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Inside: Discover the secrets to earning $200k a year. Learn to choose industries, negotiate salaries, and balance life with high-income careers.

Achieving a $200,000 annual income is a financial milestone that many aspire to reach, but not everyone knows how to realistically attain.

Whether you’re starting from scratch or looking to elevate your current earnings, the blueprint to a $200K income is within your grasp. It all begins with a strategic approach that leverages both a steady job and an entrepreneurial spirit.

Achieving a $200k salary is not just about luxury—it’s about stability and security. With rising living costs, including student loans, mortgages, and everyday expenses, earning a high income is increasingly vital to maintaining a comfortable lifestyle.

By combining the stability of a well-paying career with the dynamism of a side hustle, you can fast-track your way to this lofty goal.

In this comprehensive guide, we dive deep into a method that suits everyone to make $200000 this year.

You’ll learn how to harness your passions, manage your time and expenses, and create a foolproof plan that caters to your strengths and circumstances.

How to Make 200k a Year

Achieving this level of annual income is a significant financial goal that necessitates a well-devised strategy combining steady employment with entrepreneurial endeavors.

This is possible for anyone to do. You have been making 10k a month for a while now and want to make the leap.

You just must be steadfast in pursuing your goals.

#1 – Identify high-income skills and industries

The first step toward making $200k a year is to recognize the skills and industries that command such salaries. Technology and finance are prime examples where hard work and expertise can lead to impressive earnings right out of college.

Specialized skills in software development, cybersecurity, data analysis, and AI are highly sought after. Additionally, roles in investment banking, private equity, and hedge funds are lucrative but come with intense competition and long hours.

Identifying these prospects involves understanding market needs, so be prepared to continually adapt to the latest industry trends. I cannot stress how important these high income skills are for your income.

  • Top Skills: Software Development, Cybersecurity, Data Analysis, Artificial Intelligence, Financial Analysis
  • Top Industries: Tech, Finance, Consulting, Healthcare, Legal

#2 – Degrees and Courses That Could Lead to 200K Jobs

If you’re seeking a high-paying career, focusing your education in specific areas is crucial. Advanced degrees, such as a doctoral degree in medicine, law, business administration (MBA), or specialized engineering can pave the way to high-paying roles.

For those with a penchant for academia, pursuing specialized courses that lead to becoming a medical lawyer, dentist, neurologist, psychiatrist, or gynecologist can be extremely rewarding. However, keep in mind that these paths generally require significant time and financial investment in education before reaping the financial rewards.

However, there are plenty of low-stress jobs that pay well without a degree.

  • Recommended Degrees: Medicine, Law, Engineering, Business Administration (MBA)
  • Valuable Courses: Specialized Medicine, Corporate Law, AI & Machine Learning, Financial Management

#3 – Start a Business

Embarking on entrepreneurship is a thrilling yet challenging path to reach unlimited annual income.

To start a business that prospers, it’s essential to identify a market need and create a clear business plan. Whether you’re selling a physical product, offering a service, or thriving in the digital market through online marketing, e-commerce, or app development, dedication, and strategic growth are paramount.

Investing both time and capital wisely, and adapting to market feedback can help you scale your business to meet and exceed your financial goals.

  • Investment Tip: Consider start-up costs carefully, and plan for lean operation.
  • Growth Strategy: Focus on customer satisfaction, scaling smartly, and marketing effectively.

#4 – Advance in your current career

Climbing the corporate ladder within your existing professional environment is a viable route to a higher salary.

To do this, focus on excelling in your current role, continuously improve your skills, and demonstrate the value you add to the company. Seek out leadership roles, ask for challenging projects, and take on responsibilities that align with the company’s revenue-generating activities.

Remember, promotions often come with significant pay raises, and it’s essential to communicate your career goals with your employer to align your trajectory with the available opportunities. Just watch the number of working hours you put in.

  • Key Strategies: Exceed performance expectations, take initiative, and pursue leadership roles.
  • Professional Development: Continued education, certifications, and networking are critical for advancement.

#5 – Invest in real estate for passive income

Real estate investment remains a cornerstone strategy for building wealth.

Focusing on location is key; properties in high-demand markets can yield substantial returns through rental income and appreciation. Paying with cash rather than financing can lead to better deals and avoid interest payments, as debt can eat into profits.

Moreover, platforms like Fundrise allow investors to start with as little as $10, which could be a smart move if you’re seeking a hands-off investment with a diverse real estate portfolio.

  • Investment Insight: Cash purchases may provide better deals, reducing financial risk.
  • Real Estate Tip: Choose high-demand locations for better rental income and property appreciation.

#6 – Maximize income through stocks or other investments

Investing in the stock market through individual stocks, mutual funds, or exchange-traded funds (ETFs) is another way to potentially earn $200k a year. Dividends from some of these investments can also serve as a consistent income stream.

Consider focusing on industries poised for growth or stable dividend-paying stocks, as these can offer a balance between growth potential and income reliability.

Additionally, alternative investments such as cryptocurrencies or option contracts can offer high returns, but come with high volatility. Always conduct thorough research or consult with a financial advisor before making significant investment decisions.

Learn how to invest in stocks for beginners.

  • Investment Strategy: Diversify your portfolio, focus on growth sectors, and consider enhancing your investment knowledge.
  • Cautionary Note: Be aware of market risks and do not invest more than you can afford to lose.

#7 – Gain Relevant Experience in High-Demand Fields

To command a $200k paycheck, it’s essential to gain experience in fields where the demand for your skills exceeds the supply.

Industries such as technology, healthcare, and specialized consulting are in constant need of experienced professionals. Work on projects that showcase your expertise and build a robust professional portfolio.

You can also consider a side hustle like freelancing or consulting to gain a broad range of experiences that can make you an attractive candidate for high-level positions.

  • Experience Building: Take on varied projects, freelance, or consult in your niche.
  • Portfolio Enhancement: Document your successes and gather testimonials or recommendations.

#8 – Continuous Learning and Adaptability to Stay Ahead

In the dynamic job market, staying complacent can mean getting left behind. Cultivating a habit of lifelong learning and adaptability is crucial. Did you know you are an appreciating asset?

This may involve updating your skill set to keep pace with technological advancements, attaining new certifications, or attending industry conferences and workshops. Remember that cross-skills, like project management or business analytics, are also valuable and can complement your primary expertise.

Embrace change and be willing to pivot when necessary to maintain your competitive edge and earning potential.

  • Professional Development: Seek out further education and certifications.
  • Adaptability: Stay open to industry shifts and be ready to pivot your skills accordingly.

Careers That Make 200K a Year is Common

In certain careers, a $200K annual salary is not an exception but rather a common expectation.

Positions in healthcare such as surgeons, specialists, and anesthesiologists often offer salaries exceeding this amount. Moreover, top-level executives, experienced lawyers, and investment bankers are typically in the higher income bracket due to the high stakes and demands of their industry. In tech, senior software engineers and IT executives with strong track records in hot markets like Silicon Valley can command these salaries, too.

Success in these careers requires a combination of advanced education, considerable experience, and sometimes, the right location.

  • Healthcare: Surgeons, Specialist Physicians, Anesthesiologists, Orthodontist
  • Corporate: C-level Executives, Investment Bankers, Senior Legal Counselors
  • Technology: Senior Software Engineers, IT Executives
  • Skilled Tradesperson: plumber, electrician, HVAC contractor, mechanic

Definitely a leap from jobs that pay $25 an hour.

Key Factors in Landing 200K Jobs

Now, you must learn the key components to secure that $200000 + job.

Factor #1 – Choosing the Right Industry for Maximized Earnings

To maximize your earning potential, it’s vital to choose an industry known for its high salary caps, which are listed below.

  • Tech Focus: Cybersecurity, AI, Machine Learning.
  • Healthcare Focus: Specialized Doctors, Medical Consultants.
  • Finance Focus: Investment Strategists, Financial Advisors.
  • Legal Focus: Corporate Lawyers, Litigators.

Within these industries, focus on roles that are crucial to core operations, innovation, or revenue generation.

For tech, this might involve AI, machine learning, and cybersecurity. In finance, investment strategists and financial advisors are in demand. In healthcare, specialized practitioners command higher salaries whereas, in the legal field, corporate lawyers and litigators typically earn more.

Just to note… taxes will take a substantial amount out of your paycheck. So, you want to aim for $200k as net income.

Factor #2 – Climbing the Ladder: From Mid-Level to Top-Tier Positions

Transitioning from a mid-level position to top-tier status demands a proactive career strategy. Aim for roles that impact the company’s bottom line, such as project management or strategic planning, which often lead to executive positions.

Make sure to seek mentors who can offer guidance, and build a reputation for reliability and innovation. Networking within your industry can uncover hidden opportunities and give you a competitive edge.

  • Strategic Positioning: Focus on profit-impacting roles and responsibilities.
  • Career Growth: Network, seek mentorship, and demonstrate leadership capabilities.

Always aim to bring value to your organization, as this will be your leverage when seeking promotions and negotiating salary increments.

Factor #3 – Negotiation Tactics for a High Paying Salary

Securing a salary of $200k often hinges on your ability to negotiate effectively.

Begin the negotiation process by researching the standard salary for your position in your industry and region. Articulate your value by enumerating your accomplishments, experiences, and the results you can deliver.

Prioritize non-salary benefits that may be equivalent to a higher income, such as bonuses, commission, stock options, or flexible work arrangements. When discussing figures, aim higher to give room for negotiation.

  • Research: Know industry salary benchmarks.
  • Value Proposition: Clearly communicate your potential contribution.

Remember, negotiation is a dialogue, so listen carefully, be respectful, and maintain a professional demeanor throughout the process.

Factor #4 – Building Professional Relationships That Open Opportunities

Fostering robust professional relationships is key to unlocking high-paying roles, as connections can lead to opportunities that aren’t publicly advertised.

Networking is an art. It goes beyond just asking the question, “What do you do for a living?“

Actively engage with peers at industry events, be genuinely interested in others, and offer help before you ask for it. Maintain a positive online presence on platforms like LinkedIn, where you can connect with like-minded professionals and hiring managers.

  • Networking: Engage in industry events and platforms like LinkedIn.
  • Relationship Management: Nurture connections and seek meaningful interactions.

Don’t forget to nurture existing relationships – a recommendation from a trusted colleague can provide a significant edge in landing a coveted position.

Factor #5 – Cities and Regions with the Best High-Paying Job Markets

If you’re eyeing a lucrative salary, it’s strategic to consider the geographic landscape of high-paying jobs.

Major economic hubs like New York City, San Francisco, and Boston have dense concentrations of Fortune 500 companies and start-ups that offer competitive salaries, especially in finance and tech. However, these cities come with higher costs of living.

Comparatively, cities like Austin, Seattle, and Denver have burgeoning tech and business sectors with a more balanced cost of living.

  • Economic Hubs: New York City, San Francisco, Boston.
  • Balance Seekers: Austin, Seattle, Denver.

Consider looking for cities that have a vibrant job market in your industry, but a reasonable cost of living to maximize your income-to-expense ratio.

Factor #6 – Remote Work: A Gateway Being Global

The rise of remote work has opened a world of possibilities for professionals seeking higher salaries. You can work in a low cost of living country and still get a good income and save the rest.

With remote positions, you’re not limited by location and can work for companies with higher pay scales in stronger economies, practicing geographic arbitrage to your advantage. Sectors like tech, marketing, and design are ripe with remote opportunities that pay well.

  • Geographic Arbitrage: Tap into stronger economies and work remotely.
  • Global Accessibility: Utilize online platforms to access high-income roles worldwide.

To capitalize on this, enhance your digital presence, showcase your skills online, and engage with global job platforms. Also, consider the time zones and cultural work patterns of employers to ensure a smooth collaboration.

FAQs About Securing a 200K Job

A salary of $200k is relatively rare, with only a small percentage of U.S. households earning at this level.

According to recent statistics, 11.9% of U.S. households had an annual income over $200,000.1

However, this figure can vary significantly by industry, location, and level of experience.

This is 100% possible with the rise of technology and the internet.

To do this, you must focus on industries that value skills and experience over formal education.

Professions like real estate brokering, high-level sales, business entrepreneurship, or becoming a skilled tradesperson. You just need strong persistence.

The likely answer is typically one needs a grad degree or extensive experience in high-paying fields like medicine, law, engineering, or business.

However, specialized certifications, proven expertise, exceptional skills, or entrepreneurship can also be your ticket to this income level without traditional qualifications.

What Jobs Pay 200k a Year Interest You?

Now that you’re equipped with knowledge about reaching a $200k salary, consider which roles resonate with your skills and passions.

Maybe you’re intrigued by the challenge of a tech startup, or the idea of saving lives as a healthcare specialist is what drives you. Perhaps the strategic element of financial planning appeals to your analytical side, or the autonomy of forging your path as an entrepreneur is a calling.

Remember, selecting a profession that not only offers financial rewards but also aligns with your interests and values is crucial for long-term satisfaction and success. High tech degrees are highly sought after right now.

The great part about making this amount of money is you can increase your savings rate, but that doesn’t mean you should leave beyond your means.

There are plenty of avenues that will have you making over six figures quickly.

Source

  1. Statistic. “Percentage distribution of household income in the United States in 2022.” https://www.statista.com/statistics/203183/percentage-distribution-of-household-income-in-the-us/. Accessed February 28, 2024.

Know someone else that needs this, too? Then, please share!!

Did the post resonate with you?

More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!

Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.

Source: moneybliss.org

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Thomas Cangemi is stepping down as president and CEO of New York Community Bancorp (NYCB) following the company’s disclosure of internal control deficiencies and a goodwill impairment of $2.4 billion. 

Alessandro DiNello, appointed executive chairman of the board on Feb. 6, will replace Cangemi, effective immediately. DiNello was the president and CEO of Flagstar Bancorp, a bank recently acquired by NYCB. The company announced on Thursday that Cangemi, who has been with the company for 27 years, will remain on the board. 

Long Island-based NYCB, which concluded the acquisition of Flagstar Bank in December 2022 and rescued Signature Bank in March 2023, has faced a confidence crisis due to its exposure to commercial real estate loans. The stress is leading the bank to seek to sell some of its assets and transfer some mortgage risks to improve its capital position. 

Flagstar originated $15.7 billion in mortgages in 2023, according to Inside Mortgage Finance (IMF) estimates. At year’s end, it also had $84.3 billion in owned servicing rights. When including the portfolio of other companies, IMF data shows Flagstar serviced $379 billion in mortgages. 

“While we’ve faced recent challenges, we are confident in the direction of our bank and our ability to deliver for our customers, employees, and shareholders in the long term,” DiNello said in a statement. “The changes we’re making to our board and leadership team are reflective of a new chapter that is underway.”

Marshall Lux, who has served as an independent director since 2022, was appointed presiding director of the board, replacing Hanif “Wally” Dahya, who is also stepping down. Lux, a former senior partner at Boston Consulting Group and chief risk officer for Chase Consumer Bank at JPMorgan, will also become chair of the board’s nominating and corporate governance committee.  

Changes in the leadership come after NYCB informed on Feb. 23 the Securities and Exchange Commission (SEC) that it had completed a goodwill impairment for the fourth quarter of 2023, resulting in a $2.4 billion decrease in the annual net income available to stockholders. 

However, the company said the goodwill impairment did not impact regulatory capital ratios or compliance with covenants and did not result in cash expenditures.

The company also stated that the management identified “material weaknesses” in “internal controls related to internal loan review.” It resulted from “ineffective oversight, risk assessment and monitoring activities,” but the company is working on a plan to address the issues. 

Credit rating agency Moody’s raised concerns with the company’s governance when it downgraded NYCB to ‘junk status’ in early February. Moody’s mentioned a leadership transition “of second and third lines of defense, the risk and audit functions of the bank, at a pivotal time.”

To address these issues, NYCB announced on Friday the appointment of George Buchanan III as executive vice president and chief risk officer and Colleen McCullum as executive vice president and chief audit executive.

“Over the last three weeks since being appointed as executive chairman, the company has taken swift action to improve all aspects of our operations,” DiNello said in a statement. “The leadership team identified the material weaknesses disclosed yesterday and has been taking the necessary steps to address them, including appointing new executives. Our allowance for credit losses considered these weaknesses and is not expected to change.” 

Questions regarding NYCB financials began at the end of January when it reported earnings for fourth-quarter 2023. The data included a $193 million net loss available to common stockholders during the three months and a provision for loan losses of $552 million, up from $62 million in the previous quarter.  

Measured by its common equity tier 1 (CET1) ratio, the bank’s capitalization fell to 9.1% as of Dec. 31, 2023, down from 9.59% in the third quarter. Targeting a 10% CET1 ratio, the bank cut its quarterly dividend from $0.17 to $0.05 to assist with capital generation.  

Source: housingwire.com

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Pre-Qual, TPO, Lead Gen Tools; STRATMOR on Vendor Relationships; Disaster News; HECM, Ginnie, FHA News

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Pre-Qual, TPO, Lead Gen Tools; STRATMOR on Vendor Relationships; Disaster News; HECM, Ginnie, FHA News

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Wed, Feb 28 2024, 11:09 AM

At the TMBA’s Secondary Conference in Houston a topic is obviously interest rates and the economy… And the fact that the nation’s interest payment expense now exceeds our defense expense! It’s also a fact that Texas’ business climate is very friendly for companies. The #1 state in the nation for residential lending, California, not so much. Overheard here in the hallway: “California is a blue state wrapped up in red tape.” That said, permit process aside, California gets a lot of flak for its high cost of living, but that is for income tax rather than property tax, as exhibited in “Property Taxes by State in 2024” comparing home and vehicle taxes across the nation. Californians pay the 34th highest annual taxes on homes priced at state median value. New Jersey, Illinois, and Connecticut have the highest annual taxes on homes. Each year, the average American household spends $2,869 on real-estate property taxes plus another $448 for residents of the 26 states with vehicle property taxes. (Found here after 8:30AM ET, this week’s podcast is brought to you by nCino, makers of the nCino Mortgage Suite for the modern mortgage lender. nCino Mortgage Suite’s three core products – nCino Mortgage, nCino Incentive Compensation, and nCino Mortgage Analytics – unite the people, systems, and stages of the mortgage process. Interview with SoFi’s Liz Young on the need for Treasury auctions and how supply and demand at those auctions impacts consumer interest rates.)

Lender and Broker Services, Products, and Software

“If you’re heading to ICE Experience, there’s never been a better time to catch up with the Optimal Blue team. Our PPE clients are actively upgrading to the Encompass Partner Connect integration and enjoying new features and benefits. On average, loan officers experience a 60% reduction in the time it takes to request a lock and see it auto-confirmed within Encompass through this upgraded integration. This means users can continue with disclosures and other loan-processing activities faster, which shortens turnaround times and increases efficiencies. If you’re an existing Optimal Blue client and interested in hearing about the other benefits of upgrading, or if you’d like to further discuss your business strategy, consider scheduling a meeting with the Optimal Blue team at our private poolside cabana. We will also be set up at the Optimal Blue booth throughout the event and ready to chat at your leisure. See you in Vegas!”

Compliance Experts Report on 2024 Mortgage Servicing Outlook! Watch the 30-minute webinar that recently launched with ACES’ EVP of Compliance, Amanda Phillips and Reid Herlihy of Ballard Spahr as they discuss the most recent mortgage servicing news, CFPB Supervisory Highlights, and expectations and predictions for 2024 and beyond. Watch the recording.

Guaranteed Rate has chosen Evocalize to enhance the digital marketing capabilities of its mortgage loan officers. Evocalize, renowned for powering leading mortgage and real estate industry tech platforms, is partnering with Guaranteed Rate to revolutionize lead generation and referral partner engagement. Through Evocalize, loan officers can execute targeted digital marketing campaigns across various platforms including Google, Facebook, Instagram, TikTok, Gmail, and YouTube instantaneously. This collaboration empowers loan officers to leverage local data for lead generation amidst changing regulatory landscapes. Evocalize will leverage real-time data and machine learning algorithms to optimize ad management. Guaranteed Rate anticipates significant benefits from this partnership, including enhanced lead generation, reduced marketing costs, and streamlined compliance efforts, ultimately improving the overall customer experience. Learn more here.

“Welcome to the new AFR Wholesale® (AFR)! Change can be good. Our team has been relentlessly pursuing better execution. This exercise has led to great program enhancements, operational improvements and of course, better pricing. Non-Delegated and Wholesale clients have commented on our aggressive pricing across all programs. Notably our new expanded note rate adjusters in conventional and government. We’ve also revised pricing for our Down Payment Assistance Program going into purchase season. AFR is dedicated to offering not only competitive rates but also a customer-centric approach, ensuring that you and your borrowers have the tools and options needed for a beneficial experience. Delegated Correspondents have also seen sharper pricing and incredible turn times (under 48 hours). Ensure you’re leveraging all AFR benefits by reaching out to our Account Executives, 1-800-375-6071, or explore our enhancements through our Quick Pricer tool. Not a client? Partner with AFR today!”

When Al Gore invented the internet, he envisioned a world where borrowers and Realtors could stand in a home, pull out their phones, and update pre-approval letters on demand. Make him proud and check out QuickQual by LenderLogix.

STRATMOR on Lender-Vendor Communication

We in the industry know that there is often a massive disconnect between mortgage lenders and their technology partners, so why isn’t “business relationship therapist” a thing? In STRATMOR Group’s February Insights Report, Senior Advisor Sue Woodard takes on the role of “therapist” to help both lenders and vendors unpack the key areas of disconnect. If you need guidance in breaking down these communication barriers, contact STRATMOR and don’t miss “Step into Our Office: Couples Therapy for Mortgage Lenders and Tech Vendors” for suggestions for both parties and to learn how STRATMOR is already working with technology providers to hear, understand and better respond to the needs of the lending community.

Disaster News

Given that 20-25 percent of the nation’s mortgages come from California, exposed to earthquakes, fires, and flooding, seeing a disaster declared there is worth noting for lenders and servicers alike. FEMA announced that federal disaster assistance has been made available to the state of California to supplement recovery efforts in the areas affected by severe storms and flooding, January 21-23, 2024. The President’s action makes federal funding available to affected individuals in San Diego County.

“Assistance can include grants for temporary housing and home repairs, low-interest loans to cover uninsured property losses and other programs to help individuals and business owners recover from the effects of the disaster. Federal funding is also available on a cost-sharing basis for hazard mitigation measures statewide. Individuals and business owners who sustained losses in the designated areas can begin applying for assistance by registering online at www.DisasterAssistance.gov, by calling 1-800-621-3362 or by using the FEMA App.”

But up in Washington we have wildfires: FEMA DR-4759-WA.

On 2/19/2024, with DR-4758, Release Number HQ-24-024, FEMA declared federal disaster aid with individual assistance has been made available to San Diego County California affected by severe storms and flooding from 1/21/2024 to 1/23/2024. See AmeriHome Mortgage Disaster Announcement 20240206-CL for inspection requirements.

On 2/15/2024, with DR-4759, Release Number HQ-25-025, FEMA declared federal disaster aid with individual assistance has been made available to a county affected by wildfires from 8/18/2023 to 8/25/2023. See AmeriHome Mortgage Disaster Announcement 20240208-CL for inspection requirements.

FHA, VA, Ginnie Mae, HECM, and USDA Developments

Ginnie Mae’s mortgage-backed securities (MBS) portfolio outstanding grew to $2.53 trillion in January, including $28.1 billion of total MBS issuance, leading to $10.8 billion of net growth. January’s new MBS issuance supports financing for more than 91,000 households, including more than 46,000 first-time homebuyers. Approximately 77.6 percent of the January MBS issuance reflects new mortgages that support home purchases, because refinance activity remained low due to higher interest rates.

The January issuance includes $27.4 billion of Ginnie Mae II MBS and more than $674 million of Ginnie Mae I MBS, including nearly $558 million in loans for multifamily housing. For the 2024 calendar year to date, Ginnie Mae supported the pooling and securitization of more than 46,000 first-time homebuyer loans. For more information on monthly MBS issuance, unpaid principal balance (UPB), real estate investment conduit (REMIC) monthly issuance, and global market analysis, visit Ginnie Mae Disclosure.

In USDA news, an Unnumbered Letter (UL) dated February 13, 2024, has been issued which increases the appraisal fee to $775 and the conditional commitment fee to $850 under the rural development direct programs. The fee increases are effective March 14, 2024. The increased fees reflect market research for origination appraisals in rural areas and incorporates the average cost of appraisals under the programs’ nationwide contract with the Appraisal Management Companies.

With the current market trends of rising interest rates, the Single-Family Housing Guaranteed Loan Program (SFHGLP) Rural Development announced a Stand-Alone MRA ratio waiver; to remove the 55 percent and 31 percent limitations from the requirements in the regulation for the Stand-Alone MRA.

FHA published Frequently Asked Questions, FHA (FAQs), that address inquiries received from stakeholders regarding its final rule, Changes in Branch Office Registration Requirements published in the Federal Register on February 2, 2024. This regulation eliminated the current requirement for lenders and mortgagees to register branch offices where they originate FHA Title I or Title II loans. This new rule, which becomes effective on March 4, 20 is not applicable for those institutions whose fiscal year ended on December 31, 2023, and are required to recertify by March 31, 2024. Recertification fees for those lenders will be calculated based on the number of registered branches as of the last business day of their fiscal year-end certification period. Refer to the rule and accompanying FHA INFO 2024-01 dated February 2, 2024, for information on the rule.

Effectively immediately, AmeriHome is removing the existing $100,000 maximum cash-to-borrower overlay on VA Cash-Out Refinance transactions, to align with VA guidelines. For additional information, see Product Announcement 20240207-CL.

Big news for the “Empire State” of New York! Plaza Home Mortgage excitedly shared that borrowers can now utilize a reverse mortgage for purchasing a home. This is a great option for “buying up” or keeping key cash liquidity vs paying all cash. Plus, FHA now allows borrower concessions up to 6% of the Principal Limit. So, what does that mean for your borrower? When discussing the HECM product, these interested party contributions [or concessions] may include REALTORS®, builders, developers, lenders, and others with an interest in the transaction. Now, interested parties may contribute up to 6% of the sales price toward the borrower’s origination fees, closing costs, prepaid items, and more.

Weary about adding reverse mortgages into your business plan? Although there are lower LTVs caused by the higher rates, keep in mind that the acceleration of equity often offsets all of that. While your senior borrowers may get 47 percent instead of 57 percent LTV, their house may have appreciated $150K or more. Contact Plaza Home Mortgage for more information.

Pennymac Announcement 24-07 provides updates to Government LLPAs effective for all Best-Efforts Commitments taken on or after Friday, February 09, 2024.

The Single-Family Housing Guaranteed Loan Program (SFHGLP) announced upcoming revisions to technical Handbook 1-3555, Chapter 12, Property and Appraisal Requirements. Changes are expected to be implemented on April 1, 2024. View USDA Rural Development Bulletin for more information.

Per Pennymac Announcement 24-13, Government LLPAs were updated, effective for all Best-Efforts Commitments taken on or after Friday, February 23, 2024, as follows: Improve values on the ‘Government FICO Price Adjustments’ LLPA Grid.

Capital Markets

There are competing narratives emerging around the strength of the U.S. economy. Weaker consumer spending of late calls into question whether the economy can avoid a recession, consumer confidence has fallen and remains shaky, economic activity pulled back in January as storms and cold weather disrupted day-to-day activity, and markets received a disappointing Durable Orders report yesterday. However, employment has remained resilient, homebuilder confidence has improved, and Treasury auctions this week have not indicated any sort of flight to quality. On balance, the data suggests that the economy should pick up as the weather improves.

Home prices continue to hold steady as demand greatly exceeds supply. The FHFA Housing Price Index rose 0.1 percent month-over-month in December after increasing a revised 0.4 percent in November, while the S&P Case-Shiller Home Price Index was up 6.1 percent in December after being up 5.4 percent in November. However, local markets are seeing some price easing. Supply and demand may be a greater determinant: Despite high rates, home prices rose 5.1 percent in January, year over year, and while still painfully low, inventory is up 3.1 percent year over year and new listings rose year over year for the fourth straight month.

Today’s economic calendar kicked off with mortgage applications from MBA decreasing 5.6 percent from one week earlier. Later today brings the second look at Q4 GDP and January advanced indicators: the goods trade deficit, retail inventories, and wholesale inventories. Three Fed speakers are currently scheduled: Atlanta President Bostic, Boston President Collins, and New York President Williams. We begin the day (an early travel day for me) with Agency MBS prices, the 10-year yielding 4.28 after closing yesterday at 4.32 percent, and the 2-year at 4.67.

Jobs and Transitions

Looking to expand in CA or NV? Licensing in both states is now taking nearly a year. Opportunity for immediate licensing in either or both states. New established small Mini-Corr/Broker shop located in Northern NV for sale. The operation was established by an industry veteran with two immediate family members. Some circumstances with the family have changed and the principal believes it would be better to continue forward becoming a part of a larger entity. The company is licensed in NV, CO, TX, FL, and CA; banking license should be completed within 6 – 8 weeks. If interested, please contact Chrisman LLC’s Anjelica Nixt to forward your note to the owner.

Movement is providing its loan officers, and the agents they work with, a unique way to highlight their impact. Powered by the company’s new proprietary sales and marketing tool MORE, every Movement LO and the agents they closed loans with in 2023 recently received a personalized “Highlight Reel,” featuring an email, web page, and social media content showcasing the work they did together last year and how that work impacted their respective communities. Movement has also released its annual Impact Report, which also looks back on the previous 12 months. Check out all the ways Movement helps its loan officers stand out with unique storytelling, content, technology, and yes, MORE, at MovementLO.com.

New American Funding is pleased to announce the addition of industry leader Mosi Gatling as SVP Strategic Growth and Expansion. Gatling is renowned for her expertise in serving previously underserved communities and her commitment to increasing Black homeownership in the U.S. and will help to reshape the industry’s approach towards minority communities and effect positive change across the mortgage industry.

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Source: mortgagenewsdaily.com

Apache is functioning normally

According to the bank, spending in this area included contributions to the Affordable Housing Program, discretionary housing, community investment expenses, and operating costs. Together, these expenses surged by $13.1 million, but was somewhat mitigated by an $8.8 million increase in net interest income after accounting for credit loss provisions. As for its annual net income, … [Read more…]

Apache is functioning normally

The Plumeria Lounge is one of two Hawaiian Airlines lounges at Honolulu’s Daniel K. Inouye International Airport. It’s available to Priority Pass members, as well as to select Hawaiian Airlines business and first class travelers, plus frequent fliers with Hawaiian Airlines’ Pualani Platinum elite status.

Unlike the tropical paradise you’ll find elsewhere on Oahu, this lounge is more like an oasis of beige. It has some snacks, but don’t arrive seeking a feast. If all you need is a comfy chair, a place to charge your devices and a brief escape from the pre-flight pandemonium, the Plumeria Lounge is just fine.

Here’s what it’s like inside:

Spaces to relax and work

(Photo by Sally French)

The design of the Plumeria Lounge is bland, though not bad. Prepare your eyes for a steady color palette of beige on beige.

(Photo by Sally French)

There are a few types of seating options, including counter seating, table seating, booths and armchairs. Most have access to power outlets. The Plumeria Lounge also has a strong, lounge-exclusive Wi-Fi network, so it should be easy to get connected before your flight.

Food and drink at the Plumeria Lounge

(Photo by Sally French)

Some people judge lounges based on the food offerings. At Honolulu’s Plumeria Lounge, the food is solidly mediocre and spare. There is a self-service buffet with complimentary light snacks.

(Photo by Sally French)

Expect some apples, cheese, small sandwiches and soup.

(Photo by Sally French)

There are also a few types of prepackaged snacks such as pretzels and gummies. Delightfully, though, there are cookie jars with Hawaiian desserts including Honolulu Cookie Company shortbread and Mele Macs macadamia nuts.

(Photo by Sally French)

There’s a coffee maker for lattes and espresso, as well as a standard drip coffee dispenser. A soda fountain nearby offers standard soft drinks.

(Photo by Sally French)

The alcoholic beverages are also self-serve. There are wine bottles on the counter, so you can pour yourself a glass. Or you can grab a beer from the fridge.

Bathrooms

(Photo by Sally French)

The bathrooms were quite clean. However, during our visit in December 2023, one of the three women’s bathroom stalls was out of service.

(Photo by Sally French)

There are some nice touches, including colorful flowers and complimentary feminine care products.

How to get into the Plumeria Lounge at HNL

Plumeria Lounge access is offered to:

  • Business class guests departing Honolulu to Japan, South Korea, Australia or New Zealand.

  • First class guests departing Honolulu to New York or Boston.

  • Pualani Platinum elite status holders departing Honolulu to Japan, South Korea, Australia or New Zealand. These travelers may bring one guest.

  • All other Hawaiian Airlines passengers who purchase a day pass.

  • Priority Pass members.

Cards with Priority Pass access

The Platinum Card® from American Express

Capital One Venture X Rewards Credit Card

Marriott Bonvoy Brilliant® American Express® Card

Hilton Honors American Express Surpass® Card

U.S. Bank Altitude™ Reserve Visa Infinite® Card

Annual fee


Priority Pass benefits


Full Priority Pass Select membership. Enrollment required. Terms apply.

Full Priority Pass Select membership. Includes two guests per visit. No restaurants.

Full Priority Pass Select membership. Enrollment required. Terms apply.

10 complimentary Priority Pass lounge visits per year. Enrollment required. Existing cardholders who enrolled in Priority Pass on or before Jan. 31, 2023 will no longer have a membership as of Feb. 1, 2024. Cardholders who enroll between Feb. 1, 2023 and Jan. 31, 2024, will continue to have membership through Oct. 31, 2024. Terms apply.

Eight free Priority Pass lounge visits per year.

Learn more


As a Priority Pass member, you don’t need to fly on Hawaiian Airlines to access the lounge, but you will have to show a same-day boarding pass with an outbound departure from the HNL airport.

🤓Nerdy Tip

The Plumeria Lounge uses a waiting list for Priority Pass members, so access isn’t guaranteed if the lounge is busy.

Purchasing a Plumeria Lounge day pass

You can purchase a day pass either as a walk-in directly upon arrival at the lounge or beforehand during check-in.

The general admission price is $40, though there are discounts for passengers with Pualani elite status. Day passes for Pualani Gold cost $30 and Pualani Platinum can purchase day passes for $25.

Though, don’t try buying a day pass if you’re flying out of Honolulu on any other airline. You must present a same-day Hawaiian Airlines boarding pass to be able to purchase a day pass.

Getting to the Plumeria Lounge inside HNL

The Plumeria Lounge is located in Terminal 1 on the third level.

Honolulu Airport has two terminals, Terminal 1 and Terminal 2. Both are connected post-security, which makes it possible to access the Plumeria Lounge even if you’re flying out of Terminal 2, but it could be a long walk. You also could take the Wiki Wiki Shuttle between the terminals.

Other HNL lounges to consider

Honolulu’s other Priority Pass Lounge is the I.A.S.S. Hawaii Lounge. It’s adorned with colorful walls, plumeria print chairs and a view of lush plants outside. It might be more aesthetically appealing, but the snacks at the I.A.S.S. lounge are almost nonexistent, so if you prioritize complimentary food, the Plumeria lounge is the better choice.

Is the Plumeria Lounge Honolulu worth it?

(Photo by Sally French)

The Plumeria Lounge is hardly making any lists of best airport lounges. But if you received complimentary access anyway (by purchasing a premium airfare or having a Priority Pass membership), then it’s tough to complain about this lounge.

The food isn’t fancy, but few airport meals are. You’ll have a place to set down your bag. And don’t overlook the unlimited supply of coffee, soda and other drinks. The Honolulu Cookie Company shortbread treats are tasty, too.

As far as whether it’s worth purchasing a day pass, that’s a tougher decision. If you’ll otherwise purchase multiple adult beverages elsewhere in the terminal, then that might end up justifying a good chunk of the $40 day pass fee right there. If you’ve got a long layover, a delayed flight or just got to the airport way too early, then it might be easier to justify the day pass simply given how many more hours you’ll get out of your stay.

Sure, you’d much rather be lying on the beach in Waikiki. But, if you’re stranded in the Honolulu Airport, then the Plumeria Lounge has some complimentary food and drinks to help pass the time, but not much else.

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