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MSR Execution, VOI, Post-Closing Audit, Client Acquisition Tools; May Training and Events

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MSR Execution, VOI, Post-Closing Audit, Client Acquisition Tools; May Training and Events

By:
Rob Chrisman

Thu, Apr 18 2024, 11:12 AM

What loan officer hasn’t had a memorable co-signing experience? Some more so than others. Along those lines, if you head to Disneyland or Disneyworld, and find bone chips or ashes on the floor of your favorite ride, it is probably not an accident. Nor is eking out a gain, or at least breaking even, in residential lending an accident. At the Great River Conference in Memphis, much of the information being presented is about how to do things more efficiently. And for good reason, as the MBA’s calculations for IMBs and mortgage subsidiaries of chartered banks last showed that total loan production expenses (commissions, compensation, occupancy, equipment, and other production expenses and corporate allocations) increased to $12,485 per loan in the fourth quarter. On the income side of things, borrowers who obtained adjustable-rate mortgage loans (ARMs, for lack of a better acronym) 3 or 5 or 7 years ago have popped up on LO screens for refinances, and you can bet that the companies who own that servicing are all over those borrowers “like hounds on a meat wagon.” (Found here, this week’s podcasts are sponsored by Optimal Blue. OB’s smart solutions automate critical functions like pricing, hedging, trading, and social media. More originators and investors rely upon Optimal Blue’s integrated solutions, data, and connections to support their unique business strategies, no matter how complex. Hear an interview with Optimal Blue’s Mike Vough on refining margin management to improve loan profitability and reduce risk.)

Lender and Broker Products, Software, and Services

For many non-QM lenders, real estate investors make up nearly half of their pipeline. Despite stubbornly high interest rates and low inventory, these borrowers continue to transact in this market, opening up an opportunity for lenders to capture this business. However, capturing this business with traditional marketing and sales efforts is not easy. Unless you have Privy. With Privy, you can now automate real estate investor and borrower acquisition and retention. With just a click of a button, borrowers are able to engage with you at any stage of the transaction process, from just browsing to ready to transact. Let effective technology help drive your DSCR, asset depletion, and fix and flip loan volume. Contact Brad Bieber (803-730-5032) to learn more about Privy’s Enterprise Solutions.

A 30-minute meeting with Planet Home Lending’s Correspondent sales team at the MBA Secondary & Capital Markets Conference could be the catalyst for a year-round boost in your business. Join us in the Gotham III Ballroom at the InterContinental New York Times Square. Don’t wait: secure your spot now before they’re all booked! Get in touch with your Regional Sales Manager or SVP Correspondent Sales, Jim Loving (414-270-0027) to explore our continually refined product lineup spanning vanilla to niche products all tailored to your unique needs: Best effort, mandatory AOT, delegated, or non-delegated.

“Regional Credit Union Attributes Successful Audit Process to QC Ally Partnership! In a world where integrity is everything, QC Ally prides itself on building a foundation of trust with each client partner. Recently, we sat down with Bill James, Chief Risk Officer at Marine Credit Union, to discuss how QC Ally helped them achieve a formalized, unbiased pre-fund and post-close audit process with custom loan sampling. As Bill put it, ‘We’ve been very happy with QC Ally. We stacked QC Ally up against very strong competition, and they really won hands down. The service levels you provide and your own staff with very deep, rich experience are unmatched.’ Learn more here.”

As certain wines age, their tannins bind together in a process called polymerization, creating a smoother, rounder flavor that’s more desirable, and, often, more valuable, than when first vinted. Are your mortgage technology partners improving like fine wine? That’s been the experience of Lake Michigan Credit Union, which just shared new success metrics regarding its use of income and employment verification from Argyle. It’s been about a year since LMCU switched to Argyle for VOIE, and the credit union can now quantify its time and cost savings at a whopping 3 weeks and $100 per closed loan. Read the updated case study findings here.

Mortgage Capital Trading, the de facto leader in innovative mortgage capital markets technology, introduces a game-changing best execution technology for MSR retain and release decisions all in one platform. With this groundbreaking development, MCT’s Enhanced Best Execution (EBX) solution emerges as a real-time bridge between MCTlive! (live whole loan/SRP execution) and MSRlive! (loan level MSR valuation), revolutionizing the landscape of best execution strategies in the mortgage industry. MCT clients now have accurate insight into how loans are trading and what investors are paying along with the intrinsic servicing value to enhance the retained vs. released decisioning process. What was once a manual, time-consuming exercise is now completely automated with EBX, making all of the essential execution data elements accessible with the click of a button. Read the latest press release or join MCT’s upcoming webinar to learn more about their latest innovation.

Events and Training

A good place for longer term conference planning is to start is here, and click on “Conference List” for in-person events in the future. Yes, there’s plenty ahead in April, but I thought for travel planning purposes it would be to glance ahead to May as vendors and lenders take a critical look at travel & entertainment budgets.

National MI University’s May Webinars: Leading With Style ​​with Andrew Oxley – May 7th at 2pm ET. Income Analysis for Conventional Loans with Marianne Collins – May 9th at 1pm ET.

How to Make Accountability Cool and KPIs Fun Again ​​​​​with Dr. Bruce Lund – May 14th at 2pm ET. Screen Savvy: Mastering Virtual Influence for Lenders with Julie Hansen – May 15th at 2pm ET. Understanding the Personalities of Your Clients and Partners ​​​​​with Rebecca Lorenz – May 16th at 1pm ET. Your Event Playbook to Network and Form Referral Partnerships with Kendra Lee – May 21st at 1pm ET.

Great things are happening around the 2024 Fair Lending Forum, April 29 – May 1 in Charlotte, NC! Asurity is thrilled to announce that Josh Stein, North Carolina Attorney General, will be joining us! He will share his perspectives on fair lending during a fireside chat with our Founder and CEO, Andy Sandler titled The Role of State Attorney Generals in Fair Lending Enforcement. Other prominent speakers are Bob Broeksmit, President and CEO of MBA; Lindsey Johnson, President and CEO of CBA: Grovetta Gardineer, Sr. Deputy Comptroller for Bank Supervision Policy, OCC; Ben Olson, Senior Associate Director for Consumer Protection & Supervision, FRB; Varda Hussain, Principal Deputy Chief for Fair Lending in the Civil Rights Division, Housing and Civil Enforcement Section, DOJ; and Frank Vespa-Papaleo, Principal Deputy Director of Fair Lending, CFPB. Register at www.fairlendingforum.com.

If you’re in Minnesota on May 1st, 10:00am – 12:00pm and a Loan Originator, are you interested in creating and building strong realtor relationships? If so, register and attend the “Mastering the Realtor Referral Relationship” presented by Steven Ross, Author of Doors Open When You Knock.

Join Northern Michigan Luncheon, Tuesday, May 2, 11:30 AM – 1:00 PM at Silver Spruce Brewing Company, to hear from a panel of VA Loan Experts and they dive into the specifics of this loan type, any changes that are coming on VA loans and much more. They’ll also be discussing the pending NAR settlement, and what changes that brings to VA loans, sales, and associated realtor fees.

Don’t miss this opportunity to connect with industry peers, gain valuable insights, and elevate your mortgage business. Attend the MMBBA Annual Conference on Thursday, May 2, 10 a.m. to 4 p.m. in Queenstown.

The Maryland Mortgage Bankers and Brokers Association Annual Conference is scheduled for Thursday, May 2, 10 a.m. to 4 p.m. in the picturesque setting of Queenstown, MD. Featuring speaker, Edward Seiler, PhD, Executive Director of the Research Institute for Housing America and Associate VP of Housing Economics at the Mortgage Bankers Association. Edward will provide invaluable insights into the housing market and economic trends.

This year’s OMBA Annual Convention will delve deep into the dynamics of the mortgage industry and explore the current market trends. Whether you’re a seasoned professional or just stepping into the mortgage world, this event on Monday, May 6 – Tuesday, May 7 promises valuable insights to navigate the industry’s landscape.

The AEI Housing Center will host five convenings in the week of May 6 in Denver, Colorado; San Francisco, California; Los Angeles, California; Orange County, California; and San Diego, California. These convenings will share insights on using light-touch density (LTD), also known as middle housing, to craft solutions to America’s growing housing supply crisis. Registration is free. Los Angeles is the only location that will offer a livestream.

Register for NALHFA Annual Conference 2024, May 1-4 in Las Vegas. Experience education and connection at NALHFA 2024 with an Affordable Housing Bus Tour, Women in Finance Luncheon & Roundtable, Speaker Sessions, and Networking Opportunities.

Register for the Maryland Mortgage Bankers and Brokers Association Annual Conference, scheduled for Thursday, May 2nd, 10 a.m. to 4 p.m. in the picturesque setting of Queenstown. This year’s conference will delve deep into the dynamics of the mortgage industry and explore the current market trends. Whether you’re a seasoned professional or just stepping into the mortgage world, this event promises valuable insights to navigate the industry’s landscape.

In Birmingham, the MBA of Alabama will host its 38th Annual Convention on May 7 & 8.

Registration is open for ACUMA’s FOCALpoint workshops – Join ACUMA in Nashville May 9-10 or Denver June 11-12! Same amazing topics and content in each location – just pick the best city for you! The two-day subject-intensive workshops take deep dives into critical issues affecting the credit union mortgage lending industry. Sign up today! Register here for ACUMA workshops.

The MBA Georgia (MBAG) Conference is coming on May 12-15 at the One Ocean Resort, 1 Ocean Blvd, Atlantic Beach, Florida! For registration visit here.

The Single-Family Housing Guaranteed Loan Program (SFHGLP) Servicing Office in St. Louis, MO announced free, in-person training to lending partners, May 13-17 at the Charles F. Prevedel Federal Building. The training will offer multiple sessions to provide technical training on Loss Claims, Loss Mitigation, and Lender Reporting. USDA will not charge a registration fee. Attendees are responsible for all travel costs. USDA will not be blocking hotel rooms. Attendees may search for hotel accommodations near the training facility located at 9700 Page Ave, St. Louis MO 63132.

Capital Markets

A day after Fed Chair Powell threw cold water on expectations for rate cuts this year by admitting progress against inflation has stalled, Treasury and mortgage security prices rallied yesterday, dropping rates some, aided by excellent demand at a $13 billion 20-year Treasury bond reopening. Remember, even “a dead cat bounces.” There is some chatter out there that Fed Chair Powell’s tonal pivot last year is partly to blame for the lack of recent progress against inflation. Futures are now pricing in a maximum of two 25-basis point rate hikes in 2024, a far cry from the nearly 150-basis points of easing that fed fund futures had anticipated at the beginning of the year.

There was no top-tier data of note yesterday, but the Fed did release its April Beige Book, which noted that the economy has expanded at a slight pace since February. “Price increases were modest, on average,” it said. 10 of the 12 Federal Reserve Districts reported slight or modest growth while two reported no change. Consumer spending edged up slightly, though discretionary spending was pressured in some Districts. Tourism increased modestly but varied widely across the 12 Districts. Residential construction grew a little while nonresidential construction was flat. Employment rose at a slight pace while prices grew modestly, maintaining the pace seen in the last report.

We also learned that single-family home prices increased 7.4 percent from Q1 2023 to Q1 2024, up from the previous quarter’s revised annual growth rate of 6.6 percent, according to Fannie Mae’s latest Home Price Index reading. The national repeat-transaction home price index measures the average, quarterly price change for all single-family properties in the U.S., excluding condos. On a quarterly basis, home prices rose a seasonally adjusted 1.7 percent in Q1 2024, essentially the same as the growth in Q4 2023. On a non-seasonally adjusted basis, home prices also increased by 1.7 percent in Q1 2024.

Today’s economic calendar began with weekly jobless claims (212k, +1k from the prior week, continuing claims 1.812 million, so the labor market continues to do just fine) and Philadelphia Fed manufacturing (15.5, way up!). I did see an interesting report in Bloomberg yesterday that indicated cracks in a U.S. labor market that has been near historic strength for much of the past two years are forming. In five states (CA, CT, NV, NJ, WA), the ratio of jobless people per opening is one or more. Meanwhile Arizona and New York are nearing parity with a rate of 0.9, according to February data from the U.S. Bureau of Labor Statistics.

Later today brings March existing home sales and leading indicators, Freddie Mac’s Primary Mortgage Market Survey, and (once again) remarks from multiple Fed speakers. It’s also a busy day for the Treasury, which will both announce month-end supply consisting of $69 billion 2-year, $70 billion 5-year, $44 billion 7-year notes, and $32 billion 2-year FRNs and auction $23 billion 5-year TIPS. After the initial jobless claim’s news, we begin the day with Agency MBS prices marginally worse than Wednesday evening, the 10-year yielding 4.61 after closing yesterday at 4.59 percent, and the 2-year is at 4.95.

Employment

“TAYGO INC. presents an enticing new opportunity for a SaaS Sales Representative! This pivotal role is instrumental in propelling the success of TAYGOTM through selling our SaaS solutions to prospective clients. The key focus is comprehending the requirements and challenges of mortgage lenders (as well as mortgage brokers) and adeptly showcasing how our products, WEB-GOTM and RIN-GOTM, can optimize their operations and business performance. You must have a strong understanding of CRM products, their features, and the mortgage industry. You must effectively engage with prospects to understand their needs. You must also carefully monitor existing clients’ activities to identify upsell opportunities. You must have exceptional communication skills for online demos and meetings, cold or warm calls and emails. Your expertise, patience, and ability to build and maintain strong customer relationships will be vital in achieving our sales goals and ensuring customer satisfaction. Please send your resume to us.”

“Citizens has a proven track record of successfully navigating challenging market conditions while our capital, liquidity and funding positions remain strong. Retail loan officers need a diverse product mix, reliable operations, and seasoned leadership to rely on to be able to win. With great pay and generous benefits, along with strong digital tools to help you get the job done, Citizens is looking for talented loan officers in the Northeast, MidAtlantic, Midwest and Florida. Our deep product mix allows loan officers to serve many different customer needs, from affordable loan programs such as HomeReady to a best-in-class one-time close construction-to-permanent product, we have what you need to succeed. Citizens’ recent launch of Freddie Mac’s LPA enhances our vast product journey, driving a more personalized and customer-centric experience. Our specialty programs such as condo/co-op financing, along with an amazing Private Wealth discount value proposition for high net worth banking clients, ensure you have all the tools to win. We know a positive customer experience begins with loan origination but doesn’t end there. Recently the Citizens Mortgage Servicing Team received the prestigious ICE Innovation Award for Best Use of Data to Drive Automation, resulting in a 10 percent increase in our customer satisfaction scores. To learn more about how to join our team contact Carl Minott or visit here.”

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Source: mortgagenewsdaily.com

Mortgage interest rates on the 15-year and 30-year mortgages are down from last week, Freddie Mac reported.

“The 30-year fixed-rate mortgage decreased again this week, with declines totaling almost a quarter of a percent in two weeks’ time,” Freddie Mac Chief Economist Sam Khater said.

For 30-year, fixed-rate mortgages, the average interest rate was 6.74% this week, a decent drop from last week when rates averaged 6.88%. Rates aren’t down quite as much as last year when they were 6.6%, on average.

Additionally, 15-year mortgages averaged 6.16%, down slightly from last week when they averaged 6.22%. These mortgages also aren’t as low as last year when they averaged 5.9%.

“Despite the recent dip, mortgage rates remain high as the market contends with the pressure of sticky inflation,” Khater said. “In this environment, there is a good possibility that rates will stay higher for a longer period of time.”

If you want to take advantage of lowering interest rates, consider using Credible to help you easily compare interest rates from multiple lenders in minutes.

HOMEBUYERS FEEL GOOD ABOUT WHERE MORTGAGE RATES ARE HEADED: FANNIE MAE

Spring likely to bring higher home prices

Warmer weather tends to bring a booming housing market as more homebuyers start looking for homes and inventory grows.

Sellers who list their homes in the spring and summer months often make more money when their home sells because the market is more competitive. A Zillow study found that June was the most profitable month for sellers. Homes listed in the first half of June sold for 2.3% more, on average, putting about $7,700 more in the pocket of sellers.

Location matters when it comes to selling power. In San Francisco, the best time to list is the second half of February, but the first half of July is the best time to sell in New York and Philadelphia.

Certain locations also boast even higher profits during warmer months. During the hottest time of the year, homes in San Jose sold for 5.5% more, boosting profits by $88,000 on an average home, according to Zillow. However, homes in San Antonio sold for just 1.9% more during the same time frame.

“Most sellers don’t have the luxury of timing the market,” Zillow Chief Economist Skylar Olsen said. “The best time to list is when it makes the most sense for their lives.” 

“Regardless of the month, sellers who list their home for sale this spring can expect plenty of interest if their home is marketed and priced right.,” she contined. “That’s why it’s more important than ever to hire a real estate agent with the experience to localize your strategy when comparable sales might be further afield.”

If you’re looking to compete with other buyers this spring, you can explore your mortgage options by visiting Credible to compare rates and lenders and get a mortgage preapproval letter in minutes.

HOMEBUYERS GAINED THOUSANDS OF DOLLARS AS MORTGAGE INTEREST RATES FALL: REDFIN

To afford homes, buyers need higher incomes than they did a few years ago

Buyers are facing a tougher market than they did a few years ago. To comfortably afford a home, buyers need to make more than $106,000 annually, another Zillow study showed. This income requirement is 80% higher than in 2020.

Monthly mortgage payments are higher than ever and have doubled since 2020. Payments average $2,188, assuming the buyer puts 10% down. With such high prices, affordability has become a major issue. In 2020, households earning $59,000 annually could afford the median-priced home without spending more than 30% of their income.

The $106,000 income needed today is well above the average household income in the U.S. The average household earns about $81,000.

Some areas are more affordable than others and require a much lower income to afford the average-priced home. Pittsburgh buyers need to earn just $58,232 to afford the average home. Memphis residents need $69,976 and Cleveland residents need $70,810.

Costlier cities like San Jose and San Francisco require much more in annual income to afford a home. San Jose requires an average annual income of $454,296 while San Francisco requires $339,864, according to Zillow.

To see if you qualify for a mortgage based on your current credit score and salary, consider using Credible, where you can compare multiple mortgage lenders at once.

15% OF AMERICANS HAVE CO-PURCHASED A HOME WITH A NON-ROMANTIC PARTNER, EVEN MORE WOULD CONSIDER IT

Have a finance-related question, but don’t know who to ask? Email The Credible Money Expert at [email protected] and your question might be answered by Credible in our Money Expert column.

Source: foxbusiness.com

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Tennessee unfolds where the harmonious blend of tradition and innovation creates an inviting atmosphere for renters. From the lively streets of Memphis, known for its influential strains of blues, soul, and rock ‘n’ roll, to the scenic landscapes that define Knoxville, there is plenty to explore within the state’s cities. This ApartmentGuide article will we uncover the pros and cons of living in Tennessee to give you valuable insight on what life is like in the “The Volunteer State.”

Renting in Tennessee snapshot

Population 7,126,489
Avg. studio rent $1,110 per month
Avg. one-bedroom rent $1,106 per month
Avg. two-bedroom rent $1,261 per month
Most affordable cities to rent in Tennessee Seymour, Union City, Clinton
Most walkable cities in Tennessee Memphis, Cookeville, Knoxville

1. Pro: Rich musical heritage

Tennessee’s musical heritage is deeply rooted in genres such as country, blues, and rock ‘n’ roll, shaping the cultural identity of the state and attracting music aficionados from around the globe. Cities like Memphis and Nashville are meccas for music lovers, boasting iconic attractions like the Grand Ole Opry, Ryman Auditorium, Beale Street, and the Stax Museum of American Soul Music, where visitors can immerse themselves in the rich history and sounds of Tennessee’s music scene.

2. Con: Weather extremes

Tennessee is susceptible to various natural disasters, including severe thunderstorms, tornadoes, and flooding, which can occur throughout the year. For example, the state’s location in the southeastern United States exposes it to the Atlantic hurricane season, leading to potential impacts from tropical storms and hurricanes. Additionally, Tennessee’s proximity to the New Madrid Seismic Zone presents risks of earthquakes, highlighting the diverse range of natural hazards.

3. Pro: Scenic beauty and outdoor activities

The state’s diverse landscape, from the Great Smoky Mountains to the Mississippi River, provides a playground for outdoor enthusiasts, offering a wide range of recreational activities year-round. In addition to hiking, fishing, and boating, Tennessee’s outdoor attractions include opportunities for camping, rock climbing, and wildlife viewing, attracting nature lovers from across the country. Whether exploring the lush forests of the Cumberland Plateau or rafting down the whitewater rapids of the Ocoee River, Tennessee’s natural beauty offers endless adventures for those seeking outdoor thrills.

4. Con: Allergen levels

Due to its diverse flora and changing seasons, Tennessee experiences high allergen levels especially in the western part of the state. This poses challenges for individuals with allergies, during the spring and fall seasons. The abundance of pollen from various trees, grasses, and weeds can exacerbate allergy symptoms, leading to discomfort and reduced quality of life for allergy sufferers across the state.

5. Pro: Low cost of living

Compared to many other states, Tennessee offers a lower cost of living, making it an attractive option for many people seeking affordability. This affordability is evident in housing, utilities, and groceries, allowing residents to enjoy a comfortable lifestyle without breaking the bank. For example, The median sale price in Memphis is $187,500 where as a one-bedroom apartment averages $1,062.

6. Con: Rural isolations

Rural isolation in Tennessee can pose challenges for residents living in remote areas, where access to amenities and services may be limited. For example, individuals in rural counties may have to travel long distances to access healthcare facilities or grocery stores, leading to inconvenience and potential delays in receiving essential services. Additionally, the lack of infrastructure and public transportation options in rural areas can exacerbate feelings of isolation.

7. Pro: Friendly communities

One of the pros of living in Tennessee is the presence of friendly communities, exemplified by tight-knit neighborhoods where neighbors regularly gather for block parties, potlucks, and community events. Additionally, these close-knit communities often organize volunteer initiatives and neighborhood improvement projects, enhancing the overall quality of life and sense of belonging for residents.

8. Con: Limited public transportation

In many parts of Tennessee, public transportation options are limited, making it difficult for those without personal vehicles to get around efficiently. This lack of accessible transportation can present significant challenges, particularly for individuals who rely on public transit to commute to work, attend appointments, or access essential services such as healthcare and grocery stores. Chattanooga, which has a transit score of 18 is a great example of a city with very limited public transportation.

9. Pro: No state income tax

One notable advantage of living in Tennessee is the absence of a state income tax, allowing residents to keep more of their earnings. This tax-friendly policy attracts individuals and businesses seeking to maximize their financial resources and improve their bottom line. As a result, Tennessee stands out as an appealing destination for individuals looking to minimize their tax burden and enhance their overall financial well-being.

10. Con: Humid summers

Tennessee experiences humid summers, characterized by high levels of moisture in the air, which can be uncomfortable for residents. The combination of heat and humidity often leads to sweltering conditions, making outdoor activities challenging and contributing to feelings of fatigue and discomfort. Additionally, the humidity can exacerbate respiratory issues and allergies, further detracting from the enjoyment of summer in the state.

11. Pro: Sports culture

Tennessee boasts a rich sports culture, with passionate fans rallying around teams in various disciplines such as football, basketball, and NASCAR racing. For instance, the University of Tennessee Volunteers football team enjoys unwavering support from fans, packing Neyland Stadium to capacity on game days. Moreover, Nashville’s Bridgestone Arena hosts exciting NHL hockey matches featuring the Nashville Predators, further adding to the vibrant sports scene in the state.

12. Con: Water contamination

Water contamination issues in Tennessee, such as pollution from industrial sites and agricultural runoff, pose significant concerns for residents’ health and environmental quality. For instance, the contamination of drinking water sources like the Tennessee River and groundwater aquifers can lead to elevated levels of toxins and pollutants, endangering public health and necessitating costly cleanup efforts.

Methodology : The population data is from the United States Census Bureau, walkable cities are from Walk Score, and rental data is from ApartmentGuide

Source: apartmentguide.com

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Recruiting, Loan Trading, TPO, Compliance Tools; FHA and USDA News; Fed Cuts Wanted, but Not Needed?

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Recruiting, Loan Trading, TPO, Compliance Tools; FHA and USDA News; Fed Cuts Wanted, but Not Needed?

By:
Rob Chrisman

Tue, Apr 2 2024, 11:53 AM

“I think it’s disgraceful that after 55 years, people don’t know who Neil Armstrong was… or even the type of trumpet he played.” Time flies. Did you know that Freddie Mac and Fannie Mae have their driver’s permits? I am kidding about the permit, but it has been 16 years since they were placed under conservatorship, under the FHFA. Of course, no regulator ever wants their job to go away, so it is doubtful that the FHFA will be an active proponent of “releasing them into the wild.” Besides, their focus has, in recent years, shifted to first-time home buyers and previously underserved markets. While we’re on the passing of the years, at a recent TMC session on leadership, First Community’s Keith Canter reminded everyone that it was four years ago that managers and companies sent everyone home due to the pandemic. Companies couldn’t hire fast enough. Two years later rates moved higher, and managers were dealing with layoffs. Since, management teams have been focused on what is working, what is not working, and what employees need from their supervisors. It is a good exercise to partake in several times a year. (Found here, this week’s podcasts are sponsored by Loan Vision. With Loan Vision, the mortgage banking industry’s premier mortgage accounting solution, you can take your accounting department from “cost center” to “revenue generator,” operating more efficiently and profitably. Hear an interview with Loan Vision’s Paul Loftus on the competitive landscape of the mortgage market and strategic direction of the mortgage accounting space.)

Lender and Broker Services, Products, and Software

Stay “in the know” with the MGIC’s Mortgage Connects knowledge hub, your single-source destination for 100s of resources and insights to build your referral network and educate homebuyers.

Your Legacy LOS May Be Costing You More Than You Realize! Let’s be honest: legacy mortgage solutions no longer cut it if you want to grow, and nurture, lasting relationships and key revenue opportunities. Today’s borrowers demand a fast, frictionless digital journey without sacrificing the personalized touch from their loan officer. 100 percent browser-based and cloud-native mortgage lending technology, such as MeridianLink® Mortgage LOS, is crucial to helping you attract and retain more business by prioritizing the borrower experience while reducing costs and enhancing ROI. Looking to make the switch but unsure where to start? Here are 5 questions to ask when beginning the search for a new mortgage LOS.

Free eBook: How to Lower Costs, Boost Profitability, and Surge Ahead of the Competition in 2024. Looking to improve your strategy as Q2 begins? By upleveling your plan, 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.

“What do you need to know about fair lending compliance in 2024? That’s the question we answered in our recent webinar. With the HMDA submission window open, what better time to look at fair lending? In this new article, our team reviews the top 7 takeaways critical for your institution, including: Adverse Action Notices (AANs) are a cornerstone of your Fair Lending Compliance Program; Denying loans based on immigration status may violate ECOA protections; Don’t try to outsmart your borrowers; Marketing is critical to your fair lending lifecycle; Monitor pricing exceptions; Make sure you’re collecting HMDA/1071 data and reporting it correctly; and You must manage third-party and indirect fair lending compliance. Read the full article for more.”

“First Colony Mortgage Corporation (FCM TPO): Introducing our revolutionary mobile app and most robust TPO portal! Say goodbye to time-consuming tasks and hello to efficiency. With our app, manage your pipeline seamlessly, access pricing and loan information, and get the resources you need, all while on-the-go or in meetings with clients. We understand your needs and are committed to delivering the solutions you deserve. Here is what our brokers are saying, ‘I just registered a new purchase with you, and it was probably the easiest portal to lock a loan I’ve ever experienced,’ Danielle O.” FCM TPO is up and running with some of the most experienced Account Executives in the industry including Robb Fordham, Mike Meyers, Matt McGuinn, Marcus Korth, Velvet Cordes, Rex Hagood, Kurt McLaughlin, Tom Carroll, Angela Lewis, Brennan Baim, Roger Quandt, Cassie Quinn Mead, Ralph Mesa, Mike Antrim, and Chris Agin. If you are not approved with FCM TPO, please reach out.”

“Headed to Memphis April 16-18 for the Great River MBA Conference (GRC24)? The Optimal Blue team would love to connect and discuss your Q2 goals! This year, our capital markets solution specialist, Brad Eskridge, will join in the 7-in-7 presentation on April 17. In this seven-minute presentation, he will showcase how Trade Assistant, available in Optimal Blue’s CompassEdge hedging and loan trading platform, can add next-level precision, enhanced accuracy, and increased speed to your hedging process, making it all but foolproof! After the session, visit Brad and the Optimal Blue team at Booth 20 in the Peabody Grand Ballroom to learn how our capital markets solutions can help you operate more profitably and efficiently. Better yet, schedule a personalized meeting with our experts to discuss your business goals and current challenges!”

Loan officers are the lifeblood of any successful lender. Lenders who can recruit and retain talented producers will be able to ensure an active pipeline and exceed their revenue goals. Competition and compliance challenges in the current market demand that you set up a scalable recruiting function to target the right talent that aligns with your business. Join Total Expert on Wednesday, April 17 as we sit down with InGenius CEO Jeff Walton to discuss strategies for identifying, engaging, and converting loan officers who are the right fit for your business. Save your digital seat.

FHA and USDA Updates

FHA published in the Federal Register (FR), Mortgagee Review Board: Administrative Actions [Docket No. FR-6455-N-01]. The FR Notice provides a description of, and the cause for, the Mortgagee Review Board’s administrative actions against HUD-approved mortgagees in 54 fact-based cases; five cases where mortgagees failed to timely obtain a required Unique Entity Identifier; and 15 mortgagees that had annual recertification violations and were withdrawn from the program for one year. Read the entire FR Notice by viewing the Mortgagee Review Board: Administrative Actions.

Pennymac is aligning with the recent USDA changes to technical Handbook 1-3555 Chapter 8. Effective 4/1/2024. For details, view Pennymac Announcement 24-29.

Pennymac will update Government LLPAs effective for all Best-Efforts Commitments taken on or after Friday, March 29th. Details shown in Pennymac Announcement 24-32.

DPA Direct by Unified Reliance Wholesale (URW) is a 100 percent financing option pairs a primary FHA loan with down payment assistance in the form of a second lien. This means more homebuyers can take advantage of the benefits of an FHA loan without having to come up with a 3.5 percent down payment. And better yet, this program is available in most states*, unlike some location-specific assistance programs. *Not available in MA, NJ, or NY.

Capital Markets

Market reaction to the inflation numbers from Friday, which showed core prices in February cooled relative to the spike observed in January while personal spending rose more than anticipated on the heels of the largest gain in wages in the past year, was a little sour to open this trading week. Bonds and MBS prices were down, and thus rates moved up toward their highest levels of 2024.

Both that report and yesterday’s data releases from the manufacturing sector supported ongoing hawkishness among Federal Open Market Committee officials. The S&P Global U.S. Manufacturing PMI dipped slightly in the final reading for March while the ISM Manufacturing Index unexpectedly returned into expansion. U.S. manufacturing expanded in March for the first time since 2022 on a sharp rebound in production and stronger demand, while input costs climbed.

Keep in mind that March nonfarm payroll employment data will be the headline this week. Growth likely decelerated in March, holding the unemployment rate unchanged and indicating the modest margin of slack in the economy is slowing wage growth to a pace more typical of a balanced job market. We learned yesterday that total construction spending, which was expected to have risen, declined 0.3 percent during February, the second consecutive monthly drop. Construction spending was expected to be buoyed by single-family construction and non-residential building subsidized by government incentives for renewables and semiconductor reshoring.

Fed Chair Powell reminded market participants at the end of last week that the Fed is in no hurry to begin cutting rates. He mentioned that there might be some seasonal noise in Q1 data as it encompasses more than just inflation and perhaps Q4 was understated which makes January and February overstated. Bond traders are now pricing in fewer Fed rate cuts this year, and the solid U.S. factory data reinforced speculation the central bank will be in no rush.

The odds of a first cut in June are moving down toward 50 percent, while three 25 basis point cuts for 2024 (at the June, September, and December FOMC meetings) are currently pricing in as the highest probability. Fed Governor Waller echoed Chair Powell’s comments yesterday, saying there is no rush to lower interest rates and emphasizing that recent economic data warrants delaying or reducing the number of cuts this year.

Today’s economic calendar gets under way shortly with Redbook same store sales for the week ending March 30, and will be followed by February factory orders, JOLTS job openings, several short-duration Treasury auctions, and a litany of Fed speakers (all current FOMC voters). After the bearish mood yesterday sent the 10-year yield climbing 12 basis points to 4.33 percent, we begin Tuesday with Agency MBS prices worse .125 and the 10-year yielding 4.35; the 2-year is up to 4.72.

Jobs and Transitions

Are you an experienced mortgage banking professional with a passion for building and leading high-performing teams? An ongoing mortgage banker is seeking a talented individual to join its Northern California team as the Vice President of Mortgage Banking, ideally in, or within driving distance of, the Greater Sacramento area. In this role, you will have the opportunity to shape the future of the company’s mortgage banking division and drive growth through strategic recruitment and operational excellence. The company is looking for a leader with the ability to drive production, to work closely with operation management to build a streamlined process and provide overall management. If you are a dynamic leader with a strategic mindset and a passion for excellence, you’re invited to apply for the VP of Mortgage Banking position. Take the next step in your career and join in shaping the future of mortgage banking. Apply now to be considered for this exciting opportunity: send me your confidential resume for forwarding.

“It’s 1999: Californication and Slim Shady dominate the charts, the iconic films Fight Club and The Matrix are released, Serena Williams wins her first Grand Slam to kick off an outrageous career and with inspiring greatness being born all around Seth Fass founds East Coast Capital. Celebrating its 25th anniversary, East Coast Capital has scored incredible victories for clients to achieve their homeownership goals. Once a small broker, NY-Based East Coast Capital is now a licensed bank across the nation, approved with Fannie, Freddie, and FHA and also specializes in underwriting Non-QM loans. Committed to providing homeowners access to capital and supporting loan officers with a diverse range of products and common-sense approach to underwriting, the movies and songs may have fallen off the playlist and Serena has retired from the courts, but born among the best, East Coast Capital still remains! Ready to Join? Email us.”

Homecomings Mortgage & Equity, a division of AnnieMac Home Mortgage, is thrilled to announce Rocky Bergante’s appointment as the new Regional Manager based in Chicago. Rocky brings an impressive track record of over 25 years in the mortgage industry. His strategic planning, sales, and growth expertise have led to remarkable achievements. His recent roles include SVP of National Business Development at Amres Corporation and VP of Sales for Interfirst Mortgage. “Rocky’s past success in growing teams is evidence of what Rocky will do at Homecomings,” said Fobby Naghmi, SVP at Homecomings Mortgage & Equity. “We are eagerly anticipating the innovative strategies and exceptional leadership he will bring to our company. “Rocky’s appointment marks a significant step in Homecomings Mortgage & Equity’s journey toward excellence and innovation in the mortgage sector. Mortgage professionals interested in exploring opportunities with Homecomings Mortgage & Equity are encouraged to Fobby.

“AFR Wholesale® is on an exhilarating growth trajectory, and on the lookout for forward thinking Sales and Operations Leaders. Are you a modern mortgage leader with a knack for crafting strategies that turn customers into raving fans and elevate the experience beyond expectations? Then you’re exactly who we need to steer our expanding team towards unparalleled success. At AFR, we value leaders who are leveraging technology to battle the complexities of the industry but are also passionate about making homeownership dreams a reality. As an equal opportunity employer, we’re dedicated to fostering an inclusive and supportive work environment. Joining AFR means being part of a dynamic team that’s dedicated to helping families achieve their dream of homeownership. Don’t miss this exciting opportunity to be part of AFR’s growth journey and make a meaningful difference in the lives of others. Want to have a confidential discussion about your career? Email us.”

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

Source: mortgagenewsdaily.com

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HELOC, 2nd Mortgage, Pre-Qual, LOS, QC Tools, Dept. of Labor, PrimeLending, and Whistleblowing

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HELOC, 2nd Mortgage, Pre-Qual, LOS, QC Tools, Dept. of Labor, PrimeLending, and Whistleblowing

By:
Rob Chrisman

Thu, Mar 28 2024, 11:50 AM

Here’s a tip of the day for anyone manning a conference booth: instead of a pen, or mouse pad, how about a locally made treat? Hats off to Aimee, Bobby, and Mark from Byte Software who earlier this week at the TMC event had chocolate-covered Oreos from a local bakery. Technology was a big topic at TMC… Technology thoughts from 50 years ago? Here you go. (There’s definitely a school of thought which believes that the iPhone changed tech overnight. Almost 20 years later, nothing else has come close.) Vendor news seems to be at every conference, and capital markets staff are certainly big users of tech. At the TMC enclave secondary marketing folks often gravitate toward each other, “shooting the breeze” about odds and ends. For the most part, no one thinks they earn a living by making predictions, instead providing accurate information to other managers and owners, and acting as an advisor about loan profitability, leakage, concessions, and margins. Capital markets staff are also involved in LO and executive recruiting efforts, and in developing strong product offerings to help the company be successful. (Found here, this week’s podcasts are sponsored by Stavvy. Stavvy offers a flexible and fully customizable loss mitigation solution. Servicers can easily adapt to regulatory updates and market conditions, providing a seamless, customer-centric digital experience. Today’s has an interview with AmeriCatalyst’s Toni Moss about the Extreme Climate, Housing and Finance Leadership Summit on April 18-19, in Washington, DC.)

Lender and Broker Services, Products, and Software

“Real estate valuations continue to be complex and ever-evolving, especially today with proposed regulatory changes and unpredictable market dynamics. Creating an effective valuation strategy is vital for lenders to manage risk and streamline operations. Attend our complimentary webinar to learn all about the world of automated valuation models (AVMs). You’ll find out why AVMs are considered a credible, objective option for collateral risk management, how they can help your business (from lead generation and portfolio management to cost reduction and more), and when to use an AVM to address challenges in the current valuation landscape. The webinar hosted by ICE is “When, Why and How AVMs Drive Business Performance” and will be on Wednesday, April 10, at 2 p.m. ET. Save your seat now: register today.

“Step by Step Quality Control Plan Checklist: Comprehensive Guide for Financial Institutions. By following this guide, financial institutions can not only enhance their operational excellence but also strategically minimize their risk exposure. Throughout this comprehensive guide, we dissect each facet of the QC plan, providing valuable insights, practical recommendations, and actionable steps. Our checklist aligns with industry requirements and best practices, ensuring lenders remain steadfast in their commitment to quality within the ever-evolving landscape of financial services. Access Guide.

Many industry vendors talk a good game when it comes to partnering with lenders, but there is a difference between treating a client like a partner and making them feel like a prisoner. Restrictive long-term contracts and financial penalties for not going live or for trying to exit failed implementations are hurting lenders and servicers. These developers make it difficult or impossible for the lender to move to a new, modern system. Lenders deserve better. You won’t get treated that way by MortgageFlex, the creators of the industry’s first cloud-native, unified system for origination and servicing. A re-engineered LOS built by developers that lenders have trusted for 40 years and the industry’s best new software platform operating on the same database makes this the must-see software. See it today.

Why do those in the mortgage space watch the 10-year U.S. Treasury note? Historically, the 10-year U.S. Treasury yield has been considered a key benchmark for mortgage rates. Mortgage rates, however, are not actually based on the 10-year U.S. Treasury note (as is commonly believed). MCT released a blog, “How the 10-Year U.S. Treasury Note Impacts Mortgage Rates” that serves as an excellent primer for how mortgage interest rates respond to moves of the benchmark U.S. Treasury note. The piece discusses why mortgage rates and Treasury yields move together and how bonds are influenced by Treasury yields. With a trusted capital markets partner like MCT, you can rest assured that you will be notified of how economic trends could have the potential to impact your business. Sign up for MCT’s newsletter to receive educational articles like this one and learn more about variables that impact mortgage rates.

Sending your borrowers off on their home search hoping they reach out when they need you is one way to do things. Sending them with a QuickQual that lets them run payment scenarios and generate a letter when they’re ready to submit an offer is another. Check out a sample QuickQual if you’re interested in the latter.

Correspondent and Broker Products

“With spring in the air, Newrez Correspondent is springing into action by adding many exciting enhancements to our product line. We now offer a Closed End Second Mortgage program, Delegated Non-QM for our Smart Series products, and Fannie Mae HomeReady® and Freddie Mac Home Possible® affordable lending mortgage programs including the recent $2500 credits added for qualifying homebuyers. Take advantage of our expansive menu and become a valued customer at Newrez Correspondent by signing up here. You can also reach out to Sarah Johanns to set up a meeting at the Iowa Mortgage Association Conference in Coralville, IA, on April 1 and 2, and Beverly Jordan, Patty Devita, Rebecca Yonaka or John Dubisky at the Great River Conference in Memphis, TN, April 16 through 18. Don’t forget, we would love to meet at the MBA Secondary in New York in May. Set up a meeting here.”

“At Button Finance, we say YES. That is why more and more brokers and correspondent lenders are choosing to fund their HELOANs and HELOCs with Button Finance. Is it the lighting quick turn-times and aggressive pricing, or the limited UW overlays? Can you make up to 5% compensation as a broker or 8% as a correspondent on HELOCs or even originate to our bank statement and investment property programs? The answer is YES, YES, YES, YES, and YES. Available equity is at historical levels, so now is a great time to offer your past and prospective borrowers Button Finance HELOAN or HELOC to pay off high-interest revolving debt. Button Finance programs allow FICO scores as low as 660, CLTVs to 90%, and debt ratios to 50%. We have excellent correspondent offerings as well. Correspondents typically make $18,500 on a $250k HELOC closed in 10 calendar days without an appraisal. Contact us today.”

Department of Labor and Whistleblowers

The U.S. Department of Labor has ordered a former senior vice president and two managers employed by PrimeLending to pay $35,000 in emotional damages and the legal fees of two California employees who the company fired illegally after they reported a branch manager pressured them to pass on fees to loan applicants caused by the company’s internal processing delays.

“Investigators with the department’s Occupational Safety and Health Administration found the nationwide lender violated whistleblower provisions in the Consumer Financial Protection Act by terminating the employees who raised their concerns with a regional manager and senior vice president of Human Resources.

“’Employees who report potential consumer fraud are protected by federal law against retaliation of any kind. Under the Consumer Financial Protection Act’s whistleblower provisions, managers can be fined personally for retaliation,’ explained OSHA Regional Administrator James D. Wulff in San Francisco. ‘In this case, OSHA fined three PrimeLending managers for trying to prevent workers’ concerns from coming to light. The U.S. Department of Labor will not tolerate retaliatory actions against workers exercising their rights and those responsible for such actions will be held accountable.’”

“In addition to payment of personal damages, OSHA ordered PrimeLending to pay an undisclosed amount in lost back wages and interest to the employees. The company must also expunge the employment records of both employees, post an anti-retaliation notice at all its branches and train its employees about their rights under the Consumer Financial Protection Act.

“The company and the managers sanctioned may appeal OSHA’s order to the department’s Office of Administrative Law Judges.

“OSHA enforces the whistleblower provisions of the Consumer Financial Protection Act and 24 other statutes protecting employees who report violations of various motor vehicle safety, commercial motor carrier, airline, consumer product, environmental, financial reform, food safety, healthcare reform, nuclear, pipeline, public transportation agency, railroad, maritime, securities, tax, antitrust, and anti-money laundering laws and for engaging in other related protected activities. For more information on whistleblower protections, visit OSHA’s Whistleblower Protection Programs webpage.”

Capital Markets

Not a whole lot to report from yesterday. Consumer confidence was little changed in March with consumers remaining concerned about elevated price levels, according to the Conference Board. Consumers expressed more concern about the U.S. political environment compared to prior months. The market saw a bit more buying than in previous days in reaction to a strong $43 billion 7-year note offering.

Since we can’t go a day without talking about the Fed, you’ve probably noted that some Federal Open Market Committee voters ratcheted back their estimates to two rate cuts in 2024 from the group consensus of three 25 basis point rate cuts. However, of potentially more interest to the mortgage industry is the central bank’s massive balance sheet of Treasuries and Agency mortgage-backed securities (MBS) that remains from the past 15-ish years of aggressive experimental monetary policy.

The Fed has been open about wanting to eventually get back to an all-Treasury balance sheet, so it is expected that the central bank will not halt the run-off of Agency MBS that has averaged about $16 billion per month over the last six months. The central bank is expected to reinvest those proceeds into Treasuries, so where will demand for Agency MBS come from? Hopefully, domestic banks. U.S. domestically chartered commercial banks’ total holdings of securities as a percentage of their balance sheet, and Agency MBS in particular, has ticked up over the last six months. This trend should continue as long as the relative value of Agency MBS remains favorable compared to investment-grade corporates and Treasuries.

Tomorrow the markets are closed, and today brings a busy schedule in terms of data ahead of a SIFMA recommended early close, which also happens to be month and quarter-end, ahead of Good Friday. There will be a commentary tomorrow that includes the PCE reading, the Fed’s preferred measure of inflation. This morning we’ve had the final look at Q4 GDP (3.4 percent, higher than previously but viewed as old news) and weekly jobless claims (210k, 1.819 million continuing claims). The core PCE deflator was (3.3) versus an expectation of unchanged at 2.1 percent. Later today brings Chicago PMI for March, Michigan sentiment, pending home sales for February, KC Fed manufacturing, several Treasury auctions of short duration bills, and Freddie Mac’s Primary Mortgage Market Survey.

We begin the day with Agency MBS prices little changed from Wednesday, and little changed all week! The 10-year is yielding 4.23 after closing yesterday at 4.20 percent and the 2-year is at 4.62… little movement after a salvo of news.

Jobs

Canopy Mortgage in National spotlight: Massive sales growth, onboarding an average of 1 producing loan officer every other day! What’s attracting LO’s to move in droves? Canopy is “Giving Loan Officers the Power to Grow” – read full article on forbes.com. Canopy’s magnetic growth is coming from relationships, referrals and jaw-dropping tech demos. If you haven’t heard about Canopy yet …ask a friend! Canopy is building the future of mortgage lending through relationships and innovative mortgage tech, and is hiring producing LOs nationwide (except NY). Don’t miss out! Schedule a Tech Demo, or simply look at your numbers with Josh Neumarker today 888-696-9076.

Planet Home Lending, a national mortgage lender, servicer, and asset manager, has hired Andy Insua as Regional Sales Manager for the Southeast. Congratulations!

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

Source: mortgagenewsdaily.com

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Hailed as the birthplace of blues, soul, and rock ‘n’ roll, Memphis carries a unique rhythm in its streets and the hearts of its residents. It’s a city where history whispers from every corner, food brings comfort, and music is the universal language. 

Here, legends walked the same sidewalks as locals, leaving behind a legacy that draws visitors from all corners of the globe and encourages people to find the perfect house in Memphis. 

Whether you’re exploring the sites, indulging in culinary delights, or listening to live music in a local watering hole, Memphis promises an unforgettable journey for all those who choose to make the trek. Below we’ll break down ten of the top things Memphis is known for and provide you with everything you need to experience the best the city has to offer.

1. Graceland

As the iconic home of Elvis Presley, Graceland is a pilgrimage site for fans of the King of Rock ‘n’ Roll from all around the world. This mansion, more than just a home, is a museum dedicated to Presley’s life and career, filled with memorabilia, costumes, and personal artifacts. Visitors can take guided tours to explore the lush grounds and opulently decorated rooms. The tour wraps up with a visit to Elvis’s final resting place in the Meditation Garden. Graceland is not just an homage to the star’s life but a beautifully preserved snapshot of American pop culture.

2. Beale Street

Beale Street is the heart of Memphis’s music scene, a lively district echoing with blues, jazz, and rock ‘n’ roll. It’s a place where music history has been made, hosting legends like B.B. King and Louis Armstrong. Today, the street is lined with clubs, bars, and restaurants where live music fills the air every night. Beale Street also hosts the Memphis in May International Festival, drawing crowds eager to celebrate the city’s music.

3. National Civil Rights Museum

Located in the former Lorraine Motel, where Dr. Martin Luther King Jr. was assassinated, The National Civil Rights Museum is a profound spot to stop and learn a thing or two. It offers an immersive journey through the American civil rights movement, from the early days of slavery to the present struggles for equality. Exhibits feature interactive displays, historic artifacts, and personal stories that connect deeply with visitors, making it a must-visit for anyone looking to understand America’s ongoing journey toward justice.

4. Memphis Barbecue

Memphis is synonymous with barbecue with a style all its own. This culinary tradition is characterized by slow-cooked pork, either pulled or ribs, and a distinctively tangy sauce. The city is dotted with barbecue joints, from hole-in-the-wall eateries to award-winning restaurants, each claiming to have the best in town. The World Championship Barbecue Cooking Contest highlights this obsession, bringing together the best pitmasters from around the globe to pit their pork against each other.

5. Memphis Zoo

The Memphis Zoo, one of the oldest in the United States, is home to over 3,500 animals representing more than 500 species. It’s celebrated for its efforts in conservation and education, providing a fun and informative experience for visitors of all ages. Notable exhibits include the Giant Panda Habitat and the Teton Trek, which simulates the Yellowstone National Park ecosystem. The zoo’s commitment to animal care and visitor engagement makes it a beloved destination.

6. Stax Museum of American Soul Music

The Stax Museum of American Soul Music pays tribute to the soulful sounds that defined a generation, located at the original site of Stax Records. This comprehensive museum showcases the story of soul music through more than 2,000 exhibits. These exhibits include Isaac Hayes’ gold-trimmed Cadillac and an authentic 1906 Mississippi Delta church. The museum celebrates the legacy of artists like Otis Redding and Booker T. & the M.G.’s, whose music continues to influence artists today.

7. Shelby Farms Park

Shelby Farms Park is one of the largest urban parks in America with over 4,500 acres of green space. It features trails for walking under the Memphis sun, lakes for fishing and paddling, and playgrounds for children. The park showcases Memphis’s commitment to outdoor recreation and environmental preservation.

8. Sun Studio

Sun Studio is hallowed ground in the music world, known as the birthplace of rock ‘n’ roll. This recording studio was where legends like Elvis Presley, Johnny Cash, and Jerry Lee Lewis cut their first tracks. Guided tours of the studio offer a glimpse into the early days of these music icons, with original instruments and equipment still on display. Sun Studio remains an active recording studio by night, continuing its legacy of producing the music that shapes the world.

9. Mud Island River Park

Situated on the Mississippi River, Mud Island River Park is a great place to spend a nice day in Memphis. Its most notable feature is a scale model of the Lower Mississippi River. This allows visitors to walk along the river from its confluence with the Ohio River to the Gulf of Mexico. The park also features pedal boats, a museum dedicated to the river’s history, and outdoor concerts during the summer months, making it a favorite among tourists and Memphis locals lucky enough to find an apartment nearby.

10. Peabody Ducks

The Peabody Ducks are a charming and quirky Memphis tradition. Every day, a group of specially trained ducks marches from their rooftop penthouse, down the elevator, and into the fountain in the lobby of the Peabody Hotel. Much to the delight of guests and onlookers. This unique spectacle has been a daily occurrence since the 1930s and doesn’t appear to be going anywhere anytime soon.

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Housing demand reached a new level of enthusiasm during the pandemic, with homebuyers benefitting from extremely low mortgage rates. From the summer of 2020 until much of 2021, average 30-year mortgage rates stayed under 3%. However, as more and more buyers jumped into the real estate market, months of inventory began to plummet and home prices surged. According to the U.S. Census Bureau and U.S. Department of Housing and Urban Development, the national average sales price in the US grew from $383,000 in Q1 2020 to a peak of $552,600 in Q4 2022 – a 44.3% increase in less than two years. 

So if you purchased a home during the pandemic, how much is it worth now? To find out, Zoocasa analyzed median home prices in 30 major US cities from January 2020, 2021, and 2022, and compared them with the 2024 median price to see how much they’ve changed over the last 4, 3, and 2 years. 

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Median single-family home prices were sourced from each city’s respective real estate board and are from January of each year. Average 30-year fixed rates were sourced from Freddie Mac and are from the first week of each month. The national average sales price in the US for each quarter was sourced from the U.S. Census Bureau and U.S. Department of Housing and Urban Development, Average Sales Price of Houses Sold for the United States [ASPUS], retrieved from the Federal Reserve Bank of St. Louis.

In 14 of the 30 real estate markets we analyzed, the median home price increased by more than $100,000 from 2020 to 2024. In those four years, Californian homes increased the most in value. San Diego and San Francisco homes bought in 2020 appreciated by $265,000 and $247,000 respectively. Los Angeles homebuyers also built a significant amount of equity, with the median home price rising by $211,500 to $750,000 in 2024. 

Outside of California, 2020 home purchases in Boston and Miami experienced significant price growth, both increasing by more than $200,000 in four years. For homebuyers in Miami in 2021, the value of their homes experienced the second-highest increase over three years, at $170,000, just below San Diego’s increase of $195,000. But Miami isn’t the only city in Florida where home prices have grown substantially from 2020. In Tampa and Jacksonville, home values have increased by $151,500 and $129,900 since 2020, and since 2021 they have risen by $115,000 and $95,919 respectively. 

Other cities where home values increased by more than $100,000 in four years include Denver, Nashville, Dallas, and Salt Lake City. Buyers who bought a home in one of these cities in 2021 also benefited from sizable price appreciation – with home values rising by $100,000 or more in three years. 

Though 2020 and 2021 pandemic buyers experienced a significant increase in their home values, some homebuyers who purchased a home in 2022 – when interest rates started climbing – have yet to see equity build. From January 2022 to January 2024, home values dropped in San Francisco by $71,000 and in Brooklyn, they dropped by $51,000. 2022 homebuyers are currently down in six other cities: Washington DC, San Antonio, Memphis, New Orleans, St. Louis, and Salt Lake City. But this doesn’t mean homebuyers in those cities won’t build equity. According to the National Association of Realtors®, in 2023 the median time buyers expected to stay in their home was 15 years. This gives the average homeowner plenty of time for their home to appreciate, and with interest rates coming down, competition will rise and push home prices up once again. 

The vast majority of pandemic buyers are in the green, even if they bought their home in 2022. With some of the highest median home prices in the country, it comes as no surprise that Boston, Miami, San Diego and Los Angeles lead the way for 2-year price increases – all up by $50,000 or more. Not every city experienced home price increases of those heights, however. 2022 homebuyers in Philadelphia and Tucson built home equity, but values increased by just $1,250 and $2,500 respectively in two years.

If you’re looking to find an affordable home this spring, give us a call! We can answer any questions you have about your local market and help you navigate the home-buying process.

Have questions about your local market?

Our agents can help!

Source: zoocasa.com

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Memphis, TN, is a city buzzing with music, history, and some of the best barbecue you’ll ever taste. Living here means you’re never far from a live blues show or an interesting museum, making it a great place for those who love culture and entertainment. The question, “should I move to Memphis?” crosses many minds, especially when considering the city’s unique blend of urban life and southern charm. Memphis stands out for its strong sense of community and the famous Graceland, the home of Elvis Presley, which attracts visitors from all over the world. In this article, we’ll discuss the pros and cons of living in Memphis to help you decide if it’s the right place for you. Let’s dive in.

Memphis at a Glance

Walk Score: 35 | Bike Score: 41 | Transit Score: 22
Median Sale Price: $187,500 | Average Rent for 1-Bedroom Apartment: $1,065
Memphis neighborhoods | houses for rent in Memphis | apartments for rent in Memphis | homes for sale in Memphis

Pro: Music lover’s paradise

Memphis, is synonymous with the soulful strains of blues, rock ‘n’ roll, and soul music. The city is home to the legendary Sun Studio, where icons like Elvis Presley and Johnny Cash recorded their first tracks. Beale Street, with its vibrant nightlife and live music venues, offers an immersive experience into the city’s musical legacy. This cultural richness provides residents with a unique sense of pride and a plethora of entertainment options.

Con: Hot and humid summers

The climate in Memphis can be challenging, especially during the summer months. The city currently ranks #4 in the list of U.S. cities most at risk of extreme heat. The area experiences extremely hot and humid conditions, making outdoor activities and even daily commutes uncomfortable. This weather can also contribute to higher energy bills as residents crank up their air conditioning to find relief.

Pro: Affordable cost of living

The cost of living in Memphis is 10% lower than the national average. Housing is notably affordable, with average prices about $200,000 below the national average. This affordability extends to grocery and utility costs, making it easier for residents to enjoy a comfortable lifestyle without breaking the bank. This economic advantage attracts individuals looking to live in an urban area at a reasonable cost.

Con: Underdeveloped public transportation system

Memphis’ public transportation system can be a point of frustration for its residents. With a Transit Score of 22, the coverage is limited, and the efficiency of service often leaves much to be desired. This situation forces many to rely on personal vehicles, contributing to traffic congestion and parking challenges in the city. For those without cars, navigating the city can be difficult, impacting their ability to access employment and recreational activities easily.

Pro: Vibrant culinary scene

The culinary scene in Memphis is a delightful exploration of flavors, with barbecue taking center stage. The city is famed for its unique style of barbecue, characterized by its slow-cooked ribs and pulled pork. The city’s barbecue culture is celebrated at events like the World Championship Barbecue Cooking Contest, where pitmasters showcase their skills. Beyond barbecue, Memphis boasts a diverse array of dining options, from soul food to international cuisines, catering to all palates. Throughout the year, food festivals like the Memphis Food & Wine Festival and the World Championship Hot Wing Contest highlight the city’s diverse culinary landscape.

Con: High Allergen levels

For those with allergies, Memphis can pose significant challenges. The city is known for its high levels of pollen and other allergens, particularly during the spring and fall. This can lead to discomfort and health issues for sensitive individuals, affecting their quality of life. Residents often have to take extra precautions, such as installing air purifiers in their homes and monitoring air quality reports.

One of the standout advantages of living in this city is the strong sense of community. This advantage is showcased in events such as the Cooper-Young Festival, where locals gather to celebrate art, music, and food, fostering connections and camaraderie. Similarly, the monthly Trolley Night in the South Main Arts District brings people together for an evening of shopping, dining, and live entertainment. Moreover, Memphis is home to numerous grassroots initiatives and neighborhood associations dedicated to improving the lives of its residents.

Con: Limited job market in certain sectors

Memphis boasts a thriving logistics and transportation industry, thanks to its strategic location along the Mississippi River. However, the job market in other sectors can be limited. This can pose a challenge for people in fields such as technology, science, and the arts, who may find fewer opportunities within the city. As a result, some residents may need to look for employment in nearby cities or consider a broader range of job options.

Pro: Access to outdoor activities

Memphis offers a variety of outdoor activities that cater to nature lovers and fitness enthusiasts alike. The city is home to numerous parks, such as Shelby Farms Park, one of the largest urban parks in America, offering hiking trails, biking paths, and water activities. The Mississippi River itself provides a scenic backdrop for jogging, picnicking, and sunset watching, encouraging a healthy and active lifestyle among residents.

Con: Infrastructure needs

Like many cities, Memphis faces challenges with aging infrastructure. Roads, bridges, and public buildings often require maintenance and upgrades to meet the needs of the growing population. These infrastructure needs can lead to traffic delays, impact public services, and necessitate increased public spending. Addressing these issues is crucial for improving the quality of life and ensuring the city’s future prosperity.

Pro: Diverse cultural events

Memphis is a melting pot of cultural events that celebrate the city’s diverse heritage and artistic talent. From the Beale Street Music Festival to the Memphis in May International Festival, the city’s calendar is packed with events that cater to a wide range of interests. These events not only provide entertainment but also foster a sense of pride among residents, showcasing the city’s vibrant cultural scene.

Jenna is a Midwest native who enjoys writing about home improvement projects and local insights. When she’s not working, you can find her cooking, crocheting, or backpacking with her fiancé.

Source: rent.com

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Mandatory Execution, Accounting, Warehouse, TPO Products; STRATMOR on Comp; Upcoming Events and Training

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Mandatory Execution, Accounting, Warehouse, TPO Products; STRATMOR on Comp; Upcoming Events and Training

By:
Rob Chrisman

1 Hour, 35 Min ago

“90 percent of bald people still own a comb; they just can’t part with it.” Many companies that retained servicing in 2020 and 2021, complete with low interest rates and borrowers with large amounts of equity & abilities to repay, have made the decision to part with that servicing. Packages of servicing rights continue to hit the market. In a free market, for every seller there’s a buyer for these packages. And in a free market, where most loans from different lenders are often put into the same securities or at least sold at roughly the same price in the secondary markets with approximately the same servicing value, companies that manufacture those loans at the lowest cost stand a better chance of surviving than those that don’t. Turning to borrowers, consumer costs are certainly in the news, especially with any implications from the proposed NAR lawsuit settlement, specifically if the agreement leads to borrowers paying for their real estate commission when they previously did not. (Readers should know that the CFPB does not regulate real estate agents, and the TRID forms already allow disclosure of the fee to be disclosed on either the buyer’s or seller’s side.) Found here, this week’s podcast is sponsored by Visio Lending. Visio is the nation’s premier lender for buy and hold investors with over 2.5 billion closed loans for single-family rental properties, including vacation rentals. Today’s has an interview with attorney Marty Green on the implications of the recent NAR settlement.)

Lender and Broker Services, Products, and Software

“Discover the power of partnership with Planet Home Lending Correspondent. Our continually refined product lineup spans vanilla to niche products all tailored to your unique needs: Best effort, mandatory AOT, delegated, or non-delegated. Connect with Planet at the Great River Conference in Memphis, TN, April 16-18. To schedule your meeting, reach out to Regional Sales Managers Joe Griffin 859-806-3323 and Gary Strohwig 262-224-4435, or Renovation Account Executive Margie Walsh 732-673-6228. Not going to Great River this year? Click here to download the latest version of our Product Highlights, then put Planet to work for you in 2024.”

PlainsCapital Bank National Warehouse Lending, a subsidiary of Hilltop Holdings (NYSE: HTH), understands the importance of efficiency when it comes to meeting mortgage lenders funding requests. “Express Funding” is how we help our customers reduce the time needed to get loans funded quickly. Express Funding allows our customers to submit multiple loans for funding in one simple data upload, whether it is one loan or 100 loans. We have a growing list of 5,000+ approved closing agents, No Doc funding requirements and funding turn times averaging under 20 minutes! As a well-capitalized financially strong banking partner we give our customers confidence in an uncertain market. If you are interested in learning more about PlainsCapital Bank National Warehouse Lending please contact Deric Barnett, (469)955-6786.

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

For independent mortgage banks coping with shrinking production volumes and rising costs per loan, outsourcing accounting is an elegant solution to what’s become a very common challenge. Whether you have no accounting expertise in-house or you have a new team with no mortgage experience, you can tap the Richey May Client Accounting and Advisory Services (CAAS) team for the support you need. This team is stacked with mortgage industry experts who can tailor your solution to meet your most pressing needs in a volatile time, with no training needed. Need help transitioning to loan level accounting? Need a fully outsourced function? You got it! Need industry training for your controller? We can do that. In this article, Richey May’s expert Kim Dittmer answers all your most frequently asked questions around outsourced accounting as a mortgage bank.

STRATMOR Comp Survey

Lenders, how have rising rates and shrinking margins impacted your 2024 compensation plans? STRATMOR Group’s Spring 2024 Compensation Connection® Study provides valuable comparisons on compensation components, incentive plan structure, compensation percentiles, and more. Three-year trailing data is also included with most data points. Find out how you compare to your peers by participating. Results will only be available to participants, so register today! Questions? Email [email protected].

Webinars, Events, and Training into April

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

How lenders can save money: Most lenders are painfully aware of rising loan origination costs, which is a common trend in a down market. Yet some lenders are fighting back… Like Lower, which has found a way to save as much as 80 percent on these operational line items and win more loans. Sign up for this exclusive webinar taking place today at 11AM PT, featuring James Duncan and Donielle Geiser (Lower), and Richard Grieser (Truv), and yours truly where they’ll share their take on today’s market and how they’ve reduced costs on operational line items previously thought to be beyond a lender’s control.

Texas Mortgage Bankers Association monthly education webinar: “Guardians of Security.” Join Texas Mortgage Bankers Association for an insightful presentation on navigating cyber risks in the mortgage lending marketplace, Guardians of Security – Navigating Cyber Risks in the Mortgage Industry, today, 11:30 am – 12:30 pm.

Tomorrow, March 22, is this week’s episode of The Mortgage Collaborative’s Rundown covering current events in the mortgage market for 30-45 minutes starting at noon PT, 3PM ET, in “The Rundown”. Tomorrow’s will be co-hosted by TMC CEO David Kittle.

Looking for more in-depth commentary on weekly mortgage news? Register here for “Mortgage Matters: The Weekly Roundup” presented by Lenders One. Every Wednesday at 2:00 PM EST/11:00 AM PT is a dive into a range of mortgage-related topics, including market trends, interest rate fluctuations, innovative mortgage products, and industry advancements. Next week, watch MBA President Bob Broeksmit discuss the industry!

FHA Servicing Quality Assurance Update, Virtual Webinar on March 27, 2– 3:30 PM (Eastern) will provide FHA quality assurance results for calendar year 2023 focusing on top findings from loan-level servicing and lender-level operational reviews. The webinar concludes with a live question and answer session.

On Thursday, March 28th from 2:00-3:00 PM, join CoAMP and Michael Flynn, Of Counsel, w/Buchalter for an informative session moving forward in the current mortgage market could look like, including: What are the areas of increased regulatory activity and likely new rules? The impact on brokers of likely foreclosure increases (increased attacks on whether loans meet the ATR and QM requirements. And increased repurchase and indemnity demands from lenders to brokers). The cost is $10 for CoAMP Member and Member Guests/$25 for Future Members (which can be credited towards an annual CoAMP membership). A virtual link will be sent prior to the event.

Want to hear how top producers are thriving in today’s market? Don’t miss the Modern Mortgage Summit on March 28th, hosted by industry leaders Dave Savage and Todd Bookspan. Tune in virtually to hear from 12+ of the nation’s top mortgage professionals, including Jeremy Forcier, Shayla Gifford, and Dan Keller, as they share their best strategies for success in a TED-talk style format. Virtual tickets are only $100, and a portion of your ticket purchase supports the financial literacy nonprofit, FirstHome IQ. Secure your ticket today at modernmortgagesummit.com.

During a virtual press conference on March 28, ABA Economic Advisory Committee Chair Simona Mocuta, managing director and chief economist at State Street Global Advisors, will present the latest consensus economic forecast from this panel of top economists at some of North America’s largest banks. The Committee’s updated outlook comes as inflation gradually abates, economic uncertainty persists, and the Federal Reserve considers a less restrictive policy. The committee’s forecast will include the group’s latest assessment of GDP growth, unemployment, inflation, interest rates and credit conditions. RSVP required: Please contact Ava Castelli to RSVP and receive login/dial-in information.

FHA is offering In-Person, Free Underwriting Training in Denver, CO., April 10, 9:00 AM – 12:00 PM MST. Training will provide an overview of FHA underwriting procedures as outlined in FHA’s Single Family Housing Policy Handbook 4000.1 and addresses several industry-related frequently asked questions (FAQs). This training will also take an in-depth look at a variety of topics including credit, income, and asset (CIA) documentation; manual underwriting; automated underwriting systems (AUS); closing; and more.

FHA is offering In-Person, Free FHA Appraisal Training in Denver, CO., April 10, 1– 4 PM MST. Training will provide an overview of FHA appraisal protocol and updates to FHA appraisal policy as outlined in FHA’s Single Family Housing Policy Handbook 4000.1. This training will also take an in-depth look at a variety of appraisal-related topics including property acceptability criteria; minimum property requirements; property defects; appraiser responsibilities and requirements; and more.

Join the MBA of NJ, in partnership with HUD for the 2024 HUD Housing Counseling Session, April 11th, 2:00PM – 4:00PM at the Federal Reserve Bank of NY., Keys to Homeownership: Building Strategic Partnerships.

Acquire a greater perspective from industry experts at American Mortgage Conference from April 15 – 17. Held in a new location this year at the Marriott Savannah Riverfront in Georgia. Co-hosted by ABA and the North Carolina Bankers Association, this premier conference is the only mortgage event that blends business and regulation to assure you are fully up to date and fully connected to crucial professional networks. 

AmeriCatalyst explores the operational impact of climate change and its profound industry-wide implications for the US housing and finance market. The event brings together senior representatives and CEOs from government entities including the White House, The Fed, Treasury and the FDIC; government housing entities; insurance companies; institutional investors; investment banks; banks; mortgage originators and servicers; homebuilders; Single Family Rental Operators and REITs; the leading data providers; economists; academic institutions; climate tech providers and world renowned climatologists. The purpose of the event is to recognize, prioritize, mobilize, and prepare for an increasingly volatile, unpredictable, and potentially uninsurable future due to extreme and catastrophic weather-related events due to climate change. AmeriCatalyst’s GOING TO EXTREMES: The Climate, Housing and Finance Summit is being held at the Gaylord National Harbor (in the Washington DC area) on April 18 and 19. Contact Toni Moss (512-461-6340) with questions.

Capital Markets

AC/DC released its masterpiece, “Back in Black,” 44 years ago. The album was a rebirth after its original lead singer’s death. After challenging times, mortgage lenders seek to get back in the black on their income statements. One solution is moving back to mandatory delivery, and Optimal Blue can help you do it. For nearly 20 years, Optimal Blue has advised and guided originators to transition from best efforts to mandatory successfully. With recent data showing the best efforts to mandatory premium above 40 basis points (bps) for conventional 30-year loans, the return on investment provides a clear path to a return to the black. Whether you are approaching or expecting a volume boost or looking to put fewer agency-eligible loans on your balance sheet, now is the time to learn how Optimal Blue can help. To learn more, connect with Mark Teteris, CMB, Optimal Blue’s director of solutions specialists.

Interested in learning more about moving from best efforts to mandatory loan sales? Maybe you’ve already moved to mandatory and are looking for even more pickup and ways to mitigate risk? Join MCT’s Moving to Mandatory Loan Sales webinar on April 4th at 11am PT to learn how mandatory loan sales is helping lenders improve profitability while reducing risk. In this webinar, MCT’s Scott Holtz, Vice President of South Regional Sales, will discuss how to leverage mandatory loan sales to improve profitability, manage risk with pipeline hedging, and operational changes needed for the transition. Register for the webinar or join MCT’s newsletter to receive the latest educational content.

In interest rate news, as was widely expected, the Fed held the federal funds target steady at a range of 5.25 percent to 5.50 percent yesterday, extending the pause on rate changes that followed their most recent hike last July. This decision was unanimous as the Fed believes that employment and inflation goals are moving into better balance. However, the committee also repeated from their prior statement made January 31st, that it “does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2 percent.”

Meanwhile, the latest summary of economic projections showed no change in the Fed’s median fed funds rate projection for this year (4.6 percent) while the forecast for 2025 was raised to 3.9 percent from 3.6 percent. The Core PCE forecast for 2024 was raised to slightly while the GDP growth forecast increased slightly as well from the last estimate in December. During his press conference, Fed Chairman Powell said that it will be appropriate to slow the pace of asset runoff fairly soon. Rate cut expectations increased by yesterday’s close with the implied likelihood of a June cut rising to 74 percent from 59 percent on Tuesday.

Following yesterday’s Fed events, today brings the latest decisions from the Swiss National Bank, Norges Banks, and Bank of England. The U.S. calendar has already kicked off with the Q4 current account deficit, weekly jobless claims (210k, down slightly; continuing claims 1.807 million), and Philadelphia Fed manufacturing (3.2, down but not negative).

Later today brings S&P Global flash PMIs for March, existing home sales for February, leading indicators, Treasury announcing the auction sizes for next week’s month-end supply auctions before auctioning off $16 billion reopened 10-year TIPS, Freddie Mac’s Primary Mortgage Market Survey, and remarks from Fed Vice Chair for Supervision Barr. We begin the day with Agency MBS prices a tough better than Wednesday, the 10-year yielding 4.24 after closing yesterday at 4.27, and the 2-year yield down to 4.58.

Jobs

“It’s 1999: Californication and Slim Shady dominate the charts, the iconic films Fight Club and The Matrix are released, Serena Williams wins her first Grand Slam to kick off an outrageous career and with inspiring greatness being born all around Seth Fass founds East Coast Capital. Celebrating its 25th anniversary, East Coast Capital has scored incredible victories for clients to achieve their homeownership goals. Once a small broker, NY-Based East Coast Capital is now a licensed bank across the nation, approved with Fannie, Freddie, and FHA and also specializes in underwriting Non-QM loans. Committed to providing homeowners access to capital and supporting loan officers with a diverse range of products and common-sense approach to underwriting, the movies and songs may have fallen off the playlist and Serena has retired from the courts, but born among the best, East Coast Capital still remains! Ready to Join? Email us here.”

Congratulations to John Hedlund, the Chief Operating Officer and Managing Director of AmeriHome, who has announced his retirement from the company.

Calling all applicants for Flagstar’s MortgageTech Accelerator, a highly acclaimed incubator for young fintech companies with fresh solutions for the mortgage sector, now in its fifth edition. Flagstar is looking for applicants who are making breakthroughs in all facets of the mortgage business including origination, processing, marketing, servicing, compliance, sales, underwriting, credit, and quality assessment. The program comes packed with perks like access to Flagstar senior executive mentors and a wide network of potential customers, as well as the opportunity to test solutions in a real-world controlled environment. Ranking high among the selection criteria are the potential for technological innovation, prospects for growth, and CRA impact. Past alums Greenline, Calque Inc., and Housetable, give the program a resounding thumbs-up. Check it all out here and email your pitch deck to [email protected] by April 15.

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Source: mortgagenewsdaily.com

Apache is functioning normally

Unstable borrowing conditions and a lack of affordable properties kept homeownership out of reach for many Americans in 2023. However, as the spring buying season approaches and signs that the market is recovering emerge, buyer sentiment is shifting. According to the National Association of Realtors®, national existing home sales in January 2024 were up year-over-year by 1.3%. Housing supply is also improving, with national inventory up by 3.1% year-over-year and 2% month-over-month. 

These positive changes are setting the stage for an active spring market in the US. But as competition increases, so do home prices. The national median price for a single-family home in the US increased by 5.1% year-over-year in January to $379,100. This begs the question: where can prospective homebuyers find the best deals this spring? 

To better understand where homebuyers can find pockets of affordability, Zoocasa analyzed home prices in 50 metropolitan statistical areas across the country to determine which are below the national median and where the most growth is happening. Median single-family home prices were sourced from the National Association of REALTORS® and are from Q4 2023, except the national median home price which is from January 2024. 

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It’s usually said that the further outside of an urban center you go, the more affordable the home price. But of the 33 metropolitan statistical areas with a median home price below the national median, 15 have populations above 2 million, and five have populations above 5 million. The largest urban center with a median home price below the national median is Chicago, IL with a median home price of $343,300 in Q4 of 2023. Despite the city experiencing year-over-year price growth of 6.2%, Chicago’s median home price is still $35,800 below the national median. 

Of the 50 markets we analyzed, Cleveland, OH came out on top for affordability. Cleveland’s median home price of $190,700 is an impressive $188,400 below the national median and is one of the few areas on our list where the median home price dropped from last year. Other markets where the median home price fell from last year include Myrtle Beach, SC, Houston, TX, San Antonio, TX, and Memphis, TN. Alabama’s capital, Montgomery, was the only other market on our list besides Cleveland with a median home price below $200,000. Homebuyers here can snag a home for approximately $185,700 below the national median. 

It’s worth noting that five out of the six markets that experienced year-over-year price growth of more than 9% have home prices below the national median. These markets include Rochester, NY, Hartford, CT, New Haven, CT, Oklahoma City, OK, and Cincinnati, OH. This means that homebuyers of all price ranges, including those purchasing lower-priced homes, can still expect to build a significant amount of equity. 

Markets that have experienced significant year-over-year price growth also present good investment opportunities. For instance, single-family homes in Philadelphia, PA have experienced year-over-year price growth of 7.2% and are still $20,100 below the national median price, making this sought-after city a good option for first-time investors. Kansas City, MO is an emerging market that would make a great first-time investment location. The city garnered a lot of media attention last year thanks to the city’s football team and frequent Taylor Swift visits, resulting in the median home price rising by 5.9% year-over-year. Despite its growing popularity, the median home price in Kansas City remains one of the lowest on our list at $315,800. 

Homebuyers with their hearts set on a particular destination, especially one of the largest and most sought-after cities in the US, would benefit from considering smaller markets relatively close to their dream location. While the Big Apple might be out of reach for the average buyer, with a median home price of $659,200, New York’s second and third-largest cities still maintain affordable prices. Buffalo and Rochester have median home prices of $243,500 and $230,500 respectively. This is nearly $150,000 less than the national median, compared to New York City, where the median home price is more than $280,000 above the national median. 

Though San Francisco, CA, and Los Angeles, CA have notoriously high home prices, at $1,251,000 and $884,400 respectively, California homebuyers still have affordable options. At just $26,600 above the national median, Fresno’s median home price is one of the more affordable options in California. But for savvy buyers looking for a deal in California, Bakersfield presents the best option with a median home price of $11,800 below the national median. 

In Florida, motivated buyers on the hunt for affordable prices will have to look outside of the vibrant Miami market, which has a median home price more than $200,000 above the national median. Tampa’s median home price exceeds the national median by just $30,900, while Daytona Beach and Tallahassee offer more affordable housing, with median prices $16,700 and $57,100 below the national median, respectively.

Planning to enter one of these markets this spring? It’s important to speak with a local realtor who is familiar with your local real estate market. Give us a call today to discuss your home-buying plans. 

Ready to join the spring market?

Our experienced agents can help!

Source: zoocasa.com