A survey of mortgage default servicing leaders revealed that foreclosures are expected to rise slowly during the second half of 2024, while ample amounts of home equity should keep many properties in loss mitigation from moving into foreclosure status.
Auction.com, a marketplace for distressed home sales, released its 2024 Seller Insights report on Friday. The report covers a wide variety of insights from default servicing professionals who were surveyed at the company’s annual Disposition Summit in April.
Fifty-seven percent of survey respondents expect growth of 1% to 4% in their organization’s foreclosure volumes during the latter half of this year. Ten percent expect an increase of 5% or more while another 10% anticipate a decrease of 5% or more.
“Completed foreclosure volumes have remained at about half of their 2019 levels this year thanks in large part to more robust loss mitigation options coming out of the pandemic,” Auction.com chief business officer Joe Cutrona said in the report.
Half of loans in loss-mitigation status at the time of the survey were expected to “permanently perform“ and avoid foreclosure status, Auction.com reported. This included 58% of conforming loans purchased by Fannie Mae and Freddie Mac, 49% of government-backed loans and 34% of nonagency loans.
Home equity levels also played a role in these responses as respondents estimated that the seriously delinquent loans (90 or more days past due) in their portfolio had a combined loan-to-value ratio of 65% on average.
“The home equity cushion is being creatively utilized by mortgage servicers and policymakers to help distressed homeowners avoid foreclosure,” Elan Chambers, Auction.com’s senior vice president of strategic partnerships and business development, said in the report.
Rising costs for homeowners insurance and property taxes were cited by respondents as the biggest potential risks for higher delinquency rates in 2024. These “hidden” homeownership costs led the list of risk factors, followed by rising consumer debt delinquencies, rising unemployment, commercial mortgage defaults and declining home prices.
“Although the risk of rapidly rising delinquencies in the near term remains low, there are some signs of consumer and homeowner stress emerging,” said Daren Blomquist, Auction.com’s vice president of market economics.
Default servicing professionals were also asked for their views on unemployment, mortgage rates and home prices. Respondents expected the U.S. unemployment rate to end this year at 3.6%, with mortgage rates declining to an average of 6.3%. Three in four respondents believe that home price appreciation will remain positive through 2024, while 21% anticipate a pullback of less than 5%.
“Our partners in the default servicing industry are on the frontlines of any emerging risk in the mortgage market, and we communicate regularly with them to identify those risks and build solutions of value,” Auction.com CEO Jason Allnutt said.
“Nearly halfway through the year, leaders in this industry are telling us that the risk of rapidly rising delinquencies and foreclosures this year remains low and that they expect a soft landing in the housing market and broader economy despite an expectation that mortgage rates will remain relatively high throughout the remainder of the year.”
Do you want or need to learn how to get free diapers? Diapers are one of the biggest expenses for parents, and they can last for years! The average child can go through over 5,000 diapers, so that is a lot of money. Finding ways to get free diapers can help you save money and…
Do you want or need to learn how to get free diapers?
Diapers are one of the biggest expenses for parents, and they can last for years! The average child can go through over 5,000 diapers, so that is a lot of money. Finding ways to get free diapers can help you save money and make sure your baby always has what they need. There are many options available that can make this possible.
By exploring different programs and resources, you can find free diapers for your baby. From diaper banks to local giveaways, many organizations are ready to help. It’s important to know where to look and what’s available to you so that you can save money and get more free things.
Related content:
Best Ways To Get Free Diapers
Below are the best ways to get free diapers:
1. Ask in a Buy Nothing group on Facebook
One great way to get free diapers is to ask in a Buy Nothing group on Facebook. Buy Nothing groups are local groups where people give away items they no longer need.
Join a group in your area and make a post saying you need diapers. Many parents have extra diapers their baby outgrew and would love to give them to someone who needs them. Make sure to mention the size of diapers you need because this helps others see if they have what you’re looking for. And don’t forget to check the group’s rules before posting.
Or, you can also wait to see if anyone shares that they are giving away diapers too. Many kids outgrow their diaper size or become potty-trained and no longer need diapers. I see free diapers being given away in my local Buy Nothing group all the time.
It’s that simple! These groups can be very helpful and you may find other baby items, too (like free baby clothes and toys).
2. Join rewards programs
Many diaper companies have rewards programs that can help you get free diapers.
Pampers has a rewards program called Pampers Club. By using their app, you can scan your receipts and get points for each purchase. These points can be redeemed for free diapers, baby food, toys, and more. For example, you get $0.20 Pampers Cash for every diaper code you enter and $0.05 Pampers Cash for every wipes code you enter.
Huggies also has a loyalty program. You can earn points when you buy Huggies diapers or wipes. Just take a photo of your receipt using their app, and these points can then be exchanged for free diapers and other baby items.
Other major diaper companies, like The Honest Company and Seventh Generation, also have a rewards program for purchasing their products. Signing up is usually free and can save you lots of money.
Rewards programs might also send you free samples of diapers and discounts, which can be nice to get.
I do want to mention that diaper rewards programs can take a long time to earn enough points for free diapers. So, I wouldn’t look at this method to be your only way to get free diapers – instead, it’s simply a way to save a little bit of money on diapers.
3. Sign up for diaper coupons
Getting free diapers can be as simple as signing up for diaper coupons. Many diaper companies, like Pampers, have special promotions and deals for joining their mailing lists or clubs, and you can get coupons sent right to your inbox.
Having these coupons can cut down on the cost of diapers. Some companies even give free samples along with their coupons.
To get started with this, simply go to your favorite diaper brands’ websites and look for any sign-up options.
Related to this: Don’t forget to browse coupon websites. They sometimes collect deals and coupons from various diaper and baby brands in one place, so that you can see who currently has the best diaper deals. This makes it easier for you to find what you need without having to visit multiple websites.
4. Use cash back apps
Cash back apps can help you save money on diapers. These apps give you a percentage of your money back on purchases. Apps like Ibotta, Rakuten, and Fetch Rewards tend to have deals on baby products. You can use these apps to buy diapers and earn money back.
For example, I just logged into my Ibotta account to see what diaper deals they currently have. These are constantly changing, but right now you can get $6.00 on Huggies, $3.00 back on Luvs Diapers, $3.00 back on Pampers Swaddlers, $2.00 back on baby wipes, and more.
Fetch Rewards currently has diaper deals too, such as earning 2,000 points for buying Luvs Diapers.
These diaper deals are easy to get. First, download the app and create an account. Then, browse the deals for diapers. When you find a deal, follow the app’s instructions to activate it before you shop, and make sure to save your receipt.
After buying the diapers, upload your receipt to the app. The app’s system will check your purchase and add the cash back to your account. You can accumulate money over time and transfer it to your bank or use it for more purchases.
What’s great about cash back apps is that strategy can be stacked so that you can earn even more points and free diapers. For example, you can use both Ibotta and Fetch Rewards at the same time for the same box of diapers, and you can even scan those same diaper boxes to add them to any diaper rewards programs you’re a part of too (such as Pampers Club and Huggies Rewards).
5. Follow diaper brands on social media
Diaper brands sometimes give away free samples and coupons through their social media pages. If you follow them, you can be among the first to know about these offers.
Brands also share special promotions and discounts on their social media. By keeping an eye on their posts, you can grab these deals before they expire.
This isn’t exactly the best way to get free diapers (I like many of the others on this list more), but it is a possible way to get free diapers.
6. Check online marketplaces
You can find free diapers on online marketplaces. Sites like Craigslist, Facebook Marketplace, and Freecycle tend to have people giving away baby items they no longer need.
Search in the “free” section or post your own request for diapers. Many parents are happy to pass on extras rather than throw them away.
I also recommend joining parenting Facebook groups. You can find them by searching “your town name + parents” or something similar, or even just asking other parents you know. Even the smallest towns have these, so there is a good chance yours does too. Members tend to share tips on where to get free diapers or may even have some to give away. For example, I am a part of a parenting group in my local area, and free diapers are given away at least a few times a week by parents whose child outgrew them.
Of course, you’ll want to be careful when meeting strangers for free diaper pickups. Always choose public places and, if possible, bring a friend with you for safety. Check the condition of the diapers to make sure they are still usable.
7. Visit local diaper banks
Local diaper banks are a valuable resource for families in need. These organizations collect and distribute free diapers to families who can’t afford them.
Diaper banks often have partnerships with community centers, churches, and other local organizations. They can help connect you with additional resources to support your family.
Always call ahead to check the hours and requirements of the diaper banks. Some may need proof of income or residency, so bring any necessary documents with you.
8. Join parenting forums
Joining parenting forums is a great way to find free diapers (such as the What To Expect forum). These online communities are full of parents sharing tips and resources. Some forums have threads dedicated to diaper giveaways and swaps.
On these forums, you can also learn about local diaper banks and other community resources. Parents share details and experiences, helping you find the best options so that you can save money and time.
9. Apply for government assistance
If you need diapers for your baby, government programs can help.
One way is through the Temporary Assistance for Needy Families (TANF) program. Some states also give diaper allowances too.
For example, California’s CalWORKs program provides diapers to certain families who qualify. Washington State also has a diaper allowance for families getting TANF.
10. National Diaper Bank Network
The National Diaper Bank Network (NDBN) can be a big help if you need free diapers. They work with over 225 community-based diaper banks across the U.S. These diaper banks collect, store, and give out free diapers to families who are struggling.
To find a diaper bank near you, visit their website at NationalDiaperBankNetwork.org. They connect families to resources that help provide diapers and other baby necessities. This can be a lifesaver if you’re having trouble buying diapers for your child.
If you need help quickly, you can call 2-1-1. Specialists are available 24/7 and can help you find local resources, including diaper banks. They can also guide you toward other basic needs, like food and housing support.
11. Reach out to nonprofit organized playgroups near you
Nonprofit local playgroups have more than just fun activities for kids. Many also provide essential items like diapers to families in need.
I am a part of two local playgroups, and they both constantly have diaper drives and are giving out diapers. While I am personally not in need of free diapers, I do know how helpful these types of groups are for our children and families. For the playgroup that I am in, you can simply put in a request for diapers and someone will contact you right away about your options.
You can start by searching for playgroups in your area, asking around in local Facebook groups, or talking to other parents in your neighborhood. You might find listings online or through community centers too.
When you contact these groups, ask if they have any diaper assistance programs. Some playgroups partner with charities to distribute free diapers to families who need them.
Joining one of these playgroups has other benefits too. Your child will get to socialize and play, and you might make some new friends with other parents. It’s a win-win!
12. Add diapers to your registry
Adding diapers to your baby registry is a smart move. You can get a good supply of diapers at your baby shower.
You could also ask for different sizes as babies grow quickly, so having different sizes will help you be prepared.
You can also create a diaper fund. Friends and family can contribute money so you can buy diapers as needed.
I have even seen a new trend lately where people have a raffle at their baby shower for a new TV or something else that is expensive. For each box that a guest brings, they are given one raffle ticket. I’ve seen some parents get a TON of free diaper boxes this way!
13. Reach out to parenting nonprofits near you
Parenting nonprofits are a great resource for getting free diapers. These organizations often provide supplies to families in need.
Nonprofits like Help a Mother Out and Baby2Baby work to increase access to diapers and other baby essentials.
Finding these nonprofits in your area is simple. Try searching online or asking for recommendations from local community centers or hospitals.
14. Contact nonprofit organizations
Nonprofit organizations that aren’t related to babies can be a great resource for getting free diapers too. They sometimes distribute diapers to families in need.
This can include local churches, food banks and food pantries, the Salvation Army, and shelters.
15. Use cloth diapers
Cloth diapers are a great way to save money. They can be reused many times, which means you don’t have to keep buying new ones.
There are many types of cloth diapers. Some have inserts you take out and wash separately. Others come as one piece. Find what’s easiest for you.
Using cloth diapers might seem like more work. However, they can save you thousands of dollars over time. Plus, they are better for the environment since they reduce waste.
Frequently Asked Questions
There are many ways to get free diapers. Some programs provide them for low-income families, while others give samples or help through government services. Here are answers to common questions about how to get free diapers.
What programs give free diapers to low-income families?
Many states have diaper programs for families in need. Reaching out to programs like TANF, diaper banks, and local nonprofits can be a good way to get free diapers for low-income families.
How can I get free diaper samples sent to my home?
You can get free samples by reaching out to diaper manufacturers. Many companies, like Pampers and Huggies, send free samples if you join their rewards programs or sign up for their newsletters.
How to get free diapers from the government?
Some government programs, like TANF, give diaper support. Specific states, such as California and Washington, have allowances for families with young children. Check with your local social services office to learn more.
Can I get help with diapers through the WIC program?
The WIC program mainly focuses on providing nutritious food (like baby formula and other grocery items) to low-income families. It does not usually cover diapers. However, some local WIC offices might be able to share information with you on nearby organizations that can give you diaper assistance. Also, unfortunately, you cannot use the Supplemental Nutrition Assistance Program (SNAP) for free diapers either.
How to get Pampers for free?
Sign up for Pampers’ rewards program and follow them on social media. They sometimes have promotions and giveaways where you can earn points that can be redeemed for free diapers.
Does Huggies send free samples?
Yes, Huggies offers free samples. Join the Huggies Rewards program and keep an eye on their social media for any sampling events or promotions. If you sign up for any baby boxes while you’re pregnant, there are typically a few free Huggies diapers as well.
What can be used instead of diapers?
If you’re out of diapers, cloth diapers can be a good alternative.
How To Get Free Diapers – Summary
I hope you enjoyed this article on how to get free diapers.
As you can see, there are many ways to get free diapers. No matter the quantity of diapers that you need, you may be able to get help affording diapers.
What do you think is the best way to get free diapers?
Looking for second job ideas to increase your income? You’re not alone. Many people look for side gigs to help pay bills, save for big purchases, or simply have extra spending money. Finding the right second job and making extra income can make a big difference in your financial life. With so many options available,…
Looking for second job ideas to increase your income? You’re not alone. Many people look for side gigs to help pay bills, save for big purchases, or simply have extra spending money.
Finding the right second job and making extra income can make a big difference in your financial life. With so many options available, there’s likely something that fits your skills and schedule. Whether you want a job you can do from home or one that gets you out and about, there’s a side job out there for you.
For me, I was able to find a second job and it completely changed my life. In fact, it’s how I paid off my $40,000 in student loans in just 7 months. Making extra money also helped me to stop living paycheck to paycheck and to save more money!
Best Second Job Ideas
Below are the best second job ideas:
1. Blogger
Blogging used to be my side hustle and it is now my full-time job where I have earned over $5,000,000 over the years.
I started Making Sense of Cents just as a hobby, and it eventually turned into my second job. I didn’t know that blogs could make money or that it could become my full-time job. I didn’t even understand what a blog was or how it worked.
Starting a blog can be a great way to earn extra income. You can write about topics you are passionate about, such as travel, food, or personal finance. The best part is that you have the freedom to work on your blog whenever you have free time.
For me, it was a great second job because I could work on my blog before I went to my day job, during my lunch break, after I got home from work, and on the weekends. You get to make your own schedule, so that is a huge plus!
You can learn more about how to begin in my free How To Start a Blog Course here.
Here’s a quick outline of what you will learn:
Day 1: Reasons you should start a blog
Day 2: How to choose what to blog about
Day 3: How to create your blog (you’ll learn how to start a blog on WordPress)
Day 4: How to make money blogging
Day 5: My tips for making passive income from blogging
Day 6: How to grow your traffic and followers
Day 7: Extra blogging tips to help you be successful
2. Proofreader
Being a proofreader is a great second job idea. It’s perfect if you love reading and have a good eye for catching mistakes. You get to find errors in spelling, grammar, and punctuation.
You can work from home as a proofreader. Many companies and websites offer remote proofreading jobs. Some popular platforms include Upwork, FlexJobs, and Scribendi.
You might proofread books, articles, or even student papers. The work can be flexible, letting you choose when to work. This makes it easy to fit into a busy schedule.
Proofreaders can earn a decent amount of money. Some jobs pay by the hour, while others pay by the project. According to some sources, full-time proofreaders can make around $50,000 per year. Even if you don’t work full-time, you can still make a good side income.
I personally have a proofreader for my blog, and I know many others who have proofreaders for their businesses as well. It’s a very much-needed and in-demand job.
You can learn more at How To Start A Proofreading Business And Make $4,000+ Monthly.
10
This free training teaches you how to start a proofreading side hustle (and how to earn $1,000+ per month!), even if you are brand new and don’t have any previous proofreading experience.
3. Take online surveys
Taking online surveys can be a simple way to earn extra money in your spare time. Companies want to know what you think about their products, services, or marketing campaigns.
Many websites offer paid surveys. You can sign up for these sites and start taking surveys right away. Each survey usually takes a few minutes to complete.
You might earn anywhere from $0.50 to $5 per survey, depending on the length and complexity.
The survey companies I recommend signing up for include:
American Consumer Opinion
Survey Junkie
Swagbucks
InboxDollars
Branded Surveys
Prime Opinion
Five Surveys
PrizeRebel
Pinecone Research
Online surveys can be done from anywhere with an internet connection, making it easy to fit around your other commitments. Just remember, while this can add up over time, you will not make a full-time income from just taking surveys.
I have taken many, many surveys over the years, and what I like about them is that you can do them on your own schedule – in the mornings, during your lunch break, before you go to bed – whenever. There is no strict schedule and they are super easy to do.
4. Dog walker or pet sitter
Becoming a dog walker or pet sitter is a great way to make extra money. You can set your own schedule and enjoy spending time with furry friends. Plus, many people need reliable pet care (I have personally found it hard to find a good dog sitter in the past, so I personally know that there is a lot of demand for this second job!), so there are plenty of opportunities.
Using dog walking apps like Rover, you can easily find clients. These platforms connect you with pet owners in your area. Depending on how much time you invest, you could potentially earn between $400 and $1,000 a month.
When I have had dog sitters in the past, I was paying around $100 a day for my two dogs to be watched in the person’s home. So, a 10-day trip earned the person $1,000.
Taking care of animals can also be very rewarding. You get to exercise while walking dogs and enjoy the company of pets. It’s a job that keeps you active and can be a lot of fun if you love animals.
No special skills are needed, but being responsible and loving pets is important. You must be punctual and trustworthy since pet owners rely on you to take care of their animals.
My mother-in-law as well as my sister are both dog walkers and pet sitters and enjoy what they do.
5. Virtual assistant
Being a virtual assistant is a great second job idea. You can help businesses and professionals with tasks like managing emails, scheduling appointments, and handling social media. This role tends to have flexible hours, making it easier to fit into your schedule.
One of my first side jobs was working as a virtual assistant. It was a fun and flexible way to earn extra money. There are many kinds of virtual assistant jobs. The money I made helped me pay off my student loans quickly, stop living paycheck to paycheck, and become my own boss. I think it’s a great way to make money, whether you want a part-time or full-time job.
Starting as a virtual assistant can be easy. Websites like Upwork, FlexJobs, and Indeed have listings for virtual assistant jobs. You just have to set up a profile and start applying. For me, I also let my friends and those in my industry know that I was growing my virtual assistant business, and that helped me find jobs as well.
A virtual assistant’s tasks can include:
Managing social media accounts
Scheduling travel and appointments
Managing email inboxes
Organizing events
Communicating with clients
Ordering supplies
Managing calendars
Handling logistics
Coordinating Zoom calls
Moderating online forums
Running personal errands
Answering customer service questions
Performing data entry
Managing websites
Creating presentations
Sending invoices
Now, one virtual assistant most likely won’t do all of these tasks – it simply depends on what the company or person is looking for.
Learn more at Best Ways To Find Virtual Assistant Jobs.
6. Graphic designer
You can make extra money as a graphic designer, and this can be a good second job idea if you want to work from home. A graphic designer is what you think – they design different kinds of graphics.
One way is to create design templates. These can be for websites, social media, or even printable designs. You can sell these templates online and get paid each time someone buys them.
Another option is freelance work. You can sell services like logo design, branding, or social media graphics, and you can find clients on sites like Upwork or Fiverr.
7. Social media manager
Social media managers handle different social media platforms for businesses.
Your job can include creating content, posting updates, and responding to followers. You might also need to analyze data to see what posts are doing well and which ones are not.
They work for one company or multiple clients. It’s important to have good communication skills and a creative mindset. Some social media managers also do graphic design or video editing for their social media posts.
Being a social media manager can be fun and flexible. You can usually work from home and set your own hours. This control and flexibility make it an excellent job for people looking to earn extra income on their own terms.
For me, I have been a social media manager in the past as a second job. It was great as a flexible side hustle!
8. Online tutor
If you enjoy teaching and have a strong understanding of a subject, you can try finding online tutoring jobs. Online tutoring lets you share your skills and help students from anywhere, and you can tutor kids in math, science, and reading, or even help them prepare for tests like the SAT or ACT.
Platforms like Wyzant and Tutor.com connect you with students looking for help. You create a profile, list your skills, and set your rates. Most tutors charge between $30 and $60 per hour. Teaching English as a second language is also a popular option. Many companies need English tutors to teach students abroad.
Online tutoring is flexible because you can choose your own hours and work from home. This makes it easy to fit around your teaching job or other responsibilities. Some tutors even make up to $1000 a week by dedicating just a few hours each day.
9. Bookkeeper
Becoming a bookkeeper is a great second job, and it can typically be done from home.
Bookkeepers keep track of financial records for businesses. This could include recording transactions, managing payroll, and preparing financial reports.
You don’t need a special certification to become a bookkeeper, making it easier to start.
The best part is that you can do this job from anywhere with just a laptop and some software. This flexibility means you can work from home or even when you’re traveling.
Since bookkeeping services are always in demand, you can find clients easily. This can be a very profitable side hustle. Some bookkeepers even charge $60 an hour or more.
Learn more at How To Find Online Bookkeeping Jobs.
10
This free training will teach you what you need to know to become a virtual bookkeeper and make money from home.
10. Freelance writer
Working as a freelance writer is a great way to make extra money.
Freelance writers are self-employed and work for magazines, blogs, websites, companies, and more. A lot of what you read online today is written by a freelance writer.
I have been a freelance writer for many years, and I really enjoy it. I have written for many different websites and companies, and I make good money doing so.
You can write from home, at your own pace, and choose projects that interest you. Many companies need blog posts, articles, web content, and social media posts.
11. Photography
Getting paid to take pictures is a popular second job idea.
What’s great is that there are many ways to get paid for photography, such as:
Stock photos – Stock image websites are popular places for photographers to sell their pictures. These sites let customers buy royalty-free photos for personal or business use. Websites, TV shows, books, social media accounts, and more use stock photos all the time. Some popular stock photo websites are Shutterstock, iStock by Getty Images, Adobe Stock, and Dreamstime.
Portraits and event photos – As a photographer, you can focus on taking portraits and event photos. This area is in high demand, especially for weddings, elopements, birthdays, and corporate events.
Post pictures on Instagram or Facebook – Social media platforms like Instagram are great for sharing your pictures and gaining followers. Many people make a full-time income from their Instagram accounts. They do this through sponsored partnerships with companies, affiliate marketing, and selling their own products.
12. Personal trainer
Becoming a personal trainer is a great second job idea. You can help people get in shape while earning extra money.
You can work at a gym or do private sessions at clients’ homes. Some trainers also provide online coaching, which gives you more flexibility.
Personal trainers sometimes create workout plans tailored to each client’s needs. They might also give advice on nutrition, and this way, they can help clients with both exercise and diet for better results.
Personal training can be done part-time, which makes it a good fit if you have another job. Many people want training in the mornings, evenings, or weekends.
13. Etsy seller
Starting an Etsy shop can be a fun and rewarding second job. If you enjoy crafting or creating handmade items, this might be perfect for you. Etsy is a popular online marketplace where you can sell unique products.
There are many things you can sell on Etsy, such as:
Etsy can be a great way to turn your hobbies into extra income.
You can learn more at How To Sell On Etsy Successfully: A Beginner’s Guide.
Do you want to make money selling printables online? This free training will give you great ideas on what you can sell, how to get started, the costs, and how to make sales.
14. Babysitter
Babysitting is a great way to earn extra money. You can choose your own hours, making it easy to fit it around your main job or school.
Parents always need trustworthy people to watch their kids, and they might need help for an evening out or during the day if they work long hours.
As a babysitter, you can earn around $15 to $25+ per hour, depending on your experience and location. Some families might even pay more if you have special skills, like CPR training or if you are watching multiple children.
You can find babysitting jobs through local community boards, babysitting apps, or word of mouth. Sometimes, friends or family might also need help.
15. Delivery driver
A delivery driver job is one of the most popular side hustle ideas. You don’t need a lot of experience to get started, and all you need is a vehicle and a driver’s license. Many services, like DoorDash, Uber Eats, and Instacart, let you choose your own hours. This flexibility is perfect if you have a busy schedule.
You can deliver different items depending on the service you work for. Some companies focus on food delivery, while others may deliver groceries or packages.
The pay can vary based on where you live and how much you work. Some drivers make around $15 to $25 per hour including tips.
16. Bartender
Bartending is a flexible and fun second job. You can work at bars, restaurants, or special events like weddings.
Some bartender jobs don’t require a lot of experience. You usually have to start as a barback, helping with stocking and cleaning, then learn to make drinks. Then, you may be able to move up and find a part-time job as a bartender.
17. Transcriptionist
Being a transcriptionist can be a great second job. Transcriptionists listen to audio recordings and type out what they hear. It’s a simple job and doesn’t require a lot of training.
You can do this job from home and all you need is a computer and good internet. This makes it a flexible option where you can work on transcriptions during your free time or on weekends.
There are usually some requirements. Many places want you to type fast and accurately. For others, you might need to pass a background check or transcription tests.
You can learn more at 18 Best Online Transcription Jobs For Beginners To Make $2,000 Monthly.
10
In this free training, you will learn what transcription is, why it’s a highly in-demand skill, who hires transcriptionists, how to become a transcriptionist, and more.
18. Rent your extra space
Do you have an extra room, basement, or garage? Renting out your extra space can be a great way to earn some extra cash each month passively.
You can list your spare room on websites like Airbnb or Vrbo if it’s a room or apartment.
If you have a garage or storage space, you can rent it out for storage. Websites like Neighbor allow people to find storage options nearby.
Before you start, check local laws and regulations. Some areas have rules about renting out space, so it’s important to be informed.
19. Handyperson
Being a handyperson can be a great way to make extra money. You can help people fix things around their homes, such as fixing leaky faucets, repairing doors, or assembling furniture.
You don’t need fancy tools for many jobs, just a good set of basic tools.
Many people need small repairs done but don’t have the skills or time. That’s where you come in. You can find clients through local ads, word of mouth, or online platforms like Taskrabbit.
Working as a handyperson has flexibility too and you can choose jobs that fit your schedule.
20. Rideshare driver
Apps like Uber and Lyft allow you to drive people around and get paid for it.
One of the best parts about driving for rideshare apps is the flexibility. You can set your own hours and work whenever you want.
Most rideshare companies have an easy sign-up process. They usually require a background check, a valid driver’s license, and a car that meets their standards. Once approved, you can start accepting rides and earning money.
The earnings vary depending on your location, the time of day, and how many hours you drive. Some drivers make a nice side income by working during peak hours when rates are higher.
21. Restaurant server
Being a restaurant server can be a great way to earn extra money and is popular for evening second jobs. Many restaurants have flexible hours, which is perfect if you need to juggle another job or school.
Servers often get tips, so your income can vary day to day. Some nights are busier and can bring in more money.
22. Clean houses
Cleaning houses is a good way to earn extra money with a second job. You can work on the weekends or after your regular job.
Plus, you can choose your clients and set your own hours.
To get started, all you need are basic cleaning supplies. You can sell your services to friends and family first. Word-of-mouth is powerful, and you might get more clients through recommendations.
23. Write book reviews
If you enjoy reading and sharing your thoughts about books, you can earn money by writing book reviews. Authors and publishers value your honest opinions because they help other readers decide what to read next. Readers also enjoy reading these reviews, making it helpful for everyone involved.
Here are some websites where you can earn money by writing book reviews:
OnlineBookClub.org – They provide free books at first. After your first review, you can earn cash for each review you write, typically between $5 and $60.
Kirkus Media – They look for reviewers for both English and Spanish books, especially for the Kirkus Indie section. Reviews are around 350 words and due two weeks after the book assignment. They cover all genres, with over 10,000 books reviewed annually.
Upwork – Create a profile and set yourself up as a book reviewer. This freelance platform allows you to set your own rates, with book reviewing rates ranging from $15 to $75 per hour.
The US Review of Books – They hire freelance writers for 250- to 300-word reviews that go beyond summary to provide insights into the book. Applicants need to submit a resume, writing samples, and references.
Reedsy Discovery – Review books before they are published and earn through tips from readers, typically ranging from $1 to $5 per review. It’s a way to influence which books gain popularity early on.
Other opportunities – Websites like Booklist (pays $15 per review, focused on short reviews for libraries), BookBrowse, Women’s Review of Books, and Publishers Weekly also pay for book reviews and are actively looking for new reviewers.
You can learn more at 16 Best Ways To Get Paid To Read Books.
24. Mow lawns
Mowing lawns can be a great second job. It’s simple, flexible, and very profitable.
You can start with not a lot of money too. For example, if you already have a lawn mower, you’re ready to go, and you can start by seeing if anyone in your neighborhood needs their lawn mowed.
Pricing your services depends on the size of the lawn and the complexity of the job. Some lawns might be easy and quick, others might take more time. Many people charge between $40 and $50+ per lawn.
Frequently Asked Questions
When looking for second job ideas, it’s important to find something that fits your schedule and goals. Here are answers to some common questions about picking the best side gig and managing two jobs.
What is the best 2nd job to have?
The best second job depends on your interests and skills. Some popular side hustle ideas include blogging, proofreading, taking online surveys, dog walking or pet sitting, and being a virtual assistant. These jobs have flexibility and can often be done from home.
What are some good jobs I can do at night after my day job?
Jobs you can do at night include customer service representative, security guard, bartender, or freelance work like writing and graphic design. These jobs usually have evening shifts or can be done remotely, fitting in well with a daytime schedule.
What are some good second jobs at night from home?
If you want to learn how to make extra income while working full-time, then my favorite way is to find good second jobs that you can work at night from home. This way, you don’t have a commute and it won’t interfere with your day job. Some good evening jobs from home include blogging, taking surveys, proofreading, bookkeeping, writing book reviews, and transcribing.
How can I make an extra $1000 a month?
To make an extra $1000 a month, you may want to try freelance writing, virtual assistant work, or becoming a part-time tutor. These jobs can pay well and offer flexible hours, allowing you to work around your primary job.
How can I make an extra $2000 a month?
Earning an extra $2000 a month may require a higher-paying side gig. Options include freelance web development, consulting, or starting a small business like dropshipping. These jobs can have higher earnings but may require more specialized skills or time investment.
How to get a second job with a 9-5?
You can get a second job with a nine-to-five by looking for evening or weekend positions and looking for jobs with flexible hours such as bartending, retail cashier, or working as a rideshare driver. Online jobs like tutoring or freelancing can also have nice flexibility to work after your main job.
What is the highest paying side hustle?
The highest-paying side hustles can include freelancing in tech fields like software development, graphic design, or consulting. Real estate investment, if you have the money to start investing, can also be very high paying.
Do you get taxed more if you have two jobs?
Having two jobs can put you in a higher tax bracket, meaning you might pay more in taxes. It’s important to understand how this affects your overall earnings. I recommend talking with a tax professional to talk about your tax situation and to make sure that you aren’t overpaying (or underpaying!).
How will my employer know if I have a second job?
Your employer may know if you have a second job if it affects your primary job performance or if you disclose it. Some employers also run social media checks to see if they can learn anything about you that may hurt their business. You may want to check your employment contract if you are worried, as some employers may have clauses about working multiple jobs.
Is having two jobs worth it?
Having two jobs can be worth it if you need extra income for savings, paying off debt, or reaching financial goals. It requires good time management and can be tiring, but many find the financial benefits to be rewarding. For me, I found having more than one job well worth it because it allowed me to pay off my student loan debt quickly, save more money, and pursue my passions.
Second Job Ideas – Summary
I hope you enjoyed this article on the best second job ideas.
As you can see, there are many popular second job ideas that may interest you. From online jobs like blogging, proofreading, and bookkeeping to in-person jobs like personal training, delivery, restaurant jobs, and more, there are many ways to make extra money so that you can reach your goals.
If you need a second job while working full-time, you are not alone. Many people are in your shoes. I recommend finding something that best fits your schedule and is at least somewhat flexible so that you aren’t making yourself too tired.
For me, I have had many side jobs. One thing that has always helped me is to make sure that it would fit with my day job and be flexible – because my day job did come first. Plus, I didn’t want to waste more time than I would need to by commuting back and forth or doing things that weren’t needed.
97% of consumers search for local businesses online, and 78% of marketers report that digital marketing significantly increases business revenue. If you’re not leveraging digital marketing in today’s mortgage landscape, you’re missing out on a significant opportunity.
In our fast-paced, technology-driven world, digital marketing has become an essential competitive advantage for mortgage loan officers (MLOs) using the right tools. With the industry facing high interest rates and inventory shortages, reaching borrowers first and maintaining visibility with past clients and real estate partners is imperative.
The current landscape
According to HousingWire, the real estate market is grappling with high interest rates and limited inventory, creating a challenging environment for mortgage lenders and loan officers. The current state of the market underscores the importance of staying ahead of the competition through effective digital marketing strategies. By leveraging digital channels, MLOs can effectively target and engage potential clients, ensuring they remain visible and relevant.
Why it’s complicated
The mortgage industry has been traditionally slow to adopt new technologies. Many MLOs still rely on outdated marketing methods that are less effective and more costly. Additionally, the rapid pace of technological advancements means that staying up-to-date with the latest digital marketing trends, tools, and associated regulations can be daunting for those not well-versed in the field. HousingWire highlights that embracing digital transformation is no longer optional but essential for survival and growth in the current market.
Key questions to consider
What is digital marketing, and how can it benefit mortgage companies and LOs?
How can mortgage companies effectively utilize paid and non-paid digital channels?
What are the cost benefits of digital marketing compared to traditional methods?
How can digital marketing improve referral generation from real estate agents?
What are the advantages of automation and compliance in digital marketing?
Answers to these questions
1. What is digital marketing?
Digital marketing includes all marketing efforts that leverage digital channels like websites, social media, email, other channels to connect with current and prospective customers. The goal is to meet customers where they spend most of their time: online. Digital marketing enables highly targeted, measurable, and cost-effective campaigns, providing a more personalized and engaging customer experience while driving revenue.
2. How can mortgage companies utilize digital channels?
Digital marketing occurs across various channels, categorized into paid and non-paid efforts:
Paid digital marketing:
PPC/Paid search: Mortgage companies can place ads on search engines like Google, targeting keywords relevant to their services. Each time a user clicks on these ads, the company pays, driving high-intent traffic to their website and increasing the chances of lead conversion. This method ensures immediate visibility for competitive keywords, attracting potential clients actively searching for mortgage solutions.
Paid social: By promoting posts or running ads on platforms such as Facebook, Instagram, and LinkedIn, mortgage companies can reach a wider audience. These ads can be tailored to specific demographics, ensuring that the content resonates with potential homebuyers and refinancers. This targeted approach maximizes ad spend efficiency, enhancing engagement and driving more qualified leads to the company’s offerings.
Both Paid Search and Paid Social offer the ability to segment your audience based on numerous factors. This includes demographics such as age, gender, and location, as well as more specific criteria like interests, online behaviors, and purchasing history. By utilizing these segmentation capabilities, mortgage companies can create highly targeted campaigns that reach the most relevant audience, ensuring that their advertising efforts are efficient and effective. This precision targeting helps in maximizing ROI by delivering personalized messages to those most likely to convert, thereby enhancing lead quality and driving higher engagement rates.
Non-paid digital marketing:
Organic search: Optimizing website content with relevant keywords and quality backlinks helps mortgage companies improve their rankings on search engine results pages (SERPs). Higher organic rankings increase visibility and attract more traffic without the ongoing costs associated with paid advertising. This sustainable strategy builds long-term online presence, making it easier for potential clients to find the company organically. However, this strategy takes quite a long time to generate meaningful results.
Web content: Maintaining a blog, updating website content, and participating in online reviews and affiliate marketing helps build authority and trust. Engaging and informative content can attract potential clients, providing valuable information and establishing the company as a thought leader in the mortgage industry. Consistently producing high-quality content also supports optimization efforts, driving organic traffic and enhancing brand credibility.
Email marketing: Sending personalized and targeted emails to potential and existing customers is an effective way for mortgage companies to nurture leads and maintain relationships. Regular updates, newsletters, and promotional offers can keep your audience engaged and encourage them to choose your company for their mortgage needs. Email marketing also allows for segmentation and personalization, increasing the relevance and impact of each message.
Social media: Creating and sharing relevant content on platforms like Facebook, Twitter, and Instagram helps mortgage companies engage with their audience organically. Regular posts, community interactions, and leveraging user-generated content can build a loyal following and enhance brand visibility without direct advertising costs. Social media also provides a platform for real-time communication, allowing companies to address inquiries and build stronger customer relationships.
When it comes to performance differences between Paid Digital and Non-paid Digital, leads generated from Paid Digital convert at nearly 3.4X compared to those generated from Non-Paid Digital and lead to at least an 80% increase in brand awareness according to data from Unbounce.
3. Cost benefits of digital marketing
Traditional lead generation methods often result in high costs per lead, burdening mortgage companies with significant expenses for acquiring new clients. Digital marketing offers a cost-effective solution by enabling precise targeting of specific demographics and optimizing ad spend to ensure maximum impact. This approach not only reduces overall costs but also increases the efficiency of marketing campaigns by reaching potential clients who are most likely to convert.
Research by Evocalize shows that self-generated leads are at least 300% less expensive than purchased leads, providing substantial savings for mortgage companies. By generating their own leads, companies can maintain greater control over their brand and messaging, ensuring consistency and compliance with industry regulations. This strategic shift towards digital marketing allows businesses to allocate their resources more effectively, ultimately driving better financial outcomes.
4. Improving referral generation
Capturing referral business from real estate agents is a common challenge for mortgage companies, often requiring significant time and effort to build and maintain relationships. Digital marketing bridges this gap by facilitating better integration with existing tools and creating co-marketing opportunities with real estate professionals. By leveraging digital channels, mortgage companies can enhance their collaboration with agents, resulting in a more streamlined and efficient referral process.
This synergy not only helps generate high-quality referrals but also strengthens partnerships with real estate agents, fostering long-term relationships that benefit both parties. Through joint digital marketing efforts, such as shared content and co-branded campaigns, mortgage companies can expand their reach and tap into the agent’s network, thereby increasing the potential for new business and reinforcing their market presence.
5. Advantages of automation and compliance
Digital marketing is inherently more efficient than traditional methods, thanks to the power of automation tools that manage campaigns, track performance, and adjust strategies in real-time. These tools ensure optimal results with minimal manual intervention, allowing mortgage companies to focus on strategic initiatives rather than day-to-day campaign management. Automation also facilitates precise targeting and personalization, enhancing the effectiveness of marketing efforts.
Additionally, platforms with built-in compliance features safeguard campaigns against potential legal issues, a critical aspect highlighted by HousingWire. Compliance with industry regulations, such as the recent FCC lead generation rules, is essential for avoiding costly penalties and maintaining consumer trust. By utilizing digital marketing platforms that incorporate compliance mechanisms, mortgage companies can ensure their campaigns adhere to legal standards, mitigating risks and promoting a trustworthy brand image.
Digital marketing doesn’t have to be hard, even if you aren’t a marketing pro
Digital marketing might seem daunting, especially if you don’t consider yourself a marketing expert. However, with the right tools, it can be straightforward and highly effective. Here are key features to look for in digital marketing tools that make the process easier and more impactful:
Powerful, flexible automation: Choose tools that offer automation capabilities allowing you to harness your business data effectively. Automation can streamline your marketing efforts, making them more efficient and less time-consuming.
Built-in regulatory compliance: Ensuring compliance with industry regulations is critical. Look for platforms that have built-in compliance features to safeguard your campaigns against potential legal issues.
Effective co-marketing with real estate agents: The ability to seamlessly co-market with real estate agents can significantly enhance your business. Choose tools that facilitate this collaboration effortlessly.
Hyperlocal marketing: Staying relevant in your borrower’s community is crucial. Opt for solutions that allow you to localize your marketing efforts, ensuring your campaigns are tailored to resonate with local audiences.
Flexible budgets, campaign types, and durations: Flexibility is key in digital marketing. Select platforms that offer a variety of budget options, campaign types, and durations, enabling you to adapt quickly to changing market conditions and business needs.
Investing in digital marketing doesn’t have to be complicated or intimidating. By leveraging tools that simplify and enhance your marketing efforts, mortgage companies and LOs can stay competitive, generate leads, and grow their business efficiently.
Conclusion
The mortgage industry’s landscape is increasingly digital, and the need for effective digital marketing has never been greater. Brokerages and loan officers must embrace these strategies to reach a broader audience, reduce costs, enhance customer experiences, and stay competitive. Investing in digital marketing is not just about keeping up with the times; it’s about securing a prosperous future in the mortgage industry, even through tough markets. Embrace digital marketing now to ensure sustained growth and success well into the future.
Sources:
Justin Ulrich is the VP of Marketing at Evocalize.
This column does not necessarily reflect the opinion of HousingWire’s editorial department and its owners.
To contact the editor responsible for this piece: [email protected]
MyTyles, a leader in innovative tile designs and home decor, announces the launch of its exclusive new collection tailored to meet the evolving tastes of modern homeowners. With a keen understanding of contemporary consumer behavior and segment values, MyTyles continues to set industry benchmarks with its unique, high-quality tile offerings. Shaping modern homes with unique tile designs MyTyles has consistently been at the forefront of design innovation in the tile industry, catering to a generation that values uniqueness and sophistication in home decor.The company’s new collection, featuring rustic finish tiles, Terrazzo, Brick Cladding, and Natural Stone Cladding, is poised to redefine home aesthetics. Each tile is crafted precisely, reflecting the brand’s commitment to quality and style. “Our customers are not just looking for tiles; they are seeking an expression of their individuality and taste. The current generation of homeowners has excellent taste. They want something unique and unusual. Rustic finish tiles and minimal styles are our best sellers in every category. Introducing designs like Terrazzo, Brick Cladding, and Natural Stone Cladding has made quite a mark,” says Biren Agrawalla, Founder at MyTyles. Embracing consumer trends and values The home improvement industry constantly evolves, with consumers’ tastes and preferences changing rapidly. MyTyles is at the forefront of this dynamic market, continually adapting its offerings to meet the ever-changing demands. By keeping a finger on the pulse of industry trends and consumer feedback, the company ensures that it remains a top choice for those looking to enhance their living spaces with beautiful and functional tile solutions. “Our new collection is inspired by a deep understanding of what today’s homeowners are looking for- distinctive, high-quality designs that make a statement,” adds Biren. “We’ve seen a growing demand for styles that combine traditional craftsmanship with modern aesthetics, and our latest offerings are a testament to that trend,“he further added. A comprehensive product portfolio MyTyles’s extensive product portfolio includes a variety of tiles designed to meet the needs of different spaces and preferences. Key highlights include:
Rustic finish tiles: Perfect for those who appreciate a vintage look, these tiles add a timeless appeal to any space.
Terrazzo tiles: Known for their durability and distinctive speckled design, Terrazzo tiles are making a strong comeback in modern interiors.
Brick cladding: Offering a rustic charm, brick cladding is ideal for accent walls and exterior facades.
Natural stone cladding: Adds a touch of nature to interiors and exteriors, providing a sophisticated, earthy look.
Metallic tiles: Combining metal and ceramic, these tiles add a touch of luxury and modernity.
Revolutionizing online tile shopping In a market where traditional tile shopping can often be cumbersome and time-consuming, MyTyles is pioneering a new approach. The company ensures customers can access the latest trends and highest quality products by showcasing an extensive range of tile options worldwide. This global perspective broadens the selection and brings unique and exotic designs to consumers’ fingertips. Market readiness and product launch initiatives As part of its mission to dominate the online tile market, MyTyles is launching several initiatives to enhance its market readiness. These include strategic partnerships with global suppliers, advanced logistics to ensure timely delivery, and a user-friendly website that simplifies shopping. The company is also planning a series of product launches, introducing exclusive collections that will captivate the market. Explore the new collection To explore the new collection and learn more about how MyTyles is transforming home decor, visit https://mytyles.com/. About MyTyles MyTyles is a premier destination for high-quality, innovative tile designs. Focusing on craftsmanship, quality, and style, MyTyles offers various products catering to modern homeowners’ diverse tastes. From rustic finishes to contemporary styles, MyTyles is dedicated to helping customers create unique, beautiful spaces. Disclaimer: The above content is non-editorial, and TIL hereby disclaims any and all warranties, expressed or implied, relating to the same. TIL does not guarantee, vouch for or necessarily endorse any of the above content, nor is it responsible for them in any manner whatsoever. The article does not constitute investment advice. Please take all steps necessary to ascertain that any information and content provided is correct, updated and verified.
Mission Score Execution, Pet-Centric Marketing, Website Compliance Tools; STRATMOR on Refi Biz; Webinars and Events
<meta name="smartbanner:author" content="We now have a native iPhone and Android app. Download the NEW APP”>
This website requires Javascrip to run properly.
Mission Score Execution, Pet-Centric Marketing, Website Compliance Tools; STRATMOR on Refi Biz; Webinars and Events
By: Rob Chrisman
Thu, Jun 27 2024, 11:55 AM
“What did people from the Midwest call a small can of pop? A Minnesota.” (Say it out loud to your 3rd grader.) While we’re on a “pop,” lenders in the nation’s midsection are cheering the numbers as large cities in the Northeast and Midwest popped in 2023, reversing earlier population declines, according to Vintage 2023 Population Estimates from the U.S. Census Bureau. The South still rocks, however. Cities with populations of 50,000 or more grew by an average of 0.2 percent in the Northeast and 0.1 percent in the Midwest after declining an average of 0.3 percent and 0.2 percent, respectively, in 2022. Those in the West went up by an average of 0.2 percent from 2022 to 2023. Cities in the South grew the fastest, by an average of 1.0 percent, and 13 of the 15 fastest-growing cities were in the South, with eight in Texas alone. (Today’s podcast is found here and this week’s is sponsored by Candor. Candor’s authentic Expert System AI has powered more than 2 million flawless, hands off underwrites. Every credit risk decision Candor makes is backed by a warranty, eliminating repurchase worries. Hear an interview with American Pacific’s Bill Lowman on motivating people, change management during M&A, and retaining origination staff.)
Software, Products, and Services for Lenders and Brokers
With Truv, Revolution Mortgage saves 70 percent on verifications (+5 BPS savings per loan). What does Femi Ayi, EVP Operations, Revolution Mortgage, have to say about Truv? “Since we started our partnership, we’ve taken our costs for verifications from 8 basis points per loan down to 3 basis points per loan.” Truv has helped hundreds of lenders, from the biggest banks, IMBs, and Credit Unions, to the smallest, greatly improve their income, employment, asset, and insurance verifications strategy. You could be one of them: Get started!
ActiveComply, a leader in social media monitoring and virtual office inspections for the financial industry, recently announced that it has officially launched its highly anticipated website monitoring tool: WebCompass. WebCompass will automatically Discover custom employee websites, co-marketing pages, corporate websites, blog posts, news articles, event pages, and other brand mentions. Similar to ActiveComply’s social media monitoring tool used by many institutions today, ActiveComply’s WebCompass tool will not only monitor for compliance and brand reputation concerns, but will also scan for ADA compliance, SEO scoring, provide automated archival to meet record retention requirements, and more. WebCompass is leveraged by financial institutions for ongoing monitoring of corporate and employee-controlled websites alike. Learn more about managing your compliance confidently with ActiveComply or schedule a demo today to see real findings for your institution.
“PDF Insights and Thumbprint® are a powerful combination that helps lenders streamline their loan analysis, speed up their underwriting, and enhance fraud prevention, helping them get to “Yes” or “No” faster and more confidently. Our product is well-suited for alternative mortgage and commercial lenders who rely on bank statements to underwrite loans. MoneyThumb’s tools are faster, more accurate, and significantly lower cost than other solutions. Plus, our customer service is second to none and we don’t require contracts. PDF Insights is a comprehensive financial document evaluation and data extraction tool that enables mortgage lenders to process and analyze hundreds of pages of bank statements accurately and in under 5 seconds. Our patent-pending fraud detection tool, Thumbprint®, uses AI algorithms and machine learning to evaluate and score the authenticity of PDF bank statements. Each document is given a fraud score from 1 to 1000 that indicates the likelihood of fraud.”
Picture this… your borrower completes their mortgage application and shortly after, receives a text asking if they have any pets. When the loan closes, their furry friends get a welcome package including new customized pet tags featuring your brand. The best part? Operation Fido runs automatically from Encompass® by ICE Mortgage Technology™ and you don’t even have to lick the envelope! What would you spend to deliver that kind of joy to your borrower?
STRATMOR on Preparing for the Tough-to-Find Refis
“Rising tides lift all boats.” And many lenders believe that the next wave of refinances will be the surge they need to lift their business back above water. However, some of them may be wrong. In STRATMOR Group’s June Insights Report Senior Partner Garth Graham explains why. “The latest industry forecast predicts a rising tide of refinancing, but there are reasons that the coming wave, when it appears, will be very different from the past,” says Graham. “The typical mortgage banking firm has been taking on water, with the industry showing losses for eight quarters. Many have been selling off servicing rights and stopped retaining servicing on new production because they need the cash. This will put them at risk because while having the cash is good, it also means you have likely sold off the client relationship and the potential refinance when the rate drops in the future.” Check out STRATMOR’s June InFocus article, “Why a Refi Wave Won’t Save Every Lender and How to Prepare,” for more from Garth on what smart lenders are doing now to ensure they survive and thrive when the market improves.
Events, Training, and Webinars
A good place for longer term conference planning is to start is here for in-person events in the future.
Today will be another episode of The Big Picture at 3PM ET… Rich Swerbinsky is interviewing Tabrasa’s Bill Bodnar about the economy and its impact on lenders
Join A&D Mortgage today for an exclusive webinar designed for mortgage brokers and broker owners. Titled “Next-Level Brokerage: Harnessing the Power of Self-Securitizing Lenders,” this session, in collaboration with Jared Neale, Associate at Imperial Fund, will explore the significant benefits of partnering with self-securitizing lenders. Discover how these partnerships can streamline your operations, enhance service offerings, and drive business growth.
Tonight, in San Francisco, CAMP presents, “An Evening with Rob Chrisman.” It should be a fun, informal event if you’re in the area!
Tomorrow, Friday the 28th, will see an episode of The Mortgage Collaborative’s Rundown with Melissa Langdale and me covering current events in the mortgage market for 30 minutes starting at noon PT, 3PM ET. Tomorrow features Dan Cantinella, Chief Lending Officer for Total Expert.
Class Valuation is hosting a webinar on Friday, June 28, titled “Navigating New Reconsideration of Value (ROV) Requirements for Lenders.” Expert panelists will provide a clear and actionable guide to understanding what changes need to be made and how to make them. You will learn the impact of the new ROV guidelines on lenders, how the borrower-initiated ROV process works, and your responsibilities as a lender under the new guidelines.
Next week is July already…
National MI upcoming July 2024 webinar sessions. Leading a Teamwith Andrew Oxley – July 11th at 2pm ET. How to Plan and Attack the Week for Loan Officers with Dr. Bruce Lund – July 18th at 1pm ET. Become an Open House Success Partnerwith Rebecca Lorenz – July 23rd at 1pm ET. Mortgage Industry Updates Impacting the Balance of 2024 and Beyond with Scott Weghorst, July 25th at 2pm ET.
Newrez Correspondent offers a comprehensive training curriculum on Newrez products and processes, to keep your staff informed of the latest developments in products, technology solutions, compliance issues and process improvements. Each of these programs is offered by its training and development staff on a monthly basis and is updated regularly to reflect recent changes in the industry.
Tuesday the 2nd at 11am PT, two veteran LOs discuss all things mortgage with Industry Leaders. Mortgage Pros 411 with Audrey Boissonou and Kevin Casey.
Now Next Later Mondays at 10 a.m. PT/1 p.m. ET (45 minutes). Hosted by Jeremy Potter and Sasha Stair. Now Next Later is a show intended to provoke thoughtful challenges to the assumptions and strategies common to the housing finance industry. The show believes that looking at the mortgage businesses from a different perspective is critical to staying ahead of constant changes. The show’s goal is to get to better answers by asking better questions. Join each week for new insight and perspective on some of the industry’s most persistent problems. The show includes expertise in product development, go-to-market, data analytics and innovation, and answers well to the high expectations we’ve set for ourselves and our colleagues.
The Last Word Fridays at 10 a.m. PT/1 p.m. ET with two of the following four hosts. Kevin Peranio, Brian Vieaux. The Last Word is your ultimate destination for incisive analysis and spirited discussions on the hottest topics affecting the mortgage sector each week. Hosted by industry veterans, the show delivers expert opinions, forecasts, and critical insights to keep you informed and ahead of the curve. The show offers a comprehensive and engaging analysis of the week’s most important mortgage industry news, providing viewers with the knowledge and insights they need to make informed decisions in a rapidly changing market.
SAVE THE DATE for NMMLA’s upcoming event, The current and future state of Digital Mortgages, on Wednesday, July 10 at 11:00 AM.
The Ultimate Mortgage Expo returns to New Orleans July 10 – 11 and it’s bigger and better than ever before. Join OCN in the beautiful and historic Hotel Monteleone for a jam-packed event featuring 2 days of sessions and 2 days of exhibition hall opportunity. Also, come earlier on July 10 to enjoy complimentary access to the Mortgage Star Conference for women. Enjoy free access to this can’t-miss event using the code OCNFREE.*
MSR holders know that a great subservicing relationship can help reduce costs, lower delinquency rates, and improve borrower relationships. But the fear of a rocky transfer process keeps many from realizing all these benefits. Join Servbank’s cohosted webinar with the Mortgage Bankers Association on July 11 at 1-2p ET to learn how handling thousands of service transfers has gotten Servbank’s transfer plan down to a science. With a battle-tested plan and a laser-focus on customer experience, the painless service transfer is a reality. Register for the webinar today! The webinar is free for non-members by creating an account and entering the campaign code “SERVBANK100” at checkout.
Join ACES EVP, Nick Volpe and ACES President, Phill McCall on July 17, 11:00 AM – 11:45 AM PDT for a QC NOW webinar as they take a deeper dive into these analytics and how it aligns with the current state of the industry and how to best navigate through the volatile financial landscape.
Monday, 5 August 9:00 AM – Tuesday, 6 August at 6:00 PM PDT join the California Association of Mortgage Professionals on August 5th -August 6th for our Annual Summer CAMP at Hyatt Regency Newport Beach, 1007 Jamboree Road, Newport Beach, California.
Capital Markets
Have you heard about the Fannie Mae Mission Score product grids? MCT announced today that they are the first to integrate with the Mission Score API, which empowers originators to take advantage of market incentives for mission-oriented lending. “Fannie Mae changed the market in 2016 by bringing spec programs to the cash window,” said Phil Rasori, COO of MCT. “Now they have done it again by pushing the Mission Score pay-ups available on the securitization side toward front-end borrower pricing.” Learn how you can improve margins and price competitiveness in the upcoming webinar featuring Olga Gorodetsky, Director, Capital Markets at Fannie Mae as well as Phil Rasori of MCT.Pete Skarnulis, Single-Family Business Account Management Solutions – Vice President at Fannie Mae, shared, “through close partnership and collaboration with our industry partners, we’re able to introduce innovative solutions to the market at scale, helping to promote positive change across the mortgage industry.”
When I’m asked about the FHFA encouraging the “release” of Freddie Mac and Fannie Mae from conservatorship, I ask, name one government agency that voluntarily ceased operations. The Federal Housing Finance Agency (FHFA) released the latest report on the sale of non-performing loans (NPLs) by Fannie Mae and Freddie Mac (the Enterprises). The Enterprise Non-Performing Loan Sales Report includes sales information about NPLs sold through December 31, 2023. Borrower outcomes reflect NPLs sold through June 30, 2023. This report shows that the Enterprises sold 168,364 NPLs with a total unpaid principal balance (UPB) of $30.9 billion from program inception in 2014 through December 31, 2023. The loans included in the NPL sales had an average delinquency of 2.8 years and an average current mark-to-market loan-to-value (LTV) ratio of 83 percent (not including capitalized arrearages).
While chatter about the Fed and its decisions does have slight bearing on overall mortgage rate movement, events directly tied to the housing market are of arguably higher importance to readers of this commentary. We learned yesterday that the New Home Sales report for May missed expectations, coming in at 619k versus 650k expectations. New home sales fell 11.3 percent month-over-month to the weakest pace in six months as the new home market has softened recently alongside higher mortgage rates, increased availability of existing homes, and moderating economic growth.
Despite hawkish tones continuing to emanate from the Fed, Treasury security prices have rebounded recently due to bets that cooling prices will convince the Fed to cut rates sooner, and by more, than officials have signaled. More accommodative conditions are at odds with recent Fed rhetoric suggesting it’s still too early to consider policy easing. However, hope springs eternal, and investors continue to price in nearly two full 25 basis point rate cuts for the year, including a nearly 60 percent chance of a cut in September. As a reminder, the Fed’s latest dot-plot predicted one 25 basis point cut in 2024.
Today sees a busy calendar in terms of data and supply, and is already under way with the final look at Q1 GDP +1.4 percent (versus expectations of 1.1 percent), durable goods orders for May was +.1 percent (when it was supposed to be unchanged at +0.6 percent), weekly jobless claims (233k), and core PCE. Later today brings pending home sales for May, KC Fed manufacturing, several Treasury auctions that will be headlined by $44 billion 7-year notes (after yesterday’s solid $70 billion 5-year note sale), and Freddie Mac’s Primary Mortgage Market Survey. Before the open, Sweden’s Riksbank held rates steady, but forecast two to three rate cuts for later this year. We begin Thursday, after the salvo of numbers, with Agency MBS prices roughly unchanged from Wednesday’s close, the 10-year yielding 4.31 after closing yesterday at 4.32 percent, and the 2-year at 4.73.
Jobs and Transitions
This week, Lower, LLC announced the hiring of industry veteran Craig Montgomery in the role of Chief Strategy Officer. This move signifies a milestone moment in the company’s history as they have added another all-star industry leader to their executive team. In their release, Co-Founder & CEO Dan Snyder commented, “Getting someone with Craig’s experience and proven track record is a big win for the company.” Adding to the celebration, Randell Gillespie, Chief Production Officer for Lower, also commented, “Craig is a consummate pro with a reputation born from success and he is a stellar fit for the Lower community. Couldn’t be more thrilled for him to join our team!” When asked about his transition, Montgomery stated, “I’m so impressed by the Lower platform. I know what originators need to achieve the success they desire… and Lower has it.” Visit Join.Lower.Company for more information about “Life at Lower” and available growth opportunities.
“Join our family-owned Midwest lender as an Account Executive! Operating in 40+ states with a wide-open territory and unlimited growth potential. Ideal for seasoned mortgage pros, or those looking to break into Wholesale Sales. Enjoy competitive pay, benefits, and a supportive team environment. Develop new business opportunities, build strong client relationships, and deliver exceptional service. Interested? Please submit your confidential resume to Chrisman LLC’s Anjelica Nixt for forwarding.”
“Leadership changes for Chase Correspondent Lending! Chase Correspondent Lending is a relationship-driven, forward-looking investor focused on helping our clients and the communities we serve. Kim Salvo, our East Division Manager and a 33-year veteran of Chase, retired in May. We thank Kim for her years of service and wish her the best. With Kim’s departure, we’re excited to announce several changes to our Client Management Leadership team. Effective July 1, Tim Yezbick, current CFO for Correspondent Lending, will be our new East Division Manager. Lisa Plaien, current Director of Client Strategy & Support, will now lead our newly formed Central Division. Chris George will continue as our West Division Manager. Lisa, Tim, and Chris will report to our Head of Client Management, Bhavesh Patel. Please join us in congratulating our new leaders who will continue our commitment to providing a best-in-class experience for our clients. Visit us at www.chaseb2b.com.”
(Remember: employers can view posted resumes for several months for a nominal charge and job seekers can post their resumes for free on www.lendernews.com.)
Download our mobile app to get alerts for Rob Chrisman’s Commentary.
Share via Social Media:
All social media shares will include the image and link to this page.
Known for its scenic waterfront and many historical sites, anyone can feel right at home in New Rochelle. From its beautiful parks to esteemed schools, everyone can find a place in New Rochelle.
Let’s explore ten of the top things New Rochelle is famous for and learn a bit more about what makes this underrated city so special.
1. Huguenot Park
Huguenot Park is a local favorite with wide-open spaces perfect for picnics, sports, and relaxing strolls. The park has playgrounds and walking trails, making it ideal for families. Residents love the peaceful atmosphere and natural beauty.
2. Sound Shore Medical Center
Montefiore New Rochelle Hospital is a key healthcare facility in New Rochelle. Known for its excellent medical services, it provides comprehensive care to the community. The center is equipped with modern technology and skilled professionals. Residents rely on it for emergency and specialized medical needs. Montefiore New Rochelle Hospital plays a vital role in ensuring the health and well-being of the local community.
3. Coastal Location
New Rochelle’s coastal location along the Long Island Sound offers stunning waterfront views and endless opportunity for recreational activities. Residents and visitors enjoy boating, fishing, and waterfront dining. The scenic coastline is perfect for leisurely walks and sunsets. New Rochelle’s coast is a highlight for anyone seeking relaxation and adventure by the water.
4. New Rochelle Public Library
The New Rochelle Public Library is more than just a place to borrow books. It offers a range of programs, events, and resources for all ages. The library serves as a community hub for education and cultural activities. Residents appreciate the friendly staff and the welcoming environment. The library plays an essential role in promoting literacy and learning in New Rochelle.
5. Iona College and Monroe College
New Rochelle is home to two respected colleges: Iona College and Monroe College. These institutions offer a variety of programs and contribute to the city’s status as a great New York college town. Students from all over come here to pursue higher education. The colleges also engage with the local community through various partnerships. Needless to say, education is a cornerstone of New Rochelle’s identity.
6. New Rochelle Walk of Fame
The New Rochelle Walk of Fame honors notable residents and historical figures. Located in Library Green, it features plaques and information about each inductee. It’s a great way to learn about the city’s famous personalities and contributions. Visitors enjoy discovering the stories of those who have made a significant impact.
The Rochelle Park-Rochelle Heights Historic District is known for its beautiful, historic homes and tree-lined streets. This area showcases early 20th-century architecture and is listed on the National Register of Historic Places. Walking through the neighborhood feels like stepping back in time. It’s a great place for architecture lovers to explore.
8. Thomas Paine Cottage Museum
The Thomas Paine Cottage Museum is dedicated to the famous revolutionary figure, Thomas Paine. The museum offers a glimpse into Paine’s life and his contributions to American independence. Visitors can explore the historic cottage and learn about Paine’s writings and impact. It’s an educational experience for history buffs and curious minds.
9. Glen Island Park
Glen Island Park is a popular destination with picturesque landscapes and pristine recreational facilities. It has beaches, picnic areas, and walking trails with beautiful water views. The park is perfect for family outings and relaxing days by the water. It also hosts events and activities throughout the year. Glen Island Park is a beloved spot for both locals and visitors.
10. Hudson Park and Beach
Hudson Park and Beach is another beautiful waterfront area in New Rochelle. It has sandy beaches, picnic spots, and playgrounds. The park is perfect for swimming, sunbathing, and enjoying the outdoors. It’s a favorite for summer fun and relaxation. Hudson Park and Beach is a lovely setting to enjoy the natural beauty of the Long Island Sound.
Loan Trading, Bank Lending, Bank Statement, HELOC, ROV Products; Disaster and Catastrophe News
<meta name="smartbanner:author" content="We now have a native iPhone and Android app. Download the NEW APP”>
This website requires Javascrip to run properly.
Loan Trading, Bank Lending, Bank Statement, HELOC, ROV Products; Disaster and Catastrophe News
By: Rob Chrisman
1 Hour, 41 Min ago
“I saved a bunch of money on my car insurance by… switching to reverse and leaving the scene.” The word on the street is that Guaranteed Rate is changing its name to “Rate,” but of greater concern to lenders is insurance. Homeowner’s insurance costs are no joke, nor are insurance companies stopping business entirely in states and counties. If you have a current homeowner whose bill just went up by $500 per month, know that this is $500 a month that won’t be spent in the general economy buying meals, going to movies, going on vacation… Not only that, but LOs and AEs and capital markets staffs do their darndest to get the best rates for their clients, and saving $50 or $100 a month are a victory, only to have the deal blown out of the water by monthly insurance costs. Insurance, of course, is a state-level issue; certainly, the CFPB does not oversee it. Some state groups are doing something about it. For example, the California MBA would like to point to real-life examples of the consequences across California: Here is a link to a fillable form to enter any helpful information or examples.) Today’s podcast is found here and this week’s is sponsored by Candor. Candor’s authentic Expert System AI has powered more than 2 million flawless, hands off underwrites. Every credit risk decision Candor makes is backed by a warranty, eliminating repurchase worries. Hear an interview with Move Concierge’s Sajag Patel and Gabe Abshire on the home services set up industry.
Software, Products, and Services for Lenders and Brokers
On May 1, 2024, Fannie Mae and Freddie Mac, along with the FHFA, announced new requirements for reconsiderations of value (ROVs), which go into effect Aug. 29, 2024. The requirements help create uniform industry expectations for how lenders should manage ROVs. Now is the time to prepare and implement solutions to help streamline your ROV processes. With ValidateROV™ from ICE, you can provide your borrowers with a quick and transparent solution that helps guide them through the ROV process via a white-labeled mobile app. Learn more today.
“Looking for scalable Growth? We know the industry is slowly recovering from the challenges of 2023, but it’s not quite smooth sailing yet. Every dollar spent on marketing counts, especially when it can make the difference between being in the red or turning a profit. And let’s not forget, there’s another green field opportunity on the horizon. We have a strategy that’s booking 15 to 35 percent cheaper than usual plays. That’s significant, even more in today’s market. Want in on the action? Whether you’re ready to reach out or prefer us to contact you, we’re here to help.”
HELOC Borrowers can now PAYOFF DEBT TO QUALIFY and still close in as little as 1 day! NFTY and Homebridge Financial have deployed the “Debt Eliminator” enhancement to their EQUITY ACCESS Digital HELOC. Debt Eliminator allows borrowers to select which debts they to pay off as part of the user-friendly automated application process. With loan amounts up to $400k, Equity Access is designed for fast easy closings. Highlights include: instant income verification for most W-2 borrowers, automated analysis of bank statements to determine Income for both W-2 and Self-employed borrowers, AVMs up to $400k, and a banker or broker portal with robust functionality and real-time loan status. Minimum FICO 640 and CLTV up to 80 percent. The hybrid platform is digitally fast with a full staff of customer service professionals to solve real-life complexities and close more loans. Ultra-fast fee payout utilizing ACH. Correspondent white label and broker solutions are available with full branding capabilities to showcase your company/MLO. For more information, contact your Account Executive at REMN or Homebridge Wholesale, or email Joe Sheridan.
“LoanStream wants you to Make a Splash this Summer by closing more Non-QM Bank Statement loans. Join the upcoming webinar on Bank Statement & P&L! Plus, we’ll dive into the intricacies of calculating income to qualify borrowers! Register now. Don’t Miss Summer Specials! Includes Specials on Prime, Non-QM and Closed End Seconds now through 6/30/24. Includes 25 BPS Price Improvement on FHA/VA loans 620+ FICO (excludes DPA and CalHFA) and a 25 BPS Price Improvement on all Non-QM loans (excluding our ‘Select’ credit grade). Get another 25 BPS Price Improvement on Closed-End Seconds. Restrictions apply – contact your LoanStream AE to learn more. Specials valid for loans locked 6/1/2024 through 6/30/2024. Offers subject to change at any time, terms and conditions apply. Non-QM Specials also available through our Correspondent lending channel, Home – LoanStream Mortgage Correspondent (lscorrespondent.com) now through 6/30/24, contact your Regional Sales Executive for more information.”
“Webinar: Thriving in a new market: How banks are shifting their mortgage strategy to succeed. Join us for an exclusive webinar presented by Maxwell on Wednesday, June 26 at 12:00 p.m. CT. In this session, you’ll discover powerful tactics to leverage your mortgage platform that retain and increase consumer deposits, enhance transaction speed by aligning delivery channels with your customer segments, and bring cutting-edge technology to your customers and loan officers without lengthy, costly projects. Plus, you’ll learn how our variable cost model can help you generate profit on every loan you originate. Click here to save your seat today, and if you can’t make the live event, you can still register for the on-demand recording!”
Disaster Updates Continue
FEMA’s Disaster Declarations set the stage for servicers, lenders, and investors to change policies and procedures for loans in process or for existing borrowers in those areas. In the last week or two we’ve had Iowa (DR-4784-IA), Florida (DR-4794-FL), and New Mexico (DR-4795-NM).
Waters in the tropical portion of the Atlantic Ocean, around the Caribbean, are hotter than they have been for any other late May on record. The area is averaging around 84.7 degrees Fahrenheit, a temperature the waters usually don’t hit until August and September after a summer of warming up. This is bad for a lot of reasons, including the future of coral reefs, which are already experiencing a fourth global bleaching event this year, according to NOAA. The previous record-breaking May for sea temperatures in the area was in 2005, a notorious year that brought one of the most destructive and active hurricane seasons ever for the U.S.
The USDA recently released a new plant hardiness zone map as much of the country has, on average, gotten warmer. The new 30-year minimum temperature average was 2.7 degrees Fahrenheit warmer than the previous average. The map classifies the U.S. into zones based on an area’s average annual minimum temperature and is most useful for knowing which perennial outdoor plants will possibly not die in your area if you keep them outside. You can and will still kill your plants even if you plant according to the map, since it does not factor in how wet, dry, or volatile your area’s climate is. It also won’t tell you if your plants can actually survive the extreme heat of summer.
On 6/14/2024, with Amendment No. 1 to DR-4784, FEMA revised the Incident Period End Date to May 31, 2024, for Iowa counties affected by severe storms, tornadoes, and flooding from 5/20/2024 to 5/31/2024. See AmeriHome Mortgage disaster announcement 20240614-CL for inspection requirements.
On 6/17/2024, with DR-4794, FEMA declared federal disaster aid with individual assistance to Florida county, Leon. See AmeriHome Mortgage disaster announcement 20240616-CL for inspection requirements.
With DR-4795, FEMA declared federal disaster aid with individual assistance to New Mexico’s Lincoln County affected by the South Fork Fire and Salt Fire from 6/17/2024 and continuing. See AmeriHome Mortgage disaster announcement 20240618-CL for inspection requirements.
Capital Markets
“In 2016, MAXEX changed the face of the secondary market with the establishment of the industry’s first digital mortgage exchange and clearinghouse. More than $36 billion in loan trades later through our unique marketplace, we’re giving our 350+ sellers even more unprecedented liquidity across the non-agency and conforming markets. Coming mid-July, MAXEX sellers will be given exclusive access, only through MAXEX, to a major buyer of Conforming investment and non-owner-occupied loans. MAXEX allows sellers to avoid punitive LLPAs on NOO, second-home and high-balance loans via best efforts or mandatory flow, bulk and forward trading. With MAXEX, sellers sign a single standardized contract, face a single counterparty and have turnkey access to over 30 of the market’s leading buyers. Contact us today to learn how you can gain access.”
Last week’s economic releases didn’t pack the same market moving punch as data released earlier in June but did point to a gradual softening in certain areas. Retail sales moderated in May to 0.1 percent, lower than market expectations of a 0.2 percent increase. Additionally, the prior month’s data was revised lower. A frugal U.S. consumer is a helpful development for the Federal Reserve. Consumers kept spending through the pandemic but are now pinching pennies. Industrial production rose more than market expectations and was driven by a surge in manufacturing output; however, the interest rate environment and credit conditions remain restrictive. Housing continues to struggle as housing starts fell to their lowest annualized pace in four years in May. Both housing starts and building permits were expected to be higher in May, continuing their recovery after a big dip in the spring months. Builder confidence fell to its lowest reading since mortgage rates peaked in December.
Speaking of the tight housing market, we all know that high mortgage rates are keeping people from giving up mortgages they secured before or during the early days of the pandemic. Existing-home sales slipped 0.7 percent in May, as expected, to a seasonally adjusted annual rate of 4.11 million. Sales descended 2.8 percent from one year ago. However, the median existing-home sales price jumped 5.8 percent from May 2023 to $419,300, the highest price ever recorded and the eleventh consecutive month of year-over-year price gains.
The inventory of unsold existing homes grew 6.7 percent from the previous month to 1.28 million at the end of May, or the equivalent of 3.7 months’ supply at the current monthly sales pace versus 3.5 months’ supply in April and 3.1 months from a year ago. The market is not likely to see any meaningful relief in both supply and affordability until mortgage rates subside.
Inflation will take the spotlight in this final week of June, with market participants looking ahead to Friday’s U.S. personal income and outlays data for May. That report contains a reading on the core personal consumption expenditures (PCE) price index, which is widely seen as the Federal Reserve’s preferred inflation gauge. Economists expect core PCE to rise 0.1 percent month-over-month and 2.6 percent year-over-year, marking a deceleration on both counts from April. The bulk of the week’s economic releases are tomorrow (Philly Fed services for June, House Price Indices for April, consumer confidence for June, Richmond Fed manufacturing & services for June, and Dallas Fed services for June), though other highlights this week include new home sales for May, advance economic indicators for May, durable goods for May, final Q1 GDP, Chicago PMI for June, final June consumer sentiment, and the aforementioned core PCE price deflator for May. There is also the $183 billion mini-Refunding consisting of $69 billion 2-year notes on Tuesday, $70 billion 3-year notes on Wednesday, and $44 billion 7-year notes on Thursday.
This week has a quiet start today, with the sole economic release due out later this morning being Dallas Fed manufacturing for June. Markets will also receive Fed remarks from San Francisco President Daly and Governor Waller. We begin the week with Agency MBS prices unchanged from Friday’s close, the 10-year yielding 4.26 after closing Friday at 4.26 percent, and the 2-year at 4.74.
Employment
loanDepot continues to demonstrate its commitment to growth with another key retail leadership hire in Justin Andrews, a 25-year veteran of home finance who most recently served as National Director of Branch Partnerships at another top IMB. Andrews is an Area Sales Manager who will focus on driving continued market share growth in and around Seattle. He was inspired by the company’s continued investments in its platform, saying “loanDepot has best-in-class systems that make life easier, faster and smoother for both the originator and the customer. That level of efficiency means I have more time to support our team and develop our people.” This is the third win for loanDepot in recent months, coming on the heels of two other significant additions: Jeff Wilkish as RVP for New England and David Rossiello as Area Sales Manager in the mid-Atlantic. Sales leaders who are interested in learning more can reach out to Shane Stanton.
Congratulations to Radian’s Shelly Schwieso-Kramarczuk who, after 35 years in the biz, announced her retirement slated for the end of the month. “Wow, the changes we have seen. Costs just continue to rise to produce a loan, even with all the tech, AI, BOTs etc. I can’t wait to watch the future of mortgage banking. There is so much more to come! It’s been the people along the way that have made the difference. We have so many passionate professionals in our industry who truly care about the borrower, their journey, and moving the puck forward with technology and improving the customer experience. I have been fortunate to have spent my last 6+ years at Radian: Steady through the storm of late!”
(Remember: job seekers can post their resumes for free on www.lendernews.com where employers can view them for several months for a nominal charge.)
Download our mobile app to get alerts for Rob Chrisman’s Commentary.
Share via Social Media:
All social media shares will include the image and link to this page.
Taking off from the Zayed International Airport’s recently opened Terminal A in Abu Dhabi, United Arab Emirates, was a special treat, especially considering I was flying on an Airbus A350-1000 in Etihad Airways’ business class, which offered sliding doors at each seat.
From on demand a la carte dining to a new triple-level lounge in the airport, traveling aboard Etihad, one of the national airlines of the UAE, is a unique way to learn about Emirati culture while also enjoying top-notch service.
Etihad’s many partnerships with other airlines puts award flights more easily within reach for those who want to redeem their points and miles. Here is what to expect when traveling business class with Etihad.
The airport experience
Etihad offers chauffeur service in Abu Dhabi for business class passengers, which was easy to book online. My personal driver arrived right on time to take me from my city-center hotel to the new terminal. The driver dropped me off at the business class check-in area, which was bright and airy.
(Photo by Ramsey Qubein)
There was a short wait, and an agent from the first class check-in area flagged me over to check me in. All in all, check-in took two minutes. In addition, there were comfortable seating areas and even refreshments to enjoy before heading through security.
(Photo by Ramsey Qubein)
Terminal A, which just opened in November 2023, is bright and airy. It showcases enormous windows and an undulating roof sculpture that looks like the shape of the region’s desert sand dunes.
After a little shopping, I made my way to the terminal’s new Etihad business class lounge, which has three floors.
Etihad business lounge in Abu Dhabi
Once I arrived at the Etihad Airways lounge for business class passengers, I asked the friendly check-in agent which floor they recommended and made my way to the suggested top floor. A full-service bar and buffet setup proved an interesting way to pass the time.
My flight was departing at 3:05 a.m., which was a difficult time to stay awake for, but surprisingly, I was hungry and helped myself to the large selection of salads and curries on offer. When it was time to board, there was no extra security check, and I was in my seat in minutes.
The business class seat
The 1-2-1 layout in Etihad’s business class meant the seats have spacious side counters and wireless charging surfaces, which worked brilliantly.
(Photo by Ramsey Qubein)
Several storage compartments allowed me to keep my belongings in order, and the enormous touch-screen monitor in front had a wide range of movies and TV shows. Even with a flight duration of 14 hours and 30 minutes, I had barely enough time to even scratch the surface of entertainment options.
(Photo courtesy of Etihad Airways)
The best part of the seat was the sliding privacy door that was unlocked by the crew after takeoff. This keeps movement in the aisle from disturbing passengers while trying to rest. I kept mine closed most of the flight except when eating.
(Photo by Ramsey Qubein)
Waiting near my seat was a large pillow, padded seat cover, blanket and beige Acqua di Parma amenity kit. It had hand lotion, lip balm, eyeshades and socks. Cushioned noise-reducing headphones were wrapped in a compartment to one side with a bottle of water.
I appreciated how often the crew offered to refill my water bottle, as I prefer to stay hydrated in flight.
Meal service
Etihad offers a dine-on-demand service, and I struggled to decide when I wanted to eat and when I wanted to sleep.
Not wanting to miss out, I decided to try a light snack after takeoff and ordered the Arabic mezze with a glass of Chardonnay plus an acai bowl for dessert.
Just what you want at 4 a.m., right?
(Photo by Ramsey Qubein)
It was quite tasty, and I liked how my flight attendant brought out a bowl of warm nuts before serving my food.
After the light snack, I reclined my seat into bed mode and slept for four hours. My plan was to sleep for eight or nine hours and then have a larger meal before landing, but I could not stay asleep.
So what do you do on an Etihad flight when you can’t sleep? Eat again!
I went to the galley to see if there were snacks available. Sure enough, a display of potato chips, chocolate bars and fruit was laid out. I grabbed a few snacks and informed the flight attendant I also wanted to order something more substantial.
Another glass of wine soon arrived along with a tray of lentil soup and a side salad. It was served at the perfect temperature and with a slice of lemon to squeeze onto it.
After this, my next course arrived, Indian paneer curry. Other options on the menu included a roasted chicken dish and local Emirati grouper fish.
(Photo by Ramsey Qubein)
Etihad has a new partnership with Armani Casa to supply its cutlery, dishes and glassware from the brand. It was very elegant and had the appearance of a fine restaurant.
🤓Nerdy Tip
Interestingly, Etihad uses trays in business class rather than putting the dishes one by one on the table like its peers. Still, this made the service more efficient for the flight attendants and did not detract from the presentation.
For dessert, I ordered the cheese plate, which had cheddar, brie and blue cheeses with fresh fruit. After working a little on my laptop, I reclined my seat again to doze until landing.
(Photo by Ramsey Qubein)
The details
I loved how the crew was from different parts of the world. In addition to the Lebanese flight attendant who took care of me, the purser was from Thailand, another flight attendant in my aisle was from Egypt and the pilot was from Ireland.
Etihad has a very international crew, and its uniforms, in hues of beige and purple, made them look like runway fashion models.
The bathrooms were clean and tidy the entire flight, and they had Armani Casa toiletries, although I was surprised and disappointed there were not more products like shaving or dental kits on display.
Another bummer was the lack of air nozzles at each seat, as the cabin was rather warm.
(Photo courtesy of Etihad Airways)
One unique feature about U.S.-bound flights from Abu Dhabi is that the airport has a preclearance facility. This means passengers complete U.S. customs and immigration formalities before boarding, allowing them to land in the U.S. as a domestic passenger.
Unfortunately, the new airport terminal meant that not all U.S. flights were eligible yet for this service, as the U.S. officers worked only during the morning hours. This added some extra time to my itinerary when arriving at Chicago O’Hare International Airport, but normally, this is an excellent reason to connect on Etihad in Abu Dhabi versus other area airports.
How to book Etihad business class
Redeem points and miles
In addition to paying cash for Etihad’s premium cabin, members of its own Etihad Guest loyalty program can redeem miles for the experience.
The airline uses a distance-based chart, which means the number of miles you need varies by flight. This flight clocks in at more than 7,000 miles, which means a business class seat requires 110,000 miles in each direction.
Transfer travel rewards from airline partners
Another popular way to enjoy business class is by redeeming American Airlines AAdvantage miles, as Etihad is one of the carrier’s partners. A one-way business class flight from the U.S. to Abu Dhabi costs 70,000 miles based on its partner award chart.
Smart cards for Etihad flights
The Platinum Card® from American Express
Citi Premier® Card
Capital One Venture Rewards Credit Card
Annual fee
Earning rates
• 5 points per $1 on flights booked directly with airlines or with American Express Travel, on up to $500,000 spent per year.
• 5 points per $1 on prepaid hotels booked with American Express Travel.
• 1 point per $1 on other eligible purchases.
Terms apply.
• 10 ThankYou® points per $1 spent on hotels, car rentals and attractions booked through the Citi Travel site.
• 3 points per $1 on air travel and other hotel purchases.
• 3 points per $1 on supermarkets.
• 3 points per $1 on gas stations and EV charging stations.
• 3 points per $1 on restaurants.
• 1 point per $1 on all other purchases.
• 5 miles per $1 on hotels and rental cars booked through Capital One Travel.
• 2 miles per $1 on all other purchases.
Learn more
Etihad impresses on ultra-long-haul flights
Etihad offers an impressive business class product on the A350-1000. If you can’t redeem miles to fly on one of the airline’s first class A380 flights (complete with in-flight shower), this is the next best thing.
To view rates and fees of The Platinum Card® from American Express, see this page.
The information related to Citi Premier® Card has been collected by NerdWallet and has not been reviewed or provided by the issuer or provider of this product or service.”
Victor Ciardelli beamed as his mortgage company, Chicago-based Guaranteed Rate, launched a “financial wellness” and “personal well-being” app last fall before a live audience in Times Square with wellness celebrity Deepak Chopra.
“Something we are passionate about at Guaranteed Rate is caring about people and their overall well-being,” Ciardelli said in a video of the event posted online. “We wanted to make sure that we did something to help people in their general stress and alleviate pain.”
But in the days following the launch of the app, which offers home loan applications and other financial services alongside yoga classes and nutrition advice, Ciardelli wasn’t happy. Yelling at executive leadership on company calls, he referred to his employees as “failures,” complained that the team did not show him from a particular camera angle and said “Marketing is a f−−−ing disaster,” according to two executives who were on the calls.
Despite Ciardelli’s public remarks on the importance of personal well-being, many former employees told the Tribune they experienced or witnessed persistent verbal abuse and a misogynistic environment while working at Guaranteed Rate. As part of a Tribune investigation, reporters interviewed nearly 80 former employees and reviewed court records, internal company emails, written exit interviews and text messages.
Many of the former staff members who spoke with the Tribune described Ciardelli, the company’s president, CEO and founder, as a boss who was quick to berate, swear at and demean employees.
“Every person that works directly under Mr. Ciardelli is terrified of his potential anger outbursts,” one former assistant wrote to human resources after she was let go from the company a couple of years ago, according to an email reviewed by the Tribune.
Some former employees who spoke with the Tribune said they were driven to seek mental health care because of the work environment at the company; one former worker said she contacted a suicide hotline last year.
Multiple women who used to work at Guaranteed Rate, meanwhile, described working in a sexualized atmosphere where some male loan officers and managers made sexually explicit remarks to female employees, hit on them in the office or at work events, and commented inappropriately on their appearance — even, in one case, encouraging a woman to use her looks to help close a loan.
In February, a woman who used to work as a loan officer at Guaranteed Rate filed a lawsuit against two high-producing loan officers at the company, alleging sexual harassment and gender discrimination. Her complaint alleges one of the male loan officers sexually harassed her at a corporate event, that the other loan officer pressured her not to report the incident to human resources, and that for the remainder of her employment the man who made the remark used “gender-based and demeaning slurs to refer to” her and other women at the company.
Other former employees said they did not bring their complaints to human resources because they thought Ciardelli or other executives and managers meddled in the department’s business and might retaliate, with at least two former employees saying they’d observed how company leaders protected certain staff members. Others said they did complain but felt the department didn’t take the information seriously.
In response to a detailed list of questions from the Tribune, Ciardelli and Guaranteed Rate vehemently denied all of these allegations, describing the company as a positive workplace environment where women in particular are supported. The firm went to remarkable lengths to dispute the allegations, including sending the results of a worker satisfaction survey it conducted and forwarding more than 80 testimonials from current and former employees. Among them were five of Ciardelli’s current or former assistants, as well as numerous male and female executives praising his leadership and support.
The company also retained an outside law firm that, even before receiving the reporters’ list of questions, threatened to sue the newspaper for defamation.
Guaranteed Rate, whose corporate headquarters is in Chicago’s North Center neighborhood, has grown tremendously since its founding in 2000 to become one of the largest mortgage lenders in the country based on loan volume, according to industry news and data provider Inside Mortgage Finance. Its name has adorned the White Sox stadium since 2016, and as recently as 2018, Guaranteed Rate was named a Chicago Tribune Top Workplace — a distinction based on surveys conducted by an outside company, with no input from editorial staff on the selection.
Guaranteed Rate CEO Victor Ciardelli prepares to throw out the ceremonial first pitch at a White Sox home game in August 2016. The ballpark would be renamed after his company later that year. (Chris Sweda/Chicago Tribune)
Jason Scott, a former top-producing loan officer and director of VA lending, which provides home loans to military veterans and active-duty service members, at Guaranteed Rate said his earlier years at the company — when lower mortgage rates fueled industry growth — were positive. But Ciardelli’s outbursts and verbal abuse of employees grew more noticeable, he said, when rising interest rates started to erode those gains, especially after the boom years of the COVID-19 pandemic.
“I think crazy success just brings out who the real people are,” said Scott, who reported to Ciardelli in his director role and now works for CrossCountry Mortgage, a competitor of Guaranteed Rate. “What did you sacrifice to get there? Did you sacrifice your soul or your core values?”
Many other former employees who spoke with the Tribune did so on the condition they would not be named in this story, saying they feared Guaranteed Rate would sue them. Guaranteed Rate has filed lawsuits against former employees to claw back signing bonuses; it also has sued competitor New American Funding and former employees who have hired former Guaranteed Rate workers, accusing them of unlawful poaching.
Ciardelli declined to be interviewed without his attorney for this story. In response to written questions provided by the Tribune, he and the company suggested the criticism of Guaranteed Rate came from disgruntled employees who could not succeed in a demanding work environment within a challenging industry, or from people who now work for a competitor and therefore would benefit from disparaging the company.
“We hold ourselves and our team members to an incredibly high standard and are not apologetic about that,” Ciardelli said in his written responses, sent through the outside law firm retained to handle communications with the Tribune. “We also recognize … that to achieve great success, one must embrace a full ownership for their actions, both successful and otherwise to achieve growth and most important optimally serve our customers. We promote a transparent culture that supports all our team members toward that goal and welcome constructive criticism. As a result, we are not for everyone.”
Ciardelli specifically denied berating staff, yelling at executives after the app launch or ever calling employees “stupid” or “failures.” He quoted the company’s chief operating officer, Nik Athanasiou, as saying: “I have worked with Victor for 15 years. No one is in more meetings with him than me. I do not ever recall an instance where Victor was abusive toward another employee.”
Ciardelli also pointed to the company’s anti-discrimination and anti-harassment policies and said neither he nor any other executive interfered with human resources.
In response to questions from the Tribune about women’s complaints, including being subjected to sexually explicit comments and working in a “boys club” atmosphere, Ciardelli wrote that such allegations are “simply not true.” The company “has not, does not, and would not objectify women or put them in uncomfortable personal or professional situations,” he wrote.
Ciardelli also highlighted the large number of female loan officers working at the company, their professional success and the testimonials from female employees. When the Tribune asked to speak with four of those women, only one — Rola Gurrieri, the company’s New Jersey-based chief fulfillment officer — agreed to be interviewed without outside counsel or management present.
Regarding the lawsuit filed by former Guaranteed Rate loan officer Megan McDermott, the company told the Tribune it had “found no evidence supporting Ms. McDermott’s allegations of sexual harassment or gender discrimination” after conducting a “comprehensive investigation.”
Guaranteed Rate also sent a general statement detailing the company’s business philosophy, which includes a “fierce commitment to excellence.” Employees who do not “meet our core values or our quality standards” find it challenging to maintain job satisfaction at the company, it said.
“Many of these employees walk away not feeling good about the company which is a natural emotion when faced with a reality that their standards and the company standards are not aligned,” the statement said.
But many of the former employees who spoke with the Tribune described a cutthroat work culture they said could be frightening and upsetting, with several attributing that culture to Ciardelli’s laser focus on making money and growing Guaranteed Rate.
A sign is installed at the White Sox stadium in October 2016 to proclaim its new name: Guaranteed Rate Field. (Zbigniew Bzdak/Chicago Tribune)
The former assistant who emailed human resources asked not to be identified in this story, fearing it might jeopardize her current job or trigger retaliation from Ciardelli. In that email, the woman wrote that she was “constantly on edge and terrified to have an interaction with Mr. Ciardelli” and that she had “consoled each assistant on his team that endured the wrath of Mr. Ciardelli’s behavior.”
“I hope that my experience will open your eyes,” she wrote.
Flying too close to the sun
In an interview with the Tribune in 2014, Ciardelli made plain his ambition to grow the company.
“If you can’t handle it, you shouldn’t be here,” Ciardelli said. “Instead of feeling like, oh, we care about people’s feelings and all that, it’s all about results.”
In the same article, Ciardelli said he worked constructively with his employees when issues arose at work. “There’s no drama involved; there’s no yelling,” he said. “Let’s fix the issue and move on.”
But multiple former executives and employees told the Tribune Ciardelli regularly yelled at and verbally attacked executives and other employees in person and on company calls, sometimes in front of hundreds of people, with the calls following the app launch just one example.
Some former and current employees told the Tribune they tried to avoid Ciardelli because they were scared of his temper.
Scott, the former director of VA lending who worked at Guaranteed Rate from 2017 until he resigned in 2022, splitting his time between offices in Hawaii and Colorado, called Ciardelli a “bully.”
Scott told the Tribune that, during one call, Ciardelli took an executive “to the woodshed and just eviscerated him verbally,” saying things such as “I can’t believe you are this stupid.”
“(Victor) throws the grenade and then he leaves the room,” not giving people a chance to explain or talk through the issue, Scott said.
At the time of Ciardelli’s 2014 Tribune interview, Guaranteed Rate had 2,500 employees nationally, 1,050 of whom were based in Chicago, according to Tribune archives.
The company grew to employ 9,708 people nationwide at its peak in 2021, Guaranteed Rate told the Tribune in May. Part of the company’s growth stemmed from its acquisitions of other mortgage companies: Manhattan Mortgage and Superior Mortgage in 2012 and Stearns Lending in 2021.
Victor Ciardelli, shown in 2014 at Guaranteed Rate’s headquarters, told the Tribune that year that he had ambitious plans for the company and “if you can’t handle it, you shouldn’t be here.” (Abel Uribe/Chicago Tribune)
Guaranteed Rate also partners on mortgage services with some of the largest real estate companies in the country. Including the people working in those partnerships, Guaranteed Rate had 14,264 employees at its height in 2021.
Like other mortgage companies, Guaranteed Rate has suffered a significant decline in business over the last two years, stemming from mortgage rates that have more than doubled from their record lows during the pandemic.
As mortgage rates soared in 2022 and 2023, the firm implemented thousands of layoffs, with only 3,871 workers remaining as of April, or 5,756 among all its companies, excluding contractors, as of May, according to the company.
Yet Ciardelli’s volatile behavior predated the stressful times in the housing market, according to some people who worked for Guaranteed Rate. Many people who “fly too close to the sun” — a metaphor some employees used to describe working directly with Ciardelli — eventually leave, they said.
People who work in personal and executive assistant roles for Ciardelli rarely last long in their jobs, with many leaving after less than a year, former employees said. Some referred to Ciardelli’s assistant position as a “revolving door,” and the LinkedIn profiles of multiple former assistants show short stints with the company.
More than two dozen executives and senior loan officers have left the company over the last decade, with a significant exodus occurring in the past two years. Multiple former executives and loan officers — including Scott — told the Tribune they left because of Ciardelli’s verbal outbursts and what many described as a workplace where they felt bullying and misogyny were tolerated. Most now work for competitors.
Ciardelli and other executives sometimes would disparage people who left the company, according to Scott.
“I would be like ‘Guys, did anybody ever think about reaching out to them before they left and having an exit interview with them?’” Scott said. “You are talking about a person that was a top producer here that you loved them as long as they produced, and now that they leave, they are an enemy? … They are leaving for a reason.”
In Ciardelli’s written responses to Tribune questions, he said allegations of a toxic work environment or bullying on his part are “not aligned with Guaranteed Rate or my leadership.” He said neither he nor other executives have disparaged former employees when they left the company.
In response to a question about assistant turnover, Ciardelli wrote that he has worked closely with five “primary” assistants since 2000. “As is the case with any demanding support roles, there has been some turnover with secondary and tertiary assistants, but nothing that is abnormal or unexpected,” he wrote.
One testimonial sent to the Tribune was from Melissa Czaszwicz, who said she worked for Ciardelli as an executive assistant in the early 2000s. She wrote that she had a positive experience working closely with Ciardelli, who she said was especially supportive when she had children.
“Never did I witness anything inappropriate or out of line,” said Czaszwicz, who still works at Guaranteed Rate.
‘Mental health has suffered’
Some former employees who spoke with the Tribune said they were driven to seek mental health support during and after their time at the company because of the negative work environment they experienced at Guaranteed Rate.
Most of those who shared their experiences worked for an executive who has a close working relationship with Ciardelli. Former workers said this executive also verbally abused staff and was prone to volatile mood swings.
One told the Tribune she texted and called a suicide hotline last year while working at the company because of verbal abuse from the executive; she shared the texts she sent with the Tribune.
In her resignation email, sent to the executive and to the human resources department last year, she wrote: “My mental health has rapidly declined due to the way I have been treated and spoken to in the last couple of months.”
Another employee from the same team wrote in a 2019 resignation letter sent to the executive, human resources, Ciardelli and others that his “mental health has suffered.”
Founded in 2000, Guaranteed Rate grew to become one of the largest mortgage lenders in the country but has suffered a decline in business as mortgage rates have soared in the last two years. (Brian Cassella/Chicago Tribune)
In the resignation email and in an interview with the Tribune, the former employee said his boss gave him the runaround when he asked for time off to attend his mother’s chemotherapy appointments and complained to other employees about his requests.
Other employees discouraged him from requesting leave directly from human resources, warning him he would be fired if he went around the executive, according to the email.
Alyssa Ortiz, another former employee, said working with this executive was like being in an “abusive” relationship, being yelled at one minute and being invited for drinks the next.
“Everyone has gotten … chewed out and left crying,” said Ortiz, who worked for Guaranteed Rate from 2017 to 2019.
Ortiz told the Tribune that human resources and Ciardelli had been notified of this executive’s verbal mistreatment of employees but did nothing. She and about a dozen other former employees told the Tribune they felt Ciardelli protected this executive because of their working relationship.
In a written exit interview from 2020, one employee from the same department described how the executive would discuss former employees’ exit interviews with current employees.
“This created a fear for us to go to HR for anything moving forward,” the employee wrote.
Ciardelli said the company was not aware of any incident in which an executive read former employees’ exit interviews aloud; he said Guaranteed Rate “would never support this practice.”
Dozens of employees have left the executive’s department since 2017, according to interviews with former workers and LinkedIn profiles. The executive has since been promoted, the executive’s LinkedIn profile and the company’s website show.
In 2018, the head of human resources at the time took away the HR representative working with the executive’s department because of “risks” the executive posed to the company, according to an email reviewed by the Tribune.
“I can’t in good conscience keep allowing (the executive) to drag other employee (sic) into … schemes,” the former HR head wrote. “And by schemes I mean risky bull−−−−.” The department would have no assigned human resources representative after that, according to the email.
In correspondence with the Tribune, Guaranteed Rate described the company as a positive workplace where abuse and harassment are not tolerated and where complaints to human resources are taken seriously.
“We are not perfect by any means, but we do work hard to listen to our employees and make sure they feel supported,” a company spokesperson wrote in an email to the Tribune in April. “Most of all, we have no tolerance for any form of bullying, harassment or mistreatment. It is not who we are or who we want to be.”
Some of the employee testimonials provided by Guaranteed Rate expressed similar sentiments. For example, Mohamed Tawy, a branch manager and senior loan officer who has been with Guaranteed Rate for three years, wrote that the culture at the company is the best he has experienced in his 15-year career.
In an interview with the Tribune, Tawy said: “As a top producer … and I’m also a minority myself, I haven’t felt anything or seen anything that makes this company in any way negative for anybody that’s different. … I’ve seen here all that matters is that you do a good job, your production is good and that you follow the protocols and the rules, and I’ve seen people succeed with that more than any company I’ve been with.”
The Guaranteed Rate spokesperson also shared the results of an employee experience survey conducted in February. According to the company, the average rating for the culture at Guaranteed Rate was 8.49 out of 10, with nearly 75% of 3,745 employees responding. Those ratings were based on employees’ stated level of comfort providing feedback and/or concerns, how much they felt supported by the company in maintaining a healthy work-life balance and their sense of Guaranteed Rate’s commitment to promoting diversity and inclusion.
The email from the spokesperson said the company received “a countless number of positive comments and appreciation for their leaders, teams and our overall culture.”
In response to Tribune questions, Guaranteed Rate said in May that the survey was anonymous and it was analyzed by its “employee experience team.” The company did not provide the Tribune with a complete set of responses from the survey, but it volunteered that employees used the word “toxic” to make a negative comment about Guaranteed Rate in only 14 of the more than 5,000 written responses provided to three open-ended survey questions.
‘Mortified and disgusted’
Megan McDermott, a single mother of three, met her supervisor at Guaranteed Rate, Jon Lamkin, in person for the first time at a corporate event in December 2015, according to the lawsuit she filed in February.
When Lamkin heard the age of her oldest child, the suit alleges, he said: “You should have known better than to let some guy’s d−−− c−−− inside you.”
According to her lawsuit, McDermott reported the comment to Joseph Moschella, a regional manager and senior loan officer at Guaranteed Rate who was responsible for McDermott’s region while she worked at the company. Moschella, the suit alleges, “pressured” her not to make a formal complaint of sexual harassment to human resources.
McDermott told the Tribune she was “mortified and disgusted” after Lamkin made the comment.
“The irony here is that Jon should have known better than to treat an employee the way he did rather than telling me I should have known better to become a single mother at 20 years old,” McDermott said, “which is vile. … He set the tone the first day I met him of the power Joe and Jon had over my career.”
Megan McDermott, shown in March in New Jersey, has filed a lawsuit alleging she was “subjected to a sexual and gender-based hostile work environment” at Guaranteed Rate and did not receive the same opportunities, treatment and pay as male loan officers. (Brian Cassella/Chicago Tribune)
As McDermott went on to become a top-producing loan officer for Guaranteed Rate in New Jersey, her suit alleges Lamkin subjected her to abuse by “regularly screaming at her and using gender-based and demeaning slurs to refer to” her and other women at the company.
Her lawsuit alleges she was “subjected to a sexual and gender-based hostile work environment” by Guaranteed Rate, Lamkin and Moschella. Her suit also alleges McDermott did not receive the same opportunities, treatment and pay as male loan officers, which some other female loan officers told the Tribune reflected their own experiences as well.
McDermott did not lodge a complaint after Lamkin’s comment because she “believed she would be retaliated against” if she did so, the suit states. When she did report to HR around 2019 that Lamkin had engaged in “abusive behavior,” the department “failed to do anything to investigate or curtail Defendant Lamkin’s behavior,” the complaint alleges.
“Joe encouraged me not to go to HR because of the damage it would do to Jon’s career,” McDermott said. “Ultimately, all that they were worried about was Jon, his reputation and his career versus reporting inappropriate behavior.”
Guaranteed Rate told the Tribune in its May response that Lamkin’s comment was “nothing more than a single off-color joke,” that McDermott accepted an apology from Lamkin and that Moschella “encouraged” McDermott to contact human resources if she was “still upset.”
The company said it “could not find any record of Ms. McDermott making any form of complaint to the company’s human resources department in 2019, either verbally or in writing.”
McDermott told the Tribune she helped build Guaranteed Rate’s business in north Jersey from the ground up and said she loved the work until she found out she was not being treated equally as a woman.
“I believe management did not want to see me succeed, didn’t take me seriously and made decisions that negatively affected me and my children financially,” said McDermott, who now works for CrossCountry Mortgage, a competitor. “I ultimately left GR because I could no longer work in an environment where I was not valued and leadership felt that they could exploit me.”
Moschella and Lamkin are still employed at Guaranteed Rate. They did not respond to a Tribune request for comment. Guaranteed Rate told the Tribune in May that it had investigated McDermott’s allegations of sexual harassment and gender discrimination and found that “there is no evidence that Mr. Lamkin or anyone else at Guaranteed Rate ever created a hostile work environment for women.”
Guaranteed Rate also said in a statement that it complies with state and federal equal pay laws. The company said an “outside law firm” had reviewed its 2023 pay data and found it compliant with state equal pay laws.
In his written responses, Ciardelli highlighted the high percentage of female loan officers at the company in comparison to its competitors and said “our women originators thrive more than at any mortgage company in the industry.”
Employee statements provided through Guaranteed Rate’s attorneys included testimonials from dozens of women. Some noted the existence of the company’s employee resource group for women, GROW, while others cited the presence of women in leadership roles throughout the company.
“In addition to my professional growth I’ve experienced, I am equally grateful for the respect and dignity with which I have been treated as a woman in the workplace,” Jaime Kinman, a senior loan officer, said in her statement. “In an industry where gender biases still exist, I have never once felt marginalized or overlooked because of my gender.”
Gurrieri, the company’s chief fulfillment officer, said in an interview with the Tribune that she “never one time” experienced misogyny at the company.
“I got promoted when I’m six months pregnant,” she said. “That’s unheard of.”
Gurrieri, who has worked for Guaranteed Rate for more than six years, described Ciardelli’s leadership style as “extremely passionate.”
“There’s never been a day where I ever felt disrespected or not appreciated,” she said.
According to a former top executive who reported to Ciardelli for many years and a former human resources employee, a handful of loan officers at Guaranteed Rate were known sexual harassers, making women feel uncomfortable with inappropriate touching and unwanted advances in work settings.
But that behavior was rarely addressed, the former workers believed, because the men were friends with Ciardelli or were high-producing loan officers — each responsible for bringing in tens of millions of dollars in loan volume. Some of these loan officers still work at Guaranteed Rate.
Ciardelli called these allegations “simply not true” and said they were contradicted by the employee testimonials provided through the company’s attorney.
“They are also inconsistent with the recollections and experiences of multiple former HR professionals,” Ciardelli wrote.
A ‘sex-driven’ culture
In interviews with the Tribune, multiple former employees described a “boys club” atmosphere at Guaranteed Rate; Scott, the former director of VA lending, said there was “a lot of misogyny.”
Jessica Moreno, a former Chicago employee who started at Guaranteed Rate at age 23, said she was the first in her family to get a corporate job. Within a year of starting her job, she said, she was paying the mortgage on her family home.
But in her department, Moreno said she experienced a “sex-driven” culture.
“All the guys were just like, tongues on the floor,” said Moreno, who worked for the company for about four years starting in 2014. Her workplace was “like a men’s locker room, and women were in it,” she said.
Jessica Moreno, shown in April in Arizona, worked for Guaranteed Rate for about four years starting in 2014. She said male co-workers and managers hit on her and made comments on her appearance. It was “like a men’s locker room, and women were in it,” she said. (Brian Cassella/Chicago Tribune)
Male co-workers and managers would hit on her and make comments on her appearance, calling her pretty, Moreno said. Comments made at Christmas parties or happy hours could be crasser, she said.
“You’ll get, ‘Oh, I’ve always wanted to f−−− you,’” she said.
Moreno said she once overheard a male manager describe a woman who had interviewed for a job as a “fox.” Another time, she said, a manager invited a female massage therapist to the office; Moreno remembers male co-workers commenting on the therapist’s body, too.
Soon after she’d started at Guaranteed Rate, Moreno said, she met with HR to make a complaint about a manager who swore at and belittled her. The HR representative brushed off her concerns in that meeting, she said.
“After that, I felt so discouraged to never even speak up again,” Moreno said.
Moreno ended up leaving her position before taking a job working for a Guaranteed Rate loan officer; she said she was terminated after clashing with the loan officer’s assistant.
Some female former employees of Guaranteed Rate said they understood looks to be a currency within the company.
One former Chicago employee said a manager encouraged her to text a selfie to a client after hearing the client flirt with her over the phone and say he’d be inclined to speed up the loan process if he knew what she looked like.
The employee said she sent the selfie, and the manager then pushed her to go along with the client’s harassment until the loan closed, she said.
After receiving the photo, the client responded, “As pretty as you are I can’t believe some man hasn’t run off with you just howling away,” in a text reviewed by the Tribune. Later on, after sending her forms, the client texted her: “You said I would get another pic when I sent you the forms so?”
The employee said another manager in her division would frequently flirt with her and comment on her appearance. He once texted her to “stop losing weight damn it” and another time texted her that she “broke (his) concentration,” according to texts reviewed by the Tribune.
Another former Chicago employee remembered a manager telling her, while she was pregnant with her first child, “Whatever you do, don’t get a C-section — you’ll never wear a bikini again.” The employee went out on maternity leave days later. She said she did end up needing a C-section and remembers the manager’s comment echoing in her head as she was wheeled back for surgery. Two people the woman told about the incident at the time corroborated her account in interviews with the Tribune.
Several former employees in the marketing department, including two men, told the Tribune Ciardelli made comments about workers’ ages. One employee got Botox and fillers after Ciardelli told employees they were “too old” and likened the marketing department to his “grandmother’s mortgage company,” according to former marketing department employees.
In his written responses, Ciardelli said “Guaranteed Rate is committed to fostering an environment that promotes diversity, equity, inclusion, and accessibility. We maintain a comprehensive set of employment policies aimed at providing a work environment free of unlawful harassment and discrimination, where all employees treat one another with dignity and respect.”
Guaranteed Rate’s corporate headquarters is in Chicago’s North Center neighborhood in a building with a rooftop gathering space. (Brian Cassella/Chicago Tribune)
A spokesperson said in the April 1 email sharing the employee survey results that the company had launched “even more initiatives to ensure we have a positive work environment,” including anti-harassment training, training for the human resources team “to take proper and appropriate steps and best practices for investigating and responding to employee complaints” and reminders to employees on how to report harassment or abuse.
“Our executive team has emphasized to Human Resources that all complaints should be investigated, and any form of harassment and misconduct should be dealt with swiftly – and all managers and employees who are not acting in accordance with our values be rooted out of our organization,” the spokesperson wrote.
In the company’s May responses, it said these initiatives were launched in 2023 and were to “expand and enhance” the existing training program.
All Guaranteed Rate employees must complete “harassment and discrimination prevention training” upon being hired and on an annual basis thereafter, according to the company’s May response. The company said Guaranteed Rate has an “anti-retaliation” policy that prohibits retaliation against employees who report alleged harassment or discrimination or participate in an investigation into the conduct. The company also noted it has an ethics hotline through which employees can make anonymous complaints.
“We respect and treat all employees equally no matter their sex, color, or creed,” Ciardelli wrote.
In the last 10 years, Guaranteed Rate has not settled any lawsuits involving claims of a hostile work environment, according to the company. Guaranteed Rate’s response stated that within that time frame, the company settled six claims involving allegations of a hostile work environment, including arbitration cases as well as claims filed with the Equal Employment Opportunity Commission and state and local agencies. The majority of those claims were brought by male employees, and one was resolved in Guaranteed Rate’s favor, the company said.
Guaranteed Rate employees are asked to sign mandatory arbitration agreements when they are hired, but sexual harassment claims and claims filed with the EEOC and similar state agencies are not subject to arbitration, according to Guaranteed Rate’s May responses.
‘Positive thinking’
Publicly, Ciardelli presents himself as a champion of a positive work environment — an image the company has encouraged employees to promote.
In an email sent in February by a company executive and obtained by the Tribune, employees were encouraged to share a Forbes article featuring Ciardelli; the email provided step-by-step instructions for posting it on social media.
The story, published Feb. 7, was titled “Guaranteed Rate Founder Is All In On ‘Positive Thinking’ This 2024” and described his leadership style as “Chicken Soup for the Mortgage Industry.”
“I communicate the power of positivity and gratitude to everybody around me: employees, friends, family members, everyone,” Ciardelli was quoted as saying.
Less than 24 hours after it went live, the article disappeared from the Forbes website. The site provided no explanation, but one former Guaranteed Rate employee told the Tribune former workers had written to the author about factual inaccuracies.
On Feb. 8, a Guaranteed Rate executive sent another email encouraging employees — again with step-by-step instructions — to delete any social media posts linking to the article.
“We are working with Forbes to resolve and will let you know when it will be reinstated,” the email said. “We apologize for the inconvenience, and we will send out a new link as soon as it’s available.”
The Forbes contributor declined to comment for this story. Forbes told the Tribune the article was taken down because it did not adhere to the company’s “editorial guidelines” and did not respond to further questions.
The article has yet to be republished, but Guaranteed Rate still wants people to read it. The company shared it in a PDF on its LinkedIn page.