Apache is functioning normally

September 26, 2023 by Brett Tams

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.

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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

September 25, 2023 by Brett Tams

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

Apache is functioning normally

September 14, 2023 by Brett Tams

Florida-based financial services firm The Graystone Company has completed the acquisition of mortgage banker and broker Direct Capital Investment Group through a reverse merger transaction, the companies announced Monday. The financials of the deal were not disclosed.

Direct Capital, through its subsidiary Direct Mortgage, offers residential, commercial and SBA loans, per its website. The company has 98 loan officers and six branches, according to the National Multistate Licensing System (NMLS).

Direct Mortgage oversaw the funding of $119 million in 353 mortgage loans from January through August 2023, per Securities and Exchange Commission (SEC) filings. And, in a shrinking mortgage market, it registered $1.8 million in revenue and delivered a $20,583 loss from January to May.

To compare, in 2022, the company’s total volume was $152 million through approximately 450 mortgage loans. Last year, the company reported $6.3 million in revenues but had a $1.7 million loss (unaudited), the SEC filings show.

The deal with The Graystone Company resulted in a change in control of Direct Capital Investment from Anastasia Shishova to James Anderson.

“Ms. Shishova will transfer 40,951,000 shares of the Class B Common Stock to the shareholders of Direct Capital Investment. Once the acquisition is complete, the shareholders of Direct Capital Investment will own approximately 80% of the voting power of the company and be the sole officers and directors of the Company.”

As part of the transaction, Shishova resigned as company CEO and sole director of Direct Capital. Anderson was appointed president and CEO. Seasoned mortgage professional Glen Gomez will also be a director.

“As a result of the DCIG/DMI acquisition, the Company will focus exclusively on operating and expanding the mortgage lending business and will cease all its existing business operations,” a Graystone’s SEC filings state.

Source: housingwire.com

Apache is functioning normally

September 4, 2023 by Brett Tams

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

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

By:
Rob Chrisman

Thu, Aug 31 2023, 9:37 AM

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

Lender and Broker Software and Services

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

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

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

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

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

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

Correspondent and Broker Loan Products

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

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

Training and Events Next Week

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

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

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

Looking for more in-depth commentary on weekly mortgage news? Register here for “Mortgage Matters: The Weekly Roundup” presented by Lenders One. Every Wednesday at 2:00 PM EST/11:00 AM PT is a dive into a range of mortgage-related topics, including market trends, interest rate fluctuations, innovative mortgage products, and industry advancements. Robbie and Rob will bring a unique mix of age perspective, expertise, and charisma to the screen, ensuring that the information is not only educational but also entertaining.

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

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

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

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

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

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

Capital Markets

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

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

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

Jobs and Transitions

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

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

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

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

Source: mortgagenewsdaily.com

Apache is functioning normally

September 3, 2023 by Brett Tams

Located in the heart of the South, Mississippi is well known for its southern hospitality, serene Gulf Coast, blues and bluegrass music scenes, and warm climate. If you’ve been considering moving to Mississippi or are hoping to relocate to a new city, you also probably have a budget you’d like to stay under as you look for a place to live. When it comes to buying a home in Mississippi the median home sale price is $263,400.

If that price is out of your budget, don’t worry. We’ve got options to help you find a home. Redfin has rounded up a list of 6 of the most affordable places to live in Mississippi – and they all have a median home sale price under $263,400. From Jackson to Tupelo, let’s jump in and see what cities are on the list.

#1: Meridian

Median home price: $32,500
Average sale price per square foot: $21
Average rent for a 1-bedroom apartment: $750
Median household income: $31,198
Nearest major metro: Jackson (90 miles)
Meridian, MS homes for sale
Meridian, MS apartments for rent

With a median home sale price of $32,500, Meridian claims the first spot on our list of affordable places to live in Mississippi. There are about 35,100 residents living in this mid-sized city. In Meridian, you can explore the 3,3000-acre Bonita Lakes Park where you’ll find three lakes and options to fish, horseback ride, or hike, visit the Dentzel Antique Carousel at Highland Park, or check out downtown.

#2: Jackson

Median home price: $135,000
Average sale price per square foot: $80
Average rent for a 1-bedroom apartment: $1,445
Median household income: $39,969
Jackson, MS homes for sale
Jackson, MS apartments for rent

Taking the second spot on our list of affordable cities to live in Mississippi is Jackson. When living in this city of 153,700 people, you can visit the historic Mississippi State Capitol and explore the Mynelle Gardens Arboretum & Botanical Center. There are plenty of museums to check out so make sure to see the exhibits at Mississippi Civil Rights Museum, Mississippi Museum of Art, and the Eudora Welty House and Garden.

#3: Greenville

Median home price: $150,000
Average sale price per square foot: $93
Average rent for a 1-bedroom apartment: $715
Median household income: $32,066
Nearest major metro: Memphis, TN (110 miles)
Greenville, MS homes for sale
Greenville, MS apartments for rent

Next is the city of Greenville, which has about 29,700 residents. The median home sale price is $150,000 which is about $110K less than the median home sale price in Mississippi. If you find yourself moving here, explore the Greenville Cypress Preserve Trust or grab a meal at one of the local restaurants.

#4: Tupelo

Median home price: $181,000
Average sale price per square foot: $144
Average rent for a 1-bedroom apartment: $995
Median household income: $39,969
Nearest major metro: Memphis, TN (100 miles)
Tupelo, MS homes for sale
Tupelo, MS apartments for rent

Only slightly more expensive than Greenville is none other than Tupelo, most well known as the birthplace of Elvis Presley. With roughly 37,900 residents in Tupelo, make sure to visit historic sites like the Elvis Presley Birthplace and Tupelo National Battlefield, check out the Tupelo Buffalo Park & Zoo, and explore downtown Tupelo’s Main Street.

#5: Horn Lake

Median home price: $217,500
Average sale price per square foot: $150
Average rent for a 1-bedroom apartment: $1,334
Median household income: $39,969
Nearest major metro: Memphis, TN (18 miles)
Horn Lake, MS homes for sale
Horn Lake, MS apartments for rent

Another great area to add to your list of affordable places to live in Mississippi is Horn Lake. Home to 26,700 residents, this affordable town can be a great option to add to your list. In Horn Lake, you can check out one of the beautiful parks in town or grab a meal at a local restaurant.

#6: Pearl

Median home price: $228,500
Average sale price per square foot: $149
Average rent for a 1-bedroom apartment: $807
Median household income: $54,615
Nearest major metro: Jackson (5 miles)
Pearl, MS homes for sale
Pearl, MS apartments for rent

Sixth on the list is another well-known city, Pearl, the last of our affordable places to live in Mississippi. The median home sale price is about $30K less than the state’s average. With roughly 27,100 people calling Pearl home, it’s a great area to consider moving to this year. Make sure to watch a baseball game at Trustmark Park, check out the shops and restaurants in town, or golf at one of the courses. No matter what neighborhood you move to in Pearl, you won’t get tired of exploring this city.

Methodology: All cities must have over 50,000 residents per the US Census and have a median home sale price under the average median home sale price in Mississippi. Median home sale price and median sale price per square foot from the Redfin Data Center during August 2023. Average rental data from Rent.com August 2023. Population and median household income data sourced from the United States Census Bureau.

Source: redfin.com

Apache is functioning normally

August 30, 2023 by Brett Tams

Ozment as well as other former employees — loan officer Ron Hankins, underwriter Natalie Boyd and loan processor Kristin Mastrorilli — followed improper mortgage lending practices and lied to Lower about doing so in order to further line their pockets, according to the suit.

The former employees agreed to fraudulently cause Lower to issue high risk loans while knowingly disregarding that at least 13 of the customers receiving these loans did not meet Lower’s loan eligibility criteria, Lower alleged.

The suit said the former employees engaged in “the gross misconduct” to earn more money from Lower than they would have otherwise been owed had they not caused Lower to issue the high-risk loans.

“As a direct and proximate result of Mr. Ozment’s, Mr. Hankins’, Ms. Boyd’s, and/or Ms. Mastrorilli’s fraud and conspiracy to commit fraud, Lower has suffered financial loss and other damages that exceed $4,000,000.00,” the suit said.

Ozment operates Oz Lending as a DBA of AmCap and the suit alleges that he has posted selected portions of customer reviews to misleadingly portray prior customer successes as a result of Ozment’s relationship with AmCap, “when in reality, those successes were a result of Mr. Ozment and Oz Lending were associated with Lower.”

To date, Ozment and AmCap have not returned Lower’s confidential information and trade secrets, Lower alleged.

“Rather, Mr. Ozment has improperly retained and used Lower’s confidential information and trade secrets to solicit Lower’s customers for his, and AmCap’s, benefit thereby breaching the agreement.”

Ozment’s employment agreement — which contained non-solicit provisions — would require Ozment not to compete with Lower and to refrain from soliciting any employees or business from any of Lower’s customers for 16 months after his termination.

Lower claimed that AmCap knew of Ozment’s employment agreement.

The suit claimed that by mid-to-late 2022, Ozment secretly entered into agreements with AmCap to leave Lower and to take Lower’s information, customers and the Plano office employees with him to AmCap.

According to the suit, AmCap and Ozment agreed that AmCap would offer jobs to Lower’s Plano office employees working with Ozment if they agreed to terminate their employment with Lower.

Lower’s employment-related claims will be resolved through arbitration while the lender will ask a court order for permanent injunctive relief from Oz Lending using Lower’s customer information, property and client testimonials, according to the suit.

Summons were issued to AmCap Mortgage and its former employees earlier this month.

Lower, attorneys for the lender, Ozment, Hankin and Mastrorilli didn’t respond to requests for comment.

AmCap declined to comment on active litigation.

Lower originated a total of $4.24 billion in production volume across 14,563 loans in 2022, according to mortgage data platform Modex. A total of 433 sponsored loan originators work in 77 active branches across the country, according to the Nationwide Multistate Licensing System (NMLS).

AmCap Mortgage posted a production volume of $3.35 billion across 11,289 last year, according to Modex. AmCap has 540 sponsored MLOs across 128 active branch locations, NMLS showed.

Source: housingwire.com

Apache is functioning normally

August 27, 2023 by Brett Tams

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SKIP ADVERTISEMENT

Why Are Mortgage Rates So High, and How Long Will They Stay Up?

Economists say loan rates are affected by a complicated combination of factors, but there are tactics consumers can use to land a lower rate.

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U.S. average 30-year fixed-rate mortgage

Aug. 26, 2023, 3:00 a.m. ET

Mortgage rates are running at a 22-year high, crimping a housing market already squeezed by high prices.

Home buyers face an average rate of 7.23 percent on a 30-year fixed-rate mortgage, the most popular home loan in the United States, Freddie Mac reported on Aug. 24. That was the highest rate since June 2001.

The rise in rates has cooled demand for homes, with sales of existing homes down sharply from last year. And sellers who locked in low rates during the pandemic are reluctant to put their homes on the market because they fear they will not be able to find a comparable rate when they become buyers.

Mortgage rates are influenced by a number of factors, most beyond our control. The biggest driver is the bond market, but there’s more to it than that, said Melissa Cohn, regional vice president at William Raveis Mortgage, a real estate lender.

recently forecast that the average 30-year mortgage rate would fall to 5 percent by the fourth quarter of next year.

Fed officials have acknowledged that they will need to take into account the potential economic costs of raising rates, and Mr. Yun said that included damage to regional banks, like the collapses of Silicon Valley Bank and Signature Bank.

What can a buyer do to get a lower rate?

It may seem that home buyers have little wiggle room, but there are things they can do to nab a lower rate, Ms. Cohn of William Raveis Mortgage said.

A strong credit score is important, she said, as well as a sizable down payment, usually at least 20 percent of the purchase price. Buyers who can manage that may find that they are in a less competitive market, which could make it easier to close a deal.

“Rates should be lower in the next 12 to 24 months,” Ms. Cohn said, and home buyers can refinance their mortgage when rates drop.

She also advises consumers to compare rates from multiple lenders. “There are no magic tricks,” she said. “You need to shop around.”

Gregory Schmidt covers breaking news and real estate and is the editor of the Square Feet column. More about Gregory Schmidt

As the MMLA conference wraps up (congratulations to Dan Grzywacz, CMB, and nearly 40-year industry vet, who was this year’s James T. Barnes Award winner), the conversations still involve some seemingly endless topics. One of which is W2 versus 1099. There’s been a lot of “quacking:” about whether originators can be paid as independent contractors (1099) or need to be employees (W-2). Mortgage Muser and attorney Brian Levy has some new thoughts on this topic that are worthwhile even if he “ducks” providing legal advice in his entertaining and insightful mortgage blog. View past editions of the Mortgage Musings and subscribe to get emailed about new postings for free here. Another is sticky higher interest rates, and today at 3PM ET, Skylar Olsen, Zillow’s Chief Economist, will be co-hosting The Mortgage Collaborative’s Rundown, covering current events in the economy and mortgage market for 30-45 minutes. And there’s volume. According to Curinos, July 2023 funded mortgage volume decreased 30% YoY and 13% MoM. Curinos sources a statistically significant data set directly from lenders to produce these benchmark figures. (Today’s podcast can be found here and is sponsored by SimpleNexus, an nCino Company, developer of mortgage technology uniting the people, systems, and stages of the mortgage process into one seamless, end-to-end solution. Hear an interview with Equifax’s Joel Rickman on leveraging income and employment verifications during the home equity line of credit (HELOC) origination process.)

Lender and Broker Software, Products, and Services

“Brokers can now shop, lock, and deliver on one platform that seamlessly connects brokers, lenders, and originators. In this market, hustle is everything. You can’t afford to waste a single deal… Or a single minute. That’s why ReadyPrice has launched its innovative new Shop, Lock & Deliver loan exchange platform, designed to help independent mortgage brokers like you save time and money. Now you can shop competitive loan offerings from multiple lenders, get rate lock guarantees in real time, receive underwriting findings, and deliver the borrower’s complete loan file to lenders, and all on a single platform, at no cost to brokers. It’s the industry’s most powerful universal delivery portal, and it’s already helping thousands of brokers around the country thrive and compete in even the toughest market environments. Multiple lenders. One platform. Zero b.s. Come check us out today.”

Mega Capital Funding is proud to be a 25 yr. partner to the broker community. The team at Mega Capital continues to grow and expand across the US. Mega has recently added another 10 outside AEs across the country to further support the broker community. The team at Mega is also expanding our products this month with additions to our Non QM suite. ITIN is new and improved along with our Expanded DSCR options which also includes a No Ratio DSCR. We at Mega are looking to continue to be a destination for brokers and bankers to find all their lending needs under one roof. Conv, FHA, VA, USDA, Jumbo and Non QM. Mega Capital is also excited to be at NAMB this year. Please come by and see us in Vegas.

Looking Ahead to Conferences and Training

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

Save the dates of September 10-12 and join lending professionals from the Pacific Northwest at the Riverhouse in Bend, Oregon, for the Pacific Northwest Lenders Conference. This event promises to be a catalyst for professional growth, offering a unique platform to expand knowledge, build valuable connections, and elevate lending businesses in the region.

Prepare to be amazed and delighted when you swing by the Plaza Home Mortgage® booth at the NAMB National Conference, September 8-11, at Caesars Palace in Las Vegas.

Register for free with the code PLAZAFREE and pop by Plaza’s booth #607 or schedule a meeting with us at [email protected].

Zelman’s Virtual Housing Summit is September 18-21, though not exactly in person.

Network and collaborate with your industry colleagues while learning the latest updates on mortgage industry standards at MISMO’s Fall Summit, September 18 – 21 in Washington, DC

New To MISMO? Check out this 20-minute presentation “Intro to the MISMO Summit Experience” to learn what to expect and how to best prepare so that you get the most out of the Summit.

AzAMP Annual EXPO, Luncheon, and 8-Hour NMLS CE Class, September 27–28, at the We-Ko-Pa Resort and Casino. Begin your experience on Wednesday, Sept. 27 with Part 1 of NMLS CE class. Full day of events begins on Thursday, September 28 including NMLS CE class Part 2, Luncheon with Keynote Speakers Allen Beydoun, UWM Executive Vice President and Rob Chrisman, The Chrisman Commentary Daily Mortgage News, followed by the AzAMP Expo.

Watch on demand, at your leisure: Millennials and Gen Zers represent the largest group of first-time homebuyers. In less than 10 years, 3.1 million will have entered the market. Of these buyers, roughly 75 percent of them report checking social media daily. Making social media a necessary strategy for loan officers. Join Homebot’s VP of Marketing, Ashley Remstad and Mortgage Advisor Sosi Avila as they discuss key strategies and tactics for using social media to your advantage. Register for the webinar here.

It’s time to register for the New England Mortgage Bankers two-day Conference, September 13-14 in Portsmouth NH. Multiple venues all within walking distance for a new NEMBC experience.

Register for the AzAMP Annual EXPO, Luncheon, and 8-Hour NMLS CE Class on September 27th and 28th at the We-Ko-Pa Resort and Casino. Don’t miss Luncheon Speakers Allen Beydoun, UWM EVP, and Rob Chrisman, The Chrisman Commentary Daily Mortgage News. Stay the night at the resort and attend all the events.

Registration for the NCEO 2023 Fall Forum in Houston, September 26-28 is now open. Featuring top industry experts and thought leaders, the forum will update you on the latest trends and best practices in employee ownership. Network with other employee owners and industry professionals from across the country, sharing ideas, challenges, and successes.

Secure early-bird pricing through June 23rd. From close-knit conversations to invigorating keynotes, the forum is the place to rocket your company into the stratosphere.

MBAC 67th Annual Convention Oct 1-4, 2023 at the Francis Marion Hotel, Charleston, SC.

Sponsorship opportunities available, reserve your room at the Francis Marion Hotel use Promo Code MBAC2023 for special rate, Last Day to reserve at this rate, September 11, 2023.

Mark your calendars and make plans for ACUMA’s 2023 Annual Conference! Registration is now open for the biggest event tailored for the credit union mortgage professional. This year’s theme, Make Your Mark, is the largest and most comprehensive event on ACUMA’s education calendar and is scheduled for Oct. 1-4 at the Gaylord National Resort in National Harbor, Maryland, just down the Potomac River from Washington, D.C. Make plans now to attend this year’s largest gathering of mortgage lenders, and plan to continue to Make Your Mark in credit union mortgage lending! Here’s the link to register! ACUMA 2023 Annual Conference.

At Turning Stone Casino & Resort, Verona, NY., October 4th at 12:00 PM – October 6th at 12:00 PM (EDT), NYMBA 2023 Annual Convention & Golf Tournament, a premier event that brings together industry leaders, professionals, and innovators in the mortgage banking sector. This convention serves as a platform to foster collaboration, share knowledge, and explore emerging trends, ultimately shaping the future of the mortgage banking industry in New York and beyond.

As we celebrate America’s independence, we have many other reasons to celebrate as well. This October 15-18, we’re taking the original gathering of real estate finance professionals to the birthplace of our country, and we’re celebrating some of the reasons you’re going to love it: MBA’s Annual Convention & Expo 2023.The largest annual gathering of real estate finance professionals, this is the one event you need to gain access to the industry’s power players and innovators. Be inspired and get informed by engaging speakers on the Main Stage. Meet with dozens of exhibitors in THE HUB and get hands-on access to the latest products and services. Dive deep into Breakout Sessions to get the insight you need on all the facets of the business.

There’s only one venue where you can get timely updates on where the reverse mortgage industry is headed, the 2023 Annual Meeting & Expo, October 23-25 in Nashville, TN.

Get the latest news on the HECM program. Learn about proprietary product opportunities. Find out what other regulatory changes are forthcoming. Pre-sale registration, the lowest registration rate, expires at midnight (Eastern Time) on Tuesday, August 22.

The kind of news you want to know, VIBE 2023, a very important broker exchange, is here! What is VIBE 2023?* The biggest growth mindset event for Mortgage Brokers featuring a VIP lineup of some of the most influential speakers in the country! Join us at the Westin South Coast Plaza in Costa Mesa, CA on 10/24/2023. Register to attend using your UNIQUE CODE**, provided by your Kind Account Executive. Learn more by visiting here. *VIBE 2023 event is open to all licensed Mortgage Brokers in the United States. No commitments to establish a partnership with Kind Lending are required to attend. **Unique Codes are provided by your Kind Lending Account Executive. If you do not have an account executive or are not yet working with Kind TPO, email us to learn more.

TMBA is working through the summer planning outstanding events including the 6th Annual Mortgage Symposium, November 6-7 at the Westin Dallas Southlake Hotel in Southlake TX. The Texas Women Mortgage Bankers event will be held on November 6 at the Westin Dallas Southlake Hotel.

October Research, LLC is happy to bring back the Women’s Leadership Summit (WLS) for its second year. It will be held November 6-7 at the Naples Grande Beach Resort in Naples, FL. We are now accepting registrations and speaker nominations! Built around the four pillars (Develop, Grow, Support and Empower) WLS provides attendees with the tools for success in a fun and supportive environment. Attendees come from across the country to learn from our visiting experts and each other about how to meet their goals. Visit OctoberResearchWLS.com for more information.

Capital Markets

Not only do the earth’s temperatures keep going higher, but inflation does as well, but at a slower pace! It was revealed yesterday that the consumer price index rose a temperate 0.2 percent in July and 3.2 percent year-over-year, matching consensus expectations. That marked the smallest back-to-back gains in more than two years, adding to a steady wave of disinflation in recent months. Excluding the volatile food and energy components, the “core” index rose 4.7 percent year-over-year versus 4.8 percent in June. The index for shelter accounted for 90 percent of the increase, but is almost back to pre-pandemic levels and will continue to moderate after home price appreciation peaked last year.

While the recent trend is encouraging and confirms that inflation is headed in the direction the FOMC wants, it’s likely premature to get overly excited about a sustained return to the Fed’s 2 percent inflation target. The Fed’s fear is that a pause will reignite home price appreciation, exacerbate the affordability problem, and push inflation higher. Look for the Fed to leave interest rates unchanged at the next policy meeting in September, but add the caveat that the job isn’t done yet. Initial claims also moved in a direction last week to corroborate the thinking that there is some softening in the labor market, which is what the Fed expects and hopes to see. However, bond yields rose by the day’s close after the U.S. Treasury closed out this week’s auction slate with a weak $23 billion 30-year bond offering.

Today’s calendar kicked off with MBA reporting that the delinquency rate for mortgage loans on one-to-four-unit residential properties decreased to a seasonally adjusted rate of 3.37 percent of all loans outstanding at the end of the second quarter of 2023, down 19 basis points from the first quarter of 2023 and down 27 basis points from one year ago. The percentage of loans on which foreclosure actions were started in the second quarter fell by 3 basis points to 0.13 percent.

We’ve also received the July Producer Price Index, which increased .3 percent month-over-month and .8 percent years-over-year versus 0.2 percent month-over-month and 0.6 percent year-over-year expectations and both 0.1 percent month-over-month and year-over-year previously. Core PPI rose (), +2.7 year over year. The only other release scheduled for today is at 10AM ET with the preliminary August Michigan sentiment. We begin the day with Agency MBS prices worse .125-.250 from last night and the 10-year yielding 4.13 after closing yesterday at 4.08 percent.

Employment and Transitions

“Keith McKay, CEO of Prime Choice Funding, invites you to participate in reshaping the mortgage industry. Our mission for 2023 is to become the top mortgage broker in the nation. Join our team and expand your professional horizon with our diverse loan programs, flexible compensation plans, and a unique opportunity to earn extra by offering solar solutions to your clients. Backed by comprehensive marketing resources, cutting-edge platform, and robust operations support, your potential for growth is limitless. With a history dating back to 2007, Prime Choice represents stability and innovation in finance and sustainability. Register for our webinar today and explore these rewarding opportunities.”

The Maryland office of USA Mortgage has added nationally prominent Loan Officer, Sam Rosenblatt, to its roster. Rosenblatt joins William “Bill” Sohan in his venture to expand USA’s national footprint. Active in the mortgage industry since 1995, Rosenblatt was the #1 producer in units in Maryland in 2021, filing 978 closed loans valued at $338,087,603, and is among the top 50 originators in the nation. “I’m excited to join USA Mortgage because they have great loan options for my clients, state-of-the-art marketing, and cutting-edge technology that makes the mortgage process as efficient and smooth as possible”, he said. Founded in St. Louis in 2001, USA has offices in 34 states and is licensed in 49 states plus the District of Columbia. For a confidential conversation about joining USA, contact Brooke Anderson at 609-500-1520.

Switching gears, Michael Dresden, the President of Dart Appraisal, sent the sad news that Tim Laden, Dart’s Chief Appraiser, passed away. “Tim impacted so many appraisers across the country through his love for coaching and mentoring. Tim was such an asset to Dart and helped us elevate many areas of our business. We’re better because of Tim.”

In This Piece

Must-know Personal Loan Statistic Findings

Average Personal Loan Debt in America

How Many Americans Have Personal Loans?

The Most Common Reasons to Take Out a Personal Loan

Average Personal Loan Interest Rates

Personal Loan Debt Compared to Other Debts

Personal Loan Delinquency Rates

Personal Loan Statistics by State

Personal Loan Statistics by Type of Lender

Can Personal Loan Debt Affect Your Credit Score?

How much is car insurance?

Average cost of car insurance by state

Average cost of insurance by company

Average cost of insurance by age

Average cost of insurance for young drivers

Average cost of insurance by credit score

What factors affect your car insurance rate?

What’s the difference between full and minimum coverage?

FAQ

Can my driving record affect my car insurance rate?

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

Which car insurance company is the cheapest?

Does car insurance decrease annually?

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

Option 1: Copy and send this link

#1: Meridian

#2: Jackson

#3: Greenville

#4: Tupelo

#5: Horn Lake

#6: Pearl

What can a buyer do to get a lower rate?

Broker Pricing and Non-QM Products; Seminars and Conferences; Rates Higher on Producer Prices

Option 1: Copy and send this link

What is a jumbo loan?

What is the jumbo loan limit in Mississippi?

What are the requirements for a jumbo loan in Mississippi?