MI

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Uno de los mayores errores que se pueden cometer a la hora de protegerse de las estafas financieras es pensar que uno es demasiado listo como para dejarse engañar.

“Todos somos vulnerables: todos podemos caer en una estafa si se dan las circunstancias adecuadas”, afirma Eva Velásquez, presidenta y directora general del Centro de Recursos contra el Robo de Identidad, una organización sin fines de lucro que ofrece asesoramiento y asistencia en temas relacionados con el robo de identidad.Para mantenerse protegido, hay que aceptar este hecho, añade.

“Si nos fijamos en los perfiles de las víctimas que han presentado denuncias, vemos que hay de todo, desde personas con un alto nivel de estudios e ingresos hasta las personas más vulnerables de nuestra población”, afirma John Breyault, vicepresidente de Política Pública, Telecomunicaciones y Fraude de la Liga Nacional de Consumidores, una organización sin fines de lucro que defiende los intereses de los consumidores.

Aunque no existe una “solución infalible para mantenerse a salvo de todas las estafas”, como dice Breyault, hay estrategias que uno puede emplear para reducir el riesgo (en inglés). Aquí tiene cuatro de las más importantes:

Cuelgue el teléfono y “vaya a la fuente”

Si se pone en contacto con usted alguien que dice ser su banco u otra empresa conocida, dé por terminada la conversación y llame usted mismo al número verificado de la institución, dice Velásquez. “Siempre decimos: ‘Si usted no inició la comunicación, acuda a la fuente'”, añade.

De lo contrario, no sabrá quién está al otro lado de la línea, dice, sobre todo porque los estafadores pueden falsear el número que aparece en el identificador de llamadas para que parezca legítimo.

En algunos casos, puede que le interese visitar personalmente su banco para que se lo aclaren. Cuando Thorn Roberts, propietario de una pequeña empresa en Elizabeth, West Virginia, recibió una solicitud de pago (en inglés) que no reconoció, fue a su banco a preguntar.

“Sabían que era una estafa”, afirma. Como resultado, canceló inmediatamente sus cuentas y creó otras nuevas. Gracias a su rápida reacción y a la ayuda del banco, su dinero estaba seguro.

Proteja y controle sus cuentas

Las prácticas básicas de seguridad online (en inglés) también pueden ayudarle a protegerse, dice Velásquez. Recomienda activar la autenticación multifactor en sus cuentas financieras, crear contraseñas únicas y no compartir datos personales en Internet, como su fecha de nacimiento.

Jason Zirkle, director de capacitación de la Association of Certified Fraud Examiners (Asociación de Examinadores Certificados de Fraude) y ex analista de fraude de las fuerzas policiales, sugiere revisar sus cuentas financieras al menos una vez a la semana e investigar inmediatamente cualquier cargo no identificado. Incluso un pequeño cargo erróneo podría sugerir que alguien tiene acceso a su cuenta, señalando el comienzo de un problema mayor.

Familiarícese con las estafas más comunes

La Comisión Federal de Comercio informa que las principales estafas de 2022 incluyen a personas que se hacen pasar por instituciones como bancos, sorteos falsos y falsas ofertas de empleo. “No es necesario que usted se convierta en un experto en cada una de ellas, pero sí que comprenda las características de la mayoría de las estafas: Primero se ponen en contacto con usted, le ponen algún tipo de cebo y le generan una sensación de urgencia”, afirma Zirkle. Después, le piden dinero o información personal, la que utilizan para acceder a su dinero.

Eso es lo que le ocurrió a la madre de Ken Westbrook, ex ejecutivo del gobierno y experto en seguridad, a principios de este año. Apareció en su computadora una falsa ventana de soporte técnico, probablemente procedente de un anuncio malicioso. La conectó con delincuentes que la convencieron para que les llamara y les enviara tarjetas de regalo y cheques de caja con el pretexto de proteger sus cuentas bancarias de los piratas informáticos.

“Mi madre sabía que las tarjetas de regalo eran una señal de alarma, pero lo hizo de todos modos porque les tenía miedo a los delincuentes”, dice Westbrook, que vive en la región de Washington, D.C. Con el tiempo, Westbrook descubrió lo que estaba ocurriendo y le puso fin, pero solo después de que su madre perdiera miles de dólares (en inglés).

Estos estafadores “se hacen pasar por el personal de soporte técnico más amable con el que jamás uno haya tratado”, afirma Chris Pierson, fundador y CEO de BlackCloak, una empresa de ciberseguridad. “Instalan herramientas de gestión remota para ver lo que hay en su pantalla y luego pueden extraer sus archivos y extorsionarle”.

Denuncie las estafas y sea su propio defensor

Denunciar las estafas a organismos públicos y organizaciones privadas permite hacer un mejor seguimiento. Aunque no existe una fuente centralizada de investigación de fraudes, usted puede denunciarlos a la Comisión Federal de Comercio, la oficina del fiscal general de su estado, el FBI, la comisaría de policía local, el departamento de fraudes de su banco, el Rastreador de estafas del Better Business Bureau y el Centro de Recursos contra el Robo de Identidad (el ITRC, por sus siglas en inglés), entre otros.

La mayoría de las personas que pierden dinero por estafas nunca vuelven a verlo. “Lo primero que tiene que hacer es aceptar que su dinero probablemente ha desaparecido y que no lo recuperará”, afirma Zirkle. Sugiere “ser su propio abogado” ante su banco y la policía. En algunos casos, la entidad financiera o la policía podrían ayudarle a recuperar parte o la totalidad del dinero.

Sin embargo, algunas pérdidas son más difíciles de cuantificar. “Además de un delito financiero, es un delito emocional”, dice Westbrook. “A la gente le afecta para el resto de su vida. Lo que le digo a todo el mundo, y se lo digo a mi madre, es: ‘No es culpa tuya. Los ladrones trabajan para bandas de crimen organizado que son muy buenas en lo que hacen'”.

Este artículo fue redactado por NerdWallet y publicado originalmente en inglés por The Associated Press.

Source: nerdwallet.com

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Lesley Alli and Andrew Greenberg both joined NMI Holdings to serve as senior vice presidents, announced the parent company of National Mortgage Insurance Corporation Monday in a statement.

Adam Pollitzer, president and CEO of National MI, said that the addition of Alli and Greenberg  would help drive value for borrowers, lenders and shareholders. 

“We’re delighted to have two executives as talented and experienced as Lesley and Andrew join our strong executive management team,” said Pollitzer in a statement.

Alli was named senior vice president of industry relations and corporate communications. In this role, she will lead the company’s efforts in external public and industry relations, touching on corporate communications, public policy, government enterprise and agency affairs. Prior to this new position, she served as the chief investor and industry relations officer of Home Point Financial Corporation. She also held senior managerial positions at Federal National Mortgage Association (Fannie Mae) and Countrywide Home Loans, amounting to a 20+ years career in the mortgage industry. 

Alli also received numerous accolades in her field: she was recognized as one of Housing Wire‘s 50 “Women of Influence” in 2021.

Meanwhile, Greenberg was promoted to senior vice president of finance where he will oversee investor relations, financial planning, analysis, data analytics and treasury. He previously served as senior vice president of business development and investor relations at Triton International Limited, a leading publicly-traded specialty finance company. From 2002 to 2014, Greenberg was a director of investment banking with Barclays where he led strategic advisory and capital raising efforts for financial institution clients. 

Source: housingwire.com

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Fried chicken, bourbon, bluegrass music and the Kentucky Derby. You might think that’s all Louisville has to offer, but you’d be wrong.

Louisville is the largest city in Kentucky and offers great restaurants, live events and the best entertainment around. It also boasts some of the most breathtaking natural beauty in the country.

As a resident here, you’ll have great neighbors, too. The residents here are incredibly friendly, and you can’t help but soak up their spirit.

Louisville is also in a great location, being just a few hours drive from other major metropolitan areas including Frankfort, Lexington and Cincinnati. If you love the idea of taking day trips, Louisville is the ideal city!

This city is also one of the most affordable places to live in Kentucky. It’s also more affordable than other large cities in the U.S., earning spots on multiple “25 cheapest places to rent in the U.S.” lists.

Does this sound like the city for you? If so, you might now wonder where to live in Louisville. We have you covered! Not only will we help you find a great Louisville neighborhood, but we’ll also help you find a great apartment for rent in Louisville.

Where to live in Louisville, KY

You don’t need to get frustrated figuring out where to live in Louisville. We can help you find the neighborhood — and then, the apartment — of your dreams! Check out our list of some of the top neighborhoods to find apartments for rent in Louisville.

Who’s coming with you?

Which one neighborhood characteristic can you not live without?

What’s your idea of quality downtime?

Which of these best describes your current life stage?

Your personal style could be best described as:

Which of the following is most important to you in choosing an apartment?

Where to Live in Louisville

Crescent Hill

If you love old-world charm and historic homes, as well as a good mix of modern and luxury homes and apartments, Crescent Hill is the neighborhood for you. This neighborhood is ideal for young professionals who have an active social life. You’ll find shopping, restaurants and bars in abundance and accessible by bike or on foot. Crescent Hill is the perfect neighborhood, too, for people who live an active lifestyle. There’s an aquatic center and mini-golf nearby, as well as multiple green spaces like Cherokee Park, which is perfect for walking your dog or hanging out with friends. But what really makes this neighborhood special is the architecture. There’s nothing more romantic and mysterious than old Gothic-style buildings.

Find Apartments in Crescent Hill

Highlands

Image Source: Highland Station

If you want a funky, hip, eclectic neighborhood in Louisville, look no further than Highlands. This community is just a few minutes south of the downtown area. The area has modern condos and apartment complexes, as well as historic Dutch-style and Victorian homes. If you’re a foodie, you’re going to love Highlands. Bardstown Row, known as Restaurant Row by the locals, has some of the best bars and restaurants in Louisville. Try The Eagle, a rustic yet chic beer hall. Or Havana Rumba for authentic Cuban cuisine. Or LouVino Highlands Restaurant & Wine Bar, a fashionable place to enjoy one (or more!) of the over 70 wines in their showcase.

Find Apartments in Highlands

Clifton Heights

Image Source: The Fitzroy

Residents praise this neighborhood for its low cost of living and high quality of life for young families. You’ll find budget-friendly rentals, whether you’re looking for a single-family home with a yard, a condo or a townhouse. There are plenty of green spaces for kids and dogs, like Louisville Champions Park where kids can play frisbee or soccer or simply hang out. For date night or family night, head to one of the many restaurants in the area, like Taqueria Los Gorditos for mouth-watering Mexican or Chik’n & Mi for Asian fusion. Clifton Heights has art and dance schools, venues where you can enjoy a symphony orchestra and taverns where you can meet up with friends and relax.

Find Apartments in Clifton Heights

Central Business District

If you’re a young professional looking for a walkable neighborhood, with stores and restaurants nearby, but without breaking the bank, you should check out the Central Business District of Louisville. In addition to being close to work downtown, the Central Business District has plenty of fun things to do and see, including high-end shopping experiences, entertaining community events and some of the best restaurants in Louisville.

Find Apartments in the Central Business District

Butchertown

Image Source: Waterside at Riverpark Place

Looking for a hip, quirky neighborhood in which to exercise all your artistic ambitions? Then, Butchertown is the place for you. Young couples and professionals appreciate the fun vibe and enjoy visiting funky boutiques, coffee shops and restaurants. You can find everything from vintage furniture to handmade soaps at the shops, as well as artisanal and gourmet foods. Looking for some excitement? Visit the Dave Armstrong Extreme Park, one of the most amazing skate parks in the country. The 40,000-square-foot skatepark has a wooden vert ramp and a 24-foot full pipe. The park is open 24 hours a day and park officials invite skaters of every level to come to have some fun.

Find Apartments in Butchertown

Tyler Park

Image Source: Highland Flats

Residents of Tyler Park praise the area for its friendly, caring neighbors and a strong sense of community. The family-friendly park — the namesake of this neighborhood — has beautiful trails and a playground for kids. There are also some nearby tennis courts. The Tyler Park neighborhood also has multiple nice dog parks nearby to take your furry friends for a good time. It’s a nice place to come home to if you work in Downtown Louisville and like getting away from the busyness of the city.

Find Apartments in Tyler Park

Deer Park

Image Source: 2114 Edgehill Rd

Deer Park is about four miles southeast of the downtown area. The neighborhood started out as a streetcar suburb. Starting in 1890, developers completed all 24 subdivisions by the mid-1930s. The beautiful, historic architecture gives the neighborhood lots of character. Deer Park is home to many young professionals. However, schools in the area rank higher than average, making it a great place to raise kids. Residents love that they can get to multiple destinations by foot — like the grocery and hardware stores, doctors and the vet. There are also multiple parks where you can go for a walk or jog or just enjoy the sunshine and fresh air.

Find Apartments in Deer Park

Phoenix Hill

Image Source: 310 at NuLu

If you’ve been wondering where to live in Louisville and want a community that has a dense urban vibe but is a bit cheaper than the downtown area, Phoenix Hill is for you. Situated around the affluent, trendy East Market District (called NuLu by the locals), the neighborhood has numerous boutiques that sell vintage clothing, restored furniture and gourmet, artisanal foods. Art is also important in this neighborhood. Local galleries stay open late on the first Friday of every month. During this street party, you’ll get to enjoy live music, tasty street food, art exhibits and shopping.

Find Apartments in Phoenix Hill

Rebecca Green is a content editor and writer for RentPath. She enjoys interior design, dogs and can tell you where to find the best pizza in Brooklyn. You can see some of her other published work on Apartment Guide.

Source: rent.com

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HELOC, TPO, Home Buyer Trends, Agency Approval, CRM Products; Training and Events

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HELOC, TPO, Home Buyer Trends, Agency Approval, CRM Products; Training and Events

By:
Rob Chrisman

Thu, Aug 31 2023, 9:37 AM

The great thing about inflation is if you spend the same on groceries, the bags are lighter and easier to carry home. Restaurants and food companies react to higher prices either by reducing their portion sizes or passing the cost on to the consumer. In real estate, does the modern definition of an “affordable” house mean 350 square feet for $130,000? Lennar thinks so. Owning a home has long been considered the quintessential American dream, but even with 84 percent of Americans saying they’d like to own a home one day, 51 percent who don’t own today worry they’ll never get there. 94 percent of consumers say owning a home is part of the American dream, but 49 percent say they can’t afford a down payment and 40 percent say home prices are too high in their area. Student loan debt weighs heaviest on millennials, with 19 percent citing it as a roadblock to homeownership. (Today’s podcast can be found here and this week’s is sponsored by Black Knight. Black Knight is an award-winning software, data and analytics company that drives innovation in the mortgage and real-estate industries, and the capital and secondary markets. Listen to an interview with Black Knight’s Andy Walden and John Holbrook on the tappable equity market.)

Lender and Broker Software and Services

Get a discount on sponsoring THE event at ICE Experience 2024! Lender Toolkit’s Supercar Experience last year was fantastic and promises to be just as great in 2024! It will be held right before the opening of the ICE show next March. Lender Toolkit is offering early bird pricing on sponsorships, but only until September 29. As a sponsor at the March 18, 2024, event, you’ll be at the center of the most talked-about event of the conference. Just check out these photos from the 2023 Supercar Experience to see how much fun was had! Take advantage of the low rates now! For more info, contact Lender Toolkit or simply download the sponsorship form to apply. And Lender Toolkit and Lodestar are hosting the ultimate MBA Annual kick-off event in Philly. The Independence Block party, complete with ping pong, food, and drinks, takes place from 7:30-9:30 pm on Oct. 15. RSVP here.

“Unlock Success with BlackWolf Advisory Group! Our expert team offers a comprehensive range of services in the mortgage servicing space designed to guide you towards excellence. From regulatory and operational consulting that turns challenges into triumphs, to technological solutions that unlock your organizational potential, we’re here every step of the way. With a proven track record of success and a client-centered approach, we’re dedicated to understanding your unique needs and tailoring solutions that fit. Our industry experts have 20+ years of experience working for some of the largest servicing companies and government institutions. Our technology partners have an established reputation for success in the financial space, with the ability to develop additional tools and take your servicing operations to the next level. Please contact us today or call 904-207-8331. See more information here.”

“Tickets to the Big Game aren’t available until September 7, but ad sales are already well underway, with many big brands having already secured their $7 million game-day advertising slot. While 2023 has been a lender’s thunder dome, the good news is that you don’t have to shell out millions to compete for borrowers’ attention. Surefire℠, Black Knight’s CRM and Mortgage Marketing Engine, comes packed with everything you need to keep pace with the billboard guys, from prebuilt marketing automation blueprints to award-winning multi-media content to dozens of native technology integrations. Download our free eBook for proven mortgage marketing game plans that won’t break the bank.”

Receiving your Freddie Mac, Fannie Mae, or Ginnie Mae approval not only adds value to the net worth of mortgage lenders, but several other doors also become open with these approvals. In this latest whitepaper, Getting Started with Agency Approvals, Jennifer R. Whip, CMB®, Michael Drayne, and MCT offer important tips on how to obtain these approvals. Topics featured in this whitepaper include why originators should seek approval, key components for agency approval, and common challenges and solutions in the approval process. Download the whitepaper today to learn more about getting started with agency approvals.

We’re over halfway done with 2023. For anyone who knows how to stay afloat in the mortgage space, that means keeping yourself abreast of what happened and what trends to expect. In the latest episode of Expert Insights, Joe Welu, CEO of Total Expert, sits down with the founder and CEO of the Basis Point, Julian Hebron, to give us a closer look at the mortgage space in mid-2023. Is the worst over despite the recent challenges and rising interest rates? Will we see a potential improvement in the next 6-12 months? Julian shares his data-driven insights, helping you navigate across issues in the lending and mortgage market­–from lender profitability to affordability challenges for homebuyers. Keep your eyes open to the market realities and the constantly changing landscape of the space. Listen now so you can take on hurdles and opportunities to drive success.

NEW: Maxwell’s Mini-Guide to Surviving Today’s Big Housing Market Reset. Is your lending business prepared for a market reset? To thrive, lenders need a fresh game plan driven by home buyer trends, creative lead generation, and insightful data. Maxwell put this guide together to help you refresh your thinking for the market ahead. In it, you’ll find advice from mortgage experts including Maxwell Co-founder & CEO John Paasonen, Rob Chrisman himself, theLender EVP Chris Ledwidge, and more. Their advice will teach you ways to rebuild your pipeline, the borrower segments that are still rising in the housing market, and how to better leverage data to make confident business decisions. Lenders: The next five years likely won’t be anything like the last five. Now is the time to rethink your business. Click here to download your free copy of Maxwell’s Mini-Guide to Surviving Today’s Big Housing Market Reset.

Correspondent and Broker Loan Products

The number of people who have been taking out home-equity lines of credit has been increasing. In fact, according to a recent survey performed by Mphasis Digital Risk, 40% of U.S. Millennial and Gen Z residents would opt for a HELOC over other borrowing options, including traditional bank loans, peer-to-peer loans, and credit cards. Whether your clients are looking for help with financial flexibility, debt consolidation, liquidity support, or home renovations, Symmetry Lending’s HELOCs can help. With our flexible options, industry-leading service, and competitive rates, our HELOC solutions can give your clients exactly what they want. At Symmetry, we serve Loan Officers with speed and always make sure to keep the process positive and simple. You’ve got enough on your plate; allow Symmetry to save the day and put our HELOC to work for you and your client. Call your Area Manager today or visit here to learn more.

Are you ready to help clients whose student loan repayments are set to resume? Rocket Pro TPO is preparing broker partners to be part of the solution with Rocket’s Student Loan Busters! From cash out options to home equity loans, clients can potentially reduce their monthly payments, streamline their number of separate payments, and take advantage of tax benefits. Are you offering the Fannie Mae Student Loan Refinance which features a waiver of the cash-out price adjustments? Talk to your Rocket Pro TPO Account Executive to learn more. You need the best affordable lending solutions to deliver options to more clients. ONE+ by Rocket Mortgage provides an incredible opportunity for Rocket Pro TPO partners. With this product, eligible clients provide 1 percent towards the down payment and the other 2 percent down payment requirement is covered. Plus, clients are not responsible for paying the mortgage insurance! And learn how you can use their 3-2-1 Temporary Buydown for additional payment relief. Interested in learning more about a Broker or Non-Delegated Correspondent partnership? Contact Rocket Pro TPO to learn more.

Training and Events Next Week

A good place to start is here, and click on “events.”

Tuesday the 5th is the next Mortgages with Millennials with Kristin Messerli and Robbie Chrisman, and sponsored by National MI. Tune in every Tuesday at 10AM PT to the weekly video show designed to empower mortgage professionals to tap into the millennial market. This show demystifies the psychology of first-time homebuyers and offers strategies to win more market share with a key segment of the market. Sign up for a weekly reminder with the link to join and a sneak peek into the next episode.

Join Plaza Home Mortgage® on Wednesday, September 6th at 11:00 AM PT / 2:00 PM ET for an insightful webinar where we will review Plaza’s Reverse Mortgage file flow process from loan scenario to funding. Plus, with our dedicated Reverse Mortgage Team guiding you through every step of this unique process, feel confident in setting the proper expectations for your senior clients to ensure a smooth closing. Don’t miss out on this important market segment.

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. Robbie and Rob will bring a unique mix of age perspective, expertise, and charisma to the screen, ensuring that the information is not only educational but also entertaining.

Join Arch MI on Thursday, September 7th at 1PM ET for a featured webinar, Fundamentals of Employment Income, Understanding Documentation and Calculations. Presented by Stephanie M. Clark, AMP and Arch MI Senior National Trainer and Instructional Designer.

Please join MCT’s Phil Rasori, Chris Anderson, and Justin Grant on September 7th at 11am PT for an important webinar on MCT Geocoding & Bid Tape Protection Initiatives. In 2018, MCT launched an initiative to replace property address and loan number in the loan trading process. Recent headlines show that data security is more important than ever, which makes now the right time to finish the job and continue to reduce collateral NPI exchanged in the secondary market. Register today for a discussion of NPI, implementation plans to reduce its unnecessary exposure, and a review of internal data security and business continuity practices.

Loan servicers are invited to attend a free webinar on the MERS® Annual Report and third-party review process next Thursday, September 7th, at 3pm ET. Hear from the experts at Falcon Capital Advisors, an experienced and trusted third-party review firm, about the Annual Report process and how your organization can ensure it remains compliant with MERS® System requirements. Click here to register.

The Mississippi Mortgage Bankers Association is holding its fall conference September 7-8 in Jackson. Our theme for this year is “Building a Strong MS” We are focusing on building relationships, strategies, and opportunities for the real estate housing industry in MS. Our fall conference is open to loan originators, realtors, and other industry affiliates. Realtors will receive Continuing ED (CE) credits for attending the Fall Conference. On Friday, September 8th – 10:05 am – 11:00 am, join William Kooper, VP of State Government Affairs and Industry Relations at the Mortgage Bankers Association, for MAA/Legislative update.

Friday the 8th is The Mortgage Collaborative’s Rundown covering current events in the mortgage market for 30-45 minutes starting at noon PT in “The Rundown”.

The NAMB National Conference is just around the corner, and you don’t want to miss the opportunity to join Plaza Home Mortgage® for a thought-provoking session on Reverse Mortgages’ on Saturday, September 9th – 4:00pm at Caesars Palace, Emperor’s Ballroom 1. In this session, Mark Reeve, Plaza Home Mortgage® VP, Reverse Mortgage Division, will share why the aging Baby Boom generation, along with senior home equity – approaching close to 13 trillion dollars – is a market you cannot afford to ignore any longer. So, check out these highlights and learn who these borrowers are and how you can reach them.

Register for free with the code PLAZAFREE.

Capital Markets

We’ve now had three straight days of rallies in the bond markets (e.g., prices up, rates down). That’s happened about once in a blue moon as of late (the last time was in May), so good thing that we had a blue moon last night. Or “good” thing that yesterday we received some weaker-than-expected economic data in the form of the private sector adding 177k jobs in August versus 200k expectations, according to the ADP Employment Report. There was also the Dallas Fed Manufacturing Index falling to the lowest since May of 2020 and pending home sales falling in all four U.S. regions compared to one year ago. However, there were no significant changes to rate hike expectations with the implied likelihood of a November hike remaining just below the 50 percent mark.

Today brings the all-important Personal Consumption Expenditure report for July, which saw income and spending (+.2 percent & +.8 percent, respectively, both higher than expected) versus expectations of increases of 0.3 percent and 0.6 percent month-over-month, respectively. The Core PCE Price Index (+.2 for July, +3.3 percent for the year, no acceleration in inflation) versus expectations of it increasing 0.2 percent month-over-month and 4.2 percent year-over-year compared with 0.2 percent and 4.1 percent previously.

In employment news, we’ve also received job cuts from Challenger for August: U.S.-based employers announced 75,151 cuts in August, a 217% increase from the 23,697 cuts announced one month prior, 267 percent higher than the 20,485 cuts announced in the same month in 2022. Weekly jobless claims were 228k, down from 230k, 1.725 million continuing claims. Later this morning brings Chicago PMI for August, Freddie Mac’s Primary Mortgage Markets Survey, and remarks from Atlanta Fed President Bostic and Boston Fed President Collins. We begin the day with Agency MBS prices are better by .125 and the 10-year yielding 4.09 after closing yesterday at 4.12 percent. The 2-year is at 4.86 after the slew of economic news.

Jobs and Transitions

Champions Funding is actively looking for experienced Account Executives in the Non-QM space due to increased loan production and expansions to its product suite. Offering a competitive ITIN solution for both consumers & investors, Champions is increasing opportunities for the American Dream with the upcoming roll-out of Foreign National for investors plus expanded guidelines to include 5-8 units. These programs plus competitive DSCR & No Ratio are meeting the increased need in the market for other Non-QM options while fueling the company’s growth exponentially. CDFI improvements on all programs for eligible borrowers also differentiate the Champs from other Non-QM lenders. For immediate consideration, experienced Non-QM Account Executives are encouraged to reach out to Angela Castillo.

Directors Mortgage has hired one of the former NW Mortgage Group owners, Marty Quandt (NMLS-40554), as VP Builder Division to lead Director’s expanding builder division and help lead the company’s loan officer growth and development initiatives across the western United States. Marty, along with three other owners, started NW Mortgage Group in July 1995, just three years before Mark J. Hanna (NMLS-91462) founded Directors Mortgage in July 1998. And from there on, they watched each other’s companies succeed in the marketplace for many years until NW Mortgage Group sold to another company in 2014. “Marty’s years of expertise and leadership will bring a unique set of skills that our team members and clients will benefit from,” said Directors Mortgage CEO & Founder Mark J. Hanna. “To have such a long-standing professional in our industry join us is a testament to what we’ve built at Directors Mortgage.” (NMLS-3240. AZ Mortgage Banker License BK-0942517. Equal Housing Opportunity Lender.)

The Money Store welcomed John Palmiotto, a seasoned industry leader, to the company’s C-suite as the Chief Production Officer.

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

Source: mortgagenewsdaily.com

Apache is functioning normally

In less than a month, Fannie Mae is implementing some tough new mortgage guidelines, including a larger minimum down payment requirement.

Come November 16th, the maximum LTV ratio for loans delivered to Fannie Mae will fall from 97% to 95%.

In other words, you’ll need to come up with a 5% down payment if you want to go the conventional route, even for HomePath financing.

The rule change means the “Conventional 97 loan” is essentially a thing of the past, and borrowers with little set aside will probably need to look elsewhere for low-down payment financing.

For the record, Freddie Mac did away with their “Home Possible® 97 Mortgages” back in 2011 after stating that the performance of such loans was “unacceptable.”

Don’t even ask about Freddie Mac’s “Home Possible 100 Mortgage,” which was touted during the housing boom, flanked by this cool little graphic that kind of summed up the default underwriting decision.

The word “yes” was common prior to the mortgage crisis.

Will Fannie Mae Borrowers Flock to the FHA?

Anyway, when the change goes into effect, those seeking to put the least amount of money down will probably have to turn to the FHA, which should send the underserved back to the agency originally created to serve the underserved.

The FHA only requires a 3.5% down payment, though borrowers do need minimum credit scores of 580 to qualify (10% down if score below 580).

However, FHA loans have become a lot less attractive than they used to be, thanks to numerous recent changes to the associated mortgage insurance premiums.

For example, the FHA raised the upfront mortgage insurance premium to 1.75% of the loan amount while also boosting annual insurance premiums.

If that wasn’t enough, the agency also requires mortgage insurance to stay in force for the life of the loan in many cases, instead of being dropped once the homeowner pays down the loan to 78% LTV.

So it’s not a cheap alternative by any stretch, and strengthens the argument to come in with more cash if at all possible.

[See: FHA vs. Conventional for details on that.]

Of course, there’s always the VA and the USDA loan program, both of which do not require any down payment. But these programs don’t work for all borrowers, only military families and those in rural areas, respectively.

Why Is Fannie Increasing the Minimum Down Payment Now?

Well, apparently they didn’t really want to offer the low-down payment loans to begin with.

Over the past several years, FHA loans became super attractive thanks to their low-down payment requirement and relatively low mortgage insurance premiums.

At the same time, private mortgage insurers had overlays in place that limited who could get financing with just 3% down.

So there probably weren’t too many conventional home loans with 3% down being originated over the past several years.

However, as previously noted, FHA loans aren’t very attractive these days, and private MI companies have since loosened underwriting guidelines.

All that said, former would-be FHA borrowers seemed to have made an exodus to Fannie’s 3%-down loan program.

This is evidenced by the fact that private mortgage insurers saw policies on 3%-down home loans nearly double over the past year.

In other words, it appears as if Fannie took note of this and decided to nip it in the bud before it became a “thing” in the mortgage world.

Aside from the down payment increase, Fannie is also banning interest-only loans and loans with terms greater than 30 years, which coincides with the Qualified Mortgage rule set to go live early next year.

Note: Fannie indicated that loans submitted via Housing Finance Agencies are subject to separate LTV ratios, so 3% down could still be a possibility for certain homeowners. Stay tuned.

Update: And just like that, you only need 3% down to get a mortgage again. That didn’t last long…

(photo: Yuma Hori)

Source: thetruthaboutmortgage.com

Apache is functioning normally

In the realm of interior design, it’s often the smallest details that make the most significant impact. Enter wall molding and trim – the unsung heroes of home transformation. From the graceful curves of crown molding to the intricate wainscoting, these architectural accents can elevate any living space.

Whether you’re adding wall molding to your home in Chicago, IL, your condo in Birmingham, AL, or just want to learn more, this Redfin article will cover the different types of wall molding. We also have expert advice, along with tips and tricks for adding these decorative elements to your home. Let’s get started.

What are wall moldings?

Wall moldings, also known as wall trim, are decorative architectural elements that adorn the edges and surfaces of walls in homes and buildings. Wall moldings come in various shapes, sizes, and styles, and they are typically made from materials like wood, plaster, or composite materials. They can include details like baseboards along the floor, crown molding along the ceiling, chair rails at a mid-height level, and wainscoting on the lower part of the wall. Wall moldings not only provide texture, depth, and character – but they also create a sense of elegance and sophistication in a space. 

“Adding wall molding is a transformative touch that can infuse elegance and depth into your rooms,” shares Fred Weiner, CAPS, principal of THP Builders. “It’s a fantastic way to create architectural interest and define spaces. From framing artwork to delineating accent walls, wall molding opens a world of design possibilities.”

10 types of wall moldings to add to your home

From the rustic charm of beadboard to the intricate detailing of panel molding, each wall molding option is brimming with charm and the potential to transform your space. 

1. Crown molding

Crown molding, also known as ceiling molding, adds a touch of elegance where the walls meet the ceiling. It comes in various profiles, from simple to sophisticated designs, and serves to visually expand the height of a room.

2. Corbel Molding 

Corbels are decorative brackets that protrude from a wall, adding architectural flair. They can be placed under shelves, countertops, or as standalone accents.

3. Casing molding

Trim pieces that frame doors and windows are called casing molding. They form a border around these openings, often with smooth, straightforward profiles that blend with the surrounding architecture.

4. Chair rail molding

Chair rail molding in a home is a horizontal strip that runs along walls, typically at the height of a chair back. It adds a horizontal line of interest to the walls while protecting them from chairs and furniture.

5. Picture rail molding

Picture rail molding is a horizontal strip positioned higher on walls, designed for hanging artwork and decorations without damaging the wall surface. It acts as a practical and aesthetic solution for displaying items.

6. Baseboards

Baseboards are the molding that runs along the bottom of the wall where it meets the floor. They provide a clean transition between the wall and floor while protecting the wall from potential scuffs and damage.

7. Panel molding

Panel molding creates the illusion of raised or recessed wall panels, adding depth and texture to the surface. It usually consists of strips that form geometric patterns.

8. Wainscoting

Wainscoting is a decorative treatment where panels or molding are applied to the lower portion of walls, typically below chair rail height.

9. Beadboard

Beadboard is a type of wall paneling featuring narrow, vertical planks with rounded ridges or “beads” between them. It adds a cozy, cottage-like charm to interiors.

10. Cove

Concave, curved molding that creates a transition between walls and ceilings with a smooth, sweeping profile is known as cove. Cove molding is an excellent choice for adding a touch of soft elegance to a room, as its curved design can help soften the hard angles of walls and ceilings.

Why you add wall moldings and trim to your home

Adding moldings to a home offers numerous benefits that enhance aesthetics and practicality. These decorative features can elevate the overall ambiance of a room. Here are a few ways it can enhance your home.

Adds character. Liz from The Cape Coop Farm shares, “Wall molding adds instant character and texture to any wall. Many molding projects are easy for beginners – particularly with straight lines like a board and batten design. If you are slightly more experienced with cutting angles, the possibilities are endless with intricate geometric designs and crown moldings.”

Inexpensive way to add dramatic visuals. “Wall molding designs can be a quick, versatile, and relatively inexpensive way to add dramatic visual impact and character to your home,” says Mandy from Aviator Jayne, a home store in Owosso, MI. “We have even found many molding designs to be really DIY-friendly. If you like to tackle projects around the house, consider adding a simple board and batten to your dining room for warmth, or perhaps molding in a geometric shape to the walls of your bedroom for an elevated look.”

Increases property value. Celia Boutell, an interior designer shares, “The benefits of adding wall molding include an elevated aesthetic by adding depth, texture, and elegance to give your room a more polished look. Architectural interest, room definition, covering imperfections, and increasing property value. Well-executed molding can enhance your home’s value by adding an upscale touch to your interior design.”

Tips for adding wall molding to your home 

Elevate your home’s style with wall molding using these essential tips. Learn how to effortlessly integrate decorative elements for a beautifully transformed space.

Plan the design. Before you start, envision the look you want to achieve. You’ll want to consider the type of molding, its placement, and the overall style of your home. Planning helps ensure a cohesive and well-executed design. “Picture frame molding is a simple and timeless style that can be done easily and affordably on your own,” says Casa Del Marmol, an interior design company. “You can even dial it up a notch by adding a wallpaper mural inside each box panel. Wainscoting of this type can be extremely versatile as well. Fresh paint, wall décor and lighting can add additional layers of dimension and can be swapped out over the years as styles change.”

Wall molding will suit all homes – you can’t go wrong. “One homeowner may choose to install molding to create a very traditional look, such as chair railing and the traditional box molding that is often seen accompanying it,” adds Marcia Socas, a DIY home project specialist.  “Alternatively, someone else may use molding to create a more modern pattern and style, for example, octagonal shapes or other patterns created with molding. Whether a traditional installation or a modern expression, wall molding suits every homeowner’s design choice and truly takes a room to the next level.”

Choose appropriate materials. Select molding materials that align with your home’s décor. Wood offers a classic appeal, while lightweight polyurethane options are easier to install. Make sure the material matches the aesthetic you’re aiming for.

Opt for two paint sheens. “If you’re looking to elevate a simple molding, try using two paint sheens, a flat on the walls and satin on the molding, or go one shade darker on the molding,” says Sagent Builders servicing the greater Chicago area. “When applying molding, use trim sealant and glue all the corners for the most successful installation.”

Try moldings on more than just walls. “Just like boxed molding designs have been traditionally used to add a sense of luxury to walls, we’re now seeing molding used on doors, ceilings, and cabinet faces to elevate a room and give it more interest,” shares Lanada Duncan, owner of b.e. decors Interiors. “With these new peel-n-sticks, trendy sizes, and designs that’s hit the market, you can be even more creative with your application and add panache to a space.”

A final note on wall moldings and trim

Incorporating moldings and trim into your home’s interior is akin to adding the final strokes to a masterpiece. These subtle yet impactful details have the remarkable ability to transform any home into an elegant and timeless space full of character.

Source: redfin.com

Apache is functioning normally

More on the housing affordability front, which I think is a growing concern as the housing market continues to recover and possibly get somewhat ahead of itself.

On Friday, RealtyTrac reported that monthly housing payments increased an average of 21% in the fourth quarter of 2013 from a year earlier.

The rise in housing payments was attributed to both an uptick in mortgage interest rates and an improvement in home prices.

During the fourth quarter of 2012, the average monthly housing payment for a three-bedroom home was $714, based on a 20% down payment and a 3.35% 30-year fixed mortgage rate.

A year later, that figure was $865, thanks in part to the 30-year fixed rising to 4.46% and home prices rising roughly 10%.

The housing payment includes the mortgage, homeowners insurance, taxes, and maintenance, less the estimated income tax benefit.

Incomes Can’t Keep Up with Surging Home Prices

While a $150 per month increase might not sound like much, it’s a lot more problematic in higher-cost regions of the United States.

For example, in Los Angeles County the minimum qualifying income to purchase a median-priced home is now more than $95,000, up from $68,000 a year ago. That’s nearly a 40% jump!

Nationwide, the average minimum household income needed to qualify for a median-priced home increased to $41,544 in the fourth quarter, up from $34,262 a year prior, using a max front-end DTI ratio of 25%.

The three highest minimum qualifying incomes were in Northern California, including San Francisco County ($228,569), Marin County ($177,922), and San Mateo County ($170,284).

Homes were also quite expensive on the East Coast, as evidenced by the minimum qualifying incomes in Arlington County, Virginia ($158,474) and Hudson County, New Jersey ($142,684).

The largest increases in estimated monthly housing payments were in Contra Costa (CA) and Sacramento (CA) counties (up more than 50%), Wayne (MI) and Oakland (MI) counties (up more than 45%), and in Clark County, Nevada (up 43%).

Housing Payments Still Cheaper than Rents in Most Counties

Though the days of low rates and bargain home prices are pretty much over, housing payments are still lower than rents in most counties nationwide.

In fact, the average fair market rent for a three-bedroom home (as determined by HUD) during the fourth quarter still exceeded the estimated monthly housing payment in 91% of counties analyzed (296 out of 325).

However, the 29 counties where it was cheaper to rent than buy accounted for about 20% of the population.

And in the 15 most populated counties analyzed, estimated monthly housing payments were up an average of 34% from a year earlier.

That made it more expensive to buy than rent is six of those 15 counties; a year ago, just one of those counties was deemed more expensive to buy.

The good news is most investors have probably lost interest in the housing market, making it more of a buyer’s market nowadays.

But as RealtyTrac vice president Daren Blomquist aptly pointed out in the press release, financed homeownership is beginning to become “dangerously disconnected” with sluggish incomes.

I suppose this is the danger of artificially low mortgage rates. It also means all-cash buyers still have quite an upper hand, seeing that they only need to concern themselves with the asking price.

Source: thetruthaboutmortgage.com

Apache is functioning normally

Let me be contrarian: Get ready, because mortgage rates are going to rise in 2021. Now before you respond, just read the rest as to why.

The Mortgage Bankers Association in its most recent forecast sees two things that stand out. First, 2020 will prove itself to be the second biggest mortgage year in history. Topping $3 trillion will put it only behind 2003 in single family mortgage production history.

Second, the MBA joined the GSEs and other economists who forecast a significant drop in mortgage production in 2021, with most estimating declines in the range of $700 – $800 billion year over year.

Some will try to argue, “but wait, Powell said the Federal Reserve would keep rates low for the foreseeable future! You must be wrong.” There is a difference here. Yes, the Fed will likely keep short rates low, but mortgage rates and some longer-term Treasuries likely won’t enjoy the same ride.

Here are the reasons why upward pressure on mortgage rates could stall the refinance wave and cut overall national originations volume in 2021:

1. The Fed: The Federal reserve is the single biggest buyer of agency mortgage backed securities (MBS) in the world. According to the Urban Institute, “In March the Fed bought $292.2 billion in agency MBS, and April clocked in at $295.1 billion, the largest two months of mortgage purchases ever; and well over 100 percent of gross issuance for each of those two months. After the market stabilized, the Fed slowed its purchases to around $100 billion per month in May, June and July. Fed purchases in July were $104.6 billion, 35 percent of monthly issuance, still sizable from a historical perspective.”

The question is what happens after a covid vaccine and a normalization of economic activity which is expected next year. The Fed is already being very careful not to commit to MBS purchases after the end of this year, a lack of commitment very different to their clear stance on fed funds. If the fed continues to slow or stop, something which is inevitable, the supply imbalance will force rates higher as MBS prices drop in search buyers to take up the excess.

Click image to expand

2. The Debt: The national debt is now at 100% of GDP, the highest level since WWII. Per

CBO’s September paper, “By the end of 2020, federal debt held by the public is projected to equal 98% of GDP. The projected budget deficits would boost federal debt to 104% of GDP in 2021, to 107% of GDP (the highest amount in the nation’s history) in 2023, and to 195% of GDP by 2050.”

The CBO’s projections for the U.S. deficits looking forward and the mounting debt load threaten the nation’s ability to do many things, as the majority of spending will be to mandatory expenditures that include interest on the growing debt load. Inflationary pressure will result from the need to finance these deficits through new issuance of treasuries, thus putting upward pressure across the stack of interest rates, a far different outcome than what the Fed may do to keep short rates low.

3. The GSE Capital Rule: The FHFA just closed off the comment window on the proposed capital rule for Fannie and Freddie. This rule is a critical component to FHFA’s plan to release the GSEs from conservatorship. The proposed rule is considered onerous by many with the consensus view stating in comment letters that rates would rise between 20-30 bps. Former Freddie Mac CEO Don Layton, former Arch MI CEO Andrew Reppert, and Fannie Mae each stated the same in their comment letters.

4. The Adverse Market Fee: This arbitrary add-on for most refinance mortgages from the GSEs of 50 bps equates to roughly an increase in rate of .125. This goes into effect on Dec. 1 of this year.

5. Release from Conservatorship: FHFA Director Calabria is working feverishly to release Fannie and Freddie from conservatorship and moving at a pace to lock in as much of this as possible quickly given the risk of an administration change. There have been outcries from MBS investors, including some of the largest buyers.

As reported, in a letter to Mark Calabria, director of the Federal Housing Finance Agency, PIMCO said freeing the companies by executive fiat would be interpreted by investors as an end to the government’s guarantee of the MBS. “That would boost mortgage rates and force some investors to sell the bonds,” the PIMCO executives said. Investors would demand a higher return for the increased risk. “Mortgage rates will increase, homeownership will likely suffer and the national mortgage rate will no longer exist,” the executives wrote.

For those in the mortgage industry, it doesn’t take all of these things to result in the forecasted 700-800 billion drop next year. Frankly just the slowing of MBS purchases and the implementation of the capital rule alone would do it. In fact, MBA’s forecast of the volume decline assumes only the slightest increase in mortgage rates, remaining in the low 3% range next year. In my conversations with economists, the view is that we will end the year with a good first quarter in 2021 simply based on year end overflow.

The second quarter may start off well, but the general sense is that by the third and fourth quarters the market will reflect the impact of coupon burn out and any of these events above beginning to take shape. One thing for certain is that the Fed does not like being in this deep, we saw that following QE activities during the Great Recession.

As MBA’s Fratantoni states in his recent Housing Wire article, “2020 has been a banner year for mortgage originators and the millions of households who have benefitted from record-low rates through refinancing. The industry will enjoy this boom for a while longer, but our expectation is that the refi wave is cresting.”

“Make hay while the sun shines” is an old expression. The sun is clearly shining on our industry this year. But it’s important for mortgage banking executives to not misread the statements of Chairman Powell as a commitment to anything more than short rates. The rally you are experiencing this year is due to interventions in the market due to a pandemic recession. Normalization will take out buyers, eliminate the supply “short,” and inflation will ultimately do its thing on rates just enough to cut the market by 25%-30% in 2021 and a bit more in 2022.

Planning ahead for that environment is critically important as market contractions will reduce spreads as well as volume. Thinking about the appropriate right sizing and forward-looking market strategies now will separate the winners from the rest.

Source: housingwire.com