About two years after Better.com announced its plans to go public via special purpose acquisition company (SPAC) Aurora Acquisitions Corp., the fate of Better.com’s journey to IPO will be decided next month.
“Aurora shareholders will be asked to consider and vote upon a proposal (…) to approve and adopt the agreement and plan of merger dated as of May 10, 2021,” Aurora said in a filing with the Securities and Exchange Commission (SEC) on Monday.
The vote will take place on August 11 ahead of the extended deadline to complete the merger deal on September 30.
Amid the unfavorable market conditions – sharp interest rate increases and declining origination production– massive layoffs and bad press against Better.com, the deadline to complete the merger deal was extended three separate times.
Shareholders will also be asked to vote upon a proposal to approve domesticating the corporation incorporated under the laws of the State of Delaware from the Cayman Islands.
“In connection with the consummation of the business combination and domestication, Aurora will change its name to Better Home & Finance Holding Company,” according to the filing.
If Aurora is unable to complete the merger with Better.com by the extended deadline of September 30 and is not able to complete another business combination by the specified date, Aurora will cease all operations within 10 business days except for the purpose of winding up.
Better.com declined to comment for the story.
As with most of the mortgage lenders in the country, the digital mortgage lender continued to spill red ink.
Aurora’s filings from earlier this month showed that Better.com posted a net loss of $89.9 million in Q1 2023 and cut about 91% of its workforce over an approximately 18-month period.
In June, the digital mortgage lender decided to shift its real estate strategy, pivoting to a partner agent model where Better.com will partner with outside agents as referral partners.
As part of the shift from its operating model of in-house licensed professionals, Better.com laid off the agents in its real estate brokerage subsidiary Better Real Estate LLC.
The digital lender had about 950 team members as of June 8 — a 91% drop from its peak of about 10,400 employees in Q4 2021.
The lender funded 2,347 loans in the first quarter, a decline of 87% compared to 18,559 loans funded in Q1 2022. A total of 29,818 loans were funded in 2022, a decrease of 81% from 153,843 in 2021.
Better.com ranked as the 59th largest mortgage lender in the country in the first quarter, per Inside Mortgage Finance.
Well, well, well. We have a group of characters that are just about as likable as a toothache! These movie characters have made people feel everything from frustration to outright hatred, and it’s hilarious how much they’ve managed to annoy audiences.
From Grandpa Joe’s tap dancing betrayal in Willy Wonka and the Chocolate Factory to Elisabeth Moss’s character in Queen of Earth, every single one of these characters has an exceptional talent for rubbing people the wrong way. Finally, at least some of these characters got what was coming to them!
Courtesy of a forum filled with avid movie-watchers, here are movie nominations that will make you despise some of the characters in them.
1. Don’t Look Up (2021)
As one person pointed out, the sheer selfishness in the face of doom made most characters in the film rather obnoxious. Of course, in the end, no one is forgiven. However, as the plot unfolds, you can’t help but be vexed at the sorry sight of these petty characters.
2. Speak No Evil (2022)
While the movie was decent overall, a film enthusiast mentioned hating each character. Despite its aptness, it’s challenging to watch for many due to its triggering content.
3. Charlie and the Chocolate Factory (2005)
This might be a shocker, but one person crowned Grandpa Joe the greatest villain in all movie history. They talked about how he leeched off his family and lazed around, pretending to be bedridden. And, of course, the sheer sadism he showed when he reveled in the misery of other children at the factory.
4. Jurassic Park III (2001)
Sometimes characters are not even evil but outright dumb. For example, the Jurassic Park franchise comprises characters lacking intelligence or caution in dangerous situations. One critic was rather pleased to see such folks get eaten by the dinosaurs in the third film.
5. The Last Samurai (2003)
The concept of self-actualization through violent means strikes as absurd to some viewers, and understandably so. Maybe Nathan could use some meditation?
6. Queen Of Earth (2015)
While an excellent movie, one moviegoer was somewhat disappointed that they disliked Elisabeth Moss’s character. However, considering Catherine’s toxicity, the viewers were bound to gag a little, don’t you think?
7. Very Bad Things (1998)
And don’t even get me started on Christian Slater’s character in Very Bad Things! As one film buff inquired, who knew that someone could simultaneously be so influential and so darn idiotic?
8. The Drop (2014)
Animal cruelty is not cool. Hence, Eric Deeds harming a puppy made many viewers loathe the character. One person could not bear the puppy’s mistreatment in the freezing winter. Some would even be willing to choose violence to avenge the poor baby.
9. Terms of Endearment (1983)
And the ultimate helicopter mom award goes to…Aurora Greenway in Terms of Endearment. You know things are bad when one user mentioned feeling suffocated while watching the character restrain and control her adult kid. But hey, it’s a good lesson on NOT being a parent.
10. The Banshees of Inisherin (2022)
Now, this film is engrossing in that it is possible to hate many characters. As a final critic describes, the anger moves from one character to the next rather swiftly. You’re lucky. You get to hate many characters simultaneously, like a buffet of loathsome characters.
Source: Reddit.
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If you don’t like spending more than 24 hours in Las Vegas, can you enjoy a cruise on a ship that’s clearly inspired by that neon-lit oasis of excess? The answer, surprisingly, is yes.
When I stepped aboard MSC Euribia, the newest ship in Europe-based MSC Cruises’ fleet and the fifth vessel in its Meraviglia class, I knew that megaships weren’t exactly my comfort zone. And this ship, which accommodates 4,838 guests (6,327 at full capacity), is definitely mega.
Would I be able to see beyond the crowded elevators, the endless barrage of clinking glasses and loud laughter, the flash of a gazillion LED lights and, ultimately, the sheer mass-market-ness of it all? I had my doubts as I boarded the ship for a short three-day cruise from Amsterdam to Copenhagen that culminated with the ship’s christening by godmother Sophia Loren.
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But as I got to know Euribia, I realized that overstimulation can be kind of fun if you’re willing to lose yourself in the spectacle — all 184,000 gross tons of it.
That said, there were definitely things I liked, even loved, about this vibrant 19-deck siren named for Eurybia, the ancient Greek goddess who harnessed the natural elements to master the sea. There were also things I didn’t like, though they weren’t enough to make me lump this ship, the most eco-friendly in the MSC fleet, in the reject pile with my least-favorite U.S. city.
What I liked
Carousel Lounge
During my first night on board, I followed the after-dinner crowds to the Carousel Lounge, a Deck 7 aft performance venue on all Meraviglia-class ships that has been beautifully reinvented on Euribia. When the space debuted in 2017 on Meraviglia, it was designed in the round with overhead rigging for Cirque du Soleil performances. Now freed from the constraints of circus-like acrobatics, the reimagined, opened-up Carousel is classy, sophisticated and social.
The new vibe is mainly due to Big Band at Sea, a superb 19-piece orchestra with a pair of dynamic vocalists whose repertoire includes crooner-era classics, hit Broadway tunes and modern chart-toppers. They perform three sets each evening and draw an appreciative, if somewhat mature, audience.
Yes, there’s a dance floor, but there are also a large bar and cozy groupings of sofas set around a glowing fireplace. A red-felt pool table is popular with younger guests.
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By day, with shades and screens lifted and the space’s floor-to-ceiling windows revealed, the Carousel Lounge is a comfortable place to read or converse. Outdoor terraces on both the port and starboard sides also offer a quiet spot to enjoy fresh air and sunshine.
The 5 pools
One thing I do appreciate about big ships is the options they offer, including multiple pools. Euribia has five of them, four outdoors and one indoors (with a retractable roof).
The pools are strategically placed around the ship, although two are adjacent on Deck 15. The spacious resort-style Main Pool is lined with cushioned sun beds and features two crescent-shaped hot tubs. The indoor Bamboo Pool offers a much smaller pool and hot tub. While ideal for cruising in chillier northern climates, the latter can get noisy when the roof is closed.
Two pools are located aft. The infinity-edge Horizon Pool on Deck 16 has an amphitheater-style design with multiple levels of sun beds. It also has a bar and transforms into a nighttime entertainment space.
Related: The 6 best cruise ship waterslides and watery fun zones
The kid-friendly, reef-themed Ocean Cay Aquapark features vibrant waterslides and a splash pool. It’s located on Deck 19, and if you’re cruising without kids, you might not even realize it’s there.
The fifth pool isn’t open to everyone. It’s located forward on Deck 19 within the Yacht Club, the cruise line’s elevated “ship within a ship” enclave of 103 staterooms and suites featuring exclusive spaces and amenities. I wasn’t booked into the Yacht Club, but I did tour its pool deck. I could see myself spending a sea day there, sipping an Aperol spritz and nibbling on snacks served from the nearby grill.
Helios: Wine Maker
Wine and technology prove to be a perfect pairing in Helios: Wine Maker. This new bar concept on Euribia takes a not-so-novel concept — machine-dispensed wine, 96 options, in fact, in small, medium and large pours — and adds a cool interactive twist.
During any of four sommelier-led master classes, which are each priced at 35 euros ($38) per person, guests are seated around a first-of-its-kind touchscreen table that helps guide them through a sampling of four wines with details on tasting notes and the winemaker’s story. Pay attention: There’s a pop quiz at the end.
Master class topics include New World versus Old World wines; biodynamic and organic wines; and a revelatory wine and glass pairing with wine glass company Riedel that I enjoyed my first evening on board. But even without a sommelier-led tasting, guests can easily consult touchscreens for more information about the wines they’ve selected.
Yes, self-dispensing wine bars can be impersonal. What worked for me here was that it made tasting a variety of wines easy and informative. I could read all about a wine before I tried it or, in the case of the master class I attended, discover interesting facts and tasting notes as I sipped. (Yes, that minerality I detected was legit.) The sommelier was there to lead me through layers of information on the touchscreen beneath my wine glasses, making a high-tech process delightfully engaging, as wine tasting should be.
The Galleria
When I first encountered The Galleria, I had flashbacks of being swept up in a crowd of ceiling-gawking tourists in The Forum Shops at Caesars Palace. This gargantuan, two-level promenade on decks 6 and 7 features faux-marble balconies and the longest LED “sky dome” on a cruise ship, which arches overhead like a time-warp hybrid of the Sistine Chapel and a Times Square billboard.
The entire space, which pulses with eye-popping graphics, is home to all specialty restaurants, plus several bars and a whopping 13,756 square feet of shopping opportunities.
Related: The ultimate guide to MSC Cruises ships and itineraries
To my surprise, my initial dislike that first evening quickly turned to fascination as I marveled at The Galleria’s bold, chameleon-like quality. What might have been just a two-level shopping mall at sea was transformed into a captivating work of art. Maybe it was all the wine I’d sipped, but the massive LED mosaic overhead was hypnotic … and helped orient me toward specialty dining venues, bars and, most importantly, the right elevator bank to reach my stateroom.
The irony isn’t lost on me that I’m giving the most Vegas-like thing on board Euribia an enthusiastic thumbs up.
The eco-conscious message of the hull artwork
A painted hull isn’t exactly novel. Norwegian Cruise Line has been doing it since 2002. But the artwork that adorns Euribia — MSC’s second ship powered by liquified natural gas, its most energy-efficient vessel and the first to sail a net-zero carbon-emission maiden voyage using bio-LNG fuel — has an important message: #savethesea.
Before boarding Euribia, every guest will spot this hashtag painted in vivid turquoise on both the port and starboard sides and surrounded by stenciled blue sea creatures. The hull artwork, a first for the cruise line, was created by German artist Alex Flämig and chosen by MSC to represent twin goals: to have MSC’s entire fleet generate net-zero greenhouse gas emissions by 2050 and to protect coral and other endangered sea life via its MSC Foundation.
Euribia isn’t close to net zero yet, mainly because bio-LNG fuel isn’t widely available, but this massive ship is already 44% more efficient than MSC vessels built just 10 years ago. This statistic and other eco-minded onboard practices helped me put a check in the “like” column.
What I didn’t like
The stateroom decor and amenities
I felt hopeful as I swiped my keycard and opened the chic wood-like door, but when I saw my 189-square-foot stateroom, I was shocked — and not in a good way. The carpet, bulky sofa and oversized headboard were all dark brown, while the walls and furniture were beige. The patterned curtains and throw pillows were, you guessed it, brown and beige.
If brown is the new gray, I say no thank you. At least gray can lift and lighten a small space, while brown, especially the espresso-like shade used here (for practicality, I assume), is heavy and somber.
Then there was the artwork: an eel rendered in white dots against a brown ocean and a swirling orange sky. Where were the inspiring #savethesea blues of the hull? A few splashes of turquoise would surely have helped save this stateroom.
More importantly, where were the tissues and body lotion? I discovered that MSC supplies neither. The bathroom itself was a cramped, get-in-and-out-quickly kind of space, but thankfully, there was plenty of hot water eco-consciously generated by heat recovered from the engines.
Related: I got what I paid for: My cheap family cruise on MSC Seashore
That night, I also discovered that the bed with its fluffy duvet and two pillow options was quite comfortable. I slept well — and with the lights off, the monochromatic brown didn’t bother me as much.
The lack of Italian food on board
On day two around 4 p.m., I began craving gelato. Bring on the Venchi! But Euribia, along with its Meraviglia-class siblings, features the French-inspired Jean-Philippe Maury Chocolat & Café and Jean-Philippe Crepes & Gelato instead of Venchi, the Italian brand offered on MSC’s Seaside-class ships.
For those not in the know, Venchi has been making fine Italian chocolates since 1878, plus various kinds of gelato in traditional Italian flavors since 2007. The latter, in particular, is quite delicious.
My sweet tooth was begging, so I ordered two scoops of Jean-Philippe Maury’s gelato: one scoop of pistachio and another of chocolate. Both were tasty, but something was slightly off. What was missing, I decided, was Venchi’s transportive Italian authenticity.
This sentiment mimicked my overall feeling about the food on Euribia. Despite having a few delicious bites, the cuisine somehow fell short of expectations.
MSC has steadily improved its culinary offerings over the past several years, and most of what I ate — especially the mozzarella made fresh daily in the Marketplace buffet, as well as the tender gnocchi and slice of well-made margherita pizza I had during my cruise — was satisfying. The standout, however, was a white asparagus appetizer with a tangy Italian blood orange sauce served at the Gala Dinner in the Aurora Borealis main dining room.
As for the extra-charge specialty restaurants, the sample bites I tried in Hola! Tacos & Cantina didn’t inspire me to head back for a full meal. The tuna and salmon rolls and robatayaki-style grilled eggplant served family style at Kaito Teppanyaki & Sushi Bar were OK but not outstanding. (I didn’t get a chance to try Le Grill, the French brasserie-inspired steakhouse that has replaced Butcher’s Cut on Euribia.)
Ultimately, nothing besides that small portion of tender white asparagus (which I would gladly have eaten multiple servings of) was truly memorable. I have sailed with MSC several times and know it’s a mainstream line that fills its massive ships by offering enticingly low cruise fares, but I always find myself hoping the dining will be better given the company’s Italian ownership.
As it turns out, food inspired by that heritage is what MSC does best.
Bottom line
MSC Euribia, which will cruise northern Europe through late 2024, is designed for affordable family fun, as it offers plenty to keep kids and teens occupied. There are complimentary kids clubs, a Sportsplex for court games and an arcade area for virtual reality fun.
That said, those traveling sans kids will not find themselves out of place. Couples will enjoy the ship’s sophisticated spaces and nightly entertainment.
Regardless of who you’re traveling with, you can expect an international (mostly European) passenger mix, announcements made in six languages and service that’s slower than you’re used to.
Give the ship a chance. After a few days, you might, like me, find yourself forgiving Euribia’s superficial flaws and embracing the ship’s megaship eco-warrior personality.
Anchorage, Alaska, holds a distinct place in the hearts and minds of adventurers, nature enthusiasts, and culture seekers alike. Nestled within the dramatic backdrop of the Chugach Mountains, Anchorage is a city that embodies the spirit of the ‘Last Frontier.’ Renowned for its awe-inspiring landscapes, it’s a gateway to glaciers, national parks, and wildlife encounters that stir the soul. But Anchorage is more than just a base camp for outdoor adventures. From world-class museums to the warm and welcoming spirit of its people, many things put Anchorage on the map. Whether you are looking to rent an apartment in Anchorage or purchase a home in the area on Redfin, get to know 10 things that Anchorage, Alaska, is known for.
1. It’s the largest city in Alaska
Anchorage is the state’s largest and most populous city. With a population of around 285,000 residents, it serves as Alaska’s economic, cultural, and transportation hub. Residents love living in Anchorage for its unparalleled access to breathtaking natural landscapes, offering endless opportunities for outdoor adventures and a deep connection with nature, and enjoying a strong sense of community.
2. Alaska Zoo
The Alaska Zoo showcases the unique wildlife and rich biodiversity of the ‘Last Frontier.’ Established in 1969, the zoo spans about 25 acres and provides a home to over 100 species of animals, including native Alaskan species and exotic animals from around the world. Visitors can encounter iconic Alaskan wildlife, such as grizzly bears, moose, musk oxen, and wolves, as well as exotic animals like Amur tigers, snow leopards, and African elephants. The zoo also hosts educational programs, interactive exhibits, and special events to promote awareness and appreciation for wildlife conservation.
3. Access to the outdoors
Anchorage offers unparalleled access to the outdoors, making it a paradise for outdoor enthusiasts and nature lovers. Stunning natural landscapes surround the city, including the Chugach Mountains, Cook Inlet, and nearby national parks like Denali National Park. Chugach State Park offers vast wilderness areas for hiking, biking, and wildlife viewing. The best trails include Flattop Mountain Trail, Thunderbird Falls Trail, and Mount Baldy Loop.
For those who love to be on the water, the Cook Inlet provides opportunities for kayaking, fishing, and boating. The nearby Turnagain Arm is a popular spot for birdwatching and observing the fascinating tidal bore phenomenon. During the winter months, residents can enjoy activities like cross-country skiing, snowshoeing, and dog sledding. The city also hosts the famous Iditarod Trail Sled Dog Race, a thrilling event celebrating Alaska’s rich dog sledding heritage.
4. Glaciers
Alaska is well known for its spectacular glaciers, but did you know Anchorage serves as a gateway to some of the most impressive icy landscapes in the state? One of the most iconic glaciers near Anchorage is the Portage Glacier. Located within the Chugach National Forest, the glacier was formed thousands of years ago during the last ice age when massive ice sheets covered the region. Visitors can take a boat tour or hike to the glacier’s viewing area, where they can check out the blue ice and towering walls of the glacier up close.
5. Kincaid Park
Kincaid Park is a hidden gem known for its expansive, diverse outdoor scenery and access to outdoor recreation. Spanning over 1,500 acres, the park has a lot to offer. One of the park’s highlights is its extensive trail system, which winds through coastal forests, meadows, and the scenic bluffs overlooking the Cook Inlet. Hikers and trail runners can explore over 40 miles of trails, ranging from easy strolls to challenging treks, whereas bikers can enjoy the exhilarating singletrack trails designed specifically for mountain biking.
6. Northern Lights viewing
Although Anchorage is located at a lower latitude than other parts of Alaska, it occasionally experiences the dazzling display of the Aurora Borealis. To increase your chances of seeing the Northern Lights in Anchorage, it’s advisable to visit during the winter months, particularly from late September to early April, when the nights are longer and darker. Look for nights with clear skies and head to locations away from city lights to reduce light pollution, such as nearby parks or open areas. The most common colors visible in Anchorage are green and sometimes pink, with the lights dancing across the night sky.
7. Anchorage Museum
The largest museum in the state, Anchorage Museum is a vibrant cultural institution that celebrates the art, history, and diverse heritage of Alaska. From indigenous peoples and early explorers to the modern era, the Anchorage Museum takes visitors on a journey through time, highlighting the stories of various communities. The museum also houses an extensive collection of contemporary and traditional artwork. Visitors can explore a range of mediums, including painting, sculpture, photography, and installations.
8. Whale watching
Anchorage serves as a convenient starting point for whale-watching adventures, with various opportunities available along the state’s stunning coastline. One of the most popular whale-watching destinations near Anchorage is the Kenai Fjords National Park, located a few hours south of the city. The park is home to several species of whales, including humpback whales, orcas, and gray whales. Boat tours departing from Seward, a scenic coastal town, offer visitors the chance to observe these magnificent creatures up close.
9. Eklutna Lake
Eklutna Lake is a freshwater lake located approximately 40 miles northeast of Anchorage. Nestled within the Chugach Mountains, the lake offers a tranquil retreat. One of the primary attractions of Eklutna Lake is its stunning natural beauty. Surrounded by rugged peaks and lush forests, the lake boasts crystal-clear turquoise waters. The scenic backdrop makes it an ideal location for photography, picnicking, and relaxing.
10. The midnight sun
Situated at a high latitude, Anchorage lies within the Arctic Circle, resulting in extended daylight during the summer. From late May to early August, the city experiences the phenomenon known as the “midnight sun,” where the sun remains above the horizon even at midnight. This creates a surreal and magical atmosphere, with a twilight-like glow that bathes the city throughout the night.
Amid all the uproar surrounding the Home Affordable Modification Program (HAMP), it was revealed today that Bank of America completed just 98 permanent loan modifications.
While that figure is certain to rise thanks to the bank’s 156,864 active trial modifications currently underway, the numbers are seriously weak compared to other major loan servicers.
GMAC Mortgage managed to make 7,111 loan modifications permanent, while Chase has 4,302 on the books, followed by Ocwen with 4,252, Aurora Loan Services with 3,622, and Wells Fargo with 3,537.
In recent weeks, both Bank of America and Chase have complained about the government-sponsored loan modification program, saying it has been difficult to get all the required paperwork from borrowers.
But all excuses aside, Bank of America is well behind its peers, and as the top mortgage lender and servicer in the nation, it seems pretty inexcusable.
In total, only 31,382 loan modifications have been made permanent, while 697,026 are in trial mode; yep, just over four percent have gone the distance so far.
Per HAMP rules, to receive a permanent modification borrowers must make at least three trial payments, provide documents that include proof of income and hardship verification, and have their credit re-underwritten.
To facilitate the process, the Obama Administration recently extended the trial period for modifications started on or before September 1 so borrowers have more time to submit required information.
California leads the nation in total loan modifications (trial+permanent) with 148,350, followed by Florida with 90,575 and Illinois with 37,552.
Oh, and more than a quarter of trial loan modifications executed under HAMP are already delinquent…
Of the $844 million in production volume in Q1 2023, refis accounted for $70 million and purchases loans accounted for $774 million. Better.com’s funded loan volume in Q1 2023 declined from $7 billion during the same period in 2022.
“We decreased our funded loan volume by approximately 80% year-over-year from $58 billion in the year ended December 31, 2021 to $11.4 billion in the year ended December 31, 2022,” according to the filing.
Better’s financial performance began to deteriorate in the second half of 2021 and continued through the first quarter of 2023 as a result of numerous factors, including elevated mortgage rates, damage to its reputation from negative media coverage and continued investments in its business, the disclosure states.
“Decreased productivity resulting from the reorganization of its sales and operations teams in the third quarter of 2021 and subsequent reversion in 2022 to accommodate Better’s reduced workforce and reduced demand for home loans in an elevated interest rate environment,” the filing states.
As of June 8, Better.com had about 950 team members, a 91% drop from its peak of about 10,400 employees in Q4 2021.
In June, the digital mortgage lender decided to shift its real estate strategy, pivoting to a partner agent model where Better.com will partner with outside agents as referral partners.
As part of the shift from its operating model of in-house licensed professionals, Better.com laid off the agents in its real estate brokerage subsidiary Better Real Estate LLC.
About 90 employees worked in Better Plus business lines as of June 8, primarily as real estate and insurance agents. This is a decline from 1,800 team members in Better Plus business lines during the fourth quarter of 2021.
Filings show Better.com has three different warehouse lines of credit with a combined amount of $1 billion. Two warehouse lines of credit – $250 million each – expire on June 6 and the other $500 million line has a maturity date of July 10.
Gain on sale margin was 1.89% for the three months ending on March 31, 2023, compared to a gain on sale margin of 1.11% and 2.88% for the first quarters in 2022 and 2021, respectively.
Better.com expects gain on sale margins to remain “compressed on substantially lower funded loan volume relative to the levels of 2020 and Q1 2021,” the filing states.
The mortgage lender’s total market share of 0.3% in Q1 2023 decreased by about 67% from 0.9% in Q1 2022. Better.com ranks as the 59th largest mortgage lender in the country, per Inside Mortgage Finance.
The company announced to go public via a special purpose acquisition company (SPAC) in May 2021, and the blank-check firm Aurora has since extended the deadline to complete its merger three times.
A handful of nonbank mortgage lenders went public via a SPAC during the pandemic years, but a combination of rising redemption rates – which point to how many investors are exchanging their shares for their money back – and sharp interest rate increases made it an unfavorable environment for SPACs.
If Aurora is unable to complete the merger by the deadline of September 30, 2023, and is unable to complete another business combination by that date, Aurora will dissolve and redeem public shares.
Plainfield, formally known as the Village of Plainfield, is a small suburb of Chicago known for its rich history and sense of community. The area is home to over 44,000 people, and is close to both major cities and untouched nature. But is Plainfield, IL, a good place to live? We’ve got you covered.
If you’re looking at homes for sale in Plainfield or are just curious about what the area has to offer, this Redfin guide is for you. Here are 10pros and cons to consider before moving to Plainfield, IL.
5 pros of living in Plainfield, IL
There’s a lot to love about living in Plainfield. Here are five of the best.
1. Affordable cost of living
Plainfield has a relatively affordable cost of living compared to other cities in the United States. Housing costs, in particular, are on par with the national average, which makes it an attractive option for those looking for an affordable place to live near a major city. For example, the median sale price of a house in Plainfield is $429,900,
Renting is also more affordable than a majority of the country; the average one-bedroom apartment costs $1,750, which is $200 below the national average.
2. Community and culture
The community in Plainfield is tight-knit and enjoys celebrating together. Community events are common, with festivals, parades, and other public gatherings being organized throughout the year.
Consider visiting Settlers’ Park for concerts and movies during the summer, or strolling through the local farmers’ market on Sundays. During the winter, there are plenty of holiday events, including parades, light festivals, and holiday markets.
3. Natural beauty
Plainfield is blessed with a variety of natural spaces, including parks like Settlers’ Park and Lake Renwick Preserve. There are also numerous trails for biking and hiking, such as the Van Horn Woods, along with opportunities for fishing and boating along the DuPage River. These spaces offer residents plenty of opportunities for outdoor recreation and relaxation.
4. Historic downtown
Downtown Plainfield is the heart of the city. The area is rich in historic charm, featuring buildings with history and significance. There are also a variety of small, locally-owned shops, boutiques, and restaurants, providing residents with unique shopping and dining experiences. And if you prefer to drive, there is free parking most days of the week.
5. Location
Located about 35 miles southwest of downtown Chicago, Plainfield is a commuter city that offers the advantage of a small-town feel with relatively easy access to big-city amenities. The access to cultural institutions, diverse food scene, major sporting events, and a wide range of job opportunities in Chicago can be attractive to many people.
5 cons of living in Plainfield, IL
Plainfield has a lot of benefits, but it also has a few downsides. Here are five to keep in mind.
1. Limited public transportation
Plainfield doesn’t have a local public transportation system, and instead offers bus routes to and from Chicago and other nearby cities. The limited public transportation means the area is car-dependent, which can be a drawback for those who prefer to use public transit or don’t own a vehicle. Walkability is also an issue outside of downtown.
2. Minimal nightlife
As a smaller suburban town, Plainfield lacks the nightlife scene you might find in larger cities. It doesn’t have a large selection of bars, clubs, or late-night eateries, and most establishments close earlier in the evening. If you thrive on nightlife, you’ll likely have to commute to Chicago for evening adventures.
However, if you’re looking for great local restaurants, there are plenty of options, including Sovereign, Backroads Burger & Bar, and Urban Kitchen.
3. Winter weather
The winters in Plainfield can be harsh and unpredictable. Temperatures often drop well below freezing, and the area experiences significant snowfall. If you’re not a fan of cold weather, snow shoveling, or driving in winter conditions, this could be a major drawback. The winter season can also be quite long, typically lasting from late November until March.
Summers are not as hot as some other parts of the US, but they are quite humid. The best weather is typically in the early summer and fall.
4. Relative affordability
While Plainfield is an affordable city relative to the US average, it’s actually much more expensive than nearby cities, such as Chicago and Aurora. The median house price in Chicago is $340,000, nearly $100,000 less than Plainfield, and the median house price in Aurora is $307,000, over $100,000 cheaper than Plainfield. This can be a drawback for those on a tighter budget.
5. Population growth
Over the past two decades, Plainfield has been experiencing a significant increase in population. From 1990 to 2021, the city’s population increased from 4,557 to over 44,000. While this growth has led to better amenities, it can also lead to overcrowded schools, increased traffic, and strained public resources. Rapid growth can also impact the small-town feel that many residents value and are used to.
If you live in Colorado, you may have heard a radio ad for “American Financing,” a direct-to-consumer mortgage lender based in Aurora.
You may also know that ex-Denver Broncos quarterback Peyton Manning is a fan of the company, and serves as an endorser, along with dozens of other celebrities including Rush Limbaugh, Glenn Beck, Nephew Tommy, and Bobby Bones.
So it’s clear they’ve got a lot of prominent individuals pitching their brand, similar to Dave Ramsey’s endorsement of Churchill Mortgage.
Let’s dig into the details of American Financing.
American Financing Fast Facts
Direct-to-consumer mortgage banker headquartered in Aurora, Colorado
Founded in 1999 by Damian and Gabie Maldonado
Offer home purchase financing and refinance loans
Licensed to do business in all 50 states and the District of Columbia
Funded more than $4 billion in home loans last year
80% of total origination volume came from their home state of Colorado
Also operate an affiliated real estate brokerage called American Home Agents
American Financing got their start at the turn of the century, originally operating out of the Maldonado household before getting incorporated in June of 2001 and growing rapidly thereafter.
Today, they employ hundreds at their Aurora, Colorado headquarters and are licensed to do business in all 50 states and the District of Columbia.
Last year, the mortgage banker funded a whopping $4 billion in home loans, with more than $3.2 billion of that coming from their home state of Colorado.
Aside from offering home loans to new and existing homeowners, they also operate an affiliated real estate brokerage called American Home Agents.
Their bread and butter product seems to be cash out refinancing, which accounted for more than half of overall loan volume.
The rest was split between rate and term refinances and home purchase loans.
Applying for a Mortgage with American Financing
You can call them up directly to get a quote and start your application
Or fill out a short form on their website and wait for a loan officer to contact you
It’s unclear if they offer a digital mortgage process (and if so which company powers it)
But they say the entire loan process is completed in-house to promote accuracy and avoid delays
One slight negative to American Financing is the inability to apply for a home loan without first speaking to someone.
Some mortgage lenders allow you to simply hit apply and get going on your own. American Financing appears to require human contact before giving you the keys to the mortgage application.
They basically want you to call them directly or fill out a short contact form on their website to get started.
That will result in contact with a loan officer, who can go over loan rates, loan programs, and more.
Once you do get in touch with someone, there is a place to sign in and work on your loan online.
It’s unclear what they use to power their loan process, but I assume they have a digital mortgage offering like most other companies these days.
I do know that they “maintain the entire mortgage process under one roof,” with in-house underwriting, processing, and funding.
This should make it easier and hopefully faster to close your home loan, with fewer hiccups and mistakes along the way.
It would be nice to have more information on this front to assess how things work with them, but their customer reviews are very positive so that might give us a clue.
Loans Programs Offered by American Financing
Home purchase loans
Refinance loans (rate and term, cash out, and streamline)
Conventional conforming loans backed by Fannie Mae and Freddie Mac
Jumbo home loans
Government-backed loans: FHA, USDA, and VA
CHFA loans (for lower-income borrowers)
Choose Your Own Term mortgages
Bank statement loans
Reverse mortgages
Fixed-rate and adjustable-rate mortgage options available
American Financing offers just about all the loan programs a new home buyer or existing homeowner would need.
This includes home purchase loans and refinance loans (both rate and term and cash out).
However, it’s unclear if they offer new construction or home renovation loans, but there’s a good chance they at least offer the latter.
You can get a conventional loan backed by Fannie Mae or Freddie Mac, a jumbo home loan, or a government-backed loan such as a FHA loan, USDA loan, or VA loan.
They also offer bank statement loans that don’t require tax returns, and instead just 12 months of personal and 24 months of business bank statements. But this program may be on hold at the moment due to COVID-19.
If you have limited income, they take part in the Colorado Housing and Finance Authority (CHFA) loan program, which offers attractive terms to first-time home buyers.
They also have a loan program called “Your Term, Your Mortgage” that lets you keep your remaining loan term when refinancing to avoid resetting the clock.
And the All in One Mortgage, which appears to be very like the similarly-named offering from CMG Financial.
Lastly, those 62 and older can take advantage of their reverse mortgage offerings.
In terms of specific loan programs, you can get a fixed-rate mortgage or an adjustable-rate mortgage, such as a 5/1 or 7/1 ARM.
It appears that financing is available on primary residences, second homes, and investment properties, including condos and townhomes.
American Financing Mortgage Rates
You won’t find any mortgage rates posted on the American Financing website, which while beneficial to get a general idea of rates, doesn’t mean much either way.
Some banks and lenders feature their daily rates on their websites, while others choose to keep them private.
As such, we don’t know how competitive American Financing is rate-wise, and you’ll only know if you make contact with a loan officer and obtain pricing.
The same is true of their lender fees, which aren’t mentioned on their website other than them saying they do not charge “upfront fees.”
While that’s definitely a plus, they may still charge optional fees like a loan origination fee, processing and underwriting fees, and so on.
Be sure to compare their rates and fees with other lenders during the mortgage shopping process to satisfy your due diligence.
The one clue we have about their interest rates comes from Zillow reviews, where many past customers indicated the rate they received was lower than expected.
American Financing Mortgage Reviews
On Google, they’ve got a 4.7-star rating out of 5 from more than 5,000 customer reviews.
On Zillow, they’ve got a 4.92-star rating out of 5 based on roughly 1,400 customer reviews.
On Birdeye, they enjoy a 4.8-star rating out of 5 from over 1,300 reviews.
Perhaps more surprisingly, they have a 4.85 rating out of 5 on the Better Business Bureau website, which is pretty unheard of.
Normally, the BBB website is where people go to complain, not praise a company.
Taken together, they seem to be consistently making customers happy, regardless of where the reviews are found.
Speaking of the BBB, they are an accredited company and have been since the year 2002. They currently enjoy an ‘A+’ rating.
In summary, American Financing may be a good pick for an existing homeowner with a straightforward borrower profile looking to apply for a cash out refi.
American Financing Pros and Cons
The Good
Offer lots of different loan programs
Licensed in all 50 states and D.C.
Do not charge upfront fees
Excellent customer reviews across all ratings websites
BBB accredited company with A+ rating
Free mortgage calculators and learning center on their website
They give back to a variety of charities
The Not So Good
Can’t apply without speaking to someone first
Do not publicize their mortgage rates
Unclear what lender fees they charge
Some loan programs may be unavailable due to COVID-19
Truist Financial is promoting David Smith to head up its mortgage business, replacing Todd Chamberlain who will be retiring effective July 31.
Smith joined the Charlotte, North Carolina bank as deputy head of mortgage in January, following a near two-year stint as the president of Keller Home Financial Service, an affiliate of real estate franchisor Keller Williams, according to his LinkedIn profile.
For over 13 years, Smith worked at Citi, and spent the last two as head of its U.S. mortgage division. He also has experience with servicing, not just at Citi (including as head of default specialty servicing), but also with prior positions at Aurora Loan Services and Select Portfolio Servicing.
In his new role, Smith will report to Truist Chief Retail and Small Business Banking Officer Dontá Wilson and lead all areas of mortgage, including originations, fulfillment, warehouse lending and servicing.
Smith is taking the top slot after company CEO Bill Rogers said on Truist’s first quarter earnings call that further cutbacks in the mortgage business were possible.
“David’s experience and accomplishments as a leader in the mortgage industry position Truist to reimagine the future of Truist Mortgage for our clients,” Wilson said in a press release. “As we mark David’s installment as leader, I want to also express my gratitude for Todd Chamberlain’s leadership to help make the American dream of homeownership come true for millions of clients — truly building better lives and communities.”
Chamberlain joined SunTrust in February 2018 as executive vice president, head of mortgage banking, moving to head of consumer lending solutions in January 2019.
Later that year, SunTrust agreed to merge with BB&T and following the completion of the deal was rebranded as Truist. Chamberlain stayed on board as EVP, head of mortgage banking.
Before joining SunTrust, and between two stints at Regions Bank, Chamberlain had replaced Sy Naqvi as the CEO of PNC Mortgage.
Wong added that Schachterle’s role as the senior liaison with FHLBank San Francisco’s member institutions “has never been more essential” as the bank continues to develop products, services, and tools to “support and preserve local community lending.” Most recently, Schachterle served as sales director of warehouse lending at Arizona-based Western Alliance Bank. Before that, she … [Read more…]