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Apache is functioning normally

December 21, 2023 by Brett Tams

It was late 2022 and Mike was feeling the pressure. Mortgage rates had climbed close to the 7% range and he was determined to remain competitive on pricing with rival loan officers in North Carolina.

But there was a problem: pricing exceptions, in which the lender takes the hit, were becoming scarce at his company. So he did what a lot of retail loan officers in the industry were doing — Mike would reclassify a self-generated lead as a corporate-generated lead, thus slashing his compensation from 125 basis points down to as low as 50 bps, giving him a low enough rate to win the client and eventually close the deal. His manager and company bosses knew that he and other LOs were lying about where the lead source came from, he said.

The lower comp rate stung. After Mike paid his loan officer assistant, he was clearing just 40 bps. Still, it was better than nothing. After all, tens of thousands of loan officers had already exited the industry because they couldn’t generate enough business.

“At this time, I didn’t really think of it as an ethical issue,” Mike, whose last name is being withheld for fear of retaliation, told HousingWire in an interview in late November. “But it started to wear on me to where it was like, okay, I’m getting price-shopped left and right. I’m feeling the pressure to cut my pay, because when I do it, and my agent partners, they see that I do that, and then they’ll tell people they refer to me. ‘Hey, he can dig deeper if he really has to.’”

Mike continued: “Well, doesn’t that smack of bad faith if I’m not offering them my best price from jump? I would get people saying to me, ‘I’m not going to go in with you. I don’t feel comfortable with you, because you tried to get me to go for a higher pricing first, and then only offered a better deal once I told you I had another offer.”

Mike said he left that lender in early 2023 as a result of the ‘bucket game’ and refuses to manipulate where lead sources are coming from at his current shop.

“It’s a race to the bottom,” he said of the practice.

Over the past two months, HousingWire has interviewed more than a dozen loan officers, mortgage executives, attorneys and also reviewed several companies’ loan officer contracts and text messages between recruiters and prospects to shed light on the growing issue of pricing bucket manipulation, which critics say distorts market pricing and could represent a violation of fair lending laws.

It’s unknown how many retail lenders are engaged in the practice of falsifying lead sources to lower loan officer pay, but industry practitioners say it’s widespread, and in most cases, reclassifying leads into different pricing buckets before they lock is not permitted by the Consumer Financial Protection Bureau’s rules under Regulation Z.

It’s also unclear whether the CFPB is policing the practice; HousingWire could find no record of enforcement actions taken, and the agency’s audits are not public record.

Evolution of the LO Comp rule

In the wake of the housing crash in 2008, the CFPB created new rules that reshaped how loan officers were compensated. The architects of the new rules wanted to prevent loan officers from taking advantage of borrowers, which was a common occurrence in the days leading up to the Great Recession.

Under an updated Regulation Z, lenders could no longer pay loan officers differently based on terms of loans other than the amount of credit extended. In theory, this means loan officers provide the same service and pricing on loans, reducing the risk of steering.

“LOs also can’t get paid on proxies, and they define proxies to be pretty straightforward: some factor that correlates to terms over a significant number of transactions, and the LOs have the ability to change that factor,” said Troy Garris, co-managing partner at Garris Horn LLP.

But the CFPB did allow loan officers to be compensated differently based on lead sources, which do not fall under the category of terms or proxies and are neither a right or an obligation.

For example, when an existing customer calls the lender’s call center for a new mortgage or refinance, and the lender redirects the loan to the LO, “the LO gets paid less because it was sourced from the company, and it is less work for the LO,” said Colgate Selden, a founding member of the CFPB and an attorney at SeldenLindeke LLP. When it’s an outside lead, “the LOs generated the lead themselves; they are spending time marketing to new borrowers, so they get paid more.”

Attorneys told HousingWire that in the current marketplace, violations of LO Comp rules can arise when lenders and LOs alter compensation by changing the lead source after the initial contact with the borrower to lower their rate and secure the deals. Regulation Z generally does not allow LOs to change which lead source was used.

But, in today’s competitive market, “I do think there’s an incentive, especially on the LO side, to find ways to do something different – and probably also for companies to decide to take more risk,” said Garris. “We believe this is happening because people are frequently asking if there’s a rule change.”

How the ‘bucket game’ works

LOs who spoke to HousingWire said managers often told them they wouldn’t get pricing exceptions on deals, so if they wanted to gain an edge it would have to come out of their pay. Three loan officers at three different retail lenders described it as a feature of their lender’s business model.

“You feel out a prospective client during the initial conversation, get a sense of whether they know how everything works, if they’ve spoken to another lender, if they’re going to shop you, right? And you quote them the best possible rate you could give them that day, knowing that you’ll put them in a bucket just before lock,” said one Wisconsin-based LO. “It doesn’t really matter what you quote them in the initial conversation as long as you can get it below competitors around lock time…either through a pricing exception or the bucket [manipulation].”

One top-producing California-based loan officer said she was excited when a top 35 mortgage lender tried to recruit her with the promise of multiple pricing buckets. Having the buckets would provide her flexibility that her current lender didn’t offer, she thought at the time.

“What the [recruiting] company told me explicitly was the loan originator, when they go to lock the loan, they check a box – is it self, branch or corp gen? And you only get to check one box, but it’s the loan officer’s choosing, not the branch,” she said. “So the loan originator is choosing, not the branch that says I’m going to give you a lead and this is the comp for it. Not the corporate advertisement or online group that says you’re getting this lead from us and here’s documentation that it occurred and now you’re going to get less comp. It’s the ultimate in legalized fraud. Because it’s not true.”

These days, many lenders have pricing buckets for corporate-generated leads, branch leads, builder leads, marketing service agreement (MSAs) leads, internet leads from aggregators and more. In and of itself, it’s legal, provided the lead really did come from the source and it’s diligently tracked by the lender.

Loan officers and mortgage executives interviewed by HousingWire said some lenders justify the practice of manipulating the buckets by telling LOs it’s legal and they’ve been audited by the CFPB, which has not found any wrongdoing. Several executives accused of the practice declined to comment on the record about pricing bucket manipulation, though they all said they track leads as required and are in full compliance with the law.

Selden, the former CFPB attorney, said that LOs are telling borrowers who complain about high mortgage rates that companies are “running a special offer.” Borrowers are directed to the company’s website, where, by indicating the LO name, they supposedly qualify for a special deal with a lower rate. In reality, at lenders without adequate controls to prevent lead source manipulation, this shifts the source from self-generated to an in-house lead.

LOs interviewed by HousingWire said that in some cases they would be able to change the lead referral source themselves, and in other cases they’d need a manager to alter the lead source in the loan origination system.

While many instances of price bucket manipulation were directed by managers, LOs would also self-select, said Mike.

“Most of the time you don’t have a loan estimate from a competitor, you’re just afraid that you’re going to lose it because you’re so embarrassed about the rate. And that’s why a lot of my comrades… were going to the corporate-generated lead bucket before they even confirmed that they had to. Partly because you wanted to lead with your best price.”

Steve vonBerg, an attorney at law firm Orrick in Washington, D.C., worked as a loan officer and underwriter for seven years. He emphasized the potential trouble for lenders and LOs inaccurately classifying the lead source.

“Often, a [CFPB] examiner would see if the lead channel changed later in the process. That could be legitimate: the borrower starts working with an LO, and it’s a self-sourced lead for that LO, but then decides to buy a home in a different state in the middle of the process; the second LO that it has to be transferred to has now an internal-company referral, and so the lead source would legitimately change,” vonBerg said. “But, if there isn’t a legitimate reason for the lead source changing midstream, that would be fairly easy for an examiner to identify.”

“It’s wrong”

Victor Ciardelli is frustrated by the bucket game. Deeply frustrated. The Guaranteed Rate founder and CEO says he is losing money and loan officers to rivals because of a business practice that he says is flagrantly illegal, pervasive, and does not appear to be slowing down anytime soon.

Some rival retail lenders, he says, are creating up to a dozen pricing buckets for their loan officers. The tiered nature of the bucket comp structure in many cases — self generated being the highest at up to 150 bps, 100 bps for another ‘bucket,’ 80 bps for another, down to 60 bps, 40 bps and sometimes all the way to zero — proves that it is a deliberate business strategy, he said.

“It wasn’t intended that the loan officer at the time that they’re talking to the consumer and quoting them a rate, that the loan officer can put the consumer in any bucket they want,” he said in an interview with HousingWire. “But that is exactly what’s happening. What’s exactly happening is the fact that there’s all these different pricing buckets for a lot of these different companies out there. And that the loan officer is allowed to go in and offer the consumer whatever rate based on what the loan officer wants.”

He argued that LOs are maximizing their personal income per borrower.

“It’s no different than what happened prior to Dodd-Frank, where it was the wild, wild West and people were playing games with customers on rates and fees,” said Ciardelli. “It’s the same thing today. There’s no difference except the fact that there’s a law in place that tells the mortgage company and the individual loan officer. And the loan officers know that they’re violating the law. It’s greed.”

Ciardelli says the rival CEOs — he declined to name individuals and said it’s an industry-wide problem — are establishing these buckets and know “full well that the bucket is put in place in order to lie about where the lead source is coming from.”

They have an obligation to know where the leads are coming from, that the loan officers are putting them in the appropriate bucket and that they are being tracked, he said.

“The loan officer may take a hit on that loan, and may make less on that loan, but the company themselves doesn’t take the hit, their margin stays the same. So the company CEO is happy, because they’re like, ‘I’m giving my loan officers all this flexibility to go out and be competitive and win deals. And they’re going to win more deals than anybody else out there, because they’re going to be able to slot the individual borrower into these different lead channels. So the individual CEO is making all the money. They’re the ones killing it.”

Ciardelli says he asked about the bucket pricing game and attorneys all told him no, it’s not legal, he said.

“I’ll play by whatever the law is…But when the rules are set up to be a certain way and people are not following the rules, then that’s a problem.”

Two other executives at large retail lenders also said they’ve lost loan officers to competitors who are sanctioning, if not directing, the manipulation of pricing buckets.

“The LOs get told this is legal, it’s just pricing flexibility so they can compete, and they have a compliance team that monitors it,” said one executive at a regional lender in the South. “Obviously that’s not true… What’s happening is they [the lenders] are pricing high and basically forcing the LOs to cut from say 150 [basis points down to 50 [basis points] on some loans because otherwise they just won’t do enough business. It’s a feature, not a bug, as they say. We asked our attorneys if we could do this and they told us absolutely not.”

The Mortgage Bankers Association (MBA) is aware of the issue. The organization asked an outside attorney from Orrick Herrington & Sutcliffe LLP to study the permissibility of the practice. In a letter sent to members in February 2023, Orrick advised MBA members that changing the lead source of a loan after beginning work on the application in order to make a competitive pricing concession “is not permissible.”

The letter has had little meaningful impact, sources told HousingWire. If anything, the practice has increased over the last year.

Fair lending concerns

Another repercussion in the market is that savvy borrowers gain access to lower rates when lead sources are manipulated. Less educated applicants could be quoted higher rates for the same loan, raising concerns about fair lending practices.

But this argument prompts a broader discussion on the efficacy of the LO comp rule, with divergent opinions on the matter.

“I used to be an MLO for seven years. I was in the industry in the 2000s until it melted down, and then I ended up going to law school because I had lost my job. I originated hundreds of loans myself, and personally, I think overall the rule is a good rule,” vonBerg said.

vonBerg elaborated: “Under the old regime, LOs were not incentivized to offer their consumers the best loan and best pricing for them. They were incentivized to give them the loans and pricing where they would make more money. Although it has some issues that should be corrected, I think the LO comp rule makes a lot of sense, in that it removes a gigantic conflict of interest.”

Not everyone shares this viewpoint.

“The LO comp rule was designed to prevent steering to high-cost loans. And really, those things don’t exist anymore. We can’t put borrowers in homes that they can’t afford,” said Brian Levy, Of Counsel at Katten and Temple, LLP.

According to Levy, the rule creates “a tremendous amount of anxiety for the mortgage lending industry that doesn’t benefit consumers in any meaningful way.”

“The industry is frustrated. They’re unable to easily reduce prices. For example, in the past, before the rule was around, LOs were able to take less as a commission, just like any other salesperson – a car salesperson – to make the deal work. That’s illegal now for loan officers. The mortgage company can make that decision [of lowering their margins and reducing rate], but the loan officer cannot.”

Levy noted that some consider the LO comp rule to be a de facto fair lending rule.

“But we already have fair lending rules. The idea that if the loan officer is discounting their fees, they would end up discounting on a discriminatory basis would already be problematic under existing law, so you don’t need the LO comp rule to make that illegal. It’s already illegal to discriminate in pricing. That said, it’s not illegal for people to negotiate just like you can negotiate a car price.”

The CFPB has also taken issue with other forms of pricing concessions over the last year. In the summer of 2022, the agency reported that pricing exceptions, in which the lender offers a discount, had harmed protected classes, who were less likely to be offered discounts.

Where’s the CFPB?

Multiple sources said the CFPB audits about 20% of mortgage lenders per year, and because of the prevalence of this practice, would undoubtedly have come across lead bucket pricing manipulation by now.

Why there hasn’t been any enforcement to date or whether there’s a future enforcement action is just on the horizon is hard to know.

The CFPB, which is undertaking a broad review of the LO Comp rule, declined to make anyone available to speak on the issue.

“We cannot comment on any ongoing enforcement or supervision matters,” said Raul Cisneros, a Bureau spokesperson. “Those who witness potential industry misconduct should consider reporting it by going here. Additionally, we always welcome stakeholder feedback on any of our rules, including the loan officer compensation rules.”

In early 2023, the CFPB initiated a review of Regulation Z‘s mortgage loan originator rules, which include certain provisions regarding compensation. However, industry experts do not foresee substantial changes or anticipate the CFPB addressing the issue of lead source manipulation.

“In fact, there haven’t been a lot of public enforcement actions by the CFPB in several years [on the LO comp rule]. But having said that, we used to complain that the CFPB was participating in regulation by enforcement, and now they seem to be regulating by supervisory highlights,” Kris Kully, a law firm Mayer Brown partner, said.

The CFPB’s latest move regarding the LO Comp Rule was to issue a supervisory highlight in the summer stating that compensating an LO differently based on whether a loan product was originated in-house or brokered to an outside lender is prohibited.

Industry practitioners said the lack of enforcement from regulators has allowed the pricing bucket manipulation practice to flourish, creating an uneven playing field.

“You have all these companies that all of a sudden are starting to get a free pass,” Ciardelli said. “They’re like, ‘I’m not having any audits. I’m not having anybody come and say anything to me. I mean, nothing’s really happening. I’m pretty much unscathed here.’ And year after year goes by, there’s no auditors, there’s no issues. And then they start to move the needle on how they’re running their business and decisions they’re making. And they have less fear of the government, less fear of the existing rules that are in place, because the rules that were set up are not being enforced.”

Another mortgage executive speculated that the pricing bucket games will come to an end not because of CFPB enforcement, but because loan officers and executives will battle it out in court.

“I’ve got calls from loan officers who feel like they’ve been pushed into a lower commission scale than they thought they were going to get to start with,” he said. “I hired somebody from a well-known lender. When they hired her, they told her, ‘Hey, these are what the rates are and this is what the commission is.’ When she got over there, the rates they were quoting were the lead-based rates, not the hundred-based points they were promising her… I don’t think the enforcement will come from the CFPB. I think it’ll come from some type of lawsuit like that.”

The lasting impact of LOs cutting their comp to win clients and close deals won’t be clear until mortgage rates meaningfully fall for a sustained period.

But many fear that the genie can’t be put back in the bottle.

“We’ve done this so much that they’ve built it into their pricing,” said Mike, the loan officer in North Carolina. “They are pricing things higher, assuming that we’re going to cut our pay, and protect their margins. So to me that’s the bigger issue for us selfishly, is we start doing that, and it’s going to become the norm. The pricing system and everything is going to assume that we’ll do that.”

He mused that RESPA guidelines prohibit an LO from buying a Realtor partner a Big Mac after a closing but lying about a lead source is not policed.

“Personally being an LO, the biggest issue to me is, they’re screwing with us and just… That’s how all these shops are finding a lifeline to keep their doors open. ‘We don’t have to pay them 100 bps, we can just pay them 50, and they’ll take it on the chin.’ And it’s like, yeah, we’ll take it on the chin. Many of us are using the heck out of our credit cards right now to survive. It’s not cool.”

Apache is functioning normally

December 20, 2023 by Brett Tams

Today’s mortgage rates

For a third day, average mortgage rates barely moved yesterday. But that’s good because it means last week’s big falls remain effectively uneroded.

First thing, it was again looking as if mortgage rates today might fall, perhaps modestly or moderately. However, that could change as the hours pass.

Current mortgage and refinance rates

Find your lowest rate. Start here

Program	Mortgage Rate	APR*	Change
Conventional 30-year fixed	7.125%	7.14%	-0.075

Conventional 15-year fixed	6.385%	6.415%	-0.1

Conventional 20-year fixed	6.975%	7%	-0.045

Conventional 10-year fixed	6.12%	6.145%	-0.065

30-year fixed FHA	5.98%	6.88%	-0.095

30-year fixed VA	6.165%	6.315%	-0.13

5/1 ARM Conventional	6.425%	7.675%	-0.035

Rates are provided by our partner network, and may not reflect the market. Your rate might be different. Click here for a personalized rate quote. See our rate assumptions See our rate assumptions here.

Should you lock your mortgage rate today?

Every day that passes makes a corrective bounce (when mortgage rates rise as markets think they’ve got carried away) less likely. And it reinforces my hope that those rates are in a downward trend that could last well into next year.

So, my personal rate lock recommendations are:

LOCK if closing in 7 days
FLOAT if closing in 15 days
FLOAT if closing in 30 days
FLOAT if closing in 45 days
FLOAT if closing in 60 days

However, with so much uncertainty at the moment, your instincts could easily turn out to be as good as mine — or better. So let your gut and your own tolerance for risk help guide you.

>Related: 7 Tips to get the best refinance rate

Market data affecting today’s mortgage rates

Here’s a snapshot of the state of play this morning at about 9:50 a.m. (ET). The data are mostly compared with roughly the same time the business day before, so much of the movement will often have happened in the previous session. The numbers are:

The yield on 10-year Treasury notes edged lower to 3.90% from 3.92%. (Good for mortgage rates.) More than any other market, mortgage rates typically tend to follow these particular Treasury bond yields
Major stock indexes were mostly falling this morning. (Good for mortgage rates.) When investors buy shares, they’re often selling bonds, which pushes those prices down and increases yields and mortgage rates. The opposite may happen when indexes are lower. But this is an imperfect relationship
Oil prices climbed to $75.14 from $73.12 a barrel. (Bad for mortgage rates*.) Energy prices play a prominent role in creating inflation and also point to future economic activity
Gold prices held steady at $2,049 an ounce. (Neutral for mortgage rates*.) It is generally better for rates when gold prices rise and worse when they fall. Gold tends to rise when investors worry about the economy.
CNN Business Fear & Greed index — ticked down to 77 from 78. (Good for mortgage rates.) “Greedy” investors push bond prices down (and interest rates up) as they leave the bond market and move into stocks, while “fearful” investors do the opposite. So lower readings are often better than higher ones

*A movement of less than $20 on gold prices or 40 cents on oil ones is a change of 1% or less. So we only count meaningful differences as good or bad for mortgage rates.

Caveats about markets and rates

Before the pandemic, post-pandemic upheavals, and war in Ukraine, you could look at the above figures and make a pretty good guess about what would happen to mortgage rates that day. But that’s no longer the case. We still make daily calls. And are usually right. But our record for accuracy won’t achieve its former high levels until things settle down.

So, use markets only as a rough guide. Because they have to be exceptionally strong or weak to rely on them. But, with that caveat, mortgage rates today look likely to decrease. However, be aware that “intraday swings” (when rates change speed or direction during the day) are a common feature right now.

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What’s driving mortgage rates today?

The Federal Reserve

This morning’s Wall Street Journal (paywall) observed: “After their policy meeting last week, Fed officials released projections of at least three rate cuts [in general interest rates] next year. They have since been flummoxed that investors expect even faster and deeper cuts. The result: Confusion over when and how quickly the Fed might cut as the central bank tries to bring inflation down without a painful recession.”

This could turn into a real issue that could push mortgage rates higher, probably in the new year. Wall Street has a long and inglorious record of hearing what it wants the Fed to say rather than what the Fed actually says. And we’ve seen quite recently examples of sharp rises in mortgage rates when markets’ wishful thinking collides with reality.

Still, last week’s Fed meeting did deliver genuinely good news. And, even if mortgage rates rise when investors face the cold light of dawning reality, I’m optimistic that we’ll keep at least most of the recent gains. Just be aware that the path to lower mortgage rates is unlikely to be smooth.

Today

This morning’s economic reports cover existing home sales in November and consumer confidence in December. They’re both published too late for me to assess their likely impact on markets and mortgage rates.

They could push mortgage rates a little higher or lower, but they rarely move them far or for long.

Tomorrow

Tomorrow brings gross domestic product (GDP) figures for the third quarter of this year. This will be the third and final estimate for this number.

The second estimate put GDP growth at 5.2%, up from 2.1% in the second quarter. MarketWatch says that market expectations for tomorrow’s figure have recently been slightly scaled down to 5.1%.

If the actual number tomorrow is lower than 5.1%, that could drag mortgage rates lower. But, if it’s higher, that could push those rates upward.

Friday

We’re due November’s personal consumption expenditures (PCE) price index on Friday. Markets might get nervous if that shows inflation rising more than expected because that could destroy the Fed’s new-found optimism.

More on what to expect from the PCE report tomorrow.

Don’t forget you can always learn more about what’s driving mortgage rates in the most recent weekend edition of this daily report. These provide a more detailed analysis of what’s happening. They are published each Saturday morning soon after 10 a.m. (ET) and include a preview of the following week.

Recent trends

According to Freddie Mac’s archives, the weekly all-time low for mortgage rates was set on Jan. 7, 2021, when it stood at 2.65% for conventional, 30-year, fixed-rate mortgages.

Freddie’s Dec. 14 report put that same weekly average at 6.95%, down from the previous week’s 7.03%. Freddie’s data are almost always out of date by the time it announces its weekly figures.

Expert forecasts for mortgage rates

Looking further ahead, Fannie Mae and the Mortgage Bankers Association (MBA) each has a team of economists dedicated to monitoring and forecasting what will happen to the economy, the housing sector and mortgage rates.

And here are their rate forecasts for the current quarter (Q4/23) and the following three quarters (Q1/24, Q2/24 and Q3/24).

The numbers in the table below are for 30-year, fixed-rate mortgages. Fannie’s were updated on Dec. 19 and the MBA’s on Dec. 13.

Forecaster	Q4/23	Q1/24	Q2/24	Q3/24
Fannie Mae	7.4%	7.0%	6.8%	6.6%
MBA	7.4%	7.0%	6.6%	6.3%

Of course, given so many unknowables, both these forecasts might be even more speculative than usual. And their past record for accuracy hasn’t been wildly impressive.

Important notes on today’s mortgage rates

Here are some things you need to know:

Typically, mortgage rates go up when the economy’s doing well and down when it’s in trouble. But there are exceptions. Read ‘How mortgage rates are determined and why you should care’
Only “top-tier” borrowers (with stellar credit scores, big down payments, and very healthy finances) get the ultralow mortgage rates you’ll see advertised
Lenders vary. Yours may or may not follow the crowd when it comes to daily rate movements — though they all usually follow the broader trend over time
When daily rate changes are small, some lenders will adjust closing costs and leave their rate cards the same
Refinance rates are typically close to those for purchases.

A lot is going on at the moment. And nobody can claim to know with certainty what will happen to mortgage rates in the coming hours, days, weeks or months.

Find your lowest mortgage rate today

You should comparison shop widely, no matter what sort of mortgage you want. Federal regulator the Consumer Financial Protection Bureau found in May 2023:

“Mortgage borrowers are paying around $100 a month more depending on which lender they choose, for the same type of loan and the same consumer characteristics (such as credit score and down payment).”

In other words, over the lifetime of a 30-year loan, homebuyers who don’t bother to get quotes from multiple lenders risk losing an average of $36,000. What could you do with that sort of money?

Verify your new rate

Mortgage rate methodology

The Mortgage Reports receives rates based on selected criteria from multiple lending partners each day. We arrive at an average rate and APR for each loan type to display in our chart. Because we average an array of rates, it gives you a better idea of what you might find in the marketplace. Furthermore, we average rates for the same loan types. For example, FHA fixed with FHA fixed. The end result is a good snapshot of daily rates and how they change over time.

How your mortgage interest rate is determined

Mortgage and refinance rates vary a lot depending on each borrower’s unique situation.

Factors that determine your mortgage interest rate include:

Overall strength of the economy — A strong economy usually means higher rates, while a weaker one can push current mortgage rates down to promote borrowing
Lender capacity — When a lender is very busy, it will increase rates to deter new business and give its loan officers some breathing room
Property type (condo, single-family, town house, etc.) — A primary residence, meaning a home you plan to live in full time, will have a lower interest rate. Investment properties, second homes, and vacation homes have higher mortgage rates
Loan-to-value ratio (determined by your down payment) — Your loan-to-value ratio (LTV) compares your loan amount to the value of the home. A lower LTV, meaning a bigger down payment, gets you a lower mortgage rate
Debt-To-Income ratio — This number compares your total monthly debts to your pretax income. The more debt you currently have, the less room you’ll have in your budget for a mortgage payment
Loan term — Loans with a shorter term (like a 15-year mortgage) typically have lower rates than a 30-year loan term
Borrower’s credit score — Typically the higher your credit score is, the lower your mortgage rate, and vice versa
Mortgage discount points — Borrowers have the option to buy discount points or ‘mortgage points’ at closing. These let you pay money upfront to lower your interest rate

Remember, every mortgage lender weighs these factors a little differently.

To find the best rate for your situation, you’ll want to get personalized estimates from a few different lenders.

Verify your new rate. Start here

Are refinance rates the same as mortgage rates?

Rates for a home purchase and mortgage refinance are often similar.

However, some lenders will charge more for a refinance under certain circumstances.

Typically when rates fall, homeowners rush to refinance. They see an opportunity to lock in a lower rate and payment for the rest of their loan.

This creates a tidal wave of new work for mortgage lenders.

Unfortunately, some lenders don’t have the capacity or crew to process a large number of refinance loan applications.

In this case, a lender might raise its rates to deter new business and give loan officers time to process loans currently in the pipeline.

Also, cashing out equity can result in a higher rate when refinancing.

Cash-out refinances pose a greater risk for mortgage lenders, so they’re often priced higher than new home purchases and rate-term refinances.

Check your refinance rates today. Start here

How to get the lowest mortgage or refinance rate

Since rates can vary, always shop around when buying a house or refinancing a mortgage.

Comparison shopping can potentially save thousands, even tens of thousands of dollars over the life of your loan.

Here are a few tips to keep in mind:

1. Get multiple quotes

Many borrowers make the mistake of accepting the first mortgage or refinance offer they receive.

Some simply go with the bank they use for checking and savings since that can seem easiest.

However, your bank might not offer the best mortgage deal for you. And if you’re refinancing, your financial situation may have changed enough that your current lender is no longer your best bet.

So get multiple quotes from at least three different lenders to find the right one for you.

2. Compare Loan Estimates

When shopping for a mortgage or refinance, lenders will provide a Loan Estimate that breaks down important costs associated with the loan.

You’ll want to read these Loan Estimates carefully and compare costs and fees line-by-line, including:

Interest rate
Annual percentage rate (APR)
Monthly mortgage payment
Loan origination fees
Rate lock fees
Closing costs

Remember, the lowest interest rate isn’t always the best deal.

Annual percentage rate (APR) can help you compare the ‘real’ cost of two loans. It estimates your total yearly cost including interest and fees.

Also, pay close attention to your closing costs.

Some lenders may bring their rates down by charging more upfront via discount points. These can add thousands to your out-of-pocket costs.

3. Negotiate your mortgage rate

You can also negotiate your mortgage rate to get a better deal.

Let’s say you get loan estimates from two lenders. Lender A offers the better rate, but you prefer your loan terms from Lender B. Talk to Lender B and see if they can beat the former’s pricing.

You might be surprised to find that a lender is willing to give you a lower interest rate in order to keep your business.

And if they’re not, keep shopping — there’s a good chance someone will.

Fixed-rate mortgage vs. adjustable-rate mortgage: Which is right for you?

Mortgage borrowers can choose between a fixed-rate mortgage and an adjustable-rate mortgage (ARM).

Fixed-rate mortgages (FRMs) have interest rates that never change unless you decide to refinance. This results in predictable monthly payments and stability over the life of your loan.

Adjustable-rate loans have a low interest rate that’s fixed for a set number of years (typically five or seven). After the initial fixed-rate period, the interest rate adjusts every year based on market conditions.

With each rate adjustment, a borrower’s mortgage rate can either increase, decrease, or stay the same. These loans are unpredictable since monthly payments can change each year.

Adjustable-rate mortgages are fitting for borrowers who expect to move before their first rate adjustment, or who can afford a higher future payment.

In most other cases, a fixed-rate mortgage is typically the safer and better choice.

Remember, if rates drop sharply, you are free to refinance and lock in a lower rate and payment later on.

How your credit score affects your mortgage rate

You don’t need a high credit score to qualify for a home purchase or refinance, but your credit score will affect your rate.

This is because credit history determines risk level.

Historically speaking, borrowers with higher credit scores are less likely to default on their mortgages, so they qualify for lower rates.

For the best rate, aim for a credit score of 720 or higher.

Mortgage programs that don’t require a high score include:

Conventional home loans — minimum 620 credit score
FHA loans — minimum 500 credit score (with a 10% down
payment) or 580 (with a 3.5% down payment)
VA loans — no minimum credit score, but 620 is common
USDA loans — minimum 640 credit score

Ideally, you want to check your credit report and score at least 6 months before applying for a mortgage. This gives you time to sort out any errors and make sure your score is as high as possible.

If you’re ready to apply now, it’s still worth checking so you have a good idea of what loan programs you might qualify for and how your score will affect your rate.

You can get your credit report from AnnualCreditReport.com and your score from MyFico.com.

How big of a down payment do I need?

Nowadays, mortgage programs don’t require the conventional 20 percent down.

In fact, first-time home buyers put only 6 percent down on average.

Down payment minimums vary depending on the loan program. For example:

Conventional home loans require a down payment between 3%
and 5%
FHA loans require 3.5% down
VA and USDA loans allow zero down payment
Jumbo loans typically require at least 5% to 10% down

Keep in mind, a higher down payment reduces your risk as a borrower and helps you negotiate a better mortgage rate.

If you are able to make a 20 percent down payment, you can avoid paying for mortgage insurance.

This is an added cost paid by the borrower, which protects their lender in case of default or foreclosure.

But a big down payment is not required.

For many people, it makes sense to make a smaller down payment in order to buy a house sooner and start building home equity.

Verify your new rate. Start here

Choosing the right type of home loan

No two mortgage loans are alike, so it’s important to know your options and choose the right type of mortgage.

The five main types of mortgages include:

Fixed-rate mortgage (FRM)

Your interest rate remains the same over the life of the loan. This is a good option for borrowers who expect to live in their homes long-term.

The most popular loan option is the 30-year mortgage, but 15- and 20-year terms are also commonly available.

Adjustable-rate mortgage (ARM)

Adjustable-rate loans have a fixed interest rate for the first few years. Then, your mortgage rate resets every year.

Your rate and payment can rise or fall annually depending on how the broader interest rate trends.

ARMs are ideal for borrowers who expect to move prior to their first rate adjustment (usually in 5 or 7 years).

For those who plan to stay in their home long-term, a fixed-rate mortgage is typically recommended.

Jumbo mortgage

A jumbo loan is a mortgage that exceeds the conforming loan limit set by Fannie Mae and Freddie Mac.

In 2023, the conforming loan limit is $726,200 in most areas.

Jumbo loans are perfect for borrowers who need a larger loan to purchase a high-priced property, especially in big cities with high real estate values.

FHA mortgage

A government loan backed by the Federal Housing Administration for low- to moderate-income borrowers. FHA loans feature low credit score and down payment requirements.

VA mortgage

A government loan backed by the Department of Veterans Affairs. To be eligible, you must be active-duty military, a veteran, a Reservist or National Guard service member, or an eligible spouse.

VA loans allow no down payment and have exceptionally low mortgage rates.

USDA mortgage

USDA loans are a government program backed by the U.S. Department of Agriculture. They offer a no-down-payment solution for borrowers who purchase real estate in an eligible rural area. To qualify, your income must be at or below the local median.

Bank statement loan

Borrowers can qualify for a mortgage without tax returns, using their personal or business bank account. This is an option for self-employed or seasonally-employed borrowers.

Portfolio/Non-QM loan

These are mortgages that lenders don’t sell on the secondary mortgage market. This gives lenders the flexibility to set their own guidelines.

Non-QM loans may have lower credit score requirements, or offer low-down-payment options without mortgage insurance.

Choosing the right mortgage lender

The lender or loan program that’s right for one person might not be right for another.

Explore your options and then pick a loan based on your credit score, down payment, and financial goals, as well as local home prices.

Whether you’re getting a mortgage for a home purchase or a refinance, always shop around and compare rates and terms.

Typically, it only takes a few hours to get quotes from multiple lenders — and it could save you thousands in the long run.

Time to make a move? Let us find the right mortgage for you

Current mortgage rates methodology

We receive current mortgage rates each day from a network of mortgage lenders that offer home purchase and refinance loans. Mortgage rates shown here are based on sample borrower profiles that vary by loan type. See our full loan assumptions here.

Source: themortgagereports.com

Apache is functioning normally

December 20, 2023 by Brett Tams

Nearly two-thirds of college graduates leave school with debt, which means many couples have to manage outstanding student loans after they get married. If you and your spouse each have multiple student loans, you could potentially end up with a large number of loans to manage in one household. That might make the idea of consolidating student loans with your spouse appealing. So, can you do it? And, if so, is it a good idea?

Yes — and maybe.

The federal government no longer offers spousal consolidation of federal student loans. However, you may be able to combine your federal or private loans by refinancing with a private lender. Whether or not that’s a wise move will depend on a number of factors, including the types of loans you have and your interest rates.

Here’s a look at options available for consolidating your loans as a couple, plus other ways to make student loan payments more manageable after marriage.

Consolidating Federal Loans

Consolidating is the process of combining your loans so you only have to make one payment and keep track of one due date, rather than several. Individual borrowers can consolidate their federal student loans through the federal government.

When you consolidate federal loans, the government pays them off and replaces them with a Direct Consolidation Loan. Your new fixed interest rate will be the weighted average of your previous rates, rounded up to the next one-eighth of 1%.

Previously, married federal student loan borrowers could consolidate their loans together through a joint consolidation loan. However, the government ended that program in 2006 and no longer offers federal loan borrowers a way to consolidate student debt with a spouse.

Currently, the only way to consolidate federal student loans with a spouse is through refinancing with a private lender. This involves taking out a new, larger student loan to pay off all of your existing loans. The lender will base your new loan’s interest rate on your combined income and creditworthiness, and both of you will be listed as primary borrowers on the loan.

It’s important to note that consolidating in this way will convert those federal loans into private loans, which removes all federal benefits and protections, such as income-driven repayment plans and student loan forgiveness programs.
💡 Quick Tip: Get flexible terms and competitive rates when you refinance your student loan with SoFi.

Refinancing Student Loans With Your Spouse as a Cosigner

Another way to commingle student loan repayment responsibility is to apply for refinancing with your spouse as a cosigner (or vice versa). While your loans won’t be consolidated together if you’re approved, you’ll share ownership of the loan with your spouse. This could be a good idea if you would not be able to qualify for a refinancing on your own or could qualify for a better rate if your spouse serves as a cosigner, due to their added income and/or good credit.

An advantage of cosigning versus joint consolidation is that some lenders allow you to eventually remove a cosigner from a loan, which could be useful should you ever part ways. Joint refinancing, on the other hand, generally doesn’t have an “out” clause.

Recommended: Student Loan Consolidation vs Refinancing

How to Combine Student Loans With Your Spouse

If you’re interested in combining student loans with your spouse, here’s a look at the steps involved in a joint refinance.

1. Find a lender. You’ll need to find a lender that offers joint refinancing (not all do). Ideally, you’ll want to shop around and compare offers from multiple lenders to make sure you find the best deal. Browsing around and receiving prequalified rates won’t affect your credit, since companies will do a “soft” credit check.

2. Apply for the loan. Once you find a lender you want to work with, you’ll need to choose which loans you want to consolidate (you don’t have to include every loan you have) and officially apply for the loan. Both you and your spouse will need to supply personal and financial information.

3. Review your documents and sign. Once approved, it’s a good idea to carefully review all the documents you receive and check the fine print before signing anything. Confirm the loan terms you were approved for match the ones you applied for.

4. Keep paying your individual loans until the refinance is complete. When you refinance a loan, your new lender must then pay off your old lender. It may take a little while for that process to finalize. In the meantime, it’s important for you and your spouse to continue making your payments on your individual loans until you’ve received notice from your new lender that the debt transfer is complete.

Recommended: Pros and Cons of Refinancing Student Loans

Advantages of Consolidating Student Loans With Your Spouse

Combining your student loans with your spouse’s through refinancing comes with certain advantages. Here are some to consider:

• Simplified repayment Rather than juggling multiple student loan payments and due dates, you and your spouse will only have one payment to make.

• A potentially lower rate If your spouse has better credit or a higher income than you, refinancing with your spouse may allow you to qualify for a lower interest rate than you’d get on your own. Together, you could potentially save money.

• You could lower your payment You may be able to lower your monthly payment by getting a lower interest rate and keeping the same repayment term. You can also lower your payment by extending your loan term. (Note: You may pay more interest over the life of the loan if you refinance with an extended term.)

• Fosters teamwork When you combine student loans with your spouse, there’s no longer separate debt. You have one joint goal you’re working towards as a team.

Recommended: Making Important Money Decisions in Marriage

Disadvantages of Consolidating Student Loans With Your Spouse

Although consolidating student loans with your spouse can seem appealing, there are some significant drawbacks to keep in mind:

• Few lenders offer it Only a small number of lenders offer spousal student loan consolidation. With few options to choose from, you may have trouble getting approved or finding a competitive interest rate.

• Loss of federal protections If you or your spouse have federal student loans and you refinance them, they become private student loans. You’ll lose federal loan benefits and protections, including the ability to enroll in an income-driven repayment plan and access to federal forbearance or deferment options.

• Divorce could be messy When you refinance your student loans with your spouse, you are taking on a new loan together. If you end up divorcing, you’ll still be legally obligated for the combined debt and you’ll have to work out payment terms with your former spouse as part of the divorce agreement.

• You might not lower your rate In most cases, refinancing only makes sense if you can get a lower interest rate. This is especially true if you have federal loans because you give up many protections by refinancing.

Other Ways to Tackle Student Debt as a Couple

A joint refinance isn’t the only way to manage your combined student debt load. Here are some other tips for how to manage student debt as a married couple.

• Be honest — with yourself and your spouse Having a high student loan balance might feel overwhelming, but avoiding your debt or hiding it from your spouse can affect your relationship. You can start by getting acquainted with exactly how much you each owe, your interest rates, and the loan terms.

• Know your repayment options If you have federal loans, it can be helpful to read up on the different plans available for student loan repayment and the pros and cons of each. If you’re having trouble making payments, you can look into income-driven repayment plans or other federal loan forgiveness programs. Speak to your loan servicer(s) if you’re concerned with your ability to repay your total loans as a couple.

• Consider consolidating separately If your or your spouse has multiple federal student loans, consolidating with a Direct Consolidation Loan can help you better manage the loans you have in your name. If you have loans other than Direct Loans, it can also give you access to additional repayment options. Federal consolidation won’t lower your rate, however. It could also extend your loan term, which would increase your overall costs.

• Look into refinancing separately If you (or your spouse) has higher-interest graduate PLUS loans, Direct Unsubsidized Loans, and/or private loans, refinancing could help you get a lower rate, a lower payment, or both. Keep in mind that refinancing federal student loans with a private lender means giving up federal benefits. And, if you opt for a longer loan term, you could end up spending more over the life of the loan.

💡 Quick Tip: It might be beneficial to look for a refinancing lender that offers extras. SoFi members, for instance, can qualify for rate discounts and have access to career services, financial advisors, networking events, and more — at no extra cost.

Figuring Out the Financial Path that’s Right for You

While you and your partner can’t jointly refinance your student loans with the federal government, you may be able to find a private lender that offers a spouse consolidation loan. Other ways to manage student loan repayment after marriage include: listing all of your loans and coming up with a repayment strategy together, re-evaluating your payments plans, and looking into consolidating or refinancing your loans separately.

Looking to lower your monthly student loan payment? Refinancing may be one way to do it — by extending your loan term, getting a lower interest rate than what you currently have, or both. (Please note that refinancing federal loans makes them ineligible for federal forgiveness and protections. Also, lengthening your loan term may mean paying more in interest over the life of the loan.) SoFi student loan refinancing offers flexible terms that fit your budget.

With SoFi, refinancing is fast, easy, and all online. We offer competitive fixed and variable rates.
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SoFi Student Loan Refinance
If you are a federal student loan borrower, you should consider all of your repayment opportunities including the opportunity to refinance your student loan debt at a lower APR or to extend your term to achieve a lower monthly payment. Please note that once you refinance federal student loans you will no longer be eligible for current or future flexible payment options available to federal loan borrowers, including but not limited to income-based repayment plans or extended repayment plans.

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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Source: sofi.com

Apache is functioning normally

December 20, 2023 by Brett Tams

Although our early 20’s are an exciting era full of new-found freedom, there are a lot of ways that the choices we make in our early adulthood affect the trajectory of the next few decades. Occasionally, someone finds the right teachers, mentors and friends to really set them up well for their 20’s and 30’s, but often we look back after several years and wish there were things we’d known how to do differently. From finance strategies to mental health awareness, savvy knowledge can make all the difference as young adults take their first steps towards forging their futures. Below are the 20 surprising things everyone wishes they knew at age 21.

1. Find Someone Who Shares Your Values

Photo Credit: Shutterstock.

Whether you’re dating, getting married, or just trying to find friends, finding people who share your values is crucial. Of course you’ll always have differences with the people around you, but if you share the same core values, like kindness, being fiscally responsible, etc., you’ll find it much easier to remain together.

One user shared, “Find someone who shares your values and wants the same things as you when finding a partner. Whatever that is, everyone else is a placeholder at best and a waste of time and energy at worst.”

Another user replied, “That’s why I’m not dating right now.”

2. Invest Money as Soon as You Can

Photo Credit: Shutterstock.

Investing even a small amount early in your life will drastically change your ability to retire comfortably later. No amount is too small: open some type of retirement account and put in even just ten dollars a month. Bonus points if you can put in your bonuses from work, your tax return, and other cash that’s not part of your regular income!

One Redditor commented, “Invest money as soon as you’re able to while making sure you have enough money to survive on. The plan you may have for your life now may change. Be okay with that. My life is way different than I thought it would be. Stay physically active and eat healthy. Come 30s, it catches up to you if you stop being active and [don’t eat well].”

3. How Interest Rates Work

Photo Credit: Shutterstock.

Interest rates work differently for you on different types of account; credit cards are different from loans, regular savings accounts are different from high-interest savings accounts.

One online user posted, “How interest rates work. What is a stock, and what to do with them. Impact of having children very early. Taxes. Keep making your dream a reality.”

4. How Precious Time Is

Photo Credit: Shutterstock.

Time is one thing we’ll never get back once we give it away. That’s not to scare you; it’s not as if we should feel guilty for watching a movie we only slightly enjoyed. But time is a resource, and a really precious one. You can use time for social media, and if it’s relaxing to you that might be a good use of your hours. But don’t forget about relationships, education (even just learning hobbies counts!) and recreation that really refreshes you.

Another user added to the thread, “How precious time is.”

5. Everyone Has Their Own Issues: Do Not Expect Help

Photo Credit: Shutterstock.

One user pointed out that, among other things, there won’t always be somebody who wants to listen to you vent or moan about your life, or to lend you money if that’s what you need. Plan ahead for yourself, don’t always assume your community will be your safety net.

One user broke down his own learnings and shared, “I wish I would have taken my credit seriously. Never stop being active; it greatly helps your mental and physical health. Learned a skill. I’m in IT now, but I should have been making way more at 35 if I had taken it seriously at 21.

“Who you choose as a partner matters a lot. Unless you have parents that love and have the means to help you, it’s just you against the world, and that’s okay. Everyone has their issues and do not expect help from anyone.”

Another user responded, “5 hit hard.”

6. Everything Is Going to Work Out Great

Photo Credit: Shutterstock.

While you may have been launched into your 20s unprepared, wishing you knew a whole lot more than you did, don’t freak out. You know a lot more now. You’ve made it this far and you’re going to be ok.

“That regardless of how it looks right now, everything is going to work out great,” one user stated.

The OP replied, “My therapist reminds me of this during every session.”

7. Understand Monthly Installments

Photo Credit: Shutterstock.

Lots of big-ticket items will offer you the chance to make several small payments instead of paying in one lump sum, but don’t assume it’s an easy way out of paying all at once. Double check how much the smaller payments actually add up to. Are they charging you interest, or hiking up the price just by making it look easier? Pay all at once if you can; it’ll save you some money, and help you to only buy things you can really afford.

Another commenter shared, “Okay, now take that monthly payment fee, multiply it by the number of months for the payment plan, and finally compare that result to the cost of them before the payment plan. Only had to learn that lesson once.”

8. Save as Much as You Can

Photo Credit: Shutterstock

One user commented, “Save as much money as you can; always split your checks into savings, bills, and for fun!! Just always those 3; just because you’re saving doesn’t mean you can’t have fun; limit yourself so you’re not spending so much money just on that. Putting these three categories together will save you a headache in the future. I started saving when I was 16 because I got my first job! By 20, I had saved 30k through work and financial aid.”

9. Find High-Paying Jobs

Photo Credit: Shutterstock.

While everyone tells us in high school that we should follow our dreams, there’s a lot of wisdom in making sure you’ll be able to get a higher paying job too. If you put in several years with a higher paying job while you’re younger, imagine how much more freedom you could have to go after your hobbies when you have a good amount saved up?

One commenter added, “Find high-paying jobs that give you a 401k or retirement fund if you work full time. My job matches up to 4% of what I put in.”

10. Drinking Is Fun, but It’s Costly

Photo Credit: Shutterstock.

We all know that the hard partying often starts in our 20’s, but how many of us have stopped to consider the cost of that? We’re not suggesting you don’t go out at all, but consider setting a budget for your evenings out, and plan how many times you go based on what you know you can afford.

One Redditor posted, “Drinking is fun, but it’s costly; I spent a lot of my money going out, and now that I’m 23 those ‘friends’ are nowhere to be found. Except for like 2.”

11. Find Friends That Will Stick With You

Photo Credit: Shutterstock.

“Find friends that will stick with you no matter what. Watch out for jealous people who want your downfall. Not everyone will be happy with your achievements, and that’s okay, but don’t let them suck your energy and shine. Cut anyone that’s not making you a better person or pushing you to do better,” one user commented.

12. True Friends Will Always Be Honest

Photo Credit: Shutterstock.

There will come a time in each our lives when when we need to be called out. It’s not comfortable or fun, but if you have friends who are willing to lovingly point out your flaws, consider yourself lucky. True friends will be honest with you and tell you when your habits have become hurtful. But true friends will also remain your friends afterwards; they’ll call you out and then stick around for the fallout and still love you on the other side.

One user shared, “True friends will always be honest even when it hurts … and they will be supportive and want what’s best for you. Don’t settle for less.”

13 Relationships Are Hard, but Dating Is Fun

Photo Credit: Shutterstock.

One user posted, “Relationships [are hard], but dating is fun! As long as you are staying safe and setting boundaries. Relationships are fun when they work, and you feel fulfilled. Don’t settle for anything half-a-. If you spend 70% of your time unhappy and communicate that and nothing changes, it’s not worth it.”

14. Pick a Better College Degree

Photo Credit: Shutterstock.

It’s true: your college degree can make or break your income earning potential. College isn’t necessary for everyone, but if you’re going to college, make sure that you’re choosing a really functional degree. If you want to get an education for fun, then be sure you can really afford to do that.

“Pick a better college degree. INVEST YOUR MONEY. Live frugally. Keep away from my dysfunctional family. Let my first boyfriend break up with me when he wanted to,” one user commented.

15. You Don’t Need to Do It All Tonight

Photo Credit: Shutterstock.

Some of us need a serious pep-talk just to get up off our couches and get things done … and others need permission to just rest. So if that’s you, remember it’s ok not to get everything done at once. You may feel like you have to juggle everything, but a big key to “keeping it all together” is knowing which things you can drop and which things you actually need to get done.

One user shared, “You don’t need to do it all tonight.”

16. Forge Lots of Strong, Healthy Friendships

Photo Credit: Shutterstock

We’re made to live in community, and it shows. All of us will feel lonely from time to time, but having really strong friendships around you to support you in those times will help immensely. And sure, finding high-quality friends is really hard, but it will always pay off.

One Redditor highlighted friendship; “Forge as many strong, healthy friendships as possible.”

17. Take Care of Your Skin

Photo Credit: Shutterstock.

Beyond taking care of your finances, your menta health and community, and your career, don’t forget your skin. Adjust your skin care to your climate and skin type, drink lots of water, and eat lots of whole foods. Those things together will probably make up ninety percent of a poppin’ skin care regime.

“I wish I’d taken better care of my skin. There’s a texture difference as you get older,” one commenter stated.

Another user replied, “Second this! Wearing sunscreen is always worth it (decades) later!”

18. Put Some Stock in Your Career

Photo Credit: Shutterstock.

One user posted, “Wish I had taken more stock in my career. I wish I had taken college more seriously. I wish I hadn’t lost myself in another person so young. This destroyed my ability to have real relationships. Wish I had never stayed in upstate NY.”

19. How Fast You Become Yesterday’s News

Image Credit: Shutterstock.

Another Redditor shared, “How fast you forget about yesterday’s news. How eventually we all fade away and how nothing in this world lasts. So, all these fleeting pursuits of happiness lead to emptiness in the end. How quickly your body gives out on you as you age. How the older I am, the more I want to sleep as if I’m always catching up on a never-ending sleep debt. Or save money … lol.”

20. Bet on Apple Stock

Photo Credit: ZorroGabriel / Shutterstock.

One user commented, “To bet on Apple stock.in 1994, it was .24 cents a share. Sigh.”

Sure, it’s impossible to know which investments are going to really take off, but do yourself a favor and invest in what you can while you’re young. You might get a few duds, but hopefully there will be some winners among them. You have more ability to take chances while you’re young since you’re less likely to need the financial security yet, so take some time to learn what you’re doing or consult a professional.

What do you think of the things listed above? Share your thoughts down in the comments!

Source: Reddit.

10 Actors Perfectly Cast for Their Character Roles

Photo Credit: Warner Bros.

Have you ever watched a movie or show and been completely lost in it because of how well an actor or actress became their character? Check out this article for a whole list of actors who were perfectly cast!

11 Vampire Movies That Will Make You Thirst for More

Photo Credit: Columbia Pictures.

You know that feeling where you’re on a movie kick in a certain genre, but you seem to run out of good movies to watch? Well, if you’re down for a vampire movie or three, check out this article for the best ones out there!

10 Incredible Movies That People Rated 10 Out of 10

Photo Credit: Universal Studios.

It’s pretty hard to replicate the experience of watching your favorite movie for the first time, but we’ve put together a list of movies that people have rated at a perfect 10/10. Next time you need a good movie to watch, check this out!

10 Famous People Who Canceled Themselves With Their Own Stupidity

Photo Credit: Shutterstock.

We’ve all been there: you make a comment you haven’t thought through at all, and the whole room goes silent at what you’ve just said. But can you imagine doing that as a famous person—and getting canceled? Check out this list of celebrities who did just that!

13 Things You Shouldn’t Do When You’re in the US

Photo Credit: Shutterstock.

Are you planning a trip to the US? Culture varies a lot between countries, even countries that share borders. So if you’re headed to the good old U. S. of A, here are a few pointers to make your travels go more smoothly!

About the Author

Source: financequickfix.com

Apache is functioning normally

December 20, 2023 by Brett Tams

In the realm of interior design, luxury is not defined by exorbitant expenses. Affordable luxury is a cornerstone that reshapes homes with elegance and practicality – transcending into an opportunity to amp up spaces.

The art of affordable luxury: Tips on transforming your home decor and interior design on a budget (Photo by Spacejoy on Unsplash)

In an interview with HT Lifestyle, Saniya Kantawala, Principal Designer and Founder of Saniya Kantawala Design (SKD), suggested, “Paying close attention to intricate elements such as hardware, trims, and finishes significantly impacts a space’s overall aesthetics. Consider upgrading standard doorknobs to ornate alternatives or replacing plain light fixtures with visually captivating options; these simple changes can transform a room’s design.”

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She highlighted, “Strategic accessorising is pivotal in achieving a sophisticated ambience within your home. Rather than overcrowding with numerous accessories, opt for high-quality pieces that command attention. A bold lighting fixture or sizable artwork can infuse an air of luxury into your space without overwhelming it. Think of a wicker headboard in the bedroom or a wallpaper or mural in the living area. This discerning approach to accessorising ensures an elegant, upscale look while maintaining balance and visual appeal.”

Given that luxury is something that is always desired when it comes to decorating one’s house yet the very thought of luxury evokes expensive interiors, Devika Khosla, Creative Director at The Works Interiors, shared, “One need not spend too much money to attain a luxurious look. With a few steps, it is easy to make a home feel luxurious without burning a hole in your pockets. Furniture is one of the main features of any space, and arranging it mindfully can be cost-efficient. Putting statement pieces can imbue a sense of opulence in any interior space by using affordable accent furniture pieces like a lounge chair, credenza, end table or side table.”

She added, “Vastness is another aspect associated with luxury, for which mirrors can be used in hallways or entrance foyers to create an illusion of space enlargement. Textiles can also be used in one’s favour when going for a luxurious touch. They can add layers to any space by using cushions and throws in various sizes and textures. Curtains can be placed to hang from the ceiling to give a loftier impression of the space. Alternatively, Sheer curtains soften the natural light and fill the space with a cosy yet luxurious warmth. Remember not to forget the rugs when going for a pocket-friendly makeover. When used in the living room, bedroom, and lounge area, they add warmth and luxury.”

Bringing her expertise to the same, Shubhra Dahiya, Partner at team3, said, “Transforming your home into a haven of affordable luxury is an artful journey achievable within budget constraints. I firmly believe that regardless of financial constraints, a home can exude elegance and character through thoughtful design choices. The first step on this path involves accessorising. Big cushions, vibrant throws or simply replacing pillow covers to complement the colour theme of your room can add a touch of panache. Maintaining a colour theme by using an element of the chosen colour in each room will give the house a common language and character. Large paintings, art pieces on an accent wall, or a combination of smaller pieces are a great opportunity to let the room be a reflection of one’s personality.”

She recommended, “Another avenue toward achieving opulent interiors without straining the budget lies in the art of repurposing. Refurbishing old tables, sofas, cupboards or chairs is a cost-efficient and innovative method for a chic interior. This blend of vintage and modern themes can be achieved by using colourful cotton fabrics, paints or heritage-tile inlays to make interesting conversation-starter pieces in your house. Embracing biophilia by adorning indoor and outdoor spaces with a variety of plants can enrich interiors and also foster a tranquil ambiance. Having potted and hanging plants in the verandah, courtyards or indoors lend a sense of calm. Plants of various sizes and textures can be chosen to match the aesthetic of your house and colour to create a reassuring atmosphere.”

In essence, it’s the subtle and cost-effective gestures that breathe life into a house, transforming it into an abode of comfort that reflects one’s personality. Through strategic accessorising, innovative repurposing and embracing biophilic design, a home can radiate luxury and refinement without burdening the budget—a testament to the art of creating affordable yet sumptuous living spaces.

Source: hindustantimes.com

Apache is functioning normally

December 20, 2023 by Brett Tams

PPE, Audit and Tax, LO Sales, Subservicing Tools; Fannie and Attorney Opinion Letters

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PPE, Audit and Tax, LO Sales, Subservicing Tools; Fannie and Attorney Opinion Letters

By:
Rob Chrisman

Tue, Dec 19 2023, 10:56 AM

Change is constant: How ‘bout U.S. Steel, the Pittsburgh steel producer that played a key role in the nation’s industrialization, being acquired by Nippon Steel in an all-cash deal valued at approximately $14.1 billion? (Let’s not forget that GM and Ford have been dwarfed by Tesla, Mercedes, Toyota, and even Volvo.) I had my share of “hard hat” jobs growing up, so I noticed OSHA announcing a switch from traditional hard hats to safety helmets. Is that the politically correct term now? Speaking of terms, “smishing” is a term that combines “SMS” and “phishing” where hackers try to get your personal and banking information through unsolicited text messages on mobile devices by pretending to be government agencies, companies that you might have done business with, or a package delivery service. They’ll say something to get your urgent attention like a text about a free gift that you have to pay a small “shipping fee” to receive or they will send a warning about suspicious activity on your account. Be careful out there! Today’s podcast can be found here, and this week’s is sponsored by Lender Toolkit’s AI-powered AI Underwriter and Prism borrower income automation tools. Get loans approved in under two minutes. By providing lightning-fast underwriting decisions, your market reputation with borrowers and Realtors will soar. Listen to an interview with Arch MI’s Carl Tyree on mortgage insurance (MI) misconceptions and various product offerings that separate MI companies from one another.

Lender and Broker Products, Programs, and Services

Some things are just better together. The cast of Gilligan’s Island. John, Paul, Ringo, and George. And, of course, Myrtle’s favorite Tom and Jerry. Putting several good pieces together to create a better whole sums up what we think of nCino’s Mortgage Suite (formerly SimpleNexus). With a combination of great ideas and great technology, nCino’s Mortgage Suite automates loan processing and closing, delivers a modern customer experience, surfaces data insights and simplifies incentive compensation management, thus increasing an FI’s mortgage profitability (something we could all use about now). See how all the parts work together in this short video.

Assessing key performance indicators and operations during current industry headwinds is a great way for mortgage lenders to set themselves up for success for 2024 and beyond. In particular, looking at how your loan origination system (LOS) is maximizing efficiency, providing returns on investments and ultimately, helping you win business over competitors is a great place to start. Why? Because your LOS should serve as the central hub of the overall tech stack, allowing you to orchestrate your entire business from a single system of record. Read this recent article, to learn how Encompass® by ICE Mortgage Technology® is enabling lenders to manage their entire lending workflow in one place, from the customer’s initial point of thought through investor delivery.

Did you know that your LOS is the most powerful source for new leads? Every loan application, past or present, not only represents a marketable borrower, but any realtors on loan files can lead to even more opportunities. OptifiNow’s Contact Harvesting is a feature that automatically imports any realtors listed on an LOS loan file, creating a vast source of referral partners that can be easily marketed to. Contact Harvesting dynamically updates your database and creates links between borrowers and realtor records, allowing you to accurately track the amount of volume that a realtor is generating and calculate the pull-through rate of their referrals. As the mortgage market heats up, the OptifiNow CRM platform provides you with innovative tools that help you leverage the data you already have to increase loan volume. Contact OptifiNow to learn more about our flexible and cost-effective CRM solutions.

Is it a challenge getting what was promised out of your current subservicer? New regulations are always moving the compliance goal posts and your customers are craving the newest technology and high-quality customer experience to meet their needs. After all, aren’t those the reasons you contracted with them? Perhaps it’s time for a change. Let Servbank show you how its cutting-edge, fully transparent and award-winning servicing platform (SIME), combined with their family of caring Customer Care reps, will protect your company from regulatory misses and keep your customers loyal by delivering a superior experience every time. If your current subservicer promised to make life easier for you, but continues to miss the mark, now is the time to partner with Servbank, the nation’s only fintech bank subservicer, who can meet your unique needs.

Feeling motivated and ready to conquer your 2024 sales goals? TrustEngine is here to help with Dave Savage’s three top sales coaching videos of the year. Featuring some of the industry’s top producers, tune in for invaluable sessions from the best in the business and share them with your LOs. First, explore Dave’s most popular 10x interview of the year, How Daniel Sa Is Closing Over 300 Loans This Year. Then, dive into Separation Season with Jeremy Forcier for essential strategies and explore the world of Moneyball Mortgage with Jim Deitch, and so much more. Don’t miss this opportunity to gain essential insights and strategies for the upcoming year. Your path to sales excellence starts here.

“With nearly 40 years of experience in mortgage banking, Richey May knows the industry from every angle. Many of our team members are credentialed industry experts who dedicate much time to building up other industry experts. From this expertise, we’ve created a wealth of services and products to help lenders stay ahead: audit and tax services, cybersecurity solutions designed to protect company assets and sensitive borrower information, intelligent automation tools for streamlined operations… you name it! Whether you’re leveraging our innovative platforms or having us work as your extended team for outsourced internal audit or accounting services, get ready to tackle challenges faster with some serious firepower on your side. Everything you need to prepare for 2024: contact our experts today!”

“There are many reasons the Optimal Blue PPE has been the market-leading product, pricing, and eligibility engine for years, one being that we ensure our customers have the functionality and support they need through changing regulatory and market environments. Built as an open API platform, the Optimal Blue PPE allows customers to access critical product and pricing information on-demand. With an average of 300+ releases per year, users receive the latest innovations they need to operate in any market conditions. This year’s releases included: a mobile app, an updated user interface, and advanced loan officer compensation support. And with 50+ developers dedicated to the PPE, our commitment to innovation is continuous. This means Optimal Blue customers have the tools to tackle whatever the market throws their way. Reach out to us today to ensure you have the tools and support you need to win in this market.”

“Our 2023 accomplishments set the stage for what is to come. As we move into 2024 and beyond, Polly will continue to revolutionize mortgage capital markets and democratize revenue optimization, automation to reduce costs, efficiency gains, and more, all while providing a differentiated and completely unmatched loan officer and lender experience.” What else can you expect to see from Polly in 2024? The company’s Founder and CEO, Adam Carmel, reflects on a record-breaking 2023 and shares his excitement for 2024 in this open letter.

Conventional Conforming News

The lion’s share of loans are processed and/or underwritten and/or sold to Freddie Mac and Fannie Mae. Who’s doing what out there?

Fannie Mae turned some heads recently with more thoughts on Attorney Opinion Letters in the title industry. Stacy Mestayer observed, “Fannie’s announcement will expand the use of AOLs to hundreds of thousands of more properties. This is an interesting update to many as ALTA has led many in the industry (and on Capitol Hill) to believe that title waivers and title alternatives are the same. While Fannie has opted not to pursue a pilot for title waivers at this time, it never wavered in its support for the AOL alternative.”

Two new underwriting solutions are now available from Fannie Mae to help lenders better serve borrowers. DU early assessment, which provides a DU risk assessment during a lender’s pre-qualification process with a single bureau soft credit report, and Income Calculator, which helps easily calculate income for self-employed borrowers. Discover how these innovations and other updates help simplify the lending process and work toward removing barriers and improving equitable access to credit.

Fannie Mae Announcement SEL-2023-11: December Selling Guide Updates includes information on permitting lenders to use alternative options to meet verbal verification of employment requirements, allowing optional use of Income Calculator to determine the monthly qualifying income for self-employed borrowers, allowing lenders to gross-up certain nontaxable income without providing additional documentation. Incorporate a list of programs into policy to assist lenders with their review of shared equity providers and transactions, and other miscellaneous updates.

Fannie Mae updated the Partner Playbook for the Credit Score and Credit Reports Initiative to include information on FHFA’s Nov. 21 Enterprise Regulatory Capital Framework (ERCF) final rule, share ways the public can participate in the stakeholder forums, and highlight the timeline to reflect the delay of milestones related to the bi-merge credit reporting option initially proposed for 4Q 2023 and 1Q 2024.

During the weekend of Feb. 10, 2024, Fannie Mae will implement an update to DU version 11.1. This will include updates to improve DU’s ability to identify rent payment history within asset verification reports and other changes to align with the Selling Guide. For additional information, view Fannie Mae DU Version 11.1 Feb. Update Release Notes.

In the December 2023 Appraiser Update, Fannie’s Mae’s 25th edition, timely appraisal topics from a 2015 Lender Letter is revisited, recent changes to requirements for manufactured housing appraisals, explain how to get answers when you need them, and offer a reminder for how to treat seller concessions.

Per Pennymac Announcement 23-85, Conventional LLPAs effective for all Best Efforts Commitments taken on or after Thursday, December 14, 2023 will be updated as follows:

Improving values for the ‘2nd Home Additional’ LLPA on the ‘LLPAs by Product Feature for All Eligible Loans’ LLPA Grid. Updating footnote for the “2nd Home Additional’ & ‘Investment Additional’ LLPAs.

Citizens Correspondent National Bulletin 2023-21 includes information on product updates on Conventional Conforming Products, Employment Offers or Contracts – DU, Income eligibility and calculations, timeshares, and updated appraisal practices, VA Products, Medical and non-medical collection and charge-off accounts. Citizens Correspondent National Bulletin 2023-22 provides information on Conventional Conforming, FHA and VA Product Loan Limits and Disaster Tax Filing Relief.

Kind Lending announced the adoption of Freddie Mac guidance as pertains to ADUs (Accessory Dwelling Units) and the allowance of income from the ADU used in qualifying.

Capital Markets

Global financial conditions are loosening as investors expect central banks to begin lowering interest rates next year. A Goldman Sachs index that tracks corporate borrowing costs and capital markets conditions showed on Friday global financial conditions at their most accommodating level since early August. The end of the belief that central banks will keep interest rates “higher for longer” has fueled optimism in the corporate bond market, with yields on riskier corporate debt falling below 8 percent for the first time since February. Even though we haven’t seen one rate cut yet…There has been a significant easing in financial conditions that is giving companies breathing room.

Let me repeat something from last week that came from Dr. Elliot Eisenberg! “While the Fed kept rates unchanged, something entirely expected, it was the shift from a hawkish pause, one with a rate hike bias, as was the case after the last two meetings, to a dovish pause, a pause with a future rate reduction bias due to the declining inflation rate, that led to a record Dow Jones close. Discussion will now focus on the date of the first cut.” Sure enough, that is what we are seeing.

After Fed Chair Powell and his colleagues indicated that they are likely to cut rates three times next year, traders have largely ignored efforts by Fed officials to temper expectations and market rates have fallen sharply in anticipation of the central bank’s policy pivot becoming a reality. There has been a lot of Fed-speak after the FOMC meeting attempting to pour cold water on the narrative that rate cuts are coming quickly and aggressively, the latest being Chicago Fed President Goolsbee saying that he was a bit confused by the market’s reaction to the latest FOMC meeting/comments and Cleveland Fed President Mester saying that the market is a little bit ahead of the Fed’s rate-cut view. The Fed claims that markets are over their skis with respect to rate cuts, but markets are maintaining pricing for six rate cuts by the Fed before the end of 2024, with the first cut coming in March.

Putting aside the Fed momentarily, this week will have a lot of housing data. We received the NAHB Housing market index for November yesterday, which increased from the last reading, but not quite to market expectations. Today brings housing starts/building permits and existing home sales are tomorrow. We will also get another revision to Q3 GDP, personal incomes and outlays, and leading indicators. Real GDP is expected to be revised down slightly in the third estimate due to downward revisions to September retail sales, business inventories, and industrial production. Personal income is expected to have accelerated in November due to strong gains in wages and salaries pushing household spending higher.

Also on tap this week is the Fed’s favored inflation measure, PCE, where core inflation is expected to come in at a 3.3 percent annualized pace, down 0.2 percent from the previous month.

Today’s economic calendar is under way with housing starts and building permits for November: 1.56 million (higher than expected) and 1.46 million, respectively. Expectations were for starts slipping 17k versus the prior month to 1.355 million with permits 48k lower at 1.450 million. Later today brings Redbook same store sales and remarks from Atlanta Fed President Bostic. Today is also Class D 48-hours. We begin the day with current coupon Agency MBS prices a few ticks (32nds) better than Monday night and the 10-year yielding 3.90 after closing yesterday at 3.96 percent.

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

Source: mortgagenewsdaily.com

Apache is functioning normally

December 20, 2023 by Brett Tams

High-profile government actions against some of the nation’s largest financial firms for alleged violations of fair lending laws and loan servicing principles have sent a sobering message to industry CEOs and their boards: the buck stops at the top.

We have entered a new regulatory era, one filled with expectations that a firm’s compliance with the letter and spirit of the law has the full attention of the C-suite and boardroom — not relegated to back-office compliance department functions.

We’d be mistaken to think this new environment is transitory, tied to one presidential administration or another. While the current leadership is vocal relative to consumer protection and racial equity issues, there are permanent, institutional commitments to fairness in housing and housing finance that have been enshrined in law for decades and that transcend politics.

A number of economic, legal, policy and public pressures will continue to keep fairness issues front-and-center for the foreseeable future — particularly around lending and loan default servicing. The compliance landscape for lenders and servicers will be increasingly complex as some oversight agencies and advocates evaluate and re-evaluate what constitutes unlawful or unfair conduct.

Indeed, multiple agencies pursuing the same general goals sometimes creates inconsistencies or conflicting interpretations of policy, making it difficult for financial institutions to navigate uncharted waters, even with the best of intentions. Recent regulatory actions have targeted marketing practices, credit allocation and product offerings.

Regulators will look to ensure that a financial firm’s leadership is accountable and actively managing their fair lending and servicing efforts. Companies will be judged on whether they are maintaining appropriate compliance management systems, including monitoring, written policies, risk management, change management, testing and company culture — and whether their boards are equally focused on their oversight function.

In this swirl of challenges, financial executives who fail to pay attention can face legal costs, fines, penalties, consent orders and contested litigation — or worse. Just ask the ones who in the recent past have lost their jobs or faced reputational damage.

CEOs need to understand their firm’s capacities and get ahead of problems before they become crises. Specifically, they need to work closely with the team members who are responsible for legal and compliance monitoring to reduce legal risks, comprehend data that might indicate disparate treatment or impact, identify gaps that may exist in their knowledge and experience and structure management teams accordingly so that they reflect a comprehensive approach to compliance. And they need to engage all board members, keep them informed, seek their guidance and make them aware of their own potential legal peril.

Most importantly, financial firms should work to understand the intent, not just the letter, of multiple rules and laws, as well as the mindset of varied enforcement bodies. Strong compliance programs are prudent, meaning they are focused on avoiding regulatory challenges, even if some practices might be defensible.

If financial executives do business anywhere along the housing supply chain, they are willingly part of our nation’s effort to live up to its highest ideals of helping to create homeownership opportunities and fairness for everyone.

As part of that obligation, private sector players are endowed with a complex, at times conflicting, set of actions under often-difficult-to-construe fair lending laws. They become vehicles for delivering public policies and bear risk while trying to implement them. However, as a result, company leaders are often required to think more like partners with regulators and agencies rather than their adversaries. It warrants mention that government agencies should recognize this relationship can work both ways — they too have obligations to their private sector partners, chief among them transparency, open dialogue and technology improvements.

As an industry, we must continue to act responsibly on the issues of compliance and discrimination. The struggle for equality and fairness will forever be a continuing part of the American experiment. All of us can be part of the solution. And it starts at the top.

Brian Montgomery is a founding partner of Washington, D.C.-based Gate House Strategies.

This column does not necessarily reflect the opinion of HousingWire’s editorial department and its owners.

To contact the author of this story:
Brian Montgomery at [email protected]

To contact the editor responsible for this story:
Sarah Wheeler at [email protected]

Apache is functioning normally

December 20, 2023 by Brett Tams

Knightvest, a real estate investment and management company, has published its inaugural annual Multifamily Renter Sentiment Report findings. The survey offers insights into the decision between renting and buying, the consequences of high mortgage interest rates, and variations in rental preferences across different generations.

Most renters (59%) choose to rent rather than feel forced to rent.
Among the respondents, 51% of Millennials and 54% of Gen Z individuals have actively chosen to rent.
A surprisingly high number of renters (31%) feel ambivalent or uninterested in home ownership.
74% of renters report that their timeline to purchase a home has significantly lengthened due to increased mortgage rates
Older Americans are selling homes to live in apartments.
73% of people say that social interaction is essential in an apartment community
Baby Boomers value social interaction more than Millennials (78% versus 71%)
On the whole, Gen Z respondents are slightly more enthusiastic about the idea of owning a home compared to Millennials (29% vs. 25%).

2023 Knightvest Multifamily Renter Sentiment Report Infographic

The rent-versus-buy decision is increasingly nuanced given this dynamic macroeconomic environment, and it’s interesting to see the data support what we’re hearing anecdotally from residents: if you create communities built on quality, service and care, then apartments can become sought-after destinations where residents thrive through multiple seasons of their lives.

David Moore, Knightvest Founder and CEO

Top Reasons Why People Rent

The high cost of owning a home is a concern for 62% of people.
The reduced responsibility for maintenance and repairs is a factor for 51% of individuals.
35% of renters cite the increased flexibility to relocate as a reason they choose renting instead of buying.

Also, it is interesting to note that:

29% of renters have previously owned a home.
71% of Baby Boomer renters have owned a home before, and their primary reason for renting is to have fewer maintenance and repair responsibilities.

Finally, The surge in mortgage rates has caused a significant delay in decision-making for those looking to buy a home.

An overwhelming 74% of survey participants have indicated that the timeline for their home purchase consideration has been prolonged due to the substantial increase in mortgage rates.
Within this group, a staggering 79% have reported that this extension ranges from a few years to indefinite.
Millennials and Gen Z individuals have expressed similar salary expectations required to afford a home.
On average, Millennials have stated a need for a salary of $139,000 to purchase their desired home, while Gen Z has mentioned a requirement of $137,000.

As we head into 2024, this data underscores the enduring demand for apartments and reveals insights that will continue to shape the real estate landscape for years to come. At Knightvest, we remain focused on executing our strategy to renovate and reposition apartment communities to create compelling, modern living environments at an extraordinary value. With people staying in apartments longer, this work has never been more important than it is today.

David Moore, Knightvest Founder and CEO.

Knightvest conducted the survey in the Multifamily Renter Sentiment Report from November 20 to November 30, 2023, on an online platform. 4,100 U.S. apartment renters participated voluntarily and did not receive payment for their opinions.

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Mihaela Lica Butler is senior partner at Pamil Visions PR. She is a widely cited authority on public relations issues, with an experience of over 25 years in online PR, marketing, and SEO.She covers startups, online marketing, social media, SEO, and other topics of interest for Realty Biz News.

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Source: realtybiznews.com

Apache is functioning normally

December 20, 2023 by Brett Tams

When you think of the world today, it can be easy to feel overwhelmed by the negativity that saturates our news feeds and social media. But beneath all the grime and grimness lies a world full of countless wholesome people and things. To prove this point, we’ve compiled a list of some awesomely heartwarming behaviors below.

1. When People Get Really Excited Over Something

Photo Credit: Shutterstock.

One user posted, “When people get really excited over something they enjoy.”

Another user replied, “I’m like 99% certain this is the only reason my girlfriend is into me. I’ll catch myself getting way too into the weeds explaining some tedious technical thing that she obviously couldn’t care less about, start apologizing for getting carried away, and say, ‘No, keep going. I love seeing you get really into things you care about, even if I don’t understand!’ She’s a keeper.”

2. When Someone Remembers a Really Small Detail I’ve Only Mentioned Once

Photo Credit: Shutterstock.

There’s very little that can make you feel more loved than when you feel seen. There’s something uniquely special to knowing that somebody paid close attention to you, to what you said and what you love.

One user shared, “When someone remembers a really random small detail I’ve only mentioned once.”

Another user commented, “Bought a girlfriend her favourite flower for Valentine’s Day. She was blown away because she didn’t remember ever saying it was her favourite. She had mentioned it in passing on maybe the second date. But yeah, I won a billion brownie points for that.”

3. Doing the Right Thing Even When It’s Inconvenient

Photo Credit: Shutterstock.

It’s hard enough to do the right thing when it seems minor or negligible, or when nobody’s going to know. But if you choose to do the right thing even when it might hurt other people’s perception of you, that’s a pretty incredible display of character.

Another Redditor posted, “Doing the right thing even when it’s inconvenient. I was on a date, and he took a call from a friend in crisis. They worked the problem out, and he said ‘I love you’ to his friend (who said it back). He explained he needed to take the call and apologized that it happened during the date. No apology is necessary! He demonstrated loyalty and vulnerability, and it was incredibly [attractive]. Even better that it’s just who he is; none of it was for show.”

4. Fully Present Parenting

Photo Credit: Shutterstock.

There’s a lot of different methods and theories for parenting out there, but no matter what route you take, it’s crucial to remember that children are whole persons. Their desires matter and make a difference, even when correction is needed. And there’s nothing more beautiful than seeing adults treat children with respect and personhood.

“My husband will run around playing games with our son in the playground and fully commit to whatever game. There’s no standing around talking to the adults; he will get fully involved in the make-believe world. 10/10, fully present parenting,” stated one user.

5. People Who Make Themselves Crack Up

Photo Credit: Shutterstock.

One Reddit user shared, “People that make themselves crack up. People with their particular and weird little sense of humour that unashamedly laugh at what they think is so funny. Extra points if they’re laughing because of a joke they’re telling themselves. It’s my favourite thing to see someone do.

“As long as the joke doesn’t seriously hurt other people. I love good dark humor. If someone’s genuinely trying to be hateful, it loses appeal completely.”

6. Seeing a Man Be Genuinely Happy for Someone Else

Photo Credit: Shutterstock.

One user shared, “Seeing a man be genuinely happy for someone else, I recently discovered this about myself.”

Another user replied, “As an add-on to that—when a man is so supportive of his partner and their goals but does not feel threatened by them. I have a bachelor’s degree, while my husband has an AA, so I’ve always made more money than him. I intend to go back to grad school someday & he recently even asked if I’d do my PhD after, something I hadn’t even considered, not because I don’t think I could do it; I just hadn’t thought that far ahead. It made me so giddy knowing he fully believes in my capabilities & is ready to support me no matter what.”

7. When Someone Helps Old People

Photo Credit: Shutterstock.

The same ego-centric attitude that blinds people to the personhood of children often makes them blind to the personhood and respectability of the elderly. But each of us has been young, and we will eventually be old. We were whole persons then, we are now, and we will be as we age too. We should treat other people with the respect we hope will be offered to us.

“When someone helps old people. Maybe getting up to give their seat to them in a public bus or, in general, helping them carry their heavy bags or something,” one user shared.

One user replied, “Compassion, in general, is such an attractive quality.”

8. Making Sure That Everyone Around Her Has Eaten on Time

Photo Credit: Shutterstock.

At some point, we’ve all been victim to low blood sugar. Whether you actually felt weak and shaky, or you just got grumpy and irritable, or you noticed it was harder to think clearly, at some point we’ve been affected by the symptoms. So how incredible would it be to have a friend who didn’t take your attitude personally, but just asked if you’ve eaten anything?

Another user shared, “A friend of mine has this habit of ensuring everyone around her has eaten on time. ‘A well-fed tummy makes the brain think properly.’ That’s her exact words.”

9. Silliness, the Sillier, the Hotter

Photo Credit: Shutterstock.

There is something magical about having friends who know how to be silly. It’s as if the walls really come down and they let you see the playful heart they’ve been holding on to since childhood. Silliness is about as wholesome as it gets.

“Silliness, the sillier, the hotter,” posted one user.

10. When a Person Knows the Right Time to Listen

Photo Credit: Shutterstock.

Being able to problem-solve is wonderful, and being the friend who motivates others to take action is impressive. But in an emotional crisis, everybody needs a good listener. It’s extra special to have people you can rely on to listen and understand without feeling the need to solve or fix your problems.

One user shared, “When a person knows the right time to simply listen to someone in distress and the right time to offer advice.”

11. There Is Nothing Like Seeing Compassion in a Man

Photo Credit: Shutterstock.

There is something almost universally wonderful about meeting a man who has tenderness and compassion.

Another Redditor shortly shared her husband’s story and said, “My husband grew up extremely poor. Not homeless, but close. Whenever we’re out, and we see someone asking for food, he will quietly walk over and take them to whatever restaurant they want. He will then order them whatever they want. When we met, he was in grad school and had no money. He still did this. It made me swoon.”

One commenter replied, “There is nothing like seeing compassion in a man.”

12. Confident Without Being Cocky

Photo Credit: Shutterstock.

It takes a lot of character to be willing to let others get the credit, to show of that they know the answers, while you also know the answers. That’s humility. And humility with intelligence is an incredible trait. Humility allows us to see others and serve others, and help others do well; but paired with a good intellect and the ability to succeed well? That’s nearly unbeatable.

“How to explain this…? When I was in junior high, all the good students would raise their hands, barely staying in their seats, just desperately trying to get called on. There was this one guy, Jack, who just leaned back and watched. Totally chill. Jack NEVER raised his hand. But any time the teacher called on him, he knew the answer.

“He was the smartest guy in the class, but he felt ZERO desire to prove it or show off. I found that So. [Dang]. Hot. I’ve been drawn to quiet confidence ever since,” shared one Redditor.

13. They Cared About the Burdens I Face

Photo Credit: Shutterstock.

Sympathy is the ability to care about somebody’s problems, but empathy is when you’re able to feel some of the same things they feel, either because you’ve been in the same circumstance or because you’ve felt those feelings in another situation. And empathy will win loyalty like no other skill or trait.

One user stated, “Empathy. I would follow someone into battle at the Fields of Pelennor or the Black Gate of Mordor if I got the sense that they understood and cared about the burdens I face.”

Another user confirmed and responded, “100% the same.”

14. When They Cook for Me

Photo Credit: Shutterstock.

I’ve heard it said that when a friend or family member is grieving, instead of asking how they are, you can just ask if they’ve eaten yet today. And if they haven’t, you can take care of them and make them feel loved just by making them a meal to eat. Food really does act as a love language.

“Being cooked for. Nothing better than your significant other making sure you’re fed.”

15. He Can Talk to Anyone

Photo Credit: Shutterstock.

“My husband is basically a collection of wholesome traits that I find outrageously attractive. He never snarks, gossips, or puts people down. He’s all about lifting people, whatever their life may be. He loves to hype people and celebrate life.

“He can talk to anyone and make a connection. He would go to anyone’s family cookout and legitimately be so happy to try the food and find out what your aunts and uncles were like. When I say, ‘Hey, someone new is coming to our house for dinner/to spend the weekend,’ he’s just like, ‘Cool! Let’s plan recipes!’

“Our Maine Coon has him absolutely under her control. He talks to her so sweetly. He’s precious with our old lady dog. One of my favorite pics of him is from a hike where her joints started hurting. He carried her like a baby the rest of the way, and she looks so happy in the pic.

“No matter how tired he is, when we are visiting any of our parents, he fixes things around their house for them. It’s nothing for him just to install a dishwasher or move machinery equipment.

“He really, really appreciates anything new he gets. Like I got him some nice sandals a few weeks ago, and he has told me how much he likes them at least four times.

“When we became a couple, he made a video for me. It was a screen recording of him deleting all his dating apps. Each one asked why he wanted to cancel/delete, and he gave them a 1-star review and wrote, ‘Didn’t have BurntGreens.’ And the two apps he did match with me on, he gave five stars and said, ‘Found BurntGreens.’

“In every decision I’ve seen him make, he chooses what’s best for the greater good over what’s easiest for himself.

“He’s become fishing buddies with our neighbour, who is a very good dude as well. My husband recently bought a boat—something both guys have wanted for a long time and the neighbor couldn’t afford. My husband said, ‘Now, this isn’t my boat. It’s our boat. We’re both captains.’

“When I told him how much I struggled with self-esteem stuff once, he bought a heart-shaped bowl and filled it with little folded pieces of paper, each describing something different he loved about me. …

“EDIT: I’m so glad y’all love him as much as I do! Man, I could talk about that dude all day.

“Someone commented on him sounding too optimistic. If you only knew this dude’s backstory—he’s lived through crazy, crazy life experiences and been so resilient. He wound up dropping out of high school as a result, lived through [some awful things], and pulled himself up. Today, he’s a self-taught IT engineer,” shared one user.

16. When Someone Is Singing or Humming to Themselves

Photo Credit: Shutterstock.

There’s something beautiful about knowing that a person can be content and happy in their own little world. It’s as if they’re able to create their own little contented environment, and people who do that are so often able to invite you into cheerful and contented environments. Those people cultivate joy on purpose.

Another online user posted, “Whenever someone is singing or humming a song to themselves and they seem like they’re just lost in their own world, it usually makes my heart skip a beat. My ex used to do this a lot, and it was one of the cutest things they’d do.”

17. Being Friendly to Animals

Photo Credit: Shutterstock.

It’s been a true test for ages now; if you’re kind to your animals, you’re likely to be kind to people as well. It takes humility and consideration to make sure your animals are taken care of properly, and if you’ve cultivated the ability to be kind and tender towards an animal, then it comes much easier with people.

“Being nice to animals,” one Redditor shared.

18 Watching Anyone Be Good With Kids

Photo Credit: Shutterstock.

One user shared, “Watching anyone be good with kids, really listening and engaging with them makes me think nothing but about how nice they are, and I bet they’d look great being not nice to me in the bedroom …”

Another user replied, “I’ve been on the receiving end of this several times. First time it ever happened as a teen. I didn’t realize she pounced on me once we left the house because I was nice to her nephew and niece … “

19 When a Guy Has a Positive Mindset Despite All Odds

Photo Credit: Shutterstock.

There’s a time for compassionate listening, and there’s a time for getting down to the solution. And sometimes finding a solution takes lots of work and gets pretty stressful. It requires the ability to come up with lots of ideas and the ability to cheerfully accept that many of those ideas may not be the right ones. That’s a pretty rare trait all around, but for women who are more focused on emotional connection, holding a relationship as separate from the process of finding a solution and shooting down ideas is extra hard. And therefore, extra fantastic.

Another user stated, “When a guy has a positive mindset despite all odds. The ability to find a solution instead of being negative is hot …”

One user replied, “In the same vein, women who can collaborate to solve a problem. I do IT work, so it’s a requirement at work, but when it happens outside of work naturally, it’s pretty f- awesome.”

20. Being Genuine

Photo Credit: Shutterstock.

All of us put up some kind of front, at some point. But there’s a huge difference between simply toning down your normally exuberant behavior so you don’t disrupt a classroom, and practicing a masking behavior with the hope that nobody will see past it. And occasionally, you’ll meet someone who tries to keep the mask off entirely as often as possible, and their honest and openness can be really refreshing.

“Being genuine. So many people I deal with try to project this attitude and personality that just [isn’t] them, and it shows. It feels dishonest, and it feels shallow. Like they are trying to be some idealized person to capture someone they want, and then what will they do? Keep up the lie forever, change, or revert to who they are and hope the person will stay. It just is something that really means a lot to me is when someone is genuine with who they are. Even a s- person is less s- to me if they are true about it,” one user shared.

Do you agree with the things listed above? Share your thoughts down in the comments!

Source: Reddit.

10 Actors Perfectly Cast for Their Character Roles

Photo Credit: Warner Bros.

Have you ever watched a movie or show and been completely lost in it because of how well an actor or actress became their character? Check out this article for a whole list of actors who were perfectly cast!

11 Vampire Movies That Will Make You Thirst for More

Photo Credit: Columbia Pictures.

You know that feeling where you’re on a movie kick in a certain genre, but you seem to run out of good movies to watch? Well, if you’re down for a vampire movie or three, check out this article for the best ones out there!

10 Incredible Movies That People Rated 10 Out of 10

Photo Credit: Universal Studios.

It’s pretty hard to replicate the experience of watching your favorite movie for the first time, but we’ve put together a list of movies that people have rated at a perfect 10/10. Next time you need a good movie to watch, check this out!

10 Famous People Who Canceled Themselves With Their Own Stupidity

Photo Credit: Shutterstock.

We’ve all been there: you make a comment you haven’t thought through at all, and the whole room goes silent at what you’ve just said. But can you imagine doing that as a famous person—and getting canceled? Check out this list of celebrities who did just that!

13 Things You Shouldn’t Do When You’re in the US

Photo Credit: Shutterstock.

Are you planning a trip to the US? Culture varies a lot between countries, even countries that share borders. So if you’re headed to the good old U. S. of A, here are a few pointers to make your travels go more smoothly!

About the Author

Source: financequickfix.com

Apache is functioning normally

December 18, 2023 by Brett Tams

U.S. Government Vs. Robocalls; Study on Debt and Generations; FHA is Alive and Well; Comprehensive Vendor News

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U.S. Government Vs. Robocalls; Study on Debt and Generations; FHA is Alive and Well; Comprehensive Vendor News

By:
Rob Chrisman

6 Hours, 45 Min ago

Yesterday the U.S. Government took a step addressing robocalls! But in that vein, sorry for the delay in sending out today’s Commentary. I received an email earlier this morning saying that my Mont Blanc quill pen set had shipped, and for me to click on a link to track it. After clicking on the link, I was asked to provide my birthday, address, the VIN on my 1988 Corolla, and some other information. After a while, I realized that a) I never ordered a quill pen set, and that b) Montblanc is actually one word. Another phishing attempt! Steel point, fountain, and ballpoint pens all came along in the 1800s, but where were you 250 years ago? Jokes about older loan officers aside (the oldest person is currently Spain’s Maria Branyas, born in 1907), it was a quarter of a millennium ago when tensions between the American colonists and their British colonizers hit the boiling point, much of it about tea, and finally erupted into the Boston Tea Party on December 16, 1773, a political act of defiance against taxation without representation. Speaking of that era, the first real mortgage loans in America weren’t issued until the late 1700s, after the formation of the first commercial bank. On to mortgage stuff! If you’re not quite ready for that, how about a 17th of December song with a good beat heading into tomorrow?

People, Debt, and Money Management

Loan originators are keen students of people and their financial habits. The highlights report from the latest Logica® Future of Money Study looks at the impact of today’s economy on people’s money management and includes data from a special report on debt, how different generations are saving and investing, especially the newest generation of adults (Gen Z). It also covers who people are turning to for financial advice and what they are expecting from employers in terms of financial programs and money management.

“The top reasons people say they invest are to provide long-term financial security, build wealth and meet financial goals. Thirty-three percent (33 percent) of all generations are saving less compared to six months ago in today’s economy, while 26 percent are saving more. Notably, 42 percent of Gen Z specifically say they are saving more than they were six months ago.

“Areas where Americans want help with financial and investment decisions include understanding the basics of how to invest (61 percent), selecting investment options that align with goals (61 percent), and knowing how to manage money during uncertain financial times (60 percent).” (More information about the Logica Future of Money Insights Kit can be found here.

The Fannie Mae Home Purchase Sentiment Index® (HPSI) decreased 0.6 points in November, remaining within the bounds of the low-level plateau it established in the first half of 2023. Consumers’ perceptions of homebuying conditions remain overwhelmingly pessimistic, as only 14 percent of consumers believe it’s a good time to buy a home, a new survey low. Pluralities of respondents also continue to expect both home prices and mortgage rates to increase over the next 12 months. Overall, the full index is up 7.0 points compared to last year.

“Over the past year, the HPSI has plateaued at a low level, evidence of persistent consumer pessimism regarding the state of the housing market,” said Doug Duncan, Fannie Mae Senior Vice President, and Chief Economist. “Looking back, consumer belief that it’s a ‘bad time to buy a home’ hit a survey high several times this year, including this month, and each time the pessimism could be attributed to high home prices and high mortgage rates. At the end of 2022, as mortgage rates approached 7%, a rate level not seen in over a decade, a plurality of consumers said they expected home prices to decrease; however, that optimism faded over the course of 2023. A significant majority of respondents have also continued to expect mortgage rates to increase or stay the same, though these expectations have tempered over the year. At the same time, consumers have expressed a reduced sense of financial security, with fewer respondents reporting household income growth over the year and a higher percentage saying their incomes remained the same.”

FHA is Alive and Well

Contrary to what some in the industry have said about the government-backed program, things are good.

Recently the Federal Housing Administration (FHA) released its annual report to Congress on the financial status of FHA’s Mutual Mortgage Insurance Fund (MMI Fund) covering FHA’s Title II Single Family Mortgage Insurance programs for fiscal year (FY) 2023.

The percentage of first-time homebuyers using FHA insurance was 82.21 percent of total FHA forward mortgage purchase endorsements. The share of mortgages insured by FHA to borrowers of color reached 30.63 percent of all FHA forward mortgage insurance endorsements.

The MMI Fund’s overall Capital Ratio as of September 30, 2023, is 10.51 percent, a slight decrease of 0.60 percentage points from the previous year. The performance of the forward book of business posted a stand-alone capital ratio of 10.20 percent, decreasing by 0.27 percentage points from FY 2022. The Home Equity Conversion Mortgage (HECM) portfolio stand-alone capital ratio stands at 16.72 percent, a decrease of 6.05 percentage points from FY 2022.

FHA’s serious delinquency rate as of September 30, 2023, was 3.93 percent. This is a decrease of 7.97 percentage points from the peak of 11.90% experienced in November 2020 and is similar to the rate prior to the onset of the COVID-19 pandemic.

Bob Broeksmit, CMB, President and CEO of the Mortgage Bankers Association (MBA), stated, “The FHA program is healthy, with a high capital reserve ratio and delinquency levels that are now lower than before the pandemic. We applaud the tremendous efforts of HUD, FHA lenders, and mortgage servicers in managing risk, originating quality loans, and helping distressed homeowners exit forbearance and stay in their homes.

“The Fund’s capital reserve ratio is far above the statutory minimum reserve ratio and is well positioned to withstand any economic slowdown.

“FHA’s move to lower mortgage insurance premiums (MIP) earlier this year improved the purchasing power for many homebuyers, but affordability challenges persist because of low housing inventory and high mortgage rates and home prices. Further action on the MIP, such as eliminating the life of loan premium requirement, should be considered to provide payment relief to FHA borrowers.

Scott Olson, Executive Director of Community Home Lenders of America (CHLA), noted, “CHLA is thrilled by FHA’s continued financial strength, as evidenced by today’s FHA Actuarial Report. In light of FHA’s financial strength, just as relief from excessive student debt burdens has been a priority, the Administration should make relief from excessive homeownership mortgage cost burdens a priority by ending the FHA Life of Loan premium policy.”

Most FHA and VA loans go into Ginnie Mae securities. Ginnie Mae published its Annual Financial Report for the fiscal year 2023, which highlights its financial performance and accomplishments from the past year, and its plans and approaches for strengthening the U.S. housing finance market and supporting affordable and equitable housing opportunities for all Americans.

Ginnie Mae supported more than 1.2 million households, including underserved communities, first-time home buyers, service members, and veterans. Mortgage-backed security (MBS) issuance topped $404 billion, and the Ginnie Mae MBS outstanding reached another historic high of $2.476 trillion.

To read the Annual Report and learn more about Ginnie Mae’s impressive accomplishments and business highlights during the past year, please visit Ginnie Mae’s website here.

A Wealth of Vendor Program Updates

The days when a mortgage company could do everything by itself are long gone, and “third-party providers” are the norm. Who’s doing what out there?

Secure Insight announced that it has entered into a business agreement with Forta Solutions to provide wire verification technology as an integrated tool in Agility™, Forta’s revolutionary new warehouse lending platform. Designed by warehouse lenders, Agility represents a major leap forward in the banking industry, offering unprecedented flexibility, transparency, and efficiency. Agility is the first adaptable, modern warehouse lending platform built by warehouse lenders that provides a faster, safer path to warehouse liquidity. Agility’s modular-based design, simple integrations and dynamic reporting makes it the perfect choice for organizations seeking to simplify and streamline warehouse lending processes. The SOC II Type 1 compliant platform features automated decisioning engines and customized user dashboards with real-time updates. Secure Insight will be integrated into the platform for the benefit of warehouse bank users.

Secure Insight and Corelogic are partnering in providing vendor risk and wire fraud protection for users of the Corelogic LoanSafe Fraud Manager™ product. Secure Insight provides a data feed to LoanSafe in a product enhancement called SARA” Settlement Agent Risk Assessment. This add-on report is available through the existing fraud protection product offered to Corelogic clients. It provides real time risk assessments of settlement professionals, as well as trust account verification pre-closing to avoid fraud. The collaboration allows the two companies to partner in enhancing wire fraud and closing fraud protection in mortgage transactions. The partnership is the result of the collaborative work of Andrew Liput, CEO at Secure Insight and Bridget Berg, Senior Leader of Loan Solutions at Corelogic.

CBC Mortgage Agency (CBCMA), a Native American wholly owned and federally chartered housing finance agency, is introducing a buydown feature, either a 2-1 buydown or a 1-0 buydown, for its down payment assistance (DPA) program for FHA first mortgage financing which lowers the interest in the first formidable years of homeownership making a significant difference in helping borrowers purchase a home if they can make the payments once the interest rate increases. Read more in the Strategic Vantage Press Release.

Start-up Stairs Financial announced the successful completion of a $3.5 million funding round, offers a mortgage marketplace, now licensed in 40 US states, which enables first-time buyers to identify the support programs they are eligible for, and recommends specific products according to their needs and circumstances.

Floify, the mortgage industry’s leading point-of-sale (POS), announced the launch of Floify Broker Edition, an easy-to-use, one-stop lending platform for mortgage brokers. Thoughtfully configured to make managing loans simpler at an accessible price point for brokers. Floify’s borrower-friendly interface increases application pull-through, while rule-based automations promote operational efficiency by performing rote tasks and advancing loans behind the scenes.

Broker Edition comes equipped with four pillar features that enable brokers to use the platform in lieu of a traditional loan origination system (LOS) or as a complement to their existing LOS.

Mortgage Call Reports (MCR) functionality allows brokers to swiftly generate mandatory NMLS reporting documentation and export reports by quarter, year, and state, streamlining a burdensome compliance requirement. View the Press Release for more information.

As in previous years, the Consumer Financial Protection Bureau (“CFPB”) has updated a couple of the dollar amounts specified in various parts of Federal Regulation Z (12 CFR Pt. 1026), which amounts are required to be adjusted annually for inflation. These amounts include the “Truth in Lending (Regulation Z) Threshold Adjustment” and the “Higher-Priced Mortgage Loans Exemption Threshold Adjustment”. docutech Compliance posted additional details. These changes are available for testing on Stage servers and will take effect on January 1, 2024.

On July 28, 2023, Governor JB Pritzker approved Illinois House Bill 2717 which amends the Illinois Mortgage Escrow Account Act regarding notifications about terminating or continuing escrow accounts for higher-priced mortgage loans. More information is available in the docutech Compliance post: document Updates: Illinois Mortgage Escrow Account Act.

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

In this Strategic Vantage Press Release, the unveiling of new research performed by Snapdocs, the U.S. mortgage industry’s leading digital closing provider, revealed that the majority of lenders who have purchased eClose technology are not realizing the benefits of the product at scale. A survey of 100 top mortgage lenders found, among other things, that global and national banks are more likely to offer hybrid and eNote closings. But credit unions, smaller banks, and independent mortgage bankers are more likely to require all documents to be printed and signed in person at closing, according to the study.

MISMO® announced the publication of the new MISMO Engineering Guideline (MEG) for Extending a Standard MISMO XML Schema (MEG 0025). “The MISMO MEGs ensure that work products adhere to all applicable technology standards, are produced in a consistent fashion, and meet the needs of the mortgage industry,” said David Coleman, MISMO President.

MEG 0025 provides guidance on how to extend the MISMO Version 3.x XML schema – providing an orderly way of enabling a message to hold additional data needed for mortgage processing that is not included in a specific MISMO XML schema version.

Hundreds of thousands of Americans are currently considering homeownership but are facing a major hurdle of a down payment on a new home. According to the National Association of Realtors® (NAR), the median sales price for existing homes in January 2023 was $359,000, which means that a potential homeowner trying to save up a 10% down payment would need close to $40,000. Silverton Mortgage, a leading direct residential mortgage lender, has programs that can help potential home buyers obtain a mortgage loan with no cash down. Eligible homebuyers can receive 100% financing on Conventional, FHA, VA, and USDA loans through a variety of loan programs and, in some cases, second mortgages.

Rapidio, a pioneer of mortgage underwriting technology, officially announced the first component of its FlexStack Component System™: Income Assessment, an automated income verification feature that makes the process quick and hassle-free, ensuring accuracy and reducing processing time. Available across various types of loans, including GSE, FHA, and VA, Rapidio validates, verifies, calculates, and assesses guideline eligibility, and then presents the entire income story to underwriters for review who make the final assessment. Rapidio’s Income Assessment component is part of its Flexstack Component System, providing financial institutions with the foundational architecture to revolutionize the underwriting process. Rapidio is offering financial institutions to try a free, two-week trial of its income component.

MISMO®, the real estate finance industry’s standards organization, published new eVault Standards and SMART Doc® Validation Rules documents, designed to ensure that eVaults have the proper functionality for all industry participants. eVaults using the standards, including the validation rules, ensure seamless interoperability for lenders trading eNotes. The standards contain guidance for the minimum technical standards by which an electronic vault should be built. The SMART Doc Validation Rules document is a consolidated set of rules that outlines the components and fields that are expected in an eNote. Uniformity of eVault platforms and eNote Validation Rules are necessary to alleviate friction between trading partners.

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

Source: mortgagenewsdaily.com

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What’s driving mortgage rates today?

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Friday

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Expert forecasts for mortgage rates

Important notes on today’s mortgage rates

Find your lowest mortgage rate today

How your mortgage interest rate is determined

Are refinance rates the same as mortgage rates?

How to get the lowest mortgage or refinance rate

1. Get multiple quotes

2. Compare Loan Estimates

3. Negotiate your mortgage rate

Fixed-rate mortgage vs. adjustable-rate mortgage: Which is right for you?

How your credit score affects your mortgage rate

How big of a down payment do I need?

Choosing the right type of home loan

Fixed-rate mortgage (FRM)

Adjustable-rate mortgage (ARM)

Jumbo mortgage

FHA mortgage

VA mortgage

USDA mortgage

Bank statement loan

Portfolio/Non-QM loan

Choosing the right mortgage lender

Consolidating Federal Loans

Refinancing Student Loans With Your Spouse as a Cosigner

How to Combine Student Loans With Your Spouse

Advantages of Consolidating Student Loans With Your Spouse

Disadvantages of Consolidating Student Loans With Your Spouse

Other Ways to Tackle Student Debt as a Couple

Figuring Out the Financial Path that’s Right for You

1. Find Someone Who Shares Your Values

2. Invest Money as Soon as You Can

3. How Interest Rates Work

4. How Precious Time Is

5. Everyone Has Their Own Issues: Do Not Expect Help

6. Everything Is Going to Work Out Great

7. Understand Monthly Installments

8. Save as Much as You Can

9. Find High-Paying Jobs

10. Drinking Is Fun, but It’s Costly

11. Find Friends That Will Stick With You

12. True Friends Will Always Be Honest

13 Relationships Are Hard, but Dating Is Fun

14. Pick a Better College Degree

15. You Don’t Need to Do It All Tonight

16. Forge Lots of Strong, Healthy Friendships

17. Take Care of Your Skin

18. Put Some Stock in Your Career

19. How Fast You Become Yesterday’s News

20. Bet on Apple Stock

10 Actors Perfectly Cast for Their Character Roles

11 Vampire Movies That Will Make You Thirst for More

10 Incredible Movies That People Rated 10 Out of 10

10 Famous People Who Canceled Themselves With Their Own Stupidity

13 Things You Shouldn’t Do When You’re in the US

About the Author

PPE, Audit and Tax, LO Sales, Subservicing Tools; Fannie and Attorney Opinion Letters

Option 1: Copy and send this link

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