When people think of Memphis, they often picture its lively downtown, filled with music, history, and culture. However, the essence of living in Memphis extends well beyond its urban core. The suburbs of Memphis are diverse residential areas that offer a quieter, more laid-back lifestyle while still providing easy access to the city’s vibrant amenities. These Memphis suburbs are spread across various parts of the metropolitan area, each with its own distinct character and charm.
In this ApartmentGuide article, we’ll explore some of the most notable Memphis suburbs—from serene lakeside retreats to bustling suburban hubs—highlighting key aspects such as population, average rent, and what makes each area unique. Whether you’re searching for the perfect apartment in Memphis or curious about the different Memphis neighborhoods, let’s discover the best places around Memphis to call home.
Cost of living in Memphis
Before we dive into the top Memphis suburbs, let’s cover how much it costs to live in Memphis. The overall cost of living in Memphis is 10% lower than the national average, making it an attractive destination for those seeking affordability. Housing is a significant factor, with the median sale price for a home in Memphis at $174,900, which is 60% lower than the national average of $432,657. Rent follows a similar trend, with the average rent for a one-bedroom apartment in Memphis at $1,170, also lower than the national average of $1,514.
While some suburbs around Memphis offer even more affordable options, others can be more upscale, depending on the neighborhood. Here, we’ll explore a range of top suburbs, providing different lifestyle and housing opportunities depending on your budget and preferences.
1. Germantown
Known for: Upscale living, vibrant community events, and beautifully maintained parks
Germantown is one of the most desirable and affluent suburbs of Memphis, offering a high standard of living and a strong community-oriented atmosphere. This suburb is known for its elegant homes, tree-lined streets, and lush green spaces. Germantown boasts several top-notch parks, including the scenic Cameron Brown Park and Germantown Greenway, perfect for outdoor enthusiasts. Residents enjoy numerous cultural and community events such as the Germantown Festival and outdoor concerts at the Germantown Performing Arts Center.
Germantown’s high-end shopping centers and fine dining options are also major draws, making it a popular spot for those seeking a mix of luxury and convenience. The suburb offers a range of home options, from expansive estates to modern townhomes, appealing to those looking for a premium lifestyle.
Population: 41,000 Average rent for a one-bedroom apartment: $1,805 Median home sale price: $497,250 Transportation scores: Walk Score 16, Bike Score 31
Apartments for rent in Germantown, TN | Houses for rent in Germantown, TN | Homes for sale in Germantown, TN
2. Collierville
Known for: Historic charm, thriving economy, and a picturesque town square
Collierville blends small-town charm with suburban amenities, making it one of the most sought-after suburbs in the Memphis area. Located to the southeast of the city, Collierville’s historic downtown square is a focal point, with local shops, restaurants, and cafes that capture the town’s warm and welcoming vibe. The town square hosts events like the popular weekly farmers’ market, art festivals, and outdoor concerts, creating a vibrant community feel.
In addition to its historic character, Collierville has a thriving economy and is home to many corporate headquarters, which continues to attract new residents. The suburb offers a mix of historic homes near the town square and newer, expansive developments on its outskirts. The proximity to both the urban attractions of Memphis and the tranquility of rural Tennessee gives Collierville a unique balance that residents enjoy.
Population: 51,000 Average rent for a one-bedroom apartment: $1,550 Median home sale price: $555,000 Transportation scores: Walk Score 12, Bike Score 30
Apartments for rent in Collierville, TN | Houses for rent in Collierville, TN | Homes for sale in Collierville, TN
3. Arlington
Known for: Small-town charm, affordable housing, and a strong community spirit
Arlington, located northeast of Memphis, offers a peaceful, suburban feel with a growing sense of community. This small town has maintained its rural charm while embracing growth, providing affordable housing and opportunities for new residents. Arlington is popular among those who want a slower pace of life while still having access to nearby urban areas for work or leisure.
The community spirit is strong, with residents regularly participating in local events like the annual BBQ festival, movie nights at the park, and sports leagues. Arlington also has several parks and recreational areas, making it an ideal suburb for those who love outdoor activities. Housing here ranges from quaint single-family homes to newly built developments, offering a wide variety of options for different lifestyles.
Population: 14,000 Median home sale price: $462,750 Transportation scores: Walk Score 55, Bike Score 39
Apartments for rent in Arlington, TN | Houses for rent in Arlington, TN | Homes for sale in Arlington, TN
4. Lakeland
Known for: Lakeside living, new developments, and a serene suburban lifestyle
Lakeland offers the perfect blend of suburban comfort and natural beauty, with its numerous lakes and outdoor spaces that provide residents with plenty of recreational opportunities. Located just east of Arlington, Lakeland has quickly become a popular choice for those seeking a tranquil lifestyle. Residents enjoy fishing, boating, and hiking in the area’s many parks, with Garner Lake being a particularly notable spot for outdoor fun.
In recent years, Lakeland has seen significant residential growth, with new housing developments offering modern homes in planned communities. Despite its growth, the suburb has maintained its peaceful and laid-back vibe, making it ideal for those looking to escape the hustle and bustle of city life. Lakeland’s combination of suburban living and lakeside tranquility has made it one of the Memphis area’s hidden gems.
Population: 13,000 Average rent for a one-bedroom apartment: $1,238 Median home sale price: $412,500 Transportation scores: Walk Score 18, Bike Score 26
Apartments for rent in Lakeland, TN | Houses for rent in Lakeland, TN | Homes for sale in Lakeland, TN
5. Millington
Known for: Military presence, affordability, and proximity to Memphis
Millington, located north of Memphis, is home to the Naval Support Activity Mid-South, which has helped shape its identity as a military town. The presence of the naval base brings in a diverse group of residents, creating a sense of community and pride in the town. Millington is known for its affordability compared to other Memphis suburbs, making it an attractive option for those looking for lower housing costs while still enjoying proximity to the city.
Millington is also home to several parks, local shops, and a growing retail scene. With a laid-back atmosphere and plenty of local amenities, Millington provides a comfortable, suburban lifestyle without the higher price tag seen in other areas. The town’s affordability and convenient location have made it increasingly popular with those looking to stay close to Memphis.
Population: 11,000 Average rent for a one-bedroom apartment: $1,179 Median home sale price: $269,000 Transportation scores: Walk Score 74, Bike Score 47
Apartments for rent in Millington, TN | Houses for rent in Millington, TN | Homes for sale in Millington, TN
6. Bartlett
Known for: Suburban convenience, spacious homes, and community-oriented living
Bartlett, one of the larger suburbs near Memphis, is known for its wide range of housing options, from established neighborhoods to newer developments. The suburb is a great place for those seeking suburban living with easy access to Memphis, as it offers spacious homes and a variety of amenities. Bartlett has a number of well-maintained parks, shopping centers, and schools that make it convenient for residents to live, work, and play all within the area.
Bartlett’s peaceful streets and tree-lined neighborhoods provide a laid-back, suburban atmosphere. The suburb is also home to a number of community events, such as summer festivals, holiday parades, and local sports leagues, which bring neighbors together. Bartlett’s combination of convenience and community makes it one of the top choices for those looking to live near Memphis.
Population: 58,000 Average rent for a one-bedroom apartment: $1,683 Median home sale price: $325,000 Transportation scores: Walk Score 15, Bike Score 33
Apartments for rent in Bartlett, TN | Houses for rent in Bartlett, TN | Homes for sale in Bartlett, TN
7. Cordova
Known for: Shopping, outdoor recreation, and suburban accessibility
Cordova is a bustling suburb located just east of Memphis, known for its accessibility to both retail and nature. The suburb is home to some of the best shopping areas around Memphis, including Wolfchase Galleria and a variety of other major retailers and restaurants. Cordova is ideal for those who enjoy the convenience of suburban life but want easy access to city amenities and outdoor activities.
Outdoor enthusiasts can enjoy nearby Shelby Farms Park, one of the largest urban parks in the country, offering activities like hiking, biking, paddleboarding, and more. Cordova’s housing market is diverse, with everything from affordable apartment complexes to large single-family homes, making it a popular choice for a range of lifestyles.
Population: 75,000 Average rent for a one-bedroom apartment: $1,150 Median home sale price: $295,000 Transportation scores: Walk Score 7, Bike Score 27
Apartments for rent in Cordova, TN | Houses for rent in Cordova, TN | Homes for sale in Cordova, TN
8. Olive Branch, MS
Known for: Affordable living, suburban growth, and proximity to Memphis
Located just across the state line in Mississippi, Olive Branch has become one of the fastest-growing suburbs of Memphis. The suburb is popular for its lower cost of living compared to other nearby areas, while still offering modern residential developments and amenities. Olive Branch is ideal for those looking for affordable housing and suburban conveniences without sacrificing proximity to Memphis.
The town features a variety of local parks, shopping centers, and schools, creating a welcoming atmosphere with a relaxed suburban vibe. Olive Branch continues to grow with new residential communities, making it an attractive option for those looking to settle in the Memphis metro area.
Population: 39,000 Average rent for a one-bedroom apartment: $1,643 Median home sale price: $317,400 Transportation scores: Walk Score 14, Bike Score 27
Apartments for rent in Olive Branch, MS | Houses for rent in Olive Branch, MS | Homes for sale in Olive Branch, MS
Methodology: The suburbs included in this list were selected based on their overall popularity, determined by search trends and housing demand in the Memphis area. Average rent and home sale price data were sourced from Redfin and Rent.com as of October 2024. Transportation data, including Walk Scores, Bike Scores, and Transit Scores, was sourced from Walk Score.
Wilmington, North Carolina is a charming coastal city known for its Historic Downtown River District and its beautiful beaches that offer the perfect spots for swimming, tanning, and relaxing. While the sandy shores and historic charm of this city are well-known, Wilmington also offers an array of distinctive activities that go beyond the usual tourist attractions. Whether you’re looking to move into a new apartment in Wilmington, or buy a new house in Wrightsville Beach or you’re planning your next beach vacation, this guide will take you through some of Wilmington’s most unusual and intriguing activities.
In Wilmington, NC there’s no shortage of perks and culture to make people feel connected to one another in one of the most beautiful towns in the country. “Experiencing live music at the most surprisingly scenic swamp-based outdoor venue anywhere, Greenfield Lake Amphitheater, or finding carefully curated vinyl at the towns most beloved Gravity Records, Wilmington has music lovers covered. Wilmington’s food scene has long been established by the likes of local legendary Chef Keith Rhodes and talented team at Catch, and has also seen lots of exciting newcomers like Lauren Wright and Keala Yu from Pie Slayer on Princess Street.” – Dean Neff, Chef/Owner – Seabird Restaurant
One event that captures Wilmington’s essence is the North Carolina Azalea Festival. The Azalea Festival is an annual event that usually occurs in early April and it is always a great time. If you want a fun southern charm event that captures the culture and everything about Wilmington, this is the event for you!
“The events at the Azalea Festival include a garden party, multiple concerts, a big parade, a celebratory gala, a putt putt event with the Alex Highsmith Family Foundation, and so much more. I love so many things about the city of Wilmington but the Azalea Festival is definitely at the top of my list.” – Alex Highsmith with the Alex Highsmith Family Foundation
Photo by Sam Draper
Looking for a fun and unique way to spend your weekend in Wilmington, NC? Check out one of the local farmers markets! From fresh, locally grown produce to handmade crafts and artisanal goods, these markets are a perfect way to support local vendors while enjoying the vibrant community atmosphere. Plus, it’s a great spot to grab a coffee, stroll through the stands, and pick up something special for your apartment.
“Saturdays are for farmers markets in Wilmington. And from April to November you can go to downtown’s red bricked streets that border the wide Cape Fear River for the Riverfront Farmers Market, which is in its 21st year. There you’ll find local farmers selling what’s in season, fresh flowers, homemade jams, mushrooms and eggs, as well as soaps and loofah grown in the soapmaker’s backyard. Saturdays on Dock Street from 8 a.m. to 1 p.m.” – Eileen Duffy – Edible Port City
These open-air markets offer everything from seasonal produce to homemade goods, perfect for anyone wanting to embrace the community spirit. It’s not just about shopping—it’s about connecting with local farmers, artisans, and creators. Whether you’re picking up farm-fresh eggs, a new plant for your apartment, or just enjoying the laid-back vibe, these markets add a little local flavor to your weekend plans.
“Being a local in Wilmington, NC, means getting to know your local farmers! Visit the Wilmington Farmers Market at Tidal Creek every Saturday, year-round from 8am-1pm to purchase local food and get to know the farmers that grow it. Learn about their farming practices and bring home the freshest, most nutrient-dense food you can get your hands on. Be sure to go inside Tidal Creek Co-op for coffees, smoothies, or hot breakfast before shopping at the market; your new Saturday morning ritual.” – Julie Svenson – Market Manager
“Seaglass is a once-a-month destination, featuring over 50 local artists & artisans selling handmade, homemade, resale, and retail items. It is a unique way to shop local and meet the talented vendors each month. Visit our website for dates, hours, and directions. We are completely indoors & open, when scheduled, rain or shine!” – Kelli Benton
Located at 5601 Castle Hayne Road in Castle Hayne, NC this market is just minutes from Wilmington!
“The Really Cool Stuff Holiday Market is held on Nov. 30, 2024 (Small Business Day) and is a great way to celebrate and support small, local businesses. Held on Dock St. between Water and 2nd streets, this annual holiday themed festival brings together 60 plus artists and creators from Wilmington and nearby communities. Street musicians, live DJ spinning, and day of surprises add to the fun, social atmosphere while kicking off the holiday season. From whimsy to traditional, there’s something local and creative to discover. 11am – 4pm.” – Andrella Christopher
If you’re passionate about the environment and looking to support organizations that feel the same way, check out this fun and eco-friendly event! Whether you’re a seasoned eco-enthusiast or just curious to explore, the Veg-Out festival is a perfect way to spend a Saturday outdoors, connecting with the community.
“Wilmington’s own 4th annual Veg-Out Festival brings together local healthy eating and green living vendors at Greenfield Lake in the Rotary Wheel Garden Oct. 12. A great place to try local vegan and vegetarian food, find reusable home goods, natural bath and body products, get a massage, and learn about climate change. A free event in a beautiful, intimate setting from 11am-4pm. Also includes speakers on various environmental and well-being topics.” – Cool Wilmington
“Be sure to check out The ArtSea Shop & Studio when you’re in Historic Downtown Wilmington. This cute little shop features the artwork of over 25 different local artists and offers many different beginner’s level art/craft classes every week! Support local and get your creative juices flowing while here in Wilmington! Located at 3 S 2nd Street, Units 150 and 160, just off Market St.” – Jenn Maksymiak
The Cameron Art Museum in Wilmington, NC, showcases contemporary and historical art with a focus on regional artists. Its diverse exhibitions and beautiful garden offer a unique cultural experience.
“Join us Thursday evening September 19 at 7 PM outside CAM in the PNC USCT Park as we welcome vocalist Leme Nolan to our Sunset Performance Series. This is a FREE event that takes place in front of the Boundless sculpture created by artist Stephen Hayes to honor the USCT that fought on the museum grounds for their freedom. CAM Café is open late serving drinks and more to enjoy outside. Visit CameronArtMuseum.org to learn more.” – Matt Budd, Director of Marketing
Spending an afternoon visiting Airlie Gardens is always at the top of our list of expert recommendations for friends and family visiting Wilmington for the first time. Especially in the springtime, but truly any time of the year, Airlie Gardens is a delight for the senses.
“With its centuries-old majestic oak trees, dripping with Spanish moss; vibrant and ever- changing flower beds that line and surround enormous grass lawns; a view of the intracoastal waterway along Bradley Creek and an abundance of nature and wildlife to take in, there’s always something new to see, hear, smell and feel at Airlie Gardens.” – Shauna Gartz – Shauna Loves Planning
10. Local coffee shops
“Whether you are in Wilmington for the weekend, or you have recently relocated, local coffee shops like BeSpoke Coffee and Dry Goods or Hidden Grounds are an absolute must. Both of these local coffee shops offer unique and creative coffee and/or tea beverages with non-dairy milk alternatives. As a nutrition professional and someone with a couple of food restrictions, I rarely find myself without options in Wilmington.” – Crystal McLean, MS, RDN, LDN, Owner – Thrive Performance and Nutrition
“Wilmington has an abundance of great restaurants to try but make sure to visit Blue Surf Café (near UNCW) and Blue Surf Arboretum West (north of Mayfaire) where you will find great food with a laid back vibe that fits this coastal town. Locals and tourists alike enjoy the patios and comfortable feel while enjoying the inventive twists on modern American cuisine. Make sure to try the gourmet hot chocolate in the fall and winter!” – Colleen Kochanek
Wilmington is a beautiful coastal town that attracts those who appreciate the ocean and are dedicated to preserving it. Local businesses, like The Green House Restaurant, prioritize sustainability to protect what makes this place so special.
“By sourcing from local farms, using clean energy through Arcadia Power, avoiding disposable plastics, and composting, we minimize environmental impact while offering you a mindful, delicious dining experience.” – Anastasia Worrell – The Green House Restaurant
“If you ever find yourself in Wilmington, make sure to drop by… drumroll… The Kitchen Sink. We took an old nook downtown and made it into a place that serves creative dishes-masterfully melding the comfort of Southern food with international flair. From the Sweet & Savory sandwich to our Soup Flight, each plate embodies the heart of Wilmington’s laid-back eclectic food scene. Pull up a chair, get comfortable, and find out why Wilmington feels like home.” – Najee Kenion
“My new spot for food and beverage is Ponysaurus Brewing Co. They renovated an old lawyers’ office and created a beer hall environment complete with a massive upstairs space and an outdoor beer garden. My addictions aren’t limited to the fennel sausage pizza, caesar salad, and a frozen daiquiri. Their beer is top shelf, too.” – William Mellon – Manna Avenue
Nestled in the heart of the Soda Pop District in downtown Wilmington, you’ll find the quirky arthouse theater, Jengo’s Playhouse.
“A staple to the neighborhood for over two decades, Jengo’s Playhouse features a rotating schedule of independent, regional and international films throughout the year. Come early and grab a refreshing cocktail or mocktail at the backyard bar at Jengo’s and then stick around for a special Q&A with a local filmmaker after the screening.” – Anna Bennett – Communications Manager
If you’re passionate about the theater and have time to sit down and watch a remarkable local show, visit the Thalian Association Community Theatre in the historic downtown area.
“Providing performances and education since 1788, Thalian Association Community Theatre is the official community theater of North Carolina. “Enjoy the 2024-2025 productions on the Main Stage of Historic Thalian Hall, Young Frankenstein, Irving Berlin’s White Christmas, A Few Good Men, Disney’s Mary Poppins, and Legally Blonde. The great entertainment continues with Youth Theatre shows at the Hannah Block Historic USO/Community Arts Center, Anastasia, Willy Wonka Jr., Alice In Wonderland, and Fame Jr. See you at the theatre!” – Susan H. Habas, Thalian Association Community Theater
Located as the gateway to downtown Wilmington and just a few blocks from the scenic riverfront, the Wilson Center at Cape Fear Community College is a hub of music, theater, and more.
“If you’re looking for a wide range of live entertainment — from Broadway shows, concerts, and headliner comedians — the Wilson Center has something for everyone.” – Abby Logue, Communications Coordinator
Wilmington Outdoor Adventures invites you to explore the stunning waterways of Wilmington and beyond!
“Our guided kayak tours are perfect for residents seeking outdoor fun and a unique way to experience the natural beauty of local estuaries, creeks, lakes, and rivers. Whether you’re new to kayaking or a seasoned paddler, we have something for everyone. In addition to our regular tours, we offer special events such as full moon paddles, empowering women’s retreats, and hands-on kayaking workshops. It’s the perfect way to unwind, connect with nature, and meet fellow adventurers!” – Kay Lynn Hernandez
Experience the thrill of summer with the Wilmington Sharks Baseball team, the 2024 Coastal Plain League champions!
“Watch top collegiate prospects from across the nation showcase their skills in a family-friendly setting. Enjoy all the classic ballpark fare, including hot dogs and peanuts, while cheering on the reigning champs in Wilmington, NC. It’s the perfect blend of excitement and tradition at the heart of America’s pastime under the coastal summer sky.”
Tickets and merchandise can be purchased at our website: www.wilmingtonsharks.com – Brett Bloomquist – Wilmington Sharks
Looking to spend an entire day in Wilmington? One local offers her comprehensive list of unique things to do all day long.
“Part of the immersive experience of living in Wilmington, even part time like my husband and I do, is the small-town feel of a beach town. Each morning is spent with a spin class at Recess near Wrightsville Beach (say hi to Bevin if you’re a One Tree Hill fan!), followed by a smoothie or coffee at Bitty and Beau’s, which employs people with disabilities.
In the afternoon, I love the cocktails and appetizers on the rooftop at Johnny Luke’s, before driving over to dinner at Bluewater, which is right on the intercoastal waterway and has a beautiful view. After dinner, we drive to the riverfront and stroll the shops and maybe grab an ice cream at Kilwin’s. We love the nightlife on the riverfront. Low key atmosphere at places like Front Street Brewery for a beer and a late night snack, fine dining at Circa or Elijah’s, or oysters at Shuck’n Shack (they also have a location on Carolina Beach!) for oysters! You really can’t go wrong when you spend time at the beach!” – Kristy – Neatly Balanced
Wilmington, NC, is a treasure trove of unique experiences that offer a fresh perspective on this charming coastal city. Beyond its beautiful beaches and historic sites, Wilmington’s eclectic mix of activities ensures that there’s always something new and exciting to explore.
By stepping off the beaten path and embracing the city’s quirky and distinctive offerings, you’ll uncover a side of Wilmington that many overlook. So next time you find yourself in this vibrant locale, take a detour from the ordinary and dive into the unexpected. Your adventure in Wilmington is bound to be as memorable as it is unique.
From the bluesy rhythms of the Delta to the scenic landscapes of the Natchez Trace Parkway, Mississippi is a beautiful state with so much to discover. But what else is Mississippi known for? Whether you’re considering renting a home in Jackson, looking to settle into an apartment in Oxford, or just planning a visit, you’ll soon find that Mississippi has much more to offer than meets the eye. In this article, we’ll dive into what makes Mississippi truly special and why so many people are drawn to the Magnolia State. Let’s get started.
1. Birthplace of the blues
Mississippi is famously known as the birthplace of the blues, a genre that has deeply influenced American music. Towns like Clarksdale and Indianola celebrate this musical heritage with landmarks like the Delta Blues Museum and the B.B. King Museum. Music lovers flock to the state to experience the Mississippi Blues Trail, which highlights significant sites related to blues legends.
2. Natchez Trace Parkway
The Natchez Trace Parkway is a scenic drive that stretches over 444 miles from Natchez, MS, to Nashville, TN. This historic route follows a path used by Native Americans, European settlers, and traders. Travelers enjoy stunning views, hiking trails, and historical landmarks along the way, such as the Emerald Mound and Mount Locust Inn. The parkway is perfect for road trips, offering numerous opportunities for outdoor activities and picturesque stops.
3. The University of Mississippi
The University of Mississippi, commonly known as Ole Miss, is a prominent educational institution in the south. The campus renowned for its beautiful architecture and lively student life. The university’s Grove, a central gathering spot, is famous for its tailgating parties during football season, attracting thousands of fans.
4. Mississippi Delta tamales
Mississippi Delta tamales are a culinary delight unique to the region, blending Mexican and Southern influences. These tamales are typically smaller and spicier than their traditional counterparts, wrapped in corn husks and slow-cooked. Greenville is renowned for its tamale scene, hosting the annual Delta Hot Tamale Festival, where locals and visitors indulge in various tamale creations. To try this dish yourself, restaurants like Doe’s Eat Place and Solly’s Hot Tamales are famous for their mouthwatering tamales.
5. Elvis Presley’s birthplace
Tupelo is the birthplace of Elvis Presley, the King of Rock ‘n’ Roll. The modest two-room house where he was born is now a museum that offers an intimate look into his early life. The Elvis Presley Birthplace complex includes a museum, chapel, and a park with a statue of young Elvis. Fans from around the world visit to pay homage and learn about his humble beginnings. Tupelo celebrates Elvis’s legacy with events like the Tupelo Elvis Festival, featuring concerts, contests, and exhibitions.
Fun facts Mississippi is famous for
Home to the first lung transplant: The world’s first human lung transplant was performed at the University of Mississippi Medical Center in Jackson in 1963 by Dr. James Hardy.
Largest man-made beach: Mississippi’s Gulf Coast possesses the longest man-made beach in the world. Stretching for 26 miles, it offers pristine white sand beaches along the shores of the Gulf of Mexico.
World catfish capital: Belzoni is considered the “Catfish Capital of the World” due to its significant catfish farming industry. The town hosts an annual World Catfish Festival celebrating this local delicacy with food, music, and activities.
6. The Mississippi River
The Mississippi River is one of the longest rivers in the world. It flows through the heart of Mississippi – shaping its geography and culture for centuries. Cities like Natchez and Vicksburg offer stunning views of the river and numerous riverfront activities to enjoy. Riverboat cruises provide a nostalgic way to experience the river, complete with historical narratives and scenic vistas. Additionally, The Great River Road runs alongside the river and is a popular route for road trips, featuring charming small towns and natural beauty.
7. Biloxi’s Gulf Coast
Biloxi’s Gulf Coast is loved for its beautiful beaches, seafood, and dynamic nightlife. The coast is dotted with luxurious casinos like the Beau Rivage and Hard Rock, offering gaming, entertainment, and fine dining. Patrons enjoy activities such as deep-sea fishing, boating, and exploring the Biloxi Lighthouse, one of the oldest in the region. The area also hosts the annual Biloxi Seafood Festival, celebrating the local culinary tradition with fresh seafood dishes and live music. Biloxi’s Gulf Coast blends relaxation and urban excitement, making it a favorite destination.
8. Rowan Oak
Located in Oxford, Rowan Oak is the historic home of famed author William Faulkner. Faulkner wrote many of his classic works, including “The Sound and the Fury” and “As I Lay Dying,” in this Greek Revival house. The estate is now a museum open to the public, offering tours that explore Faulkner’s life and literary legacy. The surrounding grounds feature walking trails and gardens, providing a peaceful retreat for those who visit.
9. The Mississippi Petrified Forest
The Mississippi Petrified Forest near Flora is a fascinating natural landmark featuring ancient trees turned to stone over millions of years. Sightseers can walk along a nature trail that winds through the forest, with interpretive signs explaining the geological processes that created the petrified wood. The on-site museum showcases impressive specimens and offers educational exhibits about the area’s prehistoric past. The forest also provides picnic areas and interactive gem mining activities.
10. Jackson Zoo
The Jackson Zoo is home to over 200 species of animals from around the world. The zoo’s exhibits include the African Savannah, the Asian Garden, and the Mississippi Wilderness, each providing an immersive experience into the habitats of the animals. You can also enjoy interactive experiences such as the petting zoo, train rides, and educational programs. Special events like ZooBrew and Boo at the Zoo add a festive atmosphere during holiday seasons.
11. Tunica casinos
Tunica has transformed into a major gaming destination, second only to Las Vegas and Atlantic City. The area contains numerous casinos, including the Gold Strike, Horseshoe, and Hollywood, offering a wide range of gaming options, entertainment, and dining experiences. Tourists enjoy live shows, concerts, and luxurious accommodations, making Tunica a popular getaway for those seeking excitement and relaxation.
Jenna is a Midwest native who enjoys writing about home improvement projects and local insights. When she’s not working, you can find her cooking, crocheting, or backpacking with her fiancé.
Inside: Money gift ideas for any occasion! Learn how to wrap money as a gift. These are cute ideas for giving money. Find simple ways to hide money in a gift.
Giving money as a gift can be one of the best gifts that you can give today.
A lot of times though people don’t feel like giving money as personal or creative or thoughtful enough, which is a complete joke because honestly, cash is king.
More often than not, the receiver of the gift actually loves to get money – especially kids!
Even better, one of these money surprise ideas!!
There are many reasons to give money because, yes, gift cards are nice, but what if you find something else at a different store that you want, or their policy to redeem gift cards is really difficult? Also, some people don’t want to add more items to their houses. Others are just plain hard to buy for because they go out and buy everything they need.
That is why giving money as a gift is so absolutely awesome.
Today we are going to cover so many terrific ways on how you can give money as gifts. You can purchase some of these money gift ideas or pull out your DIY skills.
In this post, we are going to dig in and find super creative and fun ways to give money.
Best Surprise Money Gift Ideas
These money gift ideas will wow at any birthday party, Christmas exchange, graduation, or any other time of the year because there’s a little bit more thought behind how to give the gift.
Cash is a really thoughtful gift, too. Don’t forget that.
This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.
My Money Surprise
The first time I personally received a money gift was in college. The best gift ever!!
My parents hid cold hard cash in a room divider screen that I needed. I had cash to pay for groceries, cash for gas, and other incidentals I needed. That was one of the most epic Christmas presents that I ever received because it was something that I truly needed.
Then, I could decide what do I want for Christmas and spend money on what I truly wanted!
More importantly, it was something that I could choose how to spend or save. It wasn’t something that would just sit in my closet because I would actually use the cash.
What is a unique way to give money as a gift?
You can make the gift out of money itself.
Even better, there are plenty of ways to hide money inside another practical gift. You can make find many gift money ideas using a few crafty DIY skills.
So many creative ways to give money as a gift!
How To Wrap Money For A Gift
This is exactly how to gift money.
Now, don’t think that you have to be super, super creative, and hone all your crafty skills just to give the best money gift ever.
I’ll be very honest, learning how to wrap money for a gift is super super easy!
You’re probably going to need just a few items and most of them are sitting in your house!
The fun part of these money gift ideas is you get to be creative on how you want to give the best gift ever!! Some of the creative ideas include a little tape, some glue, and maybe saran wrap. Or you can hide it inside a jar with M&Ms for a money snack.
These are just a few of the ways that you can wrap money for a gift.
It is just taking the gift, one step further and finding a unique way to give money gifts.
In fact, find graduation specific money gift ideas.
Money Puzzle Gift Boxes for Cash
One of the MOST popular gifts!
This maze puzzle cube is a unique cash holder. Perfect for kids and adults, it’s a thrilling puzzle box and money maze.
Get yours now and turn gifting into an adventure!
Buy Now on Amazon
02/19/2024 09:47 am GMT
Who To Give Money Gift Ideas
These types of gifts are so flexible and can be used by anyone!!
Everyone loves to get cash and spend it how they choose. Then they can cross something off their Christmas bucket list.
How to Give Money as a Gift & Not Be Rude?
Is giving money as a gift rude?
Absolutely not.
As we’ve said many times here at Money Bliss – cash is king.
With cash, you are able to do what you want to do with the money. You don’t have another thing collecting dust on your shelf or set in the basement.
You can give a money gift box!
Don’t look at giving money as a rude thing to do. It is actually freeing because the receiver of the gift can choose how they spend it on the reverse side as the recipient of cash.
Feel empowered in the decision to give cash as a gift instead of an actual materialistic item.
Grateful Tips: I always recommend writing a thank you card immediately. Once you use the cash, then write another note on how you used the cash and how much you appreciated it. Then, the gift giver knows how you used the cash, and the ways they helped you, and then they won’t question their decision to give money as a gift.
Cute Ideas for Giving Money
In this section, you will find cute ideas for giving money. These are the absolutely adorable ways that people would love to receive money.
These are great for Christmas and birthdays, and especially for kids, teenagers, and young adults.
You will learn how to roll money for a gift and so much more!
May 19, 2023
Inside: Find money cake ideas! Learn how to make a money cake or buy pre-made kits. This guide has you covered with…
Money Balloons
Super cute way to give money for any occasion.
It’s fun to watch the recipient get spooked by a popping balloon, covered in confetti, and of course, count the money inside!
Read More
Photo Credit: sugarandcharm.com
Sneak Peek Birthday Card
Such a cute and sneaky way to roll cash into a card.
Make candles using a dollar bill or go big and use a $20 bill.
Read more
Photo Credit: Stamp with Jill
Money Lei for Graduation Gift Idea
Everyone needs some cash and this money lei is a fun and creative way to give the gift of cash!
Learn how to make your own money lei today!
Read More
Photo Credit: yourhomebasedmom.com
Funny and Fun Ways to Give Cash
This list is about the funny and fun ways to give cash.
This type of money gift idea works best for a white elephant exchange, a coworkers exchange, a friend exchange, or someone who loves a good joke.
Let’s be honest… sometimes you just to be really funny with how you give the gift.
Honestly, I’m not sure if there are any annoying ways that you could give money. (Cash is still cash, right?) For those who enjoy crisp dollar bills beware!
Easy Peasy Money Tree Topiary
It is proven that money does grow on trees. This DIY tutorial will teach you exactly how to make your own money tree.
This beautiful money tree topiary is ready for one very lucky gift recipient!
Read More
Photo Credit: sunburstgifts.org
Money Tree on Etsy
Perfect gift for the Dad who always says money doesn’t grow on trees! This is a funny gift idea for the father who has everything and has a great sense of humor. Because now…
Money DOES grow on trees!
See Now on Etsy
Photo Credit: Etsy.com
“In An Emergency” Graduation Gift
Super fun way to give money and withhold the desire to spend the cash right away. You can place any amount of cash in these, so they fit virtually any budget.
Simple DIY tutorial!
Read More
Photo Credit: sendomatic.com
Money Chain Gift for the Graduate
Paper chain gifts are a great way to decorate for the holidays. But, it is also a fun way to give money! Very simple DIY project to complete.
Read More
Photo Credit: lessthanperfectlifeofbliss.com
Christmas Money Printable
Running low on time?
This Christmas money printable is a fun and easy way to give some dough this season. So adorable!
Read more
Photo Credit: tessiefay.com
Easy Ways to Hide Money in a Gift
Okay, let’s be honest, we don’t want everybody to know right away that they’re going to get money inside their gift.
How do you hide money as a gift? This gift list is filled with perfect ways to hide money inside a gift.
When they open it, they are excited about just the outside part of the gift and they don’t even know the monetary gift that you have waiting for them inside!!
August 28, 2023
Inside: Looking for a creative and easy way to give money as a gift? Look no further than these Money Gift Boxes!…
Handmade Money Surprise Bath Bomb
Time for a lovely bath with a hidden surprise! A fantastic way to hide money especially for teen girls!
This unique gift idea also is made with all natural and vegan skin care products. Perfect for small budgets!
Buy Now on Etsy
Photo Credit: Etsy.com
Funny Christmas Money Gift: Cash in a Can
This is such a clever idea! Giving money was so much fun this year.
You can hide a roll of cash inside any canned goods – preferably what the recipient hates the most.
Since it is wrapped like a normal household item, no one will expect it to have anything inside but what is on the label!
Read More
Photo Credit: itsalwaysautumn.com
Birthday Money Box Gift Idea
Money is something every teenager wants! This money box can easily be created with items you already have at home.
Unique and sneaky way to give money!
Read More
Photo Credit: myinspirationcorner.com
Book of Money
Such an easy DIY project to give money!
You probably have all of the supplies in your house.
Read more
Photo Credit: marthastewart.com
Money Cake Pull Out Kit
$16.99 $15.50
Perfect surprise for your kids, grandkids, spouse, or best friend with the most versatile and widely-appreciated gift of them all: cash?
We know how you can do it in style: the amazing money cake dispenser, an incredible accessory that you will use on endless occasions.
This complete cash dispenser set includes the special box, cake topper, 1 plastic roll with 50 connected pockets, and printed instructions.
Buy Now on Amazon
02/19/2024 05:27 pm GMT
Hidden Gift Jars
Want to make your money gift a little more special this year? Make these Hidden Gift Jars!
Stash your gift inside a secret hiding spot in the jars, covered by a favorite candy or treat (we used M&Ms), and watch the recipient’s eyes light up when they realize there’s more to their gift besides just candy!
This also makes a great gag gift!
Read more
Photo Credit: myhomebasedlife.com
Creative Ways to Give Money – Which is Your Favorite?
What is the best way to gift money?
Honestly, is there any bad ways to get money? Maybe if the gift giver never opens where the cash is heading, but let’s hope that doesn’t happen.
In this post, we have covered all of the best ways to gift money.
A simple way to say I appreciate you! You have so many ideas to choose from!
Which creative ways to give money did you like the best? There are DIY methods to giving cash and some that you can quickly pick up.
Follow for more inspiration on our Gift Ideas on a Budget Pinterest boards.
I can’t wait to see your pictures with what you’ve come up with, and how you plan to do this.
More Gift Ideas:
Did the post resonate with you?
More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!
Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.
The mortgage origination industry has long made use of an operational strategy that relies on “staffing up” during cycles of high volume and then making staff reductions, sometimes en masse, when origination volume declines. While this was once a necessary business strategy, the technology now exists to implement a much more efficient approach. In order to achieve this, lenders need to take a thoughtful approach to the implementation of technology, and the very highest decision makers need to push their orgs to adapt processes to fully realize technology’s benefits.
Some credit is due to the mortgage industry for having made real progress in a few short years with regard to making automation a priority. Structured data sources, automated underwriting tools, and task and workflow-based systems can automate and accelerate many of the functions traditionally performed by human employees. The technology to do this is possible and in many cases, has even been built – it just hasn’t been properly implemented. We have the means today to shift lenders to far more efficient staffing and personnel models.
The problem lies in a simple insight: cost and labor doesn’t come out of the process when you automate a step, but rather when the person stops doing that step.
While we have adopted technologies and “turned them on” across the industry, so to speak, we have not re-architected our processes around them. In order to do that, I suggest 3 truths that lenders should keep in mind:
There are some things that technology can simply do better than humans – that work needs to be moved to technology.
There are other things that humans still need to do, but the more that companies can make those tasks “lower skill” and easier to train around, the more scalable and nimble the organization can be as the market changes.
It is very easy to add steps to a process, and overwhelmingly difficult to subtract them.
Moving workloads from people to technology
As an industry, we need to start by establishing a basic acceptance that technology simply does many things better than humans can. For example, technology is more reliable at making sure a flood report is ordered as soon as a loan is moved to processing than a human with a checklist is – it’s a simple rule that fires every time. This is an easy thing to agree on when technology does things “perfectly”, but what about when the technology has an error rate? For example, does OCR have to be 99%, 99.9%, or 100% right in extracting the first name off a driver’s license before we decide we can have people stop doing it? While a simple solution might be to compare the computer’s error rate to the human’s, and switch when computers make fewer mistakes, we all know this is difficult in practice – one only needs to look at the regulatory backdrop around self-driving cars as a prime example in another industry. Regardless of whether a company is willing to take a more cutting edge approach (switching as soon as the technology is “good enough”) or would rather be a later adopter, it is critical that lenders have a strong framework and strategy around when they shift work from humans to technology.
If we assume for a moment that we are willing to move work to technology once it can do it better than humans, the next step is to survey the market and understand what “automation” capabilities exist, and to what extent they can replace the entire task a human is doing, not just a pretty demo. This requires not just a deep understanding of the technology, but also an understanding of the current human process – is the same person ordering flood reports and reviewing the results? Is that person also troubleshooting when the flood vendor is unable to return a successful result because the property address hasn’t been verified yet? For many mortgage lenders, either very robust automation capabilities are necessary to replace these large, complex tasks their operations people are really doing, or their process needs to be simplified and broken down significantly into smaller “jobs to be done” so that simpler automation solutions can take those jobs on.
Making the work people still have to do more efficient
Once we’ve looked at work that can be moved to technology, the state of the industry today suggests that there surely will still be work for people as well; how can we make that as efficient as possible? There are two vectors lenders should think about when they think about the efficiency of their people: how much “work” (measured in loans, or ideally in tasks) one person can get done in a unit of time when fully ramped, and how long it takes to ramp them.
Work per user per unit of time is measured all over our industry: how many files can an underwriter review a day? How many loans can a processor manage in their pipeline at once? When thinking about improving the efficiency of work that people are doing and that can’t be moved to technology, lenders often focus on allowing those people to focus (there are elaborate solutions, like workflow systems, and simple solutions, like not letting your loan officers instant message your underwriters). Continuously re-evaluating how your technology is serving or hindering your team’s ability to work efficiently (system latency, easy navigation) is critical.
Less obvious, though – for work that still needs to be done by people, it’s also worth asking how we can make that work more intuitive, easier to train on, and split in a way that the bulk of it can be done by lower skilled workers. Making the work “simpler” or “easier” allows for improved elasticity in the business; rather than hiring specialists, lenders can move more general workers around to cover bottlenecks in their manufacturing process, or even slide employees between origination and servicing if the jobs and systems are really made simple enough. When a mortgage business employs a strategy that decreases the need for skill, the next market boom will require that business to simply flex 10 or maybe 20 people from other areas of the business into production to assist with the sustained volume. Instead of having to hire (and later, lay off) 100 new people and train them, the business can accommodate demand without artificially bloating its workforce.
Actually changing the process with subtraction, not just addition
One of the hardest things to do in any organization is to subtract things – adding a weekly meeting is almost frictionless in most companies, but removing it requires a brave individual to speak up, and then near-total consensus from the attendees. Similarly, in loan manufacturing, lenders add steps (things to check, documents to collect or send out) often, but almost never inventory all of the work their teams are doing and figure out what doesn’t need to be done anymore.
Compounding this, “redundant work” is actually commonly employed as a strategy in mortgage origination to ensure that files are high quality – if 2 people each have 10% error rates on missing a document in the file, for example, making sure that one checks it, and then the other checks the first person’s work, will allow for a 1% error rate. This simple fact often leads to checkers checking checkers.
This means that people in the mortgage origination process often do work on a file, expecting that work to have been done already anyways, and therefore that automating that work upfront doesn’t fundamentally change their behavior. In order to see the full benefits of any kind of work shift to automation and technology, the entire team downstream of that work needs to be retrained no longer to check that step. So how can this be done?
First and foremost, executive buy-in is critical to see any reduction of steps; very rarely do individual contributors feel empowered to remove steps from the process. Tobi Lutke, CEO at Shopify, has a famous quote that “The best thing founders can do is subtraction. It’s much much easier to add things than it is to remove.” Only executives and leaders have the social capital necessary to actually get people to stop doing stuff.
Once an executive has decided to cut a bunch of steps from the process, and ideally continue to revisit and cut steps as a continuous, living process, there are two ways to actually implement this. One is to have an extremely strong operations group that continuously trains and retrains; measuring the effectiveness of the team and ensuring an extremely high degree of compliance with written and documented standard operating procedures.
The second option to implement effective change-management on your automation journey is to encode the standard operating procedure inside of the system being used to originate the loans so that the software manages the process. When that happens, change management becomes something akin to a software update (with which people will comply because they are only doing the work the software directs them to do) instead of a complex and cumbersome re-training. The change management is, essentially, “baked into” the infrastructure itself.
Regardless of whether an operational or technical solution to this problem is employed, all of the automation in the industry won’t save money if each lender doesn’t individually develop a strategy to achieve the all-important goal of subtraction.
Tying these things together
We’ve long known that the mortgage industry struggles with a lack of elasticity and scalability. The market conditions and unique events of the past four or five years have starkly highlighted that problem. As our market has lurched from boom to bust in response to pandemic and high interest rates, we’ve seen an almost continuous parade of hiring and reductions-in-force. That, in turn, has had a broad impact on work culture across the industry, including a reduced level of loyalty industry-wide and a volatility that makes it nearly impossible to plan much further than the next peak or trough in the market cycle.
To actually get to a world where scaling production up and down doesn’t require swings in headcount, the marginal cost of labor inside each loan needs to be as low as possible, and then any need to “staff up” or “staff down” needs to be low training enough to allow the repurposing of existing staff instead of hiring and firing of staff outside the company. Getting to this world requires a careful re-litigation of existing processes, with executive buy-in, to subtract unnecessary steps and simplify the process, and this is an exercise that must be done continuously by lenders. This is not simple – there is no silver bullet solution – and it is hard work, but it is one of the greatest problems mortgage originators face today, and well worth the work.
As CEO at Vesta, Mike leads sales, product development, and implementations as the team redefines origination platforms for modern lenders. Previously, Mike spent 4 years on the early product team at Blend, where he launched key components of the flagship mortgage platform, and later started and ran new business lines such as Blend Insurance. Mike graduated from Stanford University with an MS in Computer Science/AI and a BA in Economics.
This column does not necessarily reflect the opinion of HousingWire’s editorial department and its owners.
To contact the editor responsible for this piece: [email protected]
The information provided on this website does not, and is not intended to, act as legal, financial or credit advice. See Lexington Law’s editorial disclosure for more information.
If you need to improve your credit health, you’re not alone. Millions of people have a bad credit score, often due to delinquencies, or late payments. According to a recent report from the New York Federal Reserve, credit card, and auto loan delinquencies are on the rise. Having poor credit can limit your financial options, but credit repair companies may be able to help.
Credit repair companies specialize in helping people fix their credit, but unfortunately, there are some companies that take advantage of people. It’s important to understand the laws of each state so you can protect yourself and choose the right credit repair company.
In this post, we teach you about credit repair laws for each state as well as the federal credit repair laws. Knowing your rights and the credit repair laws is the first step on your credit repair journey.
Credit repair laws for each state
In addition to federal laws, many states have laws that regulate the credit repair industry. The state consumer credit repair laws provide protection from companies that take advantage of people who are experiencing financial hardship. While many states have laws, there are some that don’t. Check the graphic below to see if your state is one of the few that doesn’t have specific laws for credit repair.
It’s helpful to know that the state credit repair laws are based on the state in which the credit repair organization is operating from. Not only must they comply with their state credit repair laws, but they must abide by federal laws as well.
Depending on the state, they may require that the credit repair company has:
A state registration requirement
A surety bond to cover potential damages to consumers
A required cancelation period after the consumer signs the contract
A refund period after the consumer signs the contract
Here is a list of each state and some specifics about their laws.
Credit Services Organization Act (UT. Code. §13-21-1 et seq.)
Yes
$100,000
5
10
Vermont
No state laws
N/A
N/A
N/A
N/A
Virginia
Credit Services Businesses Act (VA. Code. § 59.1-335.1 et seq.)
Yes
$50,000
3
10
Washington
Credit Services Organization Act (R.C.W. § 19.134 et seq.)
No
$10,000
5
10
West Virginia
Consumer Credit and Protection Act (W.V. Code Ch. 46A et seq)
Yes
$15,000
3
10
Wisconsin
Credit Services Organization (WI. Leg. § 422.501 et seq.)
Yes
$25,000
5
15
Wyoming
No state laws
N/A
N/A
N/A
N/A
Federal credit repair laws
There are many consumer protections for people in the United States, and some involve your credit. The primary credit repair law to familiarize yourself with is the Credit Repair Organizations Act (CROA). In addition to the CROA, you should also know about the Fair Credit Reporting Act (FCRA), which is what many credit repair companies use when helping their customers.
Credit Repair Organizations Act (CROA)
CROA dates back to 1996. The Federal Trade Commission (FTC) states that this act “prohibits untrue or misleading representations and requires certain affirmative disclosures in the offering or sale of ‘credit repair’ services.” The specifics of CROA state that the following are illegal:
Exaggerating or misrepresenting the service
Submitting false information to credit bureaus and data furnishers
Providing a new identity to clear your credit history
Charging customers up front
Requiring customers to waive their rights
Fair Credit Reporting Act (FCRA)
The Fair Credit Reporting Act (FCRA) is another federal law that helps ensure fair credit reporting practices for consumers. Credit repair companies work by utilizing the FCRA, so it’s helpful to understand what it says and how it works.
Some of your rights and protections according to the FCRA include:
You have the right to be told what’s in your file.
You must be told if any information in your file is being used against you.
You have the right to ask for your credit score.
Consumer reporting agencies must fix or remove inaccurate information.
Credit repair services are completely legal, but you’ll need to find credit repair companies that are operating under state and federal laws. The best credit repair companies follow these laws and can assist you with challenging errors on your credit report.
The following are some signs of a good credit repair company:
They don’t charge you up front
They don’t guarantee results
They don’t ask you to lie about your information to reporting agencies
Credit repair companies charge for their services, so it may be helpful to shop around and look at online reviews. When doing this, keep in mind that although a company may be the least expensive option, it may not provide the best services.
Work with a credit repair company who knows credit law
If you’re looking for a credit repair company that understands state and federal laws when it comes to your credit, work with Lexington Law Firm. We have a team of legal professionals who follow credit repair laws, and we also challenge credit reporting errors on your behalf.
In addition to providing you with regular updates about the credit repair process, we also provide various tools to help you better understand your credit health. To get started, sign up today.
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Victor Ciardelli beamed as his mortgage company, Chicago-based Guaranteed Rate, launched a “financial wellness” and “personal well-being” app last fall before a live audience in Times Square with wellness celebrity Deepak Chopra.
“Something we are passionate about at Guaranteed Rate is caring about people and their overall well-being,” Ciardelli said in a video of the event posted online. “We wanted to make sure that we did something to help people in their general stress and alleviate pain.”
But in the days following the launch of the app, which offers home loan applications and other financial services alongside yoga classes and nutrition advice, Ciardelli wasn’t happy. Yelling at executive leadership on company calls, he referred to his employees as “failures,” complained that the team did not show him from a particular camera angle and said “Marketing is a f−−−ing disaster,” according to two executives who were on the calls.
Despite Ciardelli’s public remarks on the importance of personal well-being, many former employees told the Tribune they experienced or witnessed persistent verbal abuse and a misogynistic environment while working at Guaranteed Rate. As part of a Tribune investigation, reporters interviewed nearly 80 former employees and reviewed court records, internal company emails, written exit interviews and text messages.
Many of the former staff members who spoke with the Tribune described Ciardelli, the company’s president, CEO and founder, as a boss who was quick to berate, swear at and demean employees.
“Every person that works directly under Mr. Ciardelli is terrified of his potential anger outbursts,” one former assistant wrote to human resources after she was let go from the company a couple of years ago, according to an email reviewed by the Tribune.
Some former employees who spoke with the Tribune said they were driven to seek mental health care because of the work environment at the company; one former worker said she contacted a suicide hotline last year.
Multiple women who used to work at Guaranteed Rate, meanwhile, described working in a sexualized atmosphere where some male loan officers and managers made sexually explicit remarks to female employees, hit on them in the office or at work events, and commented inappropriately on their appearance — even, in one case, encouraging a woman to use her looks to help close a loan.
In February, a woman who used to work as a loan officer at Guaranteed Rate filed a lawsuit against two high-producing loan officers at the company, alleging sexual harassment and gender discrimination. Her complaint alleges one of the male loan officers sexually harassed her at a corporate event, that the other loan officer pressured her not to report the incident to human resources, and that for the remainder of her employment the man who made the remark used “gender-based and demeaning slurs to refer to” her and other women at the company.
Other former employees said they did not bring their complaints to human resources because they thought Ciardelli or other executives and managers meddled in the department’s business and might retaliate, with at least two former employees saying they’d observed how company leaders protected certain staff members. Others said they did complain but felt the department didn’t take the information seriously.
In response to a detailed list of questions from the Tribune, Ciardelli and Guaranteed Rate vehemently denied all of these allegations, describing the company as a positive workplace environment where women in particular are supported. The firm went to remarkable lengths to dispute the allegations, including sending the results of a worker satisfaction survey it conducted and forwarding more than 80 testimonials from current and former employees. Among them were five of Ciardelli’s current or former assistants, as well as numerous male and female executives praising his leadership and support.
The company also retained an outside law firm that, even before receiving the reporters’ list of questions, threatened to sue the newspaper for defamation.
Guaranteed Rate, whose corporate headquarters is in Chicago’s North Center neighborhood, has grown tremendously since its founding in 2000 to become one of the largest mortgage lenders in the country based on loan volume, according to industry news and data provider Inside Mortgage Finance. Its name has adorned the White Sox stadium since 2016, and as recently as 2018, Guaranteed Rate was named a Chicago Tribune Top Workplace — a distinction based on surveys conducted by an outside company, with no input from editorial staff on the selection.
Guaranteed Rate CEO Victor Ciardelli prepares to throw out the ceremonial first pitch at a White Sox home game in August 2016. The ballpark would be renamed after his company later that year. (Chris Sweda/Chicago Tribune)
Jason Scott, a former top-producing loan officer and director of VA lending, which provides home loans to military veterans and active-duty service members, at Guaranteed Rate said his earlier years at the company — when lower mortgage rates fueled industry growth — were positive. But Ciardelli’s outbursts and verbal abuse of employees grew more noticeable, he said, when rising interest rates started to erode those gains, especially after the boom years of the COVID-19 pandemic.
“I think crazy success just brings out who the real people are,” said Scott, who reported to Ciardelli in his director role and now works for CrossCountry Mortgage, a competitor of Guaranteed Rate. “What did you sacrifice to get there? Did you sacrifice your soul or your core values?”
Many other former employees who spoke with the Tribune did so on the condition they would not be named in this story, saying they feared Guaranteed Rate would sue them. Guaranteed Rate has filed lawsuits against former employees to claw back signing bonuses; it also has sued competitor New American Funding and former employees who have hired former Guaranteed Rate workers, accusing them of unlawful poaching.
Ciardelli declined to be interviewed without his attorney for this story. In response to written questions provided by the Tribune, he and the company suggested the criticism of Guaranteed Rate came from disgruntled employees who could not succeed in a demanding work environment within a challenging industry, or from people who now work for a competitor and therefore would benefit from disparaging the company.
“We hold ourselves and our team members to an incredibly high standard and are not apologetic about that,” Ciardelli said in his written responses, sent through the outside law firm retained to handle communications with the Tribune. “We also recognize … that to achieve great success, one must embrace a full ownership for their actions, both successful and otherwise to achieve growth and most important optimally serve our customers. We promote a transparent culture that supports all our team members toward that goal and welcome constructive criticism. As a result, we are not for everyone.”
Ciardelli specifically denied berating staff, yelling at executives after the app launch or ever calling employees “stupid” or “failures.” He quoted the company’s chief operating officer, Nik Athanasiou, as saying: “I have worked with Victor for 15 years. No one is in more meetings with him than me. I do not ever recall an instance where Victor was abusive toward another employee.”
Ciardelli also pointed to the company’s anti-discrimination and anti-harassment policies and said neither he nor any other executive interfered with human resources.
In response to questions from the Tribune about women’s complaints, including being subjected to sexually explicit comments and working in a “boys club” atmosphere, Ciardelli wrote that such allegations are “simply not true.” The company “has not, does not, and would not objectify women or put them in uncomfortable personal or professional situations,” he wrote.
Ciardelli also highlighted the large number of female loan officers working at the company, their professional success and the testimonials from female employees. When the Tribune asked to speak with four of those women, only one — Rola Gurrieri, the company’s New Jersey-based chief fulfillment officer — agreed to be interviewed without outside counsel or management present.
Regarding the lawsuit filed by former Guaranteed Rate loan officer Megan McDermott, the company told the Tribune it had “found no evidence supporting Ms. McDermott’s allegations of sexual harassment or gender discrimination” after conducting a “comprehensive investigation.”
Guaranteed Rate also sent a general statement detailing the company’s business philosophy, which includes a “fierce commitment to excellence.” Employees who do not “meet our core values or our quality standards” find it challenging to maintain job satisfaction at the company, it said.
“Many of these employees walk away not feeling good about the company which is a natural emotion when faced with a reality that their standards and the company standards are not aligned,” the statement said.
But many of the former employees who spoke with the Tribune described a cutthroat work culture they said could be frightening and upsetting, with several attributing that culture to Ciardelli’s laser focus on making money and growing Guaranteed Rate.
A sign is installed at the White Sox stadium in October 2016 to proclaim its new name: Guaranteed Rate Field. (Zbigniew Bzdak/Chicago Tribune)
The former assistant who emailed human resources asked not to be identified in this story, fearing it might jeopardize her current job or trigger retaliation from Ciardelli. In that email, the woman wrote that she was “constantly on edge and terrified to have an interaction with Mr. Ciardelli” and that she had “consoled each assistant on his team that endured the wrath of Mr. Ciardelli’s behavior.”
“I hope that my experience will open your eyes,” she wrote.
Flying too close to the sun
In an interview with the Tribune in 2014, Ciardelli made plain his ambition to grow the company.
“If you can’t handle it, you shouldn’t be here,” Ciardelli said. “Instead of feeling like, oh, we care about people’s feelings and all that, it’s all about results.”
In the same article, Ciardelli said he worked constructively with his employees when issues arose at work. “There’s no drama involved; there’s no yelling,” he said. “Let’s fix the issue and move on.”
But multiple former executives and employees told the Tribune Ciardelli regularly yelled at and verbally attacked executives and other employees in person and on company calls, sometimes in front of hundreds of people, with the calls following the app launch just one example.
Some former and current employees told the Tribune they tried to avoid Ciardelli because they were scared of his temper.
Scott, the former director of VA lending who worked at Guaranteed Rate from 2017 until he resigned in 2022, splitting his time between offices in Hawaii and Colorado, called Ciardelli a “bully.”
Scott told the Tribune that, during one call, Ciardelli took an executive “to the woodshed and just eviscerated him verbally,” saying things such as “I can’t believe you are this stupid.”
“(Victor) throws the grenade and then he leaves the room,” not giving people a chance to explain or talk through the issue, Scott said.
At the time of Ciardelli’s 2014 Tribune interview, Guaranteed Rate had 2,500 employees nationally, 1,050 of whom were based in Chicago, according to Tribune archives.
The company grew to employ 9,708 people nationwide at its peak in 2021, Guaranteed Rate told the Tribune in May. Part of the company’s growth stemmed from its acquisitions of other mortgage companies: Manhattan Mortgage and Superior Mortgage in 2012 and Stearns Lending in 2021.
Victor Ciardelli, shown in 2014 at Guaranteed Rate’s headquarters, told the Tribune that year that he had ambitious plans for the company and “if you can’t handle it, you shouldn’t be here.” (Abel Uribe/Chicago Tribune)
Guaranteed Rate also partners on mortgage services with some of the largest real estate companies in the country. Including the people working in those partnerships, Guaranteed Rate had 14,264 employees at its height in 2021.
Like other mortgage companies, Guaranteed Rate has suffered a significant decline in business over the last two years, stemming from mortgage rates that have more than doubled from their record lows during the pandemic.
As mortgage rates soared in 2022 and 2023, the firm implemented thousands of layoffs, with only 3,871 workers remaining as of April, or 5,756 among all its companies, excluding contractors, as of May, according to the company.
Yet Ciardelli’s volatile behavior predated the stressful times in the housing market, according to some people who worked for Guaranteed Rate. Many people who “fly too close to the sun” — a metaphor some employees used to describe working directly with Ciardelli — eventually leave, they said.
People who work in personal and executive assistant roles for Ciardelli rarely last long in their jobs, with many leaving after less than a year, former employees said. Some referred to Ciardelli’s assistant position as a “revolving door,” and the LinkedIn profiles of multiple former assistants show short stints with the company.
More than two dozen executives and senior loan officers have left the company over the last decade, with a significant exodus occurring in the past two years. Multiple former executives and loan officers — including Scott — told the Tribune they left because of Ciardelli’s verbal outbursts and what many described as a workplace where they felt bullying and misogyny were tolerated. Most now work for competitors.
Ciardelli and other executives sometimes would disparage people who left the company, according to Scott.
“I would be like ‘Guys, did anybody ever think about reaching out to them before they left and having an exit interview with them?’” Scott said. “You are talking about a person that was a top producer here that you loved them as long as they produced, and now that they leave, they are an enemy? … They are leaving for a reason.”
In Ciardelli’s written responses to Tribune questions, he said allegations of a toxic work environment or bullying on his part are “not aligned with Guaranteed Rate or my leadership.” He said neither he nor other executives have disparaged former employees when they left the company.
In response to a question about assistant turnover, Ciardelli wrote that he has worked closely with five “primary” assistants since 2000. “As is the case with any demanding support roles, there has been some turnover with secondary and tertiary assistants, but nothing that is abnormal or unexpected,” he wrote.
One testimonial sent to the Tribune was from Melissa Czaszwicz, who said she worked for Ciardelli as an executive assistant in the early 2000s. She wrote that she had a positive experience working closely with Ciardelli, who she said was especially supportive when she had children.
“Never did I witness anything inappropriate or out of line,” said Czaszwicz, who still works at Guaranteed Rate.
‘Mental health has suffered’
Some former employees who spoke with the Tribune said they were driven to seek mental health support during and after their time at the company because of the negative work environment they experienced at Guaranteed Rate.
Most of those who shared their experiences worked for an executive who has a close working relationship with Ciardelli. Former workers said this executive also verbally abused staff and was prone to volatile mood swings.
One told the Tribune she texted and called a suicide hotline last year while working at the company because of verbal abuse from the executive; she shared the texts she sent with the Tribune.
In her resignation email, sent to the executive and to the human resources department last year, she wrote: “My mental health has rapidly declined due to the way I have been treated and spoken to in the last couple of months.”
Another employee from the same team wrote in a 2019 resignation letter sent to the executive, human resources, Ciardelli and others that his “mental health has suffered.”
Founded in 2000, Guaranteed Rate grew to become one of the largest mortgage lenders in the country but has suffered a decline in business as mortgage rates have soared in the last two years. (Brian Cassella/Chicago Tribune)
In the resignation email and in an interview with the Tribune, the former employee said his boss gave him the runaround when he asked for time off to attend his mother’s chemotherapy appointments and complained to other employees about his requests.
Other employees discouraged him from requesting leave directly from human resources, warning him he would be fired if he went around the executive, according to the email.
Alyssa Ortiz, another former employee, said working with this executive was like being in an “abusive” relationship, being yelled at one minute and being invited for drinks the next.
“Everyone has gotten … chewed out and left crying,” said Ortiz, who worked for Guaranteed Rate from 2017 to 2019.
Ortiz told the Tribune that human resources and Ciardelli had been notified of this executive’s verbal mistreatment of employees but did nothing. She and about a dozen other former employees told the Tribune they felt Ciardelli protected this executive because of their working relationship.
In a written exit interview from 2020, one employee from the same department described how the executive would discuss former employees’ exit interviews with current employees.
“This created a fear for us to go to HR for anything moving forward,” the employee wrote.
Ciardelli said the company was not aware of any incident in which an executive read former employees’ exit interviews aloud; he said Guaranteed Rate “would never support this practice.”
Dozens of employees have left the executive’s department since 2017, according to interviews with former workers and LinkedIn profiles. The executive has since been promoted, the executive’s LinkedIn profile and the company’s website show.
In 2018, the head of human resources at the time took away the HR representative working with the executive’s department because of “risks” the executive posed to the company, according to an email reviewed by the Tribune.
“I can’t in good conscience keep allowing (the executive) to drag other employee (sic) into … schemes,” the former HR head wrote. “And by schemes I mean risky bull−−−−.” The department would have no assigned human resources representative after that, according to the email.
In correspondence with the Tribune, Guaranteed Rate described the company as a positive workplace where abuse and harassment are not tolerated and where complaints to human resources are taken seriously.
“We are not perfect by any means, but we do work hard to listen to our employees and make sure they feel supported,” a company spokesperson wrote in an email to the Tribune in April. “Most of all, we have no tolerance for any form of bullying, harassment or mistreatment. It is not who we are or who we want to be.”
Some of the employee testimonials provided by Guaranteed Rate expressed similar sentiments. For example, Mohamed Tawy, a branch manager and senior loan officer who has been with Guaranteed Rate for three years, wrote that the culture at the company is the best he has experienced in his 15-year career.
In an interview with the Tribune, Tawy said: “As a top producer … and I’m also a minority myself, I haven’t felt anything or seen anything that makes this company in any way negative for anybody that’s different. … I’ve seen here all that matters is that you do a good job, your production is good and that you follow the protocols and the rules, and I’ve seen people succeed with that more than any company I’ve been with.”
The Guaranteed Rate spokesperson also shared the results of an employee experience survey conducted in February. According to the company, the average rating for the culture at Guaranteed Rate was 8.49 out of 10, with nearly 75% of 3,745 employees responding. Those ratings were based on employees’ stated level of comfort providing feedback and/or concerns, how much they felt supported by the company in maintaining a healthy work-life balance and their sense of Guaranteed Rate’s commitment to promoting diversity and inclusion.
The email from the spokesperson said the company received “a countless number of positive comments and appreciation for their leaders, teams and our overall culture.”
In response to Tribune questions, Guaranteed Rate said in May that the survey was anonymous and it was analyzed by its “employee experience team.” The company did not provide the Tribune with a complete set of responses from the survey, but it volunteered that employees used the word “toxic” to make a negative comment about Guaranteed Rate in only 14 of the more than 5,000 written responses provided to three open-ended survey questions.
‘Mortified and disgusted’
Megan McDermott, a single mother of three, met her supervisor at Guaranteed Rate, Jon Lamkin, in person for the first time at a corporate event in December 2015, according to the lawsuit she filed in February.
When Lamkin heard the age of her oldest child, the suit alleges, he said: “You should have known better than to let some guy’s d−−− c−−− inside you.”
According to her lawsuit, McDermott reported the comment to Joseph Moschella, a regional manager and senior loan officer at Guaranteed Rate who was responsible for McDermott’s region while she worked at the company. Moschella, the suit alleges, “pressured” her not to make a formal complaint of sexual harassment to human resources.
McDermott told the Tribune she was “mortified and disgusted” after Lamkin made the comment.
“The irony here is that Jon should have known better than to treat an employee the way he did rather than telling me I should have known better to become a single mother at 20 years old,” McDermott said, “which is vile. … He set the tone the first day I met him of the power Joe and Jon had over my career.”
Megan McDermott, shown in March in New Jersey, has filed a lawsuit alleging she was “subjected to a sexual and gender-based hostile work environment” at Guaranteed Rate and did not receive the same opportunities, treatment and pay as male loan officers. (Brian Cassella/Chicago Tribune)
As McDermott went on to become a top-producing loan officer for Guaranteed Rate in New Jersey, her suit alleges Lamkin subjected her to abuse by “regularly screaming at her and using gender-based and demeaning slurs to refer to” her and other women at the company.
Her lawsuit alleges she was “subjected to a sexual and gender-based hostile work environment” by Guaranteed Rate, Lamkin and Moschella. Her suit also alleges McDermott did not receive the same opportunities, treatment and pay as male loan officers, which some other female loan officers told the Tribune reflected their own experiences as well.
McDermott did not lodge a complaint after Lamkin’s comment because she “believed she would be retaliated against” if she did so, the suit states. When she did report to HR around 2019 that Lamkin had engaged in “abusive behavior,” the department “failed to do anything to investigate or curtail Defendant Lamkin’s behavior,” the complaint alleges.
“Joe encouraged me not to go to HR because of the damage it would do to Jon’s career,” McDermott said. “Ultimately, all that they were worried about was Jon, his reputation and his career versus reporting inappropriate behavior.”
Guaranteed Rate told the Tribune in its May response that Lamkin’s comment was “nothing more than a single off-color joke,” that McDermott accepted an apology from Lamkin and that Moschella “encouraged” McDermott to contact human resources if she was “still upset.”
The company said it “could not find any record of Ms. McDermott making any form of complaint to the company’s human resources department in 2019, either verbally or in writing.”
McDermott told the Tribune she helped build Guaranteed Rate’s business in north Jersey from the ground up and said she loved the work until she found out she was not being treated equally as a woman.
“I believe management did not want to see me succeed, didn’t take me seriously and made decisions that negatively affected me and my children financially,” said McDermott, who now works for CrossCountry Mortgage, a competitor. “I ultimately left GR because I could no longer work in an environment where I was not valued and leadership felt that they could exploit me.”
Moschella and Lamkin are still employed at Guaranteed Rate. They did not respond to a Tribune request for comment. Guaranteed Rate told the Tribune in May that it had investigated McDermott’s allegations of sexual harassment and gender discrimination and found that “there is no evidence that Mr. Lamkin or anyone else at Guaranteed Rate ever created a hostile work environment for women.”
Guaranteed Rate also said in a statement that it complies with state and federal equal pay laws. The company said an “outside law firm” had reviewed its 2023 pay data and found it compliant with state equal pay laws.
In his written responses, Ciardelli highlighted the high percentage of female loan officers at the company in comparison to its competitors and said “our women originators thrive more than at any mortgage company in the industry.”
Employee statements provided through Guaranteed Rate’s attorneys included testimonials from dozens of women. Some noted the existence of the company’s employee resource group for women, GROW, while others cited the presence of women in leadership roles throughout the company.
“In addition to my professional growth I’ve experienced, I am equally grateful for the respect and dignity with which I have been treated as a woman in the workplace,” Jaime Kinman, a senior loan officer, said in her statement. “In an industry where gender biases still exist, I have never once felt marginalized or overlooked because of my gender.”
Gurrieri, the company’s chief fulfillment officer, said in an interview with the Tribune that she “never one time” experienced misogyny at the company.
“I got promoted when I’m six months pregnant,” she said. “That’s unheard of.”
Gurrieri, who has worked for Guaranteed Rate for more than six years, described Ciardelli’s leadership style as “extremely passionate.”
“There’s never been a day where I ever felt disrespected or not appreciated,” she said.
According to a former top executive who reported to Ciardelli for many years and a former human resources employee, a handful of loan officers at Guaranteed Rate were known sexual harassers, making women feel uncomfortable with inappropriate touching and unwanted advances in work settings.
But that behavior was rarely addressed, the former workers believed, because the men were friends with Ciardelli or were high-producing loan officers — each responsible for bringing in tens of millions of dollars in loan volume. Some of these loan officers still work at Guaranteed Rate.
Ciardelli called these allegations “simply not true” and said they were contradicted by the employee testimonials provided through the company’s attorney.
“They are also inconsistent with the recollections and experiences of multiple former HR professionals,” Ciardelli wrote.
A ‘sex-driven’ culture
In interviews with the Tribune, multiple former employees described a “boys club” atmosphere at Guaranteed Rate; Scott, the former director of VA lending, said there was “a lot of misogyny.”
Jessica Moreno, a former Chicago employee who started at Guaranteed Rate at age 23, said she was the first in her family to get a corporate job. Within a year of starting her job, she said, she was paying the mortgage on her family home.
But in her department, Moreno said she experienced a “sex-driven” culture.
“All the guys were just like, tongues on the floor,” said Moreno, who worked for the company for about four years starting in 2014. Her workplace was “like a men’s locker room, and women were in it,” she said.
Jessica Moreno, shown in April in Arizona, worked for Guaranteed Rate for about four years starting in 2014. She said male co-workers and managers hit on her and made comments on her appearance. It was “like a men’s locker room, and women were in it,” she said. (Brian Cassella/Chicago Tribune)
Male co-workers and managers would hit on her and make comments on her appearance, calling her pretty, Moreno said. Comments made at Christmas parties or happy hours could be crasser, she said.
“You’ll get, ‘Oh, I’ve always wanted to f−−− you,’” she said.
Moreno said she once overheard a male manager describe a woman who had interviewed for a job as a “fox.” Another time, she said, a manager invited a female massage therapist to the office; Moreno remembers male co-workers commenting on the therapist’s body, too.
Soon after she’d started at Guaranteed Rate, Moreno said, she met with HR to make a complaint about a manager who swore at and belittled her. The HR representative brushed off her concerns in that meeting, she said.
“After that, I felt so discouraged to never even speak up again,” Moreno said.
Moreno ended up leaving her position before taking a job working for a Guaranteed Rate loan officer; she said she was terminated after clashing with the loan officer’s assistant.
Some female former employees of Guaranteed Rate said they understood looks to be a currency within the company.
One former Chicago employee said a manager encouraged her to text a selfie to a client after hearing the client flirt with her over the phone and say he’d be inclined to speed up the loan process if he knew what she looked like.
The employee said she sent the selfie, and the manager then pushed her to go along with the client’s harassment until the loan closed, she said.
After receiving the photo, the client responded, “As pretty as you are I can’t believe some man hasn’t run off with you just howling away,” in a text reviewed by the Tribune. Later on, after sending her forms, the client texted her: “You said I would get another pic when I sent you the forms so?”
The employee said another manager in her division would frequently flirt with her and comment on her appearance. He once texted her to “stop losing weight damn it” and another time texted her that she “broke (his) concentration,” according to texts reviewed by the Tribune.
Another former Chicago employee remembered a manager telling her, while she was pregnant with her first child, “Whatever you do, don’t get a C-section — you’ll never wear a bikini again.” The employee went out on maternity leave days later. She said she did end up needing a C-section and remembers the manager’s comment echoing in her head as she was wheeled back for surgery. Two people the woman told about the incident at the time corroborated her account in interviews with the Tribune.
Several former employees in the marketing department, including two men, told the Tribune Ciardelli made comments about workers’ ages. One employee got Botox and fillers after Ciardelli told employees they were “too old” and likened the marketing department to his “grandmother’s mortgage company,” according to former marketing department employees.
In his written responses, Ciardelli said “Guaranteed Rate is committed to fostering an environment that promotes diversity, equity, inclusion, and accessibility. We maintain a comprehensive set of employment policies aimed at providing a work environment free of unlawful harassment and discrimination, where all employees treat one another with dignity and respect.”
Guaranteed Rate’s corporate headquarters is in Chicago’s North Center neighborhood in a building with a rooftop gathering space. (Brian Cassella/Chicago Tribune)
A spokesperson said in the April 1 email sharing the employee survey results that the company had launched “even more initiatives to ensure we have a positive work environment,” including anti-harassment training, training for the human resources team “to take proper and appropriate steps and best practices for investigating and responding to employee complaints” and reminders to employees on how to report harassment or abuse.
“Our executive team has emphasized to Human Resources that all complaints should be investigated, and any form of harassment and misconduct should be dealt with swiftly – and all managers and employees who are not acting in accordance with our values be rooted out of our organization,” the spokesperson wrote.
In the company’s May responses, it said these initiatives were launched in 2023 and were to “expand and enhance” the existing training program.
All Guaranteed Rate employees must complete “harassment and discrimination prevention training” upon being hired and on an annual basis thereafter, according to the company’s May response. The company said Guaranteed Rate has an “anti-retaliation” policy that prohibits retaliation against employees who report alleged harassment or discrimination or participate in an investigation into the conduct. The company also noted it has an ethics hotline through which employees can make anonymous complaints.
“We respect and treat all employees equally no matter their sex, color, or creed,” Ciardelli wrote.
In the last 10 years, Guaranteed Rate has not settled any lawsuits involving claims of a hostile work environment, according to the company. Guaranteed Rate’s response stated that within that time frame, the company settled six claims involving allegations of a hostile work environment, including arbitration cases as well as claims filed with the Equal Employment Opportunity Commission and state and local agencies. The majority of those claims were brought by male employees, and one was resolved in Guaranteed Rate’s favor, the company said.
Guaranteed Rate employees are asked to sign mandatory arbitration agreements when they are hired, but sexual harassment claims and claims filed with the EEOC and similar state agencies are not subject to arbitration, according to Guaranteed Rate’s May responses.
‘Positive thinking’
Publicly, Ciardelli presents himself as a champion of a positive work environment — an image the company has encouraged employees to promote.
In an email sent in February by a company executive and obtained by the Tribune, employees were encouraged to share a Forbes article featuring Ciardelli; the email provided step-by-step instructions for posting it on social media.
The story, published Feb. 7, was titled “Guaranteed Rate Founder Is All In On ‘Positive Thinking’ This 2024” and described his leadership style as “Chicken Soup for the Mortgage Industry.”
“I communicate the power of positivity and gratitude to everybody around me: employees, friends, family members, everyone,” Ciardelli was quoted as saying.
Less than 24 hours after it went live, the article disappeared from the Forbes website. The site provided no explanation, but one former Guaranteed Rate employee told the Tribune former workers had written to the author about factual inaccuracies.
On Feb. 8, a Guaranteed Rate executive sent another email encouraging employees — again with step-by-step instructions — to delete any social media posts linking to the article.
“We are working with Forbes to resolve and will let you know when it will be reinstated,” the email said. “We apologize for the inconvenience, and we will send out a new link as soon as it’s available.”
The Forbes contributor declined to comment for this story. Forbes told the Tribune the article was taken down because it did not adhere to the company’s “editorial guidelines” and did not respond to further questions.
The article has yet to be republished, but Guaranteed Rate still wants people to read it. The company shared it in a PDF on its LinkedIn page.
Processing, Correspondent, Valuation Tools; CPI! The CFPB Proposes What? Figure Streamlining HELOCs and More
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Processing, Correspondent, Valuation Tools; CPI! The CFPB Proposes What? Figure Streamlining HELOCs and More
By: Rob Chrisman
Wed, Jun 12 2024, 11:35 AM
Florida became a state in 1845. Sixteen years later, kites were used in the American Civil War to deliver letters, news, and newspapers. Now we have… the internet. Here in Sarasota, at the MBA Florida Conference, yesterday’s CFPB proposal turned heads. A “rule” would remove medical bills from most credit reports, “increase privacy protections, help to increase credit scores and loan approvals, prevent debt collectors from using the credit reporting system to coerce people to pay, stop credit reporting companies from sharing medical debts with lenders and prohibits lenders from making lending decisions based on medical information.” “Just because little Timmy can’t hit a baseball doesn’t mean they need to narrow the plate to make throwing strikes harder,” said one person. “Do we need more people bidding up starter homes?” asked another. “Let’s leave off mortgage payments, or late payments, from credit reports,” said sarcastically said another. Click on the link above to comment and stay tuned! (Today’s podcast is found here, and this week’s are sponsored by Richey May, a recognized leader in providing specialized advisory, audit, tax, cybersecurity, technology, and other services to the mortgage industry. Hear an interview with Zavvie’s Maya Velazquez on cash offers and buy-before-you-sell modern bridge solutions to empower buyers.)
Software, Products, and Services for Lenders and Brokers
Fewer new mortgages are being originated than in years past as homeowners are reluctant to give up record-low interest rates to finance a new property at rates north of 6 percent. Now, lenders are turning to special loan products to earn borrowers’ business. From ARMs to buydowns, SCRA loans and more, servicers need to make sure their teams are ready to handle these special loans. Read ICE’s new blog to learn why special loan products are rising in popularity, and to see how the ICE Mortgage Technology Professional Services experts can help bring your team up to speed.
The Non-QM Town Hall is back bringing you a deep dive into the market dynamics of Non-QM, sharing secondary market updates, providing insights for seasoned Non-QM professionals, and exploring strategies for newcomers. This Town Hall format fosters an interactive dialogue with our featured Non-QM leaders. The first session is Thursday, June 20 with the State of Non-QM, followed by two sessions aimed at Non-QM’s primary audiences: Business Owners in July and Real Estate Investors in August. Guided by our panel of experts (Aaron Samples, Chief Revenue Officer of Logan Finance Corporation, Tom Davis, Chief Sales Officer of Deephaven Mortgage, and Tom Hutchens, Executive Vice President of Production for Angel Oak Mortgage Solutions) it is moderated by Andrew Berman, Head of Outreach and Engagement at American Business Media. Expect engaging discussions on finding Non-QM borrowers, understanding their needs, and leveraging Non-QM loans to grow your business, backed by the wealth of knowledge and experience of our panelists. Sign up here.
The GSEs and FHA recently issued updates to their selling guides and appraisal requirements, outlining changes for lenders and appraisers concerning ROVs. These requirements have an implementation deadline, making it imperative for lenders and appraisers to fully comprehend the changes ahead. To help with this, Class Valuation is hosting a webinar on Friday, June 28, titled “Navigating New Reconsideration of Value (ROV) Requirements for Lenders.” Expert panelists will provide a clear and actionable guide to understanding what changes need to be made and how to make them. You will learn the impact of the new ROV guidelines on lenders, how the borrower-initiated ROV process works, and your responsibilities as a lender under the new guidelines. Register here.
“In today’s competitive marketplace, Citizens stands out with a culture of unparalleled service and a commitment to personal relationships. These characteristics have always been the hallmark of our correspondent channel. Citizens Correspondent Lending remains committed to our community of nationwide lenders and we very excited for the remainder of 2024 and beyond! We are investing in our future with a vision to be able to do more for our valued partners than ever before, including a new strategic partnership with ICE Mortgage Technology and a transition to the Encompass platform. We also continue to expand our presence and add new partners in all markets. We offer a full suite of execution and delivery options, including Bulk Mandatory, AOT, Delegated Best-Efforts and Non-Delegated Best-Efforts, all Backed by the strength and security of one of the country’s oldest and largest financial institutions. Our team of experienced Regional Account Managers and best-in-class Operations and Underwriting colleagues are ready to partner with you today! Find a Senior Regional Account Manager near you at correspondent.citizensbank.com.”
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Figure Attracting Attention
Figure Technology Solutions has launched Figure Connect, a “first-of-its-kind blockchain-based multi-seller, multi-buyer marketplace of private credit loans.” With Figure’s HELOC product, consumers can get approved for a loan in as few as 5 minutes, with funding in as little as five days. “With Figure Connect, originators can receive forward commitments from buyers, lock active bids, control loan pricing to balance profitability and volume, and deliver pools of loans into those commitments. This functionality is facilitated with common, standardized sale terms and documentation. Figure Connect is designed to drive efficiencies for loan buyers and sellers and reduce an often months-long settlement process into days.”
“Leveraging the power of the Provenance Blockchain, a distributed, proof-of-stake blockchain, Figure Connect is designed to drive efficiencies for loan buyers and sellers and reduce an often months-long settlement process into days. Figure Connect helps disintermediate the loan delivery process, standardizing key characteristics of loan pools and sale terms, and creating greater price certainty ahead of the initial loan origination. Ultimately, Figure believes this engenders market liquidity by adding certainty of funding to loan originators and collateral composition to loan buyers.”
“Figure Connect marks another transformative step towards creating the first highly liquid private capital marketplace for loans, as we now offer unique certainty of funding to loan originators and standardization to loan buyers,” said Michael Tannenbaum, CEO of Figure. Figure Connect’s initial partners include The Loan Store, Movement Mortgage, Bayview Asset Management, and Saluda Grade. The Figure Connect marketplace is now available to all other participants in Figure’s lending ecosystem. (Those interested can email [email protected].)
Figure stated, “Today’s private consumer credit capital markets don’t work. Take non-QM mortgage as an example. Every lender has their own unique origination standards. Lenders negotiate one-off loan purchase agreements (LPAs) with buyers, where no two LPAs are the same. Once a lender delivers their contractual obligation of loans, they hope the buyer either re-ups for more loans or a new buyer takes their place, with yet another new and different LPA. The resulting loan pools are bespoke, non-homogenous, and illiquid. The only path to liquidity is frequently pledging loans into the capital markets for securitization.
“Periodically, but with consistency, capital markets shut down. When this happens, not only do buyers not re-up on new LPAs, they often stop buying outright, even with outstanding commitments to do so. How do they do this when there is a contract in place to buy? They delay wires, reject delivered loans or, as in 2008, they say, ‘sue me.’
“Lenders can’t turn off loan origination… Doing so kills their business. To manage inevitable capital market shutdowns and keep the loans flowing, lenders need to hold excess equity on their balance sheet. Limiting production negatively impacts consumers. Non-QM mortgages came to the market with great fanfare, offering flexibility a conforming mortgage couldn’t, but represented just 2 percent of 2023 mortgage production. The lack of a persistent and deep capital market ultimately puts a limit on origination and results in restrictive terms and higher rates for consumers.
“Contrast this to the government sponsored entity (GSE) conforming mortgage market (e.g., Fannie Mae and Freddie Mac). The same non-QM lender that needs to throttle monthly production due to the volatile capital markets and their own equity constraints can originate an unlimited amount of Fannie Mae and Freddie Mac loans, as the bid is always there. The GSEs standardize production. Fannie Mae uses Decision Underwriter and Freddie Mac uses Loan Prospector to standardize underwriting. There are single seller agreements for each GSE – not bespoke LPAs. They support a to-be-announced (TBA) security market. TBAs allow lenders to sell forward production, locking in prices and liquidity. The GSE mortgage TBA market is the second largest market in the world (behind only U.S. Treasuries) and trades $200B+ a day. And the GSEs guarantee the cash flows of their pass-through securities. While government backing was always implicit, it became explicit when the GSEs went into conservatorship. Investors only take first order rate risk when buying Fannie Mae and Freddie Mac paper (with second order credit exposure to the guarantor).
“Figure believes that the fundamentals of mortgage underwriting (credit, income, and property) can all be captured electronically without any humans. Figure built a loan origination system (LOS) and capital market to do this. And to ensure the immutability of the data and our adherence to process, Figure put the loans and all of the underlying data on a public blockchain, Provenance Blockchain. Figure secured warehouse lending in 2018, did the first securitization of its loans in 2020, and in 2023 did the first AAA-rated securitization of its loans. Removing humans from the origination process and using immutable technology allowed Figure to dramatically reduce the TPR process, saving significant dollars on warehouse pledging, trades, and securitizations.
“Figure has a B2B2C model for third parties to use Figure’s automated LOS. Since launch, Figure and its current 90+ third party partners have originated over $10 billion in HELOCs. Because of the automation of the underwriting, all the loans are the same irrespective of the lender. Figure’s LOS brought GSE-like AAA-rated homogeneity, transparency, and certainty to the market.
“Figure recently facilitated a milestone transaction: the first loan sale on the ‘Figure Connect’ marketplace, with multiple buyers and sellers using a common LPA and leveraging Figure’s LOS for standardized origination. The launch of Figure Connect, which connects originators directly with buyers for loan sales using common documentation, reps and warranties, was years in the making: Figure built a partner lender network on its common LOS, and convince loan buyers that (1) their unique differences across LPAs did not result in any performance improvement and a common LPA would work and (2) Figure Connect was their best opportunity to source collateral. Figure had to prove we could achieve a highly competitive AAA-rated securitization takeout for a fully automated underwriting process.
“The multi-buyer, multi-seller common LPA paradigm sets the foundation for a permanent capital vehicle that can buy loans from the marketplace, package those loans into an ‘guaranteed’ pass through and sell to investors. Figure is working with capital partners to stand up this vehicle to facilitate a TBA market for lenders and investors, and we are also working with sell-side banks that can make markets in both the TBA and the pass-throughs. This ecosystem will leverage Figure’s LOS for homogeneity, efficiency and ratings and Figure Connect for liquidity. The goal is to deliver a market first by year end 2024: an “always on” liquid GSE-like market for non-GSE credit.
“Without blockchain, Figure could not stand up and sustain this new capital market ecosystem. Blockchain displaces trust with truth. The ability to capture data electronically and store that data in an immutable ledger dramatically reduces the need for TPR. Remit and loan performance can be shown real time. The certainty of data reduces the guarantor cost of credit support. And with loans, pass-through securities, remit data and the guarantor’s capital all recorded on public blockchain, we can swap the opaqueness that took down the mortgage guarantors in 2008 with real-time, shared transparency that should keep access to capital open, when needed.
“And blockchain facilitates frictionless markets. Figure uses the Digital Asset Registry (DART) to record loan ownership on blockchain. Unlike the Mortgage Electronic Registry System (MERS), DART ‘listens’ for transactions, updating the registry as transactions occur. Unlike MERS in 2008, the record of ownership is never out of date. Figure uses Figure Market’s ATS for the trading of pass through and TBA securities, allowing for 24x7x365 bilateral transactions with instant settlement.
“Freddie Mac’s recent interest in the second lien space has prompted many to question how the GSEs might impact Figure’s business. However, given the automation and lower costs that Figure has brought to the ecosystem, the right question is actually when will Figure impact the mass market mortgage business today dominated by the GSEs.
“The Figure HELOC process lowers costs by 80 percent. With its meaningful investment in artificial intelligence, this cost advantage will only grow. Figure’s modern loan settlement and payment infrastructure ensures loan investors get paid with significantly greater speed and accuracy vs. the status quo.
“We see Figure Connect’s value in ALL lending markets – not just HELOC. The Figure LOS that our partners use today not only originates HELOCs, it is designed to originate everything from auto to first lien mortgage loans using the same automated processes. We believe Figure Connect benefits from economies of scale and diversification of credit, while lenders capture a much lower origination cost coupled with certainty in takeout. This combination makes every market, including conforming loans, open to change.”
Capital Markets
Bond prices finally rose yesterday after two days of losses following last Friday’s release of a stronger-than-expected jobs report for May. Yesterday’s bond market action was helped by a strong $39 billion 10-year note sale, which met much better demand than note sales over the past couple of weeks. It was a large chunk of this week’s Treasury debt issuance, totaling $127 billion.
But most of this week’s market movement hinges on today, with the June Federal Open Market Committee meeting (no change expected, but pay attention to the dot plot) and the Consumer Price Index release (the annualized headline reading was expected to remain static at 3.4 percent, while the annualized core reading was expected to cool by a tenth of a percent to 3.5 percent). Hope amongst investors today is that CPI data supports the case for the Fed to cut rates this year. We did learn yesterday that the NFIB Small Business Optimism Index posted another modest gain in May, reaching the highest level this year, although it remains below its 50-year average.
Today’s risk-filled calendar kicked off with mortgage applications from MBA increasing 15.6 percent from one week earlier, a big jump. We’ve also received all-important May consumer prices. CPI increased .2 percent month-over-month and the core, ex-food & energy, was +.2 as well, +3.4 percent year-over-year versus 0.3 percent and 3.4 percent previously with the core up () versus. 0.3 percent and 3.6 percent in April. Real weekly earnings () when they were seen increasing 0.2 percent month-over-month after falling 0.4 percent in the prior reading.
Now that the CPI data has been released, attention will turn to the conclusion of the FOMC meeting this afternoon, with the Fed’s interest rate decision and Fed Chair Powell’s follow-up press conference. The Fed is anticipated to maintain its current forward guidance, weighing the potential need for further rate hikes to control inflation against the belief that existing rates are adequate to continue reducing inflation. After CPI, Agency MBS prices are better by roughly .5 and the 10-year yielding 4.27 after closing Tuesday at 4.40 percent; the 2-year is down to 4.69.
Employment
Midwest growth and expansion opportunity! A strong, stable IMB with 35 years of lending experience is looking to expand its national footprint in the Midwest through an acquisition or a partnership with production teams or a regional bank. The IMB is licensed in 48 states with a stable capital base and is looking to partner/acquire loan production teams that are looking for the support they need to survive and thrive. They are looking for strong leaders that can see a vision for growth and opportunity to growth the Midwest into a region of strength. If you are a strong retail loan origination team or regional bank looking for stability and an amazing growth opportunity, please reach out to Chrisman LLC’s Anjelica Nixt to forward your confidential inquiry.
Incenter Lender Services announced the promotion of Shelley Duffy to EVP, National Sales, “Responsible for all aspects of Incenter’s expanding Enterprise Business Development team as the company innovates new solutions to strengthen clients’ competitive advantage.” Congratulations! “Ms. Duffy’s priority is empowering her team to match prospects and clients with the right outsourced or technology-based services depending on their needs.”
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A Little-Known Way Home Buyers Can Beat High Mortgage Rates
Assumable mortgages — or low-rate mortgages that home buyers can take over from home sellers — are making a comeback. The process can be challenging.
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Ellen Harper was able to obtain a mortgage at less than half the current rate of 7.09 percent on 30-year-fixed loans, the most popular type of mortgage.Credit…Kendrick Brinson for The New York Times
Published May 9, 2024Updated May 10, 2024
Home prices were already high when Ellen Harper, a software architect living in Atlanta, started searching for a house in 2021. But she couldn’t have anticipated the quick surge in interest rates the next year, and, even with a large down payment, the new math made her uneasy.
This year, however, she stumbled upon what felt like a portal to the not-so-distant past: listings of thousands of homes that come with a low-rate mortgage, which can be transferred from the existing homeowner to a new home buyer, known as an assumable mortgage.
Ms. Harper, who is in her 50s, managed to snag one of these homes, closing two weeks ago on a four-bedroom brick colonial in Fairburn, Ga., with a $1,400 monthly payment. It’s an amount she’ll be able to comfortably afford into retirement thanks, in large part, to a 2.49 percent mortgage rate. That’s less than half the current rate of 7.09 percent on 30-year-fixed loans, the most popular type of mortgage.
“I didn’t want to get a bad mortgage and be in a ball-and-chain situation where all I would be able to do is pay the mortgage,” Ms. Harper said. She found her home through Roam, a start-up that went live in September and that lists homes with assumable low-rate loans and assists buyers through the process.
gimmick; it’s a built-in benefit on certain government-backed mortgages, as long as the new owners qualify. The process won’t work for all would-be buyers because there are several hurdles they may need to clear before they can claim the keys, often including a hefty down payment. For home sellers, it can be advertised alongside marble countertops, to attract more potential buyers.
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