Illinois Archives - Page 6 of 97

Feature	Description
Email Marketing	Advanced segmentation, personalized campaigns, performance tracking
Sales Funnel Builder	Drag-and-drop interface, user journey mapping, lead capture elements
Blogging and SEO	SEO-friendly tools, customizable URLs, Google Analytics integration
Automation and Workflow	Time-saving automation rules, efficient process management
Affiliate Program Management	In-platform affiliate recruitment, performance tracking, payout management

Feature/System	Systeme.io	ClickFunnels	HubSpot	Kartra
Email Marketing	Advanced segmentation and automation	Basic email functionalities	Comprehensive email tools with CRM integration	Advanced automation and lead scoring
Sales Funnel Builder	Intuitive drag-and-drop builder	Highly customizable funnels	More focused on inbound marketing	Similar to ClickFunnels with added features
Blogging and SEO	Basic but effective SEO tools	Not a primary feature	Advanced SEO and content strategy tools	Limited blogging capabilities
Automation and Workflow	Simple automation rules	Complex automation capabilities	Extensive automation with CRM integration	Advanced automation but steeper learning curve
Affiliate Program Management	Integrated affiliate management	Available but less intuitive	Not a core feature	Robust affiliate management system
Pricing (Starting Plan)	Free plan available	$97/month	$45/month	$99/month

Apache is functioning normally

January 8, 2024 by Brett Tams

Mortgage rates have plummeted in recent weeks, boosting the prospects of homebuyers previously stifled by high borrowing costs.

Many forecasters predict mortgage rates will drop further, however, since the Federal Reserve expects to cut its benchmark interest rate this year.

Those circumstances pose a quandary for buyers: Jump into a newly attractive market that promises thousands of dollars in gains or wait for the possibility of an even more favorable one.

Homebuyers would be well-served by a leap into the current market, since the movement of mortgage rates often proves difficult to predict and purchasers reserve the ability to refinance if rates continue to fall, experts told ABC News.

But that approach does carry risks, some experts added, noting the loss of additional time to pad one’s finances as well as the possibility of a decline in home value after the purchase if the market worsens.

“If you need to buy a property, go ahead and buy it,” Marti Subrahmanyam, a professor of finance and business at New York University, told ABC News. “Don’t try to time the market.”

Last year, mortgage rates reached their highest level in more than two decades.

But rates have declined sharply over the past few months. As of last week, the average interest rate for a 30-year fixed mortgage stood at roughly 6.6%, according to FreddieMac. That amounts to more than a percentage point drop from a peak reached in October.

Mortgage rates have plummeted in recent months

FreddieMac

Each percentage point decrease in a mortgage rate can take away thousands or tens of thousands of dollars in costs each year, depending on the price of the house.

The fall of mortgage rates coincided with an announcement from the Fed that it expects to cut interest rates this year by an amount equivalent to three quarter-point reductions.

Such plans would reverse a near-historic series of rate increases over the past year that sent mortgage rates soaring.

Mortgage rates closely track with 10-year treasury bond yields, which last month reached lows last seen in August. Those yields are highly sensitive to the Fed’s interest rate moves.

“Treasury rates are coming down — and as treasury rates come down, so will mortgage rates,” Susan Wachter, a professor of real estate at University of Pennsylvania’s Wharton School of Business, told ABC News.

Federal Reserve Board Chairman Jerome Powell speaks during a press conference at the Federal Reserve in Washington, December 13, 2023.

Kevin Lamarque/Reuters

Even though mortgage rates could continue to fall, experts said, it makes sense to jump into the market because shifts in rates often defy expectations.

“I would be wary of advising prospective homebuyers to delay their purchase in hopes of better terms in the future,” Julia Fonseca, a professor at the Gies College of Business at the University of Illinois at Urbana-Champaign. “It’s very hard to time the market.”

Lu Liu, a professor at the Wharton School at the University of Pennsylvania, echoed this view.

“Households should make their housing decisions in line with their needs,” Liu told ABC News. “It’s very hard to accurately predict long-term interest rates.”

Plus, experts added, homebuyers can opt to refinance their homes at relatively low cost if rates move further downward.

“It’s quite efficient to refinance,” Wachter said.

This approach does carry some downsides, however, some experts noted.

If homebuyers move quickly, they cut down the time available to add to their savings before taking on the significant expense of a mortgage.

Purchasers also run the risk of snatching up a house right before the market declines, in which case the home could lose value almost immediately.

“The risks are that housing prices may plummet,” Wachter said, noting that such an outcome would likely require a severe recession that triggers layoffs and tanks demand for homes.

Optimism has grown about the outlook for the U.S. economy, however. Experts widely expect the economy to slow but not shrink over the next year.

“That risk of significant declines in housing prices I believe is off the table,” Wachter said.

Ultimately, the decision to buy a house requires a case-by-case assessment of factors that extend well beyond borrowing costs, some experts said.

“Whether now is a good time to jump back in depends on your personal situation,” Liu said.

Source: abcnews.go.com

Apache is functioning normally

January 8, 2024 by Brett Tams

The Homeownership Preservation Foundation said today that its HOPE Hotline received 143,000 calls during the fourth quarter, up from roughly 60,000 the previous quarter.

“We’re encouraged because more homeowners are being proactive in reaching out for help,” says Colleen Hernandez, president and executive director of HPF, in a statement.

“It’s reassuring that homeowners are addressing their mortgage issues earlier, however we need to continue to reach out to troubled homeowners to let them know there is help available,” she added.

The volume was more than 10 times the amount received during the first quarter of 2007, boosted by the promotion of the HOPE NOW Alliance.

According to HPF, more than 37,000 homeowners received counseling during the fourth quarter, a staggering increase from the 10,000 completed sessions in all of 2006.

Of all homeowners who called the hotline during the quarter, 31 percent were less than one month behind in mortgage payments, up from 24 percent during third quarter.

California accounted for 18 percent of the calls, followed by Ohio with 9 percent and Illinois with 5 percent.

In the previous quarter, California made up 14 percent, followed by Ohio with 12 percent and Illinois with 6 percent.

Those with adjustable-rate mortgages made up 48 percent of the calls, while fixed-rate mortgage holders accounted for 28 percent.

In the previous quarter, ARM holders accounted for 44 percent of the calls, and fixed-mortgage holders represented 33 percent of total calls.

The Homeownership Preservation Foundation (HPF) is a nonprofit organization that operates a national 24/7 hotline providing free, bilingual assistance to help at-risk homeowners avoid foreclosure.

The hotline, which is a service of the HOPE NOW Alliance, can be reached 888-995-HOPE.

In related news, the California Reinvestment Coalition announced today that mortgage counseling agencies will receive $4.6 million over the next two years, potentially adding 50 or more new staff members at centers throughout the state.

The money was pledged by eight mortgage lenders, including Merrill Lynch, Wells Fargo, and Bank of America, along with the San Francisco Foundation and the California Community Foundation.

Source: thetruthaboutmortgage.com

Apache is functioning normally

January 6, 2024 by Brett Tams

Top-10 mortgage lender Guaranteed Rate has filed a lawsuit against retail rival New American Funding over poaching. But this isn’t your standard poaching lawsuit: G-Rate alleges that NAF has wooed at least 30 employees since early 2023 via illegal loan officer compensation practices.

Despite the rise in poaching lawsuits in a competitive market, it’s the first time a large lender has publicly accused a competitor of violating the LO comp rule by allowing their salesforce to manipulate lead sources in order to reduce their rates and win more loans.

Industry experts told HousingWire for a December feature that the manipulation of lead sources is widespread among retail lenders, and there’s no enforcement.

Tara Castrejon, director of content marketing and public relations at NAF, said in an emailed response to HousingWire that the company does not comment on pending litigation.

A spokesperson for G-Rate did not immediately respond to a request for comments.

“Since February 2023, NAF has unlawfully raided GR’s branches nationwide, poaching over 30 GR employees from coast-to-coast,” the lawsuit states. “To achieve its goals, NAF uses illegal compensation practices to induce GR employees to resign from GR and join NAF, and incentivizes and encourages GR employees to solicit and recruit other GR employees to defect to NAF.”

The lawsuit, which seeks injunction relief and damages, was filed on Dec. 26 in the Circuit Court of Cook County, Illinois. G-Rate claims, among other accusations, tortious interference, violation of Illinois deceptive trade practice laws and misappropriation of confidential information.

NAF zeroed in on employees in Washington, Arizona, Texas, Georgia, Missouri, Florida, and Illinois, the lawsuit states. The departing employees included a divisional manager, branch and regional managers, and loan officers.

G-Rate claims that it all started when Gregory Griffin, a former regional manager and senior vice president of strategic growth, joined NAF as regional manager of strategic growth, where he was responsible for recruiting in the Midwest Region. Griffin had a “non-solicitation” agreement with his former employer, G-Rate claims.

“After Mr. Griffin’s hiring by NAF in January 2023, the dam broke, and NAF began to aggressively recruit and hire from GR. Prior to this point, NAF had not been able to successfully recruit from GR on such a massive scale,” the lawsuit states.

Griffin did not immediately return to a request for comments.

The lawsuit says that former employees who transitioned to NAF sent borrowers’ information to their emails, including pay stubs and bank statements. G-Rate’s research on publicly available data on closed loans shows “numerous customers took their business from GR to NAF in conjunction with the employee defections to NAF,” it says.

Claims re LO comp rule violations

Among the more explosive claims is that NAF repeatedly violated Regulation Z, which prohibits loan officers from receiving payments based on the “terms of a transaction” other than the amount of credit extended.

The rule also prohibits reductions in LO comp to fund pricing concessions to consumers at the expense of the loan officer, which would be characterized as a change in transaction terms.

G-Rate claims NAF does not pay LOs “a fixed percentage of the loan amount or any other type of compensation permitted by applicable law and regulations.” Instead, the company supposedly offers different pricing buckets based on the source lead and allows LOs to play with them.

“Should the consumer dislike the loan pricing first offered using the ‘self-generated’ ‘bucket,’ the loan officer can freely switch the ‘bucket’ to ‘corporate generated’ or ‘connected generated’ instead, which, in turn, corresponds to lower compensation for the loan officer,” the lawsuit states.

“The lower ‘bucket’ results in new, lower pricing to the consumer. If the consumer likes the new pricing, and NAF ‘wins the deal’ with its lower pricing, the loan officer reduces the loan officer’s compensation to provide the consumer with a discount. Put another way; the loan officer is allowed to later (and falsely) change the source of the lead, allowing for lower loan officer compensation and a pricing advantage for NAF over competitors like GR. This approach is illegal.”

G-Rate claims the practice has caused millions of dollars in lost revenues, investment and future business opportunities. It also says NAF misrepresented to potential recruits that its illegal compensation arrangements were “audited” and approved by the Consumer Financial Protection Bureau (CFPB).

Apache is functioning normally

December 27, 2023 by Brett Tams

Customer Retention, Down Payment Products; Home Maintenance Study; First American News

This website requires Javascrip to run properly.

Customer Retention, Down Payment Products; Home Maintenance Study; First American News

By:
Rob Chrisman

Tue, Dec 26 2023, 10:43 AM

Did you receive any SM under the tree this weekend? Call it snail mucus, or snail mucin, it’s all the same to me, which, as a kid, represented a trail to something I could direct the sun’s rays on using my magnifying glass. (Sorry, when you’re a kid on a very limited budget, this counts as amusement.) But times change and now it’s a beauty product? “Next level!” Really? SM aside, Depth’s Kerri Milam reminded me that the key difference between initials and acronyms is that we pronounce acronyms as a word and initials as a list of letters. Put another way, Fannie Mae is an acronym, as is First American Title (FAT), FHA is a set of initials. NASA or ASAP versus MD or DFW. Throw in some numbers and you have… license plates. For those curious, here is a list of vanity license plates rejected by the state of Illinois. Of course, this has nearly nothing to do with mortgages. First American Financial’s customer service woes continue with its cybersecurity failure (more below), but my informal chats recently are still interested in the NAR lawsuit and how it will wind its way through the courts for years. A big question is what will contracts look like for buyer’s agents? (Today’s podcast can be found here, and this week’s is sponsored by Gallus Insights. Mortgage KPIs, automated at your fingertips. Gallus allows you to go from data to actionable insights. If you can use Google, you can use Gallus! Hear an interview with Candor’s Thomas Showalter on the latest in the AI underwriting space.)

Broker and Lender Programs, Software, and Products

How about adding down payment assistance (DPA) to your toolset for 2024? Down Payment Resource, the original keeper of all things DPA, has an extensive database of programs to set your office up with the holiday gift that keeps on giving. With Down Payment Resource, you can reduce declined loans, bring the joy of homeownership to more borrowers, and become a strong contender for referrals and repeat business. To learn more, schedule a demo with the DPR team.

Permissionize revolutionizes servicing retention! Permissionize offers an innovative, cost-effective approach to retaining clients. This cutting-edge technology streamlines retention programs by notifying service providers when borrowers complete a webform, allowing for re-engagement with existing clients before they start the application process. Permissionize constantly monitors for signals, 24/7, whenever a phone number is entered into a webform, enabling you to capitalize on your established business relationships and drive inbound traffic to your call center without requiring opt-ins. This revolutionary technology redefines client retention in the servicing industry. John Lomanno, a seasoned professional in the mortgage industry, states, “We are transforming the servicing industry through automation by providing a cost-effective, extremely reliable way to get in front of your customer when they go online.” Contact us to experience firsthand how our pioneering technology changes everything you thought you knew about servicing retention.

Free eBook: How to Lower Costs, Boost Profitability, and Surge Ahead of the Competition in 2024. Why simply stay alive until ‘25 when you can make more of ‘24? By planning strategically now, you can reduce fixed costs, improve your bottom line, and set the groundwork to win market share as volume begins to improve. Want to learn how? We spoke to senior members of the Maxwell team, each with decades of industry experience, and the result is our new eBook: an actionable guide that will teach you the likely path for rates and volume in 2024, strategies to bulk up your pipeline, why reevaluating your cost structure is vital to achieving profitability, and more. Get your free copy today to inform your 2024 planning: Click here to download Make More Out of ‘24: How to Win Market Share as Your Competition Lags.

First American: This Isn’t the First Cyber Issue

It doesn’t take long for vendor management teams to figure out how much exposure a lender has to certain third-party providers. In this case, First American has been in the proverbial hotseat since last week. There are some who, I’m sure, are thinking about buying stock in First American Financial.

In 2021 we saw, “The Securities and Exchange Commission today announced settled charges against real estate settlement services company First American Financial Corporation for disclosure controls and procedures violations related to a cybersecurity vulnerability that exposed sensitive customer information.”

Last week, ”First American “has experienced a cybersecurity incident. In response, we’ve taken certain systems offline [like the main website above] and working to return to normal business operations as soon as possible.”

Those seeking updates have been pointed to this “non-hacked” site. Word on the street says that First American Financial Corp. cannot estimate how long some of its systems will remain offline after a cybersecurity incident, the company said in a Dec. 22 filing with the U.S. Securities and Exchange Commission.

First American touches many millions around the nation, from the early processing of a loan all the way through trailing docs and servicing. For example, Bob Caruso, the CEO of ServiceMac, sent out, “ServiceMac’s affiliated company First American has experienced a cyber security incident. In response, First American has taken certain systems offline and is working to return to normal business operations as soon as possible.

“ServiceMac’s primary data network and systems are separate from First American, have not been impacted, disrupted, breached, or subject to a cyber-security incident. Black Knight’s MSP platform remains fully operational. ServiceMac’s call centers continue to be operational. For customers, payments made by auto-debit from the customer’s designated account, bill paid through a customer’s financial institution, payment by a check sent to the address on the bill and payments made by overnight courier continue to be managed as normal. For those customers wanting to make a one-time payment or set up reoccurring payments, ServicMac’s Customer Service Representatives can handle those requests as usual at no cost to the customer. Customers can contact ServiceMac directly for that service.

“Certain customer and client facing technology features, such as the customer portal/website, the client portal, the IVR and the document management system, which depend on having a DNS that translates a domain name to an IP address, are back to normal operations for our internal team members. Because the outage is limited specifically to our DNS provider, external parties will have limited or no access to our systems like Client Portal, inbound SFTP sites, and Reporting.

“In addition, we are experiencing issues processing external emails. Please continue to communicate directly with your Account Executive and/or their leaders should you need anything. Once our DNS provider is restored, all services will be available to our clients and any of their customers who may have been affected. We will continue to provide updates as available. Should you have any additional questions our team is happy to set up a call with you to walk through together.”

Average Cost of Home Maintenance

Unsurprisingly, initial costs of upkeep were higher for new owners of older homes than for those who had lived in their homes for at least 10 years, according to recently released Census Bureau data. About 61 percent of owners of older homes started a home improvement project between 2019 and 2021, spending a median of $4,100 on all their home improvement projects during that time. Homes built before 1950 made up about 17 percent of homes and their owners spent a median of $1,800 a year on upkeep.

Owners of older homes who had moved in within the past two years tended to spend more on overall upkeep. These new owners spent a median of $3,900 per year, while longtime owners who had lived in older homes for at least 10 years spent about $1,500 annually. About 61 percent of owners of older homes started a home improvement project between 2019 and 2021, spending a median of $4,100 on all their home improvement projects during that time. Median annual spending on maintenance alone was around $540 for owners of older homes. Among owners of older homes, 59 percent of new owners who had moved in within the last two years did interior projects, compared to 46 percent of longtime owners who had lived in the home at least 10 years.

Capital Markets

Are these the best of times for stocks and bonds? Interest rates have been behaving themselves, and U.S. stocks on Friday ended largely higher, extending its amazing bull run to eight straight weeks. Sentiment this week has been boosted by favorable economic data, led by inflation data showing price increases are simmering down. The bond market may be ahead of itself, but, for now, the “smartest guys in the room” are talking about how inflation is in a downward trajectory and the Federal Reserve will lower benchmark interest rates in 2024.

Economic data released over the last week showed the U.S. economy is still expanding. That is despite November’s Leading Economic Index falling 0.5 percent, the 20th consecutive decline and typically a sign that the economy is currently in recession. Consumer spending increased 0.3 percent in November and for the first time in eight months, discretionary purchases surpassed non-discretionary. The spending gain can be attributed to a 0.4 percent rise in real disposable personal income.

Meanwhile, falling mortgage rates boosted existing home sales in November which rose 0.8 percent and snapped a five-month streak of declines. New home sales fell 12.2 percent in November due mostly to a sharp decline in sales in the South region. New home sales were up 1.4 percent on an annual basis. Lower mortgage rates could be a catalyst for a rebound in sales in the new year. And the Fed’s preferred gauge of inflation barely rose last month, and by one measure even trailed the policymaker’s 2 percent target. That marks the first time in three years the Fed has achieved its definition of price stability after waging war on inflation.

U.S. markets return today, and the calendar kicked off with the non-market moving Chicago Fed National Activity Index for November along with Philadelphia Fed non-manufacturing for December. Later today brings October house prices from Case-Shiller and FHA, Dallas Fed Texas manufacturing for December, and a Treasury auction of $57 billion 2-year notes. The rest of the week is light on data, though we do receive December PMI on Friday. We begin the abbreviated trading week with Agency MBS prices unchanged from Friday and the 10-year yielding 3.89 after closing Friday at 3.90 percent.

Employment

“Citizens has garnered attention for its clear vision, strong leadership, and disciplined execution through challenging market conditions and is looking for talented salespeople (sales managers, loan officers, and more) in Retail throughout the Northeast, MidAtlantic, Midwest, and Florida. Our deep product mix allows us to help with many different loan needs, from affordable loan programs such as HomeReady to a best-in-class one-time close construction to permanent product. Our specialty loan programs such as condo/co-op financing, rate protection programs with extended rate locks, along with an amazing Private Wealth discount value proposition for high net worth banking clients, ensures you have all the tools to win in this challenging market. Contact Carl Minott or visit here. During this holiday season we would like to express gratitude and appreciation to our customers and partners for their continued business this past year. While interest rates may go up and down our commitment to serving customers with their homeownership needs has never wavered. We look forward to serving our communities in even more ways in 2024!”

In the Northwest and California, Banner Bank is searching for Mortgage Loan Officers looking to create lasting Realtor and builder relationships at a bank focused on the market today. Banner has opportunities for lenders looking for local decision making with FHA, VA, USDA, state bond and true Portfolio lending opportunities along with servicing retained Fannie and Freddie loans to assist in client retention. Additional highlighted products cover CRA lending with private label no payment down payment assistance to help assist all borrowers with the right opportunity. Banner is the right fit for an established team, or the individual looking to grow their business and take the next step in their career. Please send resumes to Aaron Miller.

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

Source: mortgagenewsdaily.com

Apache is functioning normally

December 27, 2023 by Brett Tams

Guild Mortgage has an ambitious plan under the leadership of its new CEO, Terry Schmidt. The California-based retail lender has set a target of becoming a top-10 lender in the markets in which it has a presence, which would give it about a 2% market share.

It won’t be easy. United Wholesale Mortgage, the top lender in the country by volume, had just under 8% total market share over the first nine months of 2023. By the same measure, Guild had just 1.1% nationally, per Inside Mortgage Finance (IMF) estimates.

The company hopes to reach its goal by growing organically with more loan officers under a dozen business development managers. It’s also looking for companies to acquire — and it’s among the most aggressive lenders out there.

“Firstly, we’re growing our national footprint and we’ve been doing that for many years. We really feel like this [M&As] is an opportunity for us,” Schmidt said in an interview. “We’ve got a great capital base, so we have the opportunity to invest. When we’ve been in situations like this in the past, we’ve done the same thing where we want to continue to gain market share and, at the same time, add good sales and fulfillment talent to our franchise.”

Publicly traded Guild acquired three lenders in 2023 – Legacy Mortgage in February, Cherry Creek Mortgage in March and First Centennial Mortgage in August.

Some of their competitors are working off a similar playbook, acquiring top sales talent or mortgage servicing rights through M&A deals. Those who couldn’t find a dance partner shut down production channels or left the mortgage market behind entirely. There were also a few cases of bankruptcy.

HousingWire tracked 62 mergers, acquisitions, exits and bankruptcies covered by the newsroom in 2023. M&A deals comprised 79% of the total, followed by 17.7% exits and 3.2% bankruptcies. One caveat: our reporting likely shows only a fraction of what happened in 2023 because not all deals are public, as most mortgage companies are privately owned.

“This market consolidates very slowly. Except for the largest firms, virtually everybody is privately owned and sole proprietorships,” Warren Kornfeld, senior vice president of the financial institution’s group at Moody’s, said. “But given how hard this market has been and that scale is becoming more important with technology, smaller companies are under more pressure. We do expect a lot of those will say, ‘It’s time to sell,’ ‘It’s time to close up shop,’ and ‘I don’t want to support a losing operation.’ ‘I just really can’t compete.”

As 2024 is not expected to be stellar, analysts foresee more M&A and exits next year. However, some analysts believe these transactions will not happen at the same pace as in previous years.

“I would imagine that there are some companies that have survived long enough, but I think it’s fewer and fewer, and you’ll see less either consolidation or exits in the space,” Joseph Kyle, a specialty finance equity research analyst at Jefferies, said.

“If you’ve made it this far, maybe you’re through the woods at this point. But maybe there are a couple of stragglers and weaker competitors that still end up having to shut down in 2024 because by no means is it going to be like a heroic year of origination. But I don’t think you’ll see to nearly the same extent that you saw in the second half of 2022 and earlier in 2023,” Kyle said.

HousingWire spoke to two lenders to understand their M&A strategies for 2024. What are the companies’ goals with these transactions? Who are the potential targets?

Guild, the most active lender in terms of M&A deals on our list, wants to expand its retail business model nationwide to gain market share. Meanwhile, Planet Home Lending, the only lender among the top-14 to increase origination volumes from January to September, compared to the same period last year, said it wants to also grow its servicing business.

Guild: growing the national footprint

Some companies engage in M&A to expand their sales force throughout the country without needing to change their business model.

Guild’s Schmidt said she has had many of these conversations – meaning M&A talks. According to Schmidt, the number of executives offering their businesses has been steady and hasn’t slowed down all year of 2023. But just a few usually caught the lender’s attention.

“First of all, we like the retail footprint because everything we’ve done with our platform has been built around the retail footprint. The cultural fit has to be strong to make this work going forward. If we don’t have a strong market in that geography, we like to bring in talent that knows the area because we are ‘boots on the ground’ with retail branch offices,” Schmidt said.

Despite having licenses everywhere, except in New York, Guild is interested in acquiring businesses where the company has a small market share, like the Southern states and Midwest. Guild is not focused on the target’s size but on how they can use the company’s platform to grow.

Sellers usually have an efficient sales force but can’t afford the back-office operations. Despite the refi boom years during the Covid-19 pandemic, some companies could not retain capital or excess cash on their balance sheet. Now under pressure in a shrinking market, they see their top loan officers transition to other competitors.

Ultimately, according to industry experts, the corporate administrative expenses, which represent 50 basis points or less of each loan during a booming market, double in relative costs when loans are scarce. That’s when M&As make sense.

“If it’s a smaller organization that maybe can’t afford the back office any longer, maybe that’s [M&As] a value added to them,” Schmidt said.

From a buyer perspective, Schmidt added that “you have to be realistic” because it’s going to take “a bit of time to get these organizations up to speed on your platform,” which can be “as short as 90 days or longer than that.”

According to Schmidt, Guild’s strategy is going to be very similar next year, including M&As.

“How much? That’s hard to tell. We feel like what we’ve done this year has added value to the organization. We still have the ability to continue to invest because of our capital,” Schmidt said. “As you know, this next year is still going to be problematic. There’s gonna be challenges. So, we still feel like it’s an opportunistic time.”

Planet Home Lending: Focusing on MSRs

Some M&A transactions are not motivated purely by the origination platform. Mortgage servicing rights (MSRs) are an attractive asset for some acquirers.

Take Planet Home Lending as an example. In April 2022, the company agreed to acquire assets from Homepoint’s delegated correspondent channel for $2.5 million in cash – later, Homepoint sold the wholesale business to The Loan Store and its parent company shut down, selling $84 billion in MSRs to Mr. Cooper. Planet’s transaction with Homepoint, however, doubled its client base in the correspondent space.

“The Homepoint acquisition worked really well for us. We had about 400 sellers on our own. Then, the net new sellers that came on with Homepoint was about 400 more. It was rare and unique to find something that fits so well for us,” John Bosley, the lender’s president of mortgage lending, said in an interview. “But acquisitions that are out there become less and less sort of attractive on that side. We’re not opposed to looking at them, but we just haven’t seen a lot that makes sense on the correspondent side.”

For Connecticut-based lender and servicer Planet, expanding its retail operation and servicing portfolio makes sense now.

In June 2023, Planet acquired Illinois-based retail lender Platinum Home Mortgage Corporation, inheriting most of the seller’s origination staff and branches throughout the country. The deal expanded Planet’s footprint in the Midwest, Northwest and West Coast markets – after this deal, the company is looking for more opportunities in the South East.

However, the Platinum transaction added more than geographical expansion.

“Platinum was interesting and exciting to us because we had the opportunity to do two things: grow our retail channel and expand our MSR portfolio,” Bosley said. “When we looked at it from a retail acquisition perspective, it made a lot of sense because they weren’t in the geographies that we were in. Then, since we’re actively expanding our MSR portfolio, what came along with it was a nice side MSR book, so it kind of fit really well with us on that side,” Bosley added.

Bosley said Planet is more focused on the government MSRs space but can also do conventional. He said the company has about $100 billion in owned and sub-serviced MSRs. Obviously, “the bigger the portfolio gets, the cheaper the cost of servicing gets,” which is why the company wants to expand its MSR holdings.

Regarding the market overall, Bosley said he expects the end of 2023 and early 2024 to have “a decent amount” of M&A activity, slowing down in the second quarter of 2024 when volume is higher cyclically.

Remarkably, for Planet, he said, “I’m cautiously optimistic about our M&A activity.” That’s the best way to “move the needle faster,” Bosley said.

Apache is functioning normally

December 23, 2023 by Brett Tams

If you’re exploring career options, pharmacy might have popped up on your radar — and for good reason. Not only can pharmacists command a good salary, they also have job security, as the pharmaceutical industry is one that won’t vanish any time soon.

That said, how much does a pharmacist make? Is it worth all the trouble of going through pharmacy school to become one? Let’s find out.

What Are Pharmacists?

You’ve likely picked up a prescription or two at a pharmacy, but maybe you didn’t give any thought to the person behind the counter. This individual is your local pharmacist, and it’s their job to prepare and dispense prescription medications.

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Pharmacist Job Responsibility Examples

In addition to doling out prescription drugs, pharmacists also consult with patients, provide instructions for how to take medications, and help patients find low-cost medications. Some also give health screenings and immunizations.

Keep in mind, a pharmacist often needs to be outgoing, since their work involves speaking with patients throughout the day. If that’s not your personality, you may want to look into jobs for introverts.
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How Much Is a Starting Pharmacist Salary?

As with most professions, pharmacists tend to earn more money as they gain more experience. But what is a good entry-level salary for pharmacists?

Pharmacists with less than a year of experience generally earn, on average, about $54 per hour. That’s $112,320 per year.

Of course, how much you actually can earn depends on where you live, what your duties are, and whether you work for an independent pharmacy or a chain. It can also help to research the highest-paying jobs by state.

Recommended: Is a $100,000 Salary Good?

What Is the Average Salary for a Pharmacist?

Now that you see what starting salaries are for pharmacists, let’s address the next question: How much money does a more experienced pharmacist make?

Generally speaking, pharmacists are usually paid by the hour. A pharmacist with 10 years of experience earns an average of $67.05 per hour. That adds up to $139,464 per year.

What Is the Average Pharmacist Salary by State for 2023?

The amount you make will depend on where you live, among other factors. Here’s a look at the average pharmacist salaries by state, from highest to lowest.

State	Salary
California	$161,597
Oregon	$155,710
Washington	$149,466
New Hampshire	$141,041
Nevada	$140,869
Maine	$139,517
Vermont	$137,658
Delaware	$136,276
Maryland	$135,894
Connecticut	$134,175
Alaska	$134,044
Massachusetts	$131,978
Rhode Island	$131,960
New Jersey	$131,698
New York	$131,594
Pennsylvania	$129,724
New Mexico	$129,145
Wisconsin	$128,918
Minnesota	$128,502
Virginia	$128,380
Hawaii	$128,245
Arizona	$126,174
Idaho	$125,760
North Carolina	$125,068
Michigan	$124,768
Colorado	$120,986
Illinois	$120,887
Kansas	$118,122
Ohio	$117,573
Kentucky	$117,448
Indiana	$117,338
Missouri	$116,513
Nebraska	$116,366
Utah	$116,009
South Carolina	$115,570
West Virginia	$115,339
Texas	$115,089
North Dakota	$114,359
Georgia	$114,118
Tennessee	$112,879
Wyoming	$112,326
Montana	$111,924
Iowa	$110,405
Florida	$109,106
Alabama	$106,271
Mississippi	$105,677
Louisiana	$102,542
South Dakota	$100,246
Oklahoma	$98,951
Arkansas	$89,660

Source: Zippia

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Pharmacist Job Considerations for Pay & Benefits

Where you live is one factor that can determine how much you earn as a pharmacist. Your on-the-job responsibilities may also play a role. For example, there are different job titles, and each has its own set of responsibilities, requirements, and salary ranges. Examples include:

• Staff pharmacist

• Pharmacy specialist

• Clinical pharmacist

• Pharmacy manager

• Director of pharmacy

Some pharmacists may have roles and responsibilities beyond filling prescriptions, such as offering immunizations and health screenings. Some may be in charge of hiring and managing other employees. Some may work in traditional pharmacies, while others may work for companies focusing on chemotherapy, nuclear pharmacy, or long-term care.

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Pros and Cons of Pharmacist Salary

While being a pharmacist can be a rewarding job, there are potential drawbacks to keep in mind. Let’s look at some pros and cons.

Pros of Being a Pharmacist

Naturally, the high salary pharmacists tend to command may be one reason to consider this career path. Because many pharmacists get paid by the hour, they’ll be compensated fairly for their time even if they work more than 40 hours a week.

Another perk is that you may have a flexible schedule that allows you to work part-time or during certain hours. There could even be opportunities to work remotely, which may be useful if you’re working in a rural area.

You might also be able to open your own pharmacy instead of working for someone else. This brings freedom and flexibility to you as a business owner.

Finally, you’ll be a valuable member of your community, since it’s your job to help people on their path to wellness.

Cons of Becoming a Pharmacist

If becoming a pharmacist was easy, everyone would do it! For starters, you’ll need to have about six years of education after high school. And the cost of pharmacy school can range anywhere from $5,000 to $30,000 a year for an in-state public college, or $20,000 to $95,000 a year for a private school.

Depending on your financial situation, this could require you to tap into savings or take out student loans. (Creating a budget while you’re in school or just starting out can help you keep track of where your money is going. A money tracker app can help make the job easier.)

Another possible drawback? Some pharmacies may not guarantee a certain number of hours a week, and in that case, being paid hourly may not come with the big paycheck you’d expect.

Also keep in mind that some pharmacists work long hours, which can have a negative impact on your health and mental wellbeing.
💡 Quick Tip: Income, expenses, and life circumstances can change. Consider reviewing your budget a few times a year and making any adjustments if needed.

The Takeaway

If you’re looking for a rewarding and potentially lucrative job, becoming a pharmacist might fit the bill. You’ll help your local community get healthier, and depending on where you live and your level of experience, you could earn competitive pay, too.

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FAQ

What is the highest pharmacist salary?

The state where pharmacists tend to earn the most is California. The average annual income of a pharmacist there is $161,597.

Is it hard to be hired as a pharmacist?

Becoming a pharmacist requires six years of education after high school. The workload is challenging, and pharmacies looking to hire generally have high expectations of applicants.

Photo credit: iStock/ADragan
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December 22, 2023 by Brett Tams

Dovenmuehle Mortgage, a mortgage sub-servicing company, has informed authorities in Illinois that it will impose a layoff affecting hundreds of employees next year.

The company has decided to cut 212 jobs in its Lake Zurich site starting on Feb. 16, 2024, per a Worker Adjustment and Retraining Notification Act (WARN) filed with the Illinois Department of Commerce and Economic Opportunity.

“This action is a partial reduction in the company’s workforce at the site above; the company intends to continue operations at this site; this action is expected to be permanent,” Lisa Herrmann, assistant vice president of human resources at Dovenmuehle, wrote in the document sent on Dec. 14 to the state authority.

A spokesperson for the company wrote in an emailed response to HousingWire that, as a private company, “Dovenmuehle does not comment on internal matters, including workforce details.” The spokesperson did not provide more details, such as the reasons for the workforce reduction and the jobs affected.

However, higher mortgage rates this year led mortgage origination volume to decline to $1.6 trillion, compared to $2.2 trillion the previous year, according to the Mortgage Bankers Association (MBA). Volumes are expected to increase 22% in 2024 to $2 trillion.

Dovenmuehle, founded in 1844, provides a private-label mortgage sub-servicing solution, per its website. It is a sub-servicer for commercial banks, credit unions, independent mortgage lenders, MSR investors and state housing finance agencies nationwide.

Its services include portfolio, government, and Fannie Mae and Freddie Mac loans.

In September, it appointed Robert Howerton as chief information officer to oversee the company’s IT infrastructure. Before joining Dovenmuehle Mortgage, Howerton was IBM’s leader platform security engineer.

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December 20, 2023 by Brett Tams

Dovenmuehle Mortgage, Inc., a subservicer for the financial services industry, made the decision to “operate with a smaller footprint” by laying off 212 employees going into the new year.

The subservicer moved to trim its staff “due to a reduction in the number of loans subserviced,” the company wrote in an internal communication shared with National Mortgage News.

“Current market conditions impacting our industry, particularly the decisions made by some of our clients in response to notable increases in interest rates and the decrease in value of mortgage servicing rights…have necessitated the need for Dovenmuehle to make adjustments,” the company, which is over 100 years old, wrote.

The layoff, which impacts the company’s headquarters, goes into effect Feb. 16, 2024, according to a Worker Adjustment and Retraining Notification Act notice filed in Illinois. It is uncertain what positions were trimmed.

The subservicer does not “anticipate needing further reductions in workforce” going forward, it said in an email to employees on Dec. 15.

Donvenmuehle itself declined to comment, noting it does not share information on internal matters, including workforce details.

The company, founded in 1844, subservices portfolio loans, as well as loans sold to Fannie Mae, Freddie Mac, Ginnie Mae and the Federal Home Loan Bank with servicing retained.

Its proprietary technology “helps lenders reduce servicing costs and deliver consistently high levels of service to homeowners while maintaining compliance with investor and regulatory requirements,” Dovenmuehle said on its website.

Elevated interest rates and low origination volume has hit all players in the mortgage ecosystem, spanning from technology companies, subservicers to mortgage shops. As a result, the industry has seen a flurry of reductions and company consolidations.

The tide may be turning, with the 30-year fixed rate mortgage slinking below 7%, in mid-December and mortgage application activity showing signs of revival.

“Given inflation continues to decelerate and the Federal Reserve Board’s current expectations that they will lower the federal funds target rate next year, we likely will see a gradual thawing of the housing market in the new year,” said Sam Khater, Freddie Mac’s chief economist, commenting on rates dropping Dec. 14.

Source: nationalmortgagenews.com

Hanover Mortgages

The Refined Mortgage Lending Company & Home Loan Lenders

Illinois

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What Are Pharmacists?

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Pharmacist Job Responsibility Examples

How Much Is a Starting Pharmacist Salary?

What Is the Average Salary for a Pharmacist?

What Is the Average Pharmacist Salary by State for 2023?

Pharmacist Job Considerations for Pay & Benefits

Pros and Cons of Pharmacist Salary

Pros of Being a Pharmacist

Cons of Becoming a Pharmacist

The Takeaway

FAQ

What is the highest pharmacist salary?

Is it hard to be hired as a pharmacist?

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Customer Retention, Down Payment Products; Home Maintenance Study; First American News

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What Are Pharmacists?

Check your score with SoFi Insights

Track your credit score for free. Sign up and get $10.*

Pharmacist Job Responsibility Examples

How Much Is a Starting Pharmacist Salary?

What Is the Average Salary for a Pharmacist?

What Is the Average Pharmacist Salary by State for 2023?

Pharmacist Job Considerations for Pay & Benefits

Pros and Cons of Pharmacist Salary

Pros of Being a Pharmacist

Cons of Becoming a Pharmacist

The Takeaway

FAQ

What is the highest pharmacist salary?

Is it hard to be hired as a pharmacist?

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