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A version of this story first appeared in CNN Business’ Before the Bell newsletter. Not a subscriber? You can sign up right here. You can listen to an audio version of the newsletter by clicking the same link.


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Policymakers at the Federal Reserve are feeling optimistic that a rise in long-term Treasury yields could finally put an end to the past 19 months of historic interest rate hikes meant to tamp down inflation.

Wall Street is also feeling hopeful that there won’t be further tightening of monetary policy. The odds of another interest rate hike by the Fed in November are falling, according to the CME FedWatch Tool.

Financial markets currently see a nearly 90% chance the US central bank will keep rates unchanged at its next policy meeting to be held on October 31 through November 1. Just a month ago, markets had those odds at just 57%.

The majority of traders are betting that there will be no more hikes and that the Fed will hold rates steady through June 2024 before loosening policy, the CME tool shows.

What’s happening: US Treasury rates are white hot — 10-year Treasury yields are near their highest levels since 2007. That’s bad news for the economy, but those yields could be doing the Fed’s job for it.

For American consumers, an elevated 10-year Treasury return means more costly car loans, credit card rates and even student debt.

It also means more expensive mortgage rates. Mortgage rates tend to track the yield on 10-year US Treasuries. When Treasury yields go up, so do mortgage rates; when they go down, mortgage rates tend to follow.

US mortgage rates are at 23 year-highs, and home affordability is at its lowest level since 1984.

That means consumers are beginning to sweat. Americans haven’t been this worried about missing a minimum debt payment since the early weeks of the pandemic, according to consumer survey data released Tuesday by the New York Federal Reserve.

The average perceived probability of not making a minimum debt payment in the next three months increased 1.4 percentage points to 12.5% in September, according to the Federal Reserve Bank of New York’s latest Survey of Consumer Expectations. That’s the highest rate since May 2020.

But what’s bad for the economy tends to be good for bringing prices down. And some Fed officials indicated this week that rates are now high enough to lower inflation to their target goal of 2%.

Philip Jefferson, the number two official at the Fed, said in a speech on Monday that he would “remain cognizant of the tightening in financial conditions through higher bond yields and will keep that in mind as I assess the future path of policy.”

That’s Fed speak for: I’m paying attention to the fact that borrowing money is more expensive and I’ll keep that in mind when deciding what actions the Fed should take in the future.

Dallas Fed President Lorie Logan also suggested on Monday that higher yields mean there’s not as much need for future rate hikes.

On Tuesday, Federal Reserve Bank of Atlanta President Raphael Bostic said barring unforeseen economic events, he didn’t see the need to raise interest rates any higher.

“I think that our policy rate is at a sufficiently restrictive position to get inflation down to 2%,” he said at the annual convention for the American Bankers Association. “I actually don’t think we need to increase rates anymore.”

Bostic, who does not vote on policy decisions, said that Treasury yields showed rates were “clearly” restrictive and slowing the economy.

Last week, San Francisco Fed President Mary Daly said that the increases in Treasury yields since the Fed’s last meeting in September were equivalent to another quarter percentage point interest rate hike. If financial conditions remain tight, she said, “the need for us to take further action is diminished.”

What about markets: In a twist, the prospect of a steady Fed policy buoyed markets and sent Treasury yields lower on Tuesday. Bonds compete with stocks for investors’ dollars, so when equities go up, yields often go down.

The 2-year Treasury yield fell to 4.96% on Tuesday and the 10-year Treasury yield dropped to 4.65%, but both still sit near recent highs.

What’s next: Investors will pay attention to the Producer Price Index (PPI), which tracks the average change in prices that businesses pay to suppliers, due out Wednesday and the Consumer Price Index (CPI), a closely watched inflation gauge, on Thursday for further clues about the Fed’s next move.

PPI for September is expected to be unchanged for the year at 1.6% and lower for the month at 0.3% versus 0.7% in August, according to Refinitiv estimates.

Inflation as measured by CPI, meanwhile, is expected to have slowed month-over-month to 0.3% from 0.7% in August.

Birkenstock is now an $8 billion company

It’s official. Birkenstock will be making its debut on the New York Stock Exchange Wednesday under the ticker symbol BIRK.

The beloved cork-soled shoemaker priced its initial public offering at $46 a share, making Birkenstock an $8.6 billion company, reports my colleague Elisabeth Buchwald.

That would make Birkenstock one of the 5 largest consumer discretionary IPOs of the past 20 years, according to data from Renaissance Capital.

It also means that the company is valued at about 37 times its earnings. That’s a signal of confidence in the market despite an “ongoing IPO market slump,” said Megan Penick, public securities chair and partner at law firm Michelman & Robinson.

The climate crisis is coming for your hoppy beer

Hops in major beer-producing European countries like Germany, Czech Republic and Slovenia are ripening earlier and producing less since 1994, scientists found. And, perhaps most alarmingly for the IPA lovers of the world, they are starting to lose their critical bitter component, reports my colleague Rachel Ramirez.

It’s going to get worse, researchers say. Hop yields could decline by as much as 18% by 2050, and their alpha acid content — which makes beer bitter — could decrease by up to 31% due to hotter and drier conditions, according to a study published Tuesday in the journal Nature Communications.

Scorching temperatures have already shifted the start of hop growing season by 13 days from 1970 to 2018, according to the study. The growth of new shoots from the hop plant typically occurs during the spring, but since 1995, the researchers found it’s happening earlier in the regions analyzed than years prior.

In recent years, more consumers are preferring beer aromas and flavors that require higher-quality hops, according to the study. Since these hops are only grown in smaller regions, researchers say they’re put at even higher risk from climate change-fueled heat waves and droughts.

Source: cnn.com

Apache is functioning normally

Hedging, Webinars, HELOC, Prequal Tools; STRATMOR on Servicing; Lunches and RESPA

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Hedging, Webinars, HELOC, Prequal Tools; STRATMOR on Servicing; Lunches and RESPA

By:
Rob Chrisman

Thu, Oct 26 2023, 12:32 PM

It is said that if all the hunters on opening day(s) of deer season in Wisconsin were grouped together, they would comprise the sixth largest army in the world! Sometimes lenders feel that they have a target on their backs, and here at the WMBA’s 49th Annual Real Estate & Finance Conference in Milwaukee, some of the informal talk in the hallways is about avoiding redlining, a focus of audits and exams. Another is RESPA. When does “As you wish” or “intent” figure into lending? “Rob, is it true that the same business lunch can either be a RESPA violation, or not?” I am not an expert in compliance, but yes, that is true. If you’re an LO who takes a real estate agent to a nice lunch as a thank you for sending business your way, that is seen as a thing of value and would be a RESPA violation. If the same nice lunch is used to discuss new programs and training that your company offers real estate agents, then it is copacetic. Make sense? (For more RESPA tips, read this edition of attorney Brian Levy’s Mortgage Musings focused on Ted Lasso.) Today’s podcast can be found here, sponsored by Visio Lending and its top notch broker program. Visio is the nation’s premier lender for buy and hold investors with over 2.5 billion closed loans for single-family rental properties, including vacation rentals. Listen to an interview with Selene Finance’s John Vella on revenue targets and P&L examinations going on at mortgage companies and what is setting apart successful from less successful mortgage service providers at a time like this.

Lender and Broker Software, Products, and Services

Great mortgage professionals aren’t always great marketers, and most mortgage companies’ in-house marketing teams lack the bandwidth to create new creative content week after week, month after month and year after year. ICE understands these challenges, which is why its Surefire℠ CRM and Mortgage Marketing Engine creative team works nonstop to deliver an ever-growing library of timely, relevant, on-brand content that captures borrower interest and keeps relationships warm long after close. With turnkey automated marketing campaigns, a single marketing administrator can automatically customize and deploy award-winning, multi-channel campaigns for hundreds of loan officers. Schedule a demo with the ICE team to discover how Surefire works around the clock to help keep loans coming in.

Uplist Unveils Revolutionary Real Estate Technology to Empower Loan Officers. In a difficult market where efficiency and speed are more crucial than ever, Uplist is setting a new standard in real estate technology for lenders. The platform’s unique suite of features eliminates the need for loan officers to spend time on mundane tasks, like updating listing flyers with accurate rate and payment information. The patent-pending technology, with real-time rates thru Uplist SmartView™ listing flyers, makes it easier for homebuyers to receive immediate, accurate payment information, thereby accelerating the sales process and cultivating stronger business relationships. Loan officers who are interested in taking their business to the next level with Uplist can visit GetUplist.com to schedule a demo. Don’t like forms? Email your questions at [email protected].

If Amazon were a mortgage lender, do you think its borrowers would have to call loan officers to get payment and closing cost summaries? Do you think its borrowers would have to wait around on nights and weekends to get updated PDF pre-approval letters? Obviously not. The good news is that you can stay ahead of the curve with QuickQual by LenderLogix. It’s already integrated into Encompass® by ICE Mortgage Technology™ and you can be up and running in days. Check it out here and they’ll text a sample to your phone.

A Consumer Rewards program at The Loan Store?! That’s right, word is that TLS is enabling its mortgage broker and non-delegated correspondent partners to offer homebuyers up to 40 bps in pricing enhancements (plus other money-saving rewards) on first-lien loans. It’s clear that The Loan Store is in a giving mood with its wholesale loan originator partners, considering this program PLUS the fact that TLS is compensating originators 200 bps on HELOCs. Make your money on HELOCs, and save your customers money on first-liens, by getting signed up with The Loan Store!

Training and Webinars

Lending operations leaders who care about driving greater efficiency and profitability, while optimizing the borrower journey, join your tribe in this live event. We will dive into specific examples that lenders can take back to their teams, today, and improve their businesses. Some of these strategies are saving 50-80 percent per month on the larger costs that lenders face. Others allow for greater automation, reducing the load on reduced teams, and allowing them to do even more. Efficiency and optimization aren’t the keys to winning in this market. They are the requirements to survive! On November 2, 2023 at 1 PM EST, Join Femi Ayi, EVP of Operations at Revolution Mortgage, Kirill Klokov, CEO at TRUV, and Jason Perkins, CEO at Bonzo as they break down efficiency and optimization strategies that you can put into practice today!

Do your borrowers need payment relief? Newfi Wholesale designed the Graduated Payment Mortgage to help! This 30-Year Fixed solution has lower initial payments than the interest only option and can be used on purchases or refinances. More brokers and loan officers are asking about this product than ever…to learn more call John Wise EVP, Sales at (818) 391-4131 or register to join our free webinar Wednesday, November 1st!

Mortgage lenders are at a pivotal juncture. The MBA forecasts that next year interest rates will soften after an extended bout of exceptionally challenging market conditions. To help you take the reins of fresh opportunity, TrustEngine is proud to present the final part of its Path to Profitability webinar series. On Thursday, November 9 at 2 pm ET, join Dave Savage, Steve Majerus of Synergy One Lending, and Brett Brumley of Lender Toolkit, for a session on how AI will be critical to conversion in 2024. Tune in for expert insights, best practices and actionable steps leaders can be taking to leverage emerging opportunities in the year ahead. Register now to grab a front row seat.

STRATMOR on Servicing Strategies

It’s no secret that lenders are not making enough money on originations to sustain their organizations. Many are losing money on each loan originated and need to leverage revenues earned from servicing rights to balance profitability. This is why developing and deploying an effective servicing strategy is a mission critical priority. In STRATMOR Group’s October Insights Report, Senior Partner Michael Grad offers insight into creating a sustainable servicing strategy. Grad discusses the servicing quadrant model that STRATMOR employs in the strategy development process and provides an overview of what’s involved in a transfer of servicing. Lenders, if you would like to discuss your servicing strategies, contact us, and don’t miss Grad’s article, “Maximizing Lender Profitability: Transferring the Servicing Asset” in the October Insights Report.

Capital Markets

Maintaining optimal hedge coverage mitigates the risk between mortgage rate lock and funding. This forecast equation is one of the most important responsibilities of the Secondary Manager (and their hedge advisor). In this article, Pipeline Pull Through Rate Analysis Explained, MCT reviews key concepts related to pull-through rate analysis, mortgage pipeline forecasting, and its importance in deriving an accurate mortgage pipeline hedging recommendation. For additional information on improving pipeline profitability, view MCT’s recent webinar on maximizing loan trading profits. In the webinar, panelists provide a current market overview and review strategies for improving loan sale performance. You’ll leave ready to analyze performance and make actionable changes to boost profitability.

Well, with the election of a Speaker of the House the odds of a government shutdown have lessened. There’s a tentative autoworker’s strike end. Both of these pieces of news would help the economy. Jobs and housing drive the U.S. economy, so what’s going on there?

We learned yesterday that new home sales jumped 12.3 percent in September and 34 percent year-over-year to a seasonally adjusted annualized rate of 759k units, according to the Census Bureau. This marks the largest monthly jump in over a year and the highest level of new home sales since February 2022.

Even though the series is notoriously volatile (there was a decline of 8.2 percent in August), it points to continued resilience in the new home sales market. Of note is that the year-over-year change in the median sales price was -12.3 to $418,800, the largest decline since February 2009 and consistent with anecdotes of homebuilders offering price discounts and mortgage rate buydowns to drive sales and further changing the mix of homes being offered to more modest products.

Keep in mind that new home sales make up a much smaller chunk of overall sales in the housing market than existing home sales, where the trailing 12-month average has been on a downward trend since May 2021 (when it reached 898k). The September reading of existing home sales came in close to the trailing average this millennium (699k) to show the housing market is holding up despite higher mortgage rates. Markets do receive the release of pending home sales later this morning, which will provide more housing market clarity after the figure was down almost 19 percent year-over-year in the last report.

Today’s economic calendar kicked off with the European Central Bank leaving its rates unchanged. In this country, we had the first look at Q3 GDP (4.9 percent growth rate, stronger than expected), durable goods orders (+4.7 percent for September), and weekly jobless claims (210k, up from 200k, 1.79 million continuing claims). In addition to the Pending Home Sales Index, today also brings Kansas City Fed manufacturing for October, a Treasury auction of $38 billion 7-year notes, Freddie Mac’s latest Primary Mortgage Market Survey, and more earnings from Wall Street. We begin the day with Agency MBS prices unchanged from Wednesday, the 10-year yielding 4.95 after closing yesterday at 4.95 percent, and the 2-year at 5.11.

Jobs

Are you ready to enhance your company’s marketing and success? Meet an experienced marketing leader on the lookout for their next career opportunity! This executive-level marketing professional is known for energy, passion, and an impressive track record of increasing growth, engagement, revenue and volume (generating over $425 million). They have a proven history of building marketing teams, focusing on loan officer needs, brand building and development, creative design and content marketing, and their hands-on experience with leading mortgage technology tools plus a keen eye for reputation management can elevate your company’s marketing efforts. Plus, their cross training in multiple marketing disciplines guarantees they are never afraid to get their hands dirty. If you’re looking for a new SVP/VP/CMO to bring fresh energy and expertise to your team, reach out to Anjelica Nixt (specify the position) for a confidential discussion. Please note that this professional is interested in remote opportunities but is open to occasional travel to corporate headquarters and branches as needed.

Please join us in congratulating Steven A. Milner on being named the new Chairman of the Lender Board of The Mortgage Collaborative! With decades of experience and outstanding leadership as the Founder and CEO of US Mortgage Corporation, Steven is the perfect fit for this important role. As Chairman, he will help guide The Mortgage Collaborative’s continued growth and innovation in connecting top mortgage lenders with premier service providers. We are thrilled to see Steven take on this position and know that under his direction, The Mortgage Collaborative is sure to achieve even greater success. His commitment to helping Lenders operate at a high level is invaluable. Congratulations on this well-deserved appointment, Steven! We look forward to seeing all that will be accomplished under your leadership as Chairman and your continued success as the Founder & CEO Of US Mortgage Corporation. Feel free to send a congratulatory note to Steve directly.

An independent mortgage bank is searching for a Servicing Manager to lead its servicing group. Qualified candidates should have a minimum of 5 years of direct hands-on servicing experience with FNMA, FHLMC and GNMA loans as well as sub-servicer oversight. This is a remote position and confidential inquiries should be sent to Anjelica Nixt for more details and specify this opportunity.

Independent Mortgage Banker owners: If you are uncertain how you will survive this winter if rates remain higher, please confidentially contact us to discuss a win-win opportunity. We are a very well-established and privately owned mortgage banking company that has been in business for 30 years, a direct seller with Fannie and Freddie and issue our own government securities. We do service the majority of our closed loans, and offer a full marketing team, social media team, and a media/video production team to provide best in class support to our loan officers and referral partners. Our history and culture are exceptionally important so let’s have a conversation to see if we may be a fit. We are large enough to offer exceptionally sharp pricing, products, a dedicated marketing team, and an exceptional operational team, yet, we have a boutique feel where you may talk to the owner of the company at any time. Partner with a company where your voice and input is valued! We have a successful history of incorporating other companies into our model. For a confidential conversation please contact Anjelica Nixt and specify this opportunity.

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

Source: mortgagenewsdaily.com

Apache is functioning normally

Wholesale lender The Loan Store launched a consumer rewards program designed to help mortgage brokers offer competitive mortgage rates.

Buyers can save up to 40 basis points on any agency, government or non-qualified mortgage (non-QM) first-lien loans when working with a wholesale loan origination partner approved by The Loan Store, the Arizona-headquartered lender said. 

Consumers will also have access to the consumer rewards program through non-delegated correspondents in the wholesale channel. 

“Our singular focus at The Loan Store is to equip our partners with tools and products that enable them to cast a wider net and support more homebuyers in their respective communities,” Phil Shoemaker, CEO of The Loan Store, said. 

Mortgage brokers using the new consumer rewards program can provide enhanced credit options for selected interest rates, reduce or eliminate administrative fees on a loan and offset costs associated with lock extensions and appraisals, according to the lender.

Founded in 2019, The Loan Store offers mortgage products including conventional, jumbo, VA and non-QM loans. The lender’s newly launched products include a home equity line of credit (HELOC) in 25 states and Washington, D.C.

In April, the lender bought the wholesale lending business from the now-defunct Home Point Capital.

About 100 employees from Homepoint — including operations personnel and account executives — joined the wholesale lender, which produced about $302 million in volume, according to the company.

Source: housingwire.com

Apache is functioning normally

Sarah Wheeler: In the past you said that technology isn’t a differentiator, it’s just an equalizer. Do you still think that?

Rich Weidel: Yes, and even more now that we’re seeing in this down cycle which technologies provide value and which are just an expense.

It wasn’t that long ago that technology was going to change everything. If you go and look at headlines from 2013-2014 — everything was revolution and transformation and technology was going to lower costs. You would get phone calls constantly from tech vendors during that period, and they’d talk about 30%, 40% ROI and how much tech would decrease turn times. And I think we saw an advantage among some of the first movers — these companies came out of the crisis and were able to take advantage of technology, that’s when they really started to grow.

Today, though, there’s almost zero differentiation. Within mortgage companies, even those that have huge scale versus small scale, they’re offering really the same borrower experience and the same loan officer experience. Obviously, they’ve got some different systems to handle hundreds of loans a month versus thousands or tens of thousands. But if you go and look at the financials, there’s no differentiation in terms of cost per loan or speed to close with any correlation that I’ve been able to see on technology spend.

So essentially, the two biggest promises of technology, that it would lower costs and increase speed, have not materialized in any way.

SW: How does that impact you as a mortgage lender CEO?

RW: A lot of vendor contracts are just killing mortgage companies right now, because they’re stuck in these multiyear contracts with minimum standards. That model just doesn’t work. You’re signing a contract in 2020-2021 when the industry is doing $3.5 trillion, and you have to commit to a multiyear contract with x number of seats or minimum units per month. At Princeton, we’ve always been very risk-averse, and that comes from my experience in commercial real estate and debt and leasing.

The second problem is that in a tightening margin environment, you could have per-unit vendor costs that are more than the revenue that you’re getting in. That means no matter how many loans you do, you can’t make money. So the technology that’s supposed to save you can also be the thing that drives the mortgage company into bankruptcy.

SW: How do you fix that?

RW: For 95% of mortgage companies, the answer is buy and integrate and optimize.

SW: How do you feel about your tech stack?

RW: We really like our tech stack. I don’t think there’s a huge amount of differentiation between vendors, and the shiny toy of today is typically not the shiny toy of tomorrow. That hot tech thing you had to have in 2018? Nobody’s talking about that anymore. And some of the vendors that were the darlings of 2021, raising all the money, they’ve now got all that venture capital and all that carried interest and all that expense load that they just can’t price. While some of your smaller vendors who were bootstrapped don’t have that cost structure and they can be more flexible in their pricing to meet the moment.

But you have to make sure of your counterparty risk with that vendor, because you don’t want to build your system around a technology partner that’s not going to be there in a year or two.

SW: We’re seeing a lot more repurchase requests, and some of those seem to be on minor loan defects. How should technology be helping there?

RW: Sometimes you have problems on loans that are due to technology — so a disclosure doesn’t fire right, or you’re not calculating the ARM interest correctly. Those can be catastrophic if it goes on for a long period of time. But typically, if the technology is causing an issue, if you’re doing your QC prefund correctly, you catch it on one or two loans and then you can correct the technology issue and it works.

The thing that the mortgage industry cannot correct for is human error, and there always is human error. And then on top of that, our industry is under attack from fraud from all sides. Because of that, I think we at Princeton do way more than is required by the agencies from a QC perspective on our prefund. We overinvest on the QC part.

SW: What part does tech play in attracting great LOs?

RW: You have to figure out your differentiated value proposition. There are a lot of good companies with a lot of good products with good rates with good fulfillment. If you’re going to grow in this business, you have to have that. Well, then what? If you study salespeople, in mortgage or any industry, the biggest things that hold salespeople back once they have good fulfillment rates and the basic stuff is an under investment in prospecting activities. Well, my experience is that where you can get the biggest lift with salespeople is actually in the technology and the automation around prospecting. So we built our sales machine around that.

We use technology, marketing and support systems to do some of that prospecting on behalf of loan originators and we’ve been slamming at that for like six or seven years now. And we keep in touch in a very dynamic, personalized way with referral partners and customers and we have a competitive advantage on that.

In Q3 our loan originators added on average 2.88 new referral partners. And that means the average loan originator at Princeton closed a loan in Q3 with 2.88 Realtors they’ve never worked with before. If you think about the lifetime value of the customer, well, you get a loan a quarter from each Realtor, three Realtors in a quarter, and they’re each good for four loans a year, that’s 12 loans. Average commission is $3,000. That’s $36,000 a year from just those three Realtors, plus the ones you add in other quarters. Now we’re talking about a $100,000 opportunity. Wow. If we were to invest in that differently, what would that look like?

In 2018, which was a difficult year, every phone call with a loan officer felt like they were talking about leads: leads, leads, leads. Nobody talks about leads anymore. Now it’s all rates.

SW: As the CEO of a lender in this environment, what keeps you up at night?

RW: I often think that my job is to try to make the best decisions that I can based on the facts that we have. What’s really difficult about this industry is we don’t know what volume or margins are going to be three, six, 12 months from now. It’s really hard to be prepared for what’s coming next so I think the question is: are you willing to react as the facts change to meet the moment? And that’s what we ask ourselves as a leadership team.

We used to do that monthly, but it was too short of a cycle, because you wind up overreacting on 30 days of data so we do it on a quarterly basis. We put a game plan together for three months and at the three-month review we ask: What were our predictions? Where did we land? What do we wish we would have done differently? And how do we want to adjust for the next three months or three quarters?

We make money on the up swings and lose money on the down swings, and when it’s stable, we just make average profits. Even if volume stays at the $1 trillion or $1.5 trillion level, the industry will be sized for it and it won’t be great, but it’ll be okay. We’re just still in the problem of there’s too much capacity. Everything needs to size back to the steady state.

SW: What’s the biggest lesson you’ve learned on technology?

RW: The lesson of technology, for us, has been that so much of the difference in technology is about the way that the people utilize it. So we talk not just about tech, but technology, people and process. Those three things added together will equal the result: It’s really a systems engineering question. And so much is it of it is the human capital of how you’re integrating those types of things.

I’m in some owners working groups, and somebody will bring up a tech and either they’re having great success and we’re struggling with it, or we’re having great success and they’re struggling with it. And you see that the same technology deployed in different cultures and with different processes sometimes works and sometimes doesn’t work. So you have to ask: Are we utilizing the technology to its fullest capacity? And is it a tech problem, a people problem, a process problem, or some combination of those three?

SW: Looking to the future, are you optimistic?

RW: I’m super optimistic about housing in America. We are in an industry that isn’t going anywhere. We’re also in an industry that’s relatively commoditized, so you can’t hate the game, you just have to know the game that you’re in.

Princeton is a company that’s been around for a long time, but we haven’t peaked. And so these market resets, while they’re terribly painful, are like forest fires — they have to happen to clear out all the overgrowth so there can be flourishing on the other side. Unfortunately, there’s a lot of pain during that process.

Source: housingwire.com

Apache is functioning normally

Imagine waking up to the gentle sound of waves, feeling the ocean breeze on your skin, and having breathtaking views right from your own home. If you’re dreaming of owning a piece of paradise in Florida, waterfront properties offer an enticing opportunity to turn that dream into a reality. In this comprehensive guide, we’ll dive into the world of Florida waterfront properties, covering everything you need to know about finding, buying, and enjoying your dream waterfront home.

Enjoying our content? Subscribe to our free weekly newsletter to get real estate market insights, news, and reports straight to your inbox.

1. The Draw of Florida Waterfront Properties

Florida’s coastline boasts some of the most sought-after real estate in the country. From stunning beachfront homes to serene lakefront retreats and scenic riverfront properties, the options are diverse and captivating. Living on the waterfront provides not only a luxurious lifestyle but also a chance to connect with nature and enjoy an array of recreational activities.

2. Types of Waterfront Properties

Florida offers an array of waterfront options, each with its own unique charm:

  • Beachfront Properties: These properties offer direct access to the sandy shores and spectacular ocean views.
  • Lakefront Homes: Enjoy serene lake views, fishing, boating, and water-based activities.
  • Riverfront Residences: Perfect for boating enthusiasts, these homes provide access to navigable rivers and picturesque landscapes.

3. Choosing Your Ideal Location

The key to finding your dream waterfront home lies in selecting the right location. Consider factors like proximity to amenities, quality of schools, safety, and lifestyle preferences. Popular Florida waterfront regions include Miami, Fort Lauderdale, Tampa Bay, and the Gulf Coast. On Zoocasa, you can also filter homes by their school zones to see which school region a property falls under.

4. Navigating the Real Estate Market

The Florida waterfront real estate market can be competitive, so here are some recommended actions to be well prepared:

  • Work with a Local Realtor: Partner with a real estate agent who specializes in waterfront properties to gain insights into local market trends.
  • Set a Realistic Budget: Determine your budget and consider additional costs like insurance, property taxes, and maintenance.
  • Research Zoning Regulations: Understand local regulations regarding construction, shoreline protection, and property usage.

5. Property Inspection and Due Diligence

Before finalizing any purchase, ensure that you:

  • Inspect the Property: Waterfront homes are exposed to unique weather conditions. Ensure the property is in good condition and not prone to flooding or erosion.
  • Review Flood Zone Maps: Determine if the property is in a flood zone, which can impact insurance rates.
  • Understand Ownership Rights: Some waterfront properties come with coastal rights, granting you access to the water.

6. Property Financing and Insurance

Securing financing for waterfront properties might require a specialized approach due to their higher value. Additionally, consider property insurance that covers potential risks associated with waterfront living, such as hurricanes or water damage.

7. Living the Waterfront Lifestyle

Owning a waterfront property offers a unique lifestyle:

  • Recreation: Enjoy activities like boating, fishing, kayaking, and paddleboarding right from your doorstep.
  • Entertainment: Host gatherings with stunning waterfront backdrops, whether it’s a beach bonfire or a lakeside barbecue.
  • Relaxation: Experience tranquillity as you watch sunsets over the water or take leisurely walks along the shore.

Are you looking for a waterfront property? Call us today to connect with an experienced real estate agent in your area! 

Ready to find your home?

Sign up for a free Consultation

Source: zoocasa.com

Apache is functioning normally

Family travel is no child’s play, especially when taking a plane. Traveling with an infant takes trip planning to a whole new level. What do you do with your stroller, car seat and diaper bag? And don’t forget all the necessary travel documents.

If you’re traveling with United Airlines, we’ve got the details for how to book an infant’s ticket, what kind of baggage allowance you get and even which aircraft have changing tables.

United Airlines infant policy

If your child is under the age of two (but older than seven days old), he or she can sit on a parent’s lap on flights to any destination. However, the cost varies by destination:

  • U.S. domestic flights (including flights to Puerto Rico and the U.S. Virgin Islands): free, no ticket required.

  • Flights between the U.S., Canada and Mexico: ticket is required, and you pay only taxes.

  • International flights (including flights to Guam): ticket is required and charged a partial fare based on the destination.

If you’re flying in United Polaris business class or in economy on select routes, United will provide free bassinets. To request one ahead of your flight, contact United customer service.

If you decide to pay for an infant’s seat, you must bring an approved car seat — as all passengers must be in their seats during takeoff, landing and turbulence. Additionally, children flying in car seats must be in a window seat, and the car seat must be secured to the aircraft seat.

Look for car seats made after 1985, as these are Federal Aviation Administration-approved — and will have a certificate attached to them stating as much. Keep in mind that car seats aren’t allowed in Polaris business class on most Boeing 767, Boeing 777 and Boeing 787 aircraft.

Do I have to pay for an infant’s seat when flying United?

As mentioned above, you don’t have to purchase a seat for a child under two if you keep them in your lap for the duration of the flight. However, some situations require you to book a seat for your child.

  • You book a round-trip flight, and your child turns two before the return segment of the itinerary.

  • You’re an adult traveling with two children under the age of two. You must purchase at least one seat for an infant because you can’t hold more than one child in your lap.

How much will I pay for a lap infant’s ticket on an international itinerary?

The lap infant fare varies based on destination. For example, we’ve looked up a round-trip flight from Newark to Frankfurt in economy class for two adults and one lap infant. The total came to $1,113 per adult, including taxes and fees, and $118 for the lap infant, including taxes and fees. A lap infant’s ticket costs just a fraction of the price of an adult ticket.

When it comes to tickets booked with United MileagePlus miles, you’ll pay 10% of the revenue fare, which includes travel on United as well as on partner airlines. The lap infant fee is capped at $250, which comes in handy if you’re booking a pricey business-class ticket for the parent.

United Airlines stroller policy, carry-on allowance when traveling with an infant

In addition to a regular United carry-on allowance, you may bring the following items onboard when traveling with an infant:

  • Diaper bag.

  • Breast pump, milk or formula.

  • FAA-approved car seat.

  • Compact folding stroller (must be under standard carry-on limits).

At the airport, you may use standard strollers, folding wagons and car seats to get to your gate and check them for free at the gate.

If you’re nursing, you can breastfeed or pump from your seat or bathroom. You’re also allowed to bring ice to keep the milk and formula cold in the cabin. Unfortunately, you won’t be able to store breastmilk in the onboard fridges, so plan ahead.

Do United planes have changing tables?

The following aircraft feature changing tables in lavatories:

  • Boeing 757-300.

  • Boeing 767.

  • Boeing 777.

  • Boeing 787.

  • Select Boeing 757-200.

United Airlines family boarding

Anyone flying with children two or younger qualifies for pre-boarding on United planes. Pre-boarding is the first boarding group and also includes the following travelers:

  • Customers with disabilities.

  • Unaccompanied minors.

  • Active members of the military.

  • Global Services and Premier 1K elites.

How to book a ticket for a lap infant on United

To book an infant’s ticket on United, go to United.com and input your search parameters, including origin city and destination, travel dates and whether you need a round-trip or a one-way ticket.

Under “Travelers,” you’ll be able to select the number of passengers. If you want to buy a ticket with a seat for your child under two, select “Infants (Under 2).” If you don’t want to purchase a ticket, select “Infants on lap.”

If you’re booking an international trip, make sure your child has a valid passport. For domestic travel, a birth certificate should be enough.

Can I sit together with my child on United?

Parents on a budget might be inclined to book basic economy tickets, which normally don’t include a complimentary seat selection. However, thanks to United’s recent policy, families flying with children under 12 can sit together for free.

So, if you’ve compromised between cost and comfort and purchased a separate seat for your child under two, you can skip paying for seat selection, even on a basic economy fare.

United Airlines infant policy recapped

Although you don’t have to get a ticket for a lap infant when flying on domestic flights, you need to get one when flying internationally. Luckily, it won’t cost you as much as a full fare, so you can save some money until your child turns two. After that, your kid will require his or her own seat.

United also offers some great perks for parents traveling with infants, such as priority family boarding, extra carry-on and checked luggage allowance, and free seat selection, even on basic economy fares.

How to maximize your rewards

You want a travel credit card that prioritizes what’s important to you. Here are our picks for the best travel credit cards of 2023, including those best for:

Source: nerdwallet.com

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The information provided on this website does not, and is not intended to, act as legal, financial or credit advice. See Lexington Law’s editorial disclosure for more information.

Credit card shimming is an updated version of skimming that reads credit card chip information, allowing the card to be duplicated or its information to be sold illegally.

Chip-enabled cards were designed to prevent instances of identity theft and fraud by adding an additional layer of security. That is, until criminals began credit card “shimming.”

Shimming is an updated version of skimming that reads credit card chip information, allowing the card to be duplicated or its information to be sold illegally.

Shimming vs. skimming

Before chip-enabled cards, skimming was a method of identity theft that would read a card’s magnetic stripe. Shimming is largely the same concept, but instead of reading the stripe, skimmers read the information in the card’s chip.

Both skimming and shimming require the fraudster to attach or insert a mechanism into a card reader in order to gather the information. These can be tricky to spot for unsuspecting consumers, but understanding how they work will help you be more aware the next time you insert your credit or debit card.

How credit card shimming works

Credit card shimming works by inserting a small device called a “shim” into a card reader. Unlike skimmers—which were typically bulky and easily detectable if you knew what to look for—shims are small and subtle.

Whenever a chip-enabled card is inserted into the reader, the shim collects its data. Then, the scammer collects this data by inserting what looks like a regular card into the reader. This makes it difficult to spot suspicious activity, as it appears the scammer is making a regular transaction.

As the technology currently stands, scammers aren’t able to create an exact duplicate of chip-enabled cards based on the shimming data they collect. They are, however, able to create a version of the card with a magnetic stripe only—which many retailers still accept.

How to spot a credit card shimmer

It can be quite difficult to spot a credit card shimmer or skimmer, but there are key questions to help you determine your risk at any transaction:

  • Does the card slot look misaligned?
  • Does it take more effort to insert your card?
  • Does the credit card reader move around when you touch it?
  • Does it look like anything is blocking the credit card slot? Has something already been inserted?
  • Are the buttons on the card reader hard to push?
  • Does anything about the reader look unusual (colors, font, etc.)?
  • Is there security tape on the card reader? Is it broken or tampered with?

If you’re doubtful about whether an ATM has been affected, it’s best to try another ATM or go to a bank teller if possible. If you’re unsure about a transaction, consider paying in cash or using a contactless payment method, such as your mobile device’s virtual credit card wallet.

How to keep your card secure

While identity theft is not always avoidable, there are some habits you can incorporate to make sure you’re as protected as possible.

  • Consider contactless payment. The best way to protect against skimmers that steal your card information is to simply avoid them altogether. Contactless payment—like Apple Pay, Android Pay and Google Pay—make paying simple and streamlined.
  • Choose your ATM strategically. Only use ATMs that are in high-traffic areas or banks to reduce the chances of them being compromised.
  • Check for tampering. Wiggle the card reader or slot before inserting your card. A traditional skimmer will come off. If your card doesn’t go into the slot smoothly, this could be a sign of a shim inside. Consider choosing a different ATM.
  • Be cautious at the pump. If you choose to pay at the pump, choose a pump that is closest to the store and in direct view of an employee. If you’re skeptical, the safest option may be to pay the attendant inside.

3 action items for victims of shimming

Banks have some fraud detection technology in place that may catch suspicious activity before it becomes problematic, but it doesn’t catch everything. Luckily, the Fair Credit Billing Act says you’re not responsible for any unauthorized charges once you report your card as stolen. So, if you suspect you’ve fallen victim to skimming or shimming, you’ll want to act swiftly.

  1. Contact your credit card issuer right away. They’ll cut off card access and send you a new card if needed.
  2. Call the business where you think the shimming happened so that they can check their card readers for signs of tampering.
  3. Alert your local law enforcement and the Federal Trade Commission. They may be able to notice a wider pattern and stop other consumers from becoming victims.

FAQ

How does credit card shimming work?

Shimmers are devices that scan the chip in credit cards to replicate and store financial data. Someone can use this to create a knockoff of your card and sell your financial information.

What’s the difference between skimming and shimming cards?

Credit card skimming and shimming are both activities that lift the financial information from your credit card, but they target different places where the information is stored. Credit card skimmers target the magnetic strip on traditional credit cards, while shimmers target the chip you’ll find in newer credit cards.

Can chip cards be shimmed?

Chip cards can be shimmed because shimmers target chips specifically. As of the writing of this article, contactless payments are the most secure way to use your cards.

What do card skimmers look like?

Card skimmers and shimmers are made to look exactly like the regular ATM or card reader. Look for signs of poor craftsmanship or misalignment in the credit card slot because this means it may have been tampered with.

Taking extra safety precautions may seem like a burden at first, but protecting your finances is worth the effort. Remember to pause before you make any transaction to ensure the conditions are safe, even if you’re in a hurry.

Identity theft and fraud can temporarily wreak havoc on your credit, but the effects don’t have to be permanently devastating. Work with a credit repair firm to help challenge any inaccurate items caused by a scammer to help you work to get your credit back to where it should be.

Note: Articles have only been reviewed by the indicated attorney, not written by them. The information provided on this website does not, and is not intended to, act as legal, financial or credit advice; instead, it is for general informational purposes only. Use of, and access to, this website or any of the links or resources contained within the site do not create an attorney-client or fiduciary relationship between the reader, user, or browser and website owner, authors, reviewers, contributors, contributing firms, or their respective agents or employers.

Reviewed By

Sarah Raja

Associate Attorney

Sarah Raja was born and raised in Phoenix, Arizona.

In 2010 she earned a bachelor’s degree in Psychology from Arizona State University. Sarah then clerked at personal injury firm while she studied for the Law School Admissions Test. In 2016, Sarah graduated from Arizona Summit Law School with a Juris Doctor degree. While in law school Sarah had a passion for mediation and participated in the school’s mediation clinic and mediated cases for the Phoenix Justice Courts. Prior to joining Lexington Law Firm, Sarah practiced in the areas of real property law, HOA law, family law, and disability law in the State of Arizona. In 2020, Sarah opened her own mediation firm with her business partner, where they specialize in assisting couples through divorce in a communicative and civilized manner. In her spare time, Sarah enjoys spending time with family and friends, practicing yoga, and traveling.

Source: lexingtonlaw.com

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HousingWire Editor in Chief Sarah Wheeler sat down with Nicolas Guillen, co-founder of BaseCap Analytics, to talk about data, AI and the problems we still need to solve.

Sarah Wheeler: Your background includes experiences in banking and capital markets, including working at Morgan Stanley as a credit risk manager. How do you leverage those experiences at BaseCap?

Nicolas Guillen: I met my co founder, Steve Smith, at Morgan Stanley during the financial crisis. And we spent a lot of late nights monitoring data to analyze it and then figure out: How do we prevent what will cause the next financial crisis? We did a very critical analysis. We testified at the Federal Reserve with the analysis we did to help other banks do the same type of analysis. But to get to the point where data was fit for purpose, it took a really long time. So we decided to start a software company that took the frameworks that we used and enhance data and validate data quicker.

We started working with financial institutions, just given our background. But we built the platform so that it could help validate data in any industry — we’re looking at use cases in the airline industry for example. But our first clients have all been either financial institutions or some type of mortgage company, whether it’s an investor, a servicer, or an originator — we validate mortgage data throughout the life of the loan.

SW: What are the major challenges that companies have with their data?

NG: The biggest challenge every company has is that the amount of data that’s created now is greater than all of the data created in history. And it’s because every single person is creating data. We’ve thought of data quality as business quality — it is critical for businesses to have good, accurate data to be able to make faster decisions.

In the 90s, I think the priority was to warehouse data, just have data sit somewhere. In the 2000s, the priority was making data accessible and having “big data,” if you will. But in the past five to 10 years, the priority is no longer just having access to data. Everyone’s using data, but it’s how you use it. And there have been a lot of AI companies coming out with models that help come up with insights from your data. But the pipes need to be really clean and the data needs to be completely accurate before attempting to use any type of data since business-critical business decisions will rely on this data.

That’s why at BaseCap we’re so proud of guaranteeing that data is accurate and fit for purpose before it’s used by the organizations.

SW: There are tons of people out there talking about data, there are less people who address using data to really impact your business.

NG: Yes, in fact, when we speak to clients, one of our strengths is that we relate to the pain that they’re experiencing. Business people are the ones feeling the pain, and they rely on their technology teams to be able to fix any type of data problems. Since there are so many philosophies behind treating data and managing data, we will always sit on top of databases, but which specific databases we need to sit on depends on the client. We see the data and technology teams as our partners internally and the business people as the major beneficiaries of our offering.

SW: All this data represents a lot of opportunity for mortgage companies, but also poses a lot of risk.

NG: Yes. Our first use case was heavily reliant on regulatory data — credit risk data that went out to the Federal Reserve and the OCC, and so our target was always governance, compliance, and making sure that banks are using accurate data for this type of critical analysis. As a business strategy, we’ve always targeted organizations that are heavily regulated, because data has become such a critical component of their compliance and ongoing operations. Our background empowered us to create a tool that’s built with that compliance and governance framework in mind.

SW: How is BaseCap utilizing AI?

NG: We are using generative AI to enhance the policies we use to find anomalies in data. It’s a critical part of the expansion we’re planning into new industries, which is going to be incredibly efficient because of the use of AI. The way we create all the policies to check on the accuracy of data for banks, has relied on expertise from industry experts and team members. Having the power of generative AI sourcing expertise for other industries with the proper guardrails, of course, is going to enable us to have a much leaner operation to scale.

SW: When you look five to 10 years out, what will be the next set of problems to solve?

NG: It’s hard to tell, but some of the discussions that we had at NAHREP‘s L’Attitude event involved understanding new platforms and new things being offered. And within those, we have blockchain, we have signature technology, we have background checks, credit checks that are done a lot more seamlessly nowadays. And all these things are huge innovations for the mortgage industry. And every industry is going through similar types of innovations.

But for us to be able to really see all of these come together, there needs to be a seamless and efficient integration. The orchestration of all these platforms is going to be what drives the actual change in how things are done.

SW: You mentioned NAHREP and L’Attitude, where you were part of the Matchup pitch competition last year, and they became one of your investors. What has that investment meant to BaseCap?

NG: L’Attitude has a set of partners that are incredibly influential, not only in the mortgage industry, but in tech and politics and in business. The former CEO of United Airlines is a partner. We have a team that’s incredibly involved. Gary Acosta, the co-founder and CEO of NAHREP and a partner at L’ATTITUDE Ventures, meets with us on a weekly basis to discuss sales pipeline and makes introductions from his industry network. And we have expertise sessions with finance experts and sales experts that help support our operation. It’s exactly what we were looking at in an investor: having that involvement and alignment that’s not limited to capital but that also adds day-to-day value to our operations.

Source: housingwire.com