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Free enterprise is an economic system where businesses are privately owned and operated for profit. This system is based on supply and demand, and business competition drives innovation and growth.

The benefits of the free enterprise include increased prosperity, higher living standards, more choices for consumers, and greater opportunity for entrepreneurs. The history of free enterprise can be traced back to the Industrial Revolution in Europe, when new technologies led to the rise of capitalism.

In America, the Founding Fathers enshrined the principles of free enterprise in the Constitution with laissez-faire policies that allowed businesses to flourish.

Today, countries worldwide have adopted various forms of free market economies with varying degrees of success. So how does free enterprise work?

Essentially, it provides a level playing field where anyone can start a business and compete against others without government interference or favoritism. This encourages entrepreneurship which leads to job creation and economic growth.

Additionally, consumers benefit from increased choice as companies vie for their business by offering better products at lower prices.

What’s Ahead:

What Is Free Enterprise?

In a free enterprise, businesses can produce and sell whatever they want if they don’t break any laws. This system is based on private ownership and free competition.

This system is different from socialism or communism, in which the government owns businesses and decides what to produce. In a free enterprise system, businesses compete to attract customers.

This competition can lead to lower prices and better products or services and motivate businesses to be more efficient and innovative.

The free enterprise system has helped create a prosperous and free society and lifted millions of people out of poverty.

The Gist: In a free enterprise system, businesses can produce and sell whatever they want as long as they follow the law. This system is based on private ownership and free competition.

The Benefits of Free Enterprise

This competition drives businesses to be innovative and efficient, which benefits consumers through lower prices and higher-quality products and services.

In addition, free enterprise promotes economic growth and job creation. Businesses are free to expand and hire workers, which helps to grow the economy and create jobs.

Finally, free enterprise fosters political and social freedom. When businesses are free to compete, they are also free to speak out and advocate for their beliefs.

This promotes a healthy exchange of ideas and allows for diverse opinions.

The History of Free Enterprise

It is a system in which businesses are free to compete with each other for profit without government interference or regulation.

The history of free enterprise can be traced back to the days of the early American colonies. At that time, the colonies were mostly agricultural, and the colonists could farm their land and sell their products as they saw fit.

There was very little government involvement in the economy, and the colonists were free to pursue their economic interests. As the colonies began to industrialize, the concept of the free enterprise took on a new meaning.

Businesses began to spring up, and competition among them increased. The government began to play a more active role in the economy, regulating businesses and protecting consumers.

But the basic principle of free enterprise remained the same:

Businesses should be free to compete with each other without government interference. Today, free enterprise is still the cornerstone of the American economy.

Businesses of all sizes compete to provide goods and services to consumers. The government regulates businesses to protect consumers and promote competition.

And most importantly, businesses are still free to pursue their economic interests. Free enterprise is a vital part of the American economy, and its history is long and proud.

The Gist: The key takeaway from the above is that free enterprise is a vital part of the American economy, and its history is long and proud.

How Does Free Enterprise Work?

How does free enterprise work?

This competition drives businesses to be efficient and innovative, which benefits consumers by providing them with more choices and better products and services.

A free enterprise is based on three key principles:

Private property rights, voluntary exchange, and competition. Private property rights protect the ownership of businesses and the things they produce.

This means businesses can keep their profits and reinvest them to grow and create jobs. Voluntary exchange is trading goods and services between two people or businesses.

This is the heart of the free market, ensuring both parties are better off after the trade. Competition is the process of businesses striving to outdo each other to win customers and market share.

Competition drives businesses to be efficient and to offer better products and services at lower prices. The free enterprise system is the best way to create prosperity and opportunity for all.

It allows businesses to flourish and create jobs while giving consumers more choices and better products and services.

The Gist: In a free enterprise, businesses compete for customers and profits, which benefits consumers by providing them with more choices and better products and services.

FAQs about What Is Free Enterprise

What does free enterprise mean?

There is no one answer to this question, as the meaning of free enterprise can vary depending on who you ask.

In general, free enterprise is an economic system in which businesses are privately owned and operated for profit and where there is little or no government involvement or regulation.

What is a free enterprise example?

A free enterprise example is a privately owned and operated company that is not subject to government control.

What is a free enterprise class?

A free enterprise class is a class in which students learn about and discuss the principles of free enterprise.

Conclusion

Overall, free enterprise is a system that has proven beneficial for businesses and consumers, and it encourages entrepreneurship and innovation while providing increased choice and prosperity for all.

So what is free enterprise?

It’s the backbone of America’s economy, which we should all support!

Source: moneyunder30.com

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Splitting assets and moving out can be messy during a breakup, even more so if you are buying a house during a divorce. While separation can complicate the home-buying process, it can still be done.

Before you consider buying a house during a divorce, here are some tips to keep in mind.

Buying a House During Divorce or After Separation: What to Consider

Moving forward as quickly as possible may be tempting, but buying a house during a divorce or after separation can get complicated. It’s possible to buy a house if you aren’t legally separated, but there are many factors to consider.

1. Finalize Your Legal Documents

First and foremost, your mortgage lender will require your legal separation agreement. This is a court-ordered document used to divide assets, debts, and other responsibilities between a couple. 

A mortgage is a big financial obligation and your lender will want to make sure you are capable of qualifying for a mortgage as a single homeowner.

2. Figure Out Your Financials

Next, you should figure out exactly how much you can afford. Divorce typically comes with fees and ongoing costs like attorney fees, child support, or alimony, so it’s important to find out what you’re responsible for before determining what you can afford.

Tip: If you are responsible for an existing mortgage, it will be included in your debt-to-income (DTI) ratio and could make it more difficult to buy a home during a divorce. However, if the court awarded your spouse the property, then the lender may exclude that from your DTI.

3. Remove Yourself From First Mortgage

If your spouse was given the house, you will want to make sure you remove yourself from that mortgage so that you are not legally responsible for making monthly payments. This can be done by using a quitclaim deed or by refinancing.

4. Keep Records of Payment History

If you are making payments to your spouse, this will be included in your monthly debt amount. However, if you receive monthly payments, then this can count as qualifying income. Keep records of any payment history and bring this along with your legal separation agreement to your mortgage lender.

5. Get Pre-Approved

After the divorce is finalized, you can take the first step toward getting a mortgage by getting pre-approved. A pre-approval letter can help while shopping for a home. Not only does it say how much you can afford to borrow, but it also lets sellers know that you are a serious buyer.

Is It a Good Idea to Buy a House During a Divorce?

Buying a house during a divorce is possible, but it will be more of a challenge.

If you live in a community property state, then you and your spouse must sign and notarize a quitclaim deed. A quitclaim deed transfers any interest your spouse has in the property over to you or vice versa. 

Community property law says that couples who acquire property during a legal marriage own the property equally, and if a quitclaim deed is not signed, then your ex-spouse will have equal rights to your new home.

As a married couple, your spouse’s debts could also affect your ability to qualify for a government-backed mortgage. Lenders calculate your DTI using both your income and debts. If your ex is on the mortgage and has a high DTI, this could also raise your household DTI.

Evaluate your financials and determine whether this is a good time to purchase a home. While you may be able to qualify for a mortgage, it may be better to build your credit score and save money. Improving your credit score and making a larger down payment could make your monthly mortgage payment more affordable.

Are you in the market for a home loan? Total Mortgage’s loan experts are standing by to help you understand your options. We have branches across the country.

What If You Decide to Stay in Your Old Home After the Divorce?

During a divorce, the easiest way to divide the house is to sell it and divide the proceeds. But what if you want to stay in your home?

If both names are on the title, then you both have equal rights to stay in the home after a divorce. However, equal distribution of assets is typically handled in court during a divorce. For example, a judge could award you a percentage of the property based on your income or how much of the mortgage you personally paid.

If both parties want the house, then a court will decide who gets it and at what cost. If you keep the home, you may have to buy out your spouse. However, the court also takes financial viability and children into consideration.

Can You Buy a House With a New Partner Before Your Divorce?

There is no law saying you cannot purchase a home with a new partner before your divorce, but you and your ex must cooperate so that your new home is not viewed as a marital asset.

A quitclaim deed will need to be signed to transfer any interest in the property, even in community property states. You should also be careful of what funds you use to purchase your new home, like the down payment, closing costs, and other fees. The court could decide those funds were community property, which may complicate the entire process.

Consider a Home Loan With Total Mortgage

Divorces can be messy. Before buying a home during a divorce, you need to make sure you can afford a mortgage, especially if you have additional divorce obligations. A certified divorce real estate expert and a divorce attorney can help you maneuver through this process.

If you’re ready to move forward, Total Mortgage has your back. Start your application with Total Mortgage today and get your free rate quote in minutes. 

Source: totalmortgage.com

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In my last article, I talked about saving money on the big things, like cars and houses.

Multiple readers contributed good reasons why we don’t save as much money as we should on cars and houses. But one of my favorite comments was from Tracy:

See, it would never even occur to me to negotiate on a car, nor do I have any desire to. I realize this costs me extra money and it would do me good to do it. But I find dealing with people tiring and stressful (introvert), and apart from saying “I saw this vehicle priced for this much less” at this other dealer (which wasn’t an option last time we bought a car, because it was the only Suburu dealer within 5 hours of our house), I don’t really know HOW to haggle (I understand it is a skill that you can learn and get better at). And finally, haggling makes me feel trashy. I’d put off buying cars FOREVER if I had to do that.

Amen, Tracy. I don’t think we’re alone in disliking negotiation.

But as I said last time, saving money on the big things is…well, big. So even if I don’t like negotiating, I need to improve my negotiating skills so I don’t pay too much.

Knowing how to negotiate isn’t enough, though. Especially if it makes you feel trashy. Same thing if you feel sorry for the person selling the car or house. Or if you hate conflict (so one round of “Sorry, I’ll have to walk away” is enough to make your palms sweaty). Or maybe you just don’t want to talk to salespeople.

Maybe introversion isn’t the right word to describe these personality traits.

But no matter what, as with money, negotiating is more about the noggin than it is about the math.

But I’m not going to analyze your noggin. (And you definitely don’t want to analyze mine.)

Instead, we’re going to cover negotiation, introverted-style.

Tips for the introverted negotiator

1. Do your research. While this tip applies to all negotiators, I think introverted negotiators really shine here. We are quite comfortable researching online, reading articles, and comparing costs. We are fore-informed and, thus, fore-armed. We know what a good deal is; we’re just not always prepared to get it.

2. Decide how much you can (or will) spend. Again, this tip should be easy(ish) for everyone. Many times, your ability to secure financing will determine how much you can spend. Or maybe you just want to cut your bill by a certain amount. If you do have some wiggle room, sticking to the limit will be more difficult when personal interaction is thrown into the mix.

3. Know what you want (but don’t want it too much). Your research and spending limits will usually dictate what you want. However, decide ahead of time what is negotiable. If buying a home, is a certain school district a must? Is the number of miles from your workplace negotiable? Will you still keep your service with your company even if they don’t cave to your requests? As I know from experience, don’t get your heart set on a specific house, but do clarify what you really want or need.

4. Negotiate via email if possible. Although I haven’t personally done this, it would be much easier for me to follow Nicole’s plan to negotiate by email than to negotiate face to face or even by phone. If you can’t negotiate by email, the next tip may help.

5. Use scripts. If you call any utility company to negotiate a service, they have scripts in front of them to benefit their company, but keep you as a customer. Creating your own scripts again helps you clarify what you’re really looking for and also helps focus on your own needs. But here’s where I start to get uncomfortable. Scripts might mean…confrontation. By focusing on #2 and #3, you can stay strong!

6. Be pleasant, but firm. Whether you’re negotiating by email, phone, or in person, be pleasant. And smile. But don’t be too nice. You can be kind while still focusing on what you need. If you can keep your eye on the goal, saying “No, thank you,” or “I really want to keep my business with you, but I really need a better price,” isn’t as painful. On a related topic…

7. It’s not (really) about you. When the steel shows underneath my “nice girl” exterior, it’s usually because I sense unfairness or I’m fighting for someone else. When you’re about to back down, think about why are you negotiating. Are you trying to cut your cable bill so you have enough money to send your daughter to music lessons? Or afford a house so your children get a better education? Eventually, though, you may need to walk away.

8. Know when to walk away. Sometimes you have to smile (see #6), but know that what you want (#3) is more than you should spend (#2). And you walk away, literally or figuratively. This is the hardest for me. I imagine scenarios (he needs the money more than I do; his pay will be docked if I ask for another discount; I’m cheap! I’m stingy! I’m greedy!). And I guess the answer to all those questions could be “yes.” But that brings me to my last tip…

9. Look for the win-win. I am most successful at negotiating when I keep this tip in mind. You’re negotiating, because each of you has something the other one wants. You want to buy a car (or save money on your phone bill, etc.); they want to sell you a car (or keep you as a customer). The best situations are ones in which both parties get what they want.

As an example, we know a couple who wanted to sell their home on their own, so they called up their neighbors. Several neighbors expressed interest, but this couple asked the first one how much he was willing to pay. He named the exact price they needed. They didn’t negotiate further. And both parties were happy.

Maybe it’s not the best example of negotiating. After all, the buyer named a price, and the sellers took it.

But focusing on the needs of both parties is a style I’m comfortable with (and it would save me more than I’m saving now). And we should all do what works for us.

Now I’m off to practice negotiating with my husband…to see who gets to do the dishes.

Source: getrichslowly.org

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Today we’ll deep dive into “Asset Mutual Mortgage,” a company that claims to have a reputation as one of the best mortgage lenders in Chicago.

It could have to do with their motto of “Less paperwork and more personal attention,” which should appeal to just about anyone who has ever experienced the arduous home loan process.

And thus far, their reviews seem to back up the assertion, so if you’re looking to enter the “frustration-free zone from application to decision,” they could be the lender for you.

Read on to learn about them.

Asset Mutual Mortgage Fast Facts

  • Direct-to-consumer mortgage lender that operates mostly online
  • Offers home purchase loans and mortgage refinances
  • Founded in 1989, headquartered in Lombard, Illinois
  • Currently licensed to do business in six states nationwide
  • Employs about 16 loan officers across two physical offices

Asset Mutual Mortgage is a direct-to-consumer mortgage lender that has been operating since 1989, led by current president Adam Karno.

They are headquartered in Lombard, Illinois, but also have a second physical location in Queen Creek, Arizona, which is a suburb of Phoenix.

At the moment, the company is licensed to do business in six states, including Arizona, Florida, Illinois, Indiana, Michigan, and Virginia.

It’s unclear if they plan to expand to additional states or focus on the ones they’re already approved to do business in.

They refer to themselves as a “local lender,” and as stated previously strive to provide a personal, human experience driven by the latest technology.

Whether you’re a prospective home buyer or existing homeowner, they’ve got solutions to suit all parties.

In Illinois and Michigan, they are also Quicken Loans Mortgage Partners, meaning you could be referred to them if Quicken (soon to be Rocket Mortgage) feels they can’t meet your needs directly.

How to Apply at Asset Mutual Mortgage

  • Call, email, or simply fill out a real mortgage application on their website in minutes
  • They offer a digital home loan experience where most tasks can be completed electronically
  • Once approved you can manage your loan from the online borrower portal
  • They aim to close loans quickly without all the unnecessary paperwork

To begin, you can either call or email to get in touch with a loan officer, or cruise right over to their website.

If you go online, you’ll be given the opportunity to fill out a short contact form on their website or jump right into the long application, which is an actual digital form 1003 that can also be completed via smartphone.

They say their long form takes anywhere from 10 to 15 minutes to fill out, at which point you’ll be prompted to sign disclosures, have your credit pulled, and lock your rate.

Once you’ve completed your application and/or received loan approval, you can log on to the borrower portal via the website to check loan status 24/7.

You’ll also be able to securely upload any necessary documents to satisfy any outstanding conditions.

All in all, they seem to utilize the latest technology to ensure the mortgage process is mostly paperless where possible, and seem to be well organized to avoid unnecessary documentation requests.

Asset Mutual Mortgage Loan Programs

  • Home purchase loans
  • Mortgage refinance loans: Rate and term, cash out, and streamline
  • Conventional home loans backed by Fannie Mae and Freddie Mac
  • FHA loans

One area where information is lacking is their loan product menu. For one reason or another, they don’t list what programs are available to customers.

As such, it’s unclear what they offer, though they appear to originate both home purchase loans and refinance loans, including rate and term, streamline, and cash out refinances.

Additionally, they appear to offer conventional loans backed by Fannie Mae and Freddie Mac, along with government-backed FHA loans.

They don’t seem to offer VA loans or USDA loans, or second mortgages.

So their lending menu looks to be a little thin, though I can’t confirm this since they don’t mention all available loan programs on their website.

You may want to call first to ensure they have the loan program you’re looking for before spending too much time filling out lengthy forms.

Asset Mutual Mortgage Rates

One slight downside to Asset Mutual Mortgage is their lack of disclosure when it comes to mortgage interest rates and lender fees.

Unlike some other lenders, they don’t post daily mortgage rates or list their lender fees online, so you’ll want to get a quote first before you apply.

Another option is to compare mortgage rates on the Zillow Mortgage Marketplace, where Asset Mutual Mortgage is often listed alongside other lenders.

I came across their listing for both a 30-year fixed and a 15-year fixed, both of which were being offered with just $1 in lender fees (basically a no cost mortgage).

And their rates were nearly the lowest on the platform, with only one or two lenders beating them in rate by .125%.

In other words, they should offer very competitive mortgage rates when compared to other online mortgage lenders, which generally are cheaper than the larger, brick-and-mortar name brand lenders.

Additionally, it appears they structure loans with no out-of-pocket fees while remaining economical, so even if they do charge lender fees, the mortgage APR may still be top notch thanks to a lender credit.

As always, put in the time to shop their rates and fees with other lenders, brokers, banks, and so on to ensure you get a good deal on your home loan.

Asset Mutual Mortgage Reviews

On Zillow, Asset Mutual Mortgage has a 4.95-star rating out of a possible 5 from over 500 customer reviews.

Aside from being near-perfect, many of those reviews indicate that the interest rate and/or closing costs were lower than expected.

If you peruse their ratings on Zillow, be sure to drill down to individual loan officer ratings to see how each employee is rated, then you can ask to work with someone specific.

Over at Birdeye, they have a 4.5-star rating from about 20 reviews, which are gleaned from Facebook, Google, and other ratings websites.

The company also boasts an ‘A+’ rating with the Better Business Bureau based on complaint history, though they aren’t an accredited business.

In summary, Asset Mutual Mortgage could be a good choice if you’re looking for a low-cost home loan, whether it’s a home purchase or a refinance.

The only question mark pertains to their product menu, which doesn’t feature on their website. That said, they might be best served for borrowers with straightforward, vanilla loan scenarios.

Asset Mutual Mortgage Pros and Cons

The Good

  • Offer a digital mortgage application and online borrower portal
  • Can apply for a home loan on your own without human assistance
  • Appear to offer low mortgage rates with limited lender fees
  • Excellent reviews from their past customers
  • A+ BBB rating

The Maybe Not

  • Only licensed in six states currently
  • Do not publicize mortgage rates or lender fees
  • May not offer VA loans or USDA loans

(photo: Harshil Shah)

Source: thetruthaboutmortgage.com

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Welcome to the vibrant city of Wichita, where summer ushers in a unique blend of culture, adventure, and relaxation. As the temperature rises and the sun shines brightly, this Midwestern gem becomes a playground of endless possibilities. Whether you’re a long-time local or you just rented your first apartment in Wichita, you’re in for a treat. 

From captivating museums and scenic parks to thrilling outdoor adventures and lively festivals, this Redfin article will guide you through a handpicked selection of the best things to do in Wichita this summer. So, get ready to embrace the warm weather, delve into exciting experiences, and create unforgettable memories right in the heart of Kansas.

1. Indulge in the local food scene

Landon Huslig, the founder of Wichita Life Update, suggests “embracing Wichita’s diverse food scene.” You can find everything from traditional Kansas barbecue joints and farm-to-table eateries to international cuisines like Thai, Italian, and Mexican. Food lovers should consider visiting the Old Town Farmers Market this summer for fresh, local produce and homemade products. Food truck events are also a regular feature in the city, offering delicious street food.

2. Take part in various Pride events

Wichita Pride is a colorful and vibrant celebration of the LGBTQ+ community in Kansas. This year’s Pride events are expected to be bigger than ever, with a parade, a fair, and a series of parties and picnics planned. Many other Pride events can be discovered throughout the month of June. Everyone is encouraged to come and support the local LGBTQ+ community and allies. Whether you want to join the parade, watch from the sidelines, or enjoy the festivities, there’s something for everyone. The atmosphere is sure to be electric, filled with love, acceptance, and of course, pride.

3. Experience the Summer Concert Series

The Summer Concert Series is a staple of Wichita’s summer scene. Local, national, and even international acts often play in various outdoor venues across the city, including the iconic Century II Performing Arts & Convention Center. This year, the lineup includes a mix of rock, country, blues, and pop acts, offering something for every music taste.

4. Sway beneath the stars at Twilight Tunes

The Twilight Tunes series provides free live music in various parks throughout the city. These events are an excellent opportunity to enjoy a picnic and relax with friends and family while listening to local musicians play everything from folk and bluegrass to jazz and rock.

5. Enjoy live acoustic music at Artichoke Sandwich Bar

The Artichoke Sandwich Bar is not only known for its delicious sandwiches but also for its live music scene. According to owner Tracy Rutledge, you can also enjoy “cold Guinness and a friendly welcome on tap!” This summer, they’ll host a series of acoustic nights where local musicians perform intimate, stripped-back sets. It’s the perfect setting for those who appreciate good food, music, and a cozy atmosphere.

6. Vibe at the lake with The Dam Jam Music Festival

Coined “the biggest lake party in the state of Kansas,” The Dam Jam Music Festival is a highlight of Wichita’s summer calendar. Lidia Potgieter shares how the festival is “set against the picturesque backdrop of Lake Afton, the thrill of camping merges seamlessly with the pulsating beats of live music.” Experience the two-day outdoor music event held at the scenic Sedgwick County Park. This year’s lineup features a mix of local and national bands across multiple stages. 

7. Sip wine at the Wyldewood Cellars

Wyldewood Cellars is a family-owned winery in Peck, just south of Wichita. Social Media Manager and Graphic Designer of Wyldewood Cellars Winery, Christine, shares how the winery “produces a wide range of award-winning wines, including their renowned elderberry wine.” Enjoy vineyard tours and wine tastings this summer, and attend various events, such as their famous Wine and Paint nights.

Bottom line: Maximize your summer fun in Wichita this summer

This summer in Wichita, opportunities for adventure are abundant and diverse, making every day exciting. Regardless of where your passions may lie, Wichita is ready to meet them head-on. If you’re seeking out this season’s most vibrant happenings or hunting for hidden gems within the city, turn on the Summer Sunflower App offered by Wichita on the Cheap and discover more to do.

Source: redfin.com

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The National Association of Mortgage Brokers (NAMB) declared its support this week for a bill introduced by Republicans in the U.S. House of Representatives that would reinstate the Loan Level Price Adjustment (LLPA) structure that was in place prior to May 1, 2023.

Lawmakers proposed similar legislation in April. However, it was more limited in scope and sought to cancel the changes announced in January and continue risk-based pricing.

The new version seeks to restrict Federal Housing Finance Agency (FHFA) adjustments to the single-family pricing framework and prohibit LLPA changes based on debt-to-income ratio.

If passed, the bill would also direct the Government Accountability Office (GAO) to “conduct a study of the revisions made by the [FHFA] to the standard single-family pricing framework under the recalibrated single-family pricing framework” by analyzing the basis for such revisions; inputs supplied by the GSEs; and how proposed revisions comply with the Enterprise Regulatory Capital Framework.

“Borrowers who have demonstrated a propensity to manage credit in a responsible manner should not be penalized when obtaining financing,” said NAMB President Ernest Jones in the announcement. “There is data which shows that lower credit scores do not directly correlate to lower income, furthermore, there are higher income earners who fail to manage credit effectively.”

The earlier version of the bill passed the House Financial Services Committee in May. However, the passage was along partisan lines, and the issue should face an ideological split between political parties, NAMB said.

“NAMB believes opposition to this policy should not be a partisan issue, it is a matter of fundamental fairness,” the association said.

The proposed LLPA changes caused an uproar when announced earlier this year. The main issue stemmed from the belief that the changes would punish borrowers with good credit, which FHFA Director Sandra Thompson characterized as a misconception.

The changes were later rescinded, but not before House Republican lawmakers took aim in a House Financial Services subcommittee hearing and an additional hearing with Thompson as a witness.

“I want to be very clear on one key point, and one that bears repeating: under the new pricing framework, borrowers with strong credit profiles are not being penalized to benefit borrowers with weaker credit profiles,” Thompson said during the hearing. “That is simply not true.”

The new bill is sponsored in the House by Rep. Warren Davidson (R-Ohio). It currently has 13 Republican cosponsors; no Democrat had signed on as a cosponsor as of June 8. An amendment to the proposed bill was passed out of committee on June 7.

Source: housingwire.com

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This year’s down market has shifted what mortgage lenders are seeking from their technology partners, because the spare dollars for nice-to-haves are no longer around. The booming housing market the past few years brought with it a surge in mortgage tech adoption, and while this movement towards innovation has been welcomed by mortgage parties, now more than ever lenders are looking at the data behind these mortgage tech claims. Return on investment and cost savings around must-haves are now the focus in a lot of tech partnerships. 

To learn more about this shift in mortgage tech needs and the changing dynamic in vendor-lender partnerships, HousingWire interviewed John Hedlund, California Mortgage Bankers Association (CMBA) chairman and chief operating officer at AmeriHome Mortgage Company and Wes Iseley, CMBA board president of residential and senior managing director of Carrington Holding Company.

California is home to some of the largest lenders which allows the association to keep a very strong pulse on the needs and trends in housing. The associations’ annual Mortgage Innovators Conference in Anaheim, California in June is designed to explore the revolutionary world of mortgage technology and helps attendees gain valuable insights from experienced industry professionals. 

“The Mortgage Innovators Conference is unique in our space because there’s more of a conversation and interaction with lenders and technology companies, or innovators. It was part of our goal to not just have a bunch of booths where people are pushing products and instead where they’re solving problems that lenders have today,” said Hedlund.

“The beauty of the Mortgage Innovators Conference, and what we’re trying to build there, is really more of that two-way dialogue. The companies that are coming are listening and trying to enhance, improve and develop their products, and will reposition what they’ve already built or are in the process of building,” he said.

This collaborative mindset is what will define the lenders and tech providers that grow. In the following Q&A, Hedlund and Iseley discuss what innovation looks like today, the current table stakes in mortgage tech, what tech companies should keep in mind when talking to lenders and more. 

HousingWire: What are some of the biggest areas that lenders are looking at technology to solve?

John Hedlund: In 2021, business was crazy good, and lenders had more money. You had a lot of vendors and startups selling, for lack of a better term, bells and whistles. They were, in my opinion, nice-to-haves and didn’t really move the needle. You’d have an LO come over to your company, saying that they need a certain software because they’re comfortable with it, so lenders would buy it because they could afford it. We’re in a different world now. Most lenders lost money last year.

So when I think of technology today, I talk to our providers about how they need to show their economic value add more than ever. How do you take costs out of my business? How have you proven that, factually?

When I talk to clients and ourselves, I focus on “what do we really need that moves the needle?” And, “What is just nice to have?” I’m getting rid of the nice-to-haves, and we’re finding other vendors that want to come in.

For most of the guys today, it’s all bottom-line driven. They need to be liquid, and they don’t know what’s next with rates.

Wes Iseley: There are some real issues that are still out there with speed to close. The first thing with speed to close, anything we can do to income verifications, which we have come a long way in bringing that in. There are different models out there trying to bring in income verification quickly.

The second one would be from a compliance standpoint — wire fraud. Everybody has to have that compliance and quality in place because that will drive costs up. 

So the whole time we’re speeding things up, and at the same time, we need to have our protections in place so we don’t have surprise losses. There’s a lot of work going on the front and the back end from a compliance perspective.

HW: What are the new table stakes when it comes to technology?

JH: There’s always way more ideas than are actually going to ever catch on. It’s hard to carve out a new niche where there’s really a value add, but ultimately, that’s where I would start. What is my value proposition? And, it has to be somewhat hard today; it can’t be soft. By soft, I mean that it’s a nice-to-have. I think of an economic value-add. If followed all the way through the process, does it move the needle somewhere? 

WI: Right now, if you can’t make it easy for the customer, that customer is going to get frustrated and go away. It’s tough out there right now. This includes the ease of use for the customer and the communication in keeping all people involved in that transaction informed as it goes along. Especially in a purchase money close, you can’t mess up the close when the moving truck is outside. Keeping everybody informed as the process goes is a must.

HW: What should mortgage tech companies keep in mind when talking to lenders?

JH: There’s a lot of value in talking to a variety of different lenders in different markets, and testing, tweaking and revising your business model when it needs change. If you want to have something that isn’t a niche product, it has to ring true with the masses. 

When we started AmeriHome, our mindset wasn’t to chase shiny objects. From the start, our goal was to be a top-five correspondent lender, and so we built the company with scale in mind and our value prop very simplistically became, “How are we going to add value to our clients?” 

I see a lot of tech vendors that have great ideas in isolation that aren’t ever going to necessarily be at scale because it’s a niche-type model. In most cases, I wonder if they’ve vetted that and spent, not an hour, but weeks or months finding out what their clients really need and solving a problem versus creating a product to try and find a problem.

HW: What does housing innovation look like in today’s market?

WI: The big issue out there is affordable housing. While there are modular homes, manufactured homes and factory-built homes, there are so many restrictions. In California for example, there’s a fee to transport the manufactured house, which adds $25,000 to $30,000.

You need to get down state by state and say what are the restrictions? I think factory-built housing and the precision of the building itself is of a higher quality and that’s a way to solve for affordable housing. You’re not going to affect land price, so it’s the build. This is a big solution that everybody should be working on.

Source: housingwire.com

Apache is functioning normally

Whether you’re in the process of creating your bucket list or you’ve already checked off most experiences, we have another one you’ll likely want to add: watching the total solar eclipse from a cruise ship deck in 2024.

Trust me on this. A total solar eclipse trip is a once-in-a-lifetime experience — even if you’re not an astronomy geek.

On Aug. 21, 2017, I climbed to the top of the Green Ridge Lookout in Bend, Oregon’s Deschutes National Forest in the early morning hours to wait for the moon to pass between the sun and Earth. At approximately 10:19 a.m. PDT, I witnessed one of the most amazing events of my life while donning solar eclipse glasses and sipping Champagne on a mountaintop as the sky darkened around us.

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This awe-inspiring experience is even better at sea. Discover the best solar eclipse cruises setting sail in 2024 and why they are the places to be when the moon blocks out the sun’s light.

When and where is the total eclipse in 2024?

A total solar eclipse over water and mountains. LG0RZH/GETTY IMAGES

The total eclipse on April 8, 2024, will occur in North America, beginning in the South Pacific Ocean. It will pass over Mexico, the U.S. and Canada, with Mexico’s Pacific Coast predicted to be the first locale to experience totality at 11:07 a.m. PDT. The eclipse path will extend from Texas to Maine and then exit off the Atlantic coast at Newfoundland, Canada, at 5:16 p.m. NDT.

Why book a cruise to watch the eclipse?

Approximately 31 million U.S. residents live inside the path of totality for the 2024 eclipse, 2.5 times more than the 12 million residents that lived within the path of totality in 2017, according to GreatAmericanEclipse.com. So, if you can witness the eclipse from land, why would you want to head out to sea to watch it?

First, you’ll sail with a small group of like-minded eclipse enthusiasts and have access to astronomy and space exploration experts. You can also avoid the crowds and traffic on land with people driving to the viewing spots and jockeying for the best places to park and watch the show.

Additionally, a cruise ship positioned off the coast of Mazatlan, Mexico, will provide four minutes and 26 seconds of totality, close to the maximum viewing anywhere along the eclipse path.

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Related: Travel to these places to see the total solar eclipse in April 2024

“Many people think that a large ship rocks too much to view a solar eclipse. But they’re actually steady enough to do high-quality photography,” said J. Kelly Beatty, senior editor of Sky & Telescope, a print and online magazine for avid sky and stargazers.

Beatty explains that a ship’s maneuverability and weather instrumentation are essential since they provide the flexibility to sail to another location for optimal visibility. Also, if you’re sailing with astronomy experts, they can help guide the crew on the bridge to reposition the ship so all passengers have the best views of the eclipse.

Only a few cruise lines and professional groups are planning festivities for the big event. So, book your spot soon for the ultimate total solar eclipse viewing party in North America. Below are the best solar eclipse cruises for 2024.

Holland America Line

HOLLAND AMERICA LINE

Holland America Line offers two sailings where the ships will be positioned in Mexico for the total eclipse. A representative for the line says they will host special events for the sailings, although the line hasn’t released specific details yet.

The line’s 14-day Solar Eclipse & Mexican Riviera itinerary on the 1,432-guest Zaandam sails round trip from San Diego on March 30, 2024. The ship will call on eight ports in Mexico, including Mazatlan, where it will be positioned the day before for optimal viewing of the eclipse from the ship’s wraparound deck.

Konigsdam’s 22-day Solar Eclipse & Hawaii Circle voyage departs from San Diego on April 5, 2023, for Mexico, where the ship will also be positioned off the coast of Mazatlan for the eclipse. Following a stop in Puerto Vallarta, the 2,650-passenger Koningsdam will sail across the Pacific Ocean to Hawaii, disembarking in Hilo on April 20.

Related: The 5 best destinations you can visit on a Holland America ship

Princess Cruises

Princess Cruises’ 10-day Mexican Riviera with Total Solar Eclipse cruise is already sold out for the rare event aboard the 3,660-passenger Discovery Princess.

Due to the popularity of the solar eclipse-themed cruise, the line added another sailing with a different itinerary — a 15-day Panama Canal cruise aboard the 3,080-guest Emerald Princess. This ocean-to-ocean extended voyage from April 5 to 20 will depart from Los Angeles and end in Fort Lauderdale.

Highlights of the voyage include six ports of call, six days at sea and total solar eclipse viewing between Cabo San Lucas and Huatulco, Mexico, on April 8. An astronomy and space exploration enthusiast, Fred Cink, will be on board to answer questions. Guests will also enjoy eclipse-themed drinks and bites while watching the rare phenomenon.

Prices start at $1,999 per person for an inside stateroom with Princess’ “no frills” cruise fare, which includes core experiences — accommodations, dining and entertainment.

Related: The ultimate guide to Princess Cruises ships and itineraries

Sky & Telescope and Insight Cruises

If you want to go all in on the eclipse theme, consider booking with a special interest group. Sky & Telescope and Insight Cruises have partnered to offer S&T’s 2024 Total-Eclipse Cruise aboard Holland America’s Zaandam, departing on March 30, 2024. You could book the sailing on your own, as noted above, but if you want to be part of a group of like-minded travelers and have access to special events and educational programming, it’s worth paying more to go with Sky & Telescope.

The themed cruise’s optional speaker program has an impressive lineup of experts, including Sky & Telescope’s Rick Fienberg, whom Beatty refers to as the “expert’s expert.” Other special guests include actor and singer Tim Russ and former astronauts Jeffrey Hoffman and Garrett Reisman.

Beatty says he anticipates their group will be the largest organized solar eclipse group on the ship, with about 200 attendees.

Prices for the cruise vary, depending on the stateroom category and add-ons like beverage packages and specialty dining. The entire conference program for the event is $1,750 per person, which includes a one-hour cocktail party package every night of the cruise.

The mini-conference option is $750 per person and allows passengers a one-time admission to each speaker’s presentation. Traveling companions who don’t want to attend either conference will be charged a “facility fee” of $200 per person, which includes invitations to the group’s private parties (beer and wine included) and access to the group’s exclusive viewing area during the solar eclipse.

UnCruise Adventures

Safari Voyager at sunset in Granito de Oro, Mexico. UNCRUISE ADVENTURES

UnCruise Adventures is offering a seven-night eclipse sailing aboard its 66-passenger Safari Voyager.

The round-trip voyage departs on April 6 from San Jose del Cabo, Mexico, and features several days at sea, including time spent whale and dolphin watching on the beautiful Sea of Cortes. Expert guides and fellow umbraphiles will be on board to share in the excitement of this adventure at sea.

The ship will position northwest of Mazatlan for the eclipse, and the crew will be on hand to provide viewing and photography tips to best capture the once-in-a-lifetime moment. Afterward, guests can celebrate with a glass of Champagne or other beverage.

Stops include Isla San Francisco, Isla Partida and Bahia de la Paz, where passengers can opt to swim whale sharks.

Prices start at $7,150 per person and include all meals, excursions and alcoholic and nonalcoholic beverages. Gratuities are an additional expense.

Ring of Fire Expeditions and Eclipse Tours

Ring of Fire Expeditions and Eclipse Tours are hosting a nine-night land and cruise package that begins on April 1. The itinerary features a one-night stay in Acapulco, Mexico, an eight-night voyage on Swan Hellenic’s new ship Diana, an eclipse expedition in Mazatlan and a solar eclipse briefing at sea before eclipse day.

Ring of Fire Expeditions has an exclusive charter for the 196-passenger ship. The memorable voyage features science experts Paul D. Maley of NASA’s Johnson Space Center Astronomical Society and Michael Shara from the American Museum of Natural History. This sailing will be Maley’s 84th solar eclipse trip and Shara’s fourth total solar eclipse adventure.

Prices cover most expenses, including a pre-cruise hotel stay, pre- and post-cruise transfers, a welcome dinner at the hotel, all meals and an onboard open bar, complimentary Wi-Fi, all excursions and gratuities.

Passengers will disembark in La Paz, Mexico, on April 10.

Planning a cruise? Start with these stories:

Source: thepointsguy.com

Apache is functioning normally

The mortgage space is unique from a lot of other businesses in that the customer isn’t always right.

And special offers are typically few and far between. This is mostly because of the complexities involved with closing a home loan.

For example, it’s pretty easy to find a promo code when booking a hotel, or snag a sign-up bonus for opening a credit card.

But when it comes to a home loan, you typically aren’t offered much other than perhaps speedy service, or a money-back guarantee if things go wrong and it’s entirely their fault.

Price-matching is also pretty hard to come by, though Chase has just launched such a deal.

Get $200 If Chase Can’t Match or Do Better

In honor of National Homeownership Month, Chase has rolled out some new offerings in their home loan department.

This includes homebuyer education resources, a Closing Guarantee, and as mentioned, a price-matching pilot program.

The way it works is fairly straightforward – Chase will give home buyers $200 if they can’t match or beat a competing loan offer.

To be eligible, you need to complete an initial purchase loan application with Chase by September 30th, 2023.

And you must provide an official Loan Estimate (LE) from another licensed lender that includes the same loan term, purpose, product, and loan type.

Assuming Chase can’t match or beat it, they’ll provide you with $200 within 30 days of withdrawal of the Chase application.

At the moment, this is only available to customers purchasing properties in the states of Arizona and Ohio.

And the following counties in Texas: Austin, Brazoria, Chambers, Fort Bend, Galveston, Harris, Liberty, Montgomery, and Waller.

It’s also only valid for customers who hold an active Chase personal deposit account opened on or before May 1st, 2023.

Your loan scenario has to be pretty vanilla, meaning no investment properties, 2-4 unit properties, second homes, home equity loans or second mortgages.

Chase $5,000 Closing Guarantee and Lock and Shop

Aside from the new price match offer, Chase has a Closing Guarantee that provides $5,000 if they’re unable to close a home purchase loan on time.

As always, you need to hold up your end of the bargain by getting income/asset documents and signed disclosures to Chase in a timely fashion.

And the contract closing date must be at least 21 calendar days after receipt of a completed home loan application for conventional loans (30+ for FHA/VA).

Of course, delays caused by third parties or due to force majeure events won’t result in compensation.

This is kind of one of those things where if you’re using Chase anyway, keep an eye on it as you might be compensated if they don’t close on time.

Additionally, Chase launched a new “Lock and Shop” option that lets you lock in your mortgage rate for 90 days before finding a home to buy.

That way you have assurances that your mortgage payment won’t go up if mortgage rates unexpectedly rise during the home search.

And there is no upfront fee for this option when using Chase Homebuyer Advantage, which is their conditional letter of approval you can obtain upfront.

You get 60 days to find a property to purchase, and a one-time float down option will be available if mortgage rates improve during that time.

This can be combined with the Closing Guarantee as well.

Chase Offering Grants of $2,500 and $5,000 in Select Areas Nationwide

Lastly, you can search for down payment assistance and other grants via Chase’s Homebuyer assistance finder.

Simply enter an address and it will show you matched programs that might be available.

In select areas, the Chase Homebuyer Grant provides $2,500 or $5,000 toward a new home purchase.

The company notes that a $5,000 grant is available to eligible home buyers purchasing a property in majority-Black and Hispanic neighborhoods throughout the United States.

Chase was the fourth largest mortgage lender in the U.S. in 2022, per HMDA data. They funded about $99 billion in home loans last year.

Only three lenders originated more mortgages, including United Wholesale Mortgage (UWM), Rocket Mortgage, and Wells Fargo.

As always, be sure to look at the big picture when comparing mortgage offers. This includes the interest rate, lender fees, and the company’s overall competency and service.

Source: thetruthaboutmortgage.com