report

Apache is functioning normally

Apache is functioning normally

While the mortgage delinquency rate remains low compared to pre-pandemic levels, the number of delinquent loans ticked up in September, according to the ICE Mortgage Monitor report.

The national delinquency rate climbed to 3.29% in September, which is up 12 basis points from August and up 13 basis points from September 2022. This makes it the second and largest annual increase in the last 2.5 years, however, the delinquency rate remains 71 basis points below the pre-pandemic level of September 2019.

In September, serious delinquencies (90+ days past due) increased for the first time in 2023 with 7,000 additional borrowers in that category for 455,000 people in total. However, the rate of serious delinquencies remains 6.7% below September 2019 levels.

Meanwhile, early-stage delinquencies (30 and 60 days past due) continued to increase. In September, 48,800 (+5.1%) additional borrowers were 30-days late on their mortgage payments, while 8,700 (+3%) were 60-days late on their mortgage payments. These rates have been going up for the past four months and six months, respectively.

However, the number of foreclosures keeps falling. In September there were only 214,000 loans in active foreclosure, the lowest point since March 2022. In fact, both foreclosure starts and completions (sales) respectively fell 20.4% and 8%, according to the report.

The five states with the worst mortgage performance were Mississippi, Louisiana, Alabama, Indiana and Pennsylvania. At the other end of the spectrum, California, Idaho, Montana, Washington and Colorado were the states which showed the best mortgage performance.

Source: housingwire.com

Apache is functioning normally

Apache is functioning normally

The full name of this program is USDA Rural Housing Guaranteed Loan Program.
We’ll simplify its name here to the USDA Loan. If you prefer, our office calls it the Meat Loan.

This is the first of two articles. Article number one introduces the program’s benefits. Article two covers the qualifying aspect, which is easier than most consumers anticipate. We’ll need a program to compare to USDA, so we’ll use its closest relative, the FHA loan program.

Let’s get to the first USDA loan benefit:


1. No down payment required

That’s right, USDA loans require no down payment and have a standard 30-year fixed term.


2. Nominal mortgage insurance

In 18+ years of lending I’ve encountered zero home buyers who want or like mortgage insurance. Compared to similar down payment options across other programs, USDA loans require lowest-in-class mortgage insurance.
Government loans split their mortgage insurance (MI) between an upfront fee, financed into the loan amount, and the MI that contributes to the payment amount. The MI that contributes to one’s payment is known by different names, but we’ll call it the mortgage insurance factor or MI factor.

  • USDA’s MI factor, also called its Guarantee Fee, is 0.35%. This program requires 0% down.
  • USDA’s upfront fee is 1.00% or 0.01 times the loan amount, financed into the loan.
  • FHA’s MI factor, also called its Mortgage Insurance Premium is 0.55%. This program requires at least 3.5% down.
  • The upfront government fee for FHA is 1.75%, also financed into the loan amount.

When compared with FHA, the math above illustrates that the USDA loan saves 0.75% off the top of your closing costs. That’s a decent chunk of change for enhancing your appliances or interior decorating budget.

As of the writing of this article, rates are still volatile, and we’ll just use 7.50% for illustrating this comparison. When in doubt, ask your lender about your current rate scenario.

We’ll omit the unknown taxes and insurance from the payment, as their addition to payment is the same. Let’s compare the principal, interest & mortgage insurance (PIMI) payment between FHA (3.5% down) and USDA (0% down).

  • USDA = $2,118 + $88 = $2,206 per month (PIMI payment)
  • FHA = $2,059 + $135 = $2,194 per month (PIMI payment)

You read that correctly. The combined savings from 0.75% in closing costs and cheaper mortgage insurance brings this 0% ($0) USDA down payment within ≈$12 per month of its competing 3.5% ($9,500) FHA down payment. 


3. Max loan amount calculation

Besides requiring zero down and its lower mortgage insurance, there is one more facet that makes the USDA program shine: its max loan amount calculation. Other Agency (Conventional or Government) loan programs base the max loan amount on the lesser of the purchase price versus appraised value.

USDA loans are unique as they base the max loan amount solely on the property’s appraised value. Supported by an appraised value that accommodates the purchase price + settlement costs (closing costs + prepaid expenses), there is truly no money required at closing. The program’s ability to finance settlement costs is unique to the USDA loan program. Ensure that your lender does not overlay guidelines that supersede any of the program’s benefits.


4. Qualifying

USDA’s program generally follows FHA’s guidelines, but the agency’s goal is to support rural housing. In doing so, they have two distinct qualifiers:

a. Property Eligibility

Let’s look at an example:
My hometown of Madison, Wisconsin, is considered ineligible for USDA financing. That ineligibility spans through the Madison-metro area. Beyond metro areas is generally fair game, until you get to other metro areas, such as Milwaukee

These ineligible areas are based on recent census data and then polished with criteria that USDA keeps to themselves. Keep in mind that USDA definition of “rural” is relative. In the Cheese State “rural” is different than “rural” in New Jersey, as population densities are far different.

Try zooming to various areas on USDA’s Property Eligibility map to familiarize yourself with its interface. Madison is located at mid-bottom of WI, if you want to check out my example. Prospective FHA home buyers are often surprised by the areas that report as eligible for the USDA program.

Note: Beware of external sites that claim USDA eligibility mapping. These sites simply scrape USDA’s data, so they lag behind. Stick to the .gov source.

b. Household Income Caps

This program’s guidelines distinguishes between two separate tiers of household income caps: 1-4 and 5+ person households. Married with 3 dependents? You’re in the 5+ (higher income cap) tier.

Even when income calculations exceed the USDA caps, know that there are deductions to help your scenario fit.

Subtracting documented childcare expenses is the most common deduction for lowering your household income calculation. There is a handy USDA calculator that accounts for common deductions.

Your USDA lender can help define and calculate deductions so help them earn their paycheck.

Note: USDA does not maintain a centralized database with approved lenders. If you think this program could be a good fit for your scenario, just ask your current preferred lender about it.

This information isn’t all-encompassing, so spend some time speaking with a lender who’s fluent in USDA guidelines. When home buyers’ scenarios fit into this program, financing homeownership gets a little easier.

Our mascot:

Source: mortgagenewsdaily.com

Apache is functioning normally

Apache is functioning normally

Optimal Blue — a provider of secondary market solutions and actionable data services — plans to solidify its position as an end-to-end solution from pricing a loan to hedging, trading and selling a loan, Scott Smith, interim CEO of Optimal Blue, shared in an interview following Constellation Software’s acquisition of the firm.

There will be no one-stop shop for mortgage tech, which in turn makes having an open platform of integration all the more important in a highly competitive environment, Smith added. 

“Open platforms of integration are critical. Optimal Blue integrates with all the loan origination systems (LOSs). We have lots of integration points, I think we have about 70 partners that use our application programming interfaces (APIs) as well,” said Smith.

Smith, who also serves as co-president of Romulus portfolio at Perseus Group of Constellation Software, noted the importance of partnership with the largest mortgage tech player in the market — Intercontinental Exchange (ICE) to win over customers.

Read on to learn more about Optimal Blue’s long-term strategies and how Constellation Software plans to get ahead of competition in the mortgage tech space. 

This interview was condensed and lightly edited for clarity.

Connie Kim: Optimal Blue provides data across a large spectrum – including originator data, market data and investor data. What are lenders in search of when it comes to data and how is Optimal Blue fulfilling those needs for lenders and investors?

Scott Smith, interim CEO of Optimal Blue, co-president of Romulus portfolio at Perseus Group of Constellation Software

Scott Smith: We provide a ton of data and being a new owner, I probably won’t even do it justice how much we actually provide. The monthly originations market report uses rate lock data from the Optimal Blue PPE to give the market a view into origination activity. Our Optimal Blue Mortgage Market Indices provides an interactive analysis of actual locked rates. Our customers have access to the product data, so they’re seeing in real time what’s going on in the market whether that’s on the PPE side or on the hedging and trading side.

Kim: Since Optimal Blue began as an information services business, it has expanded to offerings in the secondary market and a whole loan trading platform. What is the vision for the company going forward?

Smith: When you think about the product itself with the PPE product, our hedging, trading products, Compass Analytics and CompassEdge product, I think we’re the only real end-to-end solution from pricing a loan to hedging, trading and selling a loan. We’ll see more work that continues to solidify that position.

Kim: What kind of tech are lenders interested in acquiring? I often hear lenders talk about the difficulties of implementing add-on products with ICE becoming the largest tech provider in the industry.

Smith: I think integration is key. I don’t think there’s a one-stop shop for your tech. Open platforms of integration are critical. Optimal Blue integrates with all the loan origination systems (LOSs). We have lots of integration points, I think we have about 70 partners that use our application programming interfaces (APIs) as well. So I think an ongoing open platform is critical.

I genuinely don’t think there’s ever been a place where it’s just one provider supplies for everybody. If you have the LOS side of the business, you have the product and pricing engine side of the business, hedging, trading, servicing and so on. From our perspective, the integration side is pretty key. You’re going to use the tools and we’re going to make sure our platforms are open and able to integrate.

Kim: You currently serve as co-president of Romulus portfolio at Perseus Group of Constellation Software as well. Intercontinental Exchange (ICE) is a major competitor in the mortgage tech space. How is Constellation preparing to get ahead?

Smith: When we get into the market we’d love to be the strongest player in the market. We’re quite happy with what we own. Right now directly in my purview, there are five businesses in the Constellation market stack. Optimal Blue, Dark Matter Technologies, Mortgage Builder, ReverseVision, which is a reverse mortgage LOS and a document storage business called Axacore. So we think we can bring a lot of those assets together.

We look at the customer base, and we say, ‘what makes sense for Constellation to invest?’ We define that based on what the customers want. So Optimal Blue and Dark Matter Technologies work together today. But Optimal Blue also works with ICE’s Encompass. So we’re partners with ICE. We can both be competitive in some spaces but also be an open platform and be cooperative. 

Kim: Are more acquisitions in the cards for Constellation?

Smith: I have nothing to announce right now but at Constellation, we are serial acquirers. So we own about 1000 software companies and we’re constantly in the market to buy software. I expect more acquisitions will come as it’s sort of core to what we do as well.

Source: housingwire.com

Apache is functioning normally

Apache is functioning normally

Mortgage rates finally broke the 8% ceiling this week after months of gradual upward movement in the 7% range. At the same time, Existing Home Sales fell to the lowest levels in more than a decade. Pretty gloomy… but there are silver linings and perhaps even some overly optimistic Kool Aid to drink. As always, we’ll try to focus on the warm bowl of porridge in the middle.

It’s very true.  The following charts of home sales and interest rates are not great.

But unlike the last time home sales were this low, we’re in the midst of a supply shortage as opposed to a glut.

That has allowed the housing market to be much more resilient in terms of home prices.  In year-over-year terms, prices are already back in positive territory.

We can also consider that the charts above pertain to EXISTING home sales, where the inventory depends on homeowners wanting or needing to sell.  With many of those homeowners still paying the 2-3% mortgage rates obtained 2020-21, the reluctance to give that up in favor of a 7-8% rate is no surprise.

That’s why the charts look much better when they focus on new home sales, which are nowhere near their 2010 levels.  In fact, they’ve been trending higher and are currently in line with pre-pandemic levels.

For those who want to take silver linings into potential “Kool Aid” territory, we could start to look at things like the balance of recent Fed comments which suggest the Fed is done hiking rates unless inflation flares up in an unexpected way.  Just this week, that sentiment helped turn the tide after this week’s strong Retail Sales sent Fed rate expectations quickly higher on Tuesday.  By the end of the week, the market saw next year’s Fed Funds Rate about a quarter of a point lower.

That has some market participants declaring that the big shift in rates has arrived.

Ceiling sentiment gained some momentum after several supportive bounces in 10yr Treasury yields on Thursday and Friday just under 5%.  Many investors have been saying 5% is an important psychological level and an attractive entry point for bond buyers (buying pushes yields lower).  If investors are putting their money where their mouths are, it would line up with these sorts of bounces.

The proverbial “warm bowl of porridge” is somewhere between the gloom and the hope.  It usually is.  It’s also impossible to perfectly define in terms of scope and timing.  There are scenarios that could indeed result in rates moving gradually lower from here.  Or the big shift might not happen for months.  Some say it is overdue already.  Others say “wait for 2025!” 

There are ways to make cases for both outcomes, but the actual outcome will be driven by economic data.  The good news there is that the Fed expects a certain measure of resilience in the data.  They won’t freak out if unemployment remains under 4% or GDP rises above 4%.  As long as inflation continues to moderate and the economy doesn’t accelerate at an unsustainable level, they’re pretty sure they’re done hiking rates.

That doesn’t mean the Fed is done with “restrictive” policies, just that the restriction will now come in the form of a ticking clock.  In other words, the question is less about additional rate hikes and more about how long we spend at current rates.  Markets tend to push consumer rates lower before the Fed officially cuts, but there again, the market would only do that if it saw data that was likely to lead the Fed to similar conclusions.

After an active slate of Fed speakers over the past 2 weeks, we now enter the scheduled blackout period which precedes every Fed rate announcement.  The next announcement is on November 1st.  The Fed is not expected to hike, but markets will be attuned to any verbiage changes in the statement. 

In the meantime, the upcoming week of data is not as critical as the following week will be.  We’re especially focused on the jobs report due out on Friday, November 3rd. If it reiterates the uncanny strength of the previous report, Team Gloom will score some points.  But if it paints a much more moderate picture, the Kool Aid will be looking safer and safer to drink.

Source: mortgagenewsdaily.com

Apache is functioning normally

Apache is functioning normally

If you’re trying to pay down debt and you own a home, you may be wondering whether it makes sense to use a cash-out refinance to pay off debt.

There are pros and cons to going this route, and it’s important to understand how the process works to help decide if it’s the right option for you.

Read on to find out how to use a cash-out refinance to pay off debt, the costs involved, the benefits and drawbacks, and other options for repaying debt you owe.

Using a Cash-Out Refi to Pay Off Debt

In mid 2023, household debt (not including mortgages) in the U.S. exceeded $4.7 trillion dollars, according to a report released by the Federal Reserve Bank of New York. It’s no wonder then that individuals are looking for ways to get out from under the debt they owe.

A cash-out refinance for debt consolidation allows you to use the equity in your home to pay off debt by taking on a new mortgage. The new mortgage pays off your old mortgage and it comes with new terms, including a new interest rate that’s potentially lower, and length of time to repay the loan. The new mortgage terms may be better than your original mortgage, but it’s also possible they may not be as favorable.

Here’s a quick course in cash-out refinancing 101 and how it works:

Determine How Much Cash You Need

When you’re considering a cash-out refinance to pay off debt, first figure out how much money you’ll need. To do this, add up all the debts you want to pay off. Include things like credit card and personal loan debt and medical bills.

Determine How Much You Can Borrow

The amount you can borrow with a cash-out refinance depends on how much equity you have in your home. Equity is how much your home is worth compared to how much you owe. Typically, you can borrow up to 80% of your home’s market value.

Here’s an example of how cash-out refinancing works: Let’s say your home is worth $500,000 and you owe $300,000 on your current mortgage. That means your home equity is $200,000. With a cash-out refinance loan, a lender might let you borrow up to 80% of your equity (as long as you qualify for that amount), which is $400,000.

You’ll need to use that $400,000 to pay off the $300,000 you owe on your mortgage and also closing costs. That leaves you with about $100,000 in a cash out refinance for debt consolidation.

First-time homebuyers can
prequalify for a SoFi mortgage loan,
with as little as 3% down.

Prepare Your Cash-Out Refinance Application

Your cash-out refinance application is much like the mortgage application you filled out when you bought your house. Lenders will look at and evaluate such factors as your:

•   Credit score: Many lenders look for a minimum credit score of 620 for a cash-out refinance

•   Debt-to-income (DTI) Ratio: DTI compares your monthly debts to your gross monthly income. In order to qualify for a cash-out refinance, lenders typically look for a DTI of less than 50%.

•   Home equity: As mentioned above, you’ll likely need at least 80% equity in your home.

You may need to provide the lender with documents such as bank statements and W-2s.
💡 Quick Tip: Thinking of using a mortgage broker? That person will try to help you save money by finding the best loan offers you are eligible for. But if you deal directly with an online mortgage lender, you won’t have to pay a mortgage broker’s commission, which is usually based on the mortgage amount.

Complete the Closing and Pay Closing Costs

If the cost to refinance a mortgage makes sense for you, and you qualify with a lender, you’ll pay closing costs to cover such fees as credit reports and appraisals. Closing costs may be wrapped into the refinanced loan amount. After you close on the loan you’ll receive your funds.

If You’re Consolidating Debts, Let The Lender Know

It’s possible that your debts may be high enough to preclude you from qualifying for a cash-out refinance. However, if the lender knows you’ll be consolidating debts, they can include those debts in your loan amount for consolidation.

That way you’ll be paying off the debts in one payment with the new interest rate (ideally, a lower one) you received with your cash-out refinance.

Benefits of Cash-Out Refinancing to Pay Off Debt

When you consolidate debts with a cash-out refi, you have just one monthly payment to make. That’s usually more manageable than trying to pay multiple bills all at once.

There are other potential benefits as well.

Consolidating Debts Can Lead to Savings

High-interest debt can be difficult to pay back. Credit card APRs can reach 29.99% or higher, which adds to the amount you need to pay each month. When you consolidate debt with a cash-out refinance, you may save money on interest costs.

Cash-Out Refinancing Can Pay Debts Quickly

When you take out a cash-out refi to tackle the debt you owe, you may be able to pay off certain debts faster than you would have otherwise. You’ll likely be paying less in interest, which could allow you to put more money toward the debt balance.

Impact On Credit Score

Paying off high-interest debts with a cash-out refi could lower your credit utilization rate, which is the amount of credit you’re using. Credit utilization is an important factor in your credit score.

Should You Use a Cash-Out Refinance to Pay Off Credit Card Debt?

Interest rates on credit cards are typically high, and can be more than 30%. The interest rate on a mortgage tends to be much lower. If you can get a lower interest rate to repay your debt, a cash-out refinance could be worth it. However, if you choose this method, be careful to avoid overspending and running up credit card debt again. Changing your spending habits can be critical to staying out of debt.

Drawbacks of Using a Cash-Out Refinance to Pay Off Debt

A cash-out refinance also has some significant disadvantages to consider. These include:

Increased Monthly Mortgage Payment

When you take out a bigger loan amount, you may also end up with a higher monthly mortgage payment. You’ll be responsible for paying that higher amount each month.

Turning Unsecured Debt Into Secured Debt

Another factor to consider is that if you can’t pay back everything you borrow with a cash-out refinance, you could be in danger of losing your home. That’s because a mortgage is secured debt, and your home is collateral for the loan. While that’s true with any mortgage, with a cash-out refinance you are likely borrowing even more money since you’re using the extra cash to tackle debt, which means there’s more for you to repay.

Closing Costs

When you refinance a mortgage, including a cash-out refinance, you need to pay closing costs. These costs can be around $5,000 according to Freddie Mac. However, the size of your loan and where you live can affect how much your closing costs may be.

Cash-Out Refinance vs. Debt Consolidation

With a cash-out refinance, you take out a new mortgage to repay your old mortgage and also get cash you can use for a variety of purposes, including paying debt. With debt consolidation, you combine all your debts into one loan. A debt consolidation loan is not secured by your home; a cash-out refinance loan is.
💡 Quick Tip: Because a cash-out refi is a refinance, you’ll be dealing with one loan payment per month. Other ways of leveraging home equity (such as a home equity loan) require a second mortgage.

Alternatives to Cash-Out Refinance Loans

A cash-out refi isn’t your only option for paying off debt. Here are some other methods to consider.

Home Equity Line of Credit (HELOC)

A home equity line of credit is secured by the equity in your house. It’s similar to a line of credit, so you borrow just what you need when you need it, and you only pay interest on what you borrow. However, if you don’t pay off a HELOC you may be in danger of foreclosure.

Home Equity Loan

With a home equity loan, you receive a lump sum of money and make regular fixed payments. Interest rates tend to be higher than they are for a cash-out refinance, and you will need to pay closing costs.

Personal Loan

A personal loan is an unsecured loan that you can use for almost any purpose, including debt consolidation. These loans generally come with higher interest rates than a cash-out refinance, HELOC, or home equity loan. They also have a shorter term, which means you’ll need to make higher monthly payments. But that also means the loan will be paid off sooner.

Balance Transfer Credit Card

A balance transfer credit card typically offers a 0% introductory rate for a number of months (up to about 21 months) on debt you transfer from another source, which is usually another credit card. There is a balance transfer fee of around 3%, but you won’t won’t owe interest on the balance you transfer. If you have a lower debt amount that you can pay off in a relatively short amount of time, this option might make sense. However, to qualify for the 0% rate, you’ll typically need a strong credit score.

The Takeaway

If you need to pay off high-interest debt and you have sufficient equity in your home, a cash-out refinance can be an option worth exploring. It can give you a lower interest rate, as long as you qualify, which could help you save money. However, keep in mind that you will need to pay closing costs when refinancing, and the terms of the loan, including the length of the loan, will change.

Turn your home equity into cash with a cash-out refi. Pay down high-interest debt, or increase your home’s value with a remodel. Get your rate in a matter of minutes, without affecting your credit score.*

Our Mortgage Loan Officers are ready to guide you through the cash-out refinance process step by step.

FAQ

Can I use a cash-out refinance to pay off both secured and unsecured debts?

Yes. A cash-out refinance can be used to pay off a variety of debts, including secured debts as well as unsecured debts, like credit cards.

Are there any tax implications of using a cash-out refinance for debt repayment?

If you use a cash-out refinance for debt repayment, you won’t owe taxes on the money you receive from the cash-out refi. That’s because the money is considered a loan that needs to be paid back, and not income. At the same time, per IRS guidelines, you typically can’t deduct the interest on a cash-out refinance if you use the money to pay off debt.

What factors should I consider when deciding whether to use a cash-out refinance for debt repayment?

If you have high-interest credit card debt, and you can get a lower interest rate to repay your debt with a cash-out refinance, it may be worth it for you. But first make sure you can change your spending habits to avoid overspending and running up credit card debt all over again.

Also, consider the fact that your monthly mortgage payment will likely be higher with a cash-out refinance. Can you afford that higher amount? And you’ll also have to pay closing costs. Calculate to be sure that the amount of cash you’ll get from the cash-out refi is sufficiently more than what you’ll spend on closing costs.

Photo credit: iStock/fizkes

Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .

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.

SoFi Mortgages
Terms and conditions apply. Not all products are offered in all states. See SoFi.com/eligibility for more information.

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.

*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.

SOHL0723002

Source: sofi.com

Apache is functioning normally

Apache is functioning normally

Tech Sales, LO Jobs; Correspondent, Verification, Pricing Products; Mitigating Credit Costs

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Tech Sales, LO Jobs; Correspondent, Verification, Pricing Products; Mitigating Credit Costs

By:
Rob Chrisman

Fri, Oct 20 2023, 11:01 AM

“Who closes the door when the bus driver gets off? The world is full of questions. “Why have all the predictions of lower rates been wrong?” Yesterday I was in the SF Bay Area giving a speech to a group of LOs and management and was asked, “Rob, are you hearing that lenders are requesting clients pay for the credit report(s) up front?” Absolutely I am. Lenders have grown weary of paying for the credit reports of loans that don’t fund and heaping those rising costs on the loans that do. “Rob, are mergers and acquisitions going to pick up?” Yes. We had one recent depository bank deal (Mississippi’s Guaranty Capital Corporation will acquire Lafayette Bancorp, Inc.), but we can expect continued deals in an 8 percent mortgage rate world as lenders and vendors, big and small, re-evaluate either their position in the market or even if they want to continue to exist. (Today’s podcast can be found here: Sponsored by nCino, maker of the nCino Mortgage Suite, built for the modern mortgage lender. The nCino Mortgage Suite unites the people, systems, and stages of the mortgage process. Hear an interview with nCino’s Ben Miller on the rapidly evolving digital mortgage suite of products.)

Lender and Broker Software, Products, and Services

Truv saves Lenders 60-80% over The Work Number. That’s the savings of multiple full-time employees. For example, Compass Mortgage saved roughly 60 percent in verification costs and maintained their same conversion rate. “Truv has given us the ability to lower costs, all while speeding up the verification process and providing better employment data” said Justin Venhousen, COO, Compass Mortgage. Stop wasting money. Contact TRUV today to discuss how we can help you with your income, employment, insurance, and asset verifications.

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Sierra Pacific Wholesale has completed the first phase of its pricing integration on the ARIVE platform! Sierra Pacific-approved Brokers and Non-Del Correspondent lenders can access their pricing seamlessly through ARIVE. “ARIVE truly is the best solution for third-party originators looking to save time and money in order to maximize their success,” says Rob Saunders, SVP, Western TPO Sales. This strategic partnership emerges at a pivotal time, as the Wholesale Channel continues to experience unparalleled growth. “We look forward to working with the broker community to help you scale your business and reach your peak performance,” shared Cindy Ferrentino, SVP – Eastern TPO Sales. To learn more about this exciting new partnership, read the full press release. Third-party originators interested in learning more about Sierra Pacific’s full-service experience can connect with an Account Executive here.

Get the income and employment records you need with the new Mortgage Flex™ View from The Work Number®. Inaccurate or incomplete applicant employment and pay information continues to be a challenge in the loan process. Automating the income and employment verification process with The Work Number can help reduce potential errors associated with hand-keying or relying on consumer-provided information. With 631M employment records, The Work Number can help lenders get a holistic view of an applicant, but there may be times that lenders are looking for one specific employment record. Introducing Mortgage Flex View – a new addition to The Work Number suite of solutions, which enables lenders to order just the verifications of income and employment that they need. Lenders can instantly purchase a preview of available employers prior to selecting and purchasing the full verification. Learn more about the new flexible solution from The Work Number: Mortgage Flex View.

With one of four homes being sold to real estate investors, it’s clear there’s an enormous opportunity to work with these borrowers. That’s why on the next National Mortgage Professional Webinar, Navigating Experienced Real Estate Investor Needs, they show you how to step up your game with these serial borrowers. While homeowners in normal market conditions will get a mortgage every five to seven years, many individual real estate investors are purchasing and refinancing properties several times a year. On this webinar Sam Bjelac, VP of TPO at LendingOne will discuss, types of real estate investors and their financing needs, learning how to understand property cashflow, understanding and optimizing the BRRRR strategy plus a few strategies you can easily implement to find real estate investors. Join NMP and Sam on Thursday, November 2, at 2PM ET / 11:00 am PT by registering here.

“Newrez Correspondent says, ‘THANK YOU PHILADEPHIA!’ What a great MBA Conference in the City of Brotherly Love. We want to thank the over 100 customers along with several industry partners that we were able to have serious discussions with around products, pricing, and what it will take to navigate this market over the next six months. If you aren’t a current customer, you need a Trusted Advisor during these challenging times, which is why Newrez Correspondent is the right investor for you. The time to align with us is now, so click here to join our team. We hope you enjoyed the conference, look forward to our continued partnerships heading into 2024 and to meeting you next May in NYC at the MBA Secondary.”

Capital Markets

Ginnie Mae’s mortgage-backed securities (MBS) portfolio outstanding grew to $2.477 trillion in September, including $36.6 billion of total MBS issuance, leading to $19 billion of net growth. Issuance for this month was less than $38.1 billion in August and $38.0 billion in July. For the 2023 calendar year to date, Ginnie Mae supported the pooling and securitization of more than 466,000 first-time homebuyer loans. For full story, read October 5 Ginnie Mae press release.

As I wrote yesterday, we received a lot of housing data this week. Existing home sales during September showed that the housing market continues to cool due to the recent run-up in borrowing costs. Sales declined 2.0 percent to a 3.96-million-unit pace during the month. That marks the fourth straight monthly drop and the slowest pace of resales since 2010. Sales are down 15.4 percent from one year ago.

Fed Chairman Powell delivered remarks at a luncheon hosted by the Economic Club of New York yesterday, saying that progress toward the Fed’s dual mandate has been made but that resilient economic growth raises the prospect of renewed inflationary pressures that could warrant additional rate hikes. He repeated that the Committee will depend on data in guiding policy decisions. The fed funds futures market has seen a downward shift in rate expectations with the implied likelihood of a January hike falling to 37 percent from 48 percent on Wednesday.

There is no market-moving scheduled news today. Two Fed speakers are also scheduled, Philadelphia’s Harker and Cleveland’s Mester, who are expected to continue the narrative that we’ve been hearing from Fed Presidents for months. Around the close, markets will receive the September Treasury Budget. We begin Friday with Agency MBS prices better .125-.250 and the 10-year yielding 4.94 after closing yesterday at 4.99 percent; the 2-year is at 5.14.

Employment

DocProbe, a leading post-closing service provider for mortgage lenders, is seeking a dynamic and tech-savvy sales representative with deep expertise in the mortgage industry. The ideal candidate will have a proven track record of building and maintaining strong relationships with top mortgage lenders and a deep understanding of the mortgage process from origination to post-closing. If you have a successful track record of selling to mortgage lenders and a passion for innovative technology solutions, we encourage you to apply. Don’t miss the opportunity to join a rapidly growing and innovative company. Confidentially apply today to become a part of the DocProbe team!

“Evergreen Home Loans is set to return as the title sponsor for the 26th annual KZOK “Rock the Harvest” event, benefiting Northwest Harvest. This 12-hour radiothon and online auction aim to support those experiencing food insecurity in Washington. With over $1.4 million raised since its inception, it highlights the ongoing struggle of 1 in 10 Washingtonians and 1 in 6 children in the region. The Evergreen Cares Foundation encourages and supports our associate’s compassion for giving while improving lives through wellness and housing programs. If you are looking to partner with a company emphasizing community involvement, visit our careers page to explore the newest opportunities at Evergreen.”

AmCap Home Loans has made a significant stride in bolstering its leadership team by appointing Caleb Mittelstet as SVP of Sales. Mike Johnson, President of AmCap Home Loans, expressed enthusiasm for this pivotal addition, stating, “We’re thrilled to welcome Caleb Mittelstet as an integral member of our team. His wealth of experience along with his industry contacts will undoubtedly propel our sales team to another level. With Caleb on board, we see immense potential to expand our market share and further solidify our position as an industry leader.” Caleb cited the company’s culture and people as driving factors. He emphasized, “AmCap’s inclusive culture and the accessibility to colleagues with decades of experience are unparalleled. You can pick up the phone and call any department, and that’s a testament to the collaborative spirit here.” Mittelstet’s appointment signifies a promising chapter for AmCap Home Loans as they continue to thrive and innovate. Click here to see why Caleb Mittelstet chose Amcap and so should you!

“Independent Mortgage Banker owners: If you are uncertain how you will survive this winter if rates remain higher, please contact us directly 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, issue our own government securities, and service the majority of our closed loans. We 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.”

Attention Loan Officers: Take your career to the next level with best-in-class Operations, Underwriting, Support and more. Find out how at the next virtual Fairway Day on Wednesday, October 25 at 3pm ET. Join Steve Jacobson, Founder & CEO and David “Laz” Lazowski, President, Retail Sales East and others from the Executive Team and the Street. Here is the registration link and participation is 100% anonymous.

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

Source: mortgagenewsdaily.com

Apache is functioning normally

Apache is functioning normally

Demand for home decor products is surging as people are inclined to show their creativity through DIY activities. Consumers prefer sustainable options to decorate their home interiors because of growing concerns about environmental impacts.

NEWARK, Del, Oct. 05, 2023 (GLOBE NEWSWIRE) — The home decor market is projected to register a valuation of US$ 216,291.4 million in 2023 and reach up to US$ 394,715.7 million by 2033. The global market is securing a CAGR of 6.2% during the forecast period.

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Manufacturers are Designing Customized Home Decor Solutions 

Manufacturers are designing customized home decor solutions as per consumers’ expectations. They are offering personalized, durable, and unique options with eco-friendly practices. Some of the customized solutions for home decor are as follows:

  • Personalization: Manufacturers offer personalized home decor products, including high-quality material, custom color, and concise designs. They are also offering interior design as per consumers’ tastes and preferences.

  • Modular and Configurable Furniture: Manufacturers provide customized, fit, and layout modular furniture systems of different sizes. They are also adapt to change as per customers needs.

  • Custom Upholstery: These custom upholstery furniture, including chairs, sofas, tables, and beds, are offered by manufacturers as per customers’ selection. Consumers widely prefer these for their creative home decor.

  • Artful Decor: Consumers are fond of creativity and artwork. They desire high-end manufacturers to build bespoke furniture designs. The customers are also collaborating with special designers to create a specific piece of home decor.

  • Custom Lighting: Creating unique lighting solutions for home decor interior are rapidly growing to look lavish and breath-taking. They fix them according to size, design, and area.

  • Digital Tools: Manufacturers offer digital tools to their customers. Through these tools, customers can finalize their products by visualizing them.

  • Tailored Textiles: Customized textiles are widely used for home decor, including cushions, curtains, and bedding. They seek aesthetic fabrics to match their home decor for specific areas.

“Social media platforms’ influence on home decor is rapidly fueling the industry. The adoption of DIY culture and smart home integration solutions is at its peak for renovating houses with environmental awareness,” Opines Sneha Verghese, Senior Consumer Goods and Products Consultant at Future Market Insights (FMI).

Key Takeaways:

  • The home decor market is registering a CAGR of 6.2% between 2023 to 2033.

  • The United States is expected to register a maximum CAGR of 26.4% by dominating the global market by 2033.

  • Japan is anticipated to capture a CAGR of 6.4% in the global market by 2033.

  • The United Kingdom significantly drives the global market with its vintage home decor, with a CAGR of 2.5%.

  • With a CAGR of 4.6%, Germany is rapidly advancing the global market.

  • Home furniture is estimated to lead the global market by 2033 based on product type.

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Key Players Are Capturing Huge Revenue in the Global Market

Key players are offering affordable home decor solutions as per consumers’ requirements. They are capturing significant revenue through their innovations and product improvements. Key players are adopting various marketing methods to bring new ideas to the table to highlight the market share. These marketing tactics are mergers, acquisitions, collaborations, product launches, and agreements.

These players offer online home decor products, hand-made products, and sustainable products of growing concerns about the environmental crisis. They are targeting genuine consumers to boost sales. Key players are taking relevant feedback from their customers to improve their silly gaps and offer high-quality products to them.

Key Companies in the Home Decor Market:

  • IKEA

  • The Home Depot

  • Williams-Sonoma, Inc.

  • Wayfair

  • Ethan Allen

  • Crate & Barrel

  • Bed Bath & Beyond

  • Ashley Furniture Industries

  • RH (Restoration Hardware)

  • Herman Miller

  • Pier 1 Imports

  • La-Z-Boy

  • Crate and Barrel

  • Anthropologie

  • Houzz

  • Overstock.com

  • Tempur Sealy International

  • Surya

  • Z Gallerie

Recent Developments in the Home Decor Market

  • In 2022, Home24 announced its new expansion of its business portfolio in seasonal products and home textiles.

  • 2021 Herman Miller Inc. acquired Knoll Inc. to design advanced home decor.

About the Consumer Product Division at Future Market Insights (FMI)

Future Market Insights (FMI) consumer product team offers comprehensive business intelligence services, with a vast array of reports and data points analyzed across 50+ countries over a decade. The team provides consulting services and end-to-end research, offering expert analysis, actionable insights, and strategic recommendations to clients worldwide. Contact them to explore how they can assist with your unique business intelligence needs.

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Key Segments in the Home Decor Market

Product Type:

Distribution Channel:

  • Retail Stores

  • Direct to Consumer

  • Manufacturer Stores

  • E-commerce Stores

  • Discount stores

  • Rental Stores

  • Club Stores

  • DIY Stores

Application:

  • Indoor

  • Outdoor

  • Other Applications

Region:

  • North America

  • Latin America

  • Europe

  • Japan

  • APEJ

  • MEA

Author

Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments pertaining to Consumer Retail Goods. 
Her work is primarily focused on facilitating strategic decisions, planning and managing cross-functional business operations, technology projects, and driving successful implementations. She has helped create insightful, relevant analysis of Food & Beverage market reports and studies that include consumer market, retail, and manufacturer research perspective. She has also been involved in several bulletins in food magazines and journals.

Explore FMI’s Extensive Ongoing Coverage in the Consumer Product Domain

Wall Décor Market Size: The wall décor market is estimated to be valued at US$ 60.15 billion in 2023 and is expected to reach US$ 85 billion by 2033. The adoption of wall décor is likely to advance at a CAGR of 3.5% during the forecast period.

Teen Room Décor Market Share: The global teen room décor market is expected to register a staggering double-digit CAGR of 4% by garnering a market value of US$ 147 Billion.

Aquarium Decor Market Demand: The aquarium decor market is estimated at US$ 2,648.2 million in 2023 and is projected to reach US$ 4,313.6 million by 2033, at a CAGR of 5.0% from 2023 to 2033. The aquarium decor market share in its parent market is 2% to 6%.

Wall Art Market Trends: The global wall art market size is expected to top a valuation of US$ 94.8 billion by 2033. It is set to witness a CAGR of 5.4% in the review period 2023 to 2033.

Wall Covering Products Market Analysis: The wall covering products market is projected to register a CAGR of 4.5% during the forecast period. It is likely to rise up from US$ 31.3 Billion in 2021 to reach a valuation of US$ 50.8 Billion by 2032.

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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Source: finance.yahoo.com