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Hedging, POS, DPA, Verification, Fee Cure Paper; Conference Chatter; Training and Events

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Hedging, POS, DPA, Verification, Fee Cure Paper; Conference Chatter; Training and Events

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Thu, Jun 6 2024, 11:41 AM

“My granddad was responsible for 25 downed German planes in WW II. To this day, he is still known as the worst mechanic the Luftwaffe ever had.” On the anniversary of D-Day, let’s hope the entire world is not involved in a war again, although humans have had a recurring theme of conflict. Scaling things down significantly, but keeping with the “recurring theme” theme… There have been recurring themes in the various conferences and private events, most recently the MBA New Jersey which my son Robbie attended and this one I am attending in San Diego for Bay Equity, that lenders have their eye on. Lowering the cost of doing business, including the closing costs seen by borrowers (and mentioned by the White House and regulators to lower housing costs). Lenders try to use every advantage they have to gain and retain borrowers, and improve operational efficiencies, and how doing that will help originators. Last but not least, the constant decision to retain or release servicing, and the long-term impact of that on business. It is, indeed, a tough environment, entirely different than four years ago when everyone was hiring, hiring, and hiring. (Today’s podcast is found here, and this week’s are sponsored by Visio Lending. Visio is the nation’s premier lender for buy and hold investors with over 2.5 billion closed loans for single-family rental properties, including vacation rentals. Hear an interview with PCV Murcor’s Marc Tatarcuk on how Appraisal Management Companies find and assign appraisers, how AI is influencing the appraisal space, and what the appraisal landscape currently looks like.)

Software, Products, and Services for Lenders and Brokers

Did you know that more than one in three loans results in fee cures averaging $1,225 per impacted loan? A recent study by ICE analyzed nearly 90,000 loans over a six-month period to determine the frequency of Loan Estimate and Closing Disclosure fee cures and quantify their cost. ICE found that by mitigating fee cures, lenders in the study could save more than $1.2 million for every 1,000 loans produced. The study’s results are detailed in ICE’s complimentary white paper, The hidden cost of fee cures, where you can view the data, learn how fee cures are eroding lender profit margins and find out what you can do to help protect your profitability. Download The hidden cost of fee cures here.

A 30-minute meeting with Planet Home Lending’s Correspondent sales team this month could be the catalyst for a year-round boost in your business. Explore our continually refined product lineup spanning vanilla to niche products all tailored to your unique needs: Best effort, mandatory AOT, delegated, or non-delegated. Join us at the MBA of Florida’s Eastern Secondary Conference & Convention, June 11-13, by reaching out to Regional Sales Manager Jim Shaler (813-784-6237). To schedule a meeting at the Indiana MBA State Convention, June 17-18, contact Regional Sales Manager John Theil (330-717-4543).

Founded in 1998, NFM Lending could be considered a member of Gen Z, the generation of digital natives, so it’s no wonder technology has been central to the award-winning IMB’s strategy since day one. One of NFM’s most recent tech wins has been placing Argyle at the top of its VOIE waterfall, a decision that has allowed it to optimize the borrower experience, shave at least a day off application processing times, and save 80 percent on income and employment verifications. As Chief Strategy Officer Cindy Keith explains, “They give us one-stop access to all of the income data and documents we need. Only after Argyle do we move on to other options, where prices might increase.” Read the full case study here.

While the Fed didn’t deliver the interest rate relief many were anticipating, there’s still an opportunity for you to save your borrower’s money. Due to its tremendous success, Click n’ Close has expanded its DPA with Shared Appreciation product nationwide (excluding NY), enabling you to offer your borrowers a below-market interest rate AND help with their down payment. What’s more, Click n’ Close has increased the availability of its Title Attorney Opinion Letters (AOLs) through its title subsidiary Click n’ Close Title to include AL, AZ, FL, GA, NC, OH, PA, SC, TN, TX and UT. When combined, the Shared Appreciation w/ DPA and Title AOL can help make homebuying more affordable than ever. To learn more, contact a member of the wholesale lending team (Soliman Martinez, Adam Rieke, or Kerry Webb) today.

Most people are surprised when they find out that the high profile fintech mortgage companies use the same LOS as them. The difference? The fintechs bolt on a POS that differentiates the borrower experience instead of using the free one that came with the LOS. Level up your POS game with LiteSpeed.

Webinars, Training, and Events

Today join AFR Wholesale’s Rob Pieklo and industry expert Rob Chrisman for an insightful discussion on pivotal topics shaping the mortgage landscape at 2 pm EDT during the webinar ‘Betting on the Mortgage Industry: Why Private Money is Investing in Home Financing’. Register now! This exclusive webinar will cover critical areas such as rising interest rates and their impact, inflation concerns, potential economic challenges, and the future of Mortgage Servicing Rights (MSR). Don’t miss this opportunity to gain valuable insights and stay at the forefront of industry developments. Secure your spot by registering here. For more information, contact us at [email protected], call 1-800-375-6071, or visit www.afrwholesale.com. Ensure you’re part of this essential industry discussion!

A good place for longer term conference planning is to start is here, and click on “Conference List” for in-person events in the future.

Today will be another episode of The Big Picture at 3PM ET, Rich Swerbinsky is interviewing Vice Capital’s Chris Bennett about a wide variety of capital markets issues.

Friday the 7th will see an episode of The Mortgage Collaborative’s Rundown with Melissa Langdale and me covering current events in the mortgage market for 30 minutes starting at noon PT, 3PM ET, in “The Rundown”. We have California MBA CEO Susan Milazzo on the show!

Want to learn more about what Freddie Mac is up to? Resolve®: Submit and Manage Deed-in-Lieu of Foreclosure Requests Webinar (2 hrs.). Learn how to submit and manage deed-in-lieu (DIL) requests via a single or multiple loan file submission, including decisioning on Guide-eligible transactions and those requiring exception review. And there’s the Loan Product Advisor® Recent Updates Webinar (1.5 hrs.). Learn more about the enhancements we’ve made to Loan Product Advisor® (LPASM ) to help you reduce costs, improve efficiency and deliver a better borrower experience.

Monday, June 10th is MMBA’s annual Beacon Hill Day. Members will be placed into groups for appointments with State Representatives and Senators. This is the same day that the REALTORS are on Beacon Hill too. The MMBA will be providing you with talking points and handouts for your appointments as well as coordinating appointments with other MMBA members in your area.

Next week in Sarasota, Florida, 6/11-6/13, we have the MBAF’s 2024 Convention & Conference! Yes, Check out the Agenda for the June 11-13 Mortgage Bankers Association of Florida’s 20th Eastern Secondary Conference and 70th Annual Convention.

If insights and brilliance of top-level financial and mortgage lending experts are what you need to succeed in today’s market, look no further than the upcoming ACUMA FOCALpoint Workshop scheduled for June 11-12 in Denver, CO. In addition to top names like CFPB executive Mark McArdle and Steve Rick, chief economist for TruStage, our 16-speaker lineup includes top credit union executives like Elevations CU, SVP of Lending Elizabeth Million, Westerra CU, VP of Mortgage, Michelle Burke, and many others, will help cultivate your increased mortgage lending wisdom.

On Jun 11th, 12-1:00PM, join NAMB & Berman Media to learn how to create more content in less time so you can get more leads from Instagram. The webinar will cover how to create killer content so you can get more views without needing a videographer, effortlessly prospect using Instagram without spending hours on the platform and get more engagement than ever before without needing to post every day.

Free, in-person, FHA credit underwriting training is in Miami, FL: June 12, 9:00 AM – 4:00 PM (Eastern).

Looking for more in-depth commentary on weekly mortgage news? Register here for “Mortgage Matters: The Weekly Roundup” presented by Lenders One. Next Wednesday at 2:00 PM EST/11:00 AM PT Robbie Chrisman and Justin Demola will interview Max Slysarchurk of A&D Mortgage.

Simplify the process of reverse mortgages with the Plaza Home Mortgage live session on Thursday, June 13, 11:00 AM PT / 2:00 PM ET featuring Mark Reeve, Vice President of Plaza’s Reverse Mortgage Division.

National MI June webinar sessions include Income Case Studies with Marianne Collins – June 11th at 1pm ET, Cracking the Code for Consistent Client Growth ​​​​​with Nancy Bleeke Noël – June 12th at 1pm ET, and Coaching for Development ​​​​​with Andrew Oxley – June 13th at 2pm ET.

Join CoAMP and Advantage Credit on June 13th, 5-7 PM at Sheraton DTC for a fun filled Happy Hour that includes networking and an update on current credit issues/practices by Dena Falbo w/Advantage Credit. Admission is free, there will be food and beverages for purchase.

The FHA is conducting a free, two-day, on-site Lender Training in Santa Ana, CA on June 12th, 8:00 AM through June 13th, 5:00 PM. Featured topics include underwriting the FHA appraisal and endorsement protocols; Loan Review System (LRS); and much more.

Capital Markets

In any market scenario, it is crucial for lenders to analyze best execution options to maximize profitability when selling loans in the secondary market. Determining what execution is most efficient and profitable will have a big impact on the bottom line. In MCT’s whitepaper, Optimizing your Best Execution Loan Sale Analysis, they provide insight into determining your company strategy, delivery options, retain release decisions, and more. Download the whitepaper or join MCT’s newsletter to stay up to date on the latest educational content.

The summer is kicking off, and you know who is making waves? CapitalW Collective! In the weeks following the MBA Secondary in New York, CapitalW’s impact is growing. It’s building relationships and being endorsed by major industry players. Follow the non-profit on LinkedIn and become a sponsor!

Rally, rally, the pitcher’s name is Sally! That’s what we used to chant in Little League, and it’s what bond traders could be chanting this week as rates once again dropped yesterday. The ADP Employment Change report showed an estimated 152k jobs were added to private-sector payrolls in May, the slowest pace of the year versus expectations of a 175k reading after a downwardly revised 188k print in April. The report conveys softening job gains and pay growth, which is something that should be relatively pleasing to the Fed’s eye.

That comes on the heels of Job Openings printing at the lowest level since 2021 on Tuesday, signaling that the Fed’s tightening cycle is finally starting to chip away at labor market resiliency. Investors are once again ramping up bets that the Fed will cut rates before year-end.

The ISM Non-Manufacturing Index, the most important data point this week outside of May payrolls tomorrow, increased well into expansionary territory in May from contractionary territory in April. The May reading is the best since August 2023. The ISM’s business activity index also had its largest monthly advance since March 2021 and signals a pickup in activity in the nation’s largest sector with prices paid remaining elevated, albeit less so than the prior month. Opposite of what was mentioned in the previous paragraph, it is a report that doesn’t command a rate cut soon.

Job cuts from Challenger, Gray & Christmas for May kicked off today’s calendar, along with weekly jobless claims (229k), the April trade deficit, and Q1 final productivity and unit labor costs… none of which moved rates. Looking toward later today, the U.S. Treasury will announce the details of the mini-Refunding (consisting of $58 billion 3-year notes, $39 billion reopened 10-year notes, and $22 billion reopened 30-year bonds) and Freddie Mac’s Primary Mortgage Market Survey will be released. After the Bank of Canada yesterday lowered its policy rate by 25 basis points to 4.75 percent, as expected, this morning brought the latest ECB decision, a 25-basis point cut to 4.25 percent. We begin the day with Agency MBS prices are unchanged from Wednesday’s close as is the 10-year yielding 4.29 percent. The 2-year is at 4.73.

Employment

A 49-state licensed mortgage lender with a large servicing portfolio and strong capital base is seeking to expand its retail footprint by partnering with large production teams or regional mortgage banks interested in a capital partnership. The goal of the relationship is to leverage back-office mortgage functions (e.g., secondary, technology, compliance, operations, and licensing) to provide you with long-term production growth opportunities. By partnering with us, you can utilize our mature systems to add loan officers and scale your operations across the U.S. If you are a strong retail loan origination team feeling constrained by layers of management, or an independent mortgage lender looking for new options for your team, we offer a compelling alternative to standard “branch” offerings. Confidential and serious inquiries can email Anjelica Nixt.

Asurity Technologies, LLC announced that mortgage technology vet Brad Vasto has joined the company as SVP – Sales. Leveraging his 30+ years of experience in meeting the needs of the mortgage, banking, and financial services industries, Brad will be responsible for sales activities relating to Asurity’s industry leading Software-as-a-Service (SaaS) mortgage loan compliance products, including RegCheck® and Propel™. Congratulations!

 Download our mobile app to get alerts for Rob Chrisman’s Commentary.

Source: mortgagenewsdaily.com

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Do you want to learn how to turn $10,000 into $100,000? Growing $10,000 into $100,000 might seem kind of impossible or far-fetched, but with the right mindset and plans, it could be a reality. Whether you want to make extra income, run a full-time business, or if you are just looking to learn how to…

Do you want to learn how to turn $10,000 into $100,000?

Growing $10,000 into $100,000 might seem kind of impossible or far-fetched, but with the right mindset and plans, it could be a reality.

Whether you want to make extra income, run a full-time business, or if you are just looking to learn how to turn your $10K into $100K quickly, there are many options that may interest you.

Best Ways To Turn $10,000 Into $100,000

Below are the best ways to turn $10,000 into $100,000.

Recommended reading: How To Turn $1,000 Into $10,000

1. Start an online business

Starting an online business could be a game-changer in growing your $10,000 to $100,000.

I started an online business years ago, and it has paid me well over $100,000 over the years, so I know that this is possible.

Here are some ideas for online businesses:

Here are some ideas for in-person businesses that you advertise for online but still get to work from home or on your own schedule:

  • Sell dog treats – Sell baked dog treats that you make. Learn more at How I Earned Up to $4,000 Per Month Baking Dog Treats (With Zero Baking Experience!).
  • Car detailing – Sell a mobile car-cleaning service where you go to the customer.
  • Meal prep – Help people eat healthily with pre-prepared meals that you deliver or they pick up.
  • Lawn care – Sell gardening or landscape services.
  • Dog walking – Take care of pets for busy owners. Learn more at 7 Best Dog Walking Apps To Make Extra Money.
  • Tutoring – Share your knowledge in a subject and teach others online or in person.
  • Local tour guide – Use your local knowledge to guide visitors around your town.

Starting a business doesn’t have to be expensive either. Typically, all you need for most of the businesses listed above is small affordable pieces of equipment or a few supplies (like a laptop or cleaning tools).

2. Start a blog

Starting a blog can be a great option if you’re looking to grow your $10,000 into $100,000.

A blog is a website where you can share your thoughts, knowledge, or experiences. You write posts that people can read, interact with, and share. And yes, you can make money from blogging!

I make money online by blogging, and I actually didn’t spend any money to start. It took me about 2 years to begin earning $10,000 every month.

And, I have now earned over $5,000,000 with my blog over the years.

I began my website, Making Sense of Cents, in 2011, and I started my blog without much planning, just wanting to share my own money journey, not even realizing that people could make money with websites.

So, how do you earn money through a blog? Here are some ways:

  • Ad revenue – Place ads on your blog and earn every time a reader clicks or views the ad.
  • Affiliate marketing – Recommend products and earn a commission if your readers buy through your links.
  • Selling products – Create and sell your ebooks or courses.
  • Services – Sell your expertise as a service such as consulting or coaching.

Blogging is a process that requires patience, but with consistent effort, making $100,000 from your blog may be possible.

You can learn how to start a blog with my free How To Start a Blog Course (sign up by clicking here).

3. Invest in real estate

There are many ways to turn $10,000 into $100,000 in real estate.

I’ve done some real estate side hustles myself, and I know many others who do too. Getting into real estate doesn’t have to cost a lot, and there are several side hustles in real estate that you can start even if you’re new or have limited money to work with.

These include:

  • House hacking – Buy a home, live in part of it, and rent out the rest. This could include renting out a duplex (and living in the other half) or even just a spare room in your house. This way, the rent you receive helps pay your mortgage. Look for multi-unit properties where you can live in one part and rent out the others.
  • Long-term rental property – You could buy a property and rent it out to long-term renters, such as for a year or longer.
  • REITs (Real Estate Investment Trusts) – Invest in REITs, which are companies that own and manage real estate properties. By investing in REITs, you can spread your money across different properties without having to manage them yourself.
  • Airbnb rentals – Rent out a spare room or your entire place to travelers through Airbnb. Make your space cozy and welcoming to attract guests. Make sure to check local laws about renting out your place and set a competitive price.
  • Rent out storage space – Rent out any unused land or space for storage. Whether it’s a parking spot, closet, basement, attic, or any unused area, people are willing to pay for storage. List your space on platforms like Neighbor to earn extra income.
  • Flip homes – While flipping homes usually requires more than $10,000 to start, it’s a popular way to turn a small investment into a larger profit. If you’re skilled and enjoy renovation projects, buy a house, fix it up, and sell it for a higher price.

Recommended reading: 23 Best Real Estate Side Hustles To Make Extra Money

4. Invest in the stock market

Investing in stocks means buying a piece of a company like Walmart, Apple, or Amazon. The price of individual stocks can go up or down, and if it goes up, you might turn $10,000 into $100,000.

I, for example, prefer long-term investing. I diversify my investment portfolio, meaning I spread it out across different companies. This way, if one company doesn’t do well, I don’t lose all my money.

One way to diversify is by investing in funds like exchange-traded funds or mutual funds. These are collections of stocks bundled together, which can lower your risk compared to investing in individual stocks.

How quickly you can turn $10,000 into $100,000 depends on the market and the stocks or funds you choose. It could take a year or decades. Patience is key.

This is a screenshot I took from Investor.gov of their compound interest calculator.

If you are wanting to invest in the stock market, with an average return of 8%, it might take about 30 years to reach $100,000 without additional contributions. You may be able to shave some years off that by automatically reinvesting dividends, though (if you are invested in dividend stocks). This is great, though, and shows the power of compound interest.

Note: Some people choose short-term investing to make money quickly in the stock market. However, this approach requires thorough research on your investment decisions, understanding various fees, knowing your risk tolerance, and more before opening a brokerage account. While the right strategy can sometimes lead to profits, the wrong one can mean that you lose a lot of money.

Recommended reading: How To Start Investing For Beginners With Little Money

5. Flip items for resale

Turning $10,000 into $100,000 might seem impossible, but one way to work toward this goal is by flipping items for profit. You can start by looking around your home for things you no longer use or even items that people are trying to get rid of.

You might be surprised by how much money you can make by selling items like old phones, laptops, clothes, and even furniture that you no longer need.

I’ve personally flipped many items for resale over the years, and it can be a good way to earn extra cash!

Here are some ideas:

  1. Sell electronics and furniture – Websites like Craigslist and Facebook Marketplace are great for selling bigger items like furniture because you can arrange easy local pickups.
  2. Fashion and accessories – Platforms like eBay or Facebook Marketplace are good for selling clothes, especially if they’re branded. These sites help you reach a wide audience and make shipping easy. For jewelry you don’t wear, sites like Worthy can help you find them a new home.
  3. Yard sales – Yard sales can be a fast way to earn money, especially if you have many items to sell. While you might not make as much money for each item, the total can still add up nicely!

If you want to take it a step further, you can start buying items to flip for a profit. Look for furniture that needs a bit of cleaning, high-end clothing that needs repair, or appliances that need new parts. Fix them up and sell them for a higher price.

I have a friend who does this for a living, and some of their best flips include:

  • Buying an item for $10 and selling it for $200 just 6 minutes later.
  • Purchasing a security tower for $6,200 and selling it for $25,000 just one month later.
  • Buying a prosthetic leg for $30 at a flea market and selling it for $1,000 on eBay the next day.

They’ve even found a free chair and eventually did so many flips directly from that free chair and made over $100,000! You can learn more at How We’ve Turned A Free Chair Into $103,000.

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This free workshop will teach you how to get into the flipping business. It will teach you how to resell furniture, electronics, appliances, and anything else you can find.

6. Buy an established business

One way to possibly turn $10,000 into $100,000 is by buying a business.

Investing $10,000 in buying an existing business could potentially grow your investment to $100,000. When you buy a business, you’re entering into an established cash flow and you don’t have to start from scratch because the business already has customers, a recognized name, and ongoing operations.

And, you might find a business where you can see clear ways to improve it, which means that you can improve your investment.

This is actually close to the line of work I was in before I started Making Sense of Cents – I was an investment analyst and valued businesses (among other investments) for a living. So, I saw a lot of businesses be bought and sold over the years.

Here are some steps to start with when it comes to buying a business:

  1. Look around – Search for businesses on sale.
  2. Ask questions – Why is the owner selling?
  3. Research – Look for businesses that match your interests and talents. You will do better in a business you like!
  4. Talk money – See if the numbers make sense.
  5. Get help – A business adviser can help you understand the details.
  6. Make a deal – If it looks good, start the buying process.

Buying a business is a BIG decision, but with the right one, your $10,000 investment could turn into $100,000. I do highly recommend getting professional advice from a financial advisor before making a business or asset purchase to make sure you make a smart choice.

Recommended reading: Are Laundromats Profitable? How Much Do Laundromats Make?

7. Sell on Etsy

Etsy can be a great place for you to turn your $10,000 into $100,000 by selling items online.

You can start your own Etsy store with products you make or find. People love buying unique things like handmade crafts, vintage items, and custom art.

Selling digital products is one of my favorite ways to make money because it requires much less than $10,000 to start. Creating digital products is a way to possibly even earn passive income. By designing products that people can download and use, you enter a market with very low overhead costs.

Some digital product ideas include templates for social media branding, weekly routine printables, printable wall art, and more.

Do you want to make money selling printables online? This free training will give you great ideas on what you can sell, how to get started, the costs, and how to make sales.

8. Peer-to-peer lending

When you have $10,000 that you want to grow, you might want to consider peer-to-peer (P2P) lending. This is when you lend your money online and receive it back with interest. It’s similar to being a bank, but you’re lending to individual people instead.

Starting with peer-to-peer lending works like this:

  1. Find a reputable P2P platform that suits your needs.
  2. Deposit your $10,000 to fund loans.
  3. Before committing, make sure to read and understand all terms and conditions, such as the potential earnings, risks, and interest rates.
  4. The interest you earn from these peer-to-peer loans becomes your profit over time.

Remember, investing involves risks, and loans may not be repaid, which can affect your return.

9. Invest in crypto

Cryptocurrency, like Bitcoin, is not something that I personally invest in, but it can be a way to possibly grow your money.

Remember:

  • To use money you’re okay with risking
  • That there’s no guaranteed win
  • To always play it safe with your hard-earned cash

This digital money can sometimes be like a roller coaster – sometimes it goes up, sometimes it goes down. But if you make wise decisions, it could help grow your cash.

10. Flip websites for profit

Flipping websites can be a way to increase your $10,000 into a much larger amount. It’s similar to renovating and selling houses, but it’s done online.

I know several people who have bought websites with the goal to flip too!

You can start by searching for a website to purchase, such as by searching listings on Flippa. Look for sites with potential but require improvement. They should cover a solid topic but may need improvements in things like content, design, or improving page views.

Recommended reading: How I’ve Made $80,000 Selling Blogs

11. Start a YouTube channel

Starting a YouTube channel can be a fun and creative method to grow your $10,000 investment. It will most likely cost you less than $10,000 to start a YouTube channel, but there are ways to spend that amount of money to get started faster (such as buying a course on YouTube or buying expensive camera equipment).

Let’s simplify the process into easy steps:

  1. Choose a topic – Pick something you love or know a lot about.
  2. Create your channel – Sign up on YouTube and set up a channel for free.
  3. Make videos – Use a camera or smartphone to record your videos.
  4. Grow your channel – Post regularly, share your videos on social media, and more.
  5. Monetize your channel – When you get 1,000 subscribers and 4,000 hours of watch time, you can apply for the YouTube Partner Program.

Recommended reading: 22 Ways To Make Money Online Without Paying Anything

12. Turn $10K into $100K through education

One great way to turn your money into more is to learn through higher education, whether that be college, a certificate, or learn a trade.

You can start by looking for jobs with a strong outlook and high salaries, and even by using online resources or talking to a career advisor to find the best fit for you.

Then, you’ll want to pick a reputable college or trade school. You’ll want to factor in the cost and the potential return on your investment. Community colleges or public schools can be more affordable, for example.

Now, there are many costs when it comes to going back to school. There is tuition, books, lab fees, parking, and more. It most likely may end up costing you more than $10,000 to go back to school, but if you choose a solid career path and are smart with your college costs, then it could be a wise step.

Frequently Asked Questions

Below are answers to common questions about how to turn $10,000 into $100,000.

How long does it take to turn $10,000 into $100,000?

The time it takes to turn $10,000 into $100,000 depends on your investment strategy and the rate of return. If you are wanting to invest in the stock market, with an average return of 8%, it might take about 30 years to reach $100,000 without additional contributions. But, if you buy an existing business, go back to school and get a higher-paying career, or start your own business, then you may be able to turn $10,000 into $100,000 even quicker.

What is the fastest way to turn $10K into $100K?

The fastest way to multiply your money could be high-risk investments like day trading stocks or real estate flipping. Remember, high rewards come with high risks, so be careful with any fast-growing strategies.

How to turn $10K into $100K in a month?

Turning $10K into $100K in a month is extremely risky and unlikely. Most investments that promise such quick returns are highly speculative, so you could lose your money just as fast. I highly recommend that you be careful if someone tells you that they can help you turn $10,000 into $100,000 in one month.

How to turn $10K into $100K in a year?

Turning $10K into $100K within a year involves high risk and aggressive investment approaches as well, but it is possible. This may include buying an existing business and really putting in some hard work to improve it.

How to turn $10K into $100K in 2 years?

Yes, you can be able to turn $10,000 into $100,000 in 2 years. This could be through ways such as starting your own online business (such as by selling digital products or a blog), buying an existing business, or even going back to school to get a higher-paying job.

How to turn $10K into $100K in 5 years?

Yes, you can potentially turn $10,000 into $100,000 in 5 years. This could be achieved through different methods such as starting your own online business (like selling digital products or creating a blog), purchasing an existing business, or even furthering your education to find a higher-paying job.

Can you turn $10K into a million?

Yes, you may be able to turn $10,000 into $1,000,000, but this will most likely take a lot of time. So, patience is key!

How to Turn $10,000 into $100,000 – Summary

I hope you enjoyed this article on how to turn $10,000 into $100,000.

To make more money from your $10,000 investment, you may want to think about using the internet to start a business. Websites like Etsy can help you sell handmade items, or you can make money from a blog or YouTube channel. You can also try traditional ways of investing, like buying stocks or real estate. You can be very involved, like flipping houses, or less involved, like putting money into peer-to-peer lending or high-interest savings accounts.

As you can see, there are many different investment options and business models depending on your financial goals and risk tolerance.

Why do you want to turn $10,000 into $100,000?

Recommended reading:

Source: makingsenseofcents.com

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In a low-volume mortgage origination market, some sellers “don’t have the balance sheet or their owners are not interested in legacy and continuity,” which is a different model than Lower’s, Snyder said.

The company is looking for geographic expansion and companies that are “technically sound,” he added. 

In November 2023, Lower announced the acquisition of Colorado-based Universal Lending Home Loans, which became a separate division. Universal president and industry veteran TJ Kennedy leads its retail and wholesale channels. Founded in Denver in 1981, Universal added 60 loan officers to Lower.  

That deal was followed by the acquisition of Texas-based Thrive Mortgage in December. As is usually the case with Lower’s deals, Thrive maintained its brand. Thrive CEO Selene Kellam, and Randell Gillespie, its national sales director, joined the executive team at Lower. 

Financials of the Universal and Thrive deals were not disclosed.

To support its business strategy, Lower announced in June 2021 that it had raised $100 million in a Series A funding round led by venture capital firm Accel. It also expects to raise more capital, “probably a Series B, ideally this year,” according to Snyder.

He added that becoming a publicly traded company isn’t out of the question, although it “really depends on the capital” needed in the future. 

“Lower is still majority owned by myself and my co-founders,” said Snyder, who started his career in corporate banking at Wells Fargo and American Bank. “But we have raised money from Silicon Valley. They have seen the bottom [of the mortgage origination market] and can now start seeing the growth.” 

Another minority stakeholder at Lower is Veritex Holdings, the parent company of Veritex Community Bank. In 2021, Veritex acquired a 49% stake in Thrive for $53.9 million, valuing the lender at roughly $110 million. Veritex kept a stake in Lower following the acquisitions of Universal and Thrive.

Acquisitions are only one part of Lower’s battle plan, as the lender is also looking to attract talent. In November, the company announced the addition of Amir Syed, co-founder of Growth Only Coaching, as its chief growth officer.

A multichannel lender, Lower operates an online consumer-direct channel that expects to launch a full-service refinance product by the end of the year. It also has an offline retail channel that is “picking up steam” through M&A opportunities, such as Thrive and Universal, and it maintains a local presence, Snyder said. 

Meanwhile, Snyder said that Lower’s third-party origination platform that services brokers and other fintechs has been competitive with niche products such as down payment assistance programs. 

“We get our customers from multiple places where they want to transact and then fulfill as efficiently as possible with technology,” Snyder said. 

Lower claims that the Thrive acquisition made it the country’s 25th largest mortgage lender.
According to the Nationwide Multistate Licensing System (NMLS), it had 620 sponsored loan officers and 108 active branches as of Tuesday.

Source: housingwire.com

Apache is functioning normally

Hey, I’ve just been featured on CNBC and I want to say hello to all of my new readers. You can read the CNBC article here – I made $40,000 a month from 3 income streams during a 4-month cruise around the world—here’s how If you are a new visitor – welcome to Making Sense…

Hey,

I’ve just been featured on CNBC and I want to say hello to all of my new readers.

You can read the CNBC article here – I made $40,000 a month from 3 income streams during a 4-month cruise around the world—here’s how

If you are a new visitor – welcome to Making Sense of Cents!

I have received many emails about how I was able to afford this trip. I have a free How To Start A Blog course that you can sign up for here. I also talk about this below and how I’ve been able to earn over $5,000,000 blogging over the years.

If you want to read more about my world cruise trip, I recommend reading Around-The-World Cruise With A Kid (25+ Countries In 4 Months!).

Here are some blog posts that you may find helpful and enjoy:

If you have any questions, please leave a comment below or send me an email.

Thanks for stopping by.

-Michelle Schroeder-Gardner

—-

In addition to reading the CNBC article linked above, I also want to talk about how I grew a blog that has earned me over $5,000,000. I know I will get a lot of questions, so I figured it’s best to lay it all out right here 🙂

What started as just a hobby turned into one of the most life-changing things I’ve ever done – that’s starting my blog, and learning how to make money with it.

Since learning how to monetize a blog over 10 years ago, I have now earned over $5,000,000 from my site. This is still hard for me to believe, and I’m the one who’s lived it!

In the beginning, all I was doing was tracking my own personal finance progress as I finished school and started paying off my student loans. Blogging was a very new concept to me at the time – I heard about it from a magazine – and people were just learning how to monetize blogs back in 2011.

Most bloggers started back then with display ads and sponsored posts, but the options have only increased. 

Because of all of the new ways to make money blogging, like affiliate income and selling your own products, you can make somewhat passive income as a blogger. 

Passive income is my favorite way to make money because it makes blogging even more flexible and something I can do as I work from home, travel, and work whenever I want. 

Blogging has changed my life for the better, and I’m now earning thousands of dollars a month doing something I love.

Learning how to monetize a blog takes work and time, but it’s 100% possible to do. I started earning money after just six months of blogging, and I didn’t even set out to make money when I created Making Sense of Cents. Just think of the potential if you start out knowing that making money blogging is possible!

Starting my blog is one of the best things I’ve ever done for my work, personal, and financial life. And, I urge anyone who is interested to start a blog and learn how to monetize it.

How I earned my first income from blogging

Many of my readers have heard this story, but I love sharing it because I started out like many of you, except I had no idea that blogs could make money. When I started Making Sense in August of 2011, I simply wanted a way to keep track of my financial progress and meet others who had similar goals.

As I started getting to know other bloggers in the community, a blogger friend of mine connected me with an advertiser who was willing to pay me $100 for an advertisement.

I couldn’t believe someone would pay me $100 to advertise on my site! 

While it wasn’t a lot of money, especially considering the amount of time and work I put towards my blog in those 6 months, it was very motivating to see that something I loved doing could actually make money.

After that first $100, I started doing a lot of research on how to monetize a blog, and my blogging income quickly grew from there.

One year after I started my blog, I was earning around $1,000 a month, and I was making around $10,000 monthly two years after I started Making Sense of Cents.

My income only continued to grow, and I am still earning a healthy income from this website today.

How To Start A Blog FREE Course

If you want to learn how to monetize a blog and you haven’t started your blog, then I recommend starting with my free blogging course How To Start A Blog FREE Course.

Here’s a quick outline of what you will learn in this free course:

  • Day 1: Reasons you should start a blog
  • Day 2: How to determine what to blog about
  • Day 3: How to create your blog – in this lesson, you will learn how to start a blog on WordPress, and my tutorial makes it very easy to start a blog
  • Day 4: How to monetize a blog – this is where you learn about the many different ways to make money blogging!
  • Day 5: My tips for earning passive income from your blog
  • Day 6: How to grow your traffic and followers
  • Day 7: Miscellaneous blogging tips that will help you be successful

This is delivered directly to your email inbox, and you will learn how to grow a blog from scratch.

Start with a plan for your blog

Sure, you can start on a whim, and that’s kind of what I did, haha.

But, I do think that creating a plan is a good idea if you want to learn how to monetize a blog. This can help you get an organized start, identify your blog’s niche, decide on your blogging goals, find opportunities for blogging income, and more.

It wasn’t until 2015 that I finally created a blogging plan (that’s 4 years after I started!), and my blog income grew significantly after that.

I credit that growth to creating a plan!

Having a plan would have been a huge help in the beginning, and I wish I would have started with one. I probably missed some income opportunities because I had no real plan or direction in the first couple of years. 

Since creating a blogging plan, I became more focused on goals and motivated toward improving and building Making Sense of Cents.

Here are some questions that you may want to ask yourself when creating a plan for your blog:

  • What will you write about on your blog?
  • How do you want to make money with your blog?
  • What will you do to reach readers on your blog?
  • What are your goals for your blog?

Thinking about, researching, and answering these questions will help guide you on your journey and help you decide what to do next.

Write high-quality and engaging blog posts

Your blog’s content is extremely important. This will be what attracts your readers, has them coming back for more, earns you blogging income, and more.

Now, you don’t need to be an expert or need a degree to start talking about a subject, but you do need to be knowledgeable or interested in what you are talking about. And, always be truthful! This will show in your writing and actually help your readers.

To write high-quality content on your blog, here are some tips:

  • Figure out exactly what it is that you’d like to write about and why you think the content is important. Being passionate about a subject will give you the motivation to write content that people want to read. Just think about it: If you don’t enjoy writing your content, then why should you expect someone else to want to read it?
  • Ask your audience what they want you to write about. Many of my best ideas come from expanding on reader questions.
  • Research your blog topics by reading news articles, going to a library, searching for statistics and interesting facts, and more. 
  • If your blog posts are more personal in nature, then dig deep and share your thoughts, and be personable in your writing – your readers want to hear your story!
  • Write long, helpful content. Sure, some great content may only be a few hundred words, but to be as helpful as possible, long content is usually the best. My content is usually over 2,000 words, and this article is around 5,000. Now, you don’t want to just write a lot of fluff content in order to get more words in – you want to actually be helpful!
  • Reread your content. I used to read my content 10 times or more before I would publish it. Now, I have an editor who makes sure I’m always publishing high-quality content.

Network, network, network

If you want to learn how to monetize a blog, then networking can be extremely helpful.

Networking can mean:

  • Making friends with other bloggers
  • Attending blogging conferences
  • Sharing content that other bloggers have written
  • Following other bloggers in your niche on social media
  • Signing up for other bloggers’ newsletters
  • Joining blogging groups on Facebook

Some bloggers don’t do any of these things and purely see other bloggers as competition. I don’t believe this is the correct way to approach blogging because you will hold yourself back immensely!

Networking is important because it can help you enjoy blogging (friends are nice to have, right?!), teach you new ideas (such as how to make money blogging or how to grow a blog), make valuable connections, and more.

Keep in mind that networking is even how I earned my very first $100 blogging. My blogging friend connected me with an advertiser, which helped changed my blogging journey.

I have learned a lot about blogging from the blogging community, and the people I’ve connected with have been a tremendous support as I’ve grown my blog.

Be prepared to put in a lot of hard work

Starting a blog is relatively easy. But, growing and learning how to monetize a blog takes a lot of work. 

You’ll have to:

  • Start a blog, design it, create social media accounts, and more
  • Write high-quality blog posts
  • Attract an audience of readers
  • Monetize your blog
  • Continue learning about blogging
  • And more

Even when I was just a new blogger and had no plans of making money blogging, I was still spending well over 10 hours a week on Making Sense of Cents.

When I was working my full-time day job and earning an income from my blog, I was working around 40-50 hours a week on my blog on top of my day job!

Now that I blog full-time, my hours vary. Some months I hardly work, and there are other months that I may work 100 hours a week.

It’s not easy, and there’s always something that needs to be done.

But, I absolutely love blogging, which makes the hard work a little less tough. 

How to monetize a blog: 4 different ways

There are many different ways you can monetize your blog, including:

  • Affiliate marketing
  • Advertisements and sponsorships
  • Display advertising
  • Create your own product, such as an ebook, course, physical or online products, and more

You could choose to monetize your blog using all of these methods, or even just one. It’s just a personal decision.

For me, I like to be diversified and monetize in many ways, so I do them all.

Below, I am going to dive a little deeper into each way to make money blogging.

1. Affiliate marketing

Affiliate marketing can be a great way to make money blogging because if there is a product or company that you enjoy, all you have to do is review the product and share a unique affiliate link where your readers can sign up or make a purchase. 

In fact, this is my favorite way to monetize a blog. I enjoy it because it can be quite passive – I can create just one blog post and potentially earn an income from it years later. This is because even though a blog post may be older, I am still constantly driving traffic to it and readers are still purchasing through my affiliate links.

Affiliate marketing is a blog monetization method where you share a link to a product or company with your readers in an attempt to make an income from followers purchasing the product through your link. 

Here are some quick tips so that you can make affiliate income on your blog:

  • Use the Pretty Link plugin to clean up messy-looking affiliate links. I use this for nearly all of my affiliate links because something like “makingsenseofcents.com/bluehost” looks much better than the long, crazy-looking links that affiliate programs usually give you.
  • Provide real reviews. You should always be honest with your reviews. If there is something you don’t like about a product, either don’t review the product at all or mention the negatives in your review.
  • Ask for a commission increase. If you are doing well with a particular affiliate program, ask to increase your commissions.
  • Build a relationship with your affiliate manager. Your affiliate manager can supply your readers with valuable coupons, commission increases, bonuses, and more.
  • Write tutorials. Readers want to know how they can use a product. Showing them how to use it, how it can benefit them, and more are all very helpful.
  • Don’t go overboard. There is no need to include an affiliate link 1,000 times in a blog post. Include them at the beginning, middle, and end, and readers will notice it. Perhaps bold it or find another way for it to stand out as well.

You can learn more about affiliate marketing strategies in my course Making Sense of Affiliate Marketing.

Advertisements and sponsorships example

2. Advertisements and sponsorships

Advertising on a blog is one of the first ways that bloggers learn how to monetize a blog. In fact, it’s exactly how I started!

This form of blogging income is when you directly partner with a company and advertise for them on your website or social media accounts.

You may be writing a review for them, a tutorial, talking about their product or company, taking pictures, and so on.

If you want to learn how to increase your advertising-income, I recommend taking my Making Sense of Sponsored Posts course. 

Display advertising example

3. Display advertising

Display advertising is one of the easiest ways to make money blogging, but it most likely won’t earn you the most, especially in the beginning.

I’m sure you’ve seen display ads before. They may be on the sidebar, at the top of a post, within a blog post, and so on.

The ads are automatically added when you join an advertising network, and you do not need to manually add these ads to your blog.

Your display advertising income increases or decreases almost entirely based on your page views, and once you place the advertisement, there’s no direct work to be done.

If you want to learn how to monetize a blog through display advertising, then some popular networks include Adsense, MediaVine, and AdThrive.

Personally, I use AdThrive for my display advertising network. I don’t have many display advertisements on my blog, but it is easy income.

Sell your own product example

4. Sell your own products

Another popular way to monetize a blog is to create a sell your own products. 

This could be an online product, something that you ship, and so on, such as:

  • An online course
  • A coaching program
  • An eBook
  • Printables
  • Memberships
  • Clothing, candles, artwork, hard copy books, and anything else you can think of

And the list goes on and on. I have seen bloggers be very successful in selling all kinds of things on their blogs.

What’s great about selling your own product is that you are in complete control of what you are selling, and your income is virtually unlimited in many cases.

I launched my first product about 5 years after I created Making Sense of Cents, which was a blogging course called Making Sense of Affiliate Marketing. I regret not creating something sooner because this has been an excellent source of income and has helped many people along the way.

Have an email list

If you really want to learn how to monetize a blog, I recommend that you start an email list from the very beginning.

I waited several years to start my email list, and that was a huge mistake!

Here’s why you need an email list right away:

  • Your newsletter is YOURS. Unlike social media sites, your newsletter and email subscribers are all yours, and you have their undivided attention. You don’t have to worry about algorithms not displaying your content to readers, and this is because they are your email subscribers. You aren’t fighting with anyone else to have them see your content.
  • The money is in your email list. I believe that email newsletters are the best way to promote an affiliate product. Your email subscribers signed up to hear what YOU have to write about, so you clearly have their full attention. Your email list, over any other promotional strategy, will almost always lead to more income and sales.
  • Your email subscribers are loyal to you. If someone is allowing you to show up in their inbox whenever you want, then they probably trust what you have to say and enjoy listening to you. This is a great way to grow an audience and a loyal one at that.
  • Email is a great way to deliver other forms of content. With Convertkit, I am able to easily create free email courses that are automatically sent to my subscribers. Once a reader signs up, Convertkit sends out all the information they need in whatever time frame I choose to deliver the content.

Attract readers

As a new blogger, you’ll want to find ways to attract a readership to your blog and your article.

No, you don’t need millions and millions of page views to earn a good living from blogging. In fact, I know some bloggers who receive 1,000,000 page views yet make less money than those with 100,000 monthly page views.

Every website is different, but once you learn what your audience wants, you can start to really make money blogging, regardless of how many page views you receive.

Having a successful blog is all about having a loyal audience and helping them with your content.

Even with all of that being said, if you want to learn how to monetize a blog, learning how to improve your traffic is valuable. The more loyal and engaged followers you have, the more money you may be able to make through your blog.

There are many ways to grow your readership, such as:

  • Write high-quality articles. Your blog posts should always be high-quality and helpful, and it means readers will want to come back for more.
  • Find social media sites to be active on. There are many social media platforms you can be active on, such as Pinterest, Facebook, Twitter, Instagram, TikTok, Youtube, and others.
  • Regularly share new posts. For most blogs, you should publish content at least once a week. Readers may forget about you if you go for weeks or months at a time without a blog post.
  • Guest post. Guest posting is a great way to reach a new audience, as it can bring new readers to your blog who will potentially subscribe to it. 
  • Make sure it’s easy to share your content. I love sharing posts on social media. However, it gets frustrating when some blogs make it more difficult than it needs to be. You should always make sure it’s easy for readers to share your content, which means your social media icons should be easy to find, all of the info input and ready for sharing (title, link, and your username tagged), and so on. Also, you should make sure that when someone clicks on one of your sharing icons the title isn’t in CAPS (I’ve seen this too many times!). 
  • Write better titles. The title of your post can either bring readers to you or deter them from clicking over. A great free tool to write better headlines is CoSchedule’s Headline tool.
  • Apply SEO strategies. SEO (search engine optimization) is not something I can teach in this small section, but I go over it below in another section.
  • Have a clean and user-friendly blog design. If you want more page views, you should make it as easy as possible for readers to navigate your blog. It should be easy for readers to find your blog homepage, search bar, blog posts, and so on.

Now, I also want to talk about helpful resources, courses, and more that can help you to learn how to grow your page views on your blog.

Below are some of my favorite blogging resources to help you improve your traffic:

Grow through SEO

SEO (search engine optimization) is how you get organic search traffic to your blog. 

When you search a phrase on Google, you’ll see a bunch of different websites as the results. This is the result of these websites applying SEO strategies to their blog.

This is a great way for readers to find your blog, and SEO is important to pay attention to as you learn how to monetize a blog!

Below are some of my favorite SEO resources:

  • Stupid Simple SEO: This is my favorite overall SEO course, and one of the most popular for bloggers. I highly recommend taking it. I have gone through the whole course, and I constantly refer back to it.
  • Easy On-Page SEO: This is an easy-to-follow approach to learning on-page SEO so your articles can rank on Google. I have read this ebook twice, and it is super helpful.
  • Easy Backlinks for SEO: This ebook will show you 31 different ways to build backlinks, which are needed for SEO.
  • How To Get 50,000 Pageviews per Month With Keyword Research: This ebook shares the steps for keyword research so that you can get SEO traffic to your website.

Common questions about how to monetize a blog

Below, I’m going to answer some questions I’ve received about how to start a blog such as:

  • How many views do you need to monetize a blog?
  • How do beginner bloggers make money?
  • Why do bloggers fail?
  • How many posts should I have before I launch my blog?
  • How many times a week should I post on my blog?

How many views do you need to monetize a blog?

The amount of page views needed to make money blogging varies, and there is no magic number that you should be aiming for.

This is because it depends on so many factors, such as how you will monetize your blog, your niche, the number of email subscribers you have, the quality of your website, and more.

You may see success with 10,000 page views a month, or you may see success with over 100,000 page views a month. It simply depends on the factors above.

How do beginner bloggers make money?

Beginner bloggers can make money in many different ways, such as display advertising, affiliate marketing, creating their own products, and sponsorships.

You can start any of these right from the very beginning.

Display advertising is usually the easiest way to begin monetizing a blog, but the payoff is not very high, especially in the beginning when your page views are not high.

How many posts should I have before I launch my blog?

I recommend just launching your blog as soon as you have one blog post and a design. Building a huge backlog of blog posts isn’t usually needed, and it can prevent you from ever getting started!

How many times a week should I post on my blog?

The more blog posts you have, then the more traffic you may get. That’s because it’s more opportunities to show up in Google searches or share your posts on social media.

I recommend publishing a new blog post at least once a week. Anything less isn’t advised.

Publishing blog posts consistently is smart because readers know to expect regular content from you.

Why do bloggers fail?

Bloggers fail for many different reasons. These reasons may include:

  • Giving up too soon. It takes time to make money blogging, and sadly, many people give up just a few months into starting a blog.
  • Not publishing consistently. I recommend publishing content at least once a week, as described in the previous section. Some new bloggers may go months without publishing, and this will take them much longer to make money blogging as they are simply not dedicating enough time to their blog.
  • Not spending enough time learning about blogging. Blogging is not as easy as you may think. There is a lot to learn in order to make it work. You may need to learn about how to grow your blog’s traffic, how to monetize a blog, how to write high-quality content, and more.
  • Not having your own domain and self-hosting. If you want to make money blogging, I highly recommend owning your domain name and being self-hosted. The longer you put this easy step off, the longer it will most likely take for you to make money blogging. You can learn more at How To Start a WordPress Blog.

And much more. Blogging is like any business – there are things to learn, things to improve on, and more.

How do I start a blog?

If you have any other questions related to starting a blog, I recommend checking out What Is A Blog, How Do Blogs Make Money, & More. In this article, I answer more questions related to blogging such as:

  • How do I come up with a blog name?
  • What blogs make the most money?
  • How do you design a blog?
  • How many views do you need to make money blogging?
  • How many blog posts should I have before launching?
  • How do I get my blog noticed by Google?
  • How long until a blog makes money?
  • How do blogs make money?
  • How do bloggers get paid?

And more.

Please leave a comment if you have any questions.

Thanks for reading!

Source: makingsenseofcents.com

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Mon, Apr 15 2024, 11:28 AM

No one is getting any younger, not even Clint Eastwood. Time marches on, as does, apparently, the cost of mailing a letter. The post office wants to jack the price of a stamp to 73 cents from 68 cents which took effect in January. But everything is politics these days, and out comes, “The Trump donor whom Biden can’t fire is running the U.S. Postal Service directly into the ground, just what everyone warned about when he was confirmed during the pandemic. The latest price hikes at USPS are just another sign of the unfavorable leadership of Postmaster General Louis DeJoy.” We have nearly seven months more of election cr-p. How about some good ol’ legal stuff? Neither side in the recent UWM lawsuit is likely to care to hear Brian Levy’s perspectives about the legal theories and people involved in the case, but I suspect many of you will. Levy’s most recent Mortgage Musings is chock full of sideways glances in footnotes, Don Corleone’s ethics, and of course, RESPA, among other stuff. (Found here after 8:30AM ET, this week’s podcasts are sponsored by Optimal Blue. OB’s smart solutions automate critical functions like pricing, hedging, trading, and social media. More originators and investors rely upon Optimal Blue’s integrated solutions, data, and connections to support their unique business strategies, no matter how complex. Hear an interview with Canopy’s Josh Neumarker on current pain points for originators and communication between management and sales staffs.)

Lender and Broker Products, Software, and Services

A&D Mortgage introduces AIM – Artificial Intelligence in Mortgage, revolutionizing the mortgage industry with a platform that streamlines the lending process for brokers and borrowers alike. AIM enhances A&D’s existing portal with AI, advanced technology, a user-friendly interface, and stringent compliance protocols to set a new benchmark in loan originations. This innovative platform is designed to simplify mortgage processing, offering features like an intuitive interface for reduced processing times, comprehensive support for Non-QM and Conventional loans, direct Point of Sale integration for swift applications, and top-tier security and compliance measures safeguarding client data. AIM represents A&D Mortgage’s dedication to innovation and excellence, facilitating a smoother, more efficient lending experience from application to closure. As the industry shifts towards a tech-driven future, AIM leads with a solution that enhances both broker efficiency and client satisfaction. Explore AIM’s transformative impact on mortgage lending here. Step into the future of efficient, secure, and user-friendly mortgage processes.

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In today’s fast-changing market, one thing has remained consistent: home price growth. With the rising prices, demand for HELOCs and home equity loans has also increased. Do you have the right tools in place to capitalize on today’s home equity lending opportunities? In this short video, Margie Ambrosio, SVP Information Systems Manager at George Mason Mortgage, shares her unique perspective on why home equity lending should be a “no-brainer” for today’s lenders and how Encompass® by ICE Mortgage Technology® makes it easy. Click here to watch the full video.

Do you know how much wallet share you hold in your agent referral partnerships? With MMI’s data intelligence platform, you can not only see who you’re working with but also how much of their business you’re getting. For a limited time, click here to request your complimentary agent wallet share report and get X-ray insight into where else your top RE agent or office partner is sending their deals. Armed with this competitive intelligence, you can pinpoint potential areas for growth and opportunity like this MMI user: “As a dedicated professional constantly seeking innovative solutions to enhance my business, discovering MMI was a game-changer. MMI has allowed me to proactively identify prospective new agents and immediately reach out to discuss something of value for their new listing. MMI provides the essential data backbone, delivering new listing information to my inbox for existing agent relationships, as well as the agents on my prospect list.”

Winning Agent Business: The lender’s guide to building a strong referral network, updated for 2024. In the aftermath of the NAR ruling, agents are more incentivized than ever to show their clients value. That means they’re actively looking to partner with top-tier lenders in their market. Want to take advantage and grow your referral business? Maxwell just updated its Winning Agent Business eBook with new tips straight from agents to help you better network to create a strong funnel of referral leads. Download your free copy to learn qualities agents value in their lending partners, networking dos and don’ts, ways to become a go-to lender, and more.

If Amazon were in the mortgage business, what would their online application look like? Would it look like yours? They wouldn’t tolerate borrowers getting frustrated with a bad mobile experience and neither should you. Check out LiteSpeed by LenderLogix and see why mortgage bankers are making the switch.

Originators continue to find a way to get ahead of the competition with 48-hour appraisals! Tired of slow appraisals costing you deals? Class Valuation is transforming the industry with its 48-hour purchase appraisal program. This groundbreaking solution is designed to cut appraisal turnaround times significantly, helping loan originators close faster and win more business. Class Valuation’s innovative technology and streamlined process has proven over and over to cut turn times dramatically with no loss in appraisal quality. Get the edge you need in today’s market. Learn more about the 48-hour appraisals.

STRATMOR, Customer Experience, and ICE

Did you know that STRATMOR Group’s Customer Experience Strategy program, MortgageCX, is now integrated with Encompass and available through ICE Marketplace? MortgageCX personalizes CX feedback and coaching tips for every LO, processor, and manager, leveraging STRATMOR’s industry expertise, peer benchmarking data, and the lender’s own customer feedback. Participating lenders are transforming their customer experience and igniting their revenue growth. Contact STRATMOR for more on the MortgageCX program and join those lenders already benefiting from this integration.

Upcoming Webinars and Training

You may-as-well learn something while waiting for business to pick up! A good place for longer term conference planning is to start is here, and click on “Conference List” for in-person events in the future.)

Looking for more in-depth commentary on weekly mortgage news? Register here for “Mortgage Matters: The Weekly Roundup” presented by Lenders One. Every Wednesday at 2:00 PM EST/11:00 AM PT join Robbie Chrisman and Justin Demola for a dive into a range of mortgage-related topics, including market trends, interest rate fluctuations, innovative mortgage products, and industry advancements.

When are Things Going to Get Better Already!?! Spokane Association for Mortgage Professionals invites you to join us as we have a conversation with RE Source on Wednesday, April 17th from 4:30pm-6:30pm at the Spokane Club 1002 W Riverside Ave, Spokane, WA. Topics will include Market Insights, Content Creation, Social Media and Winning in 24′. Click here to register. (Be sure to check out the RE Source latest videos: https://theresource.tv/.)

Thursday April 18th Rich Swerbinsky returns to the airwaves at 3PM ET, interviewing the CFPB’s Mark McArdle on what the big misconceptions about the CFPB are, and where its focus is currently.

FHA Appraisal Policies for Manufactured Homes in Greensboro, April 18th, 1:00 PM – 3:00 PM (Eastern). This free, in-person training will provide an overview of FHA appraisal/appraiser requirements for manufactured homes as outlined in FHA’s Single Family Housing Policy Handbook 4000.1. This training will cover several topics including property acceptability criteria, minimum property standards/minimum property requirements (MPR/MPS), defective conditions, policy updates, inspections, well and septic requirements, underwriting the appraisal, and program types such as a new construction.

Join Angel Oak on Thursday, April 18th for a Non-QM Webinar on Short Term Rentals & DSCLR Loans. Discussion will include AirDNA, short term rentals and DSCR Loan program details. Plus, the top questions heard from their brokers.

IMLA is hosting a Builder Panel at its April Luncheon, Thursday, April 18 · 11:30am – 1pm MDT at the Riverside Hotel Aspen Room. Treasure Valley Builders Bobbie Jordan, Preside of Jordan Homes, Bud Compher, Jr., CEO of Neighborworks Boise, Cody Weight, President of Solitude Homes and Jenna England, President of Berkeley will share their perspectives on building trends, affordable housing, and how they are adapting to the everchanging market.

AmeriCatalyst explores the operational impact of climate change and its profound industry-wide implications for the US housing and finance market. AmeriCatalyst’s GOING TO EXTREMES: The Climate, Housing and Finance Summit is being held at the Gaylord National Harbor (in the Washington DC area) on April 18 and 19. Contact Toni Moss (512-461-6340) with questions.

Friday the 19th is the next episode of The Mortgage Collaborative’s Rundown covering current events in the mortgage market for 30-45 minutes starting at noon PT, 3PM ET, in “The Rundown”.

Join co-hosts, the National Association of Appraisers and Appraiser eLearning, at the 6th annual Appraiser’s Conference and Trade Show (ACTS). The next ACTS conference will be held April 20-23 at the DoubleTree in Colorado Springs hosted by the Colorado Real Estate Appraisers Association.

Interested in learning how retain/release MSR decisions can be included in your best execution strategy? Join MCT for a webinar on April 24th at 11:00 AM PT titled Complete Best Execution – Now Including Fully Integrated Retain/Release MSR Decisioning. In this webinar, MCT will review the current state of the MSR market and discuss more comprehensive retain vs. release strategies, in addition to our recently introduced fully integrated Enhanced Best Execution (EBX) solution. MCT’s Paul Yarbrough will then provide insights from a trader’s perspective regarding MSR best execution strategies at time of loan sale. He will also highlight MCT’s Rapid Commit technology and assignment of trade processes. This session will include a live demo of the EBX (MCTlive! and MSRlive!) integration, showcasing how EBX can effectively optimize your flow MSR trading process and decisions. Register for the webinar to join the session.

Join CoreLogic for an exclusive webinar on Wednesday, April 24, noon CT tailored for lenders to delve into the Valuation Modernization Initiative. Dive into the innovative redesign of forms and the cutting-edge UAD (Uniform Appraisal Dataset) initiative, poised to revolutionize the sector. Explore the significant effects that this initiative is exerting on the broader industry, encompassing alterations in Loan Origination Systems (LOS), effective management of appraisal fees, performance SLAs, and other aspects.

The Single-Family Housing Guaranteed Loan Program (SFHGLP) is offering free, in-person training to its lending partners. The training will offer one and half days of loan origination training and one day of loan servicing training, April 24th, 9:00 am – 4:00 pm in Glenn Allen, VA. The servicing agenda will focus on the methodology and processes of handling troubled loans in your USDA portfolio. USDA will cover the entire waterfall of loss mitigation options and the specific rules and processes of administration and provide an update on USDA programs portfolio review. It will be held at the Virgina Housing Center, 4224 Cox Rd., Glenn Allen, VA. This is an in-person event only and will not be streamed live.

“A never-before-seen economic environment calls for new ways to create stronger business growth. Register now for a MAXEX roundtable discussion Thursday, April 25 at 2 p.m. Eastern where we’ll breakdown how unyielding inflation, stubborn mortgage rates, an unpredictable Federal Reserve and a nearly two-year long yield curve inversion are affecting the mortgage world. The roundtable will feature MAXEX and special guests. Don’t miss this opportunity to hear directly from industry leaders about how they’re attacking the road ahead and where you can find growth while working against industry headwinds.”

Join MBA’s webinar, April 25th, 2:00 PM – 3:30 PM ET, as they delve into the fundamentals and complexities of mortgage accounting. Anyone who desires to increase their knowledge of mortgage loan accounting will benefit from this session that is designed for business owners, executive management, accountants, and non-CPA accounting managers. Complete the full series, and you’ll have the information necessary to master mortgage accounting.

FHA New Applicants are invited to join a free virtual webinar, April 25, 2:00 PM – 3:30 PM (Eastern) conducted by FHA’s Office of Lender Activities and Program Compliance, will focus on the Lender Electronic Assessment Portal (LEAP) as outlined in the Single Family Housing Policy Handbook 4000.1. Content includes a detailed overview of the FHA lender approval application process, eligibility requirements, and required documentation for the various types of mortgagees (lenders). Common application deficiencies will also be addressed and tips for submitting a successful application will be provided.

Capital Markets

The latest consumer price data drove last week’s market movement as traders attempt to predict when the Fed will begin to ease monetary policy. The Consumer Price Index increased 0.4 percent in March at both the headline and core levels, which was hotter than market expectations and led to an immediate sell-off in bonds. The question remains as to whether this is a bump in the road to 2 percent inflation or an inflection point signaling a reversal of course.

Meanwhile, farther up the food chain, producer prices rose 0.2 percent in March, their slowest pace over the last three months. The Fed’s preferred measure of inflation, the core PCE deflator, will not be released until April 26. Despite the belief that inflation will trend lower throughout the year, Fed officials clearly do not have confidence it is on a sustained path towards two percent at this time. As a result, the market has pushed the likelihood of the first rate cut from June to September.

This week’s economic calendar kicked off with a bang today with March retail sales (+.7 percent, the consumer is strong!) and April Empire State manufacturing. Later today brings the NAHB Housing Market Index for April, February business inventories, and remarks from a couple of Fed speakers. We begin the week with Agency MBS prices worse .250-.375, the 10-year yielding 4.61 after closing Friday at 4.50 percent, and the 2-year up at 4.96.

 Download our mobile app to get alerts for Rob Chrisman’s Commentary.

Source: mortgagenewsdaily.com

Apache is functioning normally

Hernandez told Mortgage Professional America that the event came about through a desire to showcase the unique role played by women in the mortgage industry, amplify their voices, and boost their chances of success in an industry that’s often wrongly viewed as a male-dominated one. “I just decided, ‘I’m going to go ahead and create … [Read more…]

Apache is functioning normally

POS, TPO, Automation, DPA Tools; HECM, FHA, USDA News; Housing Starts and Permits

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POS, TPO, Automation, DPA Tools; HECM, FHA, USDA News; Housing Starts and Permits

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5 Hours, 39 Min ago

One never knows what one will learn at a mortgage event, like yesterday learning from Lender Toolkit’s Alex K. that Collinsville, Illinois has the largest catsup bottle in the world. (The Collinsville area produces 60 percent of the world’s horseradish root, but I’ll save that tale for another time.) Later today I’ll be leaving Las Vegas, flying from Las Vegas north to Reno while President Joe Biden flies south from Reno to Las Vegas. (I imagine the chow on Air Force One beats whatever Southwest will serve up.) Nevada or nationwide, politics are certainly intertwined with housing, and vice versa. There’s the “Lock-in Effect” produced by government-induced rates. ICE reported that first-time homebuyers made up 55 percent of agency purchase mortgages in 2023, the highest for many years. Meanwhile, heard in the hallways: increasing the pool of qualified first-time home buyers without a corresponding increase in homes they’d buy is pointless… it just jacks up the starter home prices.” From someone else: “Affordable housing initiatives are not really moving the needle. Instead of eligibility at 80 percent of the AMI (area median income), why don’t they make it 50 percent?” (Found here, this week’s podcast is sponsored by Visio Lending. Visio is the nation’s premier lender for buy and hold investors with over 2.5 billion closed loans for single-family rental properties, including vacation rentals. Today’s has an interview with Experian’s Joy Mina on the income and employment verification landscape and the Experian Verify solution.)

Lender and Broker Services, Products, and Software

LoanCare®, a top U.S. mortgage subservicer, has made it easier than ever for homeowners to manage their mortgages with a newly launched, proprietary mobile app: My LoanCare Go. Offering expanded private label branding options, account-based marketing, and tailored communications, My LoanCare Go helps clients enhance their homeowners’ mortgage experience to build lasting relationships. The app is part of LoanCare’s award-winning consumer digital platform, and is available in both English and Spanish for personalized support. Reach out to learn more today!

Horse racing fans know the Kentucky Derby always takes place the first Saturday in May at Churchill Downs in Louisville. While that main event (Derby 150!) is still weeks away, Down Payment Resource (DPR) hopes to see you at The Mortgage Collaborative’s The Mane Event next week in Louisville where its co-sponsoring a Derby-themed opening reception on March 24 and will demonstrate the benefits of down payment assistance for lenders during a partner showcase. Grab your mint julep, jodhpurs, and a festive hat for this always fun “family” affair, and schedule a meeting with the DPR team.

Make your general ledger profitable and run your business more efficiently with Loan Vision and LV-PAM. Instead of “staying alive until ‘25”, with Loan Vision, a software built by the mortgage industry for the mortgage industry, you can “produce more in 24!” Customers on Loan Vision see improvements of 30 percent+ decrease in days to close the books, 20 percent+ reduction in accounting headcount, complete LOS to G/L automation, and improved reporting and visibility. Interested in learning how Loan Vision can help you run a more efficient and profitable company? Contact Carl Wooloff to schedule a call today.

“As spring blooms around us, American Financial Resources, LLC (AFR) is thrilled to announce fresh pricing enhancements that will elevate your experience with us! Our world class capital markets team has been hard at work, crafting innovative strategies to bring you pricing enhancements that will have your originators buzzing. With these changes, we’re paving the way for smoother transactions and more competitive offerings, ensuring that you receive the best possible pricing options tailored to your needs. Visit AFR’s Quick Pricer tool to witness the impact now. The new AFR provides TPOs with top-notch service and exceptional value every step of the way. So, as you revel in the beauty of this vibrant season, take a moment to celebrate the exciting improvements we’re bringing to the table. Here’s to a season filled with growth, prosperity, and flourishing opportunities! Contact us at [email protected], 1-800- 375-6071, visit www.afrwholesale.com or partner with AFR today!”

Mortgage Technology Offerings

There’s no such thing as a “one-size-fits-all” technology solution. Every financial institution is different. And modern banks, credit unions, lenders, and insurance brokers need options that make sense for their businesses, their goals, and their customers or members. The Total Expert Partner Ecosystem is a curated collection of industry-leading partners, thought leaders, and technology providers designed to help you address market challenges, drive growth, and create customers and members for life. Leverage 70+ integrations, strategic relationships with Salesforce and AWS, and a rich library of shared industry knowledge and best practices to develop the strategies that support your business goals and build the tech stack you need to put it in motion. Learn more!

Fully Customize Point-of-Sale Workflows with Maxwell’s New Blueprint Builder. Maxwell is thrilled to introduce an industry-first: the Blueprint Builder, a feature in Maxwell Point of Sale that allows lenders to drive a differentiated mortgage experience, helping them to stand out from the competition. With the Blueprint Builder, mortgage lenders can connect to over 60 third-party integrations to create a tailored workflow suited for their unique needs. Plus, lenders can adapt their digital experiences to the operations processes that work best across their products and channels, without the cost of hiring developers. To learn more about the Blueprint Builder, click here or schedule a call with the Maxwell team.

FHA, VA, Ginnie, USDA, and HECM News

Ginnie Mae’s February issuance included $30 billion of Ginnie Mae II MBS and nearly $894 million of Ginnie Mae I MBS, including nearly $816 million in loans for multifamily housing.

For the 2024 calendar year to date, Ginnie Mae has supported the pooling and securitization of more than 91,000 first-time homebuyer loans!

In the Ginnie Mae All Participants Memorandum (APM) 24-02, Ginnie Mae announced the implementation of new Cybersecurity Incident reporting requirements. These requirements are part of Ginnie Mae’s continued commitment to the security and integrity of all operational systems and critical technology infrastructure related to the issuance and servicing of Ginnie Mae Mortgage-Backed Securities (MBS). Effective immediately, Issuers must notify Ginnie Mae of a cyber security incident within 48 hours of detection.

Yes, Ginnie Mae established cybersecurity reporting requirements for program participants on Monday. Effective immediately, Ginnie issuers must notify the agency of any cybersecurity incident within 48 hours after the issue is detected. “Once the notification is received, representatives from Ginnie Mae will contact the designated point of contact to obtain additional information and establish the level of engagement needed depending on the scope and nature of the incident.”

USDA Rural Development SFHD Program posted, effective March 8th, the Fiscal Year (FY) 2024 area loan limits (based on the guidance in Handbook-1-3550, Chapter 5, Paragraph 5.6 A) are available at https://www.rd.usda.gov/files/RD-SFHAreaLoanLimitMap.pdf.

On March 4th, USDA Rural Development SFHD Program posted Advance Notice: Revisions to HB-1-3555, Chapter 15. Copies of the upcoming revisions are available for review on the Loan Origination page of the USDA LINC Training and Resource Library, under the sub-heading “New”.

USDA Rural Development Single-Family Housing Guaranteed Loan Program (SFHGLP) announced a reference sheet for obtaining a payoff and/or release of lien for a USDA Guaranteed Loan Mortgage Recovery Advance (MRA). This reference sheet includes a centralized email address for MRA inquiries and instructions on obtaining a payoff and/or a release of lien for an MRA.

In HECM news, with the Plaza Home Mortgage® Reverse Mortgage, borrowers can enjoy a multitude of benefits, including: No mortgage payment required. No Pre-Pay: Make payments as desired. Non-Recourse Loan: never owe more than the home’s value. Borrowers will maintain title to the home. Borrower’s estate retains all equity. No equity sharing: homeowners keep all future appreciation. Funds are tax free, but always consult your tax advisor. No limitations as to how the money can be used. Younger spouses (under 62) are protected. Closing costs are typically financed in the loan.

Capital Markets

A week that will be rife with central bank policy announcements (see below for some international decisions today) began with a slow retreat in the bond markets and traders paring back their expectations that the Fed will start cutting rates by June. Expectedly, this week will be dominated by the Federal Open Market Committee (FOMC) decision tomorrow where no change in the fed funds rate (range of 5.25 percent to 5.50 percent) is expected. But we will get a fresh set of economic forecasts along with a new dot plot. The first Fed rate cut is now forecast to come in mid-summer, and fed funds futures are now roughly in-line with the December dot plot, which forecasts three rate cuts this year. Thank goodness. As recently as the end of January, investors were counting on six cuts in 2024.

The Fed has made it clear that policy is restrained and that the Fed presidents don’t want to become too restrictive, but there is a risk that the Fed will sound too hawkish during this meeting which could push bond yields higher. While inflation sits above the Fed’s 2 percent target, it has been trending positively. However, mortgage rates have remained high, currently above 7 percent. With the unemployment rate rising and average hourly earnings growth decelerating, the Fed still believes inflation is likely to cool further in coming months.

Remember that aside from the FOMC, this week is packed with lots of mortgage-related economic data, including the NAHB housing market index yesterday (homebuilder sentiment jumped to an eight-month high in March, fueled by limited resale inventory and lower mortgage rates. A measure of expected sales in the next six months rose to the highest since June), building permits and housing starts today, and existing home sales on Friday.

Overnight and ahead of tomorrow’s FOMC decision and updated Summary of Economic Projections, markets will digest the latest monetary policy decisions from the BoJ (it raised rates!) and the Royal Bank of Australia (it’s done hiking rates). Today’s domestic economic calendar is under way with February housing starts and building permits (+10.7 percent, 1.521 million annualized; +1.9 percent, 1.518 million respectively). Expectations were for 1.450 million starts and 1.500 million permits versus 1.331 million starts and 1.489 million permits previously in January. Next up brings Redbook same store sales for the week ending March 16. The U.S. Treasury then announces the auction sizes for short-duration bills before auctioning $75 billion 42-day CMBs, $46 billion 1-year bills, and $13 billion reopened 20-year bonds. We begin the day with Agency MBS prices slightly improved from Monday evening, the 10-year yielding 4.32 after closing yesterday at 4.34 percent, and the 2-year at 4.71.

Jobs

Weichert Financial Services, a leading nationwide Real Estate Affiliated Mortgage Company, is seeking to bring on a VP of Mortgage Servicing. The candidate would oversee the subserving relationship with Dovenmuehle and the technical day to day of the firm’s $2+ Billion servicing portfolio, thus a prior working relationship with DMI and their internal systems would be viewed as a plus. Both Hybrid and Remote candidates for the position would be considered, with headquarters being in New Jersey. If you’re a seasoned mortgage professional with a passion for taking a long standing, well capitalized Mortgage company established in 1980 to the next level, and you’re looking for a great work/life balance, we want to hear from you. Competitive compensation including Health, Dental, 401K, and PTO. Please contact Tim McLaughlin for more details.

While today marks the arrival of Spring, Spring EQ has proudly served as the industry pioneer in home equity solutions for nearly 8 years! Whether you’re a correspondent seller looking for a new partner, or a wholesale broker in search of an expansive suite of home equity products, Spring EQ can help. The need for home equity solutions is surging among borrowers, so make sure your business is prepared to meet this demand by partnering with the experts in home equity at Spring EQ. Interested in a correspondent partnership? Click here. Interested in a wholesale partnership? Click here. Looking for new opportunities in the mortgage industry? Explore Spring EQ job postings and come join a growing team of fun and experienced mortgage professionals! At Spring EQ our primary focus is second mortgages. So, think of us first for all your seconds.

PrimeLending’s One More Sales Coaching Program is transforming LO careers! LOs are discovering their best selves thanks to our exclusive peer-to-peer coaching program. The One More Sales Coaching Program is designed by PrimeLending’s top producers who’ve proven they know what it takes to excel in today’s market. LOs connect, collaborate, and learn from each other in a dynamic small group environment. Graduates walk away having mastered high-impact skills and habits they need to drive better results, such as personal branding, networking, and leveraging technology. The best part? It’s completely free! We’re investing in our LOs and empowering them to take their careers to the next level. Contact Nic Hartke today and join our winning team!

The Mortgage Bankers Association (MBA) announced that Madisyn Rhone joined the association today as VP of Legislative Affairs responsible for advocating on behalf of MBA’s legislative and policy priorities on Capitol Hill, with a primary focus on Democratic members of the U.S. House of Representatives.

 Download our mobile app to get alerts for Rob Chrisman’s Commentary.

Source: mortgagenewsdaily.com

Apache is functioning normally

Central to that shift has been focusing on their own “BS”: what others may dismiss as the unappealing side of the job, but what Carter has come to understand as denoting something entirely different. “I feel some loan officers, some real estate agents are falling out [of the profession] – when you have three different … [Read more…]

Apache is functioning normally

Amidst a backdrop of inflation, rising borrowing costs, and growing debt levels, employee financial wellness has been on the decline in recent years. According to PwC’s 2023 Employee Financial Wellness Survey, a full 60% of full-time employees are stressed about their finances. Indeed, employees are even more concerned about their finances today than during the height of the pandemic.

Given that money worries can take a toll on employee health and well-being, as well as productivity at work, it makes sense that a growing number of employers are enhancing support for financial wellness. Bank of America’s 2023 Workplace Benefits Report found that 97% of employers now feel responsible for employee financial wellness (up from 95% in 2021, and from 41% in 2013).

Regardless of how well-compensated your staff may be, this type of resource can help workers feel more financially confident and prepared for the future. Here’s a look at 10 reasons why adding this benefit is so important.

1. Decreases Distractions and Increases Productivity

According to PwC’s Survey (which included 3,638 full-time employed adults across a variety of industries), financially stressed employees tend to be more distracted and less engaged while at work. The study found that financial stress and money worries had a negative impact on the respondents’ sleep, mental health, self-esteem, physical health, and personal relationships. Nearly one-third of employees surveyed admitted that financial insecurity has negatively impacted their productivity at work.

When employees are able to easily get answers to their financial questions and access on-site support when dealing with money problems, there’s a good chance they’ll be less stressed about their finances and more able to focus on their jobs. That’s a win for both employees and employers.

2. Improves Employee Physical Health

Financial stressors have been found to correlate directly with not only mental health challenges but also with poor physical well-being. As the American Psychological Association points out in their Stress in America 2023 report, stress and anxiety put the body on high alert and ongoing stress can accumulate, causing inflammation, wearing on the immune system, and increasing the risk of a number of different ailments, including digestive issues, heart disease, weight gain, and stroke.

Providing your employees with the support they need now can go a long way toward staving off physical health challenges down the line.

3. Builds Loyalty

By offering financial wellness programs, employers demonstrate a commitment to their employees’ well-being, which can help foster employee loyalty and increase retention rates.

The PwC study found that just 54% of financially stressed employees felt there was a promising future for them at their employer, and they were twice as likely to be looking for a new job than employees who were less stressed about their personal finances. What’s more, 73% of financially stressed employees said they would be attracted to another employer that cares more about their financial well-being compared to just 54% of non-financially stressed employees.

Recommended: 3 Ways to Support Your Employees During Times of Uncertainty

4. Can Help Reduce the Burden of Student Debt

Employees struggling to pay down student debt often have difficulty contributing to 401(k) plans and achieving other financial goals, such as buying a house or car. By offering student loan repayment benefits and education, employers can reduce this burden and help employees plan for the future.

The good news is that these programs recently became more affordable. Under the Coronavirus Aid, Relief and Economic Security (CARES) Act, employers can now provide $5,250 tax-exempt annually for an employee’s student loan repayment through 2025. That means employees won’t pay income tax on contributions made by their employers toward educational assistance programs, yet the employer also gets a payroll tax exclusion on these funds.

A growing number of employers are offering some form of loan repayment support. In 2021, only 17% of companies offered any of these benefits. In October 2023, 34% of employers offered student loan benefits.

Recommended: How Student Loan Benefits Can Help Retain Employees

5. Employees Want It

According to the PwC study, the vast majority of employees want help with their finances. Not only that, the stigma around getting help with finances appears to be lifting. In 2023, employees overall were less likely to be embarrassed to ask for guidance or advice about their finances than they’ve been in the past: Just 33% said they find it embarrassing, compared to 42% in PwC’s 2019 survey.

In Bank of America’s Workplace Benefits Report (which surveyed more than 1,300 employees and nearly 800 employers), 76% of employees said they felt that employers are responsible for their financial wellness.

6. Can Help Parents Save for Future College Expenses

In a June 2023 survey of 1,000 parents of teenagers by Discover Student Loans, 70% of subjects said they were worried about financing their kids’ college expenses. In addition, 68% of parents were concerned about the amount of debt their kids will be saddled with even after the parents offer up their own financial assistance.

Providing employees with much-needed information about 529 college savings plans and giving them a convenient way to contribute directly from their pay, can go a long way in helping to relieve the stress associated with one of their top financial concerns.

While in the past, the options for using unspent 529 funds were limited (and often meant facing tax and penalty consequences), the SECURE 2.0 Act allows savers to roll unused 529 funds — to a lifetime limit of $35,000 — into the beneficiary’s Roth IRA, without incurring the usual 10% penalty for nonqualified withdrawals or generating any taxable income. The new rule went into effect January 1, 2024 and might come as a relief to any employees who worry about having excess funds stuck in a 529 should their child end up not needing the money.

Recommended: The Importance of Offering 529 Plan Contributions in an Employee Benefits Package

7. Helps to Clarify Confusing Financial Topics

Many young professionals want to buy their first home, but they don’t know how to save for a down payment or secure a mortgage. New to the workforce, they also struggle to understand financial topics they weren’t taught in school, such as income tax deductions (especially as they get married and have children), the necessity of life insurance, and wealth management and investing.

At the same time, older employees might feel overwhelmed by the financial options available to them. With educational resources and access to experts through a financial wellness program, employees can find the information they need from vetted and trusted sources. In PwC’s survey, 68% of employees said they use their employer’s financial wellness services such as coaching, workshops or online tools.

8. Protects Employees

Sometimes healthcare benefits just aren’t enough. In the event of a health emergency, employees need to be prepared for insurance deductibles and other unexpected costs. Solid financial preparations can prevent them from dipping into savings or making hardship withdrawals from 401(k) plans. Those withdrawals can not only damage their prospects for long-term financial stability, but also create administrative headaches for HR.

Providing an automated emergency savings program is fast becoming a way for employers to help provide a foundation for financial well-being for workers. These plans allow employees to make paycheck contributions to a dedicated account (possibly with a company match), and can help make your workforce more financially resilient in the face of life’s “What Ifs.”

Recommended: How Much Should Your Employees Have in Emergency Savings?

9. Enhances Your Organization’s DEI Efforts

These days, many employers of all sizes have a diversity, equity and inclusion (DEI) strategy or program in place to increase inclusion in the workplace. Offering financial wellness benefits to employees is yet another way to foster a more equitable company culture.

The reason is that financial wellness benefits can help level the playing field by helping to empower minorities and underrepresented groups, who may have more financial stress and encounter more barriers to economic opportunities. Giving all employee populations access to programs that can help them buy their first homes, pay down student debt, save for emergencies, and invest for the future allows them to build wealth for generations to come.

Recommended: How to Support Your Low-Wage Workforce

10. Helps Employees Plan for Retirement

Employer-sponsored retirement plans can help to ease the financial stress that stems from retirement planning. In addition to offering a retirement plan, you might also provide education programs on planning for retirement, understanding different types of accounts available, and best places to get started based on age and goals.

In addition, you might consider instituting a 401(k) match for their student loan payments. Thanks to a provision in Secure Act 2.0 (that went into effect at the start of 2024), companies can match employees’ qualified student loan payments with contributions to their retirement accounts, including 401(k)s, 403(b)s, SIMPLE IRAs, and government 457(b) plans. With this benefit, employees won’t need to make the decision regarding whether to contribute to their 401(k)s or make student loan payments.

Recommended: How Does an HR Team Implement a Student Loan Matching or Direct Repayment Benefit?

The Takeaway

Financial stress is a major concern for today’s employees, and something a growing number of workers want their employers to help with. Providing support for financial wellness can help boost employee engagement and retention, stave off mental and physical health concerns, help your company recruit top talent, and even lead to a more inclusive and equitable workplace.

SoFi at Work can help. We provide the benefit platforms and education resources that can enhance financial wellness throughout your workforce.


Photo credit: iStock/Inside Creative House


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Source: sofi.com