building

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U.S. counties most prone to flooding saw 384,000 more people move into them than out of them over the past two years, a 103% increase during that time. Similar trends are being observed in areas prone to wildfires and excessive heat as home prices have remained generally elevated well after the pandemic-driven homebuying boom.

This is according to data from Redfin, which conducted an analysis of migration patterns sourced from the U.S. Census Bureau cross-referenced with climate risk scores from the First Street Foundation, a research-oriented nonprofit that aims to define the risks of climate change in the U.S.

A combination of an explosion in remote work combined with record-low interest rates during the height of the COVID-19 pandemic has caused people to search for more affordable housing, fewer taxes and warmer weather. This pushed migration into states like Florida, Texas and Arizona, despite the fact that these states carry higher levels of risk from extreme heat, wildfires, drought and storms.

“It’s human nature to focus on current benefits, like waterfront views or a low cost of living, over costs that could rack up in the long run, like property damage or a decrease in property value,” said Redfin Deputy Chief Economist Daryl Fairweather. “It’s also human nature to discount risks that are tough to measure, like climate change.”

While the U.S. continues to reckon with issues related to housing supply, disaster-prone areas generally have a higher pool of available homes, leading to reduced prices. But a lot of building activity is also concentrated in areas associated with higher climate-related risks.

“America is increasingly building housing in places endangered by climate change; more than half (55%) of homes built so far this decade face fire risk, while 45% face drought risk, a separate Redfin analysis found,” the data explained. “By comparison, just 14% of homes built from 1900 to 1959 face fire risk and 37% face drought risk. New homes are also more likely than older homes to face heat and flood risk.”

Homeowners and renters may not have felt the full impact of climate-related disasters since, oftentimes, they do not end up directly paying for renovations or repairs necessitated by an adverse climate event, Fairweather said.

“Insurers and government programs frequently subsidize the cost of rebuilding after storms hit, and mortgages mean homeowners are ceding some risk to lenders—especially if their house goes into foreclosure after a storm,” he explained. “But with natural disasters intensifying and insurers pulling out of disaster-prone areas including Florida and California, Americans may start feeling a greater sense of urgency to mitigate climate dangers—especially if their home’s value is at risk of declining.”

Which, for many Americans surveyed by Redfin, is a concern. According to a survey of roughly 2,000 U.S. residents commissioned by Redfin and conducted by Qualtrics in May and June 2023, nearly half (48.7%) of respondents who moved within the last year believe that an increasing frequency or intensity of climate events like natural disasters, excessive temperatures and/or rising sea levels will “likely impact home values in their area in the next 10 years,” the data said.

Among the top migration destinations most impacted by climate risk, coastal Florida has seen nearly 60,000 more people move in than move out over the past two years. This includes to areas like Lee County, which includes Fort Myers and Cape Coral. The area was most recently ravaged by Hurricane Ian in September.

Meanwhile, inland California, Utah and Arizona have seen their populations swell as the risk of wildfires has only grown, Redfin found.

Recently, prominent insurance companies have exited some of these areas. Farmers Insurance announced earlier this month that it will cease providing coverage in Florida, while State Farm and Allstate are pulling back on types of coverage in California. All the exiting companies have cited climate risk in explaining these decisions.

Source: housingwire.com

Apache is functioning normally

In our latest real estate tech entrepreneur interview, we’re speaking with Erez Cohen from Knock.

Who are you and what do you do?

I’m Erez Cohen and I’m the CEO and Co-Founder of Knock, a self-touring rental platform where owners, property managers and agents can orchestrate the whole leasing process efficiently and remotely.

What problem does your product/service solve?
The residential rental market (*excluding the evolution of listing services) was left behind as almost every other industry was disrupted via technology. The biggest bottleneck in the leasing process today is touring-facilitation: email/txt coordinations, key-pickup/dropoff, agent commute and agent’s availability down-time – yielding high days-on-market and unsatisfied prospective renters.

Knock automates all of this experience – renters tour apartments on their own, without scheduling and without an agent on-site.

Our bot responds to listing inquiries immediately, onboards leads onto our app, and follows up with every lead throughout the whole leasing funnel. Our app verifies leads’ identities and by integrating with smart-lock solutions, enables leads to unlock building entrances and unit doors within pre-defined visiting hours. This is where our team’s B2C experience really came into play, we worked hard to build an app that looks and feels great. Our dashboard was built with the help of our customers to allow them to oversee the process remotely while still being able to manage “hands-on” and communicate with relevant leads directly.

With respect to all the difficult losses related to COVID-19, landlords and managers realize that the show(ings) must go on – there will always be apartments to rent and renters that are moving.

Knock is currently providing a social-distance friendly solution for both managers and renters who find it difficult to lease using only live-video touring.

What are you most excited about right now?

What excites me the most is that self-touring, is being recognized by large management companies as the future of leasing.

When we started our journey just a couple of years ago, we were looked at as crazy people. We were literally shouted at a few times.

Today, self-touring is the hottest discussion in real estate management conferences, and we are grateful to be part of building that reality.

What’s next for you?

Coming from cyber security, what I realized about real estate is the more you know, the more you understand there’s much more to know. And this presents many new opportunities to bring efficiency into this traditional industry (the challenge is to direct our resources towards what we believe is the most impactful opportunities).

We are prepared for a hard year to come with COVID-19 outcomes, and intend to push forward and expand our capabilities to answer our customers’ needs, and to perfect the experience that renters so desperately want.

What’s a cause you’re passionate about and why?

I’m passionate about education (who isn’t!?). I had the privilege to teach cyber security in the one of Israel’s elite intelligence units. While doing that I discovered that teaching brings me joy and it’s a fun way to share knowledge with younger cyber-passionate generations.

I think that the institutional education system has yet to realize that coding and computer-networking is a must-learn, it is a tool just like math in today’s digital reality.

Recently (post COVID-19) I started volunteering by teaching cyber classes over ZOOM with my iPad for a few hours every week, utilizing my passion to contribute (a bit) in the new reality we were forced into.

Thanks to Erez for sharing his story. If you’d like to connect, find him on LinkedIn here.

We’re constantly looking for great real estate tech entrepreneurs to feature. If that’s you, please read this post — then drop me a line (drew @ geekestatelabs dot com).

Source: geekestateblog.com

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Wildfires are destructive and can be catastrophic for homeowners, especially those who are lower income. And unfortunately, fires are getting more frequent, larger, and stronger. The wildfire season in the western US has increased by more than 100 days since 1970, along with larger and more frequent fires. These fires are expensive, too; from 2017-2021, they have cost governments more than $90 billion and have dramatically altered landscapes in forests across the country. As such, it’s important to be prepared.  

Regardless of whether you live in a high fire-risk area, like Brentwood, CA, or somewhere with very little risk, such as Duluth, MN, these tips are essential. Climate change is accelerating, helping to prolong and intensify droughts and heat waves throughout the country. This creates a greater risk for wildfires anywhere in the US. So no matter where you live, read on for essential tips from Redfin to learn how to prepare for a wildfire. 

1. Clear the ignition zones around your home

First, it’s essential to create defensible zones around your home to reduce the fuel sources for a wildfire. This is called the Home Ignition Zone (HIZ), which is broken up into three subsections ranging from 0-200 feet away from your house. Here’s a quick breakdown of the zones.

Immediate zone (0-5 feet)

The immediate zone is the area directly adjacent to your home, including the structure itself and its immediate surroundings. This is the most important zone to take immediate action on. Make sure to clear your house first and then work your way around your property. The goal of this zone is to eliminate fire risk as completely as possible.  

  • Keep this zone free of all flammable vegetation and materials, especially anything underneath decks and between cracks in patios. Ideally, you shouldn’t have any vegetation in this zone.
  • If you have trees with long branches, make sure none of them get within five feet of your home. 
  • Clean roofs and gutters regularly to prevent a buildup of flammable debris.
  • Use non-flammable landscaping materials and high-moisture-content plants.
  • Store firewood, propane tanks, and other flammable materials away from this zone.
  • Make sure your home siding is at least six inches off the ground. 

Intermediate zone (5-30 feet) 

This zone acts as a buffer and is primarily focused on landscaping and creating breaks that can reduce fire spread. Depending on where you live, it may still be beneficial to keep vegetation to a minimum. 

  • Use “fire-resistant” plants that are strategically spaced to prevent the fire from spreading continuously.
  • Remove dead vegetation and prune trees regularly to keep them away from the ground (creating a separation between low-level vegetation and tree canopies). 
  • Space trees so they have a minimum of 18 feet between crowns and are no closer than ten feet from your home. 
  • You can have grass in this area, but it should be mowed to a maximum of four inches. 
  • If possible, create breaks with driveways, walkways, and lawns.

Extended zone (30-100 feet, 200 feet in sloped areas)

The goal of this zone is to disrupt a fire’s path, not eliminate it entirely. Landscaping should be maintained, but doesn’t necessarily have to be fire-resistant. 

  • Remove ladder fuels (vegetation that can carry a ground fire to treetops) by pruning and maintaining space between shrubs and trees.
  • Remove any vegetation adjacent to sheds or other small structures within this area.
  • Keep grass and other vegetation mowed to a short height.
  • Regularly remove dead plant and tree material.
  • Keep at least 6-12 feet between the canopy tops of trees.

2. Update your landscaping 

Landscaping plays a crucial role in preparing for a wildfire, especially in areas prone to wildfires, like San Bernardino and Riverside counties. Apart from creating a defensible space using the HIZ, there’s a lot you can do. Here are a few suggestions.

  • Plant selection: Opt for fire-resistant plants that are native to your region. These plants typically have a high moisture content, are low-growing, and don’t accumulate dead branches or leaves. Examples include succulents, some species of rockrose, lavender, and yarrow. Avoid plants that produce resins, oils, or waxes, as they can be highly flammable. 
  • Hardscaping: Use hardscaping elements like stone walls, pavers, concrete pathways, and patios to create firebreaks in your yard. These non-flammable elements can act as barriers, slowing or stopping the progress of a fire, and are great elements to add to your intermediate zone. 
  • Water features: Water features aren’t viable for every home, especially if you live in a drought-ridden region. However, if you are able to install them, consider ponds, streams, fountains, or even birdbaths. These can act as barriers to wildfires and can be a water source for firefighting if needed. 
  • Yard equipment: Avoid storing equipment with fuel still in the tank, such as lawnmowers, chainsaws, leaf blowers, and other gas-powered tools. 

3. Use fire-resistant building materials

You can retrofit your home to prepare it for a wildfire, but installing fire-resistant materials at the outset is much more cost-effective. 

Regardless of when you fireproof your home, it’s important to note the Flame Spread Index, which measures how far and how fast flames spread across the surface of a material. There are three ratings from best to worst: Class 1 (A), Class 2 (B), and Class 3 (C). Ideally, most of your home would exclusively contain materials in the Class 1 and 2 categories. 

Ensure you never use non-treated materials, especially not fiberboard, hardboard, and plywood. Additionally, some types of wood are more flammable than others, such as pine, oak, and douglas fir. Here’s a list of essential fire-resistant building materials to consider.

  • Roofing and siding: Metal sheeting, fiber cement, slate tiles, fiberglass-based asphalt shingles, and brick and stone. Brick and metal are some of the most fire-resistant materials commonly available.
  • Decking and framing: Composite wood, Structural INsulated Panels (SIPs), aerated concrete, steel, and Fire-Retardant Treated (FRT) wood. You can treat wood after installation, as well as purchase pre-treated wood. 
  • Windows and doors: Insulated, double pane, tempered glass windows; steel; fiber-cement; and fire-rated wooden doors. Fire-rated doors have cores that can limit fire and smoke for up to three hours, although 20 minutes is the most common. If you have a garage door, metal is the best choice. 
  • Insulation: Fiberglass, radiant/reflective barriers, foam, and mineral wool. There are many types of wool to choose from, including glass, rock, and slag. It’s also important to note that reflective foil insulation conducts electricity.

4. Consider Insulated Concrete Forms (ICFs)

Insulated Concrete Forms (ICFs) are a material and system that consists of hollow blocks or panels made of insulating materials, which are stacked to form the shape of the walls of a building. Once in place, these forms are filled with concrete, creating a solid, insulated wall system. ICFs are extremely energy efficient, durable, and resistant to various natural disasters, including wildfires. 

ICFs have unique properties that can withstand wildfires for up to four hours. While a bit more expensive than traditional wood, if you’re building a new home, ICF may be the most fire-safe option.

5. Install fire alarms and monitors

Your next step should be to know when a fire is happening in your home. In the case of a wildfire, you’ll likely know when it’s coming, but it’s still useful to install alarms and protection, so you can help limit the spread to other homes. And without fire detection, you are at increased risk of harm and damage to your home.

  • Smoke detectors: Smoke detectors are legally required. Ensure you have working detectors in every room of your home, test them monthly, and replace batteries annually. Make sure to follow your local building codes when installing and maintaining detectors. 
  • Heat sensors: These can detect unusual spikes in temperature and can be especially useful in garages or workshops where you might store flammable materials.
  • Remote monitoring: Some smart security systems can pair with smart smoke and carbon monoxide detectors to offer remote fire monitoring, allowing you to be alerted even if you’re not home. This can be crucial for early detection and response.

6. Purchase and maintain fire extinguishers

Home fire extinguishers may not be useful for large wildfires, but they can help suppress a fire and prevent it from spreading further. While not required for one- and two-family homes, they are invaluable tools. 

Maintaining extinguishers is crucial. Every month, check the pressure gauge to ensure it’s in the “green” zone. And once per year, have a professional inspect it. After any use, recharge or replace the extinguisher. Over time, even if unused, extinguishers degrade; typically, you should have them served every six years and replaced every twelve

7. Invest in a home sprinkler system

Home sprinkler systems can be an invaluable tool to reduce your risk of fire damage inside and outside your home. There are two types of sprinkler systems that can be useful during a wildfire: interior and exterior. 

Home sprinkler systems are similar to those found in commercial buildings but are tailored for residential environments. They can play a crucial role in saving lives, reducing property damage, and providing an added layer of safety to homeowners. Homes that had 

Exterior sprinkler systems, sometimes called “wildfire sprinkler systems” or “defensible space sprinklers,” are designed to wet the home and its immediate surroundings. This helps prevent wind-blown embers, radiant heat, and direct flame contact.

The benefits of these systems usually outweigh the costs of installation and use, as damage from a fire or firefighters is often far worse. Remember that your system must also be able to deliver water for up to eight hours straight. So if you live in a region parched by drought, this may be impossible. And, if you live in a windy area, an exterior sprinkler system may not be able to reach as far or as consistently. 

8. Install a generator for emergencies

Power outages are common during wildfires, as fires can damage infrastructure and utility service providers may perform Public Safety Power Shutoffs (PSPS) to prevent further fire spread. 

A generator can provide power to a home or facility during these outages, ensuring that essential appliances and systems remain operational. This can include supporting medical equipment, running external sprinkler systems, and charging communication devices. 

It’s also critical to keep an AM/FM/weather radio and battery-powered lanterns on hand for government communications. 

9. Keep your emergency kit stocked

Your emergency kit should contain essential supplies that will last at least 72 hours. This includes food, water, a first aid kit, tools and supplies, clothing, shelter, identification, cash, and special needs products. It’s also critical to keep an AM/FM/weather radio on hand to communicate with authorities and emergency responders.

10. Make sure your community is prepared

Protecting your own home is the first step, but is ultimately futile if your neighbors aren’t protected as well. Even if you install state-of-the-art sprinkler and fire detection systems on your property and follow the HIZ guidelines perfectly, water can run out, the power can go out, and fires can spread from your neighbor’s house more quickly than an exterior sprinkler system can put them out. 

To truly reduce your wildfire risk, it’s critical to talk to your neighbors and ask them to remove fire risks. For a community to survive a wind-driven fire, each household must properly prepare. One of the primary ways fires spread is by jumping from an unprotected house to a protected house. This means that even if you prepare your house using the HIZ, if your neighbors aren’t prepared, your home is still at risk.

Preparing for a wildfire hinges on small daily tasks and community responsibilities more than individual action. Communities must prepare together to reduce the risk of burning together. 

How to prepare for a wildfire: final thoughts

While there is no surefire way to protect your home from wildfires, preparing individually and as a community can help reduce risk. While reducing your risk is the best short-term action, the best long-term solution is to reduce your carbon footprint and slow the effects of climate change. If you have any questions, contact your local authorities or utility company.

This article is for informational purposes only. Individual results may vary. This is not intended as a substitute for the services of a licensed and bonded home services or fire prevention professional. Always seek expert advice and follow all official guidance before, during, and after a fire.

Source: redfin.com

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Broker Pricing and Non-QM Products; Seminars and Conferences; Rates Higher on Producer Prices

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Broker Pricing and Non-QM Products; Seminars and Conferences; Rates Higher on Producer Prices

By:
Rob Chrisman

Fri, Aug 11 2023, 10:22 AM

As the MMLA conference wraps up (congratulations to Dan Grzywacz, CMB, and nearly 40-year industry vet, who was this year’s James T. Barnes Award winner), the conversations still involve some seemingly endless topics. One of which is W2 versus 1099. There’s been a lot of “quacking:” about whether originators can be paid as independent contractors (1099) or need to be employees (W-2). Mortgage Muser and attorney Brian Levy has some new thoughts on this topic that are worthwhile even if he “ducks” providing legal advice in his entertaining and insightful mortgage blog. View past editions of the Mortgage Musings and subscribe to get emailed about new postings for free here. Another is sticky higher interest rates, and today at 3PM ET, Skylar Olsen, Zillow’s Chief Economist, will be co-hosting The Mortgage Collaborative’s Rundown, covering current events in the economy and mortgage market for 30-45 minutes. And there’s volume. According to Curinos, July 2023 funded mortgage volume decreased 30% YoY and 13% MoM. Curinos sources a statistically significant data set directly from lenders to produce these benchmark figures. (Today’s podcast can be found here and is sponsored by SimpleNexus, an nCino Company, developer of mortgage technology uniting the people, systems, and stages of the mortgage process into one seamless, end-to-end solution. Hear an interview with Equifax’s Joel Rickman on leveraging income and employment verifications during the home equity line of credit (HELOC) origination process.)

Lender and Broker Software, Products, and Services

“Brokers can now shop, lock, and deliver on one platform that seamlessly connects brokers, lenders, and originators. In this market, hustle is everything. You can’t afford to waste a single deal… Or a single minute. That’s why ReadyPrice has launched its innovative new Shop, Lock & Deliver loan exchange platform, designed to help independent mortgage brokers like you save time and money. Now you can shop competitive loan offerings from multiple lenders, get rate lock guarantees in real time, receive underwriting findings, and deliver the borrower’s complete loan file to lenders, and all on a single platform, at no cost to brokers. It’s the industry’s most powerful universal delivery portal, and it’s already helping thousands of brokers around the country thrive and compete in even the toughest market environments. Multiple lenders. One platform. Zero b.s. Come check us out today.”

Mega Capital Funding is proud to be a 25 yr. partner to the broker community. The team at Mega Capital continues to grow and expand across the US. Mega has recently added another 10 outside AEs across the country to further support the broker community. The team at Mega is also expanding our products this month with additions to our Non QM suite. ITIN is new and improved along with our Expanded DSCR options which also includes a No Ratio DSCR. We at Mega are looking to continue to be a destination for brokers and bankers to find all their lending needs under one roof. Conv, FHA, VA, USDA, Jumbo and Non QM. Mega Capital is also excited to be at NAMB this year. Please come by and see us in Vegas.

Looking Ahead to Conferences and Training

A good place to start is here, and click on “events.”

The Mississippi Mortgage Bankers Association is holding its fall conference September 7-8 in Jackson. Our theme for this year is “Building a Strong MS” We are focusing on building relationships, strategies, and opportunities for the real estate housing industry in MS. Our fall conference is open to loan originators, realtors, and other industry affiliates. Realtors will receive Continuing ED (CE) credits for attending the Fall Conference.

Save the dates of September 10-12 and join lending professionals from the Pacific Northwest at the Riverhouse in Bend, Oregon, for the Pacific Northwest Lenders Conference. This event promises to be a catalyst for professional growth, offering a unique platform to expand knowledge, build valuable connections, and elevate lending businesses in the region.

Prepare to be amazed and delighted when you swing by the Plaza Home Mortgage® booth at the NAMB National Conference, September 8-11, at Caesars Palace in Las Vegas.

Register for free with the code PLAZAFREE and pop by Plaza’s booth #607 or schedule a meeting with us at [email protected].

Zelman’s Virtual Housing Summit is September 18-21, though not exactly in person.

Network and collaborate with your industry colleagues while learning the latest updates on mortgage industry standards at MISMO’s Fall Summit, September 18 – 21 in Washington, DC

New To MISMO? Check out this 20-minute presentation “Intro to the MISMO Summit Experience” to learn what to expect and how to best prepare so that you get the most out of the Summit.

AzAMP Annual EXPO, Luncheon, and 8-Hour NMLS CE Class, September 27–28, at the We-Ko-Pa Resort and Casino. Begin your experience on Wednesday, Sept. 27 with Part 1 of NMLS CE class. Full day of events begins on Thursday, September 28 including NMLS CE class Part 2, Luncheon with Keynote Speakers Allen Beydoun, UWM Executive Vice President and Rob Chrisman, The Chrisman Commentary Daily Mortgage News, followed by the AzAMP Expo.

Watch on demand, at your leisure: Millennials and Gen Zers represent the largest group of first-time homebuyers. In less than 10 years, 3.1 million will have entered the market. Of these buyers, roughly 75 percent of them report checking social media daily. Making social media a necessary strategy for loan officers. Join Homebot’s VP of Marketing, Ashley Remstad and Mortgage Advisor Sosi Avila as they discuss key strategies and tactics for using social media to your advantage. Register for the webinar here.

It’s time to register for the New England Mortgage Bankers two-day Conference, September 13-14 in Portsmouth NH. Multiple venues all within walking distance for a new NEMBC experience.

Register for the AzAMP Annual EXPO, Luncheon, and 8-Hour NMLS CE Class on September 27th and 28th at the We-Ko-Pa Resort and Casino. Don’t miss Luncheon Speakers Allen Beydoun, UWM EVP, and Rob Chrisman, The Chrisman Commentary Daily Mortgage News. Stay the night at the resort and attend all the events.

Registration for the NCEO 2023 Fall Forum in Houston, September 26-28 is now open. Featuring top industry experts and thought leaders, the forum will update you on the latest trends and best practices in employee ownership. Network with other employee owners and industry professionals from across the country, sharing ideas, challenges, and successes.

Secure early-bird pricing through June 23rd. From close-knit conversations to invigorating keynotes, the forum is the place to rocket your company into the stratosphere.

MBAC 67th Annual Convention Oct 1-4, 2023 at the Francis Marion Hotel, Charleston, SC.

Sponsorship opportunities available, reserve your room at the Francis Marion Hotel use Promo Code MBAC2023 for special rate, Last Day to reserve at this rate, September 11, 2023.

Mark your calendars and make plans for ACUMA’s 2023 Annual Conference! Registration is now open for the biggest event tailored for the credit union mortgage professional. This year’s theme, Make Your Mark, is the largest and most comprehensive event on ACUMA’s education calendar and is scheduled for Oct. 1-4 at the Gaylord National Resort in National Harbor, Maryland, just down the Potomac River from Washington, D.C. Make plans now to attend this year’s largest gathering of mortgage lenders, and plan to continue to Make Your Mark in credit union mortgage lending! Here’s the link to register! ACUMA 2023 Annual Conference.

At Turning Stone Casino & Resort, Verona, NY., October 4th at 12:00 PM – October 6th at 12:00 PM (EDT), NYMBA 2023 Annual Convention & Golf Tournament, a premier event that brings together industry leaders, professionals, and innovators in the mortgage banking sector. This convention serves as a platform to foster collaboration, share knowledge, and explore emerging trends, ultimately shaping the future of the mortgage banking industry in New York and beyond.

As we celebrate America’s independence, we have many other reasons to celebrate as well. This October 15-18, we’re taking the original gathering of real estate finance professionals to the birthplace of our country, and we’re celebrating some of the reasons you’re going to love it: MBA’s Annual Convention & Expo 2023.The largest annual gathering of real estate finance professionals, this is the one event you need to gain access to the industry’s power players and innovators. Be inspired and get informed by engaging speakers on the Main Stage. Meet with dozens of exhibitors in THE HUB and get hands-on access to the latest products and services. Dive deep into Breakout Sessions to get the insight you need on all the facets of the business.

There’s only one venue where you can get timely updates on where the reverse mortgage industry is headed, the 2023 Annual Meeting & Expo, October 23-25 in Nashville, TN.

Get the latest news on the HECM program. Learn about proprietary product opportunities. Find out what other regulatory changes are forthcoming. Pre-sale registration, the lowest registration rate, expires at midnight (Eastern Time) on Tuesday, August 22.

The kind of news you want to know, VIBE 2023, a very important broker exchange, is here! What is VIBE 2023?* The biggest growth mindset event for Mortgage Brokers featuring a VIP lineup of some of the most influential speakers in the country! Join us at the Westin South Coast Plaza in Costa Mesa, CA on 10/24/2023. Register to attend using your UNIQUE CODE**, provided by your Kind Account Executive. Learn more by visiting here. *VIBE 2023 event is open to all licensed Mortgage Brokers in the United States. No commitments to establish a partnership with Kind Lending are required to attend. **Unique Codes are provided by your Kind Lending Account Executive. If you do not have an account executive or are not yet working with Kind TPO, email us to learn more.

TMBA is working through the summer planning outstanding events including the 6th Annual Mortgage Symposium, November 6-7 at the Westin Dallas Southlake Hotel in Southlake TX. The Texas Women Mortgage Bankers event will be held on November 6 at the Westin Dallas Southlake Hotel.

October Research, LLC is happy to bring back the Women’s Leadership Summit (WLS) for its second year. It will be held November 6-7 at the Naples Grande Beach Resort in Naples, FL. We are now accepting registrations and speaker nominations! Built around the four pillars (Develop, Grow, Support and Empower) WLS provides attendees with the tools for success in a fun and supportive environment. Attendees come from across the country to learn from our visiting experts and each other about how to meet their goals. Visit OctoberResearchWLS.com for more information.

Capital Markets

Not only do the earth’s temperatures keep going higher, but inflation does as well, but at a slower pace! It was revealed yesterday that the consumer price index rose a temperate 0.2 percent in July and 3.2 percent year-over-year, matching consensus expectations. That marked the smallest back-to-back gains in more than two years, adding to a steady wave of disinflation in recent months. Excluding the volatile food and energy components, the “core” index rose 4.7 percent year-over-year versus 4.8 percent in June. The index for shelter accounted for 90 percent of the increase, but is almost back to pre-pandemic levels and will continue to moderate after home price appreciation peaked last year.

While the recent trend is encouraging and confirms that inflation is headed in the direction the FOMC wants, it’s likely premature to get overly excited about a sustained return to the Fed’s 2 percent inflation target. The Fed’s fear is that a pause will reignite home price appreciation, exacerbate the affordability problem, and push inflation higher. Look for the Fed to leave interest rates unchanged at the next policy meeting in September, but add the caveat that the job isn’t done yet. Initial claims also moved in a direction last week to corroborate the thinking that there is some softening in the labor market, which is what the Fed expects and hopes to see. However, bond yields rose by the day’s close after the U.S. Treasury closed out this week’s auction slate with a weak $23 billion 30-year bond offering.

Today’s calendar kicked off with MBA reporting that the delinquency rate for mortgage loans on one-to-four-unit residential properties decreased to a seasonally adjusted rate of 3.37 percent of all loans outstanding at the end of the second quarter of 2023, down 19 basis points from the first quarter of 2023 and down 27 basis points from one year ago. The percentage of loans on which foreclosure actions were started in the second quarter fell by 3 basis points to 0.13 percent.

We’ve also received the July Producer Price Index, which increased .3 percent month-over-month and .8 percent years-over-year versus 0.2 percent month-over-month and 0.6 percent year-over-year expectations and both 0.1 percent month-over-month and year-over-year previously. Core PPI rose (), +2.7 year over year. The only other release scheduled for today is at 10AM ET with the preliminary August Michigan sentiment. We begin the day with Agency MBS prices worse .125-.250 from last night and the 10-year yielding 4.13 after closing yesterday at 4.08 percent.

Employment and Transitions

“Keith McKay, CEO of Prime Choice Funding, invites you to participate in reshaping the mortgage industry. Our mission for 2023 is to become the top mortgage broker in the nation. Join our team and expand your professional horizon with our diverse loan programs, flexible compensation plans, and a unique opportunity to earn extra by offering solar solutions to your clients. Backed by comprehensive marketing resources, cutting-edge platform, and robust operations support, your potential for growth is limitless. With a history dating back to 2007, Prime Choice represents stability and innovation in finance and sustainability. Register for our webinar today and explore these rewarding opportunities.”

The Maryland office of USA Mortgage has added nationally prominent Loan Officer, Sam Rosenblatt, to its roster. Rosenblatt joins William “Bill” Sohan in his venture to expand USA’s national footprint. Active in the mortgage industry since 1995, Rosenblatt was the #1 producer in units in Maryland in 2021, filing 978 closed loans valued at $338,087,603, and is among the top 50 originators in the nation. “I’m excited to join USA Mortgage because they have great loan options for my clients, state-of-the-art marketing, and cutting-edge technology that makes the mortgage process as efficient and smooth as possible”, he said. Founded in St. Louis in 2001, USA has offices in 34 states and is licensed in 49 states plus the District of Columbia. For a confidential conversation about joining USA, contact Brooke Anderson at 609-500-1520.

Switching gears, Michael Dresden, the President of Dart Appraisal, sent the sad news that Tim Laden, Dart’s Chief Appraiser, passed away. “Tim impacted so many appraisers across the country through his love for coaching and mentoring. Tim was such an asset to Dart and helped us elevate many areas of our business. We’re better because of Tim.”

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Source: mortgagenewsdaily.com

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You’d think that someone so heavily involved in the mortgage world would have a family full of homeowners, but that’s not the case with David Stevens.

Despite being the president and CEO of the Mortgage Bankers Association (MBA), and formerly the FHA Commissioner, his 27-year old daughter still rents her place, per Businessweek.

Sara Stevens is reportedly well aware of the favorable situation in housing at the moment, what with the near-record low mortgage rates, the increasing rents, and the ability to grow wealth through home equity.

But that’s not enough for her and fiancé to give up their 765-square-foot one bedroom apartment in Arlington, Virginia, which runs at a hefty $2,195 a month.

Sure, they’ve got some student loan debt, like most Millennials their age, but pops has already pledged to help her with the down payment if need be.

And with combined income of nearly $108,000, the couple could most likely afford to purchase a fairly nice home or condo, even with home prices in the D.C. area pretty steep.

The apparent issue is that they’re currently in a central location, close to a subway stop and within walking distance to popular bars and restaurants.

If they decide to buy, they’d likely need to forego those perks for a longer commute and a home/condo that isn’t as nice as their current digs.

Is She Like Any Other Person, or Is Dad Telling Her to Hold Off?

On the one hand, it appears as if Sara Stevens has seen a lot of ugly stuff during the latest housing boom and bust, which would clearly make her a lot more cautious about purchasing a property.

Ditto anyone else thnking about getting into real estate today.

She apparently had family go through “tough situations” with bad mortgages that her father tried to sort out over the past few years.

But at the same time you have to wonder if she’s just like any other young adult, wanting to live in an urban center and enjoy the relatively stress-free life renting affords.

Because at the end of the day, it’s a lot easier to rent than own a home. You don’t really have to worry about the place. You make your rent payment each month and if something goes wrong, you call the landlord. It’s their problem, not yours.

The downside to renting is that you miss out on potential home price appreciation, and forced savings via home equity building, but with what has gone on over the past decade, that’s no longer a guarantee.

Interestingly, Sara’s dad purchased a home in Denver back in 1984 at the age of 27 when 30-year fixed mortgage rates stood at 13.9%. Today, they’re closer to 4%, yet Sara is holding off.  Does dad know something we don’t know, or is it purely her decision?

Now of course everyone has their own reason for buying or renting, but it does kind of speak volumes about the very strange housing market these days.

Interest rates are ridiculously low, home prices are still well off recent record highs, and rents are climbing, yet everyone seems really cautious about diving in.

But maybe that’s a good thing, because the moment everyone gets euphoric about housing again, we’re in big trouble.  So I, for one, welcome the uncertainty.

Source: thetruthaboutmortgage.com

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In the wake of the Covid-19 pandemic, we’ve seen a seismic shift towards retail investing occur around the world. The arrival of lockdowns and government stimulus packages provided investors with an unprecedented combination of time and financial windfall to explore the markets and to buy into the stocks and shares that would begin their investment journey. 

However, the months that followed showed that this new influx of retail investors continually traded shares across different markets with increasing frequency. 

(Image: Financial Times)

As Financial Times data shows, retail investor interest fluctuated wildly across 2020 and 2021, with the dominant presence of ETFs giving way to travel, growth, ESG, and meme stocks at various stages. 

Not only does this show that retail investors can be unfocused in their investment decisions, but the rise in popularity of WallStreetBets favorites like the meme stocks GameStop and AMC, shows that investors are increasingly eager to turn a quick profit. 

According to a Natixis report published in June 2021, an expectation gap has emerged between investors and the returns that they hope to achieve on their portfolios. The survey of 8,550 retail investors found that those with more than $100,000 in investable assets largely believed that they could continue to draw on the success of 2020’s stock market rally and post annual returns of 13% above inflation by the end of the year. 

In reality, the final quarter of 2021 was a difficult time for global stock markets as record-breaking inflation and fears regarding new Covid-19 variants led to large-scale sell-offs of growth stocks and meme favorites alike. 

With this in mind, expectation management is essential for anybody looking to enter into the world of investment. Let’s explore three ways that you can manage your expectations when starting out as an investor: 

1. Set Clear Goals

First and foremost, new investors must have an idea of why they’re investing in the first place. If you don’t know what your goals are, how are you going to plan the construction of a portfolio to achieve them? 

Although 2021 was certainly the year of the meme stock, it’s worth asking whether buying into sentiment-driven stocks for short-term results is consistent with the things that you hope to accomplish. Building wealth in a measured way with more limited levels of risk means taking a longer-term approach. If, say, you’re looking to save money for a mortgage, this is generally more effective than a more risky approach. 

However, if your financial goals are to generate more money for a pension that you can access long into the future, it may be worth taking on more risk and balancing it out with growth stocks. This means that you can attempt to build a nest egg whilst buying into more tried and tested risk averse stocks. 

Fundamentally, setting yourself goals can help you to better understand where to look and what stocks to invest in as a means of generating the wealth that you want. 

Related Read: Stock Trading: How to Get Started and Make More Money

2. Create a Plan 

You’ll also need to figure out a way to manage the building of your investment. By gaining an understanding of how much money you’ll be investing each month, you can better forecast your financial growth. 

Many open banking platforms can offer insights into how you can expect your portfolio to grow over the short, mid, and long-term. It all revolves around you sparing only the money you can afford to keep your investments working. 

“First, set aside enough money in the form of cash and for investments, emergencies and immediate tasks,” explains Maxim Manturov, head of investment research at Freedom Finance Europe. “Then, you can use the following rule of thumb: subtract your age from 100 and put the remaining percentage in stocks and the rest in bonds. In other words, if you’re 20 years old, put 80% of your assets in stocks and 20% in bonds.”

These plans can help you to invest at a consistent pace that doesn’t negatively impact your daily life. Although every investor is different, plans like the 50/30/20 rule can help to manage your outgoings in an easy-to-follow way. The rule is that 50% of your monthly salary goes on essential expenditure, 30% is reserved for non-essential purchases, whilst the remaining 20% goes on the paying of debt or investments. 

Related Read: First Investments for Beginners and Everyone Else

3. Adopt a Bigger Picture Outlook

If you’re new to the world of investing, one of the first and most important things to understand when learning to manage expectations is that stocks can go down as well as up. 

When you make an investment, it’s essential that you avoid selling dips and buying peaks. If you’ve conducted your research and bought a stock that you believe will perform well over time, don’t sell it if you wake up to find it down 5%. While it’s important to know when to sell an underperforming investment, it’s generally a bad idea to rotate your wealth between stocks too frequently. 

Be sure to adopt a bigger picture outlook that’s consistent with your financial goals. If you’ve bought a stock that you believe will come to fruition over the next five years, don’t panic if it underperforms for a quarter as long as its fundamentals remain the same. 

Although the world of investing can seem like a daunting place, it’s the best ecosystem for allowing users to build their wealth–provided that they enter the space with the right goals and expectations for what they can achieve. 

Source: credit.com

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Nestled in the northwest part of Indiana, the charming city of Valparaiso is home to many unique activities and experiences. From its rich cultural heritage to its vibrant arts scene, Valparaiso offers an array of attractions that cater to all interests. Whether you’re a theater aficionado, a nature lover, a history enthusiast, or a wine connoisseur, this picturesque city has something special in store for you. If you are new to the area and looking to rent an apartment in Valparaiso or purchase a home in the area, this Redfin article will cover 8 fun things to do in Valparaiso, IN, so you can get out and start exploring.

1. Explore the Brauer Museum of Art

The Brauer Museum of Art is a distinguished cultural institution that holds a large collection of American art. Established in 1958, the museum is situated on the campus of Valparaiso University and boasts over 4,000 artworks spanning various mediums, including paintings, sculptures, photographs, and decorative arts. The museum offers a comprehensive overview of American artistic expression from the 19th century to the present. Notable highlights from the collection include works by acclaimed artists such as Grant Wood, Frederic Edwin Church, and Edward Hopper. 

2. Go ice skating at Central Park Plaza 

Central Park Plaza Ice Skating is an enchanting ice skating rink that transforms Valparaiso’s Central Park into a winter wonderland. Open during the colder months, the rink boasts a charming atmosphere with twinkling lights and festive decorations, creating a picturesque setting for a memorable outing. Skaters of all skill levels, from beginners to experienced skaters, can feel free to take to the ice. The rink often hosts special events, such as themed skating nights and holiday celebrations, adding an extra layer of excitement to the experience. 

3. Sip wine at Anderson’s Winery & Vineyard

Established in 1994, Anderson’s Winery & Vineyard has cultivated a reputation for producing high-quality wines crafted from locally grown grapes. Visitors are welcome to explore the lush vineyards, participate in guided tours highlighting the winemaking process, and enjoy tastings of an impressive variety of wines, each reflecting the region’s distinct terroir. The winery’s rustic ambiance and scenic surroundings make it an ideal setting for events, gatherings, weddings, and memorable moments. 

4. Catch a show at Memorial Opera House

The Memorial Opera House is a historical and cultural landmark that was originally constructed in 1892. This architectural gem has been a focal point for the performing arts, hosting various theatrical productions, musical performances, and cultural events. The opera house’s ornate and beautifully preserved interior transports visitors to a bygone era. With its remarkable acoustics and intimate seating, the Memorial Opera House provides an ideal setting for local and touring productions, showcasing the talents of actors, musicians, and artists from near and far. 

5. Watch a movie at 49er Drive-In Theatre 

The 49er Drive-In Theatre is an iconic destination that harkens back to the golden age of cinema. Visitors can watch films from the comfort of their own vehicles, complete with classic concession treats and community. The drive-in frequently screens a mix of current blockbuster hits, timeless classics, and family-friendly features. 

6. Smell the roses at Gabis Arboretum

Gabis Arboretum at Purdue Northwest is a sprawling sanctuary that celebrates the beauty and diversity of plant life. Spanning over 300 acres, this living museum is a haven for nature enthusiasts, students, and families alike. It features an extensive collection of trees, shrubs, and other plants, carefully curated to showcase various species and ecosystems. 

7. Enjoy a musical at Chicago Street Theatre

Established in 1954, Chicago Street Theatre has been a cornerstone of artistic expression with a diverse range of performances. Housed in a charming and historic building, Chicago Street Theatre has showcased many different genres, from classic plays to contemporary works, musicals, and experimental productions. 

8. Roam around Valparaiso University 

Valparaiso University is a higher-educational institution known for its commitment to academic excellence, faith-based values, and vibrant community. As a Lutheran-affiliated institution, Valparaiso University also values spiritual growth, ethical development, and a sense of social responsibility. Valparaiso University’s campus is a blend of historic charm and modern innovation. Lush green spaces and elegant architecture create a picturesque backdrop for academic pursuits, fostering an atmosphere of inspiration and learning. From the iconic Chapel of the Resurrection that graces the campus skyline to state-of-the-art facilities that facilitate cutting-edge research and collaborative learning, Valparaiso University’s campus embodies a fusion of tradition and progress.

Source: redfin.com