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Kelsey Hermanson in a “The Little Mermaid”-themed bathroom at her Seattle-area home. Each room in her 3,300-square-foot house has its own Disney-inspired theme. The company celebrates its 100th anniversary on Monday.Credit…Meron Tekie Menghistab for The New York Times
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It’s Not Enough to Love Disney. They Want to Live Disney.

For some, a dream is a wish your heart makes at home.

  • Oct. 13, 2023

The Mickey Mouse-shaped topiaries in front of Kelsey Hermanson’s house are the first hint at what visitors will find inside.

“You know how when you’re walking through a Disney park, and you have the option to go to Tomorrowland or to Fantasyland, and you have these different worlds that you get to sort of walk through and be in?” said Ms. Hermanson, 37. “That’s kind of how our house is.”

That is to say, each room in Ms. Hermanson’s 3,300-square-foot Seattle home has its own Disney-inspired theme.

The stairwell, for instance, pays tribute to “Peter Pan” with star-shaped pendant lighting fixtures, vintage décor on the windowsill that recalls Captain Hook’s galleon and wall decals of Wendy, her siblings and Peter scaling the wall.

warm hospitality — and so on and so forth. “Our house is not subtle by any stretch of the word,” said Ms. Hermanson, a stay-at-home mom and content creator, of the home she shares with her husband, Eric, and two children. “But I think the styling is a little bit more elegant.” That is to say, the Disney characters aren’t always so obvious in her rooms and she doesn’t plaster her home in merchandise.

The desire to take home a piece of the Walt Disney Company, which marks its 100th anniversary on Oct. 16, goes back to the company’s earliest days. Walt Disney himself began selling Disney merchandise in the late 1920s and Disney memorabilia, like an original Space Mountain vehicle which sold at auction for $40,000, can garner high bids.

partnerships with Ruggable and the wallpaper manufacturer Sanderson. For some grown-up Disney evangelists (also known as “Disney adults”), it’s not enough to pepper in a few Donald and Mickey tchotchkes — they want the whole house swathed in Disney décor.

Part of Disney décor’s prevalence is its success on social media. On TikTok, for example, the hashtag “Disney home décor” has more than 42 million views and “Disney home” has over 275 million. Ms. Hermanson grew her Instagram following of more than 150,000 by sharing photos and videos of her rooms and her D.I.Y. projects.

Though Ms. Hermanson does earn some income from occasional sponsored posts (not for Disney) and affiliate links, she maintains that her designs are for her enjoyment first. “If social media went away tomorrow, I’d still be happy and be like, ‘Well, I’m so glad I was able to bring my little idea to so many people,’” Ms. Hermanson said. “I’ll probably be 80 years old and still decorating.”

Ginny Phillips, a blogger in Nashville, takes cues from Disney’s parks with a dopamine décor twist. “It’s just that super happy, bright, rainbow explosion,” said Ms. Phillips, 39. “I really think that it does boost my mood.” She shares her house with her husband and three children (all of whom, she said, are happily onboard with the Disney-inspired décor).

step-by-step tutorial, and people are still, almost four years later, recreating that,” she said. A gallery wall of Disney artwork sits opposite the hallway.

In her office, Ms. Phillips painted a rainbow version of the Spaceship Earth design, and incorporated retro accents like a burnt orange sofa set against a backdrop of rainbow-hued wooden planks and a monorail print. “The parks are just so, so important to me, and there’s so much nostalgia there because I visited as a kid,” Ms. Phillips said. “But then also my kids have grown up there.”

Adriane Brown, an associate professor of gender, sexuality and women’s studies at Augsburg University in Minneapolis. The “Disney renaissance” refers to the decade between 1989 to 1999 in which Disney’s animated films took on more Broadway-like qualities and sharper animation, with films like “Aladdin,” “The Little Mermaid” and “Tarzan.” Notably, the era produced “Beauty and the Beast” which, in 1991, became the first animated film to receive a Best Picture nomination by the Academy Awards.

experienced growth beyond the films: The brand expanded into the cruise industry, purchased Broadway’s New Amsterdam Theatre, and saw the Disney Channel become a central part of youth culture.

“I think the nostalgia millennials in particular have for Disney comes from growing up in a Disney-saturated media culture,” Professor Brown said. The television element was particularly instrumental in introducing children at home to Disney characters. “After Disney bought ABC in 1995, characters on ABC sitcoms — particularly the TGIF comedy block, which was popular with families — started visiting Disneyland and Disney World,” she said. “For many ’90s kids, this was their first real look inside the parks.”

Golden Oak, a development in the Walt Disney World Resort in Lake Buena Vista, Fla., home prices start in the low millions (a 6,756-square-foot house currently on the market in the community is available for just shy of $12,000,000) and that’s not counting the décor.

Toni Sims, an interior designer in Orlando, worked on the Magic Kingdom’s design team before opening Toni Sims Design Studio and now has clients all over the country. For her clients in Golden Oak, she designs immersive Disney-themed rooms. “It’s like this challenge of, how can we give park-level-quality experience for our clients in their homes,” she said.

Galactic Garden Arts.

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How To: Decorate for the Holidays

How Do the Pros Create Holiday Magic? (Yes, You Can Try This at Home.)

Whether you’re a minimalist, a maximalist or agnostic about holiday decorating, these designers have some suggestions for you.

Video

CreditCredit…Stefano Ukmar

Dec. 1, 2023

It’s that time of year again. The Thanksgiving leftovers are gone, and the December holidays beckon.

Yes, it’s time to decorate.

Whether that means running wild with ribbon and lights, breaking out the family heirlooms or bringing in greenery and flowering bulbs, there are few firm dos and don’ts. But the goal is always the same: creating a festive environment that makes you happy, whichever holidays traditions you observe.

To see how the professionals do it, we followed a few — Jung Lee, an event designer; Elizabeth Roberts, an architect; and Peter Pennoyer, an architect, and his wife, Katie Ridder, an interior designer — as they prepared for a month of celebration.

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    • 1 of 5

    When Jung Lee, the founder of the event-design firm Fête and the Manhattan home and gift shop Jung Lee New York, decorates her TriBeCa apartment for the holidays, she lets herself get a little carried away.

    Forcing Bulbs Isn’t Hard. So Why Don’t More People Try It?

  • How to Create a Home Bar That Will Dazzle Your Guests

    • 1 of 5

    Elizabeth Roberts enjoys decorating for the holidays, but you won’t find much in the way of traditional Christmas decorations at this architect’s brownstone in Clinton Hill, Brooklyn.

    “I don’t typically go all out,” said Ms. Roberts, 54, who shares the home with her husband, Michael McKnight, 55, their son, Dean, 14, and a rescue dog, Ace. “We typically don’t have a tree here. Or, if we’re hosting Christmas, we’ll often get a tree just the day before, and it comes down right after that.”

    germination plate, a small ceramic disc with a hole in the center that can be placed above a glass vase, tumbler or jar to hold a bulb. (Spoiler alert: If you think you’re on Ms. Roberts’s holiday gift list this year, keep an eye on your mailbox.) “You start it at the beginning of December,” she said, “and by the end of December, it’s usually blooming.”

    How to Get Your Closet Under Control

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    For years, Peter Pennoyer and Katie Ridder used the holidays as an opportunity to travel with their children, Jane, now 30, Tony, 28, and Gigi, 23.

    That meant “we often wouldn’t have as beautiful a Christmas tree,” Mr. Pennoyer, 66, said. “I remember one year in Hawaii when we ended up with something from Home Depot that was pink and about 19 inches tall.”

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    Apache is functioning normally

    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.

    A goodwill letter is a written correspondence that asks creditors to remove negative remarks from your credit reports.

    Key points:

    • A goodwill letter is more likely to work on smaller negative items, such as late or missed payments.
    • The creditor has no obligation to honor or even respond to a goodwill letter.
    • Write a goodwill letter as you would for any business-related correspondence—keep it professional, clear and concise.
    • Take the necessary steps to avoid incurring negative items in the future.

    Negative items, such as late or missed payments, can have a considerable effect on your credit score and make it harder for you to secure loans in the future. Luckily, if your late payments are a one-time thing and you have an overall positive relationship with your lender, you may be able to send a goodwill letter to have these negative items removed.

    Read on to learn more about goodwill letters and how you can use them when taking control of your credit.

    What is a goodwill letter?

    A goodwill letter is a request to creditors to remove negative remarks from your credit reports. As the name “goodwill” suggests, this request puts it on the creditor to make a good-faith effort to cooperate and work with a client or customer, and to establish a good business reputation with its clients. A creditor might be willing to take such action if you have good history with the individual creditor and have demonstrated effort on your part to handle credit and finances more responsibly.

    Creditors are never obligated to remove accurate negative items simply because you ask. And in some cases, creditors may not be able to remove the items due to internal policies or agreements with the credit bureaus. Nevertheless, making the request only takes a bit of your time, so it might be worth a try.

    When should you use a goodwill letter?

    It’s best to send a goodwill letter when you have a logical reason for missing a payment. Potential reasons for sending a goodwill letter include:

    • You experienced an unforeseen financial hardship that temporarily prevented you from paying your bills.
    • You or a loved one had a medical emergency. 
    • You recently changed banks and forgot a payment during the switch.
    • You moved locations, but they didn’t send the bill to your new address.
    • You were under the impression that you set up automatic payments, but there was a technical difficulty.

    Whatever your reason for missing the payment, be sure to communicate to the creditor that you’re committed to getting your credit back on track.

    What can goodwill letters remove?

    Goodwill letters are more likely to work for smaller negative items, such as late or missed payments. That’s because many creditors have agreements with credit bureaus that they will not negotiate with individuals to have repossessions, collection accounts or charge-offs removed in exchange for payment.

    While you’re free to send a goodwill letter any time, they are—generally—most effective when you want to get a mark related to a one-time negative issue removed.

    How long will it take to get a response?

    A goodwill letter is an unofficial letter sent to a creditor. As such, there’s no timeline requirement or even an obligation on the creditor to respond to the letter. How long the letter takes to generate a response—or whether any response is generated—varies.

    A goodwill letter is not an official credit dispute letter. When someone finds an inaccurate item on their credit report, they can send a credit dispute or verification letter to the credit bureau. This prompts the credit bureau to launch an investigation, which comes with specific timelines that must be followed by the credit bureau and any creditor that is asked to provide documentation for the negative item.

    Do goodwill letters work?

    While there is never any guarantee that a goodwill letter will be successful, they have the best chance of working when the borrower and the lender have a good relationship. If you’re already in collections or have a long history of making late payments, you might not have good enough standing to successfully make the request.

    How to write a goodwill letter

    Write a goodwill letter as you would any business-related correspondence. Type and print it, and keep it professional, clear and concise.

    While you can provide details about the reasons for a lapse in payment or another negative factor, a goodwill letter should not focus on the emotional aspects. The goal should be to show the creditor that the issue was not indicative of how you normally handle credit. You may also draft the letter in a way that shows that you have substantially improved how you handle credit.

    This helps the creditor see you as a more valuable client, which can encourage them to do a goodwill favor for you. The goal of such a letter should not be to make the creditor feel sorry for you.

    When writing your letter, include details that can help the creditor identify your account and the negative item in question. Then, provide a short description of why you think the creditor should remove the negative mark. You should include:

    • Your account number
    • The date and type of issue that occurred
    • Information that identifies the negative mark
    • Information about how long you have had a relationship with the creditor
    • Information that shows this is not habitual behavior for you
    • Sincere regret that this occurred
    • A specific call to action that explains what you are asking of the creditor

    Example of a goodwill letter

    If you’re unsure how to write a goodwill letter, check out this example to get started.

    Re: Account No. [Account number]

    Sally Joe

    1199 La Playa Street

    San Diego, CA 91932

    To Whom It May Concern:

    I’m writing this letter to express my gratitude as a longtime customer of California Bank and to discuss a concern regarding my account. Specifically, I would like to discuss an item posted to my credit report regarding this account and request that it be revised.

    My account with California Bank began on 2/10/2013. Since that time, I have enjoyed excellent customer service and benefits and have been happy with California Bank. I have also been a customer in good standing, paying my account in a timely manner while qualifying for loyalty programs.

    However, in January, I was in a major car accident and spent a week in the hospital. This led to a temporary decrease in my income and an influx of medical bills. While I was able to bounce back financially and now am continuing to pay all my debts as owed and in a timely manner, the first month after my injury was financially difficult, and this is when I missed that single payment.

    I wish I could have continued with normal payments during that time, and I regret that I wasn’t able to do so. Following that personal emergency, I’m working hard to repair any damage done to my credit and personal financial life, and I’m reaching out to you for support in that effort.

    I’m asking that California Bank give me a second chance at a fully positive credit history with your organization by removing the late payment mark from my credit report with all three credit bureaus. Please let me know if there is anything else I can provide to support you as you consider my request. Thank you.

    Sincerely,

    Sally Joe

    Goodwill letter sample + template

    How to avoid incurring negative items in the future

    As mentioned above, goodwill letters are most likely to work for one-off occurrences. So, if your goodwill letter is successful and a creditor agrees to remove a negative remark from your credit report, it’s important that you take the following precautions to avoid incurring negative items in the future:

    • Stay organized. Organizing your finances can help you remember to pay them on time.
    • Pay your bills automatically. If you frequently forget to make payments, set up automatic transfers to stay on top of your bills.
    • Update your contact information. If any personal information changes, like your address, be sure to update it on your statement.
    • Have an emergency fund. Building an emergency fund will hopefully allow you to keep making payments, even in the event of an unplanned expense.

    If you’re looking to improve your credit, Lexington Law Firm may be able to help you. Lexington Law Firm’s credit repair services can help you address questionable negative items on your credit reports and to ensure that what is reported on your credit reports are accurate and substantiated pursuant to applicable laws.

    Note: Articles have only been reviewed by the indicated attorney, not written by them. The information provided on this website does not, and is not intended to, act as legal, financial or credit advice; instead, it is for general informational purposes only. Use of, and access to, this website or any of the links or resources contained within the site do not create an attorney-client or fiduciary relationship between the reader, user, or browser and website owner, authors, reviewers, contributors, contributing firms, or their respective agents or employers.

    Reviewed By

    Candace Begody

    Associate Attorney

    Candace Begody was an Associate Attorney at Lexington Law.

    Ms. Begody was born and raised in Arizona. She earned her juris doctor from Arizona State University’s Sandra Day O’Connor College of Law and her master’s in business from the W.P. Carey School of Business, also at ASU. Ms. Begody joined Lexington Law in 2022. Prior to that, she worked in transactional and business law in the Phoenix area. Ms. Begody is licensed to practice law in Arizona and was located in the Phoenix office.

    Source: lexingtonlaw.com

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    Elizabeth Hirschhorn, the Brentwood tenant who did not pay rent for her luxury Airbnb rental for 570 days, moved out of the unit on Friday.

    The move was exactly one month after The Times chronicled Hirschhorn’s contentious tenancy, which began with a cordial stay on Airbnb and ended with her and Sascha Jovanovic, the landlord and property owner, suing each other.

    “I’m a little overwhelmed, but I finally have my home back,” Jovanovic said. “I had such a peaceful weekend once she left.”

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    During her stay, which began in September 2021, Hirschhorn said that the lease was extended off Airbnb and that the unit was subject to the Rent Control Ordinance, so Jovanovic would have to evict her if he wanted her to leave. She also argued that she didn’t have to pay rent since Jovanovic never obtained an occupancy license for the guesthouse.

    Jovanovic, who lives on the property, was at the home on Friday being interviewed for a documentary detailing the battle between him and Hirschhorn when he saw three men, who turned out to be movers, walk into the guesthouse.

    He said he asked why they were there, and they didn’t clearly say why. He suspected she could be moving out but feared it also could be a home invasion, so he called the police.

    The police arrived, and once all of Hirschhorn’s belongings were packed, they escorted her off the property, Jovanovic said.

    Jovanovic and his attorney, Sebastian Rucci, knocked on the door to confirm she was gone and then entered the guesthouse and found it empty. Within an hour, a locksmith arrived and changed the locks.

    As of now, it’s unclear whether Hirschhorn moved out permanently, or if she’s planning to return to the property.

    Jovanovic and Rucci said they hadn’t heard anything from either Hirschhorn or her legal team, so they assumed she had moved out for good. On Saturday, Rucci emailed Hirschhorn’s attorney, Amanda Seward, to figure out the next steps regarding Jovanovic’s eviction lawsuit against Hirschhorn.

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    “My review of the case law is that once a tenant abandons the unit, the unlawful detainer is dismissed. If you wish, I can file the dismissal, or we can file a joint dismissal,” Rucci wrote.

    Seward replied that they “may have jumped the gun,” according to the email exchange reviewed by The Times.

    “Ms. Hirschhorn had discussed with me concern over the constant harassment and surveillance, and also the desire to get the things repaired that needed to be repaired. Subject to my discussions with Ms. Hirschhorn, please be advised that you have no authority to change the locks or to assume abandonment of the unit,” Seward wrote. “Further, you have violated the law by entering without permission and changing the locks.”

    Neither Hirschhorn nor Seward immediately responded to a request for comment.

    Rucci said he’s planning to drop the unlawful detainer lawsuit, assuming Hirschhorn has moved out for good. But he’ll still pursue damages in a separate lawsuit, since he claims Hirschhorn owes roughly $58,000 in unpaid rent. Hirschhorn said she owes nothing since Jovanovic never had a license to rent the unit, and her lawsuit accuses him of multiple forms of harassment and intimidation in attempts to get her to leave the place, which Jovanovic has denied.

    Hirchhorn’s tenancy became a viral story in the days and weeks after The Times chronicled the saga. News vans posted up outside the home, and paparazzi followed Hirschhorn whenever she left.

    “Drones were flying above my house every day. It was crazy,” Jovanovic said.

    Now, he plans to address the mold damage in the unit, which was an issue during Hirschhorn’s stay that eventually soured their relationship. He also plans to get the necessary permits from the city, which was another issue; Jovanovic never obtained a license to rent the unit, and Hirschhorn argued in court that he wasn’t allowed to charge rent on a unit he didn’t have a license for.

    After that, he plans to turn the space into a recreation room for his two adolescent children.

    “We need to get the bad energy out and turn it back into a happy, family space,” he said.

    Source: latimes.com

    Apache is functioning normally

    Underwriting, Outsourcing, CRM, POS Products; IMB earnings for Q3

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    Underwriting, Outsourcing, CRM, POS Products; IMB earnings for Q3

    By:
    Rob Chrisman

    Thu, Nov 16 2023, 11:02 AM

    “Every disaster movie starts with the government ignoring a scientist.” Vendors and lenders can’t ignore red ink. Here in Kansas City, one of the discussion topics is how relationships are important during these days when the balance sheets of many lenders and vendors don’t look so great after, for many companies, several quarters of losses. How much pain do some owners want? Balance sheets were plump after 2020 and 2021, and warehouse banks and investor counterparties continue to do business with companies that are losing money based on those balance sheets along with the servicing income. Now? The MBA’s oft-quoted Marina Walsh, VP of Industry Analysis, reported, “Independent mortgage banks and mortgage subsidiaries of chartered banks reported a pre-tax net loss of $1,015 on each loan they originated in the third quarter of 2023, an increase from the reported loss of $534 per loan in the second quarter of 2023. (Today’s podcast can be found here, sponsored by LoanCare, the mortgage subservicer known for delivering superior customer experience through personalization and convenience. Its award-winning portfolio management tool, LoanCare Analytics, supports MSR investors with a focus on customer engagement, liquidity, and credit risk.)

    Lender and Broker Software, Products, and Services

    Plug-n-play your way to better relationship marketing with Velma, an effortlessly simple CRM tailor-made for smaller lenders, banks, and credit unions. Say goodbye to expensive, complex systems. Velma delivers budget-friendly marketing automation solutions featuring zero implementation fees and seamless, hassle-free setup. With hyper-personalized engagement, effortless efficiency, and a proven track record with over 40,000 mortgage professionals since 2007, Velma simplifies your journey, supercharges your marketing, and keeps your loan officers doing what they do best. Join the Velma revolution today and transform your lending business!

    It’s the most wonderful time of the year… budget planning! A great POS shouldn’t cost an arm and a leg, and a budget-friendly POS shouldn’t suck. Check out LiteSpeed by LenderLogix – great, budget-friendly, and integrates seamlessly with Encompass® by ICE Mortgage Technology™.

    As we head into the holiday season, also known as the time to review your 2024 plans, AmeriHome Correspondent, backed by the strength of Western Alliance Bank, wants to speak to you about how a relationship with them will help you navigate the coming year. Combined with AmeriHome’s industry leading loan purchase platform, this is a “must-have” relationship for mortgage bankers of all shapes and sizes. Financial institutions, IMBs and Emerging Bankers alike benefit from AmeriHome’s Delegated and Non-Delegated options, full suite of conventional and government products, and Bulk, Bulk/AOT and Best-Efforts delivery options. Learn how Leveraging Western Alliance Bank’s Warehouse Lending, MSR Financing, and Treasury Management services can enhance your bottom line and improve execution with AmeriHome. Check out Upcoming Events for details on where they’ll be through year-end, find your sales rep here, or send them an email to learn more about partnering with AmeriHome!

    Remember when you could just pick up your phone and text a client with news about their loan? Nowadays, a few bad actors are using texts to bombard people with texts that they don’t want. And go figure, the FCC and the TCPA implemented new A2P 10DLC requirements, to try and stop the junk texting. And the fines for noncompliance are serious. Recently, a mortgage company was fined north of $7 million by the TCPA. That’s scary. Are your salespeople texting their databases? Have your compliance teams even heard about 10DLC federal regulations? Since ALL texting through mortgage CRMs falls under this federal law, it is imperative that you utilize texting legally and compliantly. What have your CRM providers done to help you navigate this challenging compliance landscape? Click here to learn more about the regulations and what you need to do. Share this Infographic with your team.

    Ever heard the one about the investor who didn’t need more value? Neither have we! Join Planet Loan Servicing at the IMN SFR Forum West Dec. 4-6 to explore how our expert blend of technology, service, and cost-efficiency enhances Single-family Rental investments. Managing $100B+ in total assets, Planet provides top-tier expertise and savings-focused strategies to support robust portfolio performance. Enjoy complimentary access to our proprietary tools and discover how we create lasting value. Let’s connect in Scottsdale and unlock the full potential of your investments. To schedule your meeting now Email [email protected] or call (585) 512-1030.

    Despite the recent rally, this year’s deterioration in the MBS market, marked by both its scale, duration, and concurrent surge in rates, is consistently surprising observers with its resilience. Seeking insights from historical patterns, MCT’s industry webinar titled “The Great Inflation vs. 2024: Analysis & New Tools for the Current Market” aims to provide answers and current market analysis. Phil Rasori and Andrew Rhodes will delve into the current market scenario, draw comparisons with pertinent historical precedents, and introduce new MCT software functionality. Register for today’s webinar at 11am PT for information and valuable insights to navigate the challenges of this historic market.

    “Turn fixed costs into variable costs on a dime. When the market zigs, lenders need the flexibility to zag. Richey MayAdvisory brings the mortgage industry expertise and agility you need to convert fixed costs into variable costs. Our difference maker is your ability to outsource services to highly trained experts in a model that fits your needs. Whether that means loan-level accounting, advisory, business intelligence, compliance support, cyber services, internal audits, or underwriting automation, we have the tools, knowledge, and experience to deliver value and improve your financial performance unlike any competitor, anywhere. You’ll feel it almost immediately in your day-to-day operations. Even better, you’ll notice the difference in your bottom line. Reach out or visit our website to learn more about how we can help your operation.”

    Processing and Fulfillment Tools

    ACES Quality Management Announces Preliminary Speaker Lineup and New Location for ACES ENGAGE 2024! ACES ENGAGE conference will take place at the Ritz Carlton Dove Mountain hotel in Tucson, Ariz. on May 19 – 21, 2024. Attendees learn from industry experts and thought leaders, network, and leave with the knowledge necessary to increase efficiencies, improve productivity and further quality at their organizations. This year’s keynote speaker is Robyn Benincasa, a two-time world champion adventure racer, 20+ year veteran San Diego firefighter and 2014 CNN Hero. In addition, ACES has gathered industry experts for this year’s speaker lineup, including Joel Kan, vice president and chief economist at the Mortgage Bankers Association; vice president at Fannie Mae, Bill Cleary; and Richard J. Andreano, Jr., partner, and practice leader of Ballard Spahr’s Mortgage Banking Group. Discount pricing available. Register today!

    “We are painfully aware of the emotional and financial stress lenders are experiencing in the current environment. Many of you have been forced to choose between saving great people or saving the company: a horrible set of choices. However, with the help of our patented machine + human mortgage loan fulfillment solution, you will never find yourself in that situation again. By harnessing the CandorPLUS™ full loan lifecycle solution and its decision-ready file output, will ensure that you can quickly and confidently scale up or down to match your volume while simultaneously improving your performance metrics: cost, speed and quality. Click here to schedule a call to explore how CandorPLUS™ can help you change the way your business navigates market volatility going forward.”

    MBA on Origination Volume

    According to the Mortgage Bankers Association’s (MBA) newly released Quarterly Mortgage Bankers Performance Report, “A decline in originations volume worsened net production losses in the third quarter of 2023. While production revenues stayed relatively flat, per-loan production costs reverted to the third-highest level in the history of MBA’s survey, which reversed a portion of the cost improvements made in the second quarter.”

    Ms. Walsh elaborated. “Net production income has been in the red for six consecutive quarters. MBA forecasts lower industry volume over the next two quarters compared to last quarter, which means a turnaround is unlikely until the second quarter of 2024. One silver lining is that mortgage servicing continues to be a bright spot for many companies. Combining both the production and servicing business lines, roughly half of mortgage companies stayed profitable in the third quarter of 2023. Were it not for mortgage servicing, only about one in three companies would have been profitable.”

    Including all business lines (both production and servicing), 51 percent of the firms in the study posted pre-tax net financial profits in the third quarter, down from 58 percent in the second quarter. The average pre-tax production loss was 34 basis points (bps) in the third quarter of 2023, compared to an average net production loss of 18 bps in the second quarter of 2023, and a loss of 20 basis points one year ago. The average quarterly pre-tax production profit, from the third quarter of 2008 to the most recent quarter, is 45 basis points.

    The average production volume was down 5 percent from the second quarter. Total production revenue (fee income, net secondary marketing income and warehouse spread) increased to 329 bps in the third quarter, up slightly from 328 bps in the second quarter. On a per-loan basis, production revenues decreased to $10,426 per loan in the third quarter, down from $10,510 per loan in the second quarter.

    The purchase share of total originations, by dollar volume, was constant at 89 percent. For the mortgage industry as a whole, MBA estimates the purchase share was at 82 percent in the third quarter of 2023.

    Total loan production expenses (commissions, compensation, occupancy, equipment, and other production expenses and corporate allocations) increased to $11,441 per loan in the third quarter, up from $11,044 per loan in the second quarter of 2023 versus an average of $7,305 per loan over the last fifteen years.

    Servicing net financial income for the third quarter (without annualizing) was $90 per loan, down from $94 per loan in the second quarter. Servicing operating income, which excludes MSR amortization, gains/loss in the valuation of servicing rights net of hedging gains/losses, and gains/losses on the bulk sale of MSRs, was $104 per loan in the third quarter, down from $105 per loan in the second quarter. (Any questions should be addressed to Marina Walsh.)

    Capital Markets

    Cooling prices and slipping retail sales are pointing to a fabled soft landing. We learned yesterday that U.S. producer prices declined 0.5 percent last month, the most since April 2020. The decline was mostly due to a drop in gasoline prices, adding fuel (sorry) to the assumption that global central banks are finished with interest rate hikes. If you strip out food and energy, the producer price index was flat on a month-over-month basis and registered lower than expectations.

    Meanwhile, we also learned that U.S. retail sales fell 0.1 percent month-over-month in October after a summer spending flurry: should we be cautious about the consumer? The report isn’t adjusted for inflation, so consumer demand for goods in October fell off noticeably from September but was better than expected as expectations were for a larger decline. Sales were up 2.5 percent on a year-over-year basis. Overall, PPI was supportive of bond prices, while the retail sales number was negative for bond prices.

    Yesterday’s reports followed consumer price data from Tuesday showing that inflation is broadly slowing. Additionally, recent figures have indicated tempered job growth, suggesting the economy is slowing after aggressive rate hikes by the Federal Reserve. Pricing in fed funds futures markets currently implies a zero chance of another rate hike this year, and that the first interest rate cuts will come in May of next year. Of course, the Fed has indicated that it will remain data dependent. My personal opinion is that the bond market is at risk of leaning too heavily toward rate cuts next year.

    Today’s economic calendar is already under way with import prices (+.6 percent, much higher than expected, but down ex-petroleum; -2.0 percent for the year), weekly jobless claims (231k, up from 218k; 1.863 million continuing claims), and Philadelphia Fed manufacturing (5.9). Later today brings industrial production and capacity utilization for October, the NAHB Housing Market Index for November, Kansas City Fed manufacturing for November, Treasury announcing next week’s auctions of 20-year bonds, reopened 10-year TIPS, and 2-year FRNs, Freddie Mac’s latest Primary Mortgage Market Survey, and a full slate of Fed speakers (Vice Chair for Supervision Barr, Cleveland President Mester, New York President Williams, Fed Governor Waller, and Fed Governor Cook. We begin the day, one week before Thanksgiving, with Agency MBS prices better by about .250 and the 10-year yielding 4.46 after closing yesterday at 4.54 percent; the 2-year is down to 4.84.

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

    Source: mortgagenewsdaily.com

    Apache is functioning normally

    The information provided on this website does not, and is not intended to, act as legal, financial or credit advice. See Lexington Law Firm’s editorial disclosure for more information.

    The debt avalanche method is an accelerated debt repayment strategy that involves paying off the debt with the highest interest first, then rolling those payments to your next highest-interest debt until all your debt is paid off.

    Getting out of debt can seem overwhelming when you’re sitting at your kitchen table trying to pay bills each month or if debt collectors are harassing you. It’s even worse when all you can think about is everything else you could spend money on: a family vacation, a new car. But with a bit of dedication and a plan, it’s possible to regain your financial freedom with an accelerated debt repayment strategy like the debt avalanche method.

    Read on to learn how to use the debt avalanche method to pay off your debt faster than you may have thought possible.

    What is the debt avalanche method?

    The debt avalanche method is an accelerated debt repayment method. When using this strategy, you make minimum monthly payments on all your debts and put any additional funds toward paying down the debt with the highest interest rate.

    Once you’ve repaid that debt, roll that minimum payment and additional funds over into the debt with the next highest interest rate. Repeat the process until you’ve paid off all your debts.

    The debt avalanche method is a good strategy for most types of debt:

    • Student debt
    • Credit card debt
    • Auto loans
    • Medical debt

    Debt avalanche vs. debt snowball: What’s the difference?

    The debt avalanche is often compared to the debt snowball—another accelerated debt repayment method. In a debt snowball, instead of paying off the debt with the highest interest rate, you direct all your extra money toward paying off the debt with the lowest balance.

    While both methods will pay off debt faster than if you had no strategy, you’ll see more quick wins if you opt for the snowball method, making it a good option for people who are easily discouraged.

    You can also combine the two methods by prioritizing paying off the smallest debt with the highest interest rate to save on interest and see quick wins.

    How to use the debt avalanche method to pay down debt

    To use the debt avalanche method, follow these steps:

    1. Build up an emergency fund. This will ensure an unexpected bill doesn’t throw off your payment plan. Experts recommend having enough in your emergency fund to cover six months of living expenses.
    2. Make a list of all your debts. Include their balances, interest rates and minimum payment amounts. Organize your list from the highest interest rate to the lowest.
    3. Total your monthly expenses and income. Add up all the money you spend on monthly living expenses and monthly minimum payments on debt. Also note your monthly income.
    4. Determine how much money you have to put toward additional debt payments. Tally what you have left over each month after paying monthly expenses and minimum payments. You’ll put this “extra money” toward debt each month.
    5. Each month, put the extra money toward the debt with the highest interest rate. This should be in addition to the regular monthly minimum payments.
    6. Put any unexpected income toward the debt with the highest interest rate. If you get any unexpected income, such as a tax refund or bonus at work, put that toward your accelerated payment as well.
    7. When you’ve paid that debt off, roll over that debt’s minimum payment and your extra monthly income toward the debt with the next highest interest rate. Continue paying the minimum payment on all other debts.
    8. Repeat until you’ve cleared all your debts. As you pay off debts, your payments to the other debts will increase.

    Debt avalanche example

    Let’s look at an example use of the debt avalanche method.

    You have three outstanding debts:

    • A student loan for $10,000 with 5 percent interest and a minimum monthly payment of $400
    • A credit card debt of $5,000 with 25 percent interest and a minimum monthly payment of $100
    • A home repair loan for $3,000 with 15 percent interest and a minimum monthly payment of $275

    And after monthly living expenses and the three minimum payments, you have $250 leftover in your budget to put toward accelerated payments.

    Since your credit card debt has the highest interest rate, start by paying the extra $250 in addition to the $100 monthly payment. That means you’ll pay $350 each month.

    Once you’ve paid off your credit card debt, your debt with the next highest interest rate is the home repair loan, so that’s where you’ll start sending your extra payments each month. Roll over the $350 you paid monthly for the credit debt to the home repair loan. Added to the minimum payment of $275, you’ll pay $625 toward the loan each month.

    When the home repair loan debt is clear, focus on your student loan, which has the lowest interest rate of your three debts. Roll over the $625 you were paying to the home repair loan to the minimum payment for the student loan, for a total monthly payment of $1,025.

    If you use the debt snowball method discussed earlier, you’d start by paying off your smallest debt, which in this case is the home repair loan.

    Pros and cons of the debt avalanche method

    The debt avalanche method is one of the most logical and cost-effective debt repayment plans, but it isn’t perfect.

    The advantages of the debt avalanche method are:

    • You’ll save on interest. This method helps you pay off your debt early, saving you what you would have paid in interest.
    • You’ll pay back your debt faster. By steadily making payments larger than the minimum, you can shave months off your repayment plan.

    The disadvantages of the debt avalanche method are:

    • Larger debts can take longer to pay back. If you know you need small wins to stay motivated, this can negatively impact your ability to stick with your accelerated payment plan.
    • Unexpected bills or unstable income can hinder your progress. This method only works if you can make regular payments larger than your minimum payment.

    Other ways to pay off credit card debt   

    While many people find the debt avalanche method to be a helpful strategy for getting out of debt, there are other ways to pay off debt that may better fit your situation.

    You can also use any of the following methods:

    • Balance transfer credit card: Some credit cards have promotional offers for 0 percent APR on balance transfers to new customers. If you qualify, you can transfer your debt on a high-interest credit card to one of these cards. Pay attention to when the promotional 0 percent APR ends, or you’ll have to pay interest again. In this situation, it makes the most sense to devote any extra income after monthly expenses to this debt to clear it faster.
    • Debt consolidation loan: Take out a loan for the amount of all your debt and use the money to pay off those individual debts. Then pay off your consolidation loan each month. This makes repayment easier because you’re only making one monthly payment, but be careful that the interest rate on your consolidation loan is less than the interest rates on your other debt. Otherwise, you’ll end up paying more in interest over time.
    • Home equity line of credit: Borrow against your home’s equity. Often these lines of credit have lower interest rates than credit cards.
    • Debt management plans: If you cannot pay off your debt within five years even with a strict budget, or if your total monthly minimum payments are more than your monthly income, consider getting professional help. A debt counselor can help you create a debt management plan to pay off your debt. However, secured debt (a debt with collateral, such as your car or your home) won’t qualify for a debt management plan.

    Is the debt avalanche method right for you?

    The debt avalanche method is an excellent option for repaying debt faster, but it doesn’t fit every situation. If you are intent on saving money while you repay debt and are motivated enough to keep going without small wins along the way, the debt avalanche method may be your path to financial freedom. While using the debt avalanche—or any accelerated debt repayment plan—it’s essential to continue with behaviors that maintain or improve your credit. Stay current on all your bills, create and stick to a budget and track your spending. Lexington Law Firm may be able to help you on your journey to repair your credit. Take our free credit assessment today to learn more.

    Note: Articles have only been reviewed by the indicated attorney, not written by them. The information provided on this website does not, and is not intended to, act as legal, financial or credit advice; instead, it is for general informational purposes only. Use of, and access to, this website or any of the links or resources contained within the site do not create an attorney-client or fiduciary relationship between the reader, user, or browser and website owner, authors, reviewers, contributors, contributing firms, or their respective agents or employers.

    Reviewed By

    Alexis Peacock

    Supervising Attorney

    Alexis Peacock was born in Santa Cruz, California and raised in Scottsdale, Arizona.

    In 2013, she earned her Bachelor of Science in Criminal Justice and Criminology, graduating cum laude from Arizona State University. Ms. Peacock received her Juris Doctor from Arizona Summit Law School and graduated in 2016. Prior to joining Lexington Law Firm, Ms. Peacock worked in Criminal Defense as both a paralegal and practicing attorney. Ms. Peacock represented clients in criminal matters varying from minor traffic infractions to serious felony cases. Alexis is licensed to practice law in Arizona. She is located in the Phoenix office.

    Source: lexingtonlaw.com

    Apache is functioning normally

    Apache is functioning normally

    New York City is a packed metropolis with many hidden nooks and crannies and surprises. As you can imagine, New York secrets abound, and to compile them all would probably take multiple volumes. Sufficed to say, the Big Apple is a fascinating place and is always one of the best cities ever!

    We’ve compiled some New York secrets and quirky facts for you below.

    33 New York secrets and facts from the mundane to the really weird

    1. The Lenape tribe originally inhabited the area now known as New York City. They called the area Manna-hata, roughly translating to a place where you find wood for bows (and arrows).

    2. When the Dutch founded a trading post in 1625 on the south part of what is now Manhattan Island, they named it New Amsterdam, after the capital city of Amsterdam in the Netherlands.

    3. The name Wall Street refers to a wooden wall originally used to protect “New Amsterdam” from Native Americans and the British.

    4. The British then conquered the Dutch in a fight for New Amsterdam (well, the Dutch surrendered before bloodshed). New York became the town’s name after British monarch King Charles II gave the land to his brother James Stuart, Duke of York.

    5. The influence of the Dutch still lives on in New York, however. They named Brooklyn and Harlem after Dutch towns. Both neighborhoods offer some great apartments for rent in N.Y.C.

    6. Did you know SoHo was New York’s red light district before becoming an artist enclave?

    7. SoHo has several hidden restaurants or secretive eateries, such as the exclusive après ski fondue chalet hidden inside Café Select located behind the kitchen through a door labeled “No entry, employees only.”

    8. If you like pirates, well, pirates like New York! Captain William Kidd a.k.a. Captain Kidd was a Scottish-born pirate (1654–1701) who spent part of his life in New York City. He actually buried treasure (later recovered) on Gardiner’s Island, which is off of Long Island.

    9. It’s not so much a New York secret itself as what secrets it might contain: The Morbid Anatomy Library (which had a previous incarnation as the Morbid Anatomy Museum) is a fascinating research library and creepy collection in Brooklyn that houses all sorts of rare books, prints and photographs, art and other “ephemera” that relate to medicine, anatomy and death. It’s free and open to the public.

    10. Some swear that there’s a reason why New York bagels are so much better than those made just about anywhere else. The secret? It’s not in the recipe. It’s in the N.Y.C. water, delivered virtually unfiltered from the New York Catskill Mountains and has a unique proportion of calcium and magnesium, which makes N.Y. bagels soft and chewy on the inside and delightfully crispy on the outside.

    11. Underneath the world-famous Waldorf Astoria Hotel are secret train tracks built in the 1930s to shuttle President Franklin Delano Roosevelt in order to keep his polio disease a secret from the public.

    12. If there’s ever another Night at the Museum movie based in New York, we can imagine they might use the World War I fighter plane found on the roof of 77 Water Street in the Financial District. Sure, the astroturf runway isn’t real and there’s probably no gas in it, but this British Sopwith Camel fighter plane arrived in 1969 as a publicity stunt to keep watch over Manhattan.

    13. There’s a gorgeous Frank Lloyd Wright house on Staten Island called the Crimson Beech, but we won’t share the address for the reasons of privacy. (You can probably find photos of the architectural gem by searching online, of course.)

    14. Yes, that’s a submerged, rusting yellow submarine sitting in Coney Island Creek off of Brooklyn. It’s a homemade submarine named Quester I, and made of salvaged metal by shipyard worker Jerry Bianco. His intent was to search the wreckage of the SS Andrea Doria but made a wreck himself when the submarine keeled over to the side and partially sank post-launch.

    15. The SS Andrea Doria did not sink in Coney Island Creek, by the way, but was on its way from Genoa to New York when the MS Stockholm hit it and it sank. The death toll on the Andrea Doria from the collision was 46, but the sunken ship itself is still claiming victims as it’s now called “The Mt. Everest of Wreck Diving.” Some believe the shipwreck is cursed, as almost 20 divers have perished trying to explore the wreckage. Thus, one can wonder, was Jerry Bianco and his ill-fated yellow submarine also cursed? Or, did this Brooklyn submarine failure save him from a possibly worse fate had he reached the Andrea Doria?

    16. Five large pieces of the Berlin Wall have lived on in N.Y.C., although one large segment was apparently put in storage. Artist Peter Max carved another to put on display at the Intrepid Sea, Air & Space Museum but returned it to the owner many years ago to the original owner.

    17. Rockefeller Center is actually home to several secret gardens that live upon its various roofs, some with lovely reflecting pools.

    18. Speaking of New York gardens, one of the smallest gardens in the city is actually an overgrown alleyway with a few benches called Septuagesimo Uno, located on the Upper West Side. At a mere two-fifths of an acre, this teeny park gives the term “pocket park” a run for its money.

    19. There are six other parks in N.Y.C. that are smaller than Septuagesimo Uno, but most are not very usable: the smallest being McNally Plaza, basically an iron fence surrounding a solemn stone marker honoring the veterans of World War I.

    20. Some people call the Tabernacle Prayer Church in Queens “N.Y.C.’s Best Kept Secret.” Why? The beautiful church building, outrageously ornate in a good way, was a lavish movie theater that opened in 1929. The historic landmark now offers regular church services with rousing gospel music.

    21. While we don’t recommend it, many urban explorers have illegally gone to the abandoned 13-acre North Brother Island located in the East River out of the fascination of the ruins there. A hospital located on the island where people who were sick with contagious diseases, such as tuberculosis, smallpox, yellow fever, typhus and typhoid fever, quarantined. The island is now a bird sanctuary.

    22. If you thought Typhoid Mary was just a legend, no, she actually lived on North Brother Island in quarantine starting in 1908 for more than 20 years. She infected 53 people with typhoid fever despite being asymptomatic. (She was a cook and kept on cooking for the public despite being told to stop by health authorities.)

    23. North Brother Island was also the location of the biggest loss of life in the city until 9/11. In 1903, a steamboat named General Slocum was on its way to Long Island for an annual church picnic. Fire bloomed in one of the machine rooms, and allegedly a 12-year-old boy tried to warn the captain but he brushed it off. When the boat sank, it was on the banks of North Brother Island, and more than 1,000 people died.

    24. Perhaps due to this event, the patients who died on the island haunt North Brother Island and sometimes residents hear screams from the hospital ruins and see ghosts on the island’s shores from Manhattan.

    25. Many consider the most haunted place in N.Y.C. the aptly named “House of Death” located in Greenwich Village. Built in 1856, This modest-looking brownstone apparently houses the ghost of Mark Twain, although he himself only lived there for a little more than a year. At the House of Death, Mark Twain allegedly saw a piece of wood kindling move on its own so he shot it and it dripped blood — though Twain himself said this must have been from a rat moving the wood.

    26. Jan Bryant Bartell was a writer and actress who lived in Mark Twain’s spooky house starting in 1957 and wrote about her unsettling paranormal experiences there in the book “Spindrift.” She eventually died under mysterious circumstances in 1973. Later, one of the most disturbing events at the House of Death was when a father murdered his own six-year-old after a cocaine binge back in 1987.

    27. Radio City Music Hall is haunted, as many theaters in N.Y.C. are, but that’s not its best secret. There’s actually a secret apartment in Radio City Music Hall, created for theater impresario (producer) Samuel “Roxy” Rothafel (1882-1936). This beautiful art deco apartment with 20-foot-high ceilings entertained luminaries, such as Olivia de Havilland and Alfred Hitchcock. Abandoned for a while after Roxy’s death, it now rents for private luxury events.

    28. If you really want to live in style, check out the most expensive apartment in New York City, costing $192,000 per year.

    29. Are there really “mole people” living underneath the streets of N.Y.C.? Yes, and many of them say they prefer to live there where no one bothers them with taxes or rent. Stories of underground cannibalism, alligators and elaborate secret passages ala Beauty and the Beast are greatly exaggerated New York secrets, however.

    30. Speaking of secret passages, there’s a fake brownstone in Brooklyn Heights that hides a subway ventilator. It’s also said to host a secret passageway to the 4/5 trains below.

    31. This isn’t the only fake rowhome in N.Y.C. A Con Edison substation located in the Mott Haven section of the Bronx has a façade that consists of beautiful, almost-too-pristine-looking townhomes.

    32. Wondering why there are black squirrels in N.Y.C.? It’s due to a recessive gene that tends to come out in more isolated squirrel populations, which can happen on urban islands. Black fur may also keep the squirrels warmer.

    33. Frank Sinatra’s iconic “New York, New York” was originally sung by Liza Minelli in the 1977 movie “New York, New York.” If you haven’t heard her sing it yet, drop what you are doing and prepare to be wowed.

    Experience “The City” for yourself with a New York apartment

    We’ve shared some fun New York City secrets. To learn real New York City secrets, you’ll need to live there. While rent is definitely more expensive in N.Y.C. than your average town, you can still find many great apartments for rent in New York.

    Source: rent.com

    Apache is functioning normally

    Apache is functioning normally

    423 cases per 100,000 resident for state with highest identity theft

    This post originally appeared on Finder.com.

    As the world continues to cope with COVID-19, America is seeing cases of identity theft soar to record highs. Of the 3.2 million reports to the FTC’s Consumer Sentinel Network Data Book in 2019, 20% — or 650,572 — related to identity theft. And already in the first quarter of 2020, reports of fraud and identity theft are up 20.1% from the previous quarter. 

    The numbers could rise as more people continue to work from home and new reports of coronavirus-related fraud and scams come in. 

    Among these all-time-high cases, credit card fraud leads the charge. 

    • I just watched a documentary on the dark web, and I will never feel safe using my credit card again!

    • Luckily I don’t have to worry about that. I have ExtraCredit, so I get $1,000,000 ID protection and dark web scans.

    • I need that peace of mind in my life. What else do you get with ExtraCredit?

    • It’s basically everything my credit needs. I get 28 FICO® scores, rent and utility reporting, cash rewards and even a discount to one of the leaders in credit repair.

    • It’s settled; I’m getting ExtraCredit tonight. Totally unrelated, but any suggestions for my new fear of sharks? I watched that documentary too.

    • …we live in Oklahoma.

    Identity Theft vs. Account Takeover

    Identity theft involves the unauthorized access of personal information, such as your name and Social Security number. Account takeover is when a fraudster accesses account information, such as credit card numbers, with the intent of committing fraud on existing accounts. 

    In 2019, victims reported $160.3 million worth of losses resulting from identity theft, according to the FBI. Credit card fraud made up the overwhelming majority of that $160.3 million.

    This number represents only what was reported through the FBI’s Internet Crime Complaint Center. However, and doesn’t account for reports made directly to field agents. 

    Most Common Types of Identity Theft

    Swiping the competition in 2019 was credit card fraud, which accounted for 41.78% of all identity theft reports to the FBI, followed by other identity theft, which includes fraud conducted via email and social media. The least common was government documents or benefit fraud at 3.54%.

    Identity Theft and Credit Card Fraud by State

    The dubious honor of state with the most identity theft reports goes to Georgia, with the Peach State logging 423 cases per 100,000 people in 2019–176 of those falling under the credit card fraud umbrella. 

    Florida came in just south of Georgia with 154 cases of credit card fraud per 100,000 people, followed by California and Texas. 

    The state with the fewest number of reports was South Dakota, with 47 reports of fraud per 100,000 people, followed by Vermont and Wyoming. 

    Several states in the middle of the country also came in at the middle of the pack, like Missouri and Colorado, with 41 and 45 reports of credit card fraud per capita, respectively. 

    Credit Card Fraud by Metro Area

    Georgia maintains its top spot in individual metropolitan areas, accounting for three of the five areas with the most reports of identity theft per capita–Warner Robins, Atlanta-Sandy Springs-Roswell and Macon-Bibb County. A person convicted of financial transaction card fraud of more than $100.00 within a six-month period in Georgia can be charged with a felony. The ramifications can be a fine of up to $5,000.00 or a prison term of one and five years.  On the flip side, Muncie, Indiana, logged the least number of reports at 37 per 100,000 people, followed by Glens Falls, New York, and Tullahoma-Manchester, Tennessee.

    Top 10 metropolitan areas with highest identity theft per 100,000 residents – data

    Rank Metropolitan area Reports per 100,000 residents Number of reports
    1 Warner Robins, GA Metropolitan Statistical Area 661 1,281
    2 Atlanta-Sandy Springs-Roswell, GA Metropolitan Statistical Area 570 33,940
    3 Miami-Fort Lauderdale-West Palm Beach, FL Metropolitan Statistical Area 556 34,458
    4 Macon-Bibb County, GA Metropolitan Statistical Area 455 1,045
    5 Memphis, TN-MS-AR Metropolitan Statistical Area 446 6,027
    6 Columbus, GA-AL Metropolitan Statistical Area 433 1,322
    7 Columbia, SC Metropolitan Statistical Area 411 3,420
    8 Los Angeles-Long Beach-Anaheim, CA Metropolitan Statistical Area 410 54,553
    9 Houston-The Woodlands-Sugar Land, TX Metropolitan Statistical Area 367 25,656
    10 Dallas-Fort Worth-Arlington, TX Metropolitan Statistical Area 367 27,637

    Top 10 metropolitan areas with lowest identity theft per 100,000 residents – data

    Rank Metropolitan area Reports per 100,000 residents Number of reports
    1 Muncie, IN Metropolitan Statistical Area 32 37
    2 Tullahoma-Manchester, TN Micropolitan Statistical Area 34 35
    3 Glens Falls, NY Metropolitan Statistical Area 34 43
    4 Lewiston-Auburn, ME Metropolitan Statistical Area 38 41
    5 Appleton, WI Metropolitan Statistical Area 41 97
    6 Owensboro, KY Metropolitan Statistical Area 41 49
    7 Wenatchee, WA Metropolitan Statistical Area 42 50
    8 Bismarck, ND Metropolitan Statistical Area 41 54
    9 Ogdensburg-Massena, NY Micropolitan Statistical Area 43 46
    10 Eau Claire, WI Metropolitan Statistical Area 43 72

    Methodology

    Finder sourced all data from the Consumer Sentinel Network Data Book 2019, released by the Federal Trade Commission in January 2020. The Consumer Sentinel Network Data Book uses reports in its Sentinel secure online database available to law enforcement only. These consumer reports are about fraud, identity theft and other consumer protection topics, with more than 3.2 million consumer reports filed in 2019.

    The reports in Sentinel are sourced directly from: 

    • People who call the FTC’s call center or report online
    • Reports filed with other federal, state, local and international law enforcement
    • Organizations like the Better Business Bureau and Publishers Clearing House

    Source: credit.com

    Apache is functioning normally

    Apache is functioning normally

    By the end of 2022, 27 million Americans had an outstanding personal loan balance with the average amount owed being $11,116. The interest rates of these loans are also the highest they’ve been since 2011 at 11.23 percent.

    Sources: TransUnion and the St. Louis Federal Reserve

    As of the second quarter in 2022, Americans owed over $192 billion in personal loans, according to TransUnion®.  This was a 31% increase from 2021 and is thought to be due to the financial hardships Americans experienced during the COVID pandemic that overwhelmed the nation in 2020.

    If you’re one of the many Americans who took out a personal loan in early 2022, the good news is that interest rates were very low, according to the St. Louis Federal Reserve. Since then, rates have reached new highs, so many Americans are struggling to pay back these loans.

    Understanding the current trends in personal loans can help you see where you stand financially. We’ve gathered 10 personal loan statistics that include the most common reasons people take out personal loans, delinquency rates and which states have the highest personal loan debt to help you make better financial decisions if you’re accumulating too much debt.

    In This Piece

    Must-know Personal Loan Statistic Findings

    Millions of Americans are taking out personal loans, and the following are some of the most interesting facts on the topic.

    Get matched with a personal
    loan that’s right for you today.

    Learn
    more

    • 27 million Americans have personal loan debt (TransUnion)
    • At the end of 2022, the average new loan amount was $8,018 (TransUnion)
    • The average amount owed in personal loan debt was $11,116 at the end of 2022 (TransUnion)
    • In November of 2022, personal loan interest rates were the highest they’ve been since May of 2011 (St. Louis Federal Reserve Bank)
    • New Jersey has the highest average new personal loan account balance at $13,494 (TransUnion)

    Average Personal Loan Debt in America

    According to TransUnion, Americans owed roughly $9,896 on average as of the first quarter in 2022, the highest it’s been in recent years. Americans took out loans at an average of $6,656 per loan, which was over $1,000 more than in the previous quarter of 2022.

    The amount owed per borrower dropped significantly between Q2 and Q3 in 2022, but by the end of the fourth quarter, the average amount owed increased by over 100 percent with the new loan amount dropping to $8,018.

    The increase in personal loan debt may have been due to the inflation the country experienced in 2022. TransUnion also reports that there were more loans approved to “super prime borrowers,” or those with credit scores over 720, stating, “On a percentage basis, personal loan originations for subprime and near-prime borrowers increased in the single digits [year over year] whereas super prime borrowers experienced a 33% rise in the third quarter.”

    How Many Americans Have Personal Loans?

    The amount of Americans taking out personal loans increased 12 percent from 23.9 million in the first quarter of 2022 to 27 million by the fourth quarter.

    Prior to the beginning of the COVID-19 pandemic, the total amount of personal loan borrowers was 23.3 million at the end of 2019 and dropped to 21.2 million by the end of 2020. The number of borrowers then grew back to 22.8 million in the following fourth quarter of 2021 and continued to grow as the pandemic regressed.

    Quarter

    Q4 2022 Average new account balance

    Q4 2019

    23.3 million

    Q4 2020

    21.2 million

    Q4 2021

    22.8 million

    Q4 2022

    27 million

    The Most Common Reasons to Take Out a Personal Loan

    LendingTree conducted a survey of their users in 2022 and found that the most common reason consumers took out personal loans was to pay down other debts. Over 58 percent of borrowers used these loans to pay down debt, and the other main reasons included credit card refinancing, home improvements and other major purchases.

    Rank

    Reason

    Percentage of respondents

    1

    Debt consolidation

    41%

    2

    Other

    17.3%

    3

    Credit card refinance

    17.3%

    4

    Home improvements

    6.2%

    5

    Major purchase

    4.1%

    6

    Medical expenses

    3.0%

    7

    Moving/relocation

    2.9%

    8

    Everyday bills

    2.9%

    9

    Car financing

    1.7%

    10

    Car repair

    1.1%

    11

    Business

    0.9%

    12

    Vacation

    0.5%

    13

    Homebuying

    0.4%

    14

    Wedding expenses

    0.4%

    Average Personal Loan Interest Rates

    During the second quarter of 2022, the Federal Reserve Bank of St. Louis reported that interest rates reached an all-time low of 8.73 percent. By the end of the year, these rates were the highest they’ve been since 2011 at over 11.2 percent.

    Personal Loan Debt Compared to Other Debts

    Based on TransUnion data, personal loans account for less than four percent of the total number of accounts when compared to other types of loans, such as credit cards, home and auto loans.

    Account type

    Number of accounts

    Percentage of accounts

    Credit card

    518.4 million

    76.3%

    Auto loan

    81.2 million

    11.9%

    Mortgage loan

    52.6 million

    7.83%

    Personal loan

    27 million

    3.97%

    It’s also important to note that not all credit card accounts carry a balance.

    Personal Loan Delinquency Rates

    Delinquent accounts are accounts 60 days or more past due and can hurt your credit score. The Q4 TransUnion report shows that the delinquency rate dropped year over year between 2019 and 2020, but was up 53 percent as of 2022, with an overall delinquency rate of 4.14 percent.

    Quarter

    Delinquency rate

    Q4 2019

    3.48%

    Q4 2020

    2.7%

    Q4 2021

    3%

    Q4 2022

    4.14%

    TransUnion’s 2022 Credit Snapshot shows that in the last month of the report, those with the lowest credit scores have the highest delinquency rate of 23.9 percent, while super prime borrowers are only at 12 percent.

    Credit score range

    Percentage of delinquent borrowers

    Subprime (300 to 600)

    23.9%

    Near prime (601 to 660)

    23.7%

    Prime (661 to 720)

    23.3%

    Prime plus (721 to 780)

    17%

    Super prime (781 to 850)

    12%

    Personal Loan Statistics by State

    TransUnion’s 2022 Credit Snapshot reports that New Jersey has the highest average new account balance at over $13,000, and Oklahoma has the lowest at $3,170. Although Oklahoma has the lowest new account balance, they have the highest delinquency rate at 7.73 percent.

    State

    Q4 2022 Average new account balance

    Q4 2022 Delinquency rate

    AK

    $10,296

    2.9%

    AL

    $4,362

    6.59%

    AR

    $7,089

    5.18%

    AZ

    $9,343

    3.78%

    CA

    $10,454

    3.47%

    CO

    $12,322

    2.03%

    CT

    $11,712

    2.57%

    D.C.

    $9,016

    6.55%

    DE

    $9,146

    4.04%

    FL

    $8,379

    3.94%

    GA

    $8,621

    5.18%

    HI

    $12,224

    2.28%

    IA

    $7,443

    2.94%

    ID

    $9,072

    4.38%

    IL

    $9,236

    3.46%

    IN

    $7,439

    2.97%

    KS

    $8,349

    3.05%

    KY

    $6,875

    3.36%

    LA

    $6,797

    5.07%

    MA

    $12,518

    2.24%

    MD

    $10,956

    2.77%

    ME

    $6,651

    1.67%

    MI

    $7,052

    3.21%

    MN

    $10,692

    3.73%

    MO

    $6,522

    6.69%

    MS

    $5,179

    4.96%

    MT

    $9,326

    2.53%

    NC

    $10,035

    3.03%

    ND

    $8,051

    1.89%

    NE

    $7,755

    3.65%

    NH

    $11,719

    2.31%

    NJ

    $13,494

    3.49%

    NM

    $5,418

    6.31%

    NV

    $8,839

    3.74%

    NY

    $11,843

    2.77%

    OH

    $7,595

    3.75%

    OK

    $3,170

    7.73%

    OR

    $10,523

    2.93%

    PA

    $10,418

    3.06%

    RI

    $8,744

    2.14%

    SC

    $5,924

    4.89%

    SD

    $9,945

    2.06%

    TN

    $5,355

    5.38%

    TX

    $4,952

    6.33%

    UT

    $7,966

    4.23%

    VA

    $9,875

    3.37%

    VT

    $6,180

    0.82%

    WA

    $9,570

    2.94%

    WI

    $6,489

    3.95%

    WV

    $10,864

    1.96%

    WY

    $7,698

    2.66%

    Personal Loan Statistics by Type of Lender

    More and more Americans are turning to financial technology companies, also known as FinTech, for their personal loans. These are online banking services that are done via a company’s website or mobile app, and 32.9 percent of all personal loans are done through these types of companies.

    Lender type

    Distribution of total balances

    FinTech

    32.9%

    Banks

    20.5%

    Credit unions

    19.7%

    Other finance companies

    26.9%

    Can Personal Loan Debt Affect Your Credit Score?

    If you’re one of the 27 million Americans with a personal loan, you don’t have to let your debt harm your credit score. As you’ve learned from these personal loan statistics, many Americans have turned to personal loans to pay off other debts, but many people are delinquent with their payments, which can hurt their scores.

    Credit.com provides a variety of credit tools and tips to help you work to repair and improve your credit. You can learn more about our services, like ExtraCredit, or click here to get your free credit report card.

    Source: credit.com

    Apache is functioning normally

    Apache is functioning normally

    In the United States, it’s illegal to drive a car without car insurance. Depending on the state you’re driving in, the consequences of doing so can range from a fine to a misdemeanor on your record. So, if you’re planning on hitting the road anytime soon, be sure to purchase car insurance to avoid penalties. 

    In this article, we’ve researched the average cost of car insurance by state to give you a better idea of how much to budget.  

    Key findings: 

    • According to AAA, the national average cost of car insurance for a full-coverage policy was $1,588 in 2022.
    • On average, the cheapest states for full coverage car insurance are Ohio, Maine and Idaho, while the most expensive states are Florida, Louisiana and Michigan. 
    • USAA, Geico and State Farm offer the cheapest minimum coverage plans, while USAA, Geico and Nationwide offer the cheapest full-coverage insurance. 
    • The average cost of car insurance tends to decrease with age, but starts to rise again around age 70. 
    • Individuals with high credit scores pay lower car insurance premiums on average compared to those with poor credit. 

    How much is car insurance?

    According to AAA, the national average cost of car insurance for a full-coverage policy was $1,588 in 2022. This figure is based on an under 65 years old driver who lives in the city or suburbs, has over six years of driving experience, and has not been involved in any accidents. 

    Average cost of car insurance by state

    When calculating the cost of car insurance, the state you live in plays a role in how much you can expect to pay. This is because factors like population density, climate, road conditions and crime rate in your area can play a part in the likelihood that you’ll file a claim.  

    According to insurance.com, the cheapest states for car insurance if you’re looking for minimum coverage are Iowa, South Dakota and Wyoming costing an average of $263, $267, and $293, respectively. Meanwhile, the cheapest states for full coverage auto insurance are Ohio ($1,023), Maine ($1,116), and Idaho ($1,121). 

    The most expensive states for car insurance in terms of minimum coverage are New Jersey, Florida, and New York where drivers pay an average of $989, $908 and $875, respectively. For full coverage insurance, drivers in Florida ($2,560), Louisiana ($2,546), and Delaware ($2,137) pay the most in the country on average. 

    State

    Minimum coverage

    Full coverage

    AK

    $336

    $1,359

    AL

    $420

    $1,542

    AR

    $422

    $1,597

    AZ

    $494

    $1,617

    CA

    $582

    $2,115

    CO

    $467

    $1,940

    CT

    $773

    $1,750

    DE

    $821

    $2,137

    FL

    $908

    $2,560

    GA

    $567

    $1,647

    HI

    $389

    $1,306

    IA

    $263

    $1,321

    ID

    $326

    $1,121

    IL

    $484

    $1,578

    IN

    $384

    $1,256

    KS

    $389

    $1,594

    KY

    $717

    $2,105

    LA

    $726

    $2,546

    MA

    $523

    $1,538

    MD

    $607

    $1,640

    ME

    $330

    $1,116

    MI

    $711

    $2,133

    MN

    $479

    $1,493

    MO

    $525

    $2,104

    MS

    $434

    $1,606

    MT

    $389

    $1,692

    NC

    $396

    $1,368

    ND

    $340

    $1,419

    NE

    $350

    $2,018

    NH

    $411

    $1,307

    NJ

    $989

    $1,901

    NM

    $376

    $1,505

    NV

    $683

    $2,023

    NY

    $875

    $2,020

    OH

    $308

    $1,023

    OK

    $352

    $1,797

    OR

    $551

    $1,244

    PA

    $398

    $1,445

    RI

    $648

    $1,845

    SC

    $628

    $1,894

    SD

    $267

    $1,581

    TN

    $368

    $1,373

    TX

    $520

    $1,875

    UT

    $526

    $1,469

    VA

    $469

    $1,321

    VT

    $306

    $1,158

    WA

    $505

    $1,371

    WI

    $375

    $1,499

    WV

    $474

    $1,610

    WY

    $293

    $1,736

    Average cost of insurance by company 

    Another factor that’s going to influence how much you can expect to pay for car insurance is the specific company you purchase your plan through.  

    According to U.S. News & World Report, USAA, Geico and State Farm offer the cheapest minimum coverage plans, while USAA, Geico, and Nationwide offer the least-expensive full-coverage insurance. 

    Farmers, Progressive, and Nationwide offer the most expensive minimum coverage rates while Allstate, Farmers, and Progressive offer the most expensive full coverage plans. 

    Insurance company

    Minimum coverage

    Full coverage

    Allstate

    $1,961

    $2,138

    American Family

    $1,327

    $1,388

    Farmers

    $1,782

    $2,059

    Geico

    $1,064

    $1,238

    Nationwide

    $1,347

    $1,338

    Progressive

    $1,440

    $1,650

    State Farm

    $1,191

    $1,348

    Travelers

    $1,290

    $1,448

    USAA

    $948

    $1,056

    Average cost of insurance by age 

    According to CarInsurance.com, the cost of both minimum and full coverage car insurance tends to decrease with age, as seen in the chart below. However, there is an uptick around age 70 where rates start to go back up.  

    Age

    Minimum coverage

    Full coverage

    20

    $1,109

    $3,532

    30

    $539

    $1,785

    40

    $520

    $1,682

    50

    $496

    $1,581

    60

    $482

    $1,511

    70

    $554

    $1,661

    Average cost of insurance for young drivers

    Young drivers are the most expensive age group to insure. Although there are a few exceptions, insurance rates decrease with age among young drivers. 

    Age

    Minimum coverage

    Full coverage

    16

    $2,402

    $7,203

    17

    $1,971

    $5,924

    18

    $1,706

    $5,242

    19

    $1,234

    $3,874

    20

    $1,109

    $3,532

    21

    $884

    $2,864

    22

    $794

    $2,593

    23

    $736

    $2,415

    24

    $690

    $2,267

    Average cost of insurance by credit score 

    According to the Insurance Information Institute, your credit score is a good indicator of how many insurance claims you’ll file. As a result, insurance companies use credit scores to determine risk, and those with a good credit score pay cheaper premiums. The Zebra found that individuals with poor credit pay approximately 114% more than those with great credit. 

    Credit score

    Average annual rate

    Very poor (300-579)

    $2,887

    Average (580-669)

    $2,296

    Good (670-739)

    $1,912

    Excellent (740-799)

    $1,606

    Exceptional (800-850)

    $1,350

    What factors affect your car insurance rate?

    As you can see from the above charts, the cost of car insurance varies by the following factors: 

    • Age: Typically, young drivers under the age of 25 and senior drivers over the age of 65 are charged more for car insurance. 
    • State of residence: Since the minimum coverage required varies by state, your location is one of the factors that will influence the price. 
    • ZIP code: In addition to your state of residence, your ZIP code will also play a role in the cost of insurance since your vehicle is more likely to be damaged in certain areas, such as ZIP codes with high crime rates. Typically, the cost of car insurance will be greater in cities than in rural areas. 
    • Marital status: Statistically, married drivers are less risky than single drivers resulting in a lower insurance cost. 
    • Gender: Based on risk, male teenage drivers tend to have the highest cost of car insurance of any demographic. 
    • Credit history: Those with a low credit score tend to pay higher premiums than individuals with good credit. 
    • Driving record: Since car insurance premiums are based on risk, individuals with a good driving record can expect to pay lower premiums, while those with a poor driving record may experience increased rates. 
    • Car make and model: You may pay less if you drive a vehicle that insurance companies deem safe. On the other hand, you’re likely to pay more if you drive a small sports car since they pose a higher risk. 
    • Mileage: Higher annual mileage increases the risk you’ll get into an accident and will likely raise your premiums. 
    • High-risk violations: Driving under the influence and at-fault accidents are examples of violations that may result in you being considered a high-risk driver. 

    What’s the difference between full and minimum coverage? 

    Minimum coverage car insurance — liability coverage — is required in most states and is used if you’re at fault in an accident. This coverage will pay for damages and injuries of the other party when you’re responsible for the incident. 

    On the other hand, full coverage insurance, or collision coverage, includes liability coverage plus damage caused to your own vehicle. Keep in mind that lenders often require you to obtain full coverage insurance before you get an auto loan. 

    FAQ

    Below, we’ve answered some common questions regarding the cost of auto insurance. 

    Can my driving record affect my car insurance rate? 

    Your driving record is one of the factors that affects your car insurance rate. As a result, those with traffic violations or accidents on their record can expect to pay higher premiums. 

    Does your car insurance cost go down after you pay off your car?

    Your care insurance cost doesn’t typically go down after your pay off your car. However, you do have the option to decrease the amount of coverage on your vehicle once it’s paid off. 

    Which car insurance company is the cheapest?

    As mentioned above, insurance companies that offer the cheapest plans include Geico, Auto-Owners, USAA and Erie.

    Does car insurance decrease annually? 

    For young drivers in particular, car insurance rates decrease each year you renew your policy without filing a claim. You can expect to see the biggest drop in price at age 25. 

    The average cost of car insurance varies by factors including state, age, insurance company and credit score. Some factors, such as your age, are beyond your control, but other factors, such as your credit score, can be improved. 

    Check your credit score for free today to see if it’s a reason your car insurance is high. 

    Source: credit.com