after closing yesterday at 4.12 percent; the 2-year is at 4.61.

Employment

Did you know that Houston, TX is the top area for TSAHC down payment assistance loans? Also, did you know that Mortgage Financial Services TPO (MFStpo) is the only wholesaler both TSAHC and TDHCA down payment and closing cost assistance programs to the mortgage broker community. MFStpo pioneered TSAHC for brokers and until recently, TDHCA was only available to retail LO’s. Brokers are growing with MFStpo by serving more families and referral partners and adding LO’s by recruiting with these programs. MFStpo is actively seeking to enhance support for brokers in the Houston market by hiring an experienced Account Executive. By making TSAHC and TDHCA DPA easy for brokers, MFStpo presents a compelling opportunity for AEs today. Notably, MFStpo also excels in non-DPA loans with great rates and a strong support team. Reach out to EVP John Hudson at 817.247.4766 for more info on this exciting opportunity in Houston!

“PrimeLending LOs have an exciting new mortgage solution to offer their customers looking to save money, increase home value and protect the planet: Green Home Loans from PrimeLending. It’s clear that energy efficiency is not just a trend; it’s a priority for the modern homeowner. According to a 2023 study by Thumbtack, 71 percent of homeowners consider sustainability a top priority, yet only one-third can afford the upgrades. Green Home Loans from PrimeLending is here to bridge the gap by helping borrowers finance green improvements immediately. With more than 400 mortgage solutions in our arsenal, including eco-friendly programs, we’re committed to helping our LOs not only beat the competition, but lead the way in offering the latest mortgage alternatives. If you’re looking for a sustainable career, your future may be at PrimeLending. Contact Nic Hartke for more information.”

“If you ask 50 people for their outlook on the Mortgage and Housing market in 2024, you’ll get 50 different responses (and we can attest to that!). Regardless of market conditions, our team at Pezian Search Group wants to make sure that YOUR organization is properly prepared for what’s next. Since 2010, we’ve spent much of December consulting and partnering with new and existing clients to discuss their outlook, upcoming needs, and to strategize ways to ensure ongoing success. We also take the time to uncover our candidates career goals and prepare them for growth, and we’d love to do the same for you. Reach out to us directly and let us show you how we can be a value add for your organization and in your career search. You can also connect with us on LinkedIn, and view all of our current openings here.”

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

Source: mortgagenewsdaily.com

Apache is functioning normally

December 10, 2023 by Brett Tams

Weekly housing inventory data

We will start with the price cut data percentage because it deserves a detailed explanation. 2022 was a historic year for housing as we had the most significant home sales crash ever, and mortgage rates went from 3% to 7% in the same year. That type of move is very abnormal and home sales simply collapsed, especially in the second half of 2022.

Naturally, some people thought home prices would crash in 2023 as many market players said prices always follow volume. But not only did that not happen, home prices quickly got back to all-time highs. Then something even crazier happened: mortgage rates shot to to 8% but the number of homes taking price cuts never went above 2022 levels during this time.

In fact the price cut percentage consistently stayed 4% below 2022 levels. I believe this is due to the fact that home sales aren’t crashing anymore like they were in 2022. What happened between June 2022 to June 2023 can be confusing, so if you need more clarity I suggest listening to this podcast.

Here is the price cut percentage data for the same week in other years:

2023 38%
2022 42%
2021 27%

As you can see, affordability is an issue, and the price cut percentage is higher now than in any period from 2015-2021, but still below 2022 levels.

Now lets take a look at the weekly inventory data. Last year, according to Altos Research, the seasonal peak for housing inventory was Oct. 28. the seasonal peak this year was on Nov. 17.

Weekly inventory change (Dec. 1-Dec 8): Inventory fell from 555,717 to 546,424
Same week last year (Dec. 2-Dec. 9): Inventory fell from 550,302 to 536,409
The inventory bottom for 2022 was 240,194
The inventory peak for 2023 so far is 569,898
For context, active listings for this week in 2015 were 1,050,971

The new listing data has been trending at the lowest levels ever for 17 months now. What 2023 data has shown me is that even with mortgage rates heading toward 8%, new listings data didn’t take a new leg lower — it stayed remarkably consistent all year long. This is a positive, and something I discussed on CNBC months ago, that we should see some flat-to-year-over-year growth data in the second half. Since most sellers are also buyers, getting growth in this data line will be a positive for home sales in 2024.

New listings data last week

2023 43,188
2022: 39,149
2021: 46,881

In 2024, what we want to see is new listings data grow back to 2021 and 2022 levels in the spring. This will bring more inventory to the marketplace and get more sellers, who will also be buyers.

Mortgage rates and the 10-year yield

Last week was another interesting week for bond yields and mortgage rates. We almost broke under 7% mortgage rates for the first time in a while, getting as low as 7.04%. We ended the week at 7.09%, and this was during jobs week where had two weaker-than-anticipated labor reports and two better-than-anticipated reports. Regarding jobs Friday, I wrote this article on why the Federal Reserve was wrong about inflation and jobs.

We have a big week ahead of us. For now I would focus on the 4.10% level on the 10-year yield since we bounced on that level twice last week. We have two inflation data points this week and if both come in lighter than anticipated and the Fed gives a dovish outlook, that is the best case for the 10-year yield to fall below 4% and get us mortgage rates below 7%.

Purchase application data

There was some confusion over the purchase application data this last week: The unadjusted data showed 35% week-to-week growth and the seasonal adjusted data showed a slight decline of 0.03%. We always take the seasonal adjusted numbers no matter what. Just be mindful of purchase apps around the holidays.

Since Mortgage rates have fallen from 8% and are now near 7%, purchase apps have had four positive and one flat weekly print. This makes the year to date count 22 positive prints, 23 negative prints and 2 flat prints. Clearly we have a positive trend here in purchase apps which is typically the normal with a 1% move in rates. But again, we are working from a low bar here in this data line and we will need at least 12-14 weeks of positive growth trends to have it been something material.

The week ahead: Fed and inflation week

Ok, here we are heading into Christmas and the question is: will the Fed be the good Grinch going into Christmas or the Grinch we see for 93% of the movie? There is no rate hike coming of course, but what the Fed says matters a lot, especially what Chairman Powell says in the Q&A portion of the press conference. Inflation data is key as always, because we wouldn’t be talking about rate cuts in 2024 if the growth rate of inflation was at 5%-8% year over year. We also have retail sales coming up this week so we will be keeping a close eye on all of these reports.

Source: housingwire.com

Apache is functioning normally

December 10, 2023 by Brett Tams

Homeowners almost certainly have homeowners insurance. It’s just part of the deal that comes with purchasing a home. However, have you ever thought about renters insurance to cover the space you’re renting or leasing? While it’s not always mandatory to have, it’s a smart and inexpensive investment to budget for and purchase.

So, how much is renters insurance and why do you need it? We’re going to answer all of your questions and hopefully convince you to get your own renters insurance policy.

What is renters insurance and why do I need it?

Like any insurance policy, renters insurance is a way to financially safeguard yourself and your property from damage, loss or theft.

When homeowners buy homeowners insurance, they are protecting the home itself and the contents inside. While renters don’t own the building that they live in, they do have personal property inside of the apartment that has monetary value. Renters insurance is an insurance type specifically for those who rent or lease that will cover their assets.

Landlords or apartment owners will have insurance policies in place that protect and cover their buildings and physical property. But, it won’t cover the tenant’s personal belongings if something happens. That’s why renters insurance is something you’ll want to have. Here are a few scenarios where renters insurance would come in handy:

Theft: If you experience a robbery or burglary, renters insurance would cover the cost of the stolen items
Vandalism: If someone vandalizes your apartment, renters insurance would cover the damage and repairs
Fire: If there is a house fire that damages the apartment, renters insurance covers the cost of loss
Plumbing issues: If you have major plumbing issues that damage the apartment, you’d be covered
Injuries that happen in your apartment: If someone else is hurt within your apartment, renters insurance covers their medical fees

These are some, not all, of the situations that renters insurance would cover. Keep in mind that renters insurance will cover a good variety of personal possessions, but it may not cover every single item in your place. It’s a good idea to know what is and isn’t covered and to protect yourself from the worst-case scenario as things happen to everyone, including renters.

How much is renters insurance?

Okay, so we’ve convinced you that renters insurance is a good idea, but you’re wondering how much renters insurance is per month? After all, if it’s a monthly expense you’ll need to budget for it. Good news — renters insurance cost is relatively inexpensive.

While there isn’t a flat rate for all renters insurance policies, generally, it costs $15 to $30 per month or up to $360 annually. When you think about the cost of everything you own— clothes, computers, TVs and tech — $30 a month isn’t too hefty a price to protect your possessions.

Depending on the insurance company, you can either pay monthly, bi-annually or annually. Sometimes, you’ll even get a discount if you pay for the full year in full, making the month-to-month cost even cheaper.

Factors that influence the cost of renters insurance

Renters insurance costs will vary by person, place and policy. If you’re considering purchasing a renters insurance policy, you can do some comparison shopping to make sure you’re getting the best bargain.

As you’re searching for a policy that fits your needs, here are a few things to keep in mind that’ll influence your cost:

Coverage types

The two most common types of renters insurance are personal property insurance and liability insurance. If you purchase a plan with both coverage types, you’ll pay more per month.

Personal property insurance

This type of plan covers your personal property and everything inside the apartment.

Liability insurance

This type of plan covers you if an injury happens to someone in your apartment and they file a claim against you.

Location

The cost of renters insurance varies by neighborhood, city and state. Generally, if the housing market itself is more expensive in a certain area, the cost of an insurance policy will probably be higher, too.

Pets

While dogs are man’s best friend, they aren’t when it comes to getting a renters insurance policy. Unfortunately, having a pet may increase the cost of your renters insurance policy because pets can cause additional damage to the apartment.

Previous claims

If you’ve had renters insurance in the past and filed several claims, your premium will likely be higher compared to people who have never filed claims.

Credit history

Credit is king and a higher credit score will equal lower monthly payments.

Coverage limits

With a renters insurance policy, you can choose how much coverage or protection you want. For example, let’s say you took inventory of your items and assessed that they added up to $10,000 worth of goods. You’d want to get a renters insurance policy with a coverage limit that was at least $10,000 to cover your losses. As your coverage limit increases, so will the cost of your monthly payment.

How do I find renters insurance?

Almost all insurance agencies will offer renters insurance policies. If you have car insurance or another type of insurance plan, you could bundle and save by adding an additional renters insurance policy.

You can get quotes from each of them to see where you’ll get the best deal. Here are a few insurance companies to consider when looking for a policy that fits your needs:

Secure your apartment with an insurance plan

You want to feel safe and secure in your apartment and know that you’re financially protected should something happen to your home.

Renters insurance is one way to secure your possessions and safeguard yourself from an emergency. At a relatively low cost, you can save yourself thousands of dollars and lots of stress in the worst-case scenario.

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

Sage Singleton is a freelance writer with a passion for literature and words. She enjoys writing articles that will inspire, educate and influence readers. She loves that words have the power to create change and make a positive impact in the world. Some of her work has been featured on LendingTree, Venture Beat, Architectural Digest, Porch.com and Homes.com. In her free time, she loves traveling, reading and learning French.

Source: rent.com

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1. Salvation Army

2. Goodwill

3. Habitat for Humanity

4. Green Drop

5. The Arc

6. AMVETS

7. Donation Town

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9. Vietnam Veterans of America (VVA)

10. Out of the Closet thrift stores

11. PickUpMyDonation.com

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The cheapest cities in Connecticut for renters

10. Norwalk

9. Milford

8. Oxford

7. Danbury

6. Manchester

5. Bridgeport

4. Hamden

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Methodology

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The Wash Sale Rule

When is Tax-Loss Harvesting Worth It?

Good: Tax-Loss Harvesting to Offset a Liquidation Event

Good: Offsetting Income (Usually)

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Bad/Neutral: Zero’ing Out Gains in Your Portfolio

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Death Ends the Conversation

Bulk Sales, Best-Ex, Accounting Outsourcing, Verification Tools; FHA and Ginnie News; STRATMOR Tech Survey

Option 1: Copy and send this link

Weekly housing inventory data

Mortgage rates and the 10-year yield

Purchase application data

The week ahead: Fed and inflation week

What is renters insurance and why do I need it?

How much is renters insurance?

Factors that influence the cost of renters insurance

Coverage types

Personal property insurance

Liability insurance

Location

Pets

Previous claims

Credit history

Coverage limits

How do I find renters insurance?

Secure your apartment with an insurance plan

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