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Hedging, Client Retention Tools; STRATMOR on the ICE 24 Event; MBA on the NAR Settlement; Dual Compensation

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Hedging, Client Retention Tools; STRATMOR on the ICE 24 Event; MBA on the NAR Settlement; Dual Compensation

By:
Rob Chrisman

7 Hours, 19 Min ago

I saw a sign recently: “Psychic Fair Cancelled Due to Unforeseen Circumstances.” No one can see into the future, or can read minds, and communication is always a good thing. But if I had to predict something, mortgage-related fees (what is disclosed, and how, at closing) will be something in which the CFPB would become increasingly interested. The CFPB believes that “junk” fees are driving up housing costs, and wants to hear from you. Regarding costs, many lenders are wondering about the proposed NAR settlement, its costs, and even dual licensing. Will we see an increase in the number of dual licenses with the recent NAR settlement, and what about the states that do not allow a person to maintain both NMLS licenses and Realtor Licenses simultaneously? Attorney Brian Levy addressed dual compensation in one of his Musings. (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 a roundtable discussion from the ICE conference in Vegas with Brett Brumley, Matt Kovac, Justin Demola, and Rob Chrisman on automation and its benefits to lenders and vendors.)

Lender and Broker Services, Products, and Software

Truv Teams Up with Fannie Mae to Revolutionize Borrower Verifications! We’re thrilled to announce that Truv is now a conditionally authorized report supplier for mortgage lenders using Fannie Mae’s Desktop Underwriter® (DU®) validation service. With Truv’s Day 1 Certainty support lenders can reduce risk of fraud and buybacks by leveraging real-time data directly from the source, lower costs by reverifying a borrower’s income and employment data at no additional expense, accelerate growth by increasing pull-through rates and closing loans faster and improve productivity by reducing time spent collecting data to underwrite loans. Learn more here!

With the recent commissions’ settlement, loan officers must now reevaluate their engagement strategies with their agent network. The key ingredient in long-term success boils down to something so simple, yet very impactful: building closer relationships with homeowners. That’s why loan officers are turning to the Milestones “Super App,” a powerful platform that delivers white-labeled portals to manage the home, build wealth, and everything in between. The value loan officers can bring to homeowners NOW, in close partnership with their agent network, can help them build profitable, long-term relationships for years. Want to start serving your homeowners better? Talk to Sales.

STRATMOR on Customer Experience

When it comes to customer experience, STRATMOR Group covered all angles this week at ICE Experience 24 in Las Vegas. STRATMOR advisors were a common sight on the conference stages, with Brett McCracken sharing his characteristic bombshell secret shopping insights, Mike Seminari revealing some eye-opening truths about the critical importance of having a clean and simple loan process, Sue Woodard challenging tech vendors to look for ways to add value not only to the lender, but the borrower as well, and Garth Graham encouraging lenders to take a hard look at their compensation models to make sure they “get what they pay for.” Looking to refine your organization’s strategies? Contact STRATMOR today.

MBA’s Role in NAR Settlement

No one wants to harm the fragile first-time home buyer, or further dampen the activity in real estate sales and inventory. The Mortgage Bankers Association weighed in on last week’s announced proposed National Association of Realtors’ settlement. Remember that, despite the furor of news and conjecture, the Settlement is subject to court approval although the MBA states we’re likely see changes to go into effect mid-July 2024. “There is also a possibility that the Department of Justice may weigh in on whether the settlement goes far enough, which could result in changes, delays, or abandonment of the settlement. NAR will continue to update its site with the latest information.

“The MBA will work with NAR and other trade associations to limit possible disruption from the settlement and ensure that its provisions are not overly disruptive to home financing. It is important to understand how a change to buyer paid commissions might impact seller contribution limits and we have already advocated for the Department of Veterans Affairs (VA) to lift its prohibition on veterans’ payment for the buyer side agent.

“The proposed nationwide class of home sellers has reached a $418 million joint settlement with NAR that will resolve claims in some of the antitrust class actions against NAR. The Settlement with NAR is in addition to prior settlements (totaling $208.5 million) reached with defendants Anywhere Real Estate, RE/MAX, and Keller Williams.

“Under the terms of the Settlement, NAR will be responsible for paying $418 million in four annual installments along with interest, for the benefit of home sellers across the United States, as well as $3 million toward settlement notices. It also provides for far-reaching changes to NAR’s rules governing real estate broker compensation and the MLS system.

“NAR’s release does not cover agents affiliated with HomeServices of America and its related companies as they are still litigating. And firms that have a total transaction volume of $2 billion or above are not covered by the Settlement. However, the Settlement creates a framework for these larger firms to opt-in to the Settlement to resolve actual or potential claims against them. A firm that wishes to opt-in to the settlement route must deposit into an escrow account an amount equal to 0.0025 multiplied by its average annual ‘Total Transaction Volume’ over the most recent four calendar years and agree to not to engage in the certain prohibited practices. It is unclear at this stage whether the larger firms will in fact opt-in to the Settlement. A similar opt- in provision exists for independent MLS, with the payment being 100 multiplied by their 2023 subscribers.

“In the Settlement, NAR has agreed to various practice changes which are to begin 120 days after the plaintiffs seek preliminary approval of the Settlement. It will eliminate and prohibit any requirement by NAR and NAR MLSs that listing brokers or sellers must make offers of compensation to cooperating brokers or other buyer representatives, and prohibit and eliminate any requirement that such offers, if made, must be blanket, unconditional or unilateral (effectively, eliminating its rules requiring “cooperative” commissions as a condition of listing a home on the MLS).

“It requires MLS participants working with a buyer enter into a written agreement before the buyer tours a home with the following: (a) specify and conspicuously disclose the amount or rate of compensation to be received or how the amount will be determined, (b) the amount of compensation must be objectively ascertainable… It cannot be open-ended such as ‘buyer broker compensation shall be whatever amount the seller is offering to the buyer,’ (c) MLS participants may not receive compensation for brokerage services from any source that exceeds the amount or rate agreed to in the agreement with the buyer.”

The language, “Prohibits NAR MLS participants, subscribers, other real estate brokers, other real estate agents, and sellers from making offers of compensation on the multiple listing service to cooperating brokers or other buyer representatives (either directly or through buyers) or disclosing on the multiple listing service listing broker compensation or total brokerage compensation. It eliminates and prohibits any requirements conditioning participation or membership in a NAR MLS on offering or accepting offers of cooperative compensation.

“Agree not to create, facilitate, or support any non-MLS mechanism for listing brokers or sellers to make offers of compensation to cooperating brokers or other buyer representatives. Require NAR MLS participants acting for sellers to conspicuously disclose to sellers and obtain seller approval for any payment or offer of payment that the listing broker or seller will make to another broker, agent, or other representative acting for buyers. And require MLS participants to disclose to prospective sellers and buyers in conspicuous language that broker commissions are not set by law and are fully negotiable.”

The MBA warned that cooperative commission is not banned; listing brokers and sellers can continue to offer compensation for buyer broker services, just not through the MLS. And the Settlement does not prevent sellers from offering seller concessions through the MLS (e.g., for general buyer closing costs), so long as such concessions are not limited to or conditioned on the use of or payment to a buyer broker.”

The settlement does nothing, unfortunately, to address incompetent, inexperienced real estate agents that do little to promote professionalism, often a complaint from the agent representing the opposite side of the transaction.

Capital Markets

As we mark four years since the big shake-ups caused by the COVID-19 pandemic, the mortgage industry continues to navigate its aftermath, especially in the MBS market. Despite the challenges, there’s been remarkable progress and resilience shown. Vice Capital Markets is one company that has stood firm in the face of adversity, consistently providing steadfast support and innovative strategies to its clients throughout these uncertain times. The company recently shared this video reflecting on the tremendous impact of the pandemic on our industry. If, like me, you’ll be on-site next week at TMC’s The Mane Event in Louisville, Vice Capital President Troy Baars will be on hand to chat about all things capital markets. Drop him a line if you’d like to meet.

Yesterday granted market participants more time to digest the results of this week’s Federal Open Market Committee meeting. As a reminder, the Fed maintained the fed funds rate at current levels and signaled that it would begin cutting this year, which kicked off a post-meeting rally in markets. There’s now more confidence that rate cuts are coming in the second half of the year than there was prior to the meeting. The revised “dot-plot” continues to show the majority of the committee believes that three 25 basis point cuts is the most likely outcome before we close the books on 2024. That said, there were more votes for two 2024 cuts than there were in December.

As far as economic releases, yesterday’s release of flash Manufacturing and Services PMI reading from major economies showed that most pointing to a continued contraction in both sectors. The U.S. was an outlier as both Manufacturing and Services PMI readings indicated an ongoing expansion. Those reports contributed to the early pressure, as did another solid jobless claims reading and a strong existing home sales report.

But existing home sales easily beat expectations and rose 9.5 percent during February. Although historically slow, the 4.38-million-unit pace marks the strongest pace since February 2023, and is likely due to the dip in mortgage rates that occurred at the beginning of the year. Inventory remains tight, but a small swell of new supply hitting the market was another factor driving the faster sales pace.

There is no notable data scheduled for release today but plenty of Fed speakers no doubt reinforcing the message from earlier this week: Chair Powell, Governor Bowman, Fed Vice Chair Jefferson, Fed Vice Chair for Supervision Barr, and Atlanta Fed President Bostic are all scheduled to deliver remarks. We begin the day with Agency MBS prices better .125-.250 than Thursday night, the 10-year yielding 4.22 after closing yesterday at 4.27 percent, and the 2-year at 4.60.

Jobs

“At Evergreen Home Loans, we’re proud of our strong female leadership, with 68 percent of our team being women, including 11 branch managers. We’re on a mission to expand our team with talented Loan Officers who are eager to work in an empowering, supportive environment. Here, you’ll join a group of industry-leading professionals who thrive under the guidance of skilled women leaders. We offer a nurturing space for growth, innovation, and success. If you’re a Loan Officer aspiring to excel in a company that values diversity and leadership, Evergreen Home Loans is your destination. Join us and shape a brighter future in the mortgage industry. To view all job listings, visit Mortgage Jobs.”

“Looking to thrive in the mortgage game? Northpointe Bank has been crushing it for 25 years, leading the charge with a robust product line of traditional, non-QM, and portfolio loans. We’re looking for loan officers and sales teams to join our retail lending team nationwide. Why us? Because we’re not just any bank! Northpointe is like finding a unicorn in the mortgage world: a bank with home lending at its core. Plus, since we’re a bank, there’s no need for loan officers to deal with pesky state licensing. You can originate in all 50 states on day one! Ready to join our winning team? Contact Cody Archer today to hear why Northpointe Bank should be your home.”

As mentioned in yesterday’s Commentary, AmeriHome’s Chief Operating Officer John Hedlund is leaving the company. Also effective April 7, Chief Risk Officer Mark Miller, and Chief Information Officer Dave Andersen, will also be leaving AmeriHome. AmeriHome (the nation’s largest bank-owned correspondent investor) has promoted the following, effective today: Anthony Ho, Managing Director, Chief Credit Officer, Greg McElroy, Managing Director, Chief Operations Officer, Steve Kolker, Managing Director, Correspondent Sales, and Peter Roeske, Managing Director, Retail Lending. AmeriHome Mortgage is a Western Alliance Bank company.

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Source: mortgagenewsdaily.com

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For those who feel liberated by small apartment living but are having trouble strategically organizing in a way that makes your place feel tidy, this article is for you. Whether you just leased a Seattle apartment or are looking at apartments for rent in Naples, Florida, expert organizers offer their best insights to help you keep your belongings in order and readily accessible.

While the task may initially feel tricky, Barbara Metzel with Professional Organizing Plus says a small apartment requires “creativity and smart organization” influenced by a “minimalist approach.” Now, let’s get started.

1. Begin by decluttering 

Initiate your organization journey by decluttering. Streamline possessions and keep only what is essential. This foundational step sets the stage for an efficient and visually pleasing living environment.

Founder of Selma Organizer, Mariselma Goncalves, shares how “a great way to achieve serenity, especially in a small apartment where every inch counts, is by organizing and decluttering.”

The act of decluttering, however, isn’t done once and then forgotten about until the stacks pile up. In her blog, Tacoma, Washington’s professional organizer and owner of Clear Spaces Organizing Co., Ashley Nariman, shares how “the most valuable thing you can do is to develop a regular habit of decluttering.” She recommends “adding a purge session to your calendar every 4-6 months to keep clutter in check.”

By decluttering and “reducing the number of items in a space,” Aaron Traub, owner and lead organizer of My Professional Organizer Dallas, shares that a space can be “more functional and serene.”

2. Utilize clear containers

Opt for transparent storage solutions to quickly identify contents. Clear containers provide a visual inventory and lend a sleek and uniform appearance to your storage areas, maintaining a sense of order and simplicity.

Professional organizer Bethany Van Dyke shares how clear containers can be utilized in spaces such as kitchens or bathrooms “to house perishable food or bathroom items” that were previously in bulky packaging that took up unnecessary space.

Mary Beth Bartlett and Megan McDowell with Rooms to Breathe recommend “transferring board games and puzzles into zippered mesh pouches and filing in a large open bin” to save space. Additionally, the duo suggests to those with craft stations “unboxing markers, crayons, glue sticks, and other art supplies and putting them into a divided turntable.”

3. Vertical space

Unlock valuable vertical real estate by installing shelves and organizers on walls. Embracing verticality optimizes space utilization, freeing up floor space and allowing a visually striking display of your belongings.

Creative consultant and designer for Organize Create Design, Tracy Broeckel, shares how “floating shelves and pegboard paired with hooks and baskets can free up valuable floor space.” With Half Full Organizing, Stacy Stevens adds that implementing these items can “offer function and double as décor.”

Sarah Kary, certified professional organizer with From Mess to Blessed, shares how command hooks can be versatile in what they are used for. She adds that they are “renter friendly” and great for “hats, jewelry, kitchen utensils, stringing lights, dog leash, and art and décor.”

When organizing vertically, Taylor Miller, founder of Orderly Interiors, recommends investing in “behind-the-door storage shelves to neatly house laundry supplies, tools, bathroom essentials, or pantry items.” Heather Cocozza, organizing and productivity consultant for Cocozza Organizing and Design, recommends renter-friendly products such as Elfa Back of the Door Solution or iDesign Affixx Adhesive Organizer Bin for back-of-door storage.

4. Fold clothes

Master the art of efficient clothing storage by adopting the KonMari folding method. Neatly folded clothes save space, reduce wrinkles, and create an appealing wardrobe. This technique proves particularly beneficial in confined closets.

Certified professional organizer Katie McAllister with Susquehanna Closet and Garage Design shares how “jeans, athletic clothing, sweaters, scrubs, and t-shirts all do very well folded.” She also adds how the ideal spacing between shelves is 8-10 inches. This allows you to “stack a few items without creating your own Leaning Tower of Pisa.”

5. Under-the-bed storage

Transform the underutilized space beneath your bed into a storage powerhouse. Invest in under-bed storage bins or drawers that can be readily accessible but offer an organized space to stow away underused items. 

Deena McNichol, owner of One Thing at a Time Professional Organizing, shares how under-bed storage is great for items such as “shoes, linens, or sweaters.”

6. Integrate multifunctional furniture

Select furniture pieces with dual purposes to make the most of limited space. From ottomans with hidden storage to convertible sofa beds, multifunctional furniture adds versatility without sacrificing style, catering to both form and function in your compact abode.

Designer sales representative for Save Our Space, Cory Viereck, recommends that those limited in closet space add wardrobes that can fit their belongings.

Source: apartmentguide.com

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In a world where speed and convenience have been the siren song to consumers, there’s a movement toward buying more mindfully, sustainably, “slowly.”

You’ve heard of slow fashion. Slow food. Slow travel. And when it comes to the home, “slow decorating.”

A reaction against rooms filled with mass-produced “fast furniture,” slow decorating embraces a more deliberate approach that prioritizes a personal connection to the stuff we live with. It might mean giving new life to heirloom or found pieces. Or buying new things that have the quality to last.

The journey of creating a space is as important as the destination.

New York City designer Gideon Mendelson thinks the movement echoes the Japanese philosophy of “ikigai,” which centers around finding meaning and purpose. Applied to interiors, it’s about creating spaces that promote all-around well-being.

“To me, good design makes room for living and doing. Decorating with meaningful pieces isn’t about chasing an aesthetic, but curating spaces that resonate with authenticity and personal stories,” he says.

“It’s not just about how it looks; it’s about how you want to live.”

And you don’t have to spend a lot, he says. He framed some inexpensive yet eye-catching vintage deli signs, adding a playful element to the Hamptons dining room of a family of five.

The trend toward “slower,” more thoughtful interior design, Mendelson thinks, lies in subtleties: “The cherished heirlooms, and the intimate connection between a space and its inhabitants.”

TOSSING HAS BECOME TURNING

Fast furniture’s association with cheaper materials, excessive packaging and frequent replacement clashes with consumers’ growing interest in minimizing our lasting impact on the planet.

Now, we’re buying more mindfully, but we’re also having a lot of fun DIYing.

During the pandemic, slow assembly lines and stalled container ships meant a lot of brand-new homewares weren’t getting made or sent to market, so upcycling stuff we had or found became hobby, and often necessity.

If you could find a great credenza at a flea market or online reseller that just needed a little TLC, why not?

Not too long ago, decor trade shows would include a handful of studio labs offering reclaimed wood items and organic textiles. Today, at global fairs like Ambiente in Frankfurt, Salone in Milan and Paris’ Maison et Objet, hundreds of companies show new design made with environmental and social impact in mind. Fair trade manufacturing. Fast-growing renewables like hemp, bamboo and cork. Cushions made of soy-based foam instead of petroleum-based foam. Recycled glass and metal accessories.

Mid 20- and 30-somethings are seen as drivers of the slow design trend. TikTok and Instagram feeds are full of refinish-and-reveal videos, and modest abodes full of found treasures.

Stephen Orr, editor in chief of Better Homes & Gardens, says he’s spent the past couple of years renovating a 1760s house on Cape Cod.

“The first year was during the pandemic, so antiques and flea markets were a godsend considering all the supply chain disruptions,” he says.

“But during that process, we came to the realization that pieces with a patina of age better celebrate the house’s long history anyway.”

He also added some new, modern pieces “so it doesn’t look like we should be dressed in period Colonial Williamsburg costumes.”

SHOPPING TIPS

Furniture for sitting, sleeping and eating is where you should spend more money on quality, says Jillian Hayward Schaible of Susan Hayward Interiors.

“We encourage clients to invest in pieces like sofas/sectionals, beds, dining tables and upholstered items, because you can really feel the difference when these items are well-made,” she says.

Peter Spalding of the designer furniture sourcing platform Daniel House Club notes that imitations of Chippendale and other legacy-style pieces — think cabinets and wingback chairs, for example — were common in the ‘80s and early ’90s.

“Now, the imitations aren’t very valuable, but the originals remain highly sought after,” he says. “As you collect ‘slow furniture,’ buy the most authentic versions you can afford.”

Dan Mazzarini of BHDM Design and ARCHIVE echoes the advice.

“If you’re looking for a good investment, go straight to vintage. Things that have already stood the test of time often have another 50 years left in them! Side tables, desks, even cabinets are great pieces to look for,” he says.

Mendelson mentions a pair of vintage French plaster shell sconces in his Sagaponack, New York, home. He bought them 15 years ago “and they still feel fresh and relevant today.”

“I think a desire for one-of-a-kind and bespoke is at least starting a conversation about handmade,” he says. “Quality vs quantity. Living with intention.”

STORES ON BOARD

Many retailers are getting seats on the slow train. West Elm, for instance, was early among home retailers in joining Fair Trade USA, which ensures that suppliers maintain good workplaces and wages, and support their communities.

The global reforestation project One Tree Planted gets part of every purchase from furniture brand Joybird. Herman Miller’s rePurpose program gets used furniture to nonprofit organizations. And Ikea has initiatives like moving to bio-based glue, and instituting a buy-back/re-sell program that saw 230,000 items given a new life in 2022.

For the past five years, the United Nations Refugee Agency’s MADE51 initiative has helped artisans partner with fashion and home accessories businesses worldwide to create sustainable, fairly traded goods.

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New York-based writer Kim Cook covers design and decor topics regularly for The AP. Follow her on Instagram at @kimcookhome.

For more AP Lifestyles stories, go to https://apnews.com/hub/lifestyle.

Source: apnews.com

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Connecticut’s Morning Buzz

by: Sponsored Content by Universal Hotel Liquidators

Posted: Feb 29, 2024 / 04:48 PM EST

Updated: Feb 29, 2024 / 04:48 PM EST

furnishcheap.com, the company provides a treasure trove of options for home improvement enthusiasts, students or anyone seeking stylish, yet budget-friendly furnishings.

As trends evolve and hotels upgrade their interiors, Universal Hotel Liquidators remains at the forefront of accessible luxury, offering everything from chic, contemporary sofas to classic Herman Miller chairs. Plus you’ll find a wide selection of desks, lamps and decorative accessories. White’s decades-long expertise enhances the thrill of discovering hidden gems within their inventory, promising customers unparalleled value and quality. The majority of their furniture inventory is of commercial grade, which means it was built to last for decades. For those looking to elevate their living spaces without breaking the bank, Universal Hotel Liquidators stands as a beacon of affordability and style.

Visit furnishcheap.com to browse their extensive selection of quality hotel furniture at unbeatable prices, and explore Universal Hotel Liquidator’s 60,000-square-foot showroom at 855 Boston Post Rd, West Haven, CT.  Call 203-776-7000.

Copyright 2024 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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TPO, Warehouse, Appraisal Mgt., Homeowner Engagement Tools; Credit Changes

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TPO, Warehouse, Appraisal Mgt., Homeowner Engagement Tools; Credit Changes

By:
Rob Chrisman

Fri, Mar 1 2024, 11:09 AM

As I watch it snow here in the Sierra, hey, if you’re going to watch one video this week, watch this 15-second classic (with sound) on how our banking system works. You’ll watch it at least twice, and let your kids figure it out. Since its all-time high of 30,456 in 1921, the bank population in the United States had declined to only 4,377 at the end of 2020, a decline of about 86 percent. Thousands of residential lenders hope they’re not involved in the same trend. I mention this because, speaking of numerical trends, the United States is producing more oil than any country has ever produced in the history of the world: 13 million barrels per day. It’s been economically punishing for the countries in OPEC+, which has seen its global market share drop to a new low of 48 percent. This is an interesting issue when it comes to inflation, which helps drive mortgage rates, and will be a very interesting issue in the next eight months when it is expected that two octogenarians will be vying for the top job. (Found here, this week’s podcast is brought to you by nCino, makers of the nCino Mortgage Suite for the modern mortgage lender. nCino Mortgage Suite’s three core products – nCino Mortgage, nCino Incentive Compensation, and nCino Mortgage Analytics – unite the people, systems, and stages of the mortgage process. Hear an interview with Nerdwallet’s Kate Wood on housing market supply and advice for potential homebuyers.)

Lender and Broker Services, Products, and Software

To access the largest subset of home buyers in the market, lenders are redefining their go to market strategy. Milestones’ homeowner engagement solution goes well beyond a “What’s my home worth?” assessment. It enables lenders to proactively guide consumers through the entire homeownership journey with weekly touchpoints that are relevant and specific to their home. With essential resources for home services, home improvements, home document storage, and a homeowner dashboard to monitor and track their activity in one place, this platform is the one-stop shop for all things home. What sets them apart is its fully white-labeled capabilities that provides a seamless consumer experience that keeps YOUR lending products and partners top of mind. Adopt the ultimate homeowner engagement solution to connect more meaningfully with your prospects and borrowers and uncover new opportunities to boost your revenue. Book a meeting with sales today.

“Innovation-Powered Precision, Time-Tested Excellence! With a foundation built on 43 years of experience, PCV Murcor brings a deep understanding of our clients’ goals that complements appraisal modernization. Over our long history, we have honed our processes to provide reliable and unparalleled appraisal management services, setting the standard for excellence in the industry. Our use of state-of-the-art AI technology ensures precision and efficiency in every aspect of our service. AI’s ability to enhance efficiency, accuracy, and flexibility is reshaping the way properties are evaluated with distinct advantages. To learn more about our future-ready solutions for today’s appraisal management, visit here.”

“PlainsCapital Bank National Warehouse Lending, a subsidiary of Hilltop Holdings (NYSE: HTH), focuses on relationship-driven business with long-term success, by-the-way, have you heard about our BTW Services? We are pleased to offer all customers our Broker-Dealer, Treasury Management and Warehouse Lending (BTW) services. Our Broker-Dealers can help customers hedge their origination pipelines by buying and selling TBAs, specified pools and whole loan trading. Our Treasury Management team helps customers with escrow and cash management. Finally, the Warehouse Lending team provides customers with confidence to meet their loan funding needs. If you are interested in learning more about our BTW Services please contact Deric Barnett or Justin Tannen.”

TPO, Broker, and Correspondent Product News

“It’s been a busy first quarter for the Newrez Correspondent team! Delegated pilot programs for both 2nd Mortgages & Non-QM have been launched with more exciting news on the way. Enhancements to come include HomeReady® & Home Possible® $2500 grant products; FHLMC’s GreenCHOICE; FHA HUD 184/Heritage; Co-Issue offering, along with improvements to our Non-QM Smart Series programs, Enote expansion and more. Soon, our sales team will present our top 2023 clients their Premier Partner Plaques (PPP). This PPP award recognizes the partnership and is awarded to our lenders who finished at the top for loans funded in 2023. There are so many reasons to be aligned with a top tier partner, and Newrez Correspondent is that partner! For those not signed up with Newrez and looking to take advantage of these enhancements, or existing partners who want to become Premier, contact our sales team to learn more.”

Rocket Pro TPO has announced an update to its offerings, including its Credit Upgrade program. This initiative, previously exclusive, is now available to all partners. It provides a no-cost, rapid rescore service for clients with credit scores between 570 and 779, aiming to help them qualify for better loan products and rates. Additionally, Rocket Pro TPO offers a Home Equity Loan product that allows clients to protect their low mortgage rates while tapping into their home’s equity at a competitive rate. This option provides a fixed-rate, lump-sum payment, offering a stable alternative to variable-rate loans. For those interested in learning more about Rocket Pro TPO’s cost-saving products, the replay of their latest IGNITE Live seminar is available on their YouTube channel: IGNITE Live Replay. For more information on Broker or Non-Delegated Correspondent partnerships, contact Rocket Pro TPO to learn more.

Angel Oak Mortgage Solution is now offering Bank Statement Loans tailored specifically for self-employed individuals who have been in business for 1-year.

Reach more clients with LoanStream’s Non-QM Programs with loan amounts up to $4 Million. LoanStream NaNQ / Non-QM Programs are proprietary programs specifically created to fulfill mortgage program options for LoanStream brokers with non-prime programs.

The 5 Cs of Credit

A good trivia question for underwriters, or loan originators, is, “What are the 5 C’s?” The answer is character, capacity, capital, collateral, and conditions. Those are from a simpler time, but the fundamentals still apply despite all the hubbub about credit costs, scores, monopolies, hard pulls versus soft pulls, and… tri-merge versus bi-merge. I bring this up because it appears that the “new” scoring and bi-merge will be done at the same time, at the end of 2025. So, the industry has some to adjust and accommodate.

“Dear Stakeholders,

“Thank you for your continued engagement with FHFA’s Credit Score Initiative. As many of you likely saw, FHFA just announced a series of updates related to the implementation of the new credit score requirements for single-family loans delivered to Fannie Mae and Freddie Mac (the Enterprises). We are also pleased to announce the schedule for upcoming stakeholder forums to be hosted by FHFA, which is outlined below.

“Following valuable and thoughtful feedback gathered from the sessions held in late 2023, FHFA is aligning the implementation date for the bi-merge credit reporting option with the transition from the use of Classic FICO. This aligned transition is expected to occur in the fourth quarter of 2025. We expect this update will reduce cost and complexity for market participants.

“To better support the transition, the Enterprises are accelerating the publication of historical data on the VantageScore 4.0 model. This publication, originally targeted for the first quarter of 2025, is now expected early in the third quarter of 2024. FHFA and the Enterprises continue to work towards providing similar data to support the transition to the FICO 10T model.

“We would like to thank all those who participated in the stakeholder forums for sharing their perspectives on the sequencing of project milestones, as well as the expected uses of the historical data to support the new models. Your input helped inform the latest updates to the Credit Score Initiative.

“FHFA will be hosting the next series of virtual stakeholder forums in the coming weeks. The schedule is planned as follows: Bi-Merge Implementation Considerations (Tuesday, March 12, 3:00-4:00pm Eastern), Bi-Merge Implementation Considerations (cont’d) (Tuesday, March 26, 3:00-4:00pm Eastern), Transition Period Loan Delivery Considerations (Tuesday, April 9, 3:00-4:00pm Eastern), and Transition Period Loan Delivery Considerations (cont’d) (Tuesday, April 23, 3:00-4:00pm Eastern).

“As a reminder, these virtual stakeholder forums are open to the public, but they are not intended for media purposes. FHFA will provide agendas, materials, and links to access the sessions as they approach. Thank you again for your continued engagement. If you have further questions or thoughts, please contact us at [email protected].”

After 2023’s jarring price hikes, the credit bureaus and FICO are raising their credit reporting costs once again, passing this on to credit reporting agencies (CRAs). This latest price increase affects both hard and soft pull credit reports. In response, CRAs everywhere have updated their pricing options, allowing the customization of lender’s prequalification options to suit budgets.

And compliance departments noted that the FTC, which has authority to enforce the Equal Credit Opportunity Act (ECOA) against most types of non-depository financial services providers, issued a report in February describing its enforcement actions and related activity under ECOA during 2023: Annual Report on Its ECOA Enforcement and Policy Development Activity.

Capital Markets

The Fed has been preaching patience from markets when it comes to enacting rate cuts, a sentiment that was further bolstered yesterday after the central bank’s preferred price gauge rose in January at the fastest pace in almost a year (2.4 percent). Inflation rose 0.4 percent month-over-month compared to a downwardly revised 0.1 percent increase in December. The core rate increased 2.8 percent year-over-year. Personal Incomes rose 1.0 percent in January, which was also much higher than expected, driven primarily by growth in the annual cost of living increase in social security. Fed policymakers took the data in stride, repeating that easing can begin in the summer and there is room to be patient.

Yesterday also saw the release of a weaker-than-expected Chicago PMI for February and a disappointing Pending Home Sales report which came in down 4.9 percent for January. Initial jobless claims for the week ending February 24 increased to 215k, which is still a relatively low number for this series. Continuing jobless claims for the week ending February 17 increased by 45,000 to 1.905 million, which is the highest level for that series since November. It has become more challenging to find a new job right away, which indicates that the labor market is not running as tight as it once was. The four-week moving average for continuing claims of 1,879,750 is the highest since December 11, 2021

Today’s economic calendar contains no “first tier” scheduled market-moving news but has no fewer than seven Fed speakers scheduled. Go ahead and add in the final February S&P Global manufacturing PMI, ISM manufacturing PMI for February, January construction spending, and Michigan sentiment for February. (Unemployment data, normally released on the first Friday of the month, is next Friday.) After the 10-year yield rose 28 basis points in February, we begin March with the 10-year yielding 4.23 after closing yesterday at 4.27 percent, Agency MBS prices better about .125, and the 2-year at 4.59.

Jobs

Mark Pasternak appointed as the newest SecurityNational Mortgage Company VP to Spearhead Operational Excellence. In a significant move to bolster its leadership team, Security National Mortgage Company has announced the appointment of Mark Pasternak as Vice President of Mortgage Operations. Pasternak joins the company with over three decades of industry experience, including his most recent tenure serving as EVP of Operations at Academy Mortgage. His leadership background in both sales and operational management is sure to provide an operational edge for SecurityNational Mortgage. Andrew Quist, President of SecurityNational Mortgage Company, stated: “Mark is joining us with a wealth of experience and his innovative nature will be highly valuable to our operations team. Even in this challenging mortgage rate environment, SecurityNational is still dedicated to recruiting elite industry talent like Mark that align with our growth focused business objectives. We’re excited to see the impact Mark will have in our operations.” The addition of Mark Pasternak to the SecurityNational team underscores the company’s commitment to recruiting top talent to lead its strategic initiatives. With Pasternak at the helm of operations, SecurityNational is poised to enhance its operational capabilities and achieve new milestones in service and efficiency.

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

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

Source: mortgagenewsdaily.com

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Industry veteran Dave Savula has joined Dallas Market Center as executive vice president of leasing, the company has announced. Savula is responsible for growth strategy and permanent showroom leasing in gift, home decor/design, and lighting. He brings more than twenty-five years of experience to Dallas Market Center, most recently having served in executive roles with IMC and AmericasMart. Savula reports to Dallas Market Center president and CEO, Cindy Morris.

“Dave has been extremely valuable to our team in a consulting role over the last six months, and in this new position will accelerate his efforts to grow the business and attract top brands,” said Cindy Morris. “Our company and customers will benefit from his experience and relationships as more brands and agencies seek a marketplace with strong ROI delivering buyers from coast to coast for markets and with an unmatched open-daily business.”

Savula joins Dallas Market Center during a time of compelling growth in the number of new buyers visiting the marketplace and new brands taking space in its 5 million square foot collection of buildings, including showrooms exclusive to Dallas and flagship showrooms serving retailers from coast to coast. The most recent Total Home & Gift Market and Lightovation show welcomed more than 30 new and expanding showrooms; and new buyer attendance was at its highest in five years, including a surge in buyers from the western and southwestern U.S.

“Dallas Market Center has a strong legacy but most impressive is its energy, excitement, and trajectory today,” said Dave Savula. “This is where buyers and brands want to do business, so I’m thrilled to join the company. I’ve spent time getting to know the ownership and leadership, and they are deeply committed to the business for the long-term and capitalizing on their momentum.”

Savula joins a team of leadership in gift, home, and lighting that includes Jo Ann Miller Marshall, SVP Leasing for Temps; Lori Castillo, VP Leasing for Home & Design; Patty Price, VP Leasing for Lighting; Nancy Axtman and Brittany Rigg, Leasing Directors for Gift.

Gift remains one of the largest and most popular product categories represented at Dallas Market Center across multiple buildings. For home décor, Dallas Market Center is the largest open-daily design center in North America, with more than 1.5 million square feet of leading home and design manufacturers. Each month, thousands of interior designers visit the marketplace, and design events throughout the year are held in partnership with industry organizations and media partners. Four times a year, the Total Home & Gift Markets welcome gift and home buyers from around the world. Twice a year, the marketplace hosts the largest residential lighting trade event in North America, Lightovation.

Savula most recently served as EVP of IMC and president of Gift and Apparel. Previously, he served AmericasMart as EVP for more than twenty years. Prior to that, he was VP of Leasing for MMPI/High Point Market.

Source: furniturelightingdecor.com

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DIY Home Décor Market

Increase in consumer interest toward home décor, rise in urbanized population, and rapid adoption of online sales channels drive the global DIY home décor

PORTLAND, 5933 NE WIN SIVERS DRIVE, #205, OR 97220U, UNITED STATE, February 27, 2024 /EINPresswire.com/ — According to the report published by Allied Market Research, the global DIY home décor market garnered $240.64 billion in 2021, and is estimated to generate $372.06 billion by 2031, manifesting a CAGR of 4.7% from 2022 to 2031. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers a valuable guidance to leading players, investors, shareholders, and startups in devising strategies for the sustainable growth and gaining competitive edge in the market.

Download Sample Copy of Report @ https://www.alliedmarketresearch.com/request-sample/17233

Report coverage & details:

Report Coverage Details
Forecast Period 2022 – 2031
Base Year 2021
Market Size in 2021 $240.64 billion
Market Size in 2031 $372.06 billion
CAGR 4.7%
No. of Pages in Report 339
Segments covered Type, Income Group, Price Point, Distribution Channel, and Region.
Drivers Increase in consumer interest toward home décor
Rise in urbanized population
Rapid adoption of online sales channels
Opportunities Increase in disposable income of consumers
Improvement in lifestyle
Rise in social media marketing
Restraints Rise in cost of raw materials

Covid-19 Scenario:

The outbreak of the COVID-19 pandemic had a negative impact on the growth of the global DIY home décor market, owing to the implementation of global lockdown which resulted in the temporary closure of production facilities, especially during the initial period.
Supply chain was disrupted due to import & export restrictions. Manufacturers faced shortage of labor and unavailability of raw materials.
However, manufacturers focused more on social media advertisement to reach a large consumer base. Also, a rise in penetration of online sales channels boosted the growth of the market.

Get detailed COVID-19 impact analysis on the DIY Home Décor Market : https://www.alliedmarketresearch.com/request-for-customization/17233?reqfor=covid

The research provides detailed segmentation of the global DIY home décor market based on type, income group, price point, and distribution channel, and region. The report discusses segments and their sub-segments in detail with the help of tables and figures. Market players and investors can strategize according to the highest revenue-generating and fastest-growing segments mentioned in the report.

Based on product type, the floor covering products segment held the highest share in 2021, accounting for more than one-third of the global DIY home décor market, and is expected to continue its leadership status during the forecast period. However, the home textile segment is expected to register the highest CAGR of 5.8% from 2022 to 2031. The report also analyzes furniture segment.

Based on price point, the mass segment accounted for the highest share in 2021, contributing to more than half of the global DIY home décor market, and is expected to maintain its lead in terms of revenue during the forecast period. However, the premium segment is expected to manifest the highest CAGR of 5.5% from 2022 to 2031.

Based on distribution channel, the specialty stores segment accounted for the highest share in 2021, holding more than two-fifths of the global market, and is expected to continue its leadership status during the forecast period. However, the e-commerce segment is estimated to grow at the highest CAGR of 6.3% during the forecast period. The report also analyzes segments including supermarkets & hypermarkets, and others.

Buy Now @: https://www.alliedmarketresearch.com/purchase-enquiry/17233

Based on region, Asia-Pacific held the largest share in 2021, contributing to nearly one-third of the total market share, and is projected to maintain its dominance terms of revenue in 2031. In addition, the North America region is expected to manifest the fastest CAGR of 5.4% during the forecast period. The research also analyzes regions including Europe and LAMEA.

Leading market players of the global DIY home décor market analyzed in the research include Forbo International SA, Herman Miller Inc., Inter IKEA Systems BV, Kimball International, Mannington Mills Inc., Mohawk Industries Inc., OVERSTOCK.COM, INC., Shaw Industries Group, Inc, TARGET CORPORATION, Armstrong World Industries, Inc., Ashley Furniture Industries Ltd., Duresta Upholstery Ltd., WALMART INC., WAYFAIR INC, Williams-Sonoma, Inc.

The report provides a detailed analysis of these key players of the DIY home décor market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario

David Correa
Allied Market Research
+1 5038946022
email us here
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Automation, Pre-Approval, QC Products; Rent vs. Buy; More Proposed Paperwork for Lenders

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Automation, Pre-Approval, QC Products; Rent vs. Buy; More Proposed Paperwork for Lenders

By:
Rob Chrisman

7 Hours, 10 Min ago

Saturday was George Thorogood’s 74th birthday, and fans know that he wrote the classic tale of rent collection, land ladies, and payment avoidance. Time flies, but that may change. We’re faced with an actual five-day workweek this week, with no Federal holidays until Memorial Day, May 27th, two months away! Yikes. Here in Houston at the TMBA’s Southern Secondary Conference, the attendees are already making use of what time they have, discussing best execution procedures, warehouse tactics, management strategies, economic trends, the market for servicing, and operational efficiencies. I’m a capital markets guy, so arguably learned math good. But I didn’t learn math like this! MBS versus cash sales pick-ups is always a favorite topic, although last year the market was deluged by excess servicing trades. Flow and bulk purchasers of HELOCs and 2nds is search being undertaken by some, as well as climate change and insurance cost increases. (Found here, this week’s podcast is brought to you by nCino, makers of the nCino Mortgage Suite for the modern mortgage lender. nCino Mortgage Suite’s three core products – nCino Mortgage, nCino Incentive Compensation, and nCino Mortgage Analytics – unite the people, systems, and stages of the mortgage process. Today’s has an interview with Yardsworth’s Matt Lucido on creative ways that homeowners can leverage their tappable equity, and how we can see more supply hit the market.)

Lender and Broker Services, Products, and Software

Promising Updated MBA Forecast: The MBA released their recent forecasted predictions on mortgage originations (1 to 4 family). A welcome sight is that they predict a 25+ percent increase in 2Q over 1Q 2024 and a 13 percent increase in 3Q over 2Q 2024. In addition, the 3Q 2024 prediction is nearly 22 percent higher than the same quarter in 2023’s actual originations. As volumes continue to rise quickly, having a solid quality control program is as important as ever in order to continue to produce quality loans while mitigating risk. Quest Advisors has nearly 30 years of experience in assisting mortgage lenders with their quality control needs. Examples of services Quest Advisors provides, are Post-Closing and Prefunding loan QC reviews, along with Servicing, HMDA, and MERS audits. To find out more information on how Quest Advisors can help, please reach out to Matthew Reich at (336) 404-1409.

Tired of paying costly Agency LLPAs for non-owner occupied (NOO) and second home loans? More than 150+ originators have signed up to receive daily mandatory bids and MAXEX is currently winning more than 10 percent of loans bid! Get competitive pricing from five leading non-agency buyers and underwrite to Agency guidelines while avoiding Agency LLPAs. It all seamlessly integrates with your existing bulk trading process. Visit maxex.com/conforming to learn more.

Get a Sweetheart Deal with Loan Stream’s February Specials on FHA/VA and Non-QM price improvements! Get 37.5 BPS Price Improvement on all FHA and VA, Low Balance, and High Balance >=680 FICO, excludes DPA and 25 BPS Price Improvement on FHA Streamlines/IRRRLS. Plus, a Non-QM Price Improvement of 50 BPS on all Non-QM, not including Closed End Seconds and Select Programs. Valid for loans locked 2/1/2024 through 2/29/2024. Terms/Conditions apply see our site and talk with your Account Executive.

“Everyone wants to make their borrowers sticky and we’ve got the Krazy Glue. I’m talking ‘gotta get to the emergency room to get your fingers unstuck’ kind of glue. It’s called QuickQual, it integrates with Encompass® by ICE Mortgage Technology™ and once you pre-approve your borrower, they’re coming back.

Just as Morpheus offered Neo the ultimate choice between reality and illusion in The Matrix, Dark Matter Technologies invites you to choose between the past and the future of mortgage lending in its “Choose Your LOS Experience” ad campaign. Take the blue pill and stay the course with old-school thinking and technology. Or take the red pill and join DMT to revolutionize your business with cutting-edge technology, unparalleled automation, and relentless innovation, as evidenced by the Empower® LOS and the AIVA® artificial intelligence solution. When it comes to your future, “choose wisely.” Schedule a demo with the Dark Matter team today to explore how the Empower LOS can transform your business.

Is More Paperwork Heading Our Way?

Do we need more rules and regulations and paperwork, or better rules and regulation and paperwork? The federal bank regulatory agencies announced their first of a series of requests for comment to reduce regulatory burden. The Economic Growth and Regulatory Paperwork Reduction Act of 1996 requires the Federal Financial Institutions Examination Council and federal bank regulatory agencies to review their regulations every 10 years to identify any outdated or otherwise unnecessary regulatory requirements for their supervised institutions.

To facilitate this review, the agencies divided their regulations into 12 categories and are first soliciting comments on their regulations in three categories: Applications and Reporting, Powers and Activities, and International Operations. Comments on the relevant regulations will be accepted for 90 days after publication in the Federal Register.

But Ballard Spahr reports that on February 16, the Financial Crimes Enforcement Center (“FinCEN”) published a Notice of Proposed Rulemaking (“NPRM”) regarding residential real estate. The final version of the NPRM published in the Federal Register is 47 pages long. We have created a separate document which more clearly sets forth the proposed regulations themselves, at 31 C.F.R. § 1031.320, here.

“FinCEN also has published a Fact Sheet regarding the NPRM, here. The Fact Sheet, slightly over four pages long, is helpful and walks through the basics of many of the proposed requirements. The NPRM proposes to impose a nation-wide reporting requirement for the details of residential real estate transactions, subject to some exceptions, in which the buyer is a covered entity or trust. Title agencies, escrow companies, settlement agents, and lawyers need to pay particular attention to the NPRM because, based on FinCEN’s “cascade” approach to who should be responsible for complying with the reporting requirements, these parties are the most likely to be responsible.

”Rent Versus Own” Economics

If you’re still paying off your mortgage, renting is likely cheaper than owning in each of the nation’s 50 largest metros. Median rent costs are lower than median homeowner costs for those with mortgages but higher than costs for homeowners without mortgages. LendingTree analyzed housing data to compare monthly rental and housing payments for homes with and without mortgages in the 50 largest metros in the U.S.

The difference between median housing costs for homes with a mortgage and median gross rent is $563 a month. The spread in costs between renting and owning a home with a mortgage is widest in the San Jose, Calif., San Francisco, and New York metros. The difference between the median monthly housing costs for homes with a mortgage and the median monthly gross rent in these metros is $1,341, $1,303, and $1,289, respectively. Phoenix, Orlando, Fla., Jacksonville, Fla., and Atlanta have the narrowest gaps between renting and owning a home with a mortgage. In Phoenix and Orlando, median gross rent costs are $87 and $145 less than median monthly housing costs for homes with a mortgage. In both Jacksonville and Atlanta, the difference is $216.

That said, Barron’s reports that, “Prospective buyers spent the President’s Day holiday last week window shopping, early data suggest. ‘Showing activity was strong,’ says Orphe Divounguy, a senior economist at Zillow, citing data from home tour software company Showingtime. Home touring activity was up 19.4% from the start of the year, pointing to a strong seasonal ramp-up.”

Capital Markets

Markets are known for “getting ahead of themselves,” and the latest example may be the “insatiable demand” for Nvidia’s artificial intelligence chips. The stock has shot up, resulting in the company briefly surpassing a $2 trillion valuation. But other equity prices have tagged along, boosting the general stock market.

That said, investors have been walking back expectations for Federal Reserve rate cuts. Goldman Sachs, for example, has pushed back expectations for a Fed rate cut to June. If you like rates where they are, fine. If you’re hoping for lower rates to jump start your business in the near future, well…

The dominating market narrative recently has been that while interest rate cuts may be appropriate at some point this year, it is not likely to be anytime soon. Resilient economic growth and optimism that inflation will continue to fall in the face of high interest rates has fostered household demand, bolstered expectations the U.S. will avoid a downturn in the near term and forced investors to ratchet back bets on early rate cuts. Philadelphia Fed President Harker warned against betting on early rate cuts late last week, saying “I will signal my belief that we’re ready for a rate decrease when all the data, both the hard and the soft, give me that signal.” Pricing in fed funds futures has all but erased the chance of a March rate cut, and the chance of a cut in June is currently a coin-toss. Economists now see a 40 percent chance of recession in the next year, the lowest reading since mid-2022.

Last week was fairly quiet in terms of economic releases and the few that came out did nothing to change the current narrative of U.S. economic conditions. The Leading Economic Index declined 0.4 percent versus a -0.3 percent forecast and is now just two points above its April 2020 low. Historically, the prolonged decline observed in this data set predates a recession, but at the moment, it appears this recession signal is out of step with current economic conditions. Elsewhere, existing home sales rose 3.1 percent in January thanks in part to declining mortgage rates in December.

Since then, rates have moved back up towards 7 percent. The FOMC has repeatedly indicated it is in no hurry to begin reducing the fed funds rate until they are fully confident inflation is sustainably moving towards their 2 percent goal.

This week opens with $169 billion in month-end supply over the first two days along with the usual $309 billion in Treasury bills. There are several important economic releases with the highlight being the Fed-favorite PCE price index for January is on Thursday. We will also receive durable goods for January, home price indexes for December, consumer confidence for February, the second reading on Q4 GDP, Chicago PMI for February, January construction spending, and final February consumer sentiment.

The deadline for Congress to avert a partial government shutdown is Friday. Today starts quietly with new home sales for January, expected to register 680k versus 664k in December, Dallas Fed manufacturing business index for February, and remarks from the new Kansas City Fed President Schmid. The Treasury will auction $63 billion 2-year notes, $70 billion 6-month bills, $63 billion 5-year notes, and $79 billion 3-month bills. We begin the week with Agency MBS prices roughly unchanged from Friday’s close and the 10-year yielding 4.24 after closing last week at 4.26 percent. Helping ARM rates, the 2-year is down to 4.68 percent.

Jobs and Transitions

Logan Finance is hiring! Non-QM Account Executives are in high demand at Logan Finance, especially those of you in Florida. Contact us today to learn more. Speaking of hiring, Logan is happy to announce that Ryan Rathert and Sarah Gonzalez have joined the executive team as Chief of Staff and Chief Operating Officer, respectively. Ryan is a proven mortgage finance wizard and Sarah a renowned industry maven, so put your sunglasses on, because the future at Logan is bright! And the spotlight will be on Logan’s SVP Business Development, Paul Jones, as he presents “Discover the DSCR Difference with Logan Finance”, session #2 in the monthly series, “The Modern Non-QM Experience”. Join Paul on March 6 at 2pm ET. Register here. If you’re looking for a Non-QM career boost, send your resume or check out LoganWholesale.com and LoganCorrespondent.com for more information. Join Logan and become a #LoganLeader today.

“Don’t just close loans, close the gap on your potential. Kind Lending is seeking mortgage professionals with an entrepreneurial spirit and KIND mindset. We will provide a comprehensive catalog of loan products to serve your clients, along with advanced marketing and tech tools to grow your brand and exponentially expand your reach. You will be empowered to rewrite your success by leveraging the powerful tools available at your fingertips. It’s your business. We are here to fuel it. If you are ready to build win-win relationships with a company that values you and your growth, contact Traci Miller, National Talent Acquisition Manager.”

Click n’ Close, a multi-state mortgage lender serving consumers and mortgage originators through its wholesale and correspondent channels and formerly known as Mid America Mortgage, announced Polly Cracchiolo has joined the organization’s third-party originator (TPO) sales team as an account executive.

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

Source: mortgagenewsdaily.com

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When home-furnishings mogul Evan Cole set out to build a home in Los Angeles, he wanted a classic design that would mesh seamlessly with his neighbor: the famed 110-acre Getty Center with its curved, marble buildings. 

“The whole goal was to…make sure it matched the Getty—that it didn’t look out of place up there,” said Cole, who co-founded the home division of ABC Carpet & Home in New York City in the 1980s and later, California-based home furnishings company HD Buttercup. 

Working with architect Thomas Juul-Hansen, Cole spent more than five years building a roughly 15,000-square-foot house clad in travertine marble. During that time, his family relocated to Aspen, Colo., and he is now putting the six-bedroom house on the market for $68 million, according to listing agents Branden and Rayni Williams of the Beverly Hills Estates, who have the listing with Kurt Rappaport of the Westside Estate Agency. 

More: Emma Stone Sells Bright Los Angeles Mini-Compound for $4.3 Million

The newly built home overlooks the city.


Simon Berlyn

“Doing this house is the culmination of all of my work, to be honest with you,” said Cole, 63, a Queens, N.Y., native.

The roughly 2-acre Brentwood property sits on a hilltop next to the Getty Center. When he drove up to the L.A. property in the early 2000s, Cole said he was immediately attracted to the location’s privacy and views. “When you’re there, you don’t feel like anybody can see you,” he said. “It’s like having a perch.” 

The 110-acre Getty Center has curved, marble buildings.


Kirby Lee/Associated Press

He paid about $5 million for the site in 2004, he said. At the time, the property contained a “cool California ranch” house spanning 2,000 square feet. Cole lived there with his wife and two children there for eight years while he mulled over plans for a new residence. “Every day, I was like, ‘I’ve got to do something with this place,’” he recalled. “It took me eight years to figure it out.” 

Cole was hung up on the idea of building something classic that would be “symbiotic” with the Getty next door, he said. He credited Juul-Hansen with designing a building that could be a “sister” to the museum. 

MANSION GLOBAL BOUTIQUE: The New Old School: Eclectic Grandpa Home Decor

The home has an office, as well as a theater, gym and wine room.


Simon Berlyn

There are sliding doors throughout.


Simon Berlyn

The three-story residence has 20-foot ceilings in the entryway and living room, which feature frameless glass sliding doors. A gym overlooking West L.A. has 60 feet of glass. “From every angle in the house, you have a view,” Cole said. Atop the house, there is a roughly 5,000-square-foot roof deck. 

The house has two primary bedrooms and a “mother-in-law suite” with its own kitchen, Cole said. There is also a wine room and a spa with a sauna and massage room. The grounds have a kidney-shaped pool that cantilevers over the hillside. 

Most of the materials came from Europe, including solid oak doors, Murano lighting and acoustic wood panels for the ceiling, Cole said. The house is clad in travertine sourced from the same quarry in Italy that provided the materials for the Getty. Cole said he relied on his contacts to source materials for the house. “I know where to buy the good stuff,” he said. “I could not have done any of this if I were not in the business.”

More: $20 Million Penthouse Is The Biggest Sale So Far This Year on Manhattan’s Upper West Side

The house was designed by architect Thomas Juul-Hansen.


Simon Berlyn

Cole declined to say how much he spent building the house. Before it was completed, Covid hit and his family relocated to Aspen. Although he travels between Colorado, New York and L.A., he doesn’t want to uproot his children by moving them back to L.A. “It’s time to move on,” he said. 

While Cole said he planned to move into his latest creation, he has never even spent the night. (He does, however, keep bottles of Fiji water in the fridge.) He has built several family homes in New York and L.A., he said, and feels that building is about the journey, not the result. “I have felt like whoever gets it, it’s theirs,” he said. “I’m like it’s shepherd rather than its master.” 

Despite a slowdown in the luxury market nationwide and in L.A., the number of single-family home sales in Brentwood during 2023’s fourth quarter rose 15.6% compared with the prior-year period, according to real-estate appraisal firm Miller Samuel. The median sale price for single-family homes grew 3.8% year-over-year to $4.3 million.

While the overall L.A. market has softened, Brentwood and Pacific Palisades have remained attractive, seeing “a really good uptick” in deals, Branden Williams said. “Everybody loves to be on the west side,” he said.


Source: mansionglobal.com