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Apache is functioning normally

Apache is functioning normally

The city meets urban, suburban and rural in one, with the most well-known motor race in the country: The Indy 500. Apart from raceways and government buildings, Indianapolis is home to stunning waterways, unique memorials and a picturesque charm you won’t find in any other city. Indianapolis is altogether her own city and completely unique.

If you’re moving into Indy or just relocating within city limits, you’ll want to examine this list closely. You’ll find the best neighborhoods in Indianapolis for your needs as you try to make that all-important decision on where to move.

  • Median 1-BR rent: $1,796
  • Median 2-BR rent: $1,204
  • Walk Score: 37/100

Not far from Downtown is the bustling neighborhood of Broad Ripple Village. The district is one for relaxed vibes and a community with tons of playgrounds and small businesses where families love to spend their time. Boutiques, galleries, pubs, breweries, pottery schools and other exciting options collect in this eclectic neighborhood, with reasonably priced apartments and plenty of room.

  • Median 1-BR rent: $1,022
  • Median 2-BR rent: $1,145
  • Walk Score: 37/100

If you’re looking for a super-inclusive neighborhood in Indianapolis, then Crooked Creek is the place for you. It’s considered one of the most inclusive areas in the city, with plenty of activities for the whole family, whatever the age. Everyone can find something in one of the best neighborhoods in Indianapolis.

Crooked Creek is in the northwest part of the city in Marion County and offers you plenty of parks and bike trails, horseback riding options and the Juan Solomon Park. Average rent prices are more affordable, too. It’s farther from the center of the city than many of the other popular neighborhoods so you’ll probably need a car living here.

  • Median 1-BR rent: $1,399
  • Median 2-BR rent: $1,722
  • Walk Score: 84/100

Sometimes called the Mile Square, Downtown Indianapolis is a neighborhood for folks looking for an active life. The neighborhood is full of cocktail bars, local festivals and marathons, art exhibits, dining establishments and coffee shops, among others. Because of the incredible revitalization occurring in the area and the booming boutiques and restaurants, Downtown Indy is one of the most popular areas in the city, especially since rent is actually pretty reasonable here.

  • Median 1-BR rent: $1,022
  • Median 2-BR rent: $1,145
  • Walk Score: 37/100

Another historically inclined neighborhood in Indy is Fall Creek. Here you’ll find plenty of historic houses and tree-lined streets for a gorgeous, comfortable community. Nearby parks surround apartment buildings and modern amenities you’ll love.

The neighborhood went through a total urban revitalization in the early 2000s, turning the area into a cozy place where you have access to the rest of the city within minutes and lots of local dining, work and entertainment opportunities.

  • Median 1-BR rent: $1,250
  • Median 2-BR rent: $1,425
  • Walk Score: 77/100

Another popular neighborhood in Indy is Fountain Square. It’s an affordable neighborhood where singles and professionals flock for the European city square vibe at the central fountain and plaza, along with the active nightlife and walkability of the area.

In Fountain Square, you’ll find tons of cozy apartments, single-family homes and duplexes nestled among the popular bowling alleys, billiard halls, bars, comedy clubs, live music venues and ethically-sourced home goods boutiques. Shop for clothing next door, drop into the local brewery or grab Pad Thai or street tacos at the local eateries. This is the perfect makeup of a best neighborhood in Indianapolis.

Source: Rent./E Washington St.
  • Median 1-BR rent: $1,022
  • Median 2-BR rent: $1,145
  • Walk Score: 37/100

Named for Washington Irving, Irvington is a great neighborhood that’s filled with history and encompasses 545 acres overall. The neighborhood originally came to prominence back in 1875 and stayed as the chic spot into the late 1920s, when Butler University grew up around it. Now, the whole neighborhood is kind of a historical small town within the city with many houses on the National Register of Historic Places.

Irvington is friendly and walkable (though not so much for running errands) with plenty of easy streets and parks and green spaces for tranquil living in the middle of the urban area. You’ll find plenty of shopping and dining, as well, in the neighborhood.

  • Median 1-BR rent: $1,102
  • Median 2-BR rent: $1,388
  • Walk Score: 41/100

Residents in Keystone at the Crossing are predominantly renters, and anyone looking for a familiar vibe will find it right here. The neighborhood suits all types of renters, too, with a concentration of jobs and nightlife in one section for the young professionals or peaceful quiet portions for families looking for some chill atmosphere.

Keystone at the Crossing is also a shopping center focused on the favorite Fashion Mall at Keystone. Apartments in the neighborhood are affordable, comfortable and reasonably easy to find, making it one of the best neighborhoods in Indianapolis.

  • Median 1-BR rent: $1,711
  • Median 2-BR rent: $1,099
  • Walk Score: 89/100

Lockerbie Square is one of the city’s oldest surviving neighborhoods. The historic locale is Downtown and known for the residence of Hoosier poet James Whitcomb Riley. The historic district offers surprisingly affordable rent and plenty of gorgeous architecture and cobblestone streets in a highly walkable area.

In Lockerbie Square, you’ll find some Bavarian influence with German heritage events, year-round festivals and celebrations and plenty of biergartens and Bavarian restaurants. There will definitely be crowds in the hood every time there’s the annual German Fest or other German heritage events going on.

Source: Rent./N College Ave.
  • Median 1-BR rent: $1,022
  • Median 2-BR rent: $1,145
  • Walk Score: 37/100

Meridian-Kessler is just 20 minutes from Downtown, offering residents quick, easy access to pretty much anywhere in the city for a lower housing rate than some of the other popular neighborhoods. It’s the perfect blend of urban and suburban for families and young professionals looking for green spaces, quiet streets and easy access to the main part of the city.

The median age of residents in Meridian-Kessler is 25-34, so the neighborhood is active and home to tons of local events, while the gorgeous Tudor-style houses and Craftsman-style cottages are plentiful and affordable. Butler University is just down the street, too, making it the perfect neighborhood for those working at the University or older students continuing their education.

In Meridian-Kessler, you’ll find tons of amazing local shops and restaurants, too, with offerings like short ribs and Latin American fare. You can also find a mix of books, live music, craft beer, vintage clothing and even a bridal expo at the Indiana State Fairgrounds just nearby.

  • Median 1-BR rent: $750
  • Median 2-BR rent: $767
  • Walk Score: 51/100

Near Eastside is one of those areas of town that’s been reclaimed and turned into a hipster hotspot with trendy new restaurants and developments and loads of amenities urban dwellers are looking for. You’ll find super affordable rentals here, along with retail shops, movie theaters, breweries, coffee shops, fining and more. The vibe in this best neighborhood in Indianapolis is definitely younger millennials.

  • Median 1-BR rent: $1,022
  • Median 2-BR rent: $1,145
  • Walk Score: 37/100

Similar to the other “near” neighborhoods, Near North is close to the heart of the city and made up of several smaller neighborhoods starting to find shape in themselves. The Near North is home to century-old houses, tree-lined streets, cultural landmarks and loads of beauty.

Plus, it’s just a five-minute drive (or Uber) away from the core of Indy, where you’ll find any nightlife or shopping you crave if you haven’t already found it here in the Near North.

Source: Rent./Vivio on Tenth
  • Median 1-BR rent: $1,045
  • Median 2-BR rent: $1,200
  • Walk Score: 44/100

The Near Westside of Indy is a cluster of smaller neighborhoods that attract renters looking for affordable housing near the main urban area of the city. Near Westside is just 15 minutes from downtown and offers more spacious areas at a more affordable price than others a little closer to the busiest parts of town.

Near Westside is also convenient to Bloomington, Lafayette, Terre Haute and other nearby college campus towns.

  • Median 1-BR rent: $1,022
  • Median 2-BR rent: $1,145
  • Walk Score: 37/100

North Willow is a super family-friendly area with affordable rent and plenty of choices for folks looking to settle into a cozy neighborhood with or without the kids. You’ll find it within easy access of Castleton and Keystone at the Crossing areas, as well. Plus, of course, the local entertainment and dining you’ll come to love in one of the best neighborhoods in Indianapolis.

  • Median 1-BR rent: $1,145
  • Median 2-BR rent: $1,439
  • Walk Score: 29/100

Old Northside offers its residents and visitors a blend of historic beauty and modern appeal. Restored Victorian homes are common, some of which have landed themselves a spot on the National Register of Historic Places.

The neighborhood is a few minutes away from IU Health Methodist Hospital, making it the perfect location for folks working there. You can choose from single-family homes with yard space, condos, apartments and more. Old Northside is also home to Indiana’s first-ever gay bar and is the most LGBTQIA+ friendly neighborhood in the city.

In the neighborhood, you’ll be able to visit the Benjamin Harrison Presidential Site and check out local artists at the Harrison Center. You can also participate in regular art events, take a job on the Monon Trail or enjoy the thriving nightlife in the area. Most folks do recommend a car for residents here.

Source: Rent./The Block
  • Median 1-BR rent: $1,022
  • Median 2-BR rent: $1,145
  • Walk Score: 37/100

Some cities have a warehouse district. Indy has the Wholesale District.

Here you’ll find the shimmering lights of theater marquees and elegant soirees, where doormen welcome residents. Circle Centre mall makes way for shoppers, who fill the neighborhood with bustling expectations and a thriving art scene.

Find the best Indianapolis neighborhood for you

You’ve come to the right place to find the best neighborhoods in Indianapolis! With condos, townhouses and single-family apartments for rent in Indianapolis, you’re sure to find the right spot for your lifestyle, be that calm and cozy or hip and happening.

The rent information included in this article is based on a median calculation of multifamily rental property inventory on Apartment Guide and Rent. as of November 2021 and is for illustrative purposes only. This information does not constitute a pricing guarantee or financial advice related to the rental market.

Source: rent.com

Apache is functioning normally

Apache is functioning normally

Buying your own debt for pennies on the dollar might seem like a great way to get out of debt fast. However, you can’t actually do this due to how debt buying works. Debts of this nature are sold in large bundles to debt collectors and other agencies. Learn more about how debt buying works, why it’s not an answer to your debt concerns, and what you can do to handle debt instead below.

In This Piece

How Debt Buying Works

Debt buying occurs when creditors gather old debts—also sometimes called bad debts—into portfolios. They sell these portfolios of debts to debt buyers at a fraction of the original value of the debt. 

For example, imagine a credit card company that has thousands of delinquent accounts. It may gather 1,000 old accounts that are 180 days or more past due. Say the average owed on each of these accounts is $1,000—that would be a total of $1,000,000 in old debt.

The credit card company might sell the debt at a fraction of that value, such as 15 cents on the dollar. In that case, the debt buyer would purchase the debt for $150,000.

Once the debt buyer purchases this portfolio of debt, they can either try to collect on the original debt or sell the debt. In many cases, the debt buyers go through the portfolio, keeping debts they think they can collect and selling off others in a similar method. 

If the debt buyer is able to collect any of the debt, the money is theirs to keep. So, in the hypothetical example above, if the debt buyer collects $250,000 of the original $1,000,000 in debt it purchased, it makes a profit of $100,000.

Why Are Debt Buyers Used?

The reason original creditors use debt buyers is that at some point, they consider debt uncollectible. They don’t want to spend any more of their own resources trying to collect on the debt. They could simply write the debt off and be done with it, but if they sell the debt to a debt buyer, they’re able to recoup at least some of their losses. 

Many common types of debt can be sold to debt buyers. These include but aren’t limited to:

  • Credit card debts
  • Medical debts
  • Unpaid utility bills
  • Debts related to auto loans or mortgages

Can You Buy Your Own Debt?

You can’t buy your own debt because no one sells individual debts. It doesn’t make business sense on either side to do so. Instead, debts are sold in huge portfolios that cover many accounts. It would be difficult to impossible to discover what bundle of debt your debt would be placed in before the lender sells it off, never mind that you would likely pay more than your debt is worth to purchase both your debt and the debt of hundreds of other people.

For the creditor, selling off large sets of old, uncollected debt is a way to write things off the books while getting at least some payment. For the debt buyer, buying a large portfolio of debt at pennies on the dollar is a conservative gamble. Debt buyers hope that by investing in many accounts they’re able to collect money on some of them.

How to Deal With Debt Buyers

Because you can’t buy your own debt, someone else might. Here are some things you can do to deal with debt buyers if they end up holding your old debts:

  • Make sure it isn’t a zombie debt. These are debts that have already aged out of the statute of limitations for collection. However, they’ve risen to the top of a debt buyer’s or collector’s books, and someone is trying to resurrect them. 
  • Negotiate to settle the debt. Debt buyers didn’t buy your debt for full price, so they don’t have to collect the full amount to make a profit. They’re often motivated to settle at less than the amount owed if you could pay them immediately.
  • Stand up for your rights. Your rights as a consumer are protected under federal and state laws. Make sure you understand your rights so you can stand up for them as you deal with debt buyers and collectors. 

Manage Your Debt Better

Managing your debt in a responsible and proactive way can help you avoid debt buyers altogether because you never let your debts get so delinquent they might be sold. Some things you can do to manage your debt include:

  • Creating and sticking to a budget. When you’re spending within your means and making debt decisions that work with your budget, you’re less likely to fall behind on payments.
  • Pay all your debts on time. Use tools such as debt management apps to reduce the chance you might forget a debt or lose track of one.
  • Being proactive with debts. If you find yourself in a position where it’s impossible to keep up with a debt, such as being temporarily unemployed or dealing with a medical crisis, reach out to the creditor immediately. Many creditors have programs and options to help you deal with this type of issue.
  • Know what’s on your credit report. Keep up with your credit report so you don’t end up with old debt you thought was paid off coming back to haunt you. You can get a copy of all three of your major credit reports and track 28 of your credit scores when you sign up for ExtraCredit.

Source: credit.com

Apache is functioning normally

Apache is functioning normally

Your credit score communicates with lenders your level of credit trustworthiness. As a result, those with higher credit scores qualify for higher credit limits and better interest rates. Your credit score will play a major role if you plan to purchase a house or apply for a loan in the future.

Understanding credit scores and what they mean can improve your financial literacy. We gathered the following credit score statistics to help you get a better sense of where your credit score stands compared to other Americans.

Key findings:

  • The national average FICO® Score is 716 as of April 2022 (FICO)
  • About 10% of the U.S. population doesn’t have a credit record and are “credit invisible.” (Consumer Financial Protection Bureau)
  • Ages 76 and up have the highest average credit score at 760. (American Express)
  • Women’s and men’s average FICO Scores are virtually the same. (Experian)

Average U.S. credit score

The national average FICO Score is 716 as of April 2022. This is the same as when FICO last reported on it a year ago.

Average credit score by state

While your location doesn’t affect your credit score, some states have a higher average credit score than others as seen in the statistics listed below.

  • While 31 states (and the District of Columbia) have average FICO scores that are higher than the national average of 716, the upper Midwest and New England continue to have the best average FICO Scores. (FICO)
  • Minnesota, Vermont, New Hampshire and Wisconsin all have scores that are 23 points higher than the national average, with scores of 742, 739 and 737, respectively. (FICO)
  • Mississippi, Louisiana, Alabama and Arkansas have the lowest credit scores at 662, 668, 672 and 673, respectively. (WalletHub)

Average credit score by age

Since credit history length is a factor that influences your credit score, it makes sense that the average credit score increases with age as seen below.

  • Approximately 58% of consumers with the highest credit score are between the ages of 56 and 74. (Money Geek)
  • The average score for adults aged 18 to 29 increased by 24 points between April 2017 and April 2022; 19 points for those aged 30 to 39; 19 points for those aged 40 to 49; 13 points for individuals in their 50s; and 10 points for those aged 60 and older. (Nerd Wallet)
  • As of 2021, ages 18-24 have the lowest average credit score at 679. (American Express)
  • Ages 76 and up have the highest average credit score at 760. (American Express)

Average credit score by race

Average credit scores can differ across demographics like race. However, keep in mind that race doesn’t directly influence your credit score.

Average credit score by gender

Although women couldn’t legally apply for credit until 1974, women’s and men’s average FICO Scores are still very close in range at 705 for men and 704 for women as of 2019, according to Experian.

Average credit score by income

A common credit score myth is that your income contributes to your credit score. Although this is untrue, the statistics below show a correlation between income and credit score.

  • Approximately 25% of low-income consumers don’t have enough knowledge to raise their credit scores. (Consumer Federation of America)
  • The median credit score of 658 for lower income individuals suggests that many borrowers are unlikely to have access to affordable credit as those with scores above 720. (Federal Reserve Bank of New York)
  • Those considered high income have the highest average credit score at 774. (American Express)

Average FICO Score in the U.S.

FICO is an analytics firm that developed the credit scoring models used today. The national average FICO Score is 716 as of April 2022, the same as when FICO last reported on it a year ago. Here are some FICO statistics.

Average FICO Score by generation

  • The Silent Generation (ages 77 and up) has the highest average credit score at 760. (Experian)
  • The average credit score of baby boomers (ages 58-76) is 742 in 2022, up two points from 2021. (Experian)
  • Generation X (ages 42-57) has an average credit score of 706. (Experian)
  • The average credit score of Millennials (ages 26-41) is 687. (Experian)
  • Generation Z (ages 18-25) has an average credit score of 679 in 2022, the same as 2021.  (Experian)

Generation

Average credit score (2022)

Silent Generation

760

Baby Boomers

742

Generation X

706

Millenials

687

Generation Z

679

Average VantageScore in the U.S.

VantageScore is the second most popular credit scoring model in the U.S. As of September 2022, the average VantageScore was 697.

Credit card utilization statistics

Credit utilization refers to the amount of your available credit you’re currently using. Your credit utilization ratio is calculated by adding up your balances and then dividing by the total of your credit limits. Keeping your credit utilization ratio low can help raise your score.

  • Individuals with credit scores 800 to 850 have an average credit utilization ratio of 5.7%. (Experian)
  • Consumers with credit scores considered “very good” (740-799) have an average utilization ratio of 12.4%. (Experian)
  • Those with credit scores in the “good” range (670-739) have an average credit utilization ratio of 32.6 %. (Experian)
  • 47.6% of the population opened at least one new credit account in the last year. (FICO)
  • Approximately 26 million U.S. adults, or 10%, don’t have a credit record and are “credit invisible.” (Consumer Financial Protection Bureau)
  • 19 million Americans have a credit history but lack a credit score because their report is insufficient or out of date. (Consumer Financial Protection Bureau)
  • The 15% growth in credit card balances from 2021 to 2022 is the highest in more than 20 years. (Federal Reserve Bank of New York)
  • Currently, 83% of American people own at least one credit card. (Zippia)
  • There are currently 26.5% more credit card holders in 2022 than there were in 2017—just five years ago. (Zippia)

FAQ

Whether you’re new to credit or just need a refresher, we’ve answered some common questions about credit scores below.

What is a good credit score?

According to FICO, a good credit score is 670-739 or above, while a very good credit score is 740-799. A credit score that is 800 or above is considered exceptional.

How to check your credit score

To check your credit score, order a free copy of your credit report from each of the three credit bureaus. You can also check your credit score for free by visiting Credit.com.

What contributes to your credit score?

The factors that contribute to your credit score are payment history, amounts owed, credit history length, credit mix, and new credit.

What is the highest credit score?

The highest credit score is 850 for most FICO and VantageScore models.

How to work on your credit score

You can see from the above credit score statistics that everyone’s credit varies. If you checked your credit score and it’s currently low, we have resources available to help educate you about your credit so that you can qualify for the best rates available.

Source: credit.com

Apache is functioning normally

Apache is functioning normally

Wachovia said today that it will discontinue wholesale loan origination beginning this Friday, leaving very few players in the broker-originated space.

It’s unclear how many jobs will be lost as a result of the shift in operations, but that will likely be disclosed when the company announces second quarter results tomorrow.

It is assumed that loans already locked and in progress will continue to be processed until a certain funding cut-off date.

Tim Wilson, Head of Loan Origination for Wachovia Mortgage, explained that the bank and mortgage lender was repositioning itself to work with clients who have existing relationships and live in areas where the bank’s franchises are located.

The Charlotte-based bank’s third-party origination unit Vertice is apparently not affected by the changes, and will continue to offer broker-originated loans.

Wachovia has been hard-hit by the ongoing mortgage crisis, especially after acquiring option arm specialist Golden West for a staggering $25 billion in 2006.

The company has since stopped originating option arms with the negative amortization feature, and has waived prepayment penalties tied to the so-called toxic loans.

In early June, Wachovia said it would contact all portfolio loan applicants whose loans were submitted by mortgage broker clients in what it referred to as “enhanced customer service”.

The bank is expected to report a second quarter loss in the range of $2.6 billion to $2.8 billion, according to Reuters estimates.

That includes a $4.2 billion increase in loan-loss reserves, with $3.3 billion going towards those nasty pick-a-pays.

Shares of Wachovia slipped 71 cents, or 5.37%, to $12.52 in after hours trading.

Source: thetruthaboutmortgage.com

Apache is functioning normally

Apache is functioning normally

For months, I’ve been banging on about the lack of a refinance program for private-label mortgages, those not backed by Fannie Mae and Freddie Mac.

Sure, HARP is great for underwater homeowners whose loans are owned by the pair, but what about those who aren’t so fortunate?

I’ve brought up proposals such as HARP 3 on several occasions, along with Oregon Senator Jeff Merkley’s refinance program that targets those who hold mortgages that aren’t government-backed.

The Obama administration has also been open to an expanded HARP for these types of borrowers, but without Congressional approval, any stirrings of such relief continue to fall on deaf ears.

But apparently these borrowers are actually receiving some assistance outside of HARP.

45% of Borrowers Have Received a Loan Modification

A new commentary released today by Fitch Ratings revealed that about 45% of all underwater borrowers with private-label mortgages have received a loan modification.

The company noted that loan modifications, distressed loan liquidations, and home price gains have reduced the number of underwater loans in private-label residential mortgage-backed securities (RMBS) by a sizable 25%.

There are still roughly 1.5 million underwater loans in these at-risk securities, though that number has fallen from 2.04 million.

Perhaps the biggest driver has been home price increases, with double-digit growth seen in some of the hardest-hit areas, including Arizona, California, and Nevada.

Assuming home prices continue to tick higher, which they’re expected to, the number of waterlogged loans will continue to drop at a steady clip.

While this is all good and well, the carnage is far from over. Fitch said about one-third of all outstanding borrowers in private-label RMBS pools (no pun intended) remain underwater.

It’s unclear how deeply underwater they are, but underwater nonetheless.

Additionally, the company projects some regions of the United States, notably the Northeast, to experience further home price declines before bottoming.

Why This Is Good and Bad

At first glance, it appears to be good news. Underwater borrowers with all types of loans are generally getting the help they need to continue making mortgage payments and hold on to their homes.

This benefits everyone involved because it makes for a stronger housing market. But the numbers can be deceiving.

Sure, 45% of these non-Fannie/Freddie underwater borrowers received loan mods, but what type of loan mod?

Did they get a $100 off their loan each month? Did they get a .125% interest rate reduction? Was principal forgiveness involved?

We don’t know what level of assistance they received, and if history tells us anything, a lot of these private loan mods weren’t all that attractive, at least not compared to HARP.

Through HARP, borrowers have been able to refinance their mortgages to interest rates a few percentage points lower than their previous rate.

That’s serious assistance, enough to stick around and see this crisis out. The private mods are another question.

This improvement also doesn’t bode well for an expanded HARP for non-Fannie/Freddie borrowers. The more improvement we see and hear about, the less likely Congress will be to act.

So the prospects of a new assistance program are dwindling each day.

The Multnomah Pilot Program

There is a small glimmer of hope though. Last month, the Treasury Department approved a new pilot program to assist underwater borrowers without Fannie and Freddie loans.

The so-called “Rebuilding American Homeownership Assistance” (RAHA) Pilot was launched in Multnomah County, which includes the city of Portland.

It’s limited to borrowers with “significant negative equity” who intend to stay in the prpoerty for 5+ years. They must not own any other residential property and be current on the mortgage.

The RAHA Pilot features two refinancing options:

– 30-year fixed mortgage @5%
– 15-year fixed mortgage @4%

The program relies upon the Treasury’s “Hardest Hit Fund” to operate. If successful, it’s possible other states will take part as well.

But again, with all the good housing news streaming in, the odds grow less likely every day.

Source: thetruthaboutmortgage.com

Apache is functioning normally

Apache is functioning normally

Data Mining, Digital Lending, Real Estate Database, Servicing Products; Conventional Conforming Program Shifts

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Data Mining, Digital Lending, Real Estate Database, Servicing Products; Conventional Conforming Program Shifts

By:
Rob Chrisman

49 Min, 7 Secs ago

As if lenders and vendors don’t have enough other stuff to worry about, the budgetary standoff in the U.S. doesn’t look like it will abate soon, raising the likelihood of the first government shutdown since 2019. Current funding for federal operations will end on October 1 unless a deal is reached or the proverbial can kicked down the road. Thousands of federal workers might be furloughed without pay. Sure it will be temporary, and its wider impact will likely be limited, but still even talking about it is lousy. According to Morgan Stanley, the last 20 government shutdowns that occurred since 1976 “appear to have had limited impact on the economy.” As for bond prices, a shutdown may cause some “temporary instability”, but this is not a given. There is talk of a short-term Continuing Resolution (CR) providing funding until later this year, but federal agencies, including HUD and Treasury, will cease to function normally. The National Flood Insurance Program (NFIP) authorities also expire on October 1st. The Mortgage Bankers Association created a guide outlining how HUD (including FHA and Ginnie Mae), VA, and USDA would be directly affected by the furlough of government employees and the curtailment of agency operations. (Today’s podcast can be found here and this week’s is sponsored by Built. Built is powering smarter and faster money movement for the entire construction and real estate ecosystem, all while reducing risk. Hear an interview with Servbank’s Bryan Crofford on how companies can best invest in employees, promoting longevity and success.)

Lender and Broker Software, Programs, and Services

Life can change on a dime, and sometimes even the most prepared borrowers end up facing financial hardships they never would have imagined. Forward-thinking credit unions are preparing today, so they can be there for their members when they need help the most. It’s why Mission Federal Credit Union implemented the MSP® loan servicing system, to not only improve their own efficiencies, but better serve their members who are facing financial difficulty. Are you ready to join Mission Federal Credit Union by enhancing your technology to be there for homeowners in life’s most challenging moments? Learn more about MSP today.

One thing that you can always count on in the mortgage space, is that regulatory requirements are always changing. This is why it’s critical for Banks or Mortgage Servicers to stay vigilant with comprehensive Compliance Testing and Monitoring to mitigate exposure and minimize risk. At the MBA Annual in Philadelphia, PA, Servbank’s Shayna Arrington will be helping us all do exactly that. Watch her moderate the panel, “Today’s Top Regulatory Issues” on Tuesday, October 17 at 1:30 PM, on 200 Level, Exhibit Hall E. Want to dive deeper into how Servbank can partner with you? Servbank will have a meeting space at the W Philadelphia on 10/16 and 10/17. Schedule some time to meet with them here: [email protected] or learn more at www.servbank.com.

One-Time Close (OTC) Volume Soars to record highs at AFR Wholesale® (AFR)! While housing inventory is still at an all-time low, OTC loans have witnessed an unprecedented surge in volume! In August, AFR closed more One-Time Close loans in one month than at any other time in their long history of offering the product. Homebuyers are increasingly drawn to the convenience and cost-saving benefits of OTC loans, as they streamline the construction process, reduce paperwork, and offer more favorable terms. This surge in OTC loans at AFR is not just a testament to its effectiveness but also an indicator of the outstanding clients and partners of AFR. Breaking news: As a thank you to their clients, AFR has also brought back FHA OTC on site-built homes!! This long-awaited product is back for partners of AFR to utilize now. Partner Today or contact AFR, email or call 1-800-375-6071.

One of the biggest questions for LOs in a down market is “How do I find more agent partners?” The answer is MMI. To find the right agent partners, you need the right data. MMI has assembled the industry’s most comprehensive real estate and mortgage transaction database which is leveraged by thousands of mortgage professionals daily. Using MMI’s database, LOs can easily search & filter, find an agent and at the click of a button, push the info to a CRM like Bonzo. Sign up for a demo today to see why a majority of the top 25 lenders rely on MMI.

Free eBook: Market-Proof: How to Build a Flexible Lending Business Resilient in Upcycles & Downturns. The exaggerated upcycles and downturns of the past few years underscore just how crucial it is for lenders to build resilience and flexibility into their businesses. To overcome today’s challenges, lenders need to hone their lending process at each step. In this new eBook, Maxwell provides 12 tips from industry veterans to help you optimize your mortgage process from loan application to the secondary market. You’ll get insight from exclusive interviews with industry veterans on how to increase efficiency, access economic scale, and become resilient to market volatility like never before. Click here to download Maxwell’s new eBook “Market-Proof: How to Build a Flexible Lending Business Resilient in Upcycles & Downturns.”

The transformation from paper to digital processes offers substantial benefits, including cost reduction and improved borrower experiences. Most lenders are in a hybrid phase, blending paper and digital processes. To navigate this ongoing change and ongoing innovations in the digital lending space, lenders should consider embracing five best practices: create a successful strategy, prioritize borrower experience, ensure compliance, harness technology, and stay adaptable in the evolving digital landscape. Tackle the future of lending by staying informed and proactive. For deeper insights into this digital lending revolution and actionable steps, read the full article.

“Heading to Vegas? The Total Expert team is in full force at the Digital Mortgage conference in Las Vegas! There are three ways to interact with us. The first is to stop by booth #501 to get your Customer Intelligence ROI report and learn how you could increase funded loan volume by 20 percent. You can watch a LIVE demo of Total Expert on Tuesday 9/26. Lastly, catch our Founder & CEO Joe Welu for a panel discussion: The Customer Data Goldmine Goes Way Beyond Credit Triggers on Wednesday 9/27.Schedule time to meet with the Total Expert team in Vegas.”

Freddie Mac, Fannie Mae, Conventional Conforming News

The Federal Housing Finance Agency (FHFA) released its second quarter 2023 Foreclosure Prevention and Refinance Report. The report shows that Fannie Mae and Freddie Mac (the Enterprises) completed 47,370 foreclosure prevention actions during the quarter, raising the total number of homeowners who have been helped to 6,818,471 since the start of conservatorships in September 2008. View the News Release

FHFA-OIG released two reports: Within the Federal Housing Finance Agency (FHFA), the Division of Federal Home Loan Bank Regulation (DBR) is responsible for supervising the Federal Home Loan Bank (FHLBank) System to ensure the safe and sound operation of the FHLBanks. In response to market disruptions, DBR adapted the scope of its Federal Home Loan Bank Supervisory Activities in 2023.

Regulated entities have not been immune to the trends affecting the labor market over the past few years. Some of the regulated entities experienced higher attrition in 2021 and 2022, consistent with trends in the broader labor market, but one Enterprise reported that its turnover rate started declining in 2022. Read the full report, People Risk at FHFA’s Regulated Entities.

Freddie Mac will update Loan Product Advisor® (LPASM) in October to support multiple recent Single-Family Seller/Servicer Guide announcements, plus more enhancements, described in Freddie Mac October LPA Releases.

Freddie Mac Loan Selling Advisor September Updates includes the following information: Uniform Loan Delivery Dataset (ULDD) Phase 4a Updates and Phase 5 Specification, Auto Evaluate on Import Loan, New Loan Delivery Rules Supporting the Duty to Serve Credit Fee Cap, Initial Principal and Interest Payment Amount Conditionality update, Auto Re-evaluate: Improvements to Modify and Evaluate, and Enhancements to Mandatory Cash Contracting.

Leverage Fannie Mae’s new edition of Beyond the Guide to help your organization build a best-in-class quality control (QC) program. Specific examples and scenarios provided can help teams understand and apply Selling Guide concepts in a way that is most impactful to their organization. A robust QC program helps strengthen loan quality ensuring a safe, sound, and resilient mortgage industry.

Fannie Mae Appraiser Update September 2023 edition focuses on dual themes of delivering high quality appraisals and understanding recent policy changes. Topics include updates to the Appraiser Independence Requirements (AIR), new options for 1004D completion, our stance on 3D printed homes, and more.

Fannie Mae posted the September Appraiser Quality Monitoring (AQM) list. Read the AQM FAQs.

Chris Whalen writes, “Our short take on the future of the GSEs (Government Sponsored Enterprises) looks a lot like the character played by Bruce Willis in the 1995 Terry Gilliam film, ‘Twelve Monkeys.’ Imagine if the GSEs were released from conservatorship, but then were immediately designated as a ‘systemically important financial institution’ (SIFI) by the FSOC. How do you think that would work for private investors? What would happen to the guarantee fees?”

Pennymac Conventional LLPAs updates effective for Best Efforts Commitments: Pennymac Announcement 23-58 replacement of ‘Purchase Special’ LLPA Grid with new ‘Area Median Income Adjustments’ LLPA Grid. Pennymac Announcement 23-59 introduces new ‘Investment Property’ LLPA to the ‘LLPAs by Product Feature for All Eligible Loans’ LLPA Grid. Pennymac Announcement 23-60 updates values for the ‘2nd Home Additional’ LLPA on the ‘LLPAs by Product Feature for All Eligible Loans’ LLPA Grid.

Pennymac is aligning with the FHFA based updated project review and eligibility requirements announced in Fannie Mae SEL 2023-06 and Freddie Mac Bulletin 2023-15, with the exception of any reference to co-op projects. View Announcement 23-61: GSE Updated Condo Project Review Requirements

Citizens Correspondent National Bulletin 2023-16 provides updates on the following topics: Conventional Conforming Products, Review requirements for condominium eligibility – DU and LPA, Gifts and Gifts of Equity – DU, 3D printed homes, Trust Income – DU, USDA-RD Product, Fiscal Year 2024 Conditional Commitment Notice, All Products, Disaster Tax Filing Relief.

PHH Mortgage Corporation updated Conforming Product listings for both Delegated and Non-Delegated loans.

Pennymac announcement 23-62: Fannie Mae SEL 2023-06 Condo Project Manager Updates

Citi Correspondent Lending Bulletin 2023-08 provides Credit policy updates regarding Non-Agency Depreciating Markets list updated, Condo & Co-Op Critical Repairs, Shared Equity and Shared Appreciation, LPA Asset, and Income Modeler (AIM), Continuity of Obligation: Limited Cash-Out, Hazard Insurance Update: Effective Date, and Taxpayer First Act.

On September 6, 2023, Fannie Mae and Freddie Mac announced Selling Guide policy changes addressing multiple topics in Fannie Mae SEL-2023-08 and Freddie Mac Bulletin 2023-18.

AmeriHome Mortgage accepts all revisions, view Product Announcement 20230910-CL for details.

Capital Markets

Ahead of today’s $48 billion 2-year Treasury auction, headlines to open the week revolved around increases in oil prices that’s evidence of inflation’s stickiness, Chinese developer Evergrande calling off talks with creditors as it appears headed for bankruptcy, and reaction to hawkish Fed remarks which is forcing yet another reprice from markets. There is growing sentiment that central banks across the globe aren’t done hiking rates, and Treasury yields trended higher to open the week as a result. With the calendar turning to fall, the economy is facing a few headwinds such as the run up in oil prices, student loan payment resumption, an expanding auto workers strike, and a partial shutdown of the U.S. government.

Every lender knows that mortgage rates remain above 7 percent, and housing data released over the last week highlighted another decline in builder sentiment. Housing starts fell 11.3 percent to a 1.25-million-unit pace in August. Existing home sales were down 0.7 percent in August as low inventory, high prices, and high mortgage rates continue to weigh on sales. Hoping for lower interest rates? A recession would likely mean lower interest rates, but workers with stable jobs (most individuals) would want to take advantage of low interest rates, causing home prices to rise faster. Initial jobless claims fell to 201k for the week ending September 16, which was the lowest weekly reading since January. The JOLTS report indicated that the demand for new workers is moderating somewhat however, significant layoffs are not on the horizon.

Today’s calendar includes the Philadelphia Fed non-manufacturing surveys for September, Redbook same store sales, July house price indexes from S&P Case-Shiller and FHFA, September consumer confidence, August new home sales, Richmond Fed manufacturing for September, Dallas Fed Texas services for September, the aforementioned Treasury auction of $48 billion 2-year notes, and remarks from Fed Governor Bowman. We begin Tuesday with Agency MBS prices a few ticks (32nds) better and the 10-year yielding 4.50 after closing yesterday at 4.54 percent. The 2-year is up at 5.12.

Employment

“At Fairway Independent Mortgage Corporation, customer service is a way of life. #FairwayNation mortgage loan officers are dedicated to finding great rates and loan options for our customers while offering some of the fastest turn times in the industry. Our goal is to act as a trusted mortgage advisor, providing highly personalized service and helping you through every step of the loan process, from application to closing and beyond.”

Logan Finance Corporation, a national Non-QM mortgage lender, is excited to welcome Aaron Samples to Logan’s Executive Leadership Team as Chief Revenue Officer. To learn more about why Aaron joined one of the fastest Non-QM lenders in the nation, contact Randy Viars.

The FHA has a job opening for a Senior Underwriter: Job Announcement Number 23-HUD-2915-P. Job duties include assisting the Branch Chief in monitoring the status of goal accomplishment. Advise the Chief of potential problems in attainment of goals and objectives. Research required underwriting procedures and techniques. Serve as an expert-level resource within his/her Office on matters relating to Underwriting and other Direct Endorsement issues.

Don’t forget that private mortgage insurance companies are hiring: MGIC, National MI, Arch MI, Radian, Essent, and Enact (in no particular order). And while’s we’re at it, Fannie Mae and Freddie Mac. And my cat Myrtle’s friend the CFPB.

Dovenmuehle Mortgage, Inc. announced that Robert Howerton has joined the organization as Chief Information Officer where he will be maintaining and expanding Dovenmuehle’s current information technology (IT) infrastructure.

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Source: mortgagenewsdaily.com