You know what loan officers and real estate agents love almost as much as cashing a commission check? Complaining about other loan officers and real estate agents. And they have good reasons to do so.
Talk to a top producer in either field and he or she will tell you: the biggest problem their respective industry faces is that there are far too many sloppy, inexperienced, yee-haw types who, I’m sorry, just shouldn’t be in this business! Those people harm consumers as well as industry professionals by wasting time, making mistakes and driving up acquisition costs, they’ll tell you.
It shouldn’t surprise you that a sizable percentage of newer LOs and real estate agents are washing out in the current market. The latest statistics from the National Association of Realtors found that the percentage of agents with fewer than two years of experience fell to 17% in 2022 from 25% in 2021. Meanwhile, the number of active nonbank loan officers is about a third lower than it was during the glory days in 2021, several industry sources told HousingWire.
But at 343,000 workers in May, the mortgage LO workforce remains quite elevated for the origination volume being produced. And there are north of 1.5 million Realtors competing for about 4.2 million existing home sales.
There are compelling arguments that the housing industry should shed far more agents and LOs than it currently is. Like, a lot more. So let’s dive in a little deeper.
In March of 2021 the mortgage industry was running at a $4.4 trillion annualized pace. The industry is down about 75% from that level, at an annual pace of between $1.2 trillion and $1.4 trillion in 2023.
“That’s still nuclear winter-ish kind of volume, especially for the size of the industry. The industry has not shrunk 75%,” Brian Hale, founder and CEO of Mortgage Advisory Partners LLC, told my colleague Bill Conroy.
Looking at the productivity of the LO’s real estate agent partners is key, he said.
“The top 1.5% of real estate agents last year accounted for 68% of all sales in America. That’s a shocking number,” Hale said. “If you go up to the top 2%, you’re at about 75%. If you go to the top 10%, you’re north of 90%.”
But in many cases, LOs are still calling and looking for business from the bottom 50% of Realtors, Hale said. (The typical NAR member averaged one deal per month in 2022, according to the latest NAR Member Profile.)
This is among the market inefficiencies caused by too many unproductive agents and LOs chasing nonexistent leads. It’s no wonder that the cost to originate a mortgage is over $10,000.
Garth Graham, a senior partner at mortgage M&A shop STRATMOR Group, told Conroy that roughly 80% of the volume is done by 40% of the loan originators. He estimated that about 75% of mortgage companies lost money in the first quarter, and a big reason is they pay relatively high compensation for LOs who simply aren’t doing the volume to warrant it.
In other words, the housing industry is still carrying a lot of dead weight.
“We still don’t have enough sales, and if you want to be successful in the mortgage business, you have to do business not just with people who are in real estate, but you have to do business with people who sell real estate,” Hale told Conroy. “There is a big difference between being in real estate versus actually selling real estate. And even the big ones are finding volume difficult to get a listing on. Valuable people today are those with listings.”
Relatedly, the Consumer Federation of America released an intriguing study this week that examined 1,000 deal sides each for home sales in Minneapolis, Jacksonville and Albuquerque during a few months in 2021 and 2022. The CFA study found that “marginal agents” – who completed five or fewer sales over the past year – took home between 25% and 30% of the overall commissions in each market. That’s not a positive.
“Industry experts have noted that this surfeit of agents creates economic inefficiencies, deprives full-time agents of needed income, frustrates both consumers and experienced agents who must deal with inexperienced agents, forces agents to spend inordinate time and money acquiring new customers, reinforces relatively high and uniform commission rates, and damages the reputation of the industry,” the trade group argued.
Indeed, the median real estate agent in 2022 worked just 30 hours a week, according to the NAR. And nearly 50% of agents worked fewer than 40 hours per week. You won’t be surprised to read that part-time agents aren’t very productive or able to generate much income from doing a couple deals a year – many make under $10,000 a year in commission income.
It’s not just Side Real Estate’s Guy Gal who would argue that part-time real estate agents cause more harm than good. My Aunt Betty doing a deal or two a year doesn’t benefit the industry or consumers. How many billions of dollars in commissions go to uneducated, unprofessional, mistake-prone agents and LOs? How many hours do full-time professionals waste chasing leads that go to the Aunt Bettys of the world? Residential mortgage lending and real estate brokerages are low-margin businesses; if we want a healthier housing industry, we should disincentivize part-time agents and stop paying high comp to average or below-average LOs.
One quirk that I found especially interesting in the CFA study was that those “marginal agents” were just as likely to work a deal at the highest sales category in Jacksonville, Minneapolis and Albuquerque as they were the lowest.
Anyway, what do you think about all this? Share your thoughts with me at [email protected].
In our weekly DataDigest newsletter, HW Media Managing Editor James Kleimann breaks down the biggest stories in housing through a data lens. Sign up here! Have a subject in mind? Email him at [email protected]
Harrison Sharp gets a steady stream of real estate referrals, and he credits this to the relationships he built with real estate investors. On today’s Real Estate Rockstars, Harrison explains how the right niche and relationships can help an agent’s business expand exponentially. This podcast also covers house hacking, ways to find investor clients, and tips for staying in touch with your sphere via social media.
Listen to today’s show and learn:
Harrison’s start in real estate [1:55]
Why Harrison left his full-time job for a career in real estate [3:44]
Finding investor clients on BiggerPockets [6:09]
The house-hacking niche [9:40]
Advice on getting started with house hacking [11:57]
Harrison’s sales in 2021 and 2022 [15:32]
Building relationships that generate real estate referrals [19:31]
Ways to stay in touch with clients via social media [24:28]
How work in financial planning prepares you for a career in real estate [31:10]
Building long-term wealth by investing in real estate [35:15]
A strategy for setting and accomplishing goals [37:58]
Quick tip: Give value and get more business [40:57]
Where to find and follow Harrison Sharp [41:26]
Harrison Sharp
Harrison Sharp is a CPA, Real estate investor, and licensed real estate agent in DFW. He works with investors, retail buyers/sellers, flip houses, and is the lead investment agent with a co-living start up called Homeroom. Harrison’s background is in public accounting, financial planning, and investing. He has been investing in real estate since 2017.
Related Links and Resources:
Thank You Rockstars!
It might go without saying, but I’m going to say it anyway: We really value listeners like you. We’re constantly working to improve the show, so why not leave us a review? If you love the content and can’t stand the thought of missing the nuggets our Rockstar guests share every week, please subscribe; it’ll get you instant access to our latest episodes and is the best way to support your favorite real estate podcast. Have questions? Suggestions? Want to say hi? Shoot me a message via Twitter, Instagram, Facebook, or Email.
Guys, I have an unhealthy addiction; with all white bedrooms! Pristine, crisp, beautifully impractical white bedrooms. I love the minimalist feel, the clean simplicity and soothing calm of the monochromatic space. White bedrooms feel spa-like, as if they offer a retreat from the mess of daily life. My Bedrooms Pinterest board runneth over.
The challenge, obviously, is to actually keep life’s messes from destroying your all-white room! I’ve actually always had a love affair with all things white. I still remember my mom trying to talk me out of white Keds circa second grade because she knew I’d want to accomplish the nearly impossible task of keeping them clean! And I’ve never met a white tee or button down that I don’t love.
While all white bedding requires similar amounts of work to keep stains at bay especially with kids – of the two or four-legged variety, there other other ways to accessorize with white! I’d gladly add any of these pieces to our bedroom!
I’m curious- do you dare stick with all white bedding or decorate mostly with white? We have for the past couple years and so I’m now the queen of laundry and am BFFs with Oxy-clean and the Magic Eraser. But I will still argue it’s worth the extra effort!! Collapsing into the fluffy white cloud of goodness each evening just might be the best part of my day! — Erin
Get Your Shop On:
> “White Afternoon” Print by Judith Gigliotti > Carpe Diem Candle > Scope Wall Clock > Kate Spade “Odds & Ends” Tray > Ladies & Gentlemen Studio Chime > White Acapulco Chair > KAS Designs White Beaded Pillow > Rope Storage Basket > Wilshire Table Lamp
image 1 via Duneha // 2 via Design Chaser // 3 via Pinterest // 4 via Arch Daily // 5 via Varpunen
I read a lot of personal finance books. Most possess a certain sameness. They offer good advice, yes, but there’s nothing special about them. Perhaps that’s why I’m drawn to two specific types of financial books: narratives and histories. If a book can combine both of these elements, it’s a good bet I’m going to like it.
Between 10 June 1922 and 26 May 1923, The Saturday Evening Post published a series of twelve articles by journalist Edwin Lefèvre. These stories, collectively entitled “Reminiscences of a Stock Operator”, told the thinly-veiled biography of stock-market speculator Jesse Livermore, and were published as a book by the same name later in 1923.
Reminiscences of a Stock Operator gives the first-person account of the career of “Lawrence Livingston” (a slightly fictionalized Livermore), who, just out of grammar school, goes to work as a quotation-board boy in a stock-brokerage office. (This was during the 1890s, one hundred years before the advent of real-time internet stock quotes. Stock quotes had to be written on a chalkboard!)
Livingston develops a feel for the stock market and, in time, begins to speculate. He’s not an investor — he’s a speculator. He gambles in stocks. And he does a good job of it, too, building a million-dollar fortune during his twenties. But then he loses everything. In fact, Livingston builds — and loses — several million-dollar fortunes between 1901 and 1921. And each time he makes a mistake, he extracts a lesson.
I never thought stories of stock-market trading could be so entertaining. I was wrong. The book does contain plenty of mumbo-jumbo about stock prices, but most of the time it’s entertaining — and educational. Here are just a few of my favorite passages:
After spending many years in Wall Street and after making and losing millions of dollars I want to tell you this: It was never my thinking that made the big money for me. It was always my sitting. Go that? My sitting tight!
[…]
Nowhere does history indulge in repetitions so often or so uniformly as in Wall Street. When you read contemporary accounts of booms or panics the one thing that strikes you most forcibly is how little either stock speculation or stock speculators today differ from yesterday. The game does not change and neither does human nature.
[…]
Tips! How people want tips! They crave not only to get them but to give them. There is greed involved, and vanity…It has always seemed to me the height of damfoolishness to trade on tips…The belief in miracles that all men cherish is born of immoderate indulgence in hope. There are people who go on hope sprees periodically and we all know the chronic drunkard that is held up before us as an exemplary optimist. Tip-takers are all they really are.
[…]
There is profit in studying the human factors — the ease with which human beings believe what it pleases them to believe; and how they allow themselves — indeed urge themselves — to be influenced by their cupidity or by the dollar-cost of the average man’s carelessness. Fear and hope remain the same; therefore the study of the psychology of speculators is as valuable as it ever was.
[…]
The sucker has always tried to get something for nothing, and the appeal in all booms is frankly to the gambling instinct aroused by cupidity and spurred by a pervasive prosperity. People who look for easy money invariably find that it cannot be found on this sordid earth.
At first, when I listened to the accounts of old-time deals and devices I used to think that people were more gullible in the 1860s and ’70s than in the 1900s. But I was sure to read in the newspapers that very day or the next something about the latest Ponzi or the bust-up of some bucketing broker and about the millions of sucker money gone to join the silent majority of vanished savings.
I actually dog-eared more than 20 pages, but don’t have room to reproduce all of the good stuff here. If you’re interested in an extended glimpse of this book, you can preview the text at Google Book Search.
I loved Reminiscences of a Stock Operator. Though the stock market is a much different place than it was during the early 20th century, most of the principles described here still apply. Plus, it’s filled with entertaining anecdotes and practical descriptions of how stock speculators operate. This book won’t appeal to everyone. But if, like me, you enjoy inside glimpses of how the stock market operates, try to find a copy at your local library.
Postscript: I’ve begun to collect old finance books. I would love a 1923 or 1938 edition of this, but I’m not interested in paying hundreds of dollars. If you ever see a beat-up old copy, please let me know.
Well, well, well. We have a group of characters that are just about as likable as a toothache! These movie characters have made people feel everything from frustration to outright hatred, and it’s hilarious how much they’ve managed to annoy audiences.
From Grandpa Joe’s tap dancing betrayal in Willy Wonka and the Chocolate Factory to Elisabeth Moss’s character in Queen of Earth, every single one of these characters has an exceptional talent for rubbing people the wrong way. Finally, at least some of these characters got what was coming to them!
Courtesy of a forum filled with avid movie-watchers, here are movie nominations that will make you despise some of the characters in them.
1. Don’t Look Up (2021)
As one person pointed out, the sheer selfishness in the face of doom made most characters in the film rather obnoxious. Of course, in the end, no one is forgiven. However, as the plot unfolds, you can’t help but be vexed at the sorry sight of these petty characters.
2. Speak No Evil (2022)
While the movie was decent overall, a film enthusiast mentioned hating each character. Despite its aptness, it’s challenging to watch for many due to its triggering content.
3. Charlie and the Chocolate Factory (2005)
This might be a shocker, but one person crowned Grandpa Joe the greatest villain in all movie history. They talked about how he leeched off his family and lazed around, pretending to be bedridden. And, of course, the sheer sadism he showed when he reveled in the misery of other children at the factory.
4. Jurassic Park III (2001)
Sometimes characters are not even evil but outright dumb. For example, the Jurassic Park franchise comprises characters lacking intelligence or caution in dangerous situations. One critic was rather pleased to see such folks get eaten by the dinosaurs in the third film.
5. The Last Samurai (2003)
The concept of self-actualization through violent means strikes as absurd to some viewers, and understandably so. Maybe Nathan could use some meditation?
6. Queen Of Earth (2015)
While an excellent movie, one moviegoer was somewhat disappointed that they disliked Elisabeth Moss’s character. However, considering Catherine’s toxicity, the viewers were bound to gag a little, don’t you think?
7. Very Bad Things (1998)
And don’t even get me started on Christian Slater’s character in Very Bad Things! As one film buff inquired, who knew that someone could simultaneously be so influential and so darn idiotic?
8. The Drop (2014)
Animal cruelty is not cool. Hence, Eric Deeds harming a puppy made many viewers loathe the character. One person could not bear the puppy’s mistreatment in the freezing winter. Some would even be willing to choose violence to avenge the poor baby.
9. Terms of Endearment (1983)
And the ultimate helicopter mom award goes to…Aurora Greenway in Terms of Endearment. You know things are bad when one user mentioned feeling suffocated while watching the character restrain and control her adult kid. But hey, it’s a good lesson on NOT being a parent.
10. The Banshees of Inisherin (2022)
Now, this film is engrossing in that it is possible to hate many characters. As a final critic describes, the anger moves from one character to the next rather swiftly. You’re lucky. You get to hate many characters simultaneously, like a buffet of loathsome characters.
Source: Reddit.
Who is one actress you can never stand watching, no matter their role? After polling the internet, these were the top-voted actresses that people couldn’t stand watching.
10 Actresses People Despise Watching Regardless of Their Role
These 7 Celebrities are Genuinely Good People
We’ve all heard the famous adage that “no publicity is bad publicity,” and while it tends to be accurate, there are certainly exceptions. But what about those few stars who stay out of the limelight and get along without a hint of trouble?
These 7 Celebrities are Genuinely Good People
Have you ever known someone and thought you liked them—until you learned about their hobbies? Then you get to know them and then you’re like, “Wow, red flag.” Well, you’re not alone.
These 10 Activities Are an Immediate Red Flag
Some celebrities definitely seem to enjoy the limelight and keep working to stay in the public eye. While others quickly move out of the spotlight. Many of these actors and actresses stepped out of the spotlight to live a more private life without constant media pressures.
10 Celebrities That Made the Big Times Then Disappeared Off The Face of the Earth
We’ve all been there – sitting through a movie that we can’t help but cringe at, but somehow it still manages to hold a special place in our hearts.
These 10 Terrible Movies Are Still People’s Favorites
Editor’s note: This post has been updated with new information. Pricing and availability are accurate as of 2:30 p.m. on July 11, 2023.
I can’t fly anywhere without a pair of noise-canceling headphones.
Even if I’m not actively listening to music or enjoying a TV show, I often use noise-canceling headphones to drown out background noise.
If you’ve traveled recently, I probably don’t need to convince you of the value of a pair of these headphones. These days, there are more distractions than ever in airports and on planes — there are only so many times I can hear the same canned pitch for a cobranded airline credit card.
However, if you really want to drown out everything, which pair of headphones or earphones does it best? Here’s a guide to my current favorites based on portability, sound experience, comfort, battery life and, of course, how well their noise-canceling abilities fare in the TPG hair dryer test.
Apple AirPods Pro
How portable are they?
Since their introduction in 2019, Apple’s AirPods Pro have been my go-to travel headphones, thanks in no small part to their portability.
AirPods Pro have two components: a charging case and the earbuds. The charging case is where the AirPods sit when they’re not in your ears, and there’s even a built-in speaker to help you find the case if you misplace it.
The actual earbuds are much smaller than Apple’s entry-level AirPods, and they’re much less bulky and unwieldy than some other earbuds on the market.
How is the sound?
Apple recently introduced the second-generation AirPods Pro with a claim of double the active noise cancellation of the legacy model. If you were on the fence about these earbuds before, this updated model should make them a no-brainer for most travelers who use an iPhone.
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With the second-generation buds, I am disturbed by fewer announcements and chatty passengers than with the original model. The sound quality is also noticeably better, thanks to a more powerful audio driver.
How comfortable are they?
Aside from the portability, the AirPods Pro also excel in terms of comfort.
As you decide which headphones are right for you, you’ll need to choose between in-ear and over-ear models. Back in the day, in-ear headphones didn’t offer great noise cancellation. However, Apple and its competitors have since introduced earbuds that feature this travel must-have.
That’s great news since I find earbuds are generally more comfortable than over-ear headphones. Also, with four tip sizes included with the AirPods Pro, you’re bound to find the right fit.
How is the battery?
The second-generation AirPods Pro offer up to six hours of listening time with a single charge. The charging case offers 30 hours of listening time, and just five minutes in the case provides about one additional hour of listening time.
The hair-dryer test
To simulate the background noise on an airplane, I borrowed my wife’s Dyson hair dryer and blasted it at full force next to my ears while listening to the same song (Taylor Swift’s “Enchanted”) through each of the following six pairs of headphones (set at the same 80% volume level).
The verdict? I could hear the blow dryer when it was at the highest setting, but only just.
Are they worth it?
The fact that the AirPods Pro fit in my pocket makes them a game changer for travel. I used to lug around bulky over-ear headphones, but why bother when you can get great sound quality in a pair of earbuds that fit in the palm of your hand?
Sure, there are headphones that offer better noise cancellation, but the AirPods Pro pack the best mix of sound, noise cancellation and portability that an iPhone user will find in a small package.
Additionally, with multiple microphones, they double as a great set of headphones for those who make phone calls while on the road.
Buy now for $199.00 and save 20% on the standard price of $249.00
Bose Noise Cancelling Headphones 700
How portable are they?
Bose’s Noise Cancelling Headphones 700 are the company’s sleekest over-ear headphones, but you’ll still need to tote around a nearly 1-pound pouch when the headphones are stowed safely in your bag.
Aside from Bluetooth wireless connectivity, I love that you can also use the provided 3.5-millimeter audio cable to plug the headphones into seatback entertainment systems that don’t yet support Bluetooth.
How is the sound?
Bose is renowned for its best-in-class noise-canceling headphones, and the 700 series builds on that legacy with some of the best sound and noise cancellation you’ll get in a pair of headphones.
I always feel immersed in my music when I listen to these headphones, and the noise cancellation is among the best I’ve experienced.
I also love that you can adjust the noise-cancellation levels to control how much of the outside world you want to hear.
How comfortable are they?
These headphones are much more comfortable than some of Bose’s older models, but they aren’t for everyone.
During long-haul flights, I find that my ears sometimes start feeling numb after wearing these headphones for prolonged periods (something that hasn’t bothered me with other over-ear headphones like the AirPods Max).
How is the battery?
Bose’s top-of-the-line headphones offer up to 20 hours of nonstop listening. It takes about 2 1/2 hours to fully recharge the headphones, and a quick 15-minute charge will provide up to 3 1/2 additional hours of battery life.
The hair-dryer test
I couldn’t hear the faintest sound from the hair dryer, even when it was blasting at full force.
Are they worth it?
Back in the day, Bose was No. 1 when it came to noise-canceling headphones. The company now has some formidable competitors, but Bose builds on a very strong foundation with the Noise Cancelling Headphones 700.
These are among the world’s best over-ear noise-canceling headphones, and you certainly can’t go wrong with them. I just wish they were a tiny bit more comfortable for prolonged periods of use.
Buy now for $299.00 and save 21% on the standard price of $379.00
Sony WH-1000XM5
How portable are they?
Like any over-ear noise-canceling headphones, you’ll need to make room in your bag for Sony’s WH-1000XM5 headphones, though they only weigh around 250 grams and shouldn’t add too much weight to your luggage. They come with a carrying case to keep them in tip-top shape while you’re on the move — just note that the ear cups don’t fold in for a more compact carrying experience.
Like the Bose headphones, Sony’s top-of-the-line model can connect directly to seatback entertainment systems using a 3.5-millimeter audio cable.
How is the sound?
These headphones pack some serious active noise-cancellation chops, building on the company’s already industry-leading noise-canceling technology.
Unlike the Bose offering, you can’t adjust the level of noise cancellation, but you’ll have no issue tuning out your surroundings when listening to music with these headphones.
How comfortable are they?
I find these headphones to be perfectly comfortable for long-haul flights. They aren’t too heavy on the head and ears, and the padded headband helps keep them in place throughout the journey.
How is the battery?
Sony’s headphones offer some of the best battery life you’ll find. The company advertises up to 30 hours of nonstop use, with the ability to quickly charge the headphones for three minutes to unlock an additional three hours of music playback.
The hair-dryer test
Just like the Bose 700s, I couldn’t hear any noise from the hair dryer while listening to music with these headphones. To test them further, I blasted some music at 100% volume on my home speaker, and I could still barely hear any distractions with the Sony WH-1000XM5 headphones.
Are they worth it?
Sony’s WH-1000XM5 headphones are about as good as you can get in the roughly $400 range. They’ve got great sound in a (somewhat) portable package with top-notch battery life.
In my experience, the Sony WH-1000XM5s slightly outperform the similarly priced Bose headphones in terms of noise cancellation — I am usually less distracted when wearing Sony’s headphones on a plane.
Buy now for $328.00 and save 18% on the standard price of $399.99
Apple AirPods Max
How portable are they?
There’s no denying that these are among the sleekest headphones on the market, though that comes at the expense of some portability.
The AirPods Max include a magnetic smart carrying case, but it only protects the actual earpieces themselves. The headphones can’t be folded to create a more compact configuration, so you’ll need to make room in your bag for them.
While you might think that the AirPods Max only connect via Bluetooth, there’s some great news. You can actually plug them directly into seatback entertainment systems using a Lightning to 3.5-millimeter Audio Cable, sold separately for $35.
How is the sound?
As the most expensive headphones in this guide, you might not be surprised to learn that they offer the best noise cancellation I’ve experienced yet.
You can’t control the level of noise cancellation, but when flying around with these headphones, you won’t want to. With the AirPods Max, I had no trouble drowning out a crying baby sitting three rows behind me.
Combine this impressive noise cancellation with immersive sound, and these headphones offer travelers the best listening experience.
How comfortable are they?
The AirPods Max aren’t just sleek — they also boast an incredibly snug fit on the ear.
Apple did a great job designing the AirPods Max for inflight use, and for most domestic and transatlantic flights, your ears should stay cool and comfortable while using these headphones.
That said, some friends have complained about them getting a bit uncomfortable during the longest flights, something experts call “eardrum suck.”
How is the battery?
The AirPods Max offer up to 20 hours of listening time on a single charge, and five minutes of charging provides roughly an additional hour and a half of listening.
These numbers mean that you’re set for all but the longest flight in the world (nearly 20 hours from pushback in New York to landing in Singapore).
The hair-dryer test
As you might expect, the AirPods Max passed the hair-dryer test with flying colors.
Are they worth it?
The AirPods Max combine a best-in-class audio experience with top-notch noise cancellation in a modern and sleek package.
As the most expensive headphones in this guide, the AirPods Max are most definitely a splurge. However, if you’re already in Apple’s ecosystem and looking for the best travel headphones, these are it.
Buy now for $449.00 and save 18% on the standard price of $549.00
Bose QuietComfort Earbuds II
How portable are they?
Much like the AirPods Pro, these earbuds are among the most portable noise-canceling headphones you’ll find. They also magnetically snap into a separate charging case, which is longer and narrower than the AirPods Pro case.
The buds themselves are small and sleek and should fit into your ear without any issues — more on that below.
How is the sound?
What sets these earbuds apart is the noise cancellation. They’re just as good, if not a tiny bit better, than Apple’s second-generation AirPods Pro.
That said, I find the overall listening experience on AirPods Pro to be more immersive — I don’t feel nearly as engrossed with my music when using the Bose earbuds.
How comfortable are they?
Bose’s QuietComfort Earbuds II are very comfortable. There are three different size options for the tips and ear bands.
With nine different possible combinations, you shouldn’t have a problem finding a very stable fit, no matter the shape of your ear.
How is the battery?
Bose advertises up to six hours of battery life on a single charge, but I was able to beat that estimate by about 30 minutes on a recent flight.
The charging case offers 18 additional hours of battery life, and just 20 minutes of charging in the case should deliver up to two additional hours of listening time from the earbuds.
The hair-dryer test
Bose’s earbuds outperformed the AirPods Pro on the hair-dryer test. They blocked slightly more noise, but both sets of in-ear headphones should do the trick on most flights.
Are they worth it?
For most travelers, these earbuds will compete head-to-head against the AirPods Pro. If you aren’t in the Apple ecosystem, the Bose buds may be the right choice for you.
For everyone else, the choice is much trickier. AirPods integrate seamlessly into the entire iPhone (and Apple product) experience. Coupled with a quick setup and familiar controls, the AirPods will certainly do the trick for many.
However, if you’re looking for best-in-class noise cancellation, I’d consider the $50 splurge over the AirPods Pro for Bose’s earbuds.
Buy now for $236.55 and save 21% on the standard price of $299.00
Soundcore by Anker Life Q20
How portable are they?
One of the best travel features of the Life Q20 headphones is that they swivel inward for increased portability. They come with a drawstring travel pouch, and they won’t take up as much space as the other over-ear headphones in this guide.
Aside from Bluetooth wireless connectivity, you can use the provided 3.5-millimeter audio cable to plug the headphones into seatback entertainment systems that don’t yet support Bluetooth.
How is the sound?
As you might expect for a sub-$60 pair of headphones, the Life Q20s aren’t going to beat the likes of Apple, Bose or Sony.
That said, given the price tag, they offer an impressive amount of active noise cancellation. I find that the sound quality is better than expected for such an inexpensive pair of noise-canceling headphones.
How comfortable are they?
With memory foam ear cups, these headphones do a pretty good job of molding to your ears. They’re a bit bulkier than some of the other over-ear models, but that’s a trade-off you have to make, given the price.
How is the battery?
Of all the headphones in this guide, the cheapest ones also pack the longest battery life. Anker advertises 40 hours of wireless playback on a single charge.
If you’re pressed for time, you can quickly charge these headphones for five minutes to add four hours of listening time.
The hair-dryer test
Perhaps unsurprisingly, these headphones did the worst job of blocking out the background noise from the hair dryer. At the highest setting, I could definitely hear the noise from the Dyson.
Are they worth it?
If you aren’t a super-frequent traveler, the Life Q20s may be a great starter option for you. The active noise cancellation and sound quality aren’t as impressive as with the other, more expensive brands, but you’re saving around $300 with these headphones.
Several other features may feel quite basic, including the outdated micro USB charging port. However, that’s not stopping nearly 50,000 customers from leaving five-star Amazon reviews for these headphones.
In several previous articles I have opined that an increase in mortgage rates may be our only hope for slowing the escalation of home prices that we’ve been experiencing for the past year. With mortgage rates hitting above 3% last week for the first time since June, it’s a good time to revisit this conversation and what we should expect next for mortgage rates.
Since the summer of 2020, I have argued that if mortgage rates could get over 3.75%, days on market would rise and the rate of price growth would cool. This will be bullish for housing because the price gains we have been seeing are extremely unhealthy.
A common theme in the interviews I have done in 2021 has been that this is the unhealthiest housing market since 2010 — not because we have a credit boom or a bubble forming, but because we have forced bidding on too few homes. We need the days on market to grow out of the teenager stage.
If the antidote to our housing market ills is higher mortgage rates, when can we expect getting this cure? The unfortunate answer is not anytime soon.
If you are familiar with my work, you are aware that I rely heavily on the movements of the 10-year yield to guide my mortgage rate predictions. Even though I have been extremely bullish on the U.S. economy, my bond market forecast for the 10-year yield in 2021 was that it wouldn’t go above 1.94%, with the lower end of the range being 0.62%. This translates into the upper range of mortgage rates to be 3.375%-3.625% at best, and lower end of the range to be 2.25% – 2.375%.
In my America Is Back recovery model that was published on April 7, 2020, I wrote that the goal for the 10-year yield would be to create a range between 1.33% – 1.60%. This is something that couldn’t have happened in 2020 but in 2021 should be the case.
Considering the strength of the economic recovery we have been having since April 2020, I would have been shocked and disappointed if the 10-year never got to 1.60%. Like clockwork, the 10-year yield did what I thought it should do. As much as I love Van Gogh and Monet, the chart below may be the best piece of art I’ve seen this year.
In 2021, we have had the fastest growth and hottest inflation data in recent history. This has led some to predict that mortgage rates would skyrocket. I am sympathetic to those who are shocked that the 10-year yield is at 1.48% in October, but the 10-year yield has been in a downtrend since 1981 and that needs to be respected.
Trust me, in recent years it hasn’t been easy trying to convince people that mortgage rates would have a 2 handle before a 6 handle. During November 2018, when the 10-year yield was at 3.24%, I was speaking at a conference and got scolded by another economist for talking about the 10-year yield falling in 2019 and the thought of a 1 handle on the 10-year yield. This isn’t surprising since The Wall Street Journal polled 50 economists that year and all said rates were going up. However, using the chart above, I made a prediction that we could see a 1 handle in the 10-year yield in 2019. This happened as well.
I was recently asked in a podcast interview why I always talk about 1.94% as a key level since 2019. When the inverted yield curve happened in 2019, this was something I had forecast at the end of 2017 for 2018. I truly believe we inverted the yield curve in 2018. However, after the accepted inversion happened, I talked about the 1.94% level on the 10-year yield being a key level in 2019 and even in the 2020 forecast article, I made sure to emphasize that again. (More on that topic and the entire AB economic recovery model in this podcast, where Wall Street has taken notice of my work here at HousingWire.)
Since the start of 2015, when I began incorporating bond yield forecast in my prediction articles, I have always stated that the 10-year yield should be in a range between 1.60%-3%. During COVID-19, I forecast recessionary yields of -0.21% – 0.62%. Given that the recession ended in April of 2020 and we have been in recovery mode ever since, we should see the range of 0.62% – 1.94%, which is what I forecast for the economic expansion period.
What can take bond yields higher than 1.94% and get mortgage rates to 4% and higher? And why is this important? The most important data line I want to see grow is the days on market, as it’s simply too low currently and creating too much price growth in housing.
One common thing I see is that people say when QE (quantitative easing) ends, the bond market bubble will end and bond yields and mortgage rates will rise and housing will collapse. Let me just make this is as simple as possible, by referencing the chart below:
QE1 ended, bond yields fell.
QE2 ended, bond yields fell.
Tapering started to go into the final stages in 2014 and bond yields fell.
QE3 was supposed to be the end of humanity when it finished. After the end of QE3, bond yields fell.
Just be careful of putting all your eggs in the “bond market is a bubble and rates have to skyrocket when QE ends” basket. It didn’t end well for those forecasting much higher mortgage rates and bond yields, as you can see below.
While bond yields are historically low, that long-term downtrend stayed intact even with the best economic growth and hottest inflation data in years. Can the bond market have an algo model bond selling fit? Yes, it can. However, nothing of note will happen as long as we are below 1.94% on the 10-year yield. I am just sticking to my guns here, the same way as in 2019, 2020, and 2021.
In 2021, when the mention of tapering started at some point, bond yields fell.
The most realistic scenario I have come up with to break that 1.94% level is that the world economies start to come together and move past this COVID-19 historical stage. This means Japan and Germany bond yields move up as well. It’s really hard for the U.S. to break away too much from Germany and Japan’s 10-year yield.
When the world economies are running in a more normal fashion, that could serve as a reasonable premise to get the 10-year yield above 1.94%. My next-level peak would be only 2.42%. However, that bridge has not only not been crossed, but it’s not close enough to be tested. So, until that happens, no 4% plus mortgage rates here in America.
As crazy as this sounds, 2021 looks remarkably normal with regard to the bond market and mortgage rates.
I am big believer in range-yield work — it’s been a staple of mine for many years and a big factor in writing my American recovery model back on April 7, 2020. Economic models keep us in line and we always look for things that can break it with live events daily. However, for now everything looks just right to me.
While I do understand that bond yields being this low with our economic growth and inflation data seems strange, just remember: respect the trend as it is your friend. Don’t betray it and you will be fine at the end.
On Oct. 5, I will be speaking at the virtual California Association Of Realtors REImagine Conference and Expo with other economists about the state of the U.S. housing market and what to look for in 2022. I will be attending the Mortgage Bankers Association Annual conference in San Diego Oct. 17-20 and hope to see many of you there.
Today we’ll take a hard look at AmeriHome Mortgage Company, LLC, which is a direct mortgage lender based out of Southern California.
Their current company headquarters are in Thousand Oaks, CA, just north of Los Angeles.
You might recognize the name from Designing Spaces on Lifetime TV, where they are featured.
They have an A+ rating with the Better Business Bureau and a 4.2/5 score with Trustpilot. But first a little background.
AmeriHome History
Launched in 1988 as a Michigan-based corporation
Later acquired by Impac Mortgage Holdings in 2010
Sold to Aris Mortgage Holding Company LLC in 2014
Now led by CEO Jim Farush, an ex-Countrywide and PennyMac executive
Acquired by Western Alliance Bancorporation in early 2021 for $1 billion
The company was started way back in 1988 as a Michigan-based corporation, but has changed hands several times since then.
It was later sold by Impac Mortgage Holdings in 2014 to Aris Mortgage Holding Company LLC, after becoming a redundant mortgage platform for the company.
AmeriHome is now led by Jim Farush, who is also the current CEO of the company.
His experience includes working as CEO for Countrywide Bank, which was the banking business that backed former #1 mortgage lender Countrywide Financial.
He also helped launch PennyMac, which began as a purchaser of distressed mortgage assets, and later become a full-scale lender.
Clearly he’s got a strong mortgage pedigree, so we’ll assume AmeriHome has ambitions to be one of the top mortgage lenders in the country.
Now let’s dig into the details of what the company offers to its mortgage customers.
AmeriHome Quick Facts
AmeriHome derives much of its volume by purchasing residential mortgage loans from correspondent sellers
They service and purchase loans in 49 states and the District of Columbia
But only offers mortgages via the retail channel in 30 states at the moment
Originated $64.5 billion in home loans during 2020 with most volume coming from the states of California and Texas
Loan servicing portfolio totaled $98.8 billion as of December 31st, 2020
What AmeriHome Mortgage Offers
Home purchase loans
Refinance loans
Conventional loans (Fannie/Freddie)
Government loans (FHA and VA)
Fixed mortgages and ARMs
Like most other mortgage lenders, they offer both home purchase loans and refinance loans.
So both existing homeowners and prospective home buyers can get a home loan from AmeriHome.
With regard to loan type, they offer conventional loans, such as those backed by Fannie Mae and Freddie Mac, along with government loans, including FHA loans and VA Loans.
It’s unclear what individual loan programs they offer other than the 30-year fixed and 15-year fixed, though my guess is you can get a variety of adjustable-rate mortgages as well.
AmeriHome Mortgage Rates
I always appreciate it when a mortgage lender lists their mortgage rates on their website.
Sure, they should be taken with a grain of salt because they make a lot of assumptions, such as low LTV and high credit score.
But it shows they’re perhaps a little more transparent than the next guy.
Anyway, based on the rates displayed at the time of this writing, they appeared to be pretty competitive.
The APRs were similarly low, which tells me they may not charge too many fees.
Of course, these are just baseline rates and individual loan scenarios will vary.
Certainly take the time to shop around as you would any other product to ensure you obtain the best pricing.
What States Does AmeriHome Originate Mortgages In?
At the moment, AmeriHome isn’t nationwide, which is one of the potential negatives.
In fact, they only lend in 30 states, and do not originate mortgages in DC either.
They work with home buyers and owners in the following states: AL, AZ, CA, CO, CT, DE, FL, GA, IA, ID, IL, IN, KY, LA, MD, ME, MI, MN, NC, NH, NJ, OH, OR, PA, RI, SC, TN, TX, VA, and WA.
So make sure your state is listed before you consider getting a mortgage from AmeriHome.
Applying for a Mortgage with AmeriHome
You can call directly or use the rate quote engine on their website
Can get a pre-qualification in minutes and a pre-approval in 24 hours
A loan officer will help you submit a loan application
Unclear how fully digital their loan process is beyond document upload
To get started, you can call them directly or visit their website and request a rate quote. They do not have any physical branches or a loan officer directory.
Once you fill out some basic questions, like loan amount and credit score, it will populate loan options and rates, without the need for a credit pull.
From there, a loan officer will help you submit a loan application, assuming you want to move forward.
You can also get a pre-qualification in minutes and a pre-approval in 24 hours by the next business day.
They say a “next generation digital platform” powers AmeriHome’s mortgage origination process, but it’s unclear exactly what that entails.
You’re able to submit documents via their secure web portal, but whether you can link financial accounts like other lenders, such as Rocket Mortgage or Better Mortgage, is another question.
In any case, AmeriHome claims its “sophisticated information management tools” allow it to be a direct-to-consumer mortgage lender, which lowers costs that can then be passed onto its customers.
AmeriHome Rewards Program
Once you get a mortgage from AmeriHome, you’ll save $1,095 on origination costs for subsequent loans financed via the company.
In other words, if you wish you refinance your existing home loan with AmeriHome, they’ll give you a discount.
This is very similar to the loanDepot Lifetime Guarantee offered by that company.
To be eligible, AmeriHome Mortgage Company, LLC should appear on the Promissory Note for the loan and you must be listed as a borrower on the note. As always with these deals, it’s best to shop around beyond your current lender to see what competitors may offer.
Loyalty doesn’t always pay, especially in the mortgage business.
The AmeriHome Rewards Program doesn’t apply to FHA streamline refinances or the VA IRRRL loan.
AmeriHome’s Correspondent Lending Division
Whether you realize it or not, you might get a mortgage from AmeriHome via one of their clients thanks to their sizable correspondent lending division.
They act as a sponsor for independent mortgage bankers, community and regional banks, and credit unions throughout the country.
In other words, these institutions both big and small can offer mortgage products backed by AmeriHome.
They offer all types of loan via this channel, including conforming, FHA, VA, USDA, jumbo, and even non-QM loans.
As such, they refer to themselves as the nation’s 4th largest correspondent investor.
In 2017, they were the first correspondent investor in the country to be endorsed by the American Bankers Association (ABA).
AmeriHome Reviews
As noted, AmeriHome does a lot of its business via the correspondent lending channel, meaning other banks originate loans on behalf of the company.
So many customers may not actually know their mortgage came from AmeriHome.
But they still have roughly 1,300 customer reviews on Trustpilot with a 4.5-star rating out of 5, which is considered excellent.
Per Trustpilot, they typically respond to negative reviews within a week and have replied to 95% of their negative reviews.
In other words, if you have a problem, they will likely respond to it, which is a plus.
They also have an A+ BBB rating and have been accredited since 2018.
Additionally, they have a ~4-star rating out of 5 on the BBB based on customer reviews, which is pretty good relative to most other mortgage companies.
I love wine but I’m not a wine snob. I don’t speak the lingo, and I don’t want to. All I know is that some wines taste better than others, and that some wines cost more than others. For me, the best bottle of wine is one that tastes great but doesn’t break the bank. With the dinner party season coming up, how can I find good wines at great prices? I turned to Gary Vaynerchuk at Wine Library TV for help.
I discovered Vaynerchuk through his personal website, and his videos about blogging and personal entrepreneurship. (Two of my favorites are: You can have a day job and build your own business and Building personal brands.) But Gary’s real claim to fame is his free daily video blog in which he tastes and reviews wine. Mostly he drinks more expensive stuff, but I wondered — could he offer advice for a frugal guy like me?
Good Wines at Great Prices
I wrote to Gary and asked if he’d be willing to e-mail a few recommendations for GRS readers. He did me one better. He didn’t just write back — he created an entire video featuring his best value-driven wines of the year (subscribers will need to click through to this post to see the video — sorry):
Vaynerchuk starts with some advice that took me a long time to learn: You don’t have to spend a lot to enjoy wine.
The price point of a bottle of wine has no impact on the quality of that wine. That’s very important for people to understand, that price does not equal quality. In wine, that freaks people out. There are enormous amounts of $10-$12 wines that rock and roll…And there’s plenty of wines at $30-$50 that stink up the house.
When I first started drinking wine, I believed that a higher price meant higher quality. I now know that’s not true. My favorite wine I’ve tried this year is the 2007 Alain Brumont gros manseng sauvignon, which costs $10 per bottle at my local wine shop. (I like it so much that I bought a case, which brought the price down to $9 per bottle.)
What does Gary recommend for frugal oenophiles?
2007 Tiefenbrunner pinot bianco Italian white ($12) — “A tremendous alternative to pinot grigio.”
2007 Mastroberardino Mastro white Italian white ($14) — “An amazingly crisp, clean wine.”
2006 Ercavio Roble La Mancha tempranillo roble Spanish red ($10) — “Perfect pizza wine.”
2006 Alto Almanzora Este Spanish red ($10) — “A powerhouse red wine.”
2004 Monteviejo Festivo malbec Argentine red ($13) — “Explodes on the palate.”
2004 Villa Carafa Aglianico Sannio aglianico Italian red ($15) — “Old-school Italian.”
2007 Poesia torrontes Argentine white ($10) — “The white grape explosion…taking over pinot grigio and New Zealand sauvignon blanc fans by storm.”
Learn What You Love
But Vaynerchuk emphasizes that these aren’t the only options. Each person has different preferences. What might taste good to you might taste like swill to me. Or, as Kris and I were recently reminded, the same chardonnay may taste like gasoline with one meal, and then taste refreshing the next night with a different dish.
Because of this, wine recommendations should be treated like movie reviews: they can give you a general idea of what you’re going to get, but your actual reaction will be intensely personal. It’s important to find what you like, and then remember it. Vaynerchuk says:
You need to explore. How do you figure out what you like? By trying them. If you only drank apple juice every single day of your life, how in the heck do you know if you like orange juice? Or pineapple juice? Or plum juice? Or prune juice? How do you know? You don’t! And the same thing with wine. You’ve got to mix it up and try different things.
My Kind of Shopping
Armed with Gary’s advice and the latest recommendations from Consumer Reports, I went wine shopping last Wednesday. I established a budget before I set out, and then spent a couple of hours exploring the wine selection near my home. I visited Costco, Cost Plus World Market, Safeway, and Fred Meyer (a regional all-in-one store).
Unfortunately, I wasn’t able to find any of the wines from Vaynerchuk’s list and only two from the Consumer Reports list. Remembering Gary’s advice, however, I decided to be adventurous. He recommends a 2004 Argentine malbec, so I picked up one from the same vintage and region but a different producer. I also bought a tempranillo and a couple of other varietals I’ve never tried. I look forward to sharing these bottles with friends over the coming months.
Some people are serious about wine, and that’s fine. For me, though, wine is fun. Eating a good meal while sharing a bottle of wine is a bonding experience. Wine brings people together. And it does that just as well at $8 a bottle as at $80 a bottle.
What about you? What tips can you offer for finding inexpensive wine that’s still fun to drink? Do you have some favorite wines you can recommend for holiday gatherings?
If you like Vaynerchuk, be sure to check out Wine Library TV every weekday. (I liked yesterday’s episode: What wine goes with candy bars?)
Moving to the D.C. area after my twins were born, we transformed from a family of three living comfortably, to a family of five struggling to make ends meet on one income. I had to get creative with our family budget, and one of the biggest line items to tackle was clothing. Four years later, I finally have a handle on it. Shopping for clothes for my three kids has been fine tuned into a system that keeps us humming along season by season. How?
I get the best quality I can within my budget.
I take good care of what we have (and teach my children to do the same).
I resell my kids’ clothing in good condition to recoup my costs.
Buy Quality Clothes — For Less
You can save on sturdy kids’ clothing — I get great longevity from Lands’ End and Gymboree — by only shopping sales and clearance. In her article about the best time to buy almost everything, April mentioned which days are best to shop the clothing stores, but knowing the seasonal clearance schedule is helpful as well. For example, I send my kids to their first month of school in shorts and wait for the jeans/pants/leggings to go on sale in late September and October. Winter coats are on clearance in February; be ready to shop ahead for next year.
You can shop online, but do it wisely. I never shop online without coupon codes, and I always shop through a cashback site like Ebates. Shopping online gives me a larger selection of clearance items than local stores. Additionally, shopping online helps me stick to my list and budget, whereas in a store I am tempted to make impulse buys. Finally, most online retailers allow you to return clothing to the store for free if they don’t work out.
Another way to save is with used clothing, especially in the early years (infant to age four). Considering the amount of wear, tear, and washing these clothes go through, you’re better off saving the “good” clothes for church, holidays, and photo opportunities and dressing little ones in used clothing for everyday wear. Whether purchased at yard sales, thrift stores or consignment sales, look for those high-quality brands, the ones that hold their shape and color for years. (J.D. has shared his 18 tips for thrift-store shopping.) I’ve also found new-with-tag clothes at yard sales. The ultimate way to save? Get kids’ clothing for free through Freecycle or handed down from family and friends (don’t be shy about asking!).
Take Care of What You’ve Got
When you take care of the clothes you have, you stretch your dollars by giving items a longer life and better value. I’ve taught my children to care for their clothes by returning to the old-fashioned notion of “playclothes”. My son has learned to come home from school and change from his khaki pants (bought on sale with a coupon, of course) into sweats or other playclothes. These clothes are for running around outside, getting muddy, doing art projects, and the rest of childhood life. We all wear jeans at least twice before washing, and I tackle stains early so they don’t set in. If long-sleeved tees become stained or too worn, they become undershirts for layering.
Resell Clothing When You’re Done With It
I choose my best-quality items to resell at my multiples club’s consignment sale or eBay, sell some at yard sales, and donate or Freecycle the rest. By doing so, I not only recoup some of my initial cost, I also avoid the expense of storage space and keep my kids’ closets clutter-free. The only clothing I keep from my son are those I’ve bought with my twin girls in mind — raincoats, pajamas and other unisex items in neutral colors like red and blue (which my girls prefer to pink, anyway). I even resell my children’s shoes, though that phase is almost over; older children’s shoes get worn out before they’re outgrown.
While I’m sure I’ll have to adjust my system a bit as my kids reach the tween years, adding their opinions and peer pressure to the mix, I’ve set the groundwork for reasonable clothing expenses. My 6-year-old knows we have a budget set aside for clothing and we discuss why a Pokemon T-shirt costs more than a plain one. Already, I see him making choices with his allowance that come from our discussions about wants vs. needs.