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TPO and Correspondent, Non-Agency Best Ex, Verification; Equity Figures for Refis; STRATMOR on Customer Experience

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TPO and Correspondent, Non-Agency Best Ex, Verification; Equity Figures for Refis; STRATMOR on Customer Experience

By:
Rob Chrisman

Fri, Nov 17 2023, 11:13 AM

Talk can be humorous. “That lowdown scoundrel deserves to be kicked to death by a jackass, and I’m just the one to do it.” (Attributed to a congressional candidate in Texas.) Here in Dallas, mortgage talk is certainly wide-ranging and varied as there’s a lot going on out there as we head toward Thanksgiving week, including cost cutting, M&A, and Fair Lending. Today’s Rundown features Feliks Viner, VP of Capital Markets with First World Mortgage discussing rate volatility at 3PM ET. We have the Wall Street Journal story about the union between hoops and loans: “Mortgage King Wants the NBA Crown, Too.” Some housing industry observers may only think it was “only a flesh wound,” but the Realtors™ antitrust case decision in Missouri, coupled with other recent settlements and an onslaught of new cases, likely portend real changes for how homes are bought and sold in the US with the assistance of real estate brokers. Attorney Brian Levy, breaks it down and offers his view of the crumbling dam for buyer broker commissions and the Realtors’ control over local listings in his most recent Levy’s Mortgage Musings. (Today’s podcast can be found here, sponsored by LoanCare, the mortgage subservicer known for delivering superior customer experience through personalization and convenience. Its award-winning portfolio management tool, LoanCare Analytics, supports MSR investors with a focus on customer engagement, liquidity, and credit risk. Interview with Calque’s Chandra Srivastava on the inner workings of a mortgage marketing department and how companies justify ROI on marketing spend.)

Lender and Broker Software, Products, and Services

“Truv is saving Lenders 60-80 percent over competitors. That’s the savings of multiple full-time employees. For example, Compass Mortgage saved roughly 60 percent in verification costs and maintained their same conversion rate. “Truv has given us the ability to lower costs, all while speeding up the verification process and providing better employment data” said Justin Venhousen, COO, Compass Mortgage. Stop wasting money. Contact TRUV today to discuss how we can help you with your income, employment, insurance, and asset verifications.”

The Work Number® can help streamline processes and provide greater value to employment and income verification processes. Wider data coverage can help streamline lending processes. The Work Number is the largest commercial repository for consolidated income and employment data with access to 641 million instantly returned records, updated each pay cycle, provided directly by employers and payroll providers, so there’s no need to collect an applicant’s private banking or payroll credentials, potentially exposing them and yourself to risk. Lenders and brokers have a choice: access The Work Number directly from Equifax OR through our pre-built integrations with over 60 Point of Sale (POS) and Loan Origination Systems (LOS). Not all methods for verification of income and employment are created equal. Discover why The Work Number is the leading choice for seamless, swift, and automated verifications.

In this market, hustle is everything. You can’t afford to waste a single deal, or a single minute. That’s why ReadyPrice has launched Shop, Lock, Deliver, an innovative platform designed to help independent mortgage brokers and their lenders save time and money. Now you can shop competitive loan offerings from multiple lenders, get rate lock guarantees in real time, receive underwriting findings, and deliver the borrower’s complete loan file to lenders, all on a single platform, at no cost to brokers. It’s already helping brokers around the country thrive and compete in the toughest market. Multiple lenders. One platform. Zero b.s. Come check us out today.

Join MAXEX at 2 p.m. ET on Thursday, December 7, for a special webinar on how the company is expanding its role as the cash window for the non-agency market. MAXEX’s multi-buyer-to-multi-seller exchange now provides more than 300 originators with access to more than 25 leading jumbo, non-QM, DSCR, Agency-eligible (NOO and 2nd Homes), and scratch & dent investors through a single clearinghouse. Join this event to learn about how MAXEX can help your business stay nimble and prepare for profitable, efficient growth in 2024.

Homebot is making a move towards an even more connected consumer experience through its launch of the Homebot Mobile App, allowing clients to connect with their trusted home advisors in a single tap right from their mobile device. With this announcement, every Homebot customer has the opportunity to engage their clients more deeply while generating more relationships with first-time homebuyers. See full story here.

Broker and Correspondent Products

Spring EQ Wholesale is now offering investment property HELOCs for 1st and 2nd lien positions! There is high demand for this product, and now is a great time to reach out to your clients who own investment properties and offer a way to access the equity in those homes. Need help with pricing? Click here to submit a scenario to Spring EQ’s team of Account Executives. Don’t forget, with Spring EQ you can earn up to 2.5 percent in traditional broker compensation on HELOCs and HELOANs. Looking for new opportunities in the mortgage space? We’d love to speak with you! Explore our job postings and come join our 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. Become a partner now or contact your Account Executive to learn more.

“Now is the perfect time to align yourself with a top-tier correspondent partner like Newrez Correspondent. How are you going to meet and exceed your 2024 goals in this challenging market? By choosing a partner with the strength, size, and quality of Newrez. We provide competitive pricing, an expansive product line and an unwavering commitment to service. Don’t take it from us. Visit our website to read what our valued clients have to say. More reasons? We offer multiple affordable lending options, a comprehensive monthly client training calendar and access to marketing materials you can customize on The Marketplace by Newrez. Non delegated/Non-QM product availability with access to LoanNEX (pricing and product eligibility platform). Contact your RSM to learn more by clicking here. At Newrez, there is much to be thankful for: our team, our clients, and our families. Wishing you and yours a safe and Happy Thanksgiving.”

What if you had a powerful tool that could help you close your purchase pipeline at four times the rate? Rocket Pro TPO’s Verified Approval (VAL) goes beyond typical pre-approvals by providing a fully underwritten solution that includes a review of your client’s credit, income, and assets. As a result, you will realize the benefit of more committed clients with a clear picture of affordability and the confidence to start shopping. And partners can rely on fast Verified Approval reviews to jump start the purchase process: VALs are available to partners from their portal in as little as 24 hours after the request. Plus, clients using a VAL have the option to lock their rate before finding their new home! Interested in learning more about a Broker or Non-Delegated Correspondent partnership? Contact Rocket Pro TPO to learn more.

STRATMOR on Customer Relationships

What if our response to the prolonged market downturn was less about waiting it out, and more about learning and improving? What if we became learners and doers, not just survivors? In his November Customer Experience Tip, STRATMOR CX Director Mike Seminari talks about the need for being active in the downtime, building relationships, gaining product knowledge, reading books and listening to podcasts, always in pursuit of self-betterment and excellence in customer care. He shares three lessons that 2023 has taught us and how we can parlay them into success in 2024. Check out, “Top Three CX Lessons That Will Drive 2024 Success.”

M&A is not Lender-Exlusive

Lenders are not the only ones in our biz with shrinking balance sheets, competitive pressures, and owners looking at strategic alternatives to battling it out every day.

Stavvy, a fintech firm specializing in digital and remote collaboration for lending and real estate companies, acquired SigniaDocuments, a technology suite from Texas-based lender Evolve Mortgage Services. “Stavvy will acquire assets, including eClosing tools, eNote and eVault services, eRegistry capabilities for agency and non-agency loans and SigniaDocuments’ SMART Doc technology – a data-driven electronic document engine.” Stavvy will offer eNote, SMART Doc disclosures and loan documents for all 50 states across all loan programs and Evolve’s Charlie Epperson and Tim Anderson will join Stavvy as chief product officer and EVP of digital mortgage strategy, respectively. Recall that in August, Stavvy acquired digital mortgage servicing tech firm Brace to provide a streamlined platform for mortgage servicers and homeowners.

Equity and the Future of Refinance

A report from ATTOM shows that in Q3 2023, fewer homes were equity-rich, meaning their loan balances were less than half of their market values. The share of equity rich mortgaged homes was 47.4 percent. This is a drop from 49.2 percent in Q2 2023, making it the largest quarterly decline since 2019. The decline in equity-rich properties happened despite recent home value rebounds. That said, the percentage of seriously underwater mortgaged homes continued to improve. Only 2.5 percent were considered seriously underwater in Q3 2023. That’s the lowest point in the past four years. It’s down from 1 in 36 homes in Q2 2023 and 1 in 35 homes in Q3 2022.

Elliot F. Eisenberg, Ph.D. writes, “As of 9/23, the percentage of home mortgage holders with negative equity is just 383,000 or 0.7 percent, less than half the percentage prior to Covid and prior to the Housing Bust. The percentage peaked in 2009 at 30 percent. Currently, the city with the highest percentage of underwater mortgage holders is Austin at 2.1 percent, because prices are 14 percent off 2022 peaks, followed by Las Vegas at 1.7% and Phoenix at 1.6 percent.”

Capital Markets

Have you stopped your spending? Inflationary price tags, high interest rates and the return of student loan payments were thought to prompt many Americans to hold back on opening their wallets, but that doesn’t appear to be the case. A strong labor market has helped keep spending afloat across the economy, with new revisions even showing that the blowout retail reports from the summer were even better than initially estimated. Those trends are expected to continue with Black Friday only a week away, followed by the traditional holiday spending spree.

But as the fabled “soft landing” for the U.S. economy comes more and more into focus, we have seen mortgage rates and other bond yields drop as of late. Yesterday morning’s batch of data showed a larger than expected increase in weekly jobless claims coupled with a two-year high in continuing claims, fitting the Fed’s preferred script of seeing some softening in the labor market. Initial claims are at their highest levels since August and continuing jobless claims are at their highest level since November 2021. Export prices were down 1.1 percent month-over-month in October and down 4.9 percent year-over-year. Import prices were down 0.8 percent month-over-month and down 2.0 percent year-over-year. And total industrial production declined 0.6 percent month-over-month in October while the capacity utilization rate fell to 78.9 percent, though all figures were adversely affected by the UAW strike. Today’s calendar kicked off with housing starts and building permits for October (+1.9 percent and +1.1 percent, respectively). As has been the case all week, there are plenty of Fed speakers, and today features Boston President Collins, Vice Chair for Supervision Barr, San Francisco President Daly, and Chicago President Goolsbee. Today is also 48-hour notification for Class D MBS. We begin the day with Agency MBS prices better by .125-.250 and the 10-year yielding 4.40 after closing yesterday at 4.45 percent.

Employment

“If you are looking for a lifeline to save your people and your business in this challenging rate environment, you have an opportunity to partner with a well-capitalized independent mortgage company with over 40 years of experience. We offer a portfolio product line that gives our origination team the opportunity to quote unique scenarios for DPA, 2nd liens, ARMs, non-owner, Jumbo, Doctor/Professional, and more. Our proprietary coaching program is free to all Loan Officers. Even in this market, we’ve doubled-down on the support we provide, from a dollar-for-dollar marketing match to in-house creative & design services, video marketing, social media, training, and credit services. With unmatched operations support at the branch and corporate levels, your clients and referral partners will be more than impressed. Our company is Fannie and Freddie seller/servicer, FHA, VA, and USDA approved. For a confidential conversation, please contact Anjelica Nixt and mention this opportunity.”

“It’s all part of the Plan! Operating as MWF Home Loans in Tennessee, Mountain West Financial is continuing our expansion plans in Tennessee. Throughout this year, we have continued our growth with recent launches in North Carolina, South Carolina, Florida, and several other states east of Texas. The expansion is part of our overall growth strategy to expand our footprint. EVP and Board member, Ben Holloway has relocated to Tennessee in an effort to help drive our expansion. For more information about our growth plans and career opportunities, contact Ed Adams or Ben Holloway. Or visit us here for more information.”

“At Evergreen Home Loans™, we’ve always believed in supporting our associates and team members in their commitment to local causes. With the establishment of the Evergreen Cares Foundation, we’ve provided a powerful tool to help them do just that. The Evergreen Cares Foundation is our way of enabling our team to make a difference in the community. Whether it’s addressing hunger, promoting education, or providing assistance during crises, this foundation reflects our dedication to community well-being. Our associates are passionate about giving back, and this foundation allows them to channel their energy and resources toward causes they care deeply about. By doing so, we strengthen our community and embody our core values of empathy and support. Learn more about the Evergreen Cares Foundation and the remarkable impact it’s making. Together, we can build a brighter future for everyone.”

“Explore Spring EQ’s job postings and come join our growing team of fun and experienced mortgage professionals! At Spring EQ our primary focus is second mortgages.”

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Source: mortgagenewsdaily.com

Apache is functioning normally

All sorts of retailers are attaching the name “Black Friday” to sales, says Jane Boyd Thomas, a professor of marketing at Winthrop University in South Carolina.

As the Black Friday sales go on longer and expand into more categories each year, you’ll find deals you might not have thought about. Here are six offbeat Black Friday buys.

1. Tires

Can you see the top of Lincoln’s head? Car nuts will know the penny trick for gauging tire wear. And if you’re due for a new set, tire retailers and manufacturers are ready to sell you some new rubber at a discount. Nationwide retailer Discount Tire’s website says it will drop Black Friday tire and wheel deals Nov. 23-29 this year.

Look for deals on batteries and filters too. Your local car wash may even run a Black Friday promotion. Car stuff on Black Friday. Who knew?

2. Big-ticket baby gear

After the baby shower, stuff gets expensive to replace without the help of family and friends. Black Friday could be a good time to get a discount on something you use a lot that may be wearing out.

Thomas, who’s about to be grandmother, says it’s a category she wouldn’t have thought about otherwise at this time of year. She’s seen an influx of digital ads for strollers and highchairs lately, some of which were marked down by 50% for early Black Friday, she says. The week of Thanksgiving should bring deals from all sorts of baby brands like Owlet and BOB Gear.

3. Furniture

Rather than roll the dice on a gift your mom or dad might not use, give them a comfortable place to sit for the next gathering at your house. Furniture isn’t the first thing that comes to mind for a Black Friday score, but deals on couches, chairs and tables are in full effect this November. You can get up to 35% off at LoveSac right now, and over at Macy’s, the popular Radley sectional couch is marked down 47% through Nov. 25.

Your relatives should appreciate the soft seating at holiday gatherings.

4. Amusement park tickets

You may not be thinking about theme parks at the moment, but there are deals worth cheering for this time of year. You can save up to 60% on tickets and annual passes to SeaWorld Orlando, for example, or up to 50% on tickets to Busch Gardens Williamsburg, Virginia. If a theme park visit is in your family’s future, look for a deal now.

5. Health and beauty supplies

Not everything has to be a big-ticket buy on Black Friday. You can also find good sales on smaller items like health and beauty products, for example. Thomas says it’s interesting to see how early retailers like Ulta Beauty have pushed out discounts.

Ulta deals are happening now and roll on through Nov. 25. Look for good discounts on items you need to restock, like shampoo and conditioner. Check the websites of your favorite brands for deals, too.

Also, look at your local drugstore on or around Black Friday for better-than-usual buys on toiletries and over-the-counter medicines.

6. Streaming services

Streaming services are getting pricey, and the cost of multiple subscriptions adds up. Last year’s Black Friday streaming deals included 50% off a Paramount+ annual plan and one year of an ad-supported Hulu subscription for $1.99 a month.

Check provider websites on Thanksgiving, Black Friday and Cyber Monday to make sure you don’t miss out. Note that offers may apply only to first-time subscribers.

Don’t let Black Friday break you

A great deal is still a bad reason to go into debt, offbeat buys notwithstanding.

NerdWallet’s 2023 holiday shopping report found that around half of Americans (52%) incurred credit card debt shopping for gifts last holiday season, and among them, nearly a third (31%) haven’t paid off these balances.

And if you’re taking on credit card debt to spend on a semi-discretionary item like a sofa, you may want to reconsider.

Even 50% off a $5,000 item is still a hefty $2,500 out of your budget, said Robert Finley, a certified financial advisor and founder of Virtue Asset Management in Chicago, in an email. Try not to be “seduced by a discount,” he added.

But let’s say you have the money saved for something you need — like tires — and you come in under budget on the purchase thanks to a holiday sale. Finley called what’s left over “found money,” and doesn’t recommend going shopping with it.

Instead, make sure to pay off credit cards to avoid interest, put savings toward student loans if you have them, and if anything is left, invest it, he said.

We won’t knock you if you still want to shop some, though. It’s Black Friday after all.

But while the masses are scrambling to save 20% on an air fryer, you might find something more useful on sale. Look around.

Source: nerdwallet.com

Apache is functioning normally

MARQUETTE, Mich. (WLUC) – The Messiah Lutheran Church sold goods from all over the world at its Global Fair Trade Market Saturday.

Organizers said the items for sale came from India, Thailand, Vietnam, the Philippines, and Guatemala, among other countries. Organizers also said all profits from individual items go directly back to the person who made them. Christmas ornaments, home decor and clothing were part of the variety of things for sale.

Anna Wild, Fair Trade Market Organizer, said supporting the Fair Trade Market is a good way to offer assistance to communities outside of our own.

“You can tell, the quality of the craftsmanship, that so much is handmade, whether it’s leather goods, textiles, woodworking, beadwork,” Wild said. “There’s a lot of beautiful items available today.”

The market will continue annually every holiday season.

Copyright 2023 WLUC. All rights reserved.

Source: uppermichiganssource.com

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You’re seeing The Post and Courier’s weekly real estate newsletter. Receive all the latest transactions and top development, building, and home and commercial sales news to your inbox each Saturday here.

Dorchester County plantation encompasses 1,644 acres near Edisto River

A large rural tract in the South Carolina Lowcountry is on the market for $12.7 million.

The 1,644-acre Beech Hill Plantation, south of Givhans Ferry State Park near the Edisto River and Old Beech Hill Road in Dorchester County, is listed by Brown Land + Plantation Advisors & Wise Batten Inc.

The pine forest property lies within the landscape of the East Edisto Conservancy and is said to be one of the largest contiguous tracts on the market in South Carolina.

“There’s excellent higher and better use potential, mitigation potential and conservation easement potential,” listing agent C.J. Brown said.



Home decor store Heavens Marketplace is slated to close by mid-December after a 16-month run in Mount Pleasant. Warren L. Wise/Staff


Mount Pleasant home decor store closing after 16 months in operation

The Myrtle Beach-based business cited the economy, the size of the store and the inability to make a left turn exiting the site as reasons for the store’s demise.

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By the numbers

4: Number of new downtown Charleston retail shops celebrating openings as the holiday shopping season gets underway. 

+ 26 and counting: Charleston-area home sales slipped in October for the 26th consecutive month.

Mount Pleasant shopping center sold for $46.75M



Wando Crossing Shopping Center in Mount Pleasant now has a new owner. Carolina Retail Experts/Provided


Mount Pleasant-based Ziff Real Estate Partners now owns a long-established shopping center about three miles north of its office. Provided/Carolina Retail Experts

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Underwriting, Outsourcing, CRM, POS Products; IMB earnings for Q3

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Underwriting, Outsourcing, CRM, POS Products; IMB earnings for Q3

By:
Rob Chrisman

Thu, Nov 16 2023, 11:02 AM

“Every disaster movie starts with the government ignoring a scientist.” Vendors and lenders can’t ignore red ink. Here in Kansas City, one of the discussion topics is how relationships are important during these days when the balance sheets of many lenders and vendors don’t look so great after, for many companies, several quarters of losses. How much pain do some owners want? Balance sheets were plump after 2020 and 2021, and warehouse banks and investor counterparties continue to do business with companies that are losing money based on those balance sheets along with the servicing income. Now? The MBA’s oft-quoted Marina Walsh, VP of Industry Analysis, reported, “Independent mortgage banks and mortgage subsidiaries of chartered banks reported a pre-tax net loss of $1,015 on each loan they originated in the third quarter of 2023, an increase from the reported loss of $534 per loan in the second quarter of 2023. (Today’s podcast can be found here, sponsored by LoanCare, the mortgage subservicer known for delivering superior customer experience through personalization and convenience. Its award-winning portfolio management tool, LoanCare Analytics, supports MSR investors with a focus on customer engagement, liquidity, and credit risk.)

Lender and Broker Software, Products, and Services

Plug-n-play your way to better relationship marketing with Velma, an effortlessly simple CRM tailor-made for smaller lenders, banks, and credit unions. Say goodbye to expensive, complex systems. Velma delivers budget-friendly marketing automation solutions featuring zero implementation fees and seamless, hassle-free setup. With hyper-personalized engagement, effortless efficiency, and a proven track record with over 40,000 mortgage professionals since 2007, Velma simplifies your journey, supercharges your marketing, and keeps your loan officers doing what they do best. Join the Velma revolution today and transform your lending business!

It’s the most wonderful time of the year… budget planning! A great POS shouldn’t cost an arm and a leg, and a budget-friendly POS shouldn’t suck. Check out LiteSpeed by LenderLogix – great, budget-friendly, and integrates seamlessly with Encompass® by ICE Mortgage Technology™.

As we head into the holiday season, also known as the time to review your 2024 plans, AmeriHome Correspondent, backed by the strength of Western Alliance Bank, wants to speak to you about how a relationship with them will help you navigate the coming year. Combined with AmeriHome’s industry leading loan purchase platform, this is a “must-have” relationship for mortgage bankers of all shapes and sizes. Financial institutions, IMBs and Emerging Bankers alike benefit from AmeriHome’s Delegated and Non-Delegated options, full suite of conventional and government products, and Bulk, Bulk/AOT and Best-Efforts delivery options. Learn how Leveraging Western Alliance Bank’s Warehouse Lending, MSR Financing, and Treasury Management services can enhance your bottom line and improve execution with AmeriHome. Check out Upcoming Events for details on where they’ll be through year-end, find your sales rep here, or send them an email to learn more about partnering with AmeriHome!

Remember when you could just pick up your phone and text a client with news about their loan? Nowadays, a few bad actors are using texts to bombard people with texts that they don’t want. And go figure, the FCC and the TCPA implemented new A2P 10DLC requirements, to try and stop the junk texting. And the fines for noncompliance are serious. Recently, a mortgage company was fined north of $7 million by the TCPA. That’s scary. Are your salespeople texting their databases? Have your compliance teams even heard about 10DLC federal regulations? Since ALL texting through mortgage CRMs falls under this federal law, it is imperative that you utilize texting legally and compliantly. What have your CRM providers done to help you navigate this challenging compliance landscape? Click here to learn more about the regulations and what you need to do. Share this Infographic with your team.

Ever heard the one about the investor who didn’t need more value? Neither have we! Join Planet Loan Servicing at the IMN SFR Forum West Dec. 4-6 to explore how our expert blend of technology, service, and cost-efficiency enhances Single-family Rental investments. Managing $100B+ in total assets, Planet provides top-tier expertise and savings-focused strategies to support robust portfolio performance. Enjoy complimentary access to our proprietary tools and discover how we create lasting value. Let’s connect in Scottsdale and unlock the full potential of your investments. To schedule your meeting now Email [email protected] or call (585) 512-1030.

Despite the recent rally, this year’s deterioration in the MBS market, marked by both its scale, duration, and concurrent surge in rates, is consistently surprising observers with its resilience. Seeking insights from historical patterns, MCT’s industry webinar titled “The Great Inflation vs. 2024: Analysis & New Tools for the Current Market” aims to provide answers and current market analysis. Phil Rasori and Andrew Rhodes will delve into the current market scenario, draw comparisons with pertinent historical precedents, and introduce new MCT software functionality. Register for today’s webinar at 11am PT for information and valuable insights to navigate the challenges of this historic market.

“Turn fixed costs into variable costs on a dime. When the market zigs, lenders need the flexibility to zag. Richey MayAdvisory brings the mortgage industry expertise and agility you need to convert fixed costs into variable costs. Our difference maker is your ability to outsource services to highly trained experts in a model that fits your needs. Whether that means loan-level accounting, advisory, business intelligence, compliance support, cyber services, internal audits, or underwriting automation, we have the tools, knowledge, and experience to deliver value and improve your financial performance unlike any competitor, anywhere. You’ll feel it almost immediately in your day-to-day operations. Even better, you’ll notice the difference in your bottom line. Reach out or visit our website to learn more about how we can help your operation.”

Processing and Fulfillment Tools

ACES Quality Management Announces Preliminary Speaker Lineup and New Location for ACES ENGAGE 2024! ACES ENGAGE conference will take place at the Ritz Carlton Dove Mountain hotel in Tucson, Ariz. on May 19 – 21, 2024. Attendees learn from industry experts and thought leaders, network, and leave with the knowledge necessary to increase efficiencies, improve productivity and further quality at their organizations. This year’s keynote speaker is Robyn Benincasa, a two-time world champion adventure racer, 20+ year veteran San Diego firefighter and 2014 CNN Hero. In addition, ACES has gathered industry experts for this year’s speaker lineup, including Joel Kan, vice president and chief economist at the Mortgage Bankers Association; vice president at Fannie Mae, Bill Cleary; and Richard J. Andreano, Jr., partner, and practice leader of Ballard Spahr’s Mortgage Banking Group. Discount pricing available. Register today!

“We are painfully aware of the emotional and financial stress lenders are experiencing in the current environment. Many of you have been forced to choose between saving great people or saving the company: a horrible set of choices. However, with the help of our patented machine + human mortgage loan fulfillment solution, you will never find yourself in that situation again. By harnessing the CandorPLUS™ full loan lifecycle solution and its decision-ready file output, will ensure that you can quickly and confidently scale up or down to match your volume while simultaneously improving your performance metrics: cost, speed and quality. Click here to schedule a call to explore how CandorPLUS™ can help you change the way your business navigates market volatility going forward.”

MBA on Origination Volume

According to the Mortgage Bankers Association’s (MBA) newly released Quarterly Mortgage Bankers Performance Report, “A decline in originations volume worsened net production losses in the third quarter of 2023. While production revenues stayed relatively flat, per-loan production costs reverted to the third-highest level in the history of MBA’s survey, which reversed a portion of the cost improvements made in the second quarter.”

Ms. Walsh elaborated. “Net production income has been in the red for six consecutive quarters. MBA forecasts lower industry volume over the next two quarters compared to last quarter, which means a turnaround is unlikely until the second quarter of 2024. One silver lining is that mortgage servicing continues to be a bright spot for many companies. Combining both the production and servicing business lines, roughly half of mortgage companies stayed profitable in the third quarter of 2023. Were it not for mortgage servicing, only about one in three companies would have been profitable.”

Including all business lines (both production and servicing), 51 percent of the firms in the study posted pre-tax net financial profits in the third quarter, down from 58 percent in the second quarter. The average pre-tax production loss was 34 basis points (bps) in the third quarter of 2023, compared to an average net production loss of 18 bps in the second quarter of 2023, and a loss of 20 basis points one year ago. The average quarterly pre-tax production profit, from the third quarter of 2008 to the most recent quarter, is 45 basis points.

The average production volume was down 5 percent from the second quarter. Total production revenue (fee income, net secondary marketing income and warehouse spread) increased to 329 bps in the third quarter, up slightly from 328 bps in the second quarter. On a per-loan basis, production revenues decreased to $10,426 per loan in the third quarter, down from $10,510 per loan in the second quarter.

The purchase share of total originations, by dollar volume, was constant at 89 percent. For the mortgage industry as a whole, MBA estimates the purchase share was at 82 percent in the third quarter of 2023.

Total loan production expenses (commissions, compensation, occupancy, equipment, and other production expenses and corporate allocations) increased to $11,441 per loan in the third quarter, up from $11,044 per loan in the second quarter of 2023 versus an average of $7,305 per loan over the last fifteen years.

Servicing net financial income for the third quarter (without annualizing) was $90 per loan, down from $94 per loan in the second quarter. Servicing operating income, which excludes MSR amortization, gains/loss in the valuation of servicing rights net of hedging gains/losses, and gains/losses on the bulk sale of MSRs, was $104 per loan in the third quarter, down from $105 per loan in the second quarter. (Any questions should be addressed to Marina Walsh.)

Capital Markets

Cooling prices and slipping retail sales are pointing to a fabled soft landing. We learned yesterday that U.S. producer prices declined 0.5 percent last month, the most since April 2020. The decline was mostly due to a drop in gasoline prices, adding fuel (sorry) to the assumption that global central banks are finished with interest rate hikes. If you strip out food and energy, the producer price index was flat on a month-over-month basis and registered lower than expectations.

Meanwhile, we also learned that U.S. retail sales fell 0.1 percent month-over-month in October after a summer spending flurry: should we be cautious about the consumer? The report isn’t adjusted for inflation, so consumer demand for goods in October fell off noticeably from September but was better than expected as expectations were for a larger decline. Sales were up 2.5 percent on a year-over-year basis. Overall, PPI was supportive of bond prices, while the retail sales number was negative for bond prices.

Yesterday’s reports followed consumer price data from Tuesday showing that inflation is broadly slowing. Additionally, recent figures have indicated tempered job growth, suggesting the economy is slowing after aggressive rate hikes by the Federal Reserve. Pricing in fed funds futures markets currently implies a zero chance of another rate hike this year, and that the first interest rate cuts will come in May of next year. Of course, the Fed has indicated that it will remain data dependent. My personal opinion is that the bond market is at risk of leaning too heavily toward rate cuts next year.

Today’s economic calendar is already under way with import prices (+.6 percent, much higher than expected, but down ex-petroleum; -2.0 percent for the year), weekly jobless claims (231k, up from 218k; 1.863 million continuing claims), and Philadelphia Fed manufacturing (5.9). Later today brings industrial production and capacity utilization for October, the NAHB Housing Market Index for November, Kansas City Fed manufacturing for November, Treasury announcing next week’s auctions of 20-year bonds, reopened 10-year TIPS, and 2-year FRNs, Freddie Mac’s latest Primary Mortgage Market Survey, and a full slate of Fed speakers (Vice Chair for Supervision Barr, Cleveland President Mester, New York President Williams, Fed Governor Waller, and Fed Governor Cook. We begin the day, one week before Thanksgiving, with Agency MBS prices better by about .250 and the 10-year yielding 4.46 after closing yesterday at 4.54 percent; the 2-year is down to 4.84.

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

Source: mortgagenewsdaily.com

Apache is functioning normally

Many people figure that paying bank fees is simply an unavoidable part of life. Recent surveys say the average American shells out anywhere from $167 to $288 per year in fees. But take note: Some or even all of those may be avoidable.

This guide will teach you about common bank charges and help you be a smarter consumer who doesn’t have to pay for all of them. From monthly maintenance to returned item fees, find out how you can save.

Understanding Bank Fees

For many financial institutions, fees are a way that banks make money. They can help cover the cost of being in business, and they can also cover situations that require more of their team’s time (say, dealing with an overdrafted account).

However, these charges can become expensive for many customers, and they can eat away at any interest earned. That can foil a customer’s efforts to grow their wealth.

Next, learn about the specific fees that many banks assess and how you can lower or avoid them.

💡 Quick Tip: Banish bank fees. Open a new bank account with SoFi and you’ll pay no overdraft, minimum balance, or any monthly fees.

Monthly Maintenance Fees

If your bank or financial institution charges maintenance fees, you may be so used to watching that money disappear out of your account each month that you’ve simply stopped trying to figure out how to make it stop.

It isn’t unusual for banks to charge about $15 a month in maintenance fees, nearly $180 a year for this fee alone.

If you keep a large enough balance in this account, you can typically avoid paying a monthly maintenance fee at many banks. That’s great for those who have that kind of money, but this is the type of fee that often hits those who don’t have a lot of money in their accounts.

If keeping a larger balance in your account isn’t practical right now, then it can make sense to explore financial institutions that are more likely to not charge this fee. Online vs. traditional banks may not assess these monthly maintenance or account fees. Shop around, and see what’s offered.

ATM Fees

ATM fees come with unique pain points that can be especially frustrating. That’s because you sometimes have to pay a bank or a random ATM just to get your own money! And sometimes you’ll pay ATM fees twice on the same transaction: once in a surcharge by the ATM you’re using and, second, by the bank that issued your card.

To be specific: Out-of-network surcharges currently average $4.73, which is made up of $3.15 by the machine owner and $1.58 by your own bank, aka the issuer of the card you are using.

If you’re trying to budget carefully, this can be painful. To reduce how much you could pay in ATM fees, planning ahead might help. You could research locations of in-network ATMs and only make withdrawals there. Or use an ATM that’s in-network to get cash before you go shopping or out to eat at a cash-only location so you don’t have to use whichever ATM is nearby.

Here’s another idea for avoiding ATM fees: Many grocery stores and some big box stores will let you get cash back when you make purchases there. This could be another way to circumvent ATM fees.

💡 Quick Tip: Want a new checking account that offers more access to your money? With 55,000+ ATMs in the Allpoint network, you can get cash when and where you choose.

Overdraft Fees

Banks often have an overdraft program, so if you withdraw more than what’s currently available in your account, the bank won’t “bounce” the check. Instead, it will be paid, but often you will be charged an overdraft or NSF fee, depending upon your bank’s policies. (NSF stands for non-sufficient funds, and you’ll learn more about this charge below.)

Overdraft fees can average around $35 per instance. To avoid being charged, you could decline to sign up for overdraft service (which may lead to bounced checks or declined debit card transactions).

Or you could ask if your bank has a service where, if you overdraft on your checking account, the amount would be covered from your savings account. Note, though, that this kind of transfer may also come with a fee.

What may be most important here is, you may want to be clear about what your bank or financial institution will do in a certain circumstance. Let’s say that you’ve signed up for automatic bill pay at your bank. What will your financial institution do if there aren’t enough funds?

Pay it anyway and charge you an overdraft fee? A little research with your own financial institution could reveal the answer, and if it’s not what you want to hear, you could see if another institution handles the situation in a way that works better for you.

Recommended: Overdraft vs. NSF Fees

Insufficient Funds Fees

Here’s a common bank fee that is somewhat similar to overdraft charges: what are known as insufficient funds, non-sufficient funds, or returned item fees.

If you don’t opt in to have overdraft protection on an account, banks typically decline, or bounce, the transaction if there aren’t enough funds to cover a transaction.

Besides the problems associated with a bounced check (that is, the payee not getting their funds), there is typically a returned item fee, averaging around $30 for each occurrence. And, unfortunately, sometimes a returned item fee can take an account balance to the point where another check may bounce, causing the situation to become increasingly worse.

To avoid this bank fee, you might want to adjust your budget to allow for a cash cushion in your checking account, which can help you avoid this scenario.

Get up to $250 towards your holiday shopping.

Open a SoFi Checking and Savings Account with direct deposit and get up to a $250 cash bonus2. Plus, get up to 4.60% APY on your cash!1

Wire Transfer Fees

There are times when you may need to send a wire transfer to quickly get funds to an account holder in the US or overseas. Wire transfers can smooth this process. But they may not be free: Wire transfer fees usually range from $0 to $50, with typical fees being $15 for incoming domestic and international transfers and $25 for outgoing domestic and $45 for outgoing international transfers.

A few ideas on avoiding these fees, if your financial institution charges them: Ask your bank if they will waive the surcharge; in some cases, they may. Use a payment service like Zelle, or, if you often make and receive international payments, you might look into getting a multicurrency or foreign currency bank account.

Inactivity Fees

If you have a bank account that you don’t use often, you might get charged what’s known as an inactivity fee or a dormancy if it sits untouched for a while. There are varying state laws that specify when a bank must turn dormant funds over to the state, as a form of unclaimed funds. Dormancy fees try to trigger account holders into action so that this handoff of funds to the government doesn’t happen.

Inactivity fees can typically range from $5 to $20, and the amount of time that must elapse before they are assessed will vary.

To avoid these fees, it’s wise to only have as many accounts as you can frequently manage. If you have an account you barely use, it can be a smart move to close it and transfer any funds to an active account.

Foreign Transaction Fees

If you’ll be going abroad, then you will likely need to deal with credit card foreign transaction fees. Credit card companies add these onto transactions processed by or passing through foreign banks; a typical fee is 3% of the transaction amount.

But what about your bank and fees when you travel? Some of them add a similar fee to debit card usage, so it’s wise to check on your financial institution’s policies before you travel. What’s more, banks often charge an additional 1% to 3% on international ATM withdrawals.

To help mitigate or avoid these bank fees (especially if you are a frequent traveler), you could check with your bank to see if it charges these fees. If it does, you might consider opening an account at a financial institution that doesn’t.

Also, perhaps your bank has affiliate banks in regions where you’re traveling, and you could withdraw from those ATMs without paying the additional international fees. You could also ask if your bank reimburses fees that you’ve paid.

As another way to reduce bank fees, you could exchange US dollars to foreign currency before you leave the country, perhaps eliminating the need for ATM withdrawals while traveling. Your bank might do this with no fees. However, then you do risk loss or theft of your funds.

Open a SoFi Checking and Savings Account

If you’re looking for a way to lower the bank fees you pay, see what SoFi offers.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.

Better banking is here with up to 4.60% APY on SoFi Checking and Savings.


SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2023 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.

The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

SoFi members with direct deposit activity can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a deposit to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate.

SoFi members with Qualifying Deposits can earn 4.60% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.60% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.

Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.

Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet..

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

SOBK1023027

Source: sofi.com

Apache is functioning normally

“Fear of missing out is just that — fear,” says licensed professional counselor Justin Kahn of Point Pleasant, New Jersey. However, in today’s society, this fear runs rampant with about 69 percent of millennials experiencing FOMO (fear of missing out) daily. To proactively combat feelings of FOMO as we head into the coldest nights and darkest days of the year, we asked eight experts to share their tips for fighting FOMO and seasonal blues with us.

1. Disconnect from social media

“One of my favorite tips for fighting FOMO — or at least reduce it — is to get off social media. If you are scrolling on social media and you feel competitive or experience jealousy, take a breath and put your phone down. Scrolling endlessly on your phone can lead to FOMO and anxiety. Do a social media cleanse and delete apps off your phone if they are causing anxiety,” says owner and holistic therapist Katie Ziskind, LMFT, RYT500 from Wisdom Within Counseling.

“It’s important to know there are events that you won’t be able to attend and that’s okay. As well, it’s OK to not get invited to all social events. Know that you won’t always be invited to everything and that’s OK, too.”

“Give yourself permission to let go and not over-commit. Know that if you do too much, you will feel out of balance. If you have FOMO, you might over-commit and try to do too much, you will be leaving yourself mentally and emotionally exhausted.”

2. Reframe your perspective

“Because we often focus on what everyone else is doing, we can forget that everyone also has a no list — the things they gave up because it didn’t matter as much as what they said yes to,” says Tiffany Rochester, a clinical psychologist from We’re On The Same Mountain. “You might miss out on an experience because you choose to prioritize staying within budget or being close to friends. Focus on what it is you decide to have rather than what you pass up.”

3. Practice mindfulness and gratitude

“FOMO may often be the result of a racing mind that is always craving for more and forgetting to notice what is truly important. I recommend these two tips for fighting FOMO,” says Archana Bahuguna, the founder of Pahoti Wellness.

“Try to slow down and remain mindful of who you are. If you like, you can practice a simple meditation practice like observing a lit candle’s natural light for a few minutes while breathing deeply and slowly.”

“Work on developing a gratitude practice. Pick your favorite writing utensil and jot down a list of all you are grateful for. This will help you remember all your blessings.”

4. Decorate your apartment

“In your apartment, always surround yourself with things that make you smile. Make sure to fill your apartment space and your personal life with safe, positive people who love you,” says certified life and business coach, Megan Smidt.

5. Get crafty

“Combat FOMO by staying creative and working with a craft that keeps your hands and mind busy,” says Maddie from CraftJam. “Activities like crochet, embroidery and watercolor help with anxiety and stress relief while helping you stay present (and off your phone)!”

6. Become your best friend

“Be your own bestie, plain and simple. You can never miss out if you’re having a good time — even if you’re alone. Whether you’re making spontaneous Target runs for apartment decorations, pampering yourself with a spa night or planning a scenic drive, there’s no limit to solo entertainment,” says the Just Girl Project.

7. Tune into the seasons

“The changes of seasons can impact mood and motivation. Make sure to maintain your exercise routines along with efforts to get outside,” says Main Street Counseling, “There are plenty of fall and winter activities that can help you cope with symptoms of seasonal depression, including hiking, biking, fishing, skiing, snowboarding and ice skating.”

8. Look to the light

“Seasonal affective disorder (SAD) is real. If the shorter days and longer nights affect your mood and wellbeing, remember — orient to the light,” says the Foundation for Positive Psychology.

“Try bringing color into your space, add new curtains with a fun print or cheerful color. Additionally, full-spectrum lights help bring more warmth and light into any space. Consider hanging up fairy lights — the way they brightly twinkle will reflect happiness into your space.”

“Remember, every winter solstice holiday is about preserving the light through the winter season as we and the earth sleep to emerge anew for spring. Always tend to your inner fire.”

Beat the winter blues

According to the Mayo Clinic, SAD is a type of depression that relates to the changing seasons. In fact, most people with SAD start experiencing symptoms around this time each fall — typically coinciding with Daylight Saving Time ending and continuing through the winter months. While about six percent of people experience winter depression, another 20 percent may experience mild SAD.

These are the most common signs and symptoms of SAD:

  • Feeling sad and depressed most of the time in a seasonal pattern
  • Low energy
  • Constant tiredness
  • Loss of interest in activities
  • Changes in appetite or weight
  • Sleeping too much
  • Sleeping too little
  • Difficulty concentrating
  • Feeling irritated, agitated or sluggish
  • Having frequent thoughts about death or suicide

If you’re experiencing these signs and symptoms, you don’t have to go through them alone. There are resources aplenty that offer confidential, free help:

Practice, practice, practice

Let’s get real, removing Instagram from your phone or taking up a new craft is often easier said than done. That being said, make sure to give yourself plenty of grace as you practice and apply these tips for fighting FOMO in your everyday life.

Charlsie Niemiec has spent the last 10 years working as a content marketing and social media editor and strategist. With in-house experience ranging from The Elf on the Shelf to CNN to Piedmont Healthcare, Charlsie has freelanced for the last four years with clients ranging from ESPN to the Atlanta Beltline. When she’s not copyediting or scrolling on Twitter, she is walking her very scruffy wirehaired terriers mixes Leonard and Biscuit or probably watering one of her 54 houseplants.

Source: rent.com

Apache is functioning normally

The holiday season is here and you probably don’t want to spend a small fortune on shipping costs when it comes to sending gifts. Three major carriers dominate the U.S. market for shipping packages: UPS, FedEx and the U.S. Postal Service. You can ship a package with any of the three shipping carriers, but how do you choose the best, most cost-effective one?

Here’s what you need to know about the various services offered by UPS, FedEx and the Postal Service, and how to save money when shipping packages.

Which shipping carrier should you choose?

When it comes to selecting among carriers, price and the shipping options offered are two top factors. For example, one shipping carrier may be better for sending perishable items and another may be better for sending pricey holiday gifts.

Other factors, like proximity to you and delivery date options, also matter when choosing a shipping carrier. Here are some pros and cons of UPS, FedEx and the Postal Service.

UPS

  • UPS allows you to ship heavier packages (up to 150 pounds), which is great for sending large items like furniture. Note that there may be fees for large or heavy packages; follow the carrier’s “Tips for packages over 70 pounds” guidance.

  • UPS offers UPS Express Critical, an emergency delivery service that lets you send emergency or high-value items the same day, which are typically delivered in 2 to 12 hours.

  • There is a delivery area surcharge for shipping to addresses that UPS deems to be rural or remote.

  • UPS imposes a number of surcharges on packages.

FedEx

  • FedEx offers three next-day delivery options for Monday-Friday deliveries: FedEx First Overnight (morning delivery), FedEx Priority Overnight (midmorning to noon delivery), FedEx Standard Overnight (afternoon to evening delivery). These delivery options are available throughout the U.S., although delivery times to some ZIP codes in Alaska and Hawaii may vary. 

  • FedEx offers discounts when you sign up for a personal or business account, and has a rewards program that may be especially helpful for business owners.

  • FedEx offers several options for shipping perishable items that require temperature control, along with add-on services like monitoring your cold perishable shipment and liability protection for health care products that ship from April to November and have a freeze point at or below 32 degrees Fahrenheit.

  • FedEx restricts next-day deliveries to Monday through Friday, and Saturday delivery options are more limited.  

U.S. Postal Service

  • When you use a flat-rate envelope through the Priority Mail service you don’t have to weigh items that are under 70 pounds as long as they fit the envelope.

  • Its Click-N-Ship service lets you pay for postage and print a shipping label at home.

  • You can schedule package pickup from your home or office.

  • You can send military or diplomatic mail to your loved ones, and pay domestic rates regardless of where they are stationed.

  • The Priority Express and Priority Mail services give an estimated delivery date, but there are exceptions and there’s no money-back guarantee. 

Before you build a budget

NerdWallet breaks down your spending and shows you ways to save.

Which shipping carrier is more affordable?

When it comes to which carrier has more affordable shipping costs among UPS, FedEx and the Postal Service, the short answer is that it varies.

Your shipping costs will depend on several variables like packaging costs and shipping and handling fees, which include delivery speed and the item’s type, weight, dimensions and destination. It pays to take a close look at the shipper’s website for exclusions, conditions, extra fees, etc.

Each of the three major shipping carriers offer their own shipping cost calculators, which you can use to compare costs before choosing one:

Ways to save money on shipping costs

Opt for smaller packaging when possible

Shipping carriers generally charge more when you ship items in large packaging. Make sure that you ship your packages in the smallest packaging possible after accounting for padding or other protection.

Shop around for the best rate

Instead of being loyal to the same shipping carrier, you may be able to lower your shipping costs if you shop around each time you ship an item. While your ability to try a different carrier may depend on your location, consider looking in to who has the best rate for the kinds of items you want to ship and to which locations. Also consider whether it’s easier to send something like a holiday gift via Amazon; if you’re a Prime member, your shipping is likely already covered.

Choose standard shipping

Slower shipping speeds cost less. Unless you are sending something that is time-sensitive, it’s cheaper to send it via standard shipping instead of expedited.

As the holidays approach, however, keep in mind the many carriers extend their delivery times due to the volume of business. Check the carrier websites for holiday delivery guidelines or guarantees.

Don’t throw out your packaging

Materials that you use to ship stuff can be pricey — save things like boxes, bubble wrap and mailers when you receive packages and then reuse them when it’s time to ship something. You may also be able to stock up on packaging materials by asking your neighbors or joining an online Buy Nothing group.

Ask about discounts

You may be eligible for discounts at the major shipping carriers by signing up for an account, joining a rewards program or being a member of certain groups or associations. For example, being an AAA or AARP member gets you 5% off domestic and international UPS shipping.

Source: nerdwallet.com

Apache is functioning normally

WHO SAYS you can’t buy good taste? Bestowing a few well-chosen domestic luxuries can not only telegraph discerning judgment but also go a long way to brightening the last dark weeks of the year. Think crystal Champagne flutes or freshly pressed stacks of crisp cloth napkins. And they don’t have to come with price tags that make you clench your teeth. Here, we present a passel of gift ideas we’re quite excited about—all likely to impress design aficionados, without breaking the bank.

A Vase That’s No Shrinking Violet

With vases sometimes trading for four figures, the fine ceramics market isn’t for the faint of heart—or light of wallet. How to score a deal? Keep an eye out for designs from emerging makers that might stand the test of time, like these stoneware vessels from South African artist Helen Vaughan. With arching arms, the matte-black form evokes an embrace, fitting for a gift. Helen Vaughan Ceramics Vase With Handles, approx. 7 inches tall or approx. 9 inches tall, $90 each, SarzaStore.com 

Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Source: wsj.com

Apache is functioning normally

Purchase application data

Last year, when mortgage rates fell from 7.37% to 5.99%, we got three good months of positive purchase application data until the first week of February before mortgage rates started to run higher from 6%-8%. We need to focus on the data weekly to see if lower mortgage rates can once again spur purchase applications because we are working from such historically low levels that it doesn’t take much to move the needle. 

So far, we have had back-to-back positive prints, and the year-over-year decline is at the lowest level all year long. However, this is due to extremely easy year-over-year comps. Let’s see how this looks in the critical time from the second week of January to the first week of May 2024. Remember, application data looks out 30-90 days before it hits the sales data. 

Purchase application data was up 3% versus last week, making the year-to-date count 20  positive prints, 23 negative prints, and one flat week.

Mortgage rates and the 10-year yield

The 10-year yield ranged from a high of 4.69% to a low of 4.38% last week, and mortgage rates went from a high of 7.58% to a low of 7.36%. More importantly, the CPI data came in light, and it looks like that might have been the final nail in the coffin for the Federal Reserve in terms of raising rates as the growth rate of inflation has cooled down enough that the market is now pricing in a few rate cuts in 2023. 

Still, the 10-year yield and mortgage rates are higher today than last year, and the inflation growth rate is lower than the peak inflation growth rate in 2022. I talked about how much lower mortgage rates can go from here in this recent podcast. As I have stressed, if the market believes the Fed is done with rate hikes, history says the next big move is lower bond yields and mortgage rates.

Weekly housing inventory data

As someone who believes that housing inventory will grow with higher rates, I was hopeful that when mortgage rates got above 7.25% we would have a few weeks this year of 11,000-17,000 growth, which isn’t a lot. I failed 100% of the time so far. 

We would usually be in a seasonal decline by now, but inventory growth has recently picked up due to higher rates. So, higher rates did their thing, just not big enough for my taste. Mortgage rates have fallen, so this is something to consider next year if they keep falling because that traditionally means flat to lower inventory data, assuming that the economy is still expanding. 

Last year, according to Altos Research, the seasonal peak for housing inventory was Oct. 28. 

  • Weekly inventory change (Nov.10-Nov. 17): Inventory rose from 566,941 to 569,898
  • Same week last year (Nov. 11-Nov. 18): Inventory fell from 572,347 to 569,571 
  • The inventory bottom for 2022 was 240,194
  • The inventory peak for 2023 so far is 569,898
  • For context, active listings for this week in 2015 were 1,120,115

The one positive inventory story for 2023 is that new listing data — while trending at the lowest levels ever in history — didn’t create a brand new low level, no matter how high mortgage rates rose. Even though we saw a noticeable decline week to week, new listings are positive year over year, still trending at the lowest levels ever. I talked about how new listings data is forming a bottom on CNBC recently.

Traditionally, one-third of all homes take price cuts before they sell. When mortgage rates rise, and demand decreases, the percentage of homes with price cuts usually increases. This is why it’s so crazy that this year, even with higher home prices and rates recently, we haven’t been able to catch up to price cuts in 2022 when home prices were falling month to month.

Even as mortgage rates got to 8%, we have consistently been 4% below last year’s levels of price cuts. If mortgage rates fall more over the next six months, this data line will be exciting as we head into Spring 2024. 

  • 2023: 39%
  • 2022: 43%
  • 2021: 28%

The week ahead: Leading Economic Index and existing home sales

This week is a holiday with Thanksgiving, but we have some important economic data coming up: the leading economic index and the existing home sales report. We should see a pick up in the monthly supply of homes with mortgage rates rising as much as it did for this report. People will wait to see how Black Friday sales perform, but Black Friday doesn’t mean the same thing it did 30 years ago. We will see if the bond market and mortgage rates are volatile in a holiday-light trading week.

Source: housingwire.com