FundingShield’s wire fraud prevention solutions will now be available to Tata Consultancy Services’ clients, thanks to a partnership announced Tuesday.
The collaboration between the fintech and TCS, a global company that provides IT and consulting services to over 80 companies in the financial services sector, came to fruition because of ongoing fraud and cybersecurity concerns, said Ike Suri, CEO of FundingShield.
TCS’ clients will have direct access to FundingShield’s risk-mitigating ecosystem, allowing them to keep their data, bank account verifications and transactions safe, a press release stated. The fintech company offers coverage against wire and title fraud, settlement risk, closing agent compliance and cyber threats.
This partnership will by proxy also benefit borrowers by helping to keep their down payment and data protected, added Suri.
“If homebuyers show up to the altar robbed then they are out of money and lenders are out of money and so borrowers are forced to sue in hopes that they get their money back,” he said.
The prevalence of fraud in a mortgage transaction obligates companies to implement such technology to protect their clients, said Santosh Ananthakrishnan, global head of mortgage strategic initiatives at TCS, in a press release.
“Wire fraud prevention has become a mandatory capability as part of any mortgage solution, protecting lending institutions from multi-million dollar risks to the third-party closing, title, and settlement entities,” Ananthakrishnan said.
Fraud attempts grew in 2022 and are expected to continue their upward trajectory, according to a NexisLexis report published in May. Factors contributing to that forecast include economic uncertainties and the perception that small and midsize businesses are an easier target than consumers and online or mobile channel transactions.
Market strains can push lenders to cut costs, which may include shrinking the workforce that combats fraud or investing less in anti-fraud technology, the report said.
A separate report published by the Federal Bureau of Investigation found that business email compromise scams related to real estate set a record for dollar losses in 2022.
The 2,284 complaints received last year amounted to losses totaling $446.1 million, compared with $430.5 million in 2021.
Apart from the fact that 10yr Treasury yields are about 25bps higher than they were before last Friday’s jobs report, it was an uneventful week for the bond market with only one or two exceptions. The first exception was the exceptionally large amount of corporate bonds that hit the market in the first half of the week. The result was fairly constant upward pressure in rates for no other apparent reason. The 2nd was Wednesday’s ISM Services data which added to the upward pressure. Thursday marked a technical correction/recovery and Friday ended up being entirely superfluous. Thoughts are already turning to next week’s CPI which occurs one week before a fairly important Fed meeting. Volatility potential would be high anyway, but doubly so in this case as the Fed is in the blackout period ahead of its meeting, thus allowing the market’s imagination to run wilder than normal.
Wholesale Inventories
-0.2 vs -0.1 f’cast, -0.7 prev
09:33 AM
Stronger right at the start of the overnight session, weaker in Europe, but bouncing back early. 10yr down 1.8bps at 4.232. MBS up 3 ticks (.09).
12:03 PM
steady weakness since 10am. MBS now unchanged and 10yr up 0.2bps at 4.25%.
02:28 PM
Slightly weaker into the PM hours, but bouncing now. MBS up 1 tick (0.03) and 10yr back down to 4.25% after rising to 4.264%
04:00 PM
Very flat in the PM hours. MBS down 1 tick (0.03) and 10yr yields up 0.6bps at 4.256.
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Nestled in the heart of New England, Massachusetts boasts a rich tapestry of history, evident in its diverse architectural styles, from colonial relics to modern masterpieces. In such an environment, the home inspection process is not merely transactional; it’s an exploration into the layers of time and innovation that define a property. For buyers, it offers a lens into the integrity and character of a potential new home, revealing both its charms and challenges. Sellers, in contrast, can use this process to transparently showcase their property’s value and address any concerns head-on.
So whether you’re buying a home in Concord or selling a house in Boston, this Redfin article has everything you need to know about getting a home inspection in Massachusetts – along with expert insights from local home inspectors themselves. Armed with this knowledge, you’ll be better prepared to navigate the Massachusetts real estate market with confidence.
DenisTangneyJr via Getty Images
Why should you get a home inspection in Massachusetts?
A home inspection in Massachusetts is vital given the state’s vast architectural history and diverse weather conditions. Many homes here, steeped in history, might conceal structural or system-related issues. The state’s varying climate, from snowy winters to humid summers, can also impact homes in subtle ways.
“Massachusetts has the country’s second-oldest home inventory, averaging 54 years, with many homes exceeding 100 years,” says Twin Lights Home Inspection. “Older homes often require essential updates, such as outdated plumbing or electrical systems, damaged structural supports, or inadequate water management. These issues can significantly affect the home’s future needs, going beyond the buyer’s initial plans. A home inspection provides vital information to empower buyers in planning their future with confidence.”
Are there any specialized inspections that Massachusetts buyers should consider?
“In today’s real estate market, where buyers are making offers 10, 20, even 30% above the asking price, it is more important than ever to have a home inspection to protect your investment. In addition to a standard home inspection, there are several optional services buyers should consider. Buyers should consider a sewer scope inspection, radon gas testing, a mold screening, a wood destroying insect inspection, water quality testing for wells, and a pool inspection (in season), if applicable,” recommends Metro Boston Property Inspections.
Are home inspections required in Massachusetts?
“Getting a home inspection in Massachusetts, as in any other state, is a crucial step in the home-buying process,” suggests Blue Owl Home Inspection. “While an inspection is not legally required to purchase a home, here are five compelling reasons why someone should get a home inspection in Massachusetts:
Identify hidden issues: Home inspectors have the expertise to uncover concealed problems like structural issues, electrical faults, plumbing leaks, and mold infestations, providing early detection to prevent costly future repairs.
Negotiation ddvantage: The inspection report serves as a powerful bargaining tool during negotiations with the seller. If significant issues are revealed, you can request repairs or price adjustments, potentially saving you money or ensuring necessary fixes before closing the deal.
Peace of mind: A home inspection offers assurance by revealing the property’s true condition, aiding you in making an informed decision about the purchase. It minimizes the risk of unexpected problems cropping up after you’ve moved in.
Safety assurance: Home inspections focus on safety hazards like faulty wiring, poor ventilation, and fire risks, ensuring your family’s well-being and highlighting areas that need attention.
Future planning: The inspection report becomes a roadmap for future maintenance and enhancements, aiding in prioritizing repairs and upgrades. This information is invaluable for budgeting and long-term planning.”
How much does a home inspection cost in Massachusetts?
The cost of a home inspection in Massachusetts can vary based on factors such as the property’s size, age, and location, as well as the specific services included in the inspection. On average, home inspections in Massachusetts typically range from approximately $400 to $800 or more.
To obtain an accurate estimate, it’s advisable to request quotes from qualified home inspectors in your area, taking into consideration the unique characteristics of the property you intend to inspect. While the upfront cost may vary, a thorough home inspection is a valuable investment in ensuring the condition and safety of your prospective home, providing peace of mind during the homebuying process.
Can you sell a house in Massachusetts without an inspection?
“One solution is to have a “post sale inspection.” These are sometimes done at a lower cost than Pre-Purchase Inspections as they have a slightly different focus. These inspections should still take over two hours and, if you are the buyer. you should attend the inspection. A Homeowner Inspection can provide the same benefits for homeowners who have not had their home inspected in a number of years.”
Expert advice for Massachusetts buyers before they get a home inspection
“A Home Inspection is your opportunity to ‘check under the hood’ and get to know the property in detail. We examine the house inside and out, and educate you on the building envelope and interiors, structure and systems, operation and maintenance. Waiving the inspection may result in unpleasant and costly surprises later on, suggests Accent Home Inspection, LLC.
“Here’s an important tip,” continues Accent Home Inspection, “Ask the sellers to disclose any problems in writing; they are required to answer truthfully. Browse inspectors’ websites, check qualifications and credentials, read reviews online. A professional and ethical inspector is not there to sell you anything, just to help you understand what you’re buying.”
“A home inspection helps the buyer determine the state of the property before finalizing the purchase. Depending on the age of the property and the materials with which the home was built, your inspector may find some of the following issues.” Five Stars Home Inspection, LLC lists the following:
Improper electrical wiring
Worn roofing
Plumbing deficiencies
Inoperable windows
Radon gas
Mold infestation
Insufficient ventilation
“There has been a recent tendency among homebuyers to submit offers that exclude the option of a home inspection,” advises John Rodkey, from JMR Inspections. “The idea behind this is to make an offer more competitive. However, this approach leaves homebuyers unaware of potentially costly issues. The associated risks are so significant that the Massachusetts legislature is currently deliberating on two bills, Senate 197 and House 245, with the title “An Act Protecting Consumer Rights in Purchasing Safe and Habitable Homes.”
“Essentially, these bills aim to preserve the right to have the structure inspected by a home inspector, ensuring that no seller or agent can insist, advise, or require an offer to exclude a home inspection to be considered valid.”
“The number of “pre-purchase home inspections” in Massachusetts have fallen off a cliff. Obviously, this puts recent home buyers ‘at risk’ of finding out their home isn’t what they thought it is. Most of the time, their newly purchased homes aren’t disasters, but the buyers simply don’t have a good sense of priorities – or they simply don’t understand what they need to do to maintain the home,” says Evergreen Home Inspection.
Massachusetts home inspection: the bottom line
In the realm of Massachusetts real estate, where history meets modernity and the climate adds its own challenges, home inspections are invaluable. Whether examining centuries-old structures or recent builds, the key lies in understanding a property’s depth beyond its facade. For buyers and sellers in the Bay State, a comprehensive home inspection isn’t just advisable—it’s essential. It ensures informed decisions, transparency, and a successful property transaction.
In the digital age, social media has — for better or worse — become an integral part of our lives, influencing how we perceive ourselves and others. For Gen Z Americans, accustomed to constant online connection, this influence extends beyond personal appearance and experiences. For their part, millennials are not only sharing photos and experiences but also comparing their achievements and possessions with their peers. Among the various markers of success, home value has long been a significant benchmark.
Fueled by the desire to keep up with others’ perceived achievements, home envy is reshaping the concept of the American Dream for these generations. The impact of social media on Gen Z’s and millennials’ perceptions of homeownership and the American Dream has some noteworthy implications — for both prospective homeowners as well as the lenders providing them with mortgages to realize that dream.
The rise of housing envy
As Gen Z members enter adulthood and the youngest millennials start to form families and settle into more traditional roles, many find themselves facing the pressure to achieve traditional markers of success, including owning a home. Platforms like Instagram, TikTok, and Facebook amplify the significance of this milestone via carefully curated posts showcasing beautifully furnished homes, inspiring interior design, and aspirational lifestyles. The seemingly constant exposure to these ‘picture-perfect’ homes can lead to feelings of inadequacy and envy, as young individuals measure their own living situations against those of their peers.
In fact, a recent study by Mphasis Digital Risk showed that 66% of young Americans routinely go online to check the value of homes belonging to friends and acquaintances. The survey of 1,386 people ranging in age of 46 years old or younger across the U.S. represented a broad spectrum of income levels, from lower- to upper-middle income. In addition, 79% of the respondents who looked up home values online said the activity left them feeling stressed, concerned or upset.
Benchmarking home value
From luxurious penthouses to cozy suburban homes, the wide spectrum of living arrangements can provoke a sense of inferiority or aspiration, depending on one’s perspective. Mphasis Digital Risk’s survey discovered that the primary reason respondents gave for checking home prices through online searches was to use the search “as a benchmark to measure their own income and worth,” (59%), while others are trying to get “a sense of their [friends’] income” (42%).
Over half (56%) say their own home-buying decisions are “very much” or “somewhat” affected by their searches online. This benchmarking mentality places immense pressure on both generations to achieve certain financial milestones and strive for home ownership, sometimes even before they are financially ready.
Additionally, the inability to reach the same level of home value as their peers can contribute to feelings of anxiety, depression, and a distorted perception of their own achievements, rather than personal fulfillment and growth.
Navigating the American Dream
The bright spot in all of this is that 74% of Gen Z and Millennials agree that owning a home is “part of the American Dream” and while 87% think it is currently too expensive to purchase a home right now – they indicated that if mortgage rates drop back into the 4-5% range they would be willing to jump in.
While homeownership remains a significant aspiration, it should not overshadow other essential elements of the American Dream, such as personal happiness, fulfillment, and financial stability. Both generations must resist the urge to succumb to external pressures and societal expectations, instead prioritizing their own values, long-term financial well-being, and individual journey towards success.
Embracing financial realism
Rather than becoming consumed by housing envy, Gen Z and millennials can benefit from adopting a realistic approach to homeownership. This includes understanding that lenders don’t benchmark borrowers against one another, and what an individual can afford is solely based on their financial situation.
The importance of financial preparedness, setting achievable goals, and focusing on sustainable long-term planning will enable a borrower to be a generational home owner. By prioritizing financial stability, investing in personal growth, and seeking out reliable advice, Millennials and Gen Zs can work towards their own version of the American Dream while maintaining a healthy perspective on the role of homeownership.
By understanding the psychological implications and redefining success beyond material possessions, these generations can regain control over their aspirations and work towards sustainable goals.
Kimberly Lanham is the Senior Vice President of Client and Industry Relations at Digital Risk.
Brexit, the British decision to leave the European Union, is the latest unexpected event that’s driving down mortgage interest rates as investors flee Great Britain and European markets for the safety of US Treasury bonds and mortgage-backed securities. Europe’s dilemma is a boon for American homeowners as the uncertainty in Europe took raising rates off the Federal Reserve’s agenda for the next quarter.
Once again, rates are approaching near record lows, creating new opportunities for homeowners to refinance.
How homeowners have reacted to rate drops
Following the drop in rates, the volume of new applications surged 14.2 percent in the week ending July 1 and another 7.2 in the week ending July 8, compared with the prior weeks, according to the Mortgage Bankers Association. Refinances accounted for 64 percent of mortgage application activity in the recent week, up from 58.1% two weeks earlier.
Many of the new refinancers have already refinanced recently. These “serial refinancers” are willing to pay the origination and closing costs involved getting a lower rate. A recent study by Black Knight Financial Services found that serial refinancers played a significant role in the rise and fall of refinancing volumes throughout 2015 driven by interest rate fluctuations.
According to the report, refinances from borrowers who’ve had their prior mortgage for less than two years rose by 800 percent from the first quarter of 2014 to the first quarter 2015 as interest rates dropped. Of these borrowers, two-thirds of these refinances in the fourth quarter were from borrowers who had their mortgage from less than four years.
During the housing peak from 2005 to 2006 nearly all refinance volume was coming from borrowers who held their prior mortgage for less than four years, Black Knight reported.
“Term reductions remain popular among borrowers taking advantage of low rates; not surprisingly they are more popular among more aged loans, as borrowers do not want to restart the clock on their mortgage,” the report said.
However, serial refinancing can be a losing proposition.
What does that mean for you?
“If your time horizon is not long enough, you are not going to be able to recoup the cost of refinancing,” said Greg McBride, senior financial analyst for Bankrate.com.
Even those who roll closing costs into the new loan can end up on the short end of the stick. McBride says consumers who continually raid the piggy bank to pay for such costs should think twice before opting for another refinance since they are increasing their balance with each refinances as opposed to knocking it down.
Anywhere Real Estate’s decision to settle two cases challenging the sales commission structure for residential agents could disrupt how home transactions are currently managed.
However, while this settlement is unilateral, it does not cover any of the other defendants in the two cases involved (Moehrl and Sitzer/Burnett), particularly the National Association of Realtors.
That could make it difficult to determine broader impacts, including on mortgage qualification and underwriting, of a potential shift in compensation source and amount regarding buyer real estate brokers.
Under current multiple listing service rules, the listing broker must offer compensation to the buyer’s representative as part of getting the property onto the system. Some have argued that making the buyer responsible for the fee would negatively affect what they are able to purchase.
Published reports give Anywhere’s settlement an $83.5 million value, but specifics are not yet available.
“The path to obtain final approval and implement the settlement is a long one, and Anywhere has taken the first important step toward a resolution that not only releases the company but also our affiliated agents and franchisees,” a company spokesperson said in a statement. “We believe the settlement will remove future uncertainty with respect to the upcoming trial, potential additional claims, and legal expense, enabling Anywhere to focus on and continue delivering what’s next for agents and franchisees.”
It could not comment any further given the ongoing legal matter and confidentiality agreements, the spokesperson said.
Indications are that Anywhere would make significant changes to how it handles compensation in transactions, but the lack of details makes it difficult for an assessment of the effects of those changes, a report from Thomas McJoynt-Griffith, Ryan Tomasello and Bose George of Keefe, Bruyette & Woods stated.
“We believe a shift toward optional cooperative compensation is a likely consideration as part of the settlement, at a minimum,” the KBW analysts said. “We note that this would technically put Anywhere’s practices at odds with NAR rules, but it is also unclear whether making cooperative compensation optional will actually change industry commissions in practice.”
During the Trump Administration, a settlement with NAR was reached but the U.S. Justice Department reneged on the deal following the election of Pres. Biden.
While settlement is always an option in cases like this, NAR’s commitment to defend itself remains unchanged and its compensation rule will survive the legal challenge, a statement from Mantill Williams, its vice president of communications said.
“The practice of the listing broker paying the buyer broker’s compensation saves sellers time and money by having so many buyer brokers participating in that local marketplace and thus creates a larger pool of buyers for sellers,” Williams said. “For buyers, these marketplaces save them the burden of extra costs at closing, enable them to receive professional representation and make homeownership possible for more people.”
In fact, Anywhere has argued that mandatory participation in the compensation scheme by seller brokers is not required to have “a well-functioning” home sales market, added BTIG analyst Soham Bhonsie.
Some MLS systems already allow for the selling broker to offer as little as $0 in commission to the buyer counterpart.
“Over time, sellers could decide to pay less to a buy-side agent which could lead to some comp compression (and potentially fewer showings), but the pace at which that could occur will be dictated by what brokers will allow to be charged at a local level as well,” Bhonsie said. “We think most brokers will continue to mandate a minimum compensation level for their agents to do business, which could in turn delay the impact to the buy-side agent.”
Taken to the next logical step, fewer showings are likely to translate into a lower number of sales, which in turn could potentially drive down mortgage origination volume.
The settlement of a third case was also unilateral, although it involved an MLS. At the time of the agreement in Nosalek v. MLS Property Information Network, one broker questioned whether NAR could survive the changes because of the amount of money at stake.
Hedging Webinar; Home Insurance Nightmare; GSE Changes; Interview with Henry Broeksmit on Youth in the Industry
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Hedging Webinar; Home Insurance Nightmare; GSE Changes; Interview with Henry Broeksmit on Youth in the Industry
By: Rob Chrisman
Wed, Sep 6 2023, 9:59 AM
This morning I head to Dallas, Texas, where, if you ask Redfin, prices are up 5 percent for the year. Or Zillow will tell you prices are down 2 percent. Can’t we all agree on something? Certainly, we can all agree that inflation is simply too many dollars chasing too few goods. How about when too many houses are chasing too few insurance companies? No insurance company wants to be the last one standing. (Today’s “Mortgage Matters: The Weekly Roundup” at 11AM PT, 2PM ET, focuses on how LOs and brokers are dealing with the homeowners insurance nightmare.) In California, home to plenty of insurance companies dropping insuring homes, the Insurance Commissioner is an elected position. Ricardo Lara doesn’t want to lose his job, so doesn’t allow insurance companies to raise their premiums to compensate for risk. So, they drop out. “With the average premium priced over $1,400, some homeowners are opting to drop home insurance altogether. But this decision comes with some serious risks…” (Today’s podcast can be found here and this week’s is sponsored by LoanCare, a Fidelity National Financial (NYSE: FNF) division and award-winning developer of the most sophisticated mortgage servicing portfolio management tool, LoanCare Analytics, built to support MSR investors with a focus on customer engagement, liquidity, and credit risk. Hear an interview with MAXEX’s Henry Broeksmit on youth in the mortgage industry and career paths out of college.)
Lender and Broker Products, Programs, and Services
In burro racing (yes, that’s a thing), people run behind, alongside, and sometimes carry pack donkeys across rugged terrain in a bid for a unique Triple Crown title. If you feel like you are dragging your tech vendor around the innovation track, it may be time to swap your burro out for a pedigreed racehorse like SimpleNexus, an nCino company. The SimpleNexus suite of mortgage solutions provides borrowers and loan officers with the modern, single-sign convenience of managing mortgage loans from anywhere. What’s more, SimpleNexus leads the pack when it comes to continuous product enhancements, having recently released a loan officer dashboard to help originators effectively manage their pipelines, special HELOC loan support, several native integrations, and much more. If you’re eager to leave your competition in the dust, schedule a demo today.
Make no mistake, 101 courses aren’t just for college freshmen. In fact, mortgage lenders of all experience levels can benefit from Optimal Blue’s upcoming webinar, Hedging 101: The Benefits of Mandatory Delivery. This session will be back by popular demand on Thursday, Sept. 14, at 1 p.m. ET. Pipeline hedging experts Jeff McCarty and Mark Teteris, CMB, will walk attendees through the theories behind hedging practices, various hedging instruments, best execution analysis and strategies to employ during market fluctuations. Whether you’re just entertaining the idea of transitioning to mandatory delivery, or you’re already a hedging veteran, you won’t want to miss this informative and directional webinar. Save your seat today.
Fannie and Freddie News
If you like acronyms, here’s a bone for you: the FHFA is cogitating on allowing IMBs to access the FHLB. Sure, many lenders and vendors are focused on surviving the autumn and winter with stubbornly high mortgage rates and stubbornly low inventory levels, but those with a long time horizon may want to pay attention to the future of the Federal Home Loan Bank system, and a good place to start is a write up of a forum held earlier this year.
Fannie Mae maintains a dedicated Disaster Response webpage which provides valuable resources including where to locate additional guidance and direction in the Selling Guide for loans currently in the process of being originated or loans currently being serviced. Mortgage lenders and servicers play a key role in helping borrowers and homeowners deal with the financial effects of hurricanes, fires, floods, earthquakes, and other disasters. With the frequency and severity of such events affecting communities nationwide, Fannie Mae provides the tools and flexibility lenders and servicers need to provide effective assistance, including payment relief, loan modifications, and even the additional recovery support provided by HUD-approved housing counselors at Fannie Mae’s Disaster Response Network.
Two reports were released by Federal Housing Finance Agency Office of Inspector General: FHFA Did Not Effectively Implement Records Management Training Controls for Onboarding Offboarding Personnel and Audit of the Federal Housing Finance Agency’s Privacy Program Fiscal Year 2023.
Beginning August 19th, Fannie Mae began accepting temporary interest rate buydowns on mortgage loans secured by standard manufactured homes (MH) and MH Advantage®. Now, lenders can help address affordability challenges with temporary interest rate savings. Refer to the buydown policies in the Selling Guide.
Fannie Mae updated LL-2023-05, Advance Notice of Changes to Master Servicing Processes and Systems, to include the effective dates servicers are required to submit borrower payment activity on summary reporting mortgage loans in Q2 2024 and provide notice that the Servicer’s Reconciliation Facility™ (SURF™) application will be retired on Oct. 31, 2023.
Brush up on your quality control (QC) basics with Fannie Mae’s new QC Fundamentals Boot Camp webcast. This session provides a detailed overview of Part D in the Selling Guide, which covers lenders’ QC processes. A robust QC program helps strengthen loan quality. Watch the webcast and revisit the fundamentals of QC.
The Uniform Closing Dataset (UCD) Submissions and Findings Report in Fannie Mae Connect™ can help lenders identify Phase 3B critical edits ahead of the Nov. 6 transition. Lenders who have access to the report can self-serve by pulling the findings to review the compliance of their submissions. Visit the UCD Critical Edits Transition Resources page.
Freddie Mac issued a reminder to homeowners and mortgage servicers of its relief options for those affected by Hurricane Idalia. Freddie Mac’s forbearance program provides homeowners mortgage relief for up to 12 months without incurring late fees or penalties. Freddie Mac’s disaster relief options are available to homeowners who have been impacted by an eligible disaster. This includes anytime the homeowner’s property experiences an insurable loss, and also covers instances where their homes or places of employment are located in Presidentially Declared Major Disaster Areas where federal Individual-Assistance programs are made available to affected individuals and households. Foreclosure and other legal proceedings are also suspended while homeowners are on a forbearance plan. More information is available on My Home by Freddie Mac where owners can read about the steps they can take to help recover from a natural disaster, including frequently asked questions related to disaster and mortgage relief.
Partnership Announced
FundingShield, a market-leading fintech providing plug-and-play solutions to manage risk, compliance, and fraud prevention, has entered a partnership with Tata Consultancy Services (TCS), a global leader in IT services, consulting, and business solutions. Together the partners hope to protect even more lenders, home buyers, and sellers from the rapid increase in wire and title fraud in recent years.
“As cybersecurity risks become more pervasive, lenders are focusing more on data integrity to ensure that data inconsistencies are resolved, and potential frauds are avoided. FundingShield’s live ecosystem of service provider source bank data is the largest in the industry with over 95 percent coverage. TCS clients can now benefit from direct access to FundingShield’s cost-saving and risk-mitigating ecosystem, allowing them to uphold superior standards in data integrity, bank account verification, and counterparty compliance.”
“TCS’s global presence, business acumen, and trusted relationships with the world’s largest financial institutions will allow FundingShield to deliver its innovative products straight to the banks who need them the most,” said Ike Suri, CEO of FundingShield. “The safest way to verify information is through automated, real-time, source-data verification, which is FundingShield’s expertise. We look forward to bringing our automations to more of the top US banks, GSEs, and to numerous other sectors where TCS has deep domain knowledge and experience.”
Capital Markets
The yield curve is a graphic depiction of U.S. Treasury yields from overnight to 30-year rates. The fact that it has been “inverted,” meaning short term rates are higher than long term rates, can be used to forecast the potential of a recession. So far that has failed.
Indeed, the yield curve “bear steepened” to open the week as investors weigh the resilience of the U.S. economy against slowdowns in China and Europe, while surging oil prices added further fodder to inflation concerns after Saudi Arabia and Russia extended temporary production cuts to the end of the year. The narrative that the U.S. economy is still expanding albeit at a slower pace floated around as markets continued to digest that there were 187k jobs added in August, though the prior two months’ of data were revised downward.
Looking back to last week, labor force participation in August was its highest since February 2020 at 62.8 percent. Additionally, the JOLTS report showed job openings declined to 8.8 million in July which was the lowest number since March 2021. As the supply and demand for labor returned to balance, wage growth cooled to 0.2 percent. Employment growth near its pre-pandemic rate and slower wage growth are welcome data points from the Fed’s perspective. Meanwhile, businesses continue to pull back on capital expenditures and the ISM manufacturing index remained in contractionary territory for the tenth consecutive month in August. Despite higher interest rates, new home construction increased in August as limited resale inventory and slowing material price inflation combined with strong builder incentives have boosted new home sales.
Despite a drop in mortgage rates, mortgage applications decreased 2.9 percent from one week earlier to the lowest level since 1996, according to data from MBA. That kicked off today’s economic calendar, alongside the July trade deficit. The deficit was expected to register $67.0 billion versus $65.5 billion in June. Later this morning brings the final August S&P Global services PMI, ISM non-manufacturing PMI for August, and remarks from Boston Fed President Collins and Dallas Fed President Logan. In between Fed speakers, the Beige Book will be released. Also of potential interest, the Bank of Canada will release its latest monetary policy decision later this morning, where rates are expected to be held steady at 5.00 percent. We begin the day with Agency MBS prices roughly unchanged from Tuesday evening, the 10-year yielding 4.25 after closing yesterday at 4.25 percent, and the 2-year at 4.95.
Employment
Evergreen Home Loans™ shines bright on Experience.com’s index, proudly ranking in the Top 10 for Large Division Mortgage Companies. Out of 300+ lenders, our distinction is evident. With over 50,000 loan officers indexed, our stellar associates and teams have clinched positions in the Top 1 percent in Customer Ratings: Corey Newell, Kendra Graybeal, Ruby Grynberg and Team Scott Reynolds. Exceptional customer service is the Evergreen hallmark. “Our dedication is to provide a WOW customer experience and deliver on time, as promised. It’s our brilliant team that turns this vision into reality, echoing our customer’s sentiments,” expressed Tamra Rieger, President of Evergreen Home Loans. Ready to be a part of our esteemed legacy? Visit: Careers at Evergreen.
“Stronghill Capital, LLC, an Austin, TX-based Wholesale and Correspondent Lender is HIRING! If you are an Account Executive with 3+ years of experience and an existing book of Correspondents and/or Brokers that you want to introduce to a dynamic company with a responsive management team that strives to provide world-class service levels, sharp price execution, and is committed to building the Non-QM ‘private money’ space, contact Matt Brammer. As we continue to expand, we are open to discussions throughout much of the United States.”
“At Homestead Funding, we understand the dynamic nature of the market, and we’re dedicated to equipping our team with the tools and resources needed to excel. We push the needle forward by discovering and delivering niche products that create more opportunities for homebuyers and allow us to better serve clients. Differentiate yourself in your marketplace: Join a team whose focus is on pioneering the future of home financing. We position our Loan Originators for success by providing them with cutting-edge resources, next-level operations support, and tailored marketing solutions built to drive engagement. Contact Michele Teague today to learn how you can elevate your career with a company that champions your growth, harnesses market trends, and empowers you to succeed.
The Mortgage Bankers Association (MBA) announced that George Rogers has joined the association as Vice President of Legislative Affairs, responsible for advocating on behalf of MBA’s legislative and policy priorities on Capitol Hill. Congratulations!
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A 30-member task force has begun to probe as many as 11,000 Bay Area, California cases for potential mortgage fraud, according to a report from The Mercury News.
The probe is being headed by Assistant U.S. Attorney Susan Badger and a slew of federal, state, and local investigators targeting homeowners, mortgage agents, and investors.
Badger told the paper the investigation is looking into crimes committed at all levels, including everyday borrowers who lied on their loan applications to qualify for mortgages they couldn’t truly afford.
Mortgage agents, such as loan officers and mortgage brokers, are also under scrutiny for potential fraud for their part in helping borrowers determine what income and asset figures were necessary to qualify for a given loan.
But public advocacy group The Greenlining Institute has criticized the targeting of individual borrowers, claiming only professionals who plugged in the numbers could accurately calculate which figures were necessary to get a loan approved.
Instead, the group has suggested targeting the firms that pushed the loan programs to begin with, such as the top executives at mortgage lenders Countrywide, World Savings, and Golden West.
More serious fraud, such as the practice of using “straw borrowers” with good credit to help investors with poor credit qualify for mortgages, is being targeted as well.
It’s unclear what type of penalty would be assessed to homeowners found guilty of overstating income and assets, though Badger told the paper “Charges are imminent.”
Local mortgage agents say at least one-third to as much as one-half of all home loans written in the East Bay during the housing boom involved fraudulent income and debt figures (debt-to-income ratio).
But proving who is at fault seems to be the biggest question mark.
At Promenade Towers, a Bunker Hill apartment complex with 611 units that bills itself as “an urban oasis in the heart of downtown,” tenants received 371 eviction notices from late January through July.
At 1600 Vine, a Hollywood building with 375 units that’s been known for attracting social media influencers who have posted from its balconies and manicured courtyard, 313 notices were issued in that period.
Across Los Angeles, more than 40,000 eviction notices, the vast majority of which were three-day notices to pay or move out, have been sent to tenants since late January. They were issued at buildings across the city, for amounts ranging from $0 to $561,700. The 10 buildings sending the most notices to their tenants — more than 150 each — were upscale apartments in places such as downtown, Hollywood and Woodland Hills.
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Details about the notices, which are a precursor to an eviction lawsuit, were collected by the city for the first time this year and made public by the city controller’s office. They shed light on a key step in the eviction process that until now has been shrouded in secrecy, offering a glimpse at how often tenants across the city are met with the threat of eviction.
While public perception is that tenants in low-income and gentrifying communities are most threatened with eviction, the data are in line with research showing that large property management firms tend to automate their processes and initiate eviction proceedings at higher rates, said Kyle Nelson, a senior policy and research analyst at the nonprofit advocacy group Strategic Actions for a Just Economy.
“You have extremely high-rent tenancies with extremely inflexible landlords,” said Nelson, who has been studying evictions in L.A. County for a decade.
The 40,000 notices were sent to residents of about 8,400 buildings. Roughly 94% of them were notices that give tenants three days, not including weekends or court holidays, to pay any outstanding rent, fix other issues or move out, according to an analysis by the controller’s office; 96% were issued for nonpayment of rent.
The data do not capture all the eviction notices issued by landlords through the end of July. The housing department has an estimated backlog of 5,000 paper copies received in the mail it needs to enter into its database, said spokesperson Sharon Sandow. The city plans to catch up no later than October.
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Some landlords said they automatically issue the notices when rent is late.
“Rent is due on the 1st and considered late on the 4th with ‘3-day pay or quit notices’ sent after the 4th as a reminder that rent is due and unpaid,” said Thomas Meredith, senior business manager for 1600 Vine. “These were only notifications that the tenant’s rent was past due.”
But by law the notices are more than reminders. They are the legal demands that come before a court case that could ultimately force a tenant from their home.
Landlords who serve notices don’t necessarily follow up with a lawsuit, however, and it’s unknown how many of the notices have translated to court action.
Representatives of Symmetry Apartments, a 431-unit complex in Northridge that issued 152 eviction notices, said it’s had 28 actual evictions this year, and not all were for nonpayment of rent. The complex had $2.2 million unpaid rent from the pandemic and began issuing eviction notices again in February when local emergency tenant protections ended, the landlord’s representatives said.
When those protections expired, the city adopted new rules meant to shield at-risk renters from a wave of evictions.
Among those rules is onethat bars tenants from being evicted for less than one month’s fair market rent, which is determined by the number of bedrooms in an apartment and based on figures from the U.S. Department of Housing and Urban Development for Los Angeles.
According to the data, landlords issued 4,300 eviction notices for amounts below that cutoff since March 27 when the ordinance went into effect.
The rule only applies to rent debt incurred after that date and the data do not specify when the debt was incurred, so it is difficult to say whether landlords are complying with the rules.
Symmetry Apartments issued seven notices for amounts lower than the fair market value threshold. Representatives said they were all “sent erroneously” and they did not file lawsuits in those cases.
At 1600 Vine, about 35 three-day notices were mistakenly issued for amounts below the threshold because of a clerical error and none resulted in an eviction, Meredith said.
Citywide there were about 1,300 cases in which nonpayment of rent was cited as the reason for an eviction notice even though the rent owed was listed as $0. More than 400 were issued for amounts less than $500.
There were also a sizable number of notices sent for very large amounts. Seventeen properties saw notices issued for more than $100,000 in back rent.
Since eviction notices were not previously collected in Los Angeles, it’s not known how the number of notices compares with the past.
But court filings show that eviction lawsuits are rapidly increasing across the region.
Before plummeting during the pandemic, eviction numbers in Los Angeles had been on a gradual downward trend since the Great Recession. That direction appears to be reversing as pandemic restrictions end and landlords move to file a backlog of cases.
From January through June 2023, there were more than 23,000 eviction lawsuits filed in L.A. County, a 74% increase over the first half of 2022 and the highest first half total since 2016, according to court data collected by Nelson, the research analyst.
The building that issued the most eviction notices in the period reflected in the data was Promenade Towers, where the least expensive one-bedroom was advertised for $2,487 a month as of Wednesday, 50% higher than the median comparable listing citywide, according to the real estate website Apartment List.
The building issued 371 notices to 170 units, more than a quarter of the total in the complex, according to the city housing department. Since July, the landlord, Goldrich Kest, which owns more than 100 apartment complexes across the country, has given out an additional 16 notices at the property, city records show.
Normally, eviction lawsuits are sealed for privacy purposes unless a landlord wins a judgment. But The Times reviewed nine eviction cases filed by Promenade Towers in August.
One was served to a 49-year-old woman living in one of the units reserved for low-income tenants. The woman, who requested anonymity out of concern for her future housing prospects, said her temporary job in property management ended soon after she moved in in early 2022. Since then, she has struggled to find consistent employment and has never paid rent.
“I haven’t been able to afford to move out,” the woman said. “Otherwise, I would have been long, long, long gone.”
All nine eviction lawsuits are for rent allegedly owed in 2022.
The City Council passed renter protections that now discourage landlords from filing eviction claimsagainst tenants for 2022 rent not paid because of the COVID-19 pandemic. The protections are intended to shield such tenants from eviction until February 2024 provided that COVID affected their ability to pay. It’s unclear whether that’s the case for the Promenade Towers residents.
Goldrich Kest officials did not answer a written list of questions from The Times, but maintain that the eviction cases it filed are valid.
“Without getting into the particulars, Promenade Towers is in full compliance with city and county ordinances,” said Love Zepeda, a company regional director.
Niv Davidovich, an attorney representing Goldrich Kest, said that his firm has won cases despite the pandemic restrictions even when the housing department objected.
“Such evictions were entirely legal and well within landlords’ rights to file and pursue, and these judgments prove this to be the case,” Davidovich said.
Park La Brea, a rent-stabilized community that is the largest apartment complex west of the Mississippi with 4,245 units, is another hot spot for eviction notices, according to the city data.
The Times analysis counted notices given at individual addresses. While none of Park La Brea’s addresses were in the top ten for most eviction notices, collectively the complex saw hundreds.
The 10 addresses with the most eviction notices spanned several neighborhoods, with four in the San Fernando Valley and six in the Los Angeles Basin.
In many cases, the buildings had several things in common: relatively high rents and residents who said management used eviction notices as a warning after late payments.
At Motif in Woodland Hills, where at least 183 eviction notices went out this year, resident Tracey was in the process of moving out.
When paying rent in Motif’s online portal, she said, tenants are given a five-day grace period. “The second you don’t pay there’s an eviction letter on your door,” Tracey said. Prior to moving out, Tracey racked up five eviction notices for being, she said, “like a second late” on payment, often while traveling.
“They’re really big on eviction letters,” she said, declining to give her last name for fear of retaliation by the property management company she will rely on in her new complex.
Stephanie, who declined to give her last name, was walking her dog at Reveal in Woodland Hills, where at least 233 eviction notices went out this year.
The building’s lease says the landlord can serve a three-day notice any day after the first of the month.
A seven-year resident of the complex, Stephanie said she understands why people get behind on rent.
“It’s really expensive and prices go up every year in this market,” she said.
Times assistant data and graphics editor Iris Lee contributed to this report.
Looking for an app that does it all – automate savings, track spending, investing, and get a free $250 cash advance?
Welcome to my Albert App Review.
Looking for an all-in-one personal finance app that will help you manage your money, save for your future, or even get a free cash advance when you need it?
In that case, you’ve come to the right spot!
In this Albert App Review, I’ll go over everything you need to know about the popular Albert app, and I will discuss its features, benefits, how the app can help you, and more.
You can sign up for the Albert app here.
The Albert app is becoming more and more popular as a money tool that can simplify your life. Instead of needing a bunch of different financial apps, Albert can help you consolidate your phone and need less. The app is a one-stop shop for your monthly financial needs – it automates savings, helps you manage your budget, and has spending, borrowing, and investing tools. With this easy app and the wide range of tools that you can use, Albert has many benefits.
This app reduces the need for multiple apps since it offers a wide range of tools and features.
If you’re looking for a money saving app, Albert can be a great option to start with. There’s a reason why it’s one of the top money apps in the App Store!
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Albert is one of the most popular personal finance apps, and it is designed to make it easier to save and invest all in one place. This app has features for saving, investing, and budgeting.
Quick Summary – Albert App Review
Albert app is a financial management tool that helps you to save, spend, and invest right in the app
The Genius feature allows you to ask any money question and get a real response from a real person
Albert app’s cash advance feature can get you up to $250
The app is free, but some features do require a monthly subscription
Albert App Review
What Is The Albert App?
The Albert app is a personal finance app that will help you manage your money better by making it easier to save and invest all in one place. This app has features for saving, investing, budgeting, and more.
It has many different features, such as budgeting tools, real-time alerts, and a helpful service where you can ask an expert money questions and get real answers catered to your situation. The app strives to make financial management easier and more organized for everyone.
Albert makes it easy to manage your finances, eliminating the need for visits to physical bank branches or formal phone calls with a financial expert. With the ease of using an app, you can easily track your financial well-being, helping you stay organized, reach goals, and find smart ways to save, spend, and invest. Albert stands out by simplifying your personal finances, all while keeping things very easy to use.
Albert also has a feature where you can get a small cash advance of up to $250 with no late fees, interest, or credit check. This advance is repaid from your next paycheck, giving you the option to avoid high-interest personal loan lenders for those in need of quick cash.
There are no hidden fees, and it is free to sign up. They do have a paid subscription plan that you can sign up for which will give you access to different features such as financial advice from experts. I talk about the paid part further below.
Does The Albert App Give You Money?
Albert provides instant cash advances to users who need small amounts of money before their payday. They do not charge late fees, interest, or run a credit check for this feature.
This can be a great way to not pay high rates on payday loans for when you just need a little bit of cash.
How it works is that the Albert app will send you up to $250 from your next paycheck straight to your bank account. Then, you simply repay them when you get paid. You can pay a small fee to get your money instantly, or you can wait 2-3 days and get the cash advance for free.
Albert Instant is available to all members of the Albert app who qualify, whether they are a paid subscriber or not. Now, not everyone will qualify. To determine your eligibility for a cash advance, they look at things such as if your income is direct deposited into your connected bank account, if your bank account has been open for at least 2 months and has a balance greater than $0, and if you’ve received consistent income in the past 2 months from the same employer.
Albert App Features
The Albert App has many other features, such as:
Banking with Albert
Albert has a user-friendly banking service through its partnership with FDIC-insured Sutton Bank. This includes features like no minimum balance requirement and access to your paycheck up to two days early.
With an Albert account, you can also earn cash back rewards, such as getting a cash back bonus on gas, groceries, and more when you purchase items with your Albert debit card. You can earn an average of $2.00 per gas tank fill-up. You do need to be a Genius subscriber to take advantage of this benefit.
The app also has fee-free ATMs for their paid subscribers at over 55,000 ATMs (when using the Albert Mastercard debit card).
Albert Savings
Albert Savings is the app’s automatic savings tool that is available to Genius subscribers. It saves money from your linked bank account to your Albert Savings account.
This automated savings tool helps you build up your funds without the stress of manual transfers. It analyzes your income and expenses to calculate the amount you can save comfortably. Or, you can manually set your own savings schedule.
The Albert saving feature can help you to save more money and reach your goals.
The money in your Albert Savings account is yours, and you can withdraw it at any time.
Albert Budgeting
The Albert Budgeting feature is super handy and packed with a bunch of useful tools to help you manage your money with ease.
The Albert app has budgeting tools to help you track your income and expenses, find fees that you shouldn’t be paying, and watch your financial progress. The app will send real-time alerts and notifications to help you stay on track with your budget. But, that’s not all.
Other features of Albert Budgeting include:
The Albert app can negotiate your bills so that you can save money. The app will help you lower your bills such as for cable TV, internet, cell phone, and more.
The Albert app also makes it easy to see all of your budgeting info in one quick place, such as tracking your recent bills, seeing how much you’re spending in different categories, and more.
The app will categorize your spending so that you can see where your money is going (this can help you to realize where you may need to cut back)
Also, the app will help you find hidden charges and subscriptions that you may not be using.
These are all very helpful features that can help you save a lot of money in the long run.
Albert Investing
If you’re new to investing or you’re looking for an easier way to invest, the Albert Investing side of the app can make getting started much, much easier.
With Albert Investing, you can start an investment portfolio that matches the amount of investment risk you want to take on and your financial goals. The app even provides investment guidance and lets you start investing without any minimum investment amount needed.
So, that means that you can start investing with Albert Investing with just $1.
You can get started investing in the app by answering some questions (the app wants to learn more about you so that it can make selections based on your personal situation). The app will then choose individual stocks or funds for you to invest in (or, you can choose these yourself if you know what you want to invest in). You can even ask the app to only invest in themes as well, such as companies that are interested in sustainability and the environment. You can then continue to invest automatically or on a recurring schedule. The auto-investing feature can be a great tool if you are looking to save time and invest regularly without really thinking about it.
Albert Genius
This is one of my favorite parts in the app.
The Albert Genius service gives you financial advice from a team of expert financial advisors (this is a team of real human experts that you are able to talk to – not a robot), available through a paid monthly subscription in the app.
You can ask their experts any money question that you have, whether it’s a big or small question, a general question, or something more specific to your personal situation. Your questions can be about anything from credit cards, budgeting, student loans, investing, credit card rewards, life insurance, your personal financial life, and more. These experts will help you answer your questions 7 days a week too. And, there’s no limit to the amount of questions you can ask.
This is a very nice feature to have access to.
Some of the questions you can ask include:
How do I start a budget?
How do I lower my car insurance? Am I paying too much?
How much can I personally afford to spend on a house?
How can I improve my credit score?
How much money should I have in my emergency fund?
Should I use extra cash to pay off debt or invest?
Can you help me to better under travel miles and credit cards?
There are so many different questions that you can ask the team at Albert!
Albert Protect
Albert Protect is a feature for paid subscribers on the app.
The Albert Protect feature monitors your money around the clock. The app will alert you if something suspicious comes up for any of your connected financial accounts or your identity. The app continuously watches for suspicious activity on your credit report, the dark web, data breaches, and unusual charges.
How Does The Albert App Work?
Signing up for Albert is easy!
Simply click here to get started.
Or, you can head to the Google Play or App Store, depending on your device (Android or iOS), and download the app. Once installed, the app will walk you through the setup process. There’s no need to worry about a credit check as Albert doesn’t require one for signing up.
Next, you’ll be asked some questions about yourself such as your name and age. The app is trying to learn more about you. Here’s what Albert says specifically about the questions that they ask: “We do this in order to best serve your needs: a 19-year-old single student has different financial objectives and priorities than a 37-year-old professional with two kids who will be starting college soon.”
Then, you’ll be asked to connect your financial accounts to the app. So, you may connect your bank account that your bills come out of, your credit card accounts, student loans, mortgage, investments accounts, and more. You can connect as many or as little as you want. This information helps the app better serve you so that it can give you recommendations, track your spending, give you alerts, and more.
After you sign up, you’ll have access to the many features mentioned above to help you manage your finances. As you learned above, there are a lot of tools in this app, so I recommend just playing around in the app at first to better familiarize yourself with it and see how it can help you. Maybe sit down for a few minutes at a time until you understand how to use the app in the best way for your financial situation. That’s exactly what I did when I first downloaded the app because it was a little intimidating at first trying to see all of the different things that the app can do. But, it’s so nice that everything can be done right from one app!
To sign up for the app, they do require that you be a U.S. citizen or resident, be at least 18 years old, and have a bank account with a U.S. financial institution. Unfortunately, at this time, the app is not available to those outside the U.S.
How Much Does Albert App Cost?
The Albert app has a lot of different features, so you may be wondering what the cost is or if there are any monthly fees.
The great thing is that many of the tools and features on the Albert app are free.
For example, the Albert App has a fee-free cash advance feature to help you cover unexpected expenses. If you need some extra cash until your next paycheck, you can get up to $250 as a cash advance, with no cost. There are no late fees, overdraft fees, or maintenance fees associated with this service.
You can also start investing with as little as $1 and use the free cash advances feature (as long as you meet eligibility requirements) without the need for a subscription.
Now, the Genius subscription does have a cost.
If you’re looking to unlock all of Albert’s helpful budgeting, saving, and investing tools, you might want to consider their Genius subscription. This subscription starts at just $14.99 per month and gives you access to some helpful benefits like cash bonuses and personalized financial advice. Keep in mind that the true value of the Genius subscription depends on how often you use the app and all its features. So, if you’re a frequent user of the app, it could be a great investment in your financial well-being.
Is Albert App Safe to Use?
Yes, Albert is safe to use.
Let’s start with the basics – the Albert app isn’t a bank, but it teams up with FDIC-insured Sutton Bank to offer you banking services. That means that the money in your Albert Cash account is safe because it’s protected by the Federal Deposit Insurance Corporation (also known as FDIC). That’s a fancy way of saying your funds are insured for up to $250,000.
Your Albert Savings accounts are held at FDIC-insured banks, including Coastal Community Bank, Axos Bank, and Wells Fargo.
When it comes to data security and privacy, Albert takes that seriously too. The app has security measures to protect your sensitive personal and financial information.
As for customer service, if you ever face any issues with the Albert app, you can easily reach out to their support team for assistance. Many Albert app reviews have mentioned their responsive customer service.
Pros and Cons of Albert
Like with any personal finance app, there are pros and cons. I can’t write an Albert app Review and not talk about the pros and cons, so that you can make the best decision for yourself.
Some of the benefits of using Albert include:
The app aggregates all of your accounts – Albert gives you an overview of your financial life by combining all your accounts in one place.
Savings and investments – The app offers customizable savings goals and can create a custom portfolio for your investment needs. It will also keep track of your transactions and help you identify potential savings opportunities as well as avoid late fees.
The Albert app is safe – Your information is kept safe with the same level of security used by major banks, as well as FDIC insurance.
Albert Genius – This feature provides personalized money advice from financial experts (real people, not a robot!) to help you make smarter financial decisions. You can ask any money question and will get personalized advice.
Free cash advance – Get a cash advance on your next paycheck without any late fees using Albert Instant, or access your paycheck up to two days early with direct deposit.
Free ATM withdrawals – This is a feature paid monthly members get to have.
While Albert has many helpful tools and features, there are some potential downsides to using the app such as:
App-only functionality – All features of Albert are limited to the app, which may be inconvenient for some people who prefer to be on their computer instead of their cell phone.
Fees – While many features in Albert are free to use, some, such as the Albert Genius service, require a subscription fee. The fee is quite affordable for the services you receive, though.
No phone calls – If you need to talk to customer support, there is no phone number to call. Instead, it’s all done through the app, text message, or email.
Frequently Asked Questions
Here are answers to commonly asked questions about the Albert app.
Is Albert a trustworthy app?
Yes, Albert is a trustworthy app. Your banking money is FDIC-insured, with coverage up to $250,000, and your investments are SIPC-insured. The app has many financial tools and you can even get personalized advice from experts.
How much can you borrow with Albert?
The maximum for a cash advance is $250.
How do you get $250 from Albert app?
Albert offers a cash advance feature called Albert Instant. After you enable this feature and meet the requirements, you can access funds quickly, sometimes up to $250.
Does Albert give you money right away?
In some cases, Albert can provide instant cash advances or help you get your paycheck up to two days early via direct deposit, depending on your employer and banking situation.
How long does it take to get money from Albert?
Getting your hands on the cash you need from Albert is all about the service you’re using. If you’re in a hurry, instant cash advances could have those funds in your pocket right away. But for paycheck advances and other features, it might take a couple of days before you see the money.
What are the requirements to get a cash advance on Albert?
Requirements for a cash advance with Albert include a history of consistent income, using the Albert app for a certain period, and having a bank account linked.
Does Albert hurt your credit?
Albert does not directly impact your credit score as it is not a lender. However, using the app’s guidance to improve financial management can help you work towards building or maintaining a higher credit score.
Does Albert need your social security number?
Yes, when signing up for the Albert app, it will ask you for your SSN. This is because it is an investment app and they need to verify that it is actually you signing up.
Is Albert or Chime better?
Albert and Chime are different financial apps with different features. Albert focuses on money management, investing, and advice, while Chime is a mobile banking app offering checking and savings account services. Your choice should depend on your financial goals and preferences.
Why is Albert taking money from my account?
If you’re already an Albert user, this may be a troubleshooting question that you have (and perhaps you searched Google and found this blog post). Albert takes money from your account (such as your bank checking account) to fund the services you’ve opted into, such as investments or automatic savings. You can check the app’s settings or contact Albert to learn more,
Is Albert app affiliated with a specific local bank?
Albert is backed by Sutton Bank.
Is the Albert app reliable and secure for banking?
Yes, Albert is a reliable and secure app for managing your finances. It is FDIC and SIPC-insured and has a variety of financial tools and resources to help you improve your financial situation.
How is Albert app customer service?
I did some research and I found great Albert app reviews on their customer service. The Albert app has customer service options within the app and online. They do not have an option to call their customer service and speak on the phone. But, if you’re like me, you probably prefer to get your questions answered via text message or email anyways.
Is Albert app legit?
Yes, the Albert app is a legitimate personal finance app that can help you manage and improve your finances. Millions of people (last I checked, over 10,000,000 people use this app) use the app’s many helpful tools. The app is available for people on Apple or Android devices and it has great reviews.
Who is Albert app best for? Who should not use it?
The Albert app is a helpful all-around financial app that can help many different people. If you’re looking for an all-in-one app to help you save, spend, borrow, and invest, Albert might be a good fit for you. The app is helpful for people who:
Want fee-free cash advances up to $250 (this is a feature that many people like because they don’t have to sign up for high-interest rate loans when they just need something for a short amount of time)
Need an app that gives you an overview of all your accounts in one place
Are interested in automatic savings and easy investing tools
Albert takes the work out of managing your finances and may be helpful for people who are trying to stay on top of their personal budget without having to juggle multiple apps.
However, Albert may not be the best fit for everyone and not everyone needs to have it. So, if you fall into any of the below, then this may not be the app for you
If you’re an experienced investor looking for more advanced trading tools, then this may not be the best investing app for you (the Albert app is basic in this area because I think it caters more to those who are new investors or are looking for something easier to manage)
If you’re someone who doesn’t feel comfortable linking their bank accounts to a third-party app (you will need to link accounts in order to get full use of the app – I understand that some people may not want to do this)
Albert App Review – Summary
I hope you enjoyed my Albert App Review.
I think this is a very helpful app, and I can see why it’s one of the most popular money apps today.
Albert is an app designed to help manage your saving, budgeting, investing, and more, all in one easy app. The app has all of the different money tools that you would want, plus some extras that you may have not realized you needed yet.
Albert is an app that helps you to manage many different parts of your financial life right from your cell phone (it’s not available on computers).
They even have the Genius feature (one of my favorite parts of the app), which is an in-app chat where you can ask one of their experts anything related to money, from credit cards, buying a car, student loans, and more. This is very helpful if you ever have questions about money.
And, if you need cash now, Albert may be able to give you a small advance of up to $250. There are no late fees, interest, or a credit check. If you want to avoid personal loan lenders who have high-interest rates, and only need a small cash advance, then Albert may be a place to start with. How this works is that they send you $250 from your next paycheck. You simply repay them when you receive your next paycheck.
You should keep in mind that investment options don’t include retirement plans and customer service can only be reached via email and text. Though the app’s budgeting tools are more basic compared to budgeting-focused apps, the Albert app still has many, many benefits to help you manage your finances effectively and it’s all from one easy-to-use app.
You can learn more about Albert here.
What’s your favorite personal finance app? Do you use the Albert app?