manufacturing

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Apache is functioning normally

Nordby Sleeper Sofa

Reviewer: MacKenzie Chung Fegan, contributor
Model tested: Article Nordby Sofa
The details: TK TK TK

Before delivery

What’s the story behind the brand?

Article, a Canadian DTC furniture company that’s been around since 2013, combines a straightforward online shopping experience with well-designed, modern pieces at reasonable prices. Along with very handsome sectionals and sleeper sofas, the brand’s stylishly designed furniture and home decor options include lounge chairs, full dining sets, bedroom furnishings, and more. And unlike traditional retailers, the Canadian brand’s offerings are only available to shop online, meaning no showrooms or storefronts to assess options in-person.

Price: How much does it cost? Are there payment plans available?

At $1499, the sofa bed is in league with comparable IKEA sleeper sofas, but the online images made it look slightly more upscale—and, crucially, sturdier, like it wouldn’t wreck a house guest’s back.

What are the upholstery or customization options? Did you choose any?

The Article Nordby sofa comes in three colorways, a denim blue and two shades of gray. (I opted for the lighter Pep Gray.)

What is the lead time for customization, manufacturing, and delivery?

Each version was available for delivery to my zip code within two weeks, and payment plans are available through Affirm.

Delivery + assembly

What was the delivery process like?

Article offers free front door delivery for orders over $999, but the company has white-glove service options as well. For $119, they will place your furniture in the room of your choice, and for $199, they’ll also handle assembly. I opted for in-room delivery since the pull-out sofa was going to the top floor of our narrow Brooklyn brownstone, and Article made the process incredibly easy. This was key since, at 205 pounds, the Nordby is quite heavy—both pieces of the sofa bed have a steel frame and solid wood legs.

What was the assembly process like? How long did it take and how many people?

Assembly was similarly breezy, with the instructions fitting on one side of an index card. It took zero tools and two people to screw on the legs and maneuver the sleeper into place.

Is the sleeper sofa suitable for particular decor styles? If so, which?

Design-wise the Nordby is fairly innocuous. It doesn’t make a statement, it doesn’t elicit curious comments from visitors, it doesn’t pull focus from the rest of the room. It would be well suited to a minimalist, modern, Scandi-style household.

Is it durable / practical in a modern home?

The performance fabric seems quite durable—less luxury home decor and more office furniture—and there are no sharp angles or pokey pieces. I was able to convert it from sofa to bed by myself.

After delivery

What are the dimensions (both regular and pullout)? How does it fit in your space when it’s not expanded versus when it is? Would it be better suited for a different type of home?

Closed, the sofa measures 33 inches tall by 87 inches wide by 35 inches deep, which feels a little ungenerous proportionally—particularly the seat depth (29.5 inches), since the back cushions are plump. When open, the mattress measures 54 inches by 72 inches. We actually prefer to keep it open—more on that below—so if you’re planning on doing the same, it might not be appropriate for a small room.

Source: architecturaldigest.com

Apache is functioning normally

Apache is functioning normally

No one can predict the future of real estate, but you can prepare. Find out what to prepare for and pick up the tools you’ll need at the immersive Virtual Inman Connect on Nov. 1-2, 2023. And don’t miss Inman Connect New York on Jan. 23-25, 2024, where AI, capital and more will be center stage. Bet big on the roaring future, and join us at Connect.

The U.S. looks to be headed for a “mild recession” in the first half of next year, but continued strength in the economy could keep mortgage rates from coming down as much as previously expected, economists at mortgage giant Fannie Mae said in a forecast released Monday.

While the Federal Reserve isn’t expected to raise rates when policymakers wrap up a two-day meeting Wednesday, persistent inflation could still prompt the Fed to hike rates later this year, or implement a “higher for longer” rate strategy.

The good news is that even though mortgage rates have settled in above 7 percent, the risk that rates will do even more damage to home sales is limited, as the share of cash purchases remains high and sales are now driven more by life events than discretionary move-up buys, Fannie Mae forecasters said.

Nevertheless, Fannie Mae economists forecast that home sales will drop by 14.7 percent this year, and stay at about the same level next year.

“We expect that total housing market activity will remain at a low level into 2024 as the Federal Reserve continues to hold the line on interest rates against inflation,” Fannie Mae Chief Economist Doug Duncan said, in a statement.

Last month, economists at Fannie Mae were expecting rates for 30-year fixed-rate conforming mortgages would peak at 6.8 percent during the third quarter of this year before retreating to an average of 6 percent during the final three months of 2024. Forecasters at the Mortgage Bankers Association (MBA) were even more optimistic, predicting mortgage rates would drop to an average of 5 percent by Q4 2024.

Mortgage rates projected to ease next year

Source: Fannie Mae, Mortgage Bankers Association forecasts.

That was before strong economic data sent rates on the popular 30-year fixed-rate conforming loans soaring to a 2023 high of 7.30 percent, according to rate lock data tracked by the Optimal Blue Mortgage Market Indices, which show rates have only pulled back slightly since then.

With the economy cooling more slowly than expected, Fannie Mae analysts now see mortgage rates peaking at 7.1 percent during the final three months of 2023, before easing to 6.3 percent by Q4 2024. In releasing their latest forecast Monday, MBA economists predicted mortgage rates will start coming down this year, but remain well above 5 percent next year.

Home sales projected to drop 17.4% this year

Source: Fannie Mae Housing Forecast, September 2023.

Fannie Mae is forecasting 4.8 million total home sales in 2023, which would be a 17.4 percent drop from last year and the slowest annual pace since 2011. Next year isn’t expected to be much different, with sales expected to bounce back by less than 1 percent.

“While the additional downside risk from rate movements to date is minimal, the prospects of a recovery in existing sales in the near future is unlikely given strong mortgage rate ‘lock-in’ effects and stressed affordability,” Fannie Mae economists said in commentary accompanying their September forecast.

New home sales are expected to grow by more than 6 percent this year, as builders race to complete homes in markets where the lock-in effect — reluctance on the part of homeowners to give up the low rate on their existing mortgage — has made listings scarce.

“New home sales were surprisingly strong in the first half of the year, due partly to homebuilder rate buydowns, which become more expensive when mortgage rates rise,” Duncan noted. But he said Fannie Mae forecasters expect new home sales to pull back slightly next year, “due to the higher mortgage rate environment and recent decline in homebuilder confidence.”

The National Association of Home Builders/Wells Fargo Housing Market Index, a gauge of builder confidence, dipped six points in August and another five points in September, to 45. It was the first time the index has been below 50 in five months, which indicates more builders view conditions as poor than good.

The recent rebound in mortgage rates “is making homebuilders nervous,” Pantheon Macroeconomics Chief Economist Ian Shepherdson said in a note to clients Monday.

“To be clear, the impact of mortgage rates returning to 7-1/4 percent from their recent 6-1/2 percent lows will be nothing like as bad as the initial surge from 3 percent to 7-1/4 percent in the year to September 2022,” Shepherdson said. “But it ought to be enough to quash the nonsensical media/Fed narrative that the housing market is starting to recover. It isn’t.”

Large pipeline of multifamily housing coming online

Source: Fannie Mae Housing Forecast, September 2023.

Fannie Mae economists expect single-family housing starts to plateau at 910,000 next year, and for multifamily construction to slow by 22 percent, to 389,000 units.

“With sluggish rent growth on a national level, more normalized vacancy rates, and tighter construction and development loan lending standards, we expect multifamily construction starts to continue to slow,” Fannie Mae forecasters said. “These dynamics may also play into softening demand for single-family housing: There is a large pipeline of multifamily housing coming online, and the rent-to-buy calculus for prospective homebuyers may tilt a little more in favor of renting for longer.”

Mortgage lending expected to grow by 20% next year

Source: Fannie Mae Housing Forecast, September 2023.

With home prices holding firm and mortgage rates expected to ease next year, Fannie Mae forecasters expect mortgage originations will grow by 20 percent next year. The slight uptick in home sales projected for next year would boost purchase loan originations by 9.4 percent, to $1.433 trillion, while lower mortgage rates are expected to boost refinancing by 76 percent, to $442 billion.

Mild recession seen as ‘likeliest outcome’ of Fed tightening

Fannie Mae economists have been predicting that the U.S. was headed for a recession since April 2022, after the Fed began raising interest rates and the impact of stimulus measures introduced during the pandemic faded.

While mixed economic data continues to “muddle the near-term outlook,” Fannie Mae economists say they continue to expect a “mild recession” in the first half of 2024, based on the belief that consumers will need to rein in spending in order to live within their means.

“Fundamentally, personal consumption remains at what we believe to be an unsustainable level relative to incomes, and the full effects of monetary policy tightening are still working through the economy,” Fannie Mae forecasters said.

In their weekly brief on the U.S. economy, Shepherdson and his Pantheon Macroeconomics colleague Kieran Clancy noted three potential wildcards on the economic horizon: A strike launched last week by the United Auto Workers targeting the big three automakers, next month’s resumption of federal student loan payments, and a “likely” government shutdown.

“An all-out strike lasting a month could be expected to depress quarterly GDP [gross domestic product] growth by about 1.7 percentage points, before taking account of the hit to the supply chain,” the Pantheon Macroeconomics team said. “The problem for the Fed is that it would be impossible to know in real time how much of any slowing in economic growth could confidently be pinned the strike, and how much could be due to other factors, notably the hit to consumption from the restart of student loan payments. The latter already is making itself felt in falling restaurant diner and airline passenger numbers.”

Fannie Mae economists agree that a sustained strike could “drive a negative payroll report in October, as well as dampen the GDP measure,” but that a short-lived strike “would likely be followed by a rebound in auto manufacturing output thereafter.”

Get Inman’s Mortgage Brief Newsletter delivered right to your inbox. A weekly roundup of all the biggest news in the world of mortgages and closings delivered every Wednesday. Click here to subscribe.

Email Matt Carter

Source: inman.com

Apache is functioning normally

Apache is functioning normally

Though the fictional Stars Hollow didn’t make the list, you’ll see the charming towns that might have inspired it.

Connecticut, with its diverse range of communities, offers a plethora of attractive options that suit various lifestyle needs.

When it comes to locking down the ideal location for you and yours, the choice can be dizzying. From coastal towns that exude maritime charm to bustling cities rich in cultural and recreational activities, Connecticut has something for everyone. This article takes a closer look at some of the best places to live in Connecticut, focusing on factors like quality of life, education, economic stability and more.

  • Population: 136,309
  • Average age: 37.9
  • Median household income: $99,791
  • Average commute time: 31.0 minutes
  • Walk score: 55
  • Studio average rent: $2,019
  • One-bedroom average rent: $2,618
  • Two-bedroom average rent: $3,498

Stamford has it all. From high-energy downtown life to the serenity of beachfront communities, Stamford’s strategic location near New York City makes it a popular spot for those who work in the Big Apple but want a more relaxed environment to call home.

Stamford’s economy is booming, thanks in part to a thriving financial sector and the presence of several Fortune 500 companies. On the leisure side, the city doesn’t disappoint. Between the Stamford Town Center mall, the Avon Theatre and the Stamford Museum & Nature Center, there’s never a dull moment.

Living in Stamford offers not just the perk of urban convenience but also opportunities for seaside relaxation. With beaches like Cove Island Park offering saltwater swimming and picnic spots, residents get to experience the best of both worlds. The public schools in Stamford are highly rated, making it an excellent choice for families. There’s also an assortment of housing options to fit different lifestyles—from modern apartments to colonial-style homes. The city’s efficient public transportation and close proximity to major highways make getting around a breeze.

  • Population: 120,5776
  • Average age: 32.9
  • Median household income: $37,477
  • Average commute time: 22.3 minutes
  • Walk score: 67
  • Studio average rent: $1,432
  • One-bedroom average rent: $1,613
  • Two-bedroom average rent: $1,705

Hartford somehow manages to offer an urban buzz in a friendly, neighborhood-like atmosphere. As one of the best places to live in Connecticut, Hartford is a hub for healthcare, education and insurance, hosting some of the largest companies in the industry. From historic sites like the Mark Twain House to the modern wonders of the Connecticut Science Center, the city offers a range of activities for all age groups. Foodies will find a growing culinary scene that rivals larger cities, while sports enthusiasts can catch a Hartford Yard Goats game at Dunkin’ Park.

Although the city possesses a bustling downtown, the many parks and green spaces provide ample room for relaxation and outdoor activities in peace. Bushnell Park, for instance, serves as the city’s green lung, with a carousel and plenty of space for picnics or jogs. For those looking to raise a family, Hartford offers a variety of public and private school options, and the nearby suburbs provide even more choices for residential living. With its proximity to other major cities like Boston and New York, Hartford makes for a convenient home base without the overwhelming bustle, cementing its status as one of Connecticut’s most desirable places to settle down.

  • Population: 62,396
  • Average age: 43.4
  • Median household income: $115,885
  • Average commute time: 30.4 minutes
  • One-bedroom average rent: $3,720
  • Two-bedroom average rent: $5,452

Greenwich is not just a name you’ll hear on Wall Street; it’s also one of the best places to live in Connecticut. Often celebrated for its high-end shopping districts and upscale neighborhoods, Greenwich offers an extraordinary quality of life just a stone’s throw away from New York City.

The city is a magnet for successful professionals and families, featuring top-tier public schools and a range of impressive real estate options, from sprawling estates to contemporary condos. For those who appreciate the finer things, the Greenwich Avenue shopping district is a stroll down luxury lane, boasting designer boutiques, art galleries and some of Connecticut’s best dining spots.

The allure of Greenwich isn’t just limited to its commercial and residential glamor. The city is equally rich in natural beauty and recreational activities. Topping the list are the pristine beaches along Long Island Sound, which provide the ideal backdrop for sailing, swimming or simply soaking up the sun. For those who love the outdoors, the city is home to a ton of parks and nature reserves, making it a splendid locale for hiking and bird-watching. Excellent public services, a low crime rate and community-centric events like the annual Greenwich International Film Festival, round out the city’s many merits.

  • Population: 135,081
  • Average age: 30.7
  • Median household income: $42,222
  • Average commute time: 22.9 minutes
  • Walk score: 68
  • Studio average rent: $1,745
  • One-bedroom average rent: $2,322
  • Two-bedroom average rent: $2,895

New Haven is frequently highlighted as one of the best places to live in Connecticut. Known worldwide as the home of Yale University, the city offers a rich intellectual climate without skimping on culture and recreational options. Whether you’re drawn by the scholarly atmosphere, the groundbreaking medical facilities or the economic opportunities in technology and healthcare, New Haven has something for everyone. Add in iconic spots like the historic Shubert Theatre and the culinary treasure trove that is Wooster Square, famous for its pizza, and you’ll see why many consider it a gem in the Constitution State.

Life in New Haven isn’t only about hitting the books or attending lectures. Residents here find plenty of room for leisure and outdoor fun. East Rock Park offers panoramic views of the city and is a popular spot for hiking, while Lighthouse Point Park is preferred for beach outings and scenic picnics.

  • Population: 62,105
  • Average age: 41.0
  • Median household income: $149,641
  • Average commute time: 32.9 minutes
  • One-bedroom average rent: $2,200
  • Two-bedroom average rent: $2,065

When discussing the best places to live in Connecticut, Fairfield frequently makes the cut — and with good reason. Thanks to a strategic location along the Long Island Sound, this charming town seamlessly blends coastal living with suburban tranquility.

Fairfield University and Sacred Heart University lend the town an intellectual flair, adding an assortment of unique events and academic resources to the mix. Economically, Fairfield holds its own with a diverse job market in industries like healthcare, education and retail. As for leisure, from the historic Burr Mansion to the Fairfield Theater Company, there’s no shortage of arts and culture to indulge in.

Fairfield doesn’t skimp on the natural beauty either, boasting several pristine beaches and peaceful parks. Jennings Beach and Lake Mohegan are popular spots for swimming, picnicking and hiking, perfect for individuals and families alike. Speaking of families, the town’s public schools are highly rated, offering strong academic programs that make Fairfield an attractive place for parents seeking quality education for their children.

  • Population: 34,427
  • Average age: 44.0
  • Median household income: $140,420
  • Average commute time: 22.5 minutes
  • One-bedroom average rent: $1,450
  • Two-bedroom average rent: $2,575

Glastonbury is a picturesque town that is often cited among the best places to live in Connecticut. Located along the banks of the Connecticut River, Glastonbury is a hotspot for those who enjoy outdoor activities with a side of upscale suburban life. With a strong job market primarily in healthcare, education and insurance, the town provides a stable economic environment for professionals. When it comes to recreation, whether you’re a fan of farmers markets, antique shops or hiking trails, like those found in Case Mountain, Glastonbury doesn’t disappoint.

Beyond its recreational appeal, Glastonbury makes a lasting impression with its commitment to education. The public schools are among the best in the state, featuring comprehensive curriculums and a wide range of extracurricular activities. A tight-knit community spirit is palpable here, supported by various local events and a bustling town center where residents gather to shop, dine or simply catch up.

  • Population: 18,114
  • Average age: 50.8
  • Median household income: $60,139
  • Average commute time: 34.9 minutes
  • One-bedroom average rent: $1,800
  • Two-bedroom average rent: $2,650

Madison is a picturesque town that offers its residents the dual joys of beach life and a robust culture. From enjoying water sports like kayaking and paddleboarding to exploring the town’s many boutique shops and cafes, Madison has a little something for everyone. And don’t overlook the cultural richness here: Places like the Scranton Library and the Madison Art Cinemas add layers of activity and entertainment to community life.

Madison also brings practical advantages to the table. Education is a strong suit, with public schools that rank among the top in the state, offering a variety of advanced placement courses and extracurricular activities. From the historic district to the more modern parts of town, the housing market is diverse, providing plentiful options for different lifestyle needs.

  • Population: 7,228
  • Average age: 45.8
  • Median household income: $129,919
  • Average commute time: 36 minutes
  • One-bedroom average rent: $1,850
  • Two-bedroom average rent: $1,951

If you’re on the hunt for a place that combines New England charm with an air of sophistication, Ridgefield should undoubtedly be on your list of the best places to live in Connecticut. Located near the New York state line, Ridgefield has long been a favored destination for those who desire a serene living environment without sacrificing easy access to the hustle and bustle of the city. It’s the kind of place where historic homes, top-notch schools and swanky boutiques coexist harmoniously. The Ridgefield Playhouse and the Aldrich Contemporary Art Museum inject a dose of culture into the community.

When it comes to recreation, Ridgefield does not disappoint. Open spaces like Bennett’s Pond State Park and the Ridgefield Rail Trail offer plenty of opportunities for hiking, biking and nature observation. Families, in particular, find Ridgefield a prime location for settling down, thanks to an excellent public school system and myriad of youth-oriented activities.

  • Population: 86,759
  • Average age: 38.9
  • Median household income: $74,600
  • Average commute time: 28.6 minutes
  • Walk score: 37
  • Studio average rent: $1,575
  • One-bedroom average rent: $2,202
  • Two-bedroom average rent: $2,925

Positioned along the New York-Connecticut border, Danbury stands as a diverse and bustling city, frequently highlighted as one of the best places to live in Connecticut. Known as ‘Hat City’ for its once flourishing hat industry, Danbury is now a hub of commercial activity thanks to Danbury Fair Mall, a variety of restaurants and a lively downtown area.

The city’s employment landscape is as diverse as its population, with opportunities spanning from healthcare to retail to manufacturing and more. Highlights like the Danbury Music Centre and the Danbury Railway Museum add a unique touch to city life, appealing to residents of all ages.

Beyond its commercial and cultural assets, Danbury provides residents with a ton of opportunities to get their hearts pumping. Candlewood Lake, the largest lake in Connecticut, provides a fantastic backdrop for boating, fishing and kicking back under the sun. The city is also home to several parks and trails, perfect for all outdoorsy types. Education is well-covered, too, with public and private schools offering challenging curriculums and well-supported extracurricular programs. Whether you’re interested in renting a modern apartment downtown or purchasing a traditional home in one of its quieter neighborhoods, there’s a place in Danbury for you.

  • Population: 50,541
  • Average age: 44.3
  • Median household income: $97,951
  • Average commute time: 25.5 minutes
  • Walk score: 34
  • Studio average rent: $1,945
  • One-bedroom average rent: $2,262
  • Two-bedroom average rent: $3,045

Boasting 17 miles of coastline along Long Island Sound, Milford brings together the best of seaside living and suburban comfort, easily making it one of the best places to live in Connecticut. This small city with a big heart offers a ton of activities that keep residents engaged year-round. Whether you’re a beach enthusiast, a shopping addict or someone who loves exploring historical sites like the Eells-Stow House, Milford has you covered. The city’s downtown area is a blend of old-school charm and modernity, filled with boutique stores, art galleries and eateries that offer a delightful mix of local and international cuisine.

When it comes to education, Milford doesn’t fall short. The city has excellent public and private schools that make it an attractive destination for families. Moreover, Milford’s well-planned residential areas offer an array of housing options, from cozy beachfront cottages to more expansive homes further inland.

On the employment front, Milford boasts a balanced job market with opportunities in healthcare, education and retail, just to name a few. A sense of community is palpable here, nurtured through yearly events like the Oyster Festival and a strong network of local organizations.

Your Connecticut community is waiting

After exploring a variety of towns and cities, it’s clear that the list of the best places to live in Connecticut is expansive and diverse. Whether you’re seeking the cosmopolitan allure of a bustling city, the tranquil ambiance of a coastal town or the balanced offerings of a suburban community, Connecticut provides a compelling list of options.

Each town featured above offers its unique blend of attributes, from excellent schools and flourishing job markets to open spaces that keep you engaged. Choosing where to live is a personal decision, but one thing is certain: in Connecticut, you’re spoiled for choice.

Ready to find the perfect Connecticut apartment for you? Start your search at Rent.

Source: rent.com

Apache is functioning normally

Apache is functioning normally

Cybersecurity, Warehouse, Accounting, Marketing Tools; New Broker Products; CFPB Co-Marketing Case

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Cybersecurity, Warehouse, Accounting, Marketing Tools; New Broker Products; CFPB Co-Marketing Case

By:
Rob Chrisman

Fri, Sep 15 2023, 8:34 AM

“Happy” 15-year anniversary of Lehman Brothers going belly up. “I was struggling to understand how lightning works and then it struck me.” One of the conversation topics here at the NAMMBA event in Orlando is how Florida has its share of estimated lightning strikes every year. (As does the rest of the nation: here’s a link to an interesting real-time map.) Another topic is Florida’s Senate Bill 264 which prohibits the direct or indirect ownership of specific categories of real estate by “foreign principals” from a foreign “country of concern,” defined as the People’s Republic of China, the Russian Federation, the Islamic Republic of Iran, the Democratic People’s Republic of Korea, the Republic of Cuba, the Venezuelan regime of Nicolás Maduro, or the Syrian Arab Republic… The Statute prohibits the acquisition of (1) any interest in agricultural land by a foreign principal, (2) any interest in real property located near a military installation or critical infrastructure by a foreign principal, and (3) any real estate interest by a foreign principal of the People’s Republic of China, subject to very limited exceptions. There are challenges, of course. (Today’s podcast can be found here and this week’s is sponsored by SimpleNexus, an nCino Company, and award-winning developer of mortgage technology for modern lenders. Hear an interview with Simple Nexus’ Lori Brewer on areas in the mortgage space that technology and innovation will impact most.)

Lender and Broker Software, Products, and Services

“Our latest blog, ‘FEMA, Floods, Fires, and Funding, Oh no!’, highlights the early impact of this year’s hurricane season, blustered by Idalia’s trail of destruction and fanned by the Maui fires. This year packs a bigger punch as FEMA, the primary lifeline for relief, faces serious funding concerns that have led to restrictions on access to assistance. Where does this leave homeowners and servicers who face more disasters before yearend? Servicers, it’s time to evaluate your workflow automation, ensuring distressed borrowers have immediate access to relief and that your operations are streamlined accordingly. CLARIFIRE® delivers the speed, accuracy, and results that servicers need to succeed in the face of the volumes and complexities of all the parties involved. Arm your servicing team when disaster strikes with CLARIFIRE, delivering better results, better software, and BRIGHTER AUTOMATION®.

It used to be that our postal mailboxes were stuffed with all kinds of marketing materials. It still happens today of course, but mostly in our online mailboxes instead. But one thing has stayed the same: marketing still needs a special spark to stand out in a crowd, and that’s why utilizing a far less crowded medium might now be the “old-is-new-again” way to reach your prospects. Not to mention, it’s also one of the best ways for mortgage professionals to make a lasting impression on homebuyers during the holidays! Connect with the ICE team to learn how easy it can be to start with Surefire℠ CRM and Mortgage Marketing Engine.

More than ever, mortgage brokers and correspondents need a lending partnership that empowers them to exceed client expectations with elite service, speed, and simplicity. Rocket Pro TPO’s technology team delivered Pathfinder, the most powerful technology ever for brokers, created in partnership with Google. Combining multimillion-dollar AI and machine learning tech, it’s a first-of-its-kind centralized platform, right at your fingertips, 24/7/365. Also, their partners outpace the competition by leveraging Rocket Connect portal technology which connects brokers to the right team right away, including operations leaders for any question or escalation need. Their industry-leading Pricing Calculator quickly produces loan options to share with clients using Clear Quote, an easy-to-download PDF. To learn more, watch EVP, Mike Fawaz discuss more details. Interested in learning more about a Broker or Non-Delegated Correspondent partnership? Contact Rocket Pro TPO.

In challenging down economic times, Loan Vision is your solution to maximizing profitability and reducing costs in your business. With Loan Vision, companies see improvements of 25 to 35 percent decrease in days to close the books, 20 percent reduction in accounting headcount, complete LOS to G/L automation, and improved reporting and visibility that allow for better business decisions. Don’t accept a competitive disadvantage or get caught flat footed in a recovering market. To improve your cash position, gain a competitive edge, and prepare your business for sustained growth, contact Carl Wooloff to schedule a call today.

“Mortgage Industry Veterans Announce Fund It, New Startup Venture to Automate Warehouse Lending. Fund It is redefining how the mortgage industry manages its warehouse banking processes. Most IMBs still handle their warehouse funding manually. The Fund It platform, built with AI-powered algorithms, provides an automated warehouse lending solution. View capital needs projections in the next 30 to 60 days, eliminate human data errors, and access robust reporting tools that drive data-driven decisions. It also seamlessly integrates with many popular mortgage tools that IMBs currently use. Fund It’s platform tracks fundings, collateral administrations, and loan purchases. It also pinpoints cost leakages. These features help IMBs save time and increase profit on every warehouse-funded mortgage loan. FundIT optimizes every element of an IMB’s warehouse lending process. Use Fund It to enjoy higher profits by automating a traditionally manual-heavy process. Visit our website to learn more how to manage your company’s warehouse funding operations.”

Click links, ask questions later. The most common attack vector for a cyberattack is the human element. It’s what phishing emails, phone calls and text messages all have in common. Yet while it’s the weakest link, the human element could be your organization’s greatest prevention layer if trained correctly. In an industry that incentivizes people based on sales goals, every mortgage lead has bottom line potential. And in the current market, it’s only human to go after leads without stopping to consider their legitimacy. But recent data shows just how risky clicking without thinking can be. According to ISACA, in 2022 social engineering (tricking humans) was the #1 attack vector, and even the best teams are vulnerable. Learn how to do a better job at testing and training your team to identify legitimate leads. Talk to Richey May’s cybersecurity experts for help assessing and defining your cybersecurity training needs.

The CFPB and Co-marketing

Ken Perry with the Knowledge COOP writes, “The Freedom mortgage case should capture the attention of every mortgage broker, lender, and real estate agent. This is the biggest statement the CFPB has made about their feelings on co-marketing in a long time! The fact that they targeted a mortgage company providing free open house flyers, and free access to a subscription they pay for is huge because these arrangements exist in so many mortgage companies, including wholesale lenders, and rarely does the referring entity have to pay for these things. This is truly a case of, ‘if everybody is doing it then is it even wrong?’ Well, it looks like the CFPB has answered that question. Now we wait and see if $1.75 million was enough of a deterrent to force people to look at their business practices and make some immediate changes. These settlements usually come in groups. I can’t help but wonder if we will see more soon…”

Capital Markets

Much like the Consumer Price Index on Wednesday, the Producer Price Index report for August came in above expectations yesterday (0.7 percent versus consensus 0.4 percent). Other data on the day also included better than expected August Retail Sales (0.6 percent month-over-month, largely due to gasoline stations), and a smaller than expected increase in weekly jobless claims. Low jobless claims reflect a fairly tight labor market, which helps to explain why consumer spending continues to hold up in the face of inflation pressures and rising rates.

On the central bank front, the European Central Bank raised interest rates for the 10th consecutive time, to 4 percent, as President Lagarde signaled a shift that could mean the peak has been reached, though she insisted that she can’t yet say if that’s the case. As far as our Fed, there is zero likelihood the central bank is going to signal they’re done hiking rates at the conclusion of the FOMC meeting next week.

Despite all the major events over the past couple days that have influenced bonds, including the beginning of an auto worker’s strike last night, today’s calendar also has some market moving potential. We’ve already received Empire manufacturing, import prices (-3.0 percent, ex-gas flat), and export prices (-5.5 percent from the prior year). Later this morning brings August industrial production and capacity utilization, and preliminary September Michigan sentiment that includes inflation expectations. We begin the day with Agency MBS prices worse .125 from Thursday evening, and the 10-year yielding 4.32 after closing yesterday at 4.29 percent; the 2-year is up to 5.03.

Employment

Crescent Mortgage Company, a subsidiary of United Bank, named “Most Trusted Bank in America” for 2023 by Newsweek, is celebrating its 30th anniversary and rapidly expanding its retail division in the southeast. We welcome ambitious Loan Originators seeking growth and unparalleled support. Seasoned veteran David Rapson, CMB serves as SVP – Retail Lending, guiding us to new heights. President and CEO Fowler Williams, CMB emphasizes our unique commitment to allowing originators to do what they do best, originate loans, we will handle the rest! Backed by advanced technology and curated product offerings including agency, 1X close construction or renovation, low down payment options, non-QM, as well as unique portfolio offerings, Crescent has built a platform for Loan Officer success, a platform for you. Join our journey. Experienced Loan Originators or Branch Managers, explore possibilities by contacting David Rapson to elevate your success. The future is bright at Crescent Mortgage.

Supreme Lending is pleased to announce Rachel Saylor Brown as its newest Producing Tampa Bay Area Manager. Leveraging 10 years of remarkable industry experience, Brown will steer Supreme’s Florida expansion strategy, together with her husband Chris Brown, and a best-in-class team: Kaitlin Schiro, Nancy Myrick and Anna Livingston, all seasoned mortgage professionals. Rachel and her team are known for providing exceptional client experiences through transparent communication, meaningful relationships, and industry-leading technology. Supreme Lending is thrilled to welcome her to the team!

“Revolutionize Your Leadership: Meet Your Visionary Executive! Are you on the hunt for a C-suite dynamo to steer your organization to new heights? Look no further! I am a strategic powerhouse primed to tackle the role of President, CEO, COO/CSO. With a proven track record in strategy, team building, P&L mastery, and agile execution, I’m all about results, not magic. My extensive network includes GSE’s, investors, regulators, vendors, PE sources, and compliance experts. My experience spans Mortgage, Insurance, Tech and more. I don’t just lead; I innovate. I seamlessly integrate tech into strategy diversifying revenue streams while boosting traditional sales. Fintech? Consider it a bonus. Comfortable with boards and stakeholders, I’m a goal-driven, creative problem solver and an adept communicator. West Coast-based, but I’m open to relocation or remote work. Ready to transform your organization? Email Chrisman LLC’s Anjelica Nixt today for more details and a game-changing connection.

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

Source: mortgagenewsdaily.com

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Ceiling Defense!

By:
Matthew Graham

Fri, Sep 15 2023, 5:18 PM

Ceiling Defense!

There are two ways to look at today’s weakness in the bond market. On one hand, yields did a great job of holding underneath the 4.34% technical ceiling in 10yr yields despite multiple bounces.  On the other hand, 10yr yields moved quickly up to the 4.34% ceiling and attacked it multiple times.  The first scenario is an optimistic defense.  The second scenario could be viewed as “staging” for a breakout.  Traders likely haven’t determined which scenario they’ll support and are instead waiting to see the lay of the land after next week’s Fed events. 

    • Import Prices
      • 0.5 vs 0.3 f’cast, 0.1 prev
    • NY Fed Manufacturing
      • 1.9 vs -10 f’cast, -19 prev
    • Industrial Production
      • 0.4 vs 0.1 f’cast, 0.7 prev
    • Consumer Sentiment
      • 67.7 vs 69.1 f’cast
      • 1yr inflation expectations down 0.4
      • 5yr inflation expectations down 0.3

09:14 AM

Weaker overnight with Europe, but traders “buying the dip” in bond prices now.  10yr up 2.2bps at 4.308.  MBS down roughly an eighth.

12:00 PM

Slightly weaker into the PM hours.  MBS down about a quarter point.  10yr up 4.4bps at 4.33%

04:24 PM

10yr up 4.2bps at 4.328.  MBS down .25 to .375.  

 Download our mobile app to get alerts for MBS Commentary and streaming MBS and Treasury prices.

Source: mortgagenewsdaily.com

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If you’ve ever had the privilege to experience a taste of la dolce vita in Italy, then you’ll understand the dilemma I am facing; I want to shop for everything. The homes and hotels of Italian tastemakers have well and truly stolen my heart, so I set myself a little challenge to narrow down these trends to just five – five key home decor trends that I would slowly incorporate into my own home. 

You may already be familiar with, or even own, a few of these Italian-influenced designs. See which ones are having a moment below – at least for me – and get inspiration for how to decorate with them in your own space.

decorating with neutrals. One important aspect to consider when decorating with a subtle or muted color palette is to bring in as much texture as possible as it creates interest and layers – important factors when strong room colors are out of the picture. 

Texture in interior design is crucial if you want to create a modern rustic room that is also contemporary yet cozy. Quite simply, without texture, your space will fall flat. It’s vital to look at the room as a whole and bring an area together with mixed materials for energy and warmth.

‘Texture can determine how a modern rustic room looks and feels, so invest in plenty of raw materials alongside natural reclaimed wood, linen, wool – and elements of greenery,’ says homeowner Lauren Meichtry, founder of Elsie Home.

3. Kitchens with character

Tailor-made kitchen by Officine Gullo in Florence

(Image credit: Officine Gullo)

Decorative kitchens, with plenty of personality, are rife in Italy. For many traditional Italian families, the kitchen is truly the heart and soul of the home. 

No matter the era or status of the home, the kitchen was first and foremost a functional space. It is the engine room of the home, the space that keeps everything running smoothly. It is somewhere that meals are prepared and sometimes eaten, as well as being where the essential household tasks are carried out. However, this is only part of its role – it is also the hub of the house. 

Today, the kitchen is a space to commune and spend time with family and friends. The duality of its role means that it is important that the kitchen not only meets your practical needs but is also beautifully decorated, offering a warm welcome to anyone who passes its threshold.

This delightfully bold and bright kitchen in the heart of Florence’s historical center is a visual feast for the senses. Designed by Officine Gullo, the colors have been chosen to harmoniously chime with the architecture and furnishings that define the room.

‘Colourful kitchen ideas have been enjoying rather a renaissance, and we’re seeing brighter colors on walls, cabinets, and even ceilings,’ says Emma Bulmer, head color consultant at Edward Bulmer Natural Paint. ‘The colors and color combinations being used are also becoming more creative and confident.’

4. Patterned tiles

(Image credit: Studio Indigo)

Often featuring a myriad of intricate patterns, original patterned tiles are highly sought after. Globally, Italian manufacturing and innovation dominate the design industry, and tiles are no exception.

More than any other floor and wallcovering, tiles have undergone a renaissance, becoming a design favorite whether used in a new build or to remodel an existing home. While there are plenty of choices for popular neutral tones, the big tile trend is for tiles that feature the dazzling colors and patterns of traditional Moorish and Italian tiles. 

As reclaimed tiles come from all sorts of properties, they often have a unique story attached to them. ‘We source a lot of tiles from junkyards – a good place to start if you only need a few replacement tiles to mix and match,’ says Andy Triplow from The Vintage Floor Tile Company. ‘However, reclamation companies often only stock a handful of tiles and are unable to offer enough for a complete floor, which is why it is good to start collecting early.’ 

5. Lighting with purpose

(Image credit: Natalia Miyar Studio)

No one does innovative and contemporary design quite like some of the world’s best Italian designers. Lighting with purpose, be it sculptural or to highlight a focal point, is a look that the Italians have perfected. 

With their delicate interplay between form and function, all rooms benefit from a well-executed decorative lighting scheme. During my time away, I was taken aback by the creativity on display when it came to choosing light sources. 

Lighting isn’t just about the light. There are many design-led options for your home and backyard, from decorative pendants to wall lights with an extendable arm. Remember that warm white light will create an inviting glow.

‘Homeowners are seeking unique pieces for their homes that create maximum impact,’ says Ian Cameron, creative director at Cameron Design House. ‘From unusual shapes to innovative materials, there is an increased desire from customers looking to be more daring in their design choices. There will be a demand for unusual and eye-catching light pieces that challenge every day and are show-stopping art forms in themselves.’

Shop the Italian-style decor edit

Achieving the Italian dream in your home is easier than you think. I’ve selected my favorite buys for you to shop below. They are already in my basket…

Ines Chair

Astrid Fringe Stool

Velvet Trova Pillow

Marlow Bouclé Curved Sofa

Vienne Wool Striped Ochre Yellow Area Rug

Punyo Side Table

Source: homesandgardens.com

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Country roads, take me home…

When it comes to finding the ideal place to put down roots, West Virginia is a state that often flies under the radar. Offering a singular blend of natural beauty, thriving local economies and rich cultural tapestries make the towns and cities featured below fantastic places to live in West Virginia.

Whether you’re a young professional chasing career opportunities, a family seeking quality education and safe neighborhoods or retirees looking for a peaceful retreat, the Mountain State has something for everyone. Let’s embark on a journey to uncover the unique qualities that make each town below stand out as one of the best places to live in West Virginia.

  • Population: 29,219
  • Average age: 24.2
  • Median household income: $36,991
  • Average commute time: 23.6 minutes
  • Walk score: 59
  • Studio average rent: $442
  • One-bedroom average rent: $750
  • Two-bedroom average rent: $742

Morgantown offers a harmonious blend of college-town energy and Appalachian tranquility. Home to West Virginia University, the town hums with a youthful vibe that infuses everything from its trendy coffee shops to its bustling arts scene. The university acts as a hub, drawing in world-class performances, sporting events and academic conferences. At the same time, its healthcare and biotech industries offer solid employment opportunities, making it a stable place to plant roots and raise a family.

Outdoor enthusiasts will never have a dull weekend here. Morgantown is just a stone’s throw away from the Cheat River, offering a playground for kayakers, anglers and hikers. Morgantown is also famous for its Personal Rapid Transit (PRT) system — an eco-friendly public transportation marvel — that whisks residents and students around town with futuristic flair. Affordable housing options, highly rated schools and an array of eateries serving everything from Appalachian comfort food to global cuisines make Morgantown an appealing choice for people of all ages and backgrounds.

  • Population: 48,018
  • Average age: 42.1
  • Median household income: $54,101
  • Average commute time: 17.1 minutes
  • Walk score: 33
  • Studio average rent: $549
  • One-bedroom average rent: $725
  • Two-bedroom average rent: $784

As the capital city, Charleston secures its spot as one of the best places to live in West Virginia through a compelling mix of political gravitas and natural beauty. It’s where marbled government buildings stand just a short walk from artisan boutiques and casual eateries. The Charleston Coliseum and Convention Center serves as the heartbeat of entertainment in the city, hosting concerts, sporting events and even the annual state dance festival. Job opportunities are abundant here, particularly in healthcare, education and government, making it a prime location for career-driven individuals and families alike.

Even if you’re not into politics or live shows, Charleston knows how to keep its residents engaged. The Kanawha River snakes through the city, providing a waterway for boating or a scenic backdrop for an afternoon jog. An appealing blend of modern amenities and a serene Appalachian setting make Charleston an irresistible place to call home.

  • Population: 46,025
  • Average age: 35.6
  • Median household income: $33,012
  • Average commute time: 17.9 minutes
  • Walk score: 49
  • Studio average rent: $690
  • One-bedroom average rent: $750
  • Two-bedroom average rent: $1,050

Huntington presents an engaging mix of academic excellence and industrial strength. This riverside town is home to Marshall University, an institution that contributes not just educated graduates, but also a youthful energy that permeates the city. You’ll find eclectic shops, buzzing cafes and a range of art galleries, thanks to this infusion of student spirit. Huntington is also a working town with deep roots in manufacturing and healthcare, providing diverse employment prospects for its residents.

Ritter Park is a community favorite, with trails for runners, gardens for botany enthusiasts and playgrounds for the little ones. The Ohio River provides an inviting setting for a variety of water activities, from fishing to boating. On the food front, Huntington surprises with a diverse menu of options that defy its small-town status, offering everything from classic American fare to sushi bars. Top-notch schools and community-centered events like the annual ChiliFest round out Huntington’s appeal as a hometown with both heart and hustle.

  • Population: 26,568
  • Average age: 43.9
  • Median household income: $43,483
  • Average commute time: 18.9 minutes
  • Walk score: 37
  • Studio average rent: $620
  • One-bedroom average rent: $745
  • Two-bedroom average rent: $910

Wheeling stakes its claim as one of the best places to live in West Virginia by elegantly blending its rich history with a dynamic present. As a gateway to the West in the early days of America, this city has a storied past visible in its Victorian architecture and historic sites like the Capitol Theatre, a 1928-built venue that still hosts shows today.

When it comes to recreation, Wheeling doesn’t skimp. The Ohio River offers ample opportunities for boating, fishing and scenic picnics. The Wheeling Heritage Trails system provides miles of well-maintained paths for bikers, runners and anyone looking to enjoy the outdoors. On weekends, residents flock to the Wheeling Artisan Center to shop for local crafts or head to Centre Market to enjoy quality food with a side of live music. With its strong sense of community, excellent school system and plentiful entertainment options, Wheeling is the sort of place that wins you over and convinces you to stay for the long haul.

  • Population: 9,257
  • Average age: 45.2
  • Median household income: $87,936
  • Average commute time: 16.9 minutes
  • Studio average rent: $610
  • One-bedroom average rent: $620
  • Two-bedroom average rent: $740

Bridgeport doesn’t just make the list, it shines brightly as one of the best places to live in West Virginia, thanks to its top-rated schools, booming economy and family-friendly atmosphere. This growing city is a hub for the aerospace and healthcare industries, drawing in professionals and families with its promise of well-paying jobs and a high standard of living. Those eager to ascend the corporate ladder will find companies like Pratt & Whitney and United Hospital Center offering a plethora of career opportunities.

Beyond its corporate and educational accolades, Bridgeport is a town that knows how to kick back and enjoy life. Options for recreation abound, from golf courses that would delight even a PGA pro, to the sprawling Bridgeport City Park with its sports fields, hiking trails and summer concert series. Add to this the appealing mix of dining options — everything from old-school Italian joints to modern farm-to-table experiences — and you’ve got a city that satisfies every palate. Combining a robust economy with a laid-back lifestyle, Bridgeport truly offers the best of both worlds.

  • Population: 18,209
  • Average age: 34.2
  • Median household income: $47,618
  • Average commute time: 24.1 minutes
  • Walk score: 40
  • Studio average rent: $830
  • One-bedroom average rent: $840
  • Two-bedroom average rent: $1,050

If you’re looking for small-town charm with big-city conveniences, Fairmont effortlessly earns its spot as one of the best places to live in West Virginia. Fairmont is a hub for technology and education, serving as the home for Fairmont State University, which not only educates but enriches the community through cultural and sporting events. Job seekers will find a range of opportunities in healthcare, education and technology. But Fairmont doesn’t lean solely on its academic and economic credentials; it also has a thriving arts scene, featuring galleries, theatres and even a symphony orchestra.

Fairmont sits along the Tygart Valley River, providing ample opportunities for fishing, kayaking and enjoying serene waterfront views. The local parks are generously dotted with playgrounds, skate areas and baseball fields, ensuring that families have ample space to spread out and play. Foodies can explore an array of culinary delights, from mouth-watering pepperoni rolls right from the Fairmont bakery where they first came to life — The Country Club Bakery — to upscale dining experiences. Coupled with affordable housing and a strong sense of community, Fairmont proves that you can indeed have it all.

  • Population: 1,494
  • Average age: 21.2
  • Median household income: $53,125
  • Average commute time: 17.2 minutes
  • Studio average rent: $830
  • One-bedroom average rent: $840
  • Two-bedroom average rent: $1,375

Anchored by Shepherd University, Shepherdstown easily ranks as one of the best places to live in West Virginia. As the oldest town in the state, it exudes a sense of timelessness through its cobblestone streets and centuries-old brick buildings. However, the presence of the university injects a youthful energy that manifests in trendy boutiques, indie bookstores and a surprisingly strong arts scene. From live music festivals to theater performances, the town’s cultural calendar is perpetually filled, offering an intellectual and artistic smorgasbord for locals and visitors alike.

But Shepherdstown isn’t just for the intellectually curious or artistically inclined; it also serves up a treasure trove of outdoor adventures. Situated along the Potomac River, kayaking and fishing are practically local pastimes. For outdoorsy types, the C&O Canal National Historical Park provides ample hiking and biking trails to explore. With its low crime rate, strong sense of community and high standard of living, Shepherdstown checks all the boxes for anyone looking for a charming yet modern place to call home.

  • Population: 3,868
  • Average age: 48.6
  • Median household income: $37,875
  • Average commute time: 15.0 minutes
  • Walk score: 73
  • Studio average rent: $630
  • One-bedroom average rent: $900

If you’re a fan of the arts and outdoor beauty, Lewisburg secures its spot as one of the best places to live in West Virginia. This quaint town in the Greenbrier Valley isn’t just a postcard-perfect scene; it’s a thriving cultural hub with a robust calendar of events, ranging from live theater at the Greenbrier Valley Theatre to the annual Lewisburg Literary Festival. Once named the “Coolest Small Town in America”, it’s a place where artists find inspiration, bringing visitors from all over to experience its unique creative ambiance. The town also has excellent schools and healthcare services, making it an ideal place for families and retirees alike.

When the curtain falls and the paint dries, Lewisburg offers a wealth of outdoor adventures to keep you active. Whether you’re an angler tossing lines into the Greenbrier River or a hiker eager to explore the surrounding Appalachian Mountains, there’s something for everyone. With an inviting mix of culture, convenience and the great outdoors, Lewisburg proves you can have sophistication and nature all in one stellar package.

  • Population: 18,835
  • Average age: 38.5
  • Median household income: $45,901
  • Average commute time: 28.8 minutes
  • Walk score: 45
  • Studio average rent: $775
  • One-bedroom average rent: $682
  • Two-bedroom average rent: $1,877

Martinsburg holds its own as one of the best places to live in West Virginia, particularly for those seeking a blend of small-town charm and big-city amenities. Conveniently located along the MARC commuter rail line, it offers easy access to Washington, D.C., making it a perfect base for professionals craving a peaceful retreat without losing the pulse of the city. Job prospects are abundant in healthcare and manufacturing, but the commuting option opens the doors to countless additional opportunities in the nation’s capital.

The nearby Shenandoah and Potomac Rivers are a paradise for fishing, kayaking or lazy scenic floats. For land-based fun, hiking trails offer miles of woodland exploration. Families enjoy quality time at the local parks, where weekend soccer games and barbecues are common scenes. Shopping centers and farmers markets offer everything from fresh produce to artisanal crafts, making errands more of a pleasure than a chore in the Eastern Panhandle of West Virginia.

  • Population: 29,403
  • Average age: 41.8
  • Median household income: $38,960
  • Average commute time: 20.5 minutes
  • Walk score: 46
  • Studio average rent: $625
  • One-bedroom average rent: $700
  • Two-bedroom average rent: $780

Straddling the banks of the Ohio River, Parkersburg defies expectations and proudly stands as one of the best places to live in West Virginia. This city refuses to be boxed into stereotypes, offering a captivating blend of industrial ingenuity and natural beauty. Parkersburg serves as a regional center for the petrochemical industry, providing robust job opportunities, while also boasting an array of museums, historical landmarks and even a wildlife refuge for bald eagles. You get the sense that this city is all about balance, serving as a stable foundation for working professionals, families and everyone in between.

The Ohio River supports boating and fishing, while Parkersburg City Park has a zoo, skate park and swimming pool to keep the entire family entertained. For the culturally inclined, the Smoot Theatre showcases local talent and brings in performances that you’d typically expect in much larger cities.

Downtown features an intriguing mix of antique stores, specialty shops and restaurants that offer everything from farm-fresh West Virginia produce to international delicacies. With low housing costs, excellent schools and a quality healthcare system, Parkersburg presents a compelling argument for anyone seeking an enriched life without the big-city chaos.

There’s a West Virginia apartment waiting for you

As we’ve seen, there’s a wealth of options when it comes to the best places to live in West Virginia. Each town and city offers a unique set of advantages, whether it’s the career opportunities in bustling economic hubs, the familial warmth in close-knit communities or the serene natural landscapes that offer a break from the frenetic pace of modern life.

West Virginia proves that the quest for a balanced life doesn’t require a compromise between economic stability and a high quality of life. The state serves as a microcosm of what’s possible when communities invest in education, infrastructure and cultural enrichment, making any of these towns not just a place to live, but a place to thrive.

Source: rent.com

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Today is the 15th anniversary of the collapse of Lehman Brothers. The great financial crisis (GFC) revealed a defective supply chain, metrics unable to assess local risk and markets incapable of answering Ben Bernanke’s defining question – “what’s this stuff worth?”

The requirements of a Digital Housing Platform were well understood long before the crisis.  The components needed to move housing past a costly, error prone, disconnected system include:

  • Authentication: Identity is the key control point in any digital interaction. The capability to “identity proof” the participants in a complex, multi-party transaction is fundamental to establishing trust, reducing fraud and removing friction between “relying parties.” The capability to authenticate, issue and revoke digital credentials is central to controlling access, verifying rights and accepting content from supply chain partners.
  • Authorization: A digital loan file of record accessed by a broad range of trusted identities from lenders to guarantors to investors requires a permission structure. What functions are individuals and organizations allowed to perform including viewing, editing, printing, exporting and approving? The capability to enforce these rights can eliminate errors and rework. The result should be collapsing costs and cycle times, improving quality, reducing repurchase risk and certifying that a loan, and its related assets are “Fit 4 Sale.”
  • Non-Repudiation: E-sign became federal law in 2000 but digital signatures are only a subset of the integrity component. Investors require assurance that a file, note or instrument reflects the verifiable intentions of the committed parties. Sensitive content must be protected in motion over networks and at rest within repositories. Technologies like encryption help deliver certainty that content has not been tampered with.
  • Validation: Mortgage is a manufacturing process with end products dependent on accurate information. Data is imported from multiple sources including credit agencies, public records aggregators, appraisers, inspectors, title and insurance firms and Realtors.  How do we know that the data is correct, can the source be verified, does it meet quality standards and can compliance with pricing guidelines be guaranteed?
  • Federation: Integrating the fragmented, localized and diverse housing ecosystem is the major challenge for any network delivering content from trusted sources. Standard agreements define shared responsibilities and what happens when mistakes happen.  These policy considerations, enforced by technology and legal conventions, are required for interoperability among supply chains and between competing “Super Apps.”  
  • Registration: A golden record of who owns the asset is a prerequisite for any commercial trading system. Improving the ability of MERS to verify and transfer ownership required capital, time and technology. Extending the registration component to county recording offices was another platform foundation.
  • Transactions: Platforms are “plug and play” once federated policies are widely implemented. Matching and clearing trades in open exchanges for multiple asset classes is a core ICE capability. The Ellie Mae component provided a critical mass of connections to begin the process of reinventing the property transaction. 
  • Compensation: Payments reveal the end points of the ad-hoc networks that characterize real estate. A servicing system that touches the consumer every month can be extended to all the participants in the original transaction. As every consumer facing commercial platform will attest — payments are the prize.
  • Information: Listings are on platform and new metrics will assess the risk, value and volatility of submarkets.
  • Integration: The sector reimagines portals, anchors federations, converges markets and makes money.

The DC3 platform launched in 1937 featured five components that had to be invented to make commercial air travel possible. Apple’s iPhone integrated 12 new components in 2007, and its reach has been extended to multiple vertical markets including banking. Housing finally has a Digital Platform that can attack several hard problems. What’s next?

Stuart McFarland is the former EVP Operations and CFO at Fannie Mae, EVP General Manager at GE Capital Mortgage Services, and CEO at GE Capital Asset Management.

This column does not necessarily reflect the opinion of HousingWire’s editorial department and its owners.

To contact the author of this story:
Stuart McFarland at [email protected]

To contact the editor responsible for this story:
Tracey Velt at [email protected]

Source: housingwire.com

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Arkansas has far more to offer than just stunning landscapes and southern charm.

If you’re contemplating making a move, you may be curious about the best places to live in Arkansas. From bustling cities steeped in history to quaint towns with thriving education and tech industries, Arkansas is a state of opportunity.

Whether you’re seeking an outdoor playground, a cultural hub or a community where you can climb the corporate ladder, this guide will provide insights into what makes each location unique, ultimately helping you decide the best place to live in The Natural State.

  • Population: 95,230
  • Average age: 27.7
  • Median household income: $52,111
  • Average commute time: 19.5 minutes
  • Walk score: 32
  • Studio average rent: $1,080
  • One-bedroom average rent: $885
  • Two-bedroom average rent: $960

As the third-largest city in the state and home to the University of Arkansas, Fayetteville presents an inviting mix of small-town charm and big-city amenities. Razorback football games turn the entire community into a sea of red, while the Fayetteville Farmers Market provides a weekly display of local produce and crafts that showcases the area’s natural bounty.

The city isn’t all about sports and farming, though. Fayetteville also has a flourishing arts scene, complete with galleries, theaters and live music venues.

Fayetteville takes quality of life seriously, with an array of parks, trails and green spaces helping the city earn a reputation as one of the most outdoor-friendly cities in the South. The Ozark Mountains provide a scenic backdrop for hiking, biking, and outdoor exploration, while the city itself is highly walkable with an efficient public transit system. Affordable housing and excellent public schools make it an ideal place for families, and the diverse job market — which includes industries like healthcare, education and technology — draws skilled professionals from a wide range of fields.

  • Population: 56,734
  • Average age: 32
  • Median household income: $89,653
  • Average commute time: 16.6 minutes
  • Walk score: 24
  • Studio average rent: $1,292
  • One-bedroom average rent: $980
  • Two-bedroom average rent: $1,795

Often cited among the top places to live in Arkansas, Bentonville is more than just the corporate headquarters of Walmart. It’s a hub of innovation, culture and outdoor adventure. With its unique position at the crossroads of business and leisure, the city offers a lifestyle that caters to seasoned professionals and young families alike.

Downtown Bentonville is a hive of activity with an eclectic mix of coffee shops, gourmet restaurants and boutique stores. For those who appreciate art, the Crystal Bridges Museum of American Art is a major draw, showcasing works from the Colonial period to the present day.

Bentonville has something for outdoorsy types, too. The city is a great spot for mountain bikers, thanks to an extensive network of trails that range from beginner to expert levels. Families can take advantage of many parks and open spaces, and Lake Bella Vista is a scenic locale for kayaking, fishing and soaking up the Northwest Arkansas sun.

For daily errands and essentials, the town has plenty of convenient shopping options, many of which are located within a short drive. The highly rated public school system and low crime rates add to the city’s appeal, making Bentonville not just a great place to work, but a fantastic place to call home in Arkansas.

  • Population: 201,998
  • Average age: 36.5
  • Median household income: $56,928
  • Average commute time: 23.1 minutes
  • Walk score: 33
  • Studio average rent: $1,170
  • One-bedroom average rent: $864
  • Two-bedroom average rent: $892

Little Rock, the capital city of Arkansas, consistently ranks among the premier spots in Arkansas for good reason. This metropolitan area offers a compelling mix of historical landmarks, cultural events and economic opportunities.

The city’s River Market District is a lively area filled with artisanal shops, eateries and bustling farmers markets, setting the stage for a solid social scene. Add to that a healthy selection of museums, including the William J. Clinton Presidential Library, and you have a city that is historically rooted and forward-thinking.

For everyday living, Little Rock delivers a variety of essentials. Education options abound, from a multitude of public and private schools to institutions of higher learning like the University of Arkansas at Little Rock. Health and wellness are prioritized, with a network of hospitals and clinics offering top-notch medical care. Outdoor enthusiasts will appreciate the city’s proximity to the Arkansas River and Pinnacle Mountain State Park. Meanwhile, job opportunities healthcare, education and government make Little Rock an appealing destination for folks from all walks of life.

  • Population: 71,112
  • Average age: 33
  • Median household income: $65,511
  • Average commute time: 16.4 minutes
  • Walk score: 20
  • Studio average rent: $1,251
  • One-bedroom average rent: $1,388
  • Two-bedroom average rent: $1,837

Easily among the best places to live in Arkansas, Rogers offers a distinctive blend of old and new. Once a sleepy town, Rogers has evolved into a thriving community that has maintained its charm while embracing growth and development. Historic Downtown Rogers takes you on a journey back in time with its well-preserved architecture, antique shops and charming cafes, while the modern Pinnacle Hills area delivers a more contemporary shopping and dining experience. For fans of live performances, the Walmart AMP hosts a ton of concerts and events throughout the year.

Rogers is home to one of the largest public school districts in the state, providing a range of education options for families. If you’re into outdoor activities, Beaver Lake offers a scenic getaway for boating, fishing and camping. The city is also favorable for business, as it serves as the headquarters for multiple corporations, providing a ton of job opportunities in various industries. Low crime rates, affordable housing and a healthy offering of convenient community amenities make Rogers an appealing choice for anyone contemplating a move to Arkansas.

  • Population: 38,114
  • Average age: 43.6
  • Median household income: $42,718
  • Average commute time: 21.3 minutes
  • Walk score: 31
  • Studio average rent: $450
  • One-bedroom average rent: $600
  • Two-bedroom average rent: $575

Undoubtedly a contender for the title of one of the most enviable places to live in Arkansas, Hot Springs lives up to its name with its famous thermal baths, offering residents and visitors alike a unique place to relax and unwind. But the allure of Hot Springs goes well beyond its therapeutic waters. The city is steeped in history, from the Bathhouse Row with its neoclassical architecture to the Gangster Museum that delves into the city’s colorful past. Even sports enthusiasts have something to cheer for here; the Oaklawn Racing Casino Resort is a significant hotspot for horse racing aficionados.

Hot Springs is home to a range of public and private schools. With the Ouachita Mountains providing a breathtaking backdrop, outdoorsy people can easily enjoy activities like hiking, boating and fishing. Health services are accessible and reliable, bolstered by a number of hospitals and clinics. Job opportunities in healthcare, tourism and retail offer a varied employment landscape, making Hot Springs not just a great place to visit for its healing waters but a well-rounded Arkansas community to call home.

  • Population: 65,121
  • Average age: 29.5
  • Median household income: $48,104
  • Average commute time: 21.1 minutes
  • Walk score: 25
  • One-bedroom average rent: $775
  • Two-bedroom average rent: $950

Conway has been gaining attention as one of the best places to live in Arkansas, especially for those who are looking for an educational and cultural hub. Often referred to as the “City of Colleges,” Conway is home to three higher education institutions: the University of Central Arkansas, Hendrix College and Central Baptist College. This influx of students enriches the city’s cultural fabric, bringing a youthful energy and academic flair that sets the city apart. Conway has a burgeoning tech industry too, earning it the nickname Silicon Prairie, as it becomes an increasingly attractive place for startups and tech companies.

Conway is known for its excellent public school system, giving parents plenty of educational choices for their children. Nature lovers will enjoy the proximity to natural wonders like Lake Conway and Cadron Settlement Park. Retail is abundant, with shops ranging from big-box stores to locally owned boutiques. Given its low cost of living and job opportunities in education, technology and healthcare, Conway stands out as a compelling option for anyone considering making Arkansas their home.

  • Population: 79,324
  • Average age: 34
  • Median household income: $48,901
  • Average commute time: 17.9 minutes
  • Walk score: 23
  • Studio average rent: $1,150
  • One-bedroom average rent: $930
  • Two-bedroom average rent: $815

Positioned as a rising star among the best places to live in Arkansas, Jonesboro combines the amenities of a larger city with the friendliness of a smaller town. As the home of Arkansas State University, Jonesboro has a youthful energy that influences everything from its lively arts scene to its sports culture.

While the university acts as a beacon for educational culture, it’s also a significant employer in the area. Additionally, the city’s Downtown is an ever-evolving space featuring a variety of restaurants, shops and entertainment venues, all contributing to a strong community.

In Jonesboro, families will find a diverse range of public and private school options, while healthcare services are robust, anchored by the NEA Baptist Medical Campus. Outdoor aficionados will appreciate Craighead Forest Park, which offers miles of trails, a lake and multiple playgrounds for both two-legged and four-legged family members. Employment opportunities span education, healthcare and manufacturing and the city’s relatively low cost of living makes it an attractive destination for professionals and families alike.

  • Population: 87,609
  • Average age: 31.8
  • Median household income: $56,144
  • Average commute time: 19.4 minutes
  • Walk score: 27
  • Studio average rent: $1,075
  • One-bedroom average rent: $1,259
  • Two-bedroom average rent: $1,259

Springdale is a city that surprises with its mix of industrial prowess and natural beauty. Known primarily as the headquarters for Tyson Foods, the city is a powerhouse in the poultry industry, offering a range of job opportunities. But there’s more to Springdale than chickens and commerce. Arvest Ballpark serves as the home of the Northwest Arkansas Naturals, bringing Minor League baseball excitement to the community.

Springdale boasts a wide range of academic options thanks to its expansive public school system and private schools. Public services are robust, including a network of libraries and parks. Har-Ber Lake and Lake Elmdale provide local options for some of the best fishing in the state. Healthcare facilities are highly rated and the city’s diverse retail and dining options mean residents don’t have to venture far for shopping or a good meal.

  • Population: 23,098
  • Average age: 28.8
  • Median household income: $41,753
  • Average commute time: 23.4 minutes
  • Walk score: 36
  • Studio average rent: $600
  • One-bedroom average rent: $800
  • Two-bedroom average rent: $750

As the home to Harding University, Searcy boasts an atmosphere of intellectual curiosity and cultural enrichment. The university brings a ton of events and activities to the town, ranging from music concerts to academic lectures. The historic downtown area features a variety of boutique shops and local restaurants, making it a charming spot for an afternoon stroll or a dinner for two.

In Searcy, outdoor activities are easily accessible, with the Little Red River providing opportunities for fishing and water sports. Health services are robust, with the White County Medical Center serving as a reliable healthcare provider for the community. Add to this a diverse job market that includes sectors like healthcare, education and retail, and it becomes evident why Searcy is a prime destination for anyone contemplating life in Arkansas.

  • Population: 89,576
  • Average age: 36.7
  • Median household income: $48,033
  • Average commute time: 16.6 minutes
  • Walk score: 35
  • Studio average rent: $595
  • One-bedroom average rent: $630
  • Two-bedroom average rent: $775

Fort Smith holds a unique position as one of the most desirable places to live in Arkansas, serving as a gateway to both the South and the Midwest. The city’s rich history is evident everywhere, from the 19th-century military post at Fort Smith National Historic Site to the time-worn tracks of the trolley at the Fort Smith Trolley Museum. Alongside this homage to the past, Fort Smith is also very much with the times, with the Unexpected Art Project turning downtown buildings into large-scale canvases for international artists.

In Fort Smith, education is a strong suit, with the University of Arkansas at Fort Smith providing a hub for higher education, and a range of public and private K-12 schools offering quality options for families. Employment opportunities are a mixed bag, spanning the healthcare, manufacturing and retail industries. The city is also blessed with natural beauty, with the Arkansas River and the Ozark Mountains providing ample opportunities for outdoor activities.

Your Arkansas apartment awaits

Choosing the right spot to call home can be a challenging endeavor, but hopefully, this guide to the best places to live in Arkansas has given you a head start on your search. Each city or town offers its own unique advantages, from educational opportunities and career prospects to outdoor activities and cultural enrichment.

Whether you’re a tech-savvy professional, a family looking for excellent schools or an outdoor enthusiast eager for your next adventure, Arkansas has a place that can cater to your lifestyle and aspirations. Consider what aspects are most important to you, and you’re sure to find a community in the Natural State that feels like home.

Source: rent.com

Apache is functioning normally

Most tech CEOs emphasize how their technology empowers, not replaces, humans. But Pavan Agarwal, CEO of Sun West Mortgage Company and the creator of the Angel Ai technology, has a different perspective, which he shares in this interview with HousingWire Editor in Chief Sarah Wheeler. This interview has been edited for length and clarity.

Sarah Wheeler: What do people in the mortgage industry not understand about AI?

Pavan Agarwal: I think the mortgage industry is captivated by ChatGPT. That’s a good thing: I love ChatGPT because it raised awareness. Before, when you said AI, people thought you were talking about futuristic stuff, pie in the sky. Then ChatGPT came out and people realized AI is real and it’s here today.

But the mortgage industry and the real estate industry have kind of equated AI with ChatGPT. So there’s this assumption that ChatGPT is cute, it’s nice — it’s helpful for a marketing team. But high value? No.

High value is what we’re doing with Angel Ai: really calculating income, really reviewing documents, really running through tens of thousands of pages of federal and agency regulations and finding the best path. The creation of ChatGPT is revolutionary from a tech standpoint, but its application has been incremental.  

However, on our side, what we’ve developed is fundamentally disruptive. Because 99% of what is done by humans in the mortgage industry, it does automatically.

SW: At which points are humans involved in the mortgage process at Sun West?

PA: We have humans helping in three steps of the process. The first is our Angelistas — the humans who get on the phone and call consumers. The second is when documents are scanned and the data is scrubbed off the documents, we have humans double check it, to make sure there’s no mistakes. And then a third human layer is when the AI is analyzing the rule or analyzing the request, and its confidence level isn’t high enough to issue a final answer, then it automatically loops in a human to make the decision.

And that’s really important, because remember, I put my money behind Angel Ai, so if we let loans go through with a low confidence level, then I’ve got a big problem on my hands — I’m going to have lots of loans on my balance sheet and that’s not good for business.

Increasing the confidence level speaks to the speed that we’ve been solving this and getting better at it. And as you get more and more answers, less and less human review is needed. There’s a lot of intermediate steps for any request I put in AI — it doesn’t just say one answer, it makes a series of decisions along the way to finally get to that answer.

If any one of those decisions has a low confidence score, then a human has to be involved. But just looking at the process we have in place today, we’ve really reduced the amount of human touchpoints.

SW: Most other companies talk about leveraging automation or AI to enhance the work of humans, but it sounds like you have a different goal.

PA: The goal is complete robotic manufacturing. That’s how every other product that you use is manufactured, from your cell phone to your automobile. It’s like the new Tesla with the Giga Press: it’s just press one button and the car squeezes out. And AI can deliver that.

We have hardly any people, and the people we do have are massively scalable. We have people reviewing documents to make sure that the OCR is correct. How much training did that take versus the training to have an experienced underwriter? So when I say this is disruptive, this is why. Because, let’s say, even if my headcount is the same as the headcount of another mortgage company — it isn’t just about headcount, it’s the skill level of the people.

As an example, these are not real numbers, but if a company had 10 DE underwriters, and I have one DE underwriter and nine administrative people double-checking data, which one do you think is more scalable, more resilient and more profitable?

When mortgage rates finally drop and the mortgage business turns around, what happens when you need 10 underwriters again? Remember, back in COVID companies were paying huge signing bonuses to underwriters and mortgage loan processors? With our AI, when the next mortgage wave comes, we’ve got the solution. We basically have a Giga Press for mortgages: You can stamp out as many loans as you want.

SW: How do people in the mortgage industry react when you talk about manufacturing loans like this?

AP: People do get upset. But the median age of homebuyers is like 30 and the median age of loan officers is like 55. And loan officers are getting older every year while homebuyers are staying the same or getting younger, so the gap is expanding. And these young whippersnappers, they want everything fast and reliable. They just don’t understand why everything else in life works one way but not real estate. And this is the real market I’m after:  the loan officers and industry professionals who understand that.

SW: So do you think there’s going to be a day when there will be no more loan officers?

PA: No, I think there will be a day when there will be no more loan officers the way they are today, and that is already here. Our loan officers spend very little time, if at all, in the manufacturing process and they spend all their time sourcing business.

SW: How does that change who you hire for your loan officers?

PA: Well the challenge here is that the last 10 years in this business were amazing and you didn’t really have to source. And most loan officers that are here today came into this over the last 10 years, so they’re not used to sourcing. Sourcing used to be normal! Loan officers didn’t want to get involved in the manufacturing — they wanted to source because that’s how they made money. We were a sourcing industry. Back then the manufacturing was done by hand by a team who supported the loan officers, but now we can do it with AI.

SW: You have this mortgage company, Sun West Mortgage Company, and you also have this tech component, Angel Ai. Which way is the future for you: mortgage or tech?

PA: Fundamentally, I’m a tech guy. In life, you have things that you need to do and then things that you want to do. And I’ve been able to thread this needle so beautifully that I can do both. I need to run a mortgage company and I want to build amazing technology that can help everyone. And I’ve been able to leverage the mortgage company to do that. Because it’s the best testing ground and development R&D ground.

SW: You developed Angel Ai for Sun West but now you’ve made it available to your competitors. How does that work?

PA: I don’t have to win by someone else losing — there is plenty of business out there, even in a market like this.

There’s definitely an advantage that we [Sun West] have, because we understand the tech at a level that no one else does. But there’s also a disadvantage relative to other lenders because we have a tech culture, so this is not the place for everyone.

For example, there are some brokers we just can’t work with because they refuse to chat with the AI, they want to talk to a person all the time. Of course, we have senior VPs who have decision authority that are happy to talk to you, but we’re not going to be there to visit you at your office at a moment’s notice. We’re not staffed to wine and dine you, romancing you like other account executives are doing.

SW: 10 years from now when we look back at this moment, do you think this will be the inflection point for AI?

PA: Yes, I think the combination of market conditions and AI tech, and then this generation gap in the originators versus customers — those three are a perfect storm. They are a forest fire and today’s redwoods are gonna get slashed and burned and new seedlings are going to be the next forest. And you can already see it — I’m talking to lenders, brokers, originators who right now have this new generation mindset. They understand what 20-somethings want, and they don’t want to talk to their bankers on the phone, and yet we see brokers who don’t want to talk to AI, they can’t do business unless they talk to someone. Yet their customers, that they want to win over, don’t want to talk to them that way.  

Source: housingwire.com