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Mortgage rates posted a big jump last week after Wednesday’s release of a higher-than-expected inflation report.

As a result, HousingWire’s Mortgage Rates Center showed the average 30-year fixed rate for conventional loans at 7.24% on Tuesday, up from 7.16% one week earlier. That’s roughly 40 basis points above the rate at the start of the year. At the same time one year ago, the 30-year fixed rate averaged 6.42%. Meanwhile, the 15-year fixed rate averaged 6.64% on Tuesday, up from 6.41% one week earlier.

As the market enters the peak homebuying season, last week’s above-consensus inflation figures brought the mortgage market back to a sour reality: The average 30-year fixed mortgage rate may be close to or above the 7% level for longer than previously expected.

“As mortgage rates increase, it’s never good news for the housing market, especially when more sellers are in the mix,” HousingWire lead analyst Logan Mohtashami said. “We saw a bounce in demand early in the year as rates fell. However, just like last year, when mortgage rates headed higher, it limits sales growth.”

As of April 12, there were 526,000 active single-family listings on the market, up 2.6% from the previous week, according to Altos Research. This uptick in inventory is a function of high and rising mortgage rates, according to Mike Simonsen, founder and president of Altos Research. 

Additionally, there were 66,000 new listings unsold last week plus another 20,000 immediate sales for 86,000 total new listings, up 32% from the same week a year ago.

Last week, the U.S. Bureau of Labor Statistics reported that consumer prices were up 3.5% in March compared to a year earlier. Investors reacted by adjusting their expectations for the number of rate cuts from the Federal Reserve this year. 

At the end of 2023, many investors anticipated six rate cuts for the year. A few weeks ago, three cuts became the expected norm. Now it’s two or fewer cuts, and some experts — like former Treasury Secretary Lawrence Summers — have included a rate hike in their scenarios, although the likelihood of that remains low.

In remarks made Tuesday in Washington, D.C., Federal Reserve Chair Jerome Powell said that multiple measures of inflation will need to move “sustainably toward 2% before it would be appropriate to ease policy.“

“That said, we think policy is well positioned to handle the risks that we face,“ Powell said. “If higher inflation does persist, we can maintain the current level of restriction for as long as needed. At the same time, we have significant space to ease should the labor market unexpectedly weaken.”

This report was updated to include comments from Federal Reserve Chair Jerome Powell.

Source: housingwire.com

Apache is functioning normally

Perera says that evaluating the air quality is her first move when starting a project. She favors using a whole-house air purification system to remove dust, chemicals, and mold/mycotoxins from the air. “I’m partial to IQAir,” she offers, “because it’s the only company I have found to filter particles down to .003 microns, whereas most others are .3 or .03. That extra level of filtration makes all the difference in air quality for sensitive individuals.”

Designer Lonni Paul, who suffers from allergies herself, also opts for hospital-grade IQAir high-performance purifiers to remove allergens from the air, as does Doykhen, who further appreciates Dyson and Molekule for their sleek and stylish options. Her favorite solution, however, is a whole-house system like Zehnder, which attaches to ducting.

“Proper ventilation throughout the home helps reduce indoor humidity and prevents mold growth,” says Garcia, who adds air purifiers with HEPA filters in bedrooms and offices and deploys exhaust fans in kitchens and bathrooms. “Installing window screens is a great trick for keeping outdoor allergens from entering the space. I also tend to avoid heavy drapery and choose light washable curtains instead.”

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Doykhen concurs on the last point, and opts for roller shades in her projects. “If clients prefer curtains,” Doykhen notes, “I would recommend washable, organic hypoallergenic textiles.”

Adding some greenery can help too. “Plants such as ferns, snake plants, and aloe vera are known for their ability to remove indoor air pollutants,” says Garcia—and don’t require a green thumb to maintain.

Avoid common irritants

Formaldehyde, a common allergic bugbear that often crops up in building materials, furniture, flooring, or textiles, should also be on designers’ radars. “Thankfully, in the last five years there has been a premium placed on low-VOC and formaldehyde-free products,” explains Christa O’Leary of Home in Harmony Designs. “For my first layer of defense, I always look for products that are GreenGuard Certified,” she says, an indication that the product has few to no volatile organic compounds.

“Insulation materials such as gas blocks or foam can also be harmful,” Yakusha says, adding that it is crucial to inquire about the materials used in every home’s construction—the fewer materials emitting formaldehyde, the better. She advocates for walls constructed from clay-based materials and natural plasters, using natural elements like wood, wicker, clay, and ceramics, and specifying parquet or microcement for flooring. (Vinyl or linoleum coatings should be avoided.) “Be cautious of using materials like artificial stone, which may contain harmful substances,” she warns. “While it may not always be feasible to surround yourself with entirely natural products, strive to minimize exposure to artificial materials.”

“We spend so much time in our bedrooms that minimizing chemical and dust exposure during this time is critical,” says designer Christa O’Leary, who devised this interior. She prefers furniture that is Greenguard certified.

Courtesy of Home in Harmony Designs

O’Leary says that when a client has allergies in general, “we assume that this includes a sensitivity to dust particles,” which can easily get caught in fabric and carpeting. Going low-“fluff,” as she calls it—especially in bedrooms—can prevent accumulation of irritants in areas where occupants may face exposure. In bedrooms, Perera goes for nontoxic mattresses and sheets, as well as non-upholstered bed frames (metal or wood being go-tos). “We spend so much time in our bedrooms that minimizing chemical and dust exposure during this time is critical,” she says, noting that her firm is partial to Loom and Leaf mattresses and Tencel sheets.

Source: architecturaldigest.com

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Reverse mortgage volume dropped in February compared to the month prior, and new data compiled by Reverse Market Insight (RMI) shows that the primary culprit for the month was retail reverse mortgage originations.

The retail channel volume decrease of 15.7% effectively “masked” a gain of 3.9% posted on the wholesale side of the business, according to RMI. To get a better idea of the dynamics driving this data, RMD spoke with Jon McCue, RMI’s director of client relations, for additional perspective and a breakdown of why business moved this way.

Retail vs. wholesale drop

When asked about why retail suffered a heavier drop for the month, McCue said it could stem from a few different factors.

“I know some companies have gone back to brokering their loans because the volumes are not high enough to support their own staff to compete in the full correspondent space, so I’m sure there is an uptick in part to that,” McCue said. “Outside of that, a one-month decline like this is really too early to weigh in heavily with speculation. If this becomes a trend, then I think that would tell us more.”

<img decoding="async" width="892" height="1023" data-attachment-id="434773" data-permalink="https://www.housingwire.com/articles/cracking-the-data-code-to-enlist-reverse-mortgage-referral-partners/jonmccue_rmi/" data-orig-file="https://www.housingwire.com/wp-content/uploads/2024/01/jonmccue_rmi.jpg" data-orig-size="892,1023" data-comments-opened="1" data-image-meta=""aperture":"0","credit":"","camera":"","caption":"","created_timestamp":"0","copyright":"","focal_length":"0","iso":"0","shutter_speed":"0","title":"","orientation":"0"" data-image-title="jonmccue_rmi" data-image-description="

Jon McCue, director of client relations at Reverse Market Insight (RMI).

” data-image-caption=”

Jon McCue

” data-medium-file=”https://www.housingwire.com/wp-content/uploads/2024/01/jonmccue_rmi.jpg?w=262″ data-large-file=”https://www.housingwire.com/wp-content/uploads/2024/01/jonmccue_rmi.jpg?w=892″ src=”https://www.housingwire.com/wp-content/uploads/2024/01/jonmccue_rmi.jpg?w=892″ alt=”Jon McCue, director of client relations at Reverse Market Insight (RMI).” class=”wp-image-434773″ srcset=”https://www.housingwire.com/wp-content/uploads/2024/01/jonmccue_rmi.jpg 892w, https://www.housingwire.com/wp-content/uploads/2024/01/jonmccue_rmi.jpg?resize=131,150 131w, https://www.housingwire.com/wp-content/uploads/2024/01/jonmccue_rmi.jpg?resize=262,300 262w, https://www.housingwire.com/wp-content/uploads/2024/01/jonmccue_rmi.jpg?resize=768,881 768w” sizes=”(max-width: 892px) 100vw, 892px”>

Jon McCue

Four of the top 10 lenders in the space — South River Mortgage, Goodlife Home Loans, Longbridge Financial and Liberty Reverse Mortgage — managed to post gains for the month. When asked about why the bigger lenders sustained drops in the retail and consumer-direct business channels compared to the wholesale side, McCue said part of it is data visibility.

“Given that the vast majority of brokers in the space only do zero to one loans a month, it is easier to see the significant decreases in the larger players since their volumes are more visible to the entire space,” he said.

“Because of this fact, when there are industry headwinds, we tend to see it first in the larger lenders simply because it is easier to see. However, if we go back to the November and December case number assignments, the writing was sort of on the wall that a month like this was coming.”

That’s because those were the two lowest case number assignment months in all of 2023, McCue said. South River Mortgage does not have a wholesale channel, so its growth was due entirely to retail, but for the other lenders it was a bit more channel-driven, with the exception of Longbridge, he added.

“Longbridge led the wholesale channel in February and was No. 3 in retail, so when combined it gave them a nice boost month over month,” McCue said. “Goodlife was all from their wholesale channel, and Liberty was a little bit of a combined effort as well from both its channels.”

Case numbers, product types

In terms of case numbers, the low-issuance months at the end of 2023 served as a bit of a telegraph, McCue noted.

“Since we are speaking of February endorsements, we need to go back to around the November and December case number assignments, which happened to be the lowest in all of 2023 at just over 2,600 and 2,200 respectively,” he explained.

“With that said, you shouldn’t be too surprised to see endorsements fall off in February. However, ever since the start of the year, we have seen an uptick in case numbers, which correlates to the uptick in activity LOs have been seeing and that [RMD has] reported on.”

Earlier in the year, RMD spoke to reverse mortgage managers and loan officers across the country, who did in fact report a more steady stream of inbound inquiries and product interest. Part of that was also due to an apparent increase in originator sentiment around the HECM for Purchase (H4P) product, which RMI hopes to see more of in the months ahead.

“We are firm believers that the H4P product is prime to take off,” McCue said. “When looking at H4P volumes over the years, interest rates have had very little to do with its success. In fact, the lowest levels of H4P were in the lowest rate environment during the 2020 pandemic as inventory tightened and seniors were not interested in moving given all that was happening.”

Industry perseverance

But other data suggests that seniors may be more willing to move again. He cited the 2024 Generational Trends report from by the National Association of Realtors (NAR), which indicated that the senior demographic made up the second-largest portions of buyers and sellers.

“This tells me [seniors] are moving again, so what are their options? For the right people in this high interest rate environment, an H4P may just be what they need,” McCue said. “And now that the program has gone through some recent changes, it is more closely related to its forward counterpart.”

The reverse mortgage industry, he added, is adding its own brand of perseverance to the table.

“With the rate environment we are in, it is tough, but case number assignments have been on the rise since January, the H4P product got some much needed improvements, and in speaking with LOs, it sounds like they are keeping busy,” McCue said. “Currently, all signs are pointing in the right direction, but that isn’t because of rates. It’s because of the hard work of all the professionals in this space working very hard to help their clients.”

Source: housingwire.com

Apache is functioning normally

Traveling on a plane can be a stressful endeavor, whether you’re bringing a checked bag, a whole family or extra equipment to get around. But for those who make use of a wheelchair, air travel is becoming more accessible than ever before.

Because of updated U.S. Department of Transportation policies, as well as innovations from certain airlines, flying with a wheelchair is becoming easier.

Let’s take a look at how the process works, what bringing a wheelchair on a plane entails and what changes are helping to make air travel for wheelchair users a better experience.

How to fly with a wheelchair

Air travel is meant to be accessible to everyone. Whether a traveler uses a wheelchair full time or requires one only to navigate through the airport, accessibility services are available to them.

Requesting a wheelchair at the airport

Airlines are required to provide prompt aid to passengers needing additional assistance. This includes those who need a wheelchair to get around, and you are allowed to request one for use in the airport. If this is the case for you, you’ll want to advise the airline as early as possible.

Once you arrive at the airport, you’ll need to let the airline know that you require a wheelchair.

Bringing your own wheelchair

There are a couple of extra conditions to be aware of if you’re traveling with your own wheelchair. You can fly with a power wheelchair, but the DOT’s guidance page notes that you’ll need to arrive an hour before standard check-in time.

You can stay in your own wheelchair until you get to the gate. At this point, if your chair will not fit in the cabin, it will be taken and checked.

If necessary, the airline will then provide an aisle chair to help you get to your seat. Once landed, your wheelchair will be waiting for you at the gate.

Can you check a wheelchair on an airplane?

Yes, you can check a wheelchair on a plane. This is the case for both manual wheelchairs and powered wheelchairs. Checking your medical equipment is free of charge.

However, note that some aircraft may have limitations when it comes to accepting powered wheelchairs due to their size. For example, United Airlines has recognized this and created new policies to address it (more on that below).

How to pack a wheelchair for flight

There are no special requirements necessary if you’re bringing your wheelchair on your flight. Eligible manual wheelchairs can be stowed in the cabin of the aircraft, whether that’s in the storage bin above you, under the seat in front of you or in the designated wheelchair storage area onboard the plane.

If your wheelchair doesn’t fit or uses a battery, it’ll be taken and checked into the cargo area for free.

In this case, we recommend labeling your wheelchair with your name and contact information and attaching any relevant handling or disassembly instructions.

Accessible policies for those traveling with a wheelchair, broken down by airline

Traveling with a wheelchair can be more complicated than you’d expect, which is why the government and certain airlines are adopting new strategies to help ensure dignity and respect for everyone.

U.S. DOT accessibility policies

The DOT has published its Bill of Rights for passengers with disbilities, which includes the right to be treated with dignity and respect, the right to accessible facilities and the right to travel with an assistive device, among other rights.

🤓Nerdy Tip

Generally speaking, it’s free to check your wheelchair or mobility device in addition to your checked bags. This includes wheelchairs (manual or electric) as well as scooters, walkers, canes and crutches.

Note that devices must meet airline battery and safety requirements.

The DOT has also enacted a rule that will require single-aisle aircraft to provide an accessible lavatory.

American Airlines wheelchair assistance

American Airlines asks passengers to submit assistance requests in advance because after you’ve done so, a coordinator will contact you directly to ensure everything is ready for your trip.

The airline will also work with you to book the right seat if you need extra space or have specific mobility needs.

How to get a wheelchair at the airport for American Airlines

To request wheelchair assistance, select the “Add special assistance” option during booking or in “Manage Trips” from the airline’s home page after logging in to your account. You can also request assistance by calling 800-237-7976.

Delta wheelchair assistance

Delta Air Lines has debuted a prototype airline seat that allows powered wheelchair users to remain in their own seat during the flight. This is still some way off from being implemented in aircraft, but it’s nice to see that the airline is making strides to become more accessible.

How to get a wheelchair at the airport on Delta

You can request wheelchair service in your Delta SkyMiles account after booking your flight, under “My Trips.” You can also call the airline at 404-209-3434.

Southwest Airlines wheelchair assistance

You do not need to notify Southwest before arriving at the airport to receive disability-related assistance. The airline offers an online Accessible Travel Assistance hub to streamline planning, and while it prefers your wheelchair is stowed on board as a carry-on, it is possible to gate check your device for cargo.

How to request wheelchair at airport for Southwest

Simply ask any Southwest employee and they will guide you through the necessary steps. There are steps to do this in advance if you prefer, including calling 800-I-FLY-SWA (800-435-9792).

United Airlines wheelchair assistance

For its part, United Airlines has announced a change to its search system that’ll greatly simplify the process for those who use powered wheelchairs.

While the new system isn’t live yet, the updated search feature will include the ability to input the dimensions of your wheelchair. Doing so allows you to weed out aircraft with cargo doors that won’t accommodate the size of your wheelchair.

Even better, if your preferred flight cannot accommodate your wheelchair, you can book a different flight on the same day — and if it’s more expensive, United will refund you the difference.

How do I request a wheelchair on United Airlines?

You can request a wheelchair for your flight or airport experience in the traveler information section at booking or in your MileagePlus account under “My Trips” after you’ve purchased your ticket.

If you’re bringing a wheelchair on a plane

Airports and airlines are becoming better suited to passengers with disabilities who are traveling, including those who use a wheelchair. Whether you need one to navigate the airport or are bringing one from home, new regulations and policies have been established to ensure that your travel experience is as seamless as possible.

How to maximize your rewards

You want a travel credit card that prioritizes what’s important to you. Here are our picks for the best travel credit cards of 2024, including those best for:

Source: nerdwallet.com

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In Naples, Florida’s prestigious Aqualane Shores — consistently ranked as one of the most expensive residential areas in the nation — a breathtaking new listing has hit the market for $16.5 million.

This modern marvel, designed by the acclaimed Jonathan Kukk and decked out by Amy Storm & Company, spans nearly 5,500 square feet and features five bedrooms, each with its own ensuite bathroom, and a slew of luxurious amenities including an elevator, pool, spa, and direct Gulf access.

The listing, brought to market by the power team at the Dawn McKenna Group, one of Coldwell Banker’s leading real estate teams, stands out with its impeccable design and bright, light-filled spaces and we’re here to take you on a quick tour of the striking abode.

What $16.5M buys you in Naples, Florida

Photo credit: Three Palms Media / Coldwell Banker

Nestled in the heart of Naples, Florida, the newly built luxury home stands two stories tall, overlooking the canal.

Spanning nearly 5,500 square feet, this beauty comes with five bedrooms plus a den, five and a half baths, and luxe amenities like an elevator, a shimmering pool and spa, plus a view of the canal with Gulf access.

And if you think $16.5 million is a steep price to pay to enjoy living in Naples, know that a nearby property is asking $174 million, while another 9-acre compound in the area landed on the market with a bang earlier this year, asking $295 million. The price point instantly made it the most expensive house for sale in the entire country.

Architectural artistry by Jonathan Kukk

Photo credit: Three Palms Media / Coldwell Banker

Designed by the esteemed Jonathan Kukk, CEO and Founder of Kukk Architecture & Design, this house is a testament to modern architectural genius.

Kukk, known for his ability to blend functionality with aesthetic appeal, has created a structure that’s not just a house, but a piece of art. His designs often feature clean lines and open spaces that maximize natural light, and this home is no exception.

Interior elegance by Amy Storm & Company

Photo credit: Three Palms Media / Coldwell Banker

The interior of this home is the first project in Naples for Amy Storm & Company, a top-tier Chicago-based design firm.

They’ve brought their renowned expertise to the table, creating interiors that feature natural materials, layered neutrals, and finishes that radiate harmony. Every corner of the home reflects their signature style of understated elegance combined with modern comfort.

Anchored by a beautifully appointed kitchen

Photo credit: Three Palms Media / Coldwell Banker

At the heart of the home, the custom-designed kitchen is a chef’s dream. It boasts Aella Marble countertops and backsplash, a top-notch La Cornue stove, and state-of-the-art appliances.

Whether you’re whipping up a quick breakfast or hosting a gourmet dinner, this kitchen doesn’t just keep up; it stands out.

See also: Top 10 Celebrity Kitchens We Can’t Get Over

Grandeur in the great room

Photo credit: Three Palms Media / Coldwell Banker

Adjacent to the kitchen, the great room is where this home’s personality shines. It’s a sprawling space meant for living large, whether you’re hosting a party or unwinding after a long day.

With its high ceilings, sophisticated lighting, and a layout that encourages easy conversation, it’s the perfect backdrop for making memories.

Blissful bedrooms

Photo credit: Three Palms Media / Coldwell Banker

Upstairs, down the hall, everywhere you look — comfort meets style in the five generously sized bedrooms, each featuring an ensuite bathroom.

Thanks to the thoughtful placement of bedrooms over two levels and an elevator to stitch the spaces together, convenience is literally at every turn.

See also: Shaquille O’Neal’s house in Orlando — with the Superman Bed

Outdoor oasis

Photo credit: Three Palms Media / Coldwell Banker

Step outside to a southern exposure that bathes the landscape in sunlight.

The home’s outdoor area is an entertainer’s paradise, complete with a plush lanai, an outdoor kitchen, and a plaster-clad fireplace for those chillier evenings. Whether it’s pool parties by day or cozy fireside chats by night, this space is ready for any event.

Living it up in Aqualane Shores

Photo credit: Three Palms Media / Coldwell Banker

Aqualane Shores isn’t just any neighborhood, it’s one of Naples’ most exclusive addresses.

Known for its luxurious homes and pristine waterways, living here means you’re part of a vibrant community that enjoys the finer things in life — boating, easy Gulf access, and breathtaking views are just the beginning.

And properties come with mark-ups to match: The median listing price for the neighborhood sits at a hefty $16 million, per Realtor.com, with a median price/sq. ft. of $2.8k, which makes the coveted community one of the most expensive residential areas in the country.

More stories

Throwback Thursday: A majestic penthouse on Marco Island, FL fit for a king

A Jupiter, FL house across the waterway from Tiger Woods’ place sells for $15.4M

Newly built $21M luxury estate redefines waterfront living in Tampa Bay

Source: fancypantshomes.com

Apache is functioning normally

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The Upshot

A Huge Number of Homeowners Have Mortgage Rates Too Good to Give Up

On a scale not seen in decades, many Americans are stuck in homes they would rather leave.

Emily Badger and

April 15, 2024

Something deeply unusual has happened in the American housing market over the last two years, as mortgage rates have risen to around 7 percent.

Rates that high are not, by themselves, historically remarkable. The trouble is that the average American household with a mortgage is sitting on a fixed rate that’s a whopping three points lower.

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Average fixed mortgage rates

8%

Existing
mortgages

6%

3.2-
point
gap

Rates on
new loans

4%

Rates on new home loans now far surpass rates locked in by Americans with existing
mortgages.

2%

2000

2005

2010

2015

2020

2023

Average fixed mortgage rates

8%

Existing
mortgages

6%

3.2-
point
gap

Rates on
new loans

4%

Rates on new home loans now far surpass rates locked in by Americans with existing
mortgages.

2%

2000

2005

2010

2015

2020

2023

Source: Federal Housing Finance Agency analysis. Note: New loan figures show the predicted rate that existing mortgage holders could get on the same mortgages at new market conditions.

The gap that has jumped open between these two lines has created a nationwide lock-in effect — paralyzing people in homes they may wish to leave — on a scale not seen in decades. For homeowners not looking to move anytime soon, the low rates they secured during the pandemic will benefit them for years to come. But for many others, those rates have become a complication, disrupting both household decisions and the housing market as a whole.

new research from economists at the Federal Housing Finance Agency, this lock-in effect is responsible for about 1.3 million fewer home sales in America during the run-up in rates from the spring of 2022 through the end of 2023. That’s a startling number in a nation where around five million homes sell annually in more normal times — most of those to people who already own.

These locked-in households haven’t relocated for better jobs or higher pay, and haven’t been able to downsize or acquire more space. They also haven’t opened up homes for first-time buyers. And that’s driven up prices and gummed up the market.

Share of existing mortgages with rates below or above new market rates Percentage point difference from rates on new mortgages BELOW
-3
-2
-1
0
+1
+2
+3
ABOVE
Federal Housing Finance Agency analysis. Note: Data covers all fixed-rate mortgages in the U.S.

Distribution of fixed rates held by existing mortgage holders
1999
Before the dot-com recession
2005
During the housing boom
2011
Emerging from the Great Recession
2019
On the eve of the pandemic
2023
Post-pandemic

Source: Federal Housing Finance Agency analysis. Note: Data shown captures the fourth quarter of each year.

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Source: nytimes.com

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As Indian summers invite us to stay indoors and enjoy our surroundings, homes become havens of warmth and holiday vibes. With the days getting longer and temperatures rising, it’s the perfect time to infuse your space with summer decor ideas. Whether you’re longing for a tropical getaway or a serene retreat, summer-inspired designs offer limitless opportunities to revitalise your home. Experiment with vibrant colour palettes and incorporate light, airy materials to capture the essence of the season. Whether you opt for subtle changes in one corner or a bold transformation of the entire room, embrace the spirit of summer and create a refreshing sanctuary within your home. (Also read: Summer interior design trends 2024: 7 tips for infusing coastal vibes into your home décor )

Embrace the essence of summer indoors with a refreshing home makeover(Unsplash)

7 trendy summer home decor ideas

Interior Designer Punam Kalra Creative Director of I’m the Centre for Applied Arts shared with HT Lifestyle seven summer decor ideas that will make your home feel cool and fresh.

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1. Set up an intimate indoor ambience

The brute of the summer sun calls for an escape—you can have that by creating your own bubble with singular, statement furniture pieces that tie the space together. Choose settees over sectional sofas, chandeliers over pendant lights, pedestal tables over side tables and closets over racks, to create a close-knit ball of comfort.

2. Go with nature-inspired mood boards

The home-bound times may take us away from nature—say otherwise by throwing hints of raw nature in the interior elements. Bring a tactile memory with rough cuts of the stones in the wall, veins of the live wood in the tables, grains of the ceramic in the accessories or a fresh whiff of organic dyes in the tapestries that reminisce the outdoor scenes.

3. Give life to the hushed colour palettes

The hushed, lighter tones can easily make the sun-bathed spaces look deserted—make them livelier with energized hues of neutral and pastel colours that keep up with the quietude of the season, without being overwhelming. Bring in a peach upholstered chaise, zest cocktail table, mint green console or an ice blue canvas to refresh the aesthetic with a mood unique to the colour.

4. Include a selection of breathable fabrics

The still summer air needs a space that it can breathe through—try stripping the space off the décor layers and keep things light. Get your hands on linen, cotton, chambray and more that are easy on everything from the upholstery to the drapery. You can keep things simple with solid sheer cotton or talk about exclusivity with dyed and block-printed patterns that are authentic and sustainable at the same time.

5. Get your hands on the handcrafted pieces

Handcrafted styles speak for the things that are both near and afar—something that is a local craft but seen only in a far-off summer retreat. Take a detour and bring them back to your space like a cocooning rattan armchair, basketed jute planters, caged bamboo pendants, looped hemp rugs and more that let you relive your holiday memories whilst cooling your space down with the restorative character of nature-based materials.

6. Make way for the vacay vibes

A regular home can be an ode to the vacation home when the elements make their way into the interior. While you can think big like setting up a cabana in your backyard—try to start small by adding a hammock to your deck or a patio furniture set to your porch. Recreate a nautical style statement with blue-white stripes in upholstery, shell studded embellishments in the tables or weather wood planks in the wall décor, to give something that you can indulge in, all day every day.

7. Don’t forget the fresh greens

An indoor ambience gets fresh both by look and feel, when the greens are a part of it. You can sound exotic with tropical ferns and florals or keep things simple and practical with peace lilies, spider plants, and English ivies, among others. You can also house succulents like aloe vera, jade, cactus and more that stand the heat and come out as aesthetic greens, ideal for low-maintenance contemporary homes.

Source: hindustantimes.com

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Home Equity Processing, Del and Non-Del, TPO, Rate Reset Products; Government Program Updates

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Home Equity Processing, Del and Non-Del, TPO, Rate Reset Products; Government Program Updates

By:
Rob Chrisman

Fri, Apr 12 2024, 11:24 AM

When I win the lottery, I am going to buy one of these to heat my blankets at home. Of course, that would mean that I will have to start playing the lottery, so until then I’ll just have to rely on my cat Myrtle to prep things. Just because you own a home, doesn’t mean you’re wealthy; some homeowners live in poverty. A LendingTree analysis shows that more than 3 million families who live in owner-occupied homes in the U.S. earn incomes below the poverty threshold for their family. 7.4 million families across the nation earn incomes below their poverty threshold… nearly 9 percent living in poverty! Of the families in poverty, 41 percent live in owner-occupied housing units and 59 percent live in renter-occupied housing units. Montana, Vermont, and Idaho have the largest share of impoverished families living in owner-occupied homes, 55 percent on average. New York, Connecticut, and New Jersey have the smallest share of impoverished families living in owner-occupied homes at 29 percent on average. (If you want to dig into what “poverty” means, here you go.) (Found here after 8:30AM ET, this week’s podcasts are sponsored by PHH Mortgage. From subservicing to correspondent lending, MSR/co-issue transactions, portfolio retention, reverse mortgages, and commercial servicing, PHH has solutions for the entire mortgage lifecycle. Hear an interview with MCT’s Phil Rasori on the current state of the capital markets and the “holy grail” for pricing technology.)

Lender and Broker Products, Software, and Services

Orion Lending has revamped its HyperTrack training program to now offer both scheduled and on-demand training! Orion’s recent Down Payment Assistance (DPA) session covered the newest enhancements to their proprietary Boost DPA program, including Forgivable Seconds, 1/0 & 2/1 Buydowns, and High Balance options. Wait… what, you weren’t one of the 150+ registrants for that session?? From best practices on how to service more borrowers using DPA in this competitive landscape to learning about all other Orion Loan programs, (and the amazing STAR Portal!) HyperTrack is here to support you! No need to miss out on anything Orion has to offer going forward, it’s on demand, when you need it! Visit here to hyper speed your business!

ACES Q3 2023 Mortgage QC Trends Report Finds Critical Defect Rate Declines for Fourth Consecutive Quarter: Despite mortgage interest rates and volume concerns, critical defect rates have maintained a downward trend, ending the quarter at 1.67 percent. Summary of Findings include the overall critical defect rate declined 2.91 percent ending the quarter at 1.67 percent, defects in Credit & Liabilities categories increased for the 3rd straight quarter, income/employment continues to lead all defect categories, and defect share increased across all loan types except conventional. “While fewer loans may afford lenders the opportunity to intensify their focus on quality, it’s clear that maintaining high standards amidst market fluctuations remains paramount. The persistence of this trend underscores the industry’s adaptability and dedication to ensuring the integrity of lending practices.”- ACES Executive Vice President Nick Volpe. Read the Report

“The Arizona sun isn’t the only thing heating up. Total Expert is bringing the hottest tech in retail mortgage to HousingWire The Gathering 2024! The Total Expert team will be on-site to show you how we can help make the most of every opportunity as the market looks to rebound in 2024 and beyond. Three ways to connect with us at the show: stop by our kiosk to grab some pickleball swag; catch our Founder & CEO Joe Welu’s session on The Modern Marketing Strategy in Retail Lending during the Vanguard Forum in Salon A-G, Monday at 4:15 p.m.; and grab a drink on us at the Pickleball viewing party at 3:00 p.m. on Tuesday. Schedule a meeting to connect with us at the show.”

“Rocket Pro TPO is hosting a special edition Pro Talks event during the week of the 2024 NFL Draft in Detroit, MI. On April 24th, 2024, at 2PM ET tune in virtually to hear from Mike Fawaz, Executive Vice President of Rocket Pro TPO, and featured guest Kirk Herbstreit, a renowned sports analyst known for his insightful commentary on ESPN’s College GameDay and Thursday Night Football on Prime. Herbstreit will explore the parallels between the sports and business worlds, offering his take on strategy, teamwork and what it takes for professionals, athletes, and business alike, to succeed. Don’t miss this opportunity to gain unique perspectives from Kirk Herbstreit. Sign up now for this special edition of Pro Talks! For more information, contact Rocket Pro TPO today!”

Want to cut your home equity origination times down from 45 days to as few as 5 days? Heading to the MeridianLink User Forum in Nashville later this month? FirstClose, the fintech provider of one-of-a-kind home equity workflow solutions for mortgage and home equity lenders nationwide, is proud to be a Platinum sponsor of this year’s event. Lenders using FirstClose Equity have experienced a 35 percent increase in online applications, a 25 percent increase in pull-through and a 77 percent reduction in time to close from application to funding. So if you’re looking to up your “equity game” or get into the space, schedule a meeting with us at the show so we can discuss your home equity needs.

FINOFR (formerly Rate Reset) launched its patented Reset technology with Vantage West Credit Union. What is a Reset? A “Reset” eliminates the process of a refinance and can be completed by the homeowner in 90 seconds. FINOFR has forever changed Mortgage Banking (for the better) solving mortgage retention. FINOFR has a 90 percent retention rate and has completed over 22,000 Resets with over $22 billion in volume. If you own portfolio mortgage loans, and want to see a demo, contact Foster Kelly.

“The Mortgage Bankers Association Secondary & Capital Markets Conference Expo is nearly a month away. Have you scheduled time to meet with Spring EQ Correspondent Lending? Contact Joe Garcia or Rick Martinez today and meet with them during the conference at the Times Square EDITION Hotel! Spring EQ Correspondent is offering delegated and non-delegated options to qualified correspondent sellers, with maximum premiums paid up to 3 percent. The need for home equity solutions is surging among borrowers, so make sure your business is prepared to meet this demand by partnering with the experts in home equity at Spring EQ. Interested in a correspondent partnership? Click here. We look forward to seeing you in New York City!”

Government Lending News

USDA Rural Development Bulletin discusses GUS changes and updates to HB-1-3555, Chapters 8, 12, and 15. Additionally, the bulletin announces revisions to technical Handbook-1-3555, Chapters 8, 12, and 15. These changes became effective upon the recent issuance of a Procedure Notice (PN).

FHA published extensions to its temporary regulatory waiver and related Single Family Housing Policy Handbook 4000.1 waiver, which allow mortgagees to utilize alternative methods for conducting meetings with borrowers in accordance with FHA’s early default intervention requirements. These alternatives provide practical and useful methods for conducting meetings with borrowers while ensuring they still receive needed information directly from their mortgage servicer.

Pursuant to APM 17-06 and Chapter 3, Part 21 §B(1) Ginnie Mae monitors its counterparties portfolios to ensure Ginnie Mae Issuers meet acceptable risk parameters. Ginnie Mae has observed increased prepayment activity in some elements of its program. Ginnie Mae posted reminders to Issuers in Ginnie Mae News and Notes on prepayment activity monitoring.

Speaking of Ginnie, Ginnie Mae’s mortgage-backed securities (MBS) portfolio outstanding grew to $2.56 trillion in March, including $32.4 billion of total MBS issuance, leading to $12.5 billion of net growth. March’s new MBS issuance supports the financing of more than 101,000 households, including more than 45,000 first-time homebuyers. Approximately 68 percent of the March MBS issuance reflects new mortgages that support home purchases because refinance activity remained low due to higher interest rates. More information is available in this Ginnie Mae Press Release.

Capital Markets

It has certainly been a rough week for those hoping for relief from high rates. After March consumer prices caused a CPI-inspired selloff on Wednesday, it was much the same story again yesterday as investors continued to walk back the timing of Fed rate cuts. Inflation at the wholesale level rose 0.2 percent in March and 2.1 percent year-over-year, according to the Producer Price Index. Even with the smaller than expected month-over-month increases, the headline PPI rate accelerated from 1.6 percent in February while core PPI accelerated to 2.4 percent from 2.1 percent.

Bond traders are bracing for a potential rise in 10-year Treasury yields beyond 5 percent, as the scenario of no rate cuts by the Fed this year looks increasingly possible. Pricing in Fed Funds futures now implies less than a one-in-five chance that the Fed will cut rates by a quarter point in June. Prior to Wednesday’s CPI report, pricing implied more than a 50 percent chance of a June rate cut. Richmond Fed President Barkin said yesterday that recent inflation figures raise questions and that he is reluctant to declare victory over inflation. New York Fed President Williams said that he expects inflation to move closer to 2.0 percent in 2025, but that there’s no need to ease in the “very near term.”

March import and export prices kicked off today’s calendar (expectations were for both to increase 0.7 percent versus 0.3 percent and 0.8 percent previously) but are totally overshadowed by the CPI and PPI data this week. Later today brings preliminary April Michigan sentiment (which includes forward-looking inflation expectations), and remarks from multiple Fed speakers.

Bank earnings also kick off with JP Morgan, Citigroup, and Wells Fargo reporting before the open along with BlackRock and State Street Wall Street is expecting a subdued earnings season as global growth picks up. A solid domestic economy is expected to fuel a rise in profit growth for S&P 500 companies, and strong margins from big tech will be a key driver. We begin the day with Agency MBS prices better than Thursday by about .125, the 10-year yielding 4.52 after closing yesterday at 4.58 percent, and the 2-year yielding 4.91.

Employment

“A non-QM investor is seeking to hire for a Capital Markets Strategy role responsible for growing our market share with existing originator clients by leveraging the firm’s capital markets and product development capabilities. The ideal candidate will have 5-10+ years of experience at a non-agency investor or experience as a senior capital markets or product development professional within an originator. Remote or New York City based. The company is rapidly growing and currently purchasing ~$3bn/yr. across Non-QM, DSCR and 2nd liens.” Interested parties should send a confidential note to Chrisman LLC’s Anjelica Nixt for forwarding.

“While competitors have struggled to keep their doors open, Sierra Pacific Wholesale’s team has continued to grow. This last quarter, our Wholesale Channel welcomed 8 new Account Executives including Jason Wood, Sharlee Stemmons, Fay Hoffman, Denise Tully, Jeff Dolby, Steve Munster, Greg Neidhart, and Melanie Rocha. We also hired industry veteran Jonathan McCash as Regional Vice President – TPO Sales East. These new additions have brought a wealth of mortgage experience and align with the core values that are foundational to the ONE Sierra company culture. From cutting-edge technology and full-service operational support to a corporate commitment to continual growth, we equip our employees with the tools and resources they need to be successful in any market. If you’re an Account Executive looking for an opportunity to work with some of the best leadership in Wholesale today, send a note to Rob Saunders (EVP – TPO Production).”

Since 1902, OceanFirst Bank has believed in supporting and growing the local communities it serves. Initially, the focus was helping neighbors realize the dream of owning a home. Now, the Bank is fulfilling those dreams and assisting families with all of their financial needs during every stage of life. OceanFirst is a $13.5 billion regional bank providing financial services throughout New Jersey and in the metropolitan markets of Philadelphia, New York, Baltimore, and Boston. Recently, OceanFirst was recognized as being one of the best regional banks in the country by Newsweek. Thus, making the Bank a great place for top producing Loan Officers to take their careers to new levels. Contact John Costa, Senior Vice President and Head of Mortgage Sales or dial 609.444.6121 for this exciting opportunity.

FDIC | Equal Housing Lender | Equal Opportunity Employer.

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Source: mortgagenewsdaily.com

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The Citizenry’s flagship store in New York City. [Photo: The Citizenry]

The Citizenry, a Dallas-based direct-to-consumer home decor brand that partners with artisans around the world, has been acquired by Havenly, a Denver-based interior design service and home furnishings company.

The acquisition will allow the socially motivated home decor company to continue to scale the availability of its sustainable artisanal furniture and goods, further multiplying its impact, Citizenry said. Terms of the deal were not disclosed.

“We set out to prove retail can be a force for good. Not only does the Havenly team appreciate our values, they have fallen in love with our unique design aesthetic, product line, and most importantly, our commitment to fair trade,” Rachel Bentley, co-founder of The Citizenry, said in a statement. “They’re the right partner to lead our next chapter of growth. We worked with almost 3,000 artisans last year, and with this step—that just feels like the beginning.”

Havenly said it anticipates retaining much of The Citizenry team, including Bentley, who will serve as president of The Citizenry, and Co-Founder Carly Nance, who will transition to serve as an executive brand advisor.

The Citizenry co-founders Rachel Bentley (left) and Carly Nance [Photo: The Citizenry]

Focused on fair trade—and poised for growth

The Citizenry joins Havenly as part of its ongoing efforts to build a collection of home brands and technologies that appeal to the next generation of shoppers, the companies said.

The deal will allow Havenly to expand its fair-trade initiations with The Citizenry and across other areas of the business.

The Citizenry co-founder Rachel Bentley visits with an artisan in Morocco, from our 2016 profile of the company. [Photo: The Citizenry]

Since its founding in 2014, The Citizenry has expanded its offerings to cover the whole home, while supporting the work of thousands of artisans around the globe at pay rates that average twice the fair trade requirement.

From its beginnings, The Citizenry said it set out to build a design-forward company that celebrates the people behind its products and sets new standards in social responsibility for the industry. The Citizenry adopts a fair trade business model, and its following has grown the company into the largest U.S. home decor company to have 100% of its products sourced according to the rigorous standards set by the World Fair Trade Organization.

In 2021, The Citizen raised $20 million in Series B Funding from San Francisco-based NextWorld Evergreen, a growth equity firm with a focus on conscious consumer brands. And just last September, The Citizenry launched a new brand campaign, “Uncontained,” to highlight a deep lineup of new brands hitting shelves at nearly 100 Container Store locations nationwide.   

Rolling out its collections across Havenly’s platforms

The Citizenry said that with the acquisition, it will roll out its iconic collections to audiences across the Havenly platforms, expand its retail footprint, and scale its global network of artisans and heritage manufacturers to new levels.

“We’ve always said that our business marries old-world values with new-world market strategies,” Carly Nance, co-founder of The Citizenry, said in a statement. “We’ve grown to where we are today by being customer-centric and digitally-driven. This partnership provides even more strategic firepower in those arenas. The Havenly team is passionate about the same things we are—building potent, meaningful brands designed to stand the test of time.”

Mercado storage baskets from The Citizenry. [Photo: The Citizenry]

Havenly’s third acquisition in 36 months

This is Havenly’s third acquisition in 36 months, with past acquisitions including Interior Define and The Inside. Havenly said the deal cements it as the largest digital-first, DTC platform in the home decor market with a strong strategy for sustainable growth.

“As a personal customer of The Citizenry, I’m thrilled to bring the brand into the Havenly family,” Lee Mayer, co-founder and CEO of Havenly, said in a statement. “Rachel and Carly’s unrivaled commitment to sustainability, social impact, and support of artisans combined with premium quality and exquisite design is truly something revolutionary in the space, and a big reason why The Citizenry has long been a favorite among our customers. We’re excited to build on the work they’ve done to promote more sustainable values and help usher in the next era of great home brands for the modern consumers.”

Organic Turkish cotton duvet from The Citizenry. [Photo: The Citizenry]

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  • North Texas has plenty to see, hear, and watch. Here are our editors’ picks. Plus, you’ll find more selections to “save the date.”

  • Peruse Dallas Innovates’ special once-a-year magazines. Each edition is a keeper.

  • Dallas Innovates, the Dallas Regional Chamber, and Dallas AI are teaming up to launch the new AI 75 program at Capital Factory’s Future of AI Salon today. The first-ever list will recognize Dallas-Fort Worth innovators in artificial intelligence. Nominations are open through March 20.

  • You’ll find deadlines coming up for a new accelerator program; and many more opportunities.

  • Usually they race for the end zone, but Wednesday some of the Dallas Cowboys’ top players swung for the fences at the Reliant Home Run Derby in Frisco. And whether they got dingers or popups, it was all for a good cause. Find out which Cowboy won for the second straight year—as two all-new ‘Pokes players joined in the fun.

Source: dallasinnovates.com

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Property preservation company MCS announced last month that it had entered the reverse mortgage business after acquiring Five Brothers Asset Management Solutions. In part one of RMD’s interview with MCS CEO Craig Torrance, he explained his company’s interest in the reverse space.

In the second part of the interview, Torrance goes deeper into the value proposition of engaging in the reverse mortgage business; the ways companies like his might be able to simplify certain necessary property obligations; and more about what the company is inheriting from Five Brothers in terms of knowledgeable people and reverse industry relationships.

Editor’s note: This interview has been edited and condensed for clarity and readability.

Chris Clow/RMD: What do you hope the industry can do to offer more or better information about how MCS will pursue continued business in the reverse mortgage space?

Craig Torrance: I think [we] will naturally, hopefully, bring in the lenders to think through what this relationship will look like going forward, and to identify what else we can do to help folks in the space. Generally, I think as we pull together resources and understand as an industry what we can do, there will be more of that type of thinking around what services can be created for reverse mortgage owners to utilize and say, ’Hey, I need work done. I need somebody to cut my grass.’

In many cases, some of those services are managed by family members. So, you’ve got the elderly folks in the reverse mortgage, and the kids are the ones trying to figure out how to maintain mom’s house. If we can professionalize that so people feel good knowing the person performing this work at mom’s house is from a solid, reputable company — and that the lender, the servicer and everybody’s kind of involved in that — it’s probably an upside for the whole community.

Clow: It’s my understanding that Five Brothers was a member of the National Reverse Mortgage Lenders Association (NRMLA). Is that a membership MCS will continue with?

<img decoding="async" width="1920" height="2878" data-attachment-id="452585" data-permalink="https://www.housingwire.com/articles/ceo-of-property-preservation-company-mcs-on-opportunities-in-reverse/craigtorrance_mcs/" data-orig-file="https://www.housingwire.com/wp-content/uploads/2024/03/craigtorrance_mcs.jpg" data-orig-size="1920,2878" data-comments-opened="1" data-image-meta=""aperture":"0","credit":"","camera":"","caption":"","created_timestamp":"0","copyright":"","focal_length":"0","iso":"0","shutter_speed":"0","title":"","orientation":"0"" data-image-title="craigtorrance_mcs" data-image-description="

Craig Torrance, CEO of property preservation company MCS.

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Craig Torrance

” data-medium-file=”https://www.housingwire.com/wp-content/uploads/2024/03/craigtorrance_mcs.jpg?w=200″ data-large-file=”https://www.housingwire.com/wp-content/uploads/2024/03/craigtorrance_mcs.jpg?w=683″ src=”https://www.housingwire.com/wp-content/uploads/2024/03/craigtorrance_mcs.jpg?w=683″ alt=”Craig Torrance, CEO of property preservation company MCS.” class=”wp-image-452585″ srcset=”https://www.housingwire.com/wp-content/uploads/2024/03/craigtorrance_mcs.jpg 1920w, https://www.housingwire.com/wp-content/uploads/2024/03/craigtorrance_mcs.jpg?resize=100,150 100w, https://www.housingwire.com/wp-content/uploads/2024/03/craigtorrance_mcs.jpg?resize=200,300 200w, https://www.housingwire.com/wp-content/uploads/2024/03/craigtorrance_mcs.jpg?resize=768,1151 768w, https://www.housingwire.com/wp-content/uploads/2024/03/craigtorrance_mcs.jpg?resize=683,1024 683w, https://www.housingwire.com/wp-content/uploads/2024/03/craigtorrance_mcs.jpg?resize=1025,1536 1025w, https://www.housingwire.com/wp-content/uploads/2024/03/craigtorrance_mcs.jpg?resize=1366,2048 1366w” sizes=”(max-width: 1920px) 100vw, 1920px”>

Craig Torrance

Torrance: Yes. We grabbed everything out of the business, and we’re also going to continue with the team there. They bring a lot of industry expertise, and the business was huge: It was a 50-year-old business. They spent a lot of time in this space, with a lot of people there having 20 to 25 years of experience in reverse. Part of the deal was to bring all that expertise into MCS and continue.

So, we really want to be active in the reverse space, be a participant in the industry, be part of the conversations and share what we think we can do to help out. Hopefully, everyone can raise their hands.

Clow: What’s your assessment of the competitive landscape for this specific segment of the reverse business?

Torrance: We don’t see any direct competitor to our place. We see direct competitors in certain segments, like property preservation in forward (lending). There are competitors in single-family rental (SFR) service centers. In reverse, there are a few competitors. But to us, what is key is that when you put it all together, there isn’t any one company that can do all the things we can. That’s why we feel good about the business model.

Adding in reverse allows all those reverse companies to pull from a commercial business, from our single-family rental business and from our forward mortgage business. That ultimately means we have more vendors, better technology and tools — we believe — than our competitors. So, we have individual competitors in certain segments but no one overall competitor, which makes us somewhat unique.

Clow: HousingWire is read by people across the business — from loan originators up through executives at lenders and servicers, as well as government officials. Is there anything in particular you think they should know about MCS getting into reverse?

Torrance: I think the key message that I would double down on is the conversation around labor in the U.S. and how costs to perform this kind of maintenance work have only accelerated over the last few years. What we’ve found is that this is ultimately a fee-based business. When you perform some of these basic types of maintenance services, there’s a cap on how much you can charge for that.

What has happened is we have seen vendors leave the space, so we are at a point where they would rather work for Amazon than cut grass because they can make more money than cutting grass on a defaulted reverse mortgage property. So, what we’ve seen is people shy away from this segment and these FHA-backed properties. MCS is trying to solve that problem by bringing more work to the vendors today through reverse, forward, commercial and SFR.

Clow: Is there anything that we didn’t speak to about this entrance into the space that you think people should know?

Torrance: The only thing I would add in is that Five Brothers has built a technology platform to really enable the reverse process very well. When it comes to technology, people say you can build anything. It’s just ones and zeros at the end of the day. And to an extent, that’s true, but the reality is that it’s hard to build the platform to do reverse mortgage process servicing.

It’s hard to build a servicing platform, and the servicing platform that reverse people use is different from forward. So, thinking through that, what they’ve really done over the last 20 to 30 years is they’ve created a process flow and enabled that process for a really slick tech engine that you can now move through the reverse process very easily. It’s transparent, and we can unlock a lot of efficiencies, and ultimately get to compliance and deliver great service through there.

That was critical for me. Technology needs to unlock this. Five Brothers probably has the best property preservation platform for reverse in that segment. We now have that platform, will continue to invest in it and we can only just accelerate that over the next few years.

Source: housingwire.com