Philadelphia

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The City of Brotherly Love, Philadelphia, PA, is a historic city with landmarks like the Liberty Bell, Independence Hall, the Betsey Ross House, and Reading Terminal Market. With so much to offer, it’s no wonder about 1.6 million residents call Philadelphia home.

If you’re looking to rent an apartment in Philadelphia, the average rent for a studio is $1,343, while a one-bedroom apartment is $1,722. But those numbers might not fit your budget. ApartmentGuide is here to help. We’ve gathered a list of the most affordable neighborhoods in Philadelphia to rent this year.

11 Affordable Neighborhoods in Philadelphia, PA

From Hartranft to Cedar Park, Philadelphia has affordable neighborhoods that fit in your budget. And the best part is, they’re all under Philadelphia’s average rent for studio and one-bedroom units. Let’s jump in and see what Philadelphia neighborhoods made the list.

1. Hartranft
2. Cedar Park
3. Fox Chase
4. Near Northeast Philadelphia
5. Cobbs Creek
6. North Central
7. Upper North District
8. Oxford Circle
9. Southwest Philadelphia
10. Bustleton
11. Richmond

Read on to see what each neighborhood has to offer its residents.

1. Hartranft

Average studio rent: $850
Average 1-bedroom rent: $1,050
Apartments for rent in Hartranft

Hartranft is the most affordable neighborhood in Philadelphia, as the average rent for a one-bedroom unit is $1,050. There are plenty of reasons to love living in Hartranft, from attractions like Temple University to green spaces like Columbia Field. If you’re looking for a taste of the neighborhood, there are a variety of local restaurants to explore along North Broad Street. For renters living in Philadelphia without a car, there are several train stops in the area.

2. Cedar Park

Average studio rent: $840
Average 1-bedroom rent: $1,075
Apartments for rent in Cedar Park

Cedar Park is a vibrant area that’s just west of downtown Philadelphia. This affordable neighborhood has lots of attractions such as Ben Barkin Park and Malcolm X Memorial Park. Cedar Park is charming with its coffee shops and popular restaurants along Baltimore Avenue. You can also find lots of bus lines and train stops along Baltimore Avenue, so it’s a great area to get around without a car.

3. Fox Chase

Average studio rent: $962
Average 1-bedroom rent: $1,112
Apartments for rent in Fox Chase

With an average one-bedroom rent of $1,112, Fox Chase is the third-most affordable neighborhood in Philadelphia. This neighborhood is an excellent option as it’s near attractions like the Fox Chase Farm and Pennypack Park. Fox Chase is a bit further outside of the downtown area, so it’s a nice area if you’re looking for a suburban feel with access to attractions.

4. Near Northeast Philadelphia

Average studio rent: $990
Average 1-bedroom rent: $1,112
Apartments for rent in Near Northeast Philadelphia

Near Northeast Philadelphia is the fourth-most affordable neighborhood in Philadelphia. This neighborhood is a great option if you’re looking for access to plenty of shops and restaurants, like Philadelphia Mills and Northeast Tower Center. You can also find plenty of green spaces like Lardner’s Point Park, Wissinoming Park, and Benjamin Rush State Park.

5. Cobbs Creek

Average studio rent: $1,100
Average 1-bedroom rent: $1,200
Apartments for rent in Cobbs Creek

Just about 5 miles from downtown, Cobbs Creek is a stellar neighborhood if you want to live close to downtown. It’s also a great area if you’re living in Philadelphia without a car since Cobbs Creek has several bus and train stops. There are also parks nearby, such as Cobbs Creek Park and Sherwood Park. Cobbs Creek also has a lot of local restaurants and shops, like Booker’s Restaurant & Bar and Brown Sugar Bakery & Cafe Inc. Since it’s close to downtown, there are a few historic landmarks like the Paul Robeson House & Museum and Malcolm X Memorial Park.

6. North Central

Average studio rent: $850
Average 1-bedroom rent: $1,215
Apartments for rent in North Central

Next up is North Central, the sixth-most affordable neighborhood in Philadelphia. North Central is full of history and charm with tree-lined streets, historic buildings, and museums, like Wagner Free Institute of Science, Temple University, and Temple Performing Arts Center. This area also has plenty of parks, restaurants, and attractions along Broad Street. There’s something for everyone living in North Central.

7. Upper North District

Average studio rent: $1,062
Average 1-bedroom rent: $1,245
Apartments for rent in Upper North District

Nestled north of downtown, Upper North District is the seventh-most affordable neighborhood in Philadelphia. Upper North District has a bustling atmosphere, with plenty of local cafes and restaurants along Germantown Avenue and Broad Street, such as City View Pizza and Grill and Max’s Steaks. You can also check out some of Upper North District’s green spaces, like Hunting Park, which has trails, sports fields, and a pool.

8. Oxford Circle

Average studio rent: $1,355
Average 1-bedroom rent: $1,250
Apartments for rent in Oxford Circle

Oxford Circle takes the eighth spot on our list of most affordable neighborhoods in Philadelphia. The average rent for a one-bedroom unit is roughly $500 less than the city’s average, making Oxford Circle a great option. It’s about 10 miles from downtown, so you’ll have the best city life without living in the city center. Oxford Circle has plenty of shops and restaurants along Castor Avenue and at the Roosevelt Mall.

9. Southwest Philadelphia

Average studio rent: $900
Average 1-bedroom rent: $1,250
Apartments for rent in Southwest Philadelphia

A well-known Philadelphia neighborhood, Southwest Philadelphia is the next area. Southwest Philadelphia is home to Bartram’s Garden, John Heinz National Wildlife Refuge at Tinicum, and Fort Mifflin, meaning there’s plenty to do throughout the week. You’ll find countless historic buildings and museums in Southwest Philadelphia, like the Simeone Foundation Automotive Museum, so make sure to explore the area’s charm. If you need to commute to work, there are many options, as buses and light rails stop throughout the area. Southwest Philadelphia is also home to the Philadelphia International Airport, so traveling is a breeze.

10. Bustleton

Average studio rent: $1,099
Average 1-bedroom rent: $1,276
Apartments for rent in Bustleton

The tenth neighborhood in Philadelphia is Bustleton. This area has a vibrant feeling with its popular restaurants and quirky shops. You can find parks like Pennypack Park and Lorimer Park, which are perfect for enjoying a sunny day in Philadelphia. Lincoln Highway runs through the area if you’re a renter commuting to work.

11. Richmond

Average studio rent: $750
Average 1-bedroom rent: $1,285
Apartments for rent in Richmond

Number 11 on our list of affordable neighborhoods in Philadelphia is Richmond. This affordable neighborhood is located northeast of downtown Philadelphia and is an awesome area if you’re looking for a neighborhood with a charming main street. Many cozy cafes and lively restaurants are on Aramingo Avenue and Richmond Street. Richmond is also close to parks like Campbell Square and Powers Park.

Methodology: Affordability based on whether a neighborhood has average studio and 1-bedroom rent prices under the city’s average. Average rental data from Rent.com in March 2024.

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Welcome to Pennsylvania, a state steeped in history, brimming with diverse landscapes, and home to lively cities that offer unique living experiences. From the bustling metropolis of Philadelphia, known for its iconic landmarks, to the picturesque streets of Pittsburgh, a hub of innovation and creativity, there’s a lot to explore in this state. This ApartmentGuide article will take you through the pros and cons of living in Pennsylvania, so you can decide if this state is right for you.

Renting in Pennsylvania snapshot

1. Pro: Iconic historical sites

Pennsylvania is steeped in American history, home to well-known landmarks such as the Liberty Bell and Independence Hall in Philadelphia to the Gettysburg National Military Park in Gettysburg. These sites offer residents and visitors alike a unique opportunity to walk through the corridors of American history, experiencing the birthplace of the nation’s independence firsthand.

2. Con: Humid summers

Pennsylvania experiences high humidity levels during the summer months, creating discomfort for residents and impacting outdoor activities. The combination of the summer heat ranging from 70-90 degrees Fahrenheit, and high humidity levels can make outdoor excursions feel stifling and exhausting, requiring extra precautions to stay cool and hydrated.

3. Pro: Diverse landscapes

From the urban landscapes of Philadelphia and Pittsburgh to the scenic beauty of the Pocono Mountains and the shores of Lake Erie, Pennsylvania offers a diverse range of environments. This diversity allows for a multitude of outdoor activities, including hiking, skiing, and beach outings, catering to all sorts of preferences and lifestyles.

4. Con: Infrastructure challenges

Pennsylvania grapples with aging infrastructure, evident in its roads, bridges, and public transportation systems, which often suffer from disrepair and congestion. The state’s infrastructure report card is a C-, highlighting the urgent need for upgrades to address deficiencies and ensure public safety. These infrastructure challenges not only inconvenience residents with frequent road closures and delays but also pose risks to motorists and commuters.

5. Pro: Educational opportunities

Pennsylvania is home to some of the nation’s top universities, including the University of Pennsylvania, Carnegie Mellon University, and Penn State. These institutions not only provide excellent educational opportunities but also contribute to vibrant local economies and cultural scenes throughout the state.

6. Con: Property taxes

Pennsylvania imposes a relatively high property tax rate of 1.36%, surpassing the national average of 0.99%, which can significantly impact homeowners’ financial burden. This disparity is worth noting for those considering transitioning from renting to homeownership, as it adds to the overall cost of owning property in the state. This can affect affordability and the cost of living for residents, making it challenging for some to maintain homeownership.

7. Pro: Culinary diversity

The state’s culinary scene is a reflection of its cultural diversity, offering everything from traditional Pennsylvania Dutch dishes to modern American cuisine. Cities like Philadelphia are renowned for their food, including the iconic Philly cheesesteak, attracting food lovers from all over.

8. Con: Air quality issues

Industrial activities and traffic congestion contribute to air quality issues in certain areas of Pennsylvania, particularly in its larger cities like Philadelphia and Pittsburgh. These cities are known for their industrial history, which has left a legacy of pollution and environmental challenges. Poor air quality can have significant impacts on residents’ health, especially those with respiratory conditions.

9. Pro: Proximity to other cities

Source: apartmentguide.com

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Home Equity Processing, Del and Non-Del, TPO, Rate Reset Products; Government Program Updates

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Home Equity Processing, Del and Non-Del, TPO, Rate Reset Products; Government Program Updates

By:
Rob Chrisman

Fri, Apr 12 2024, 11:24 AM

When I win the lottery, I am going to buy one of these to heat my blankets at home. Of course, that would mean that I will have to start playing the lottery, so until then I’ll just have to rely on my cat Myrtle to prep things. Just because you own a home, doesn’t mean you’re wealthy; some homeowners live in poverty. A LendingTree analysis shows that more than 3 million families who live in owner-occupied homes in the U.S. earn incomes below the poverty threshold for their family. 7.4 million families across the nation earn incomes below their poverty threshold… nearly 9 percent living in poverty! Of the families in poverty, 41 percent live in owner-occupied housing units and 59 percent live in renter-occupied housing units. Montana, Vermont, and Idaho have the largest share of impoverished families living in owner-occupied homes, 55 percent on average. New York, Connecticut, and New Jersey have the smallest share of impoverished families living in owner-occupied homes at 29 percent on average. (If you want to dig into what “poverty” means, here you go.) (Found here after 8:30AM ET, this week’s podcasts are sponsored by PHH Mortgage. From subservicing to correspondent lending, MSR/co-issue transactions, portfolio retention, reverse mortgages, and commercial servicing, PHH has solutions for the entire mortgage lifecycle. Hear an interview with MCT’s Phil Rasori on the current state of the capital markets and the “holy grail” for pricing technology.)

Lender and Broker Products, Software, and Services

Orion Lending has revamped its HyperTrack training program to now offer both scheduled and on-demand training! Orion’s recent Down Payment Assistance (DPA) session covered the newest enhancements to their proprietary Boost DPA program, including Forgivable Seconds, 1/0 & 2/1 Buydowns, and High Balance options. Wait… what, you weren’t one of the 150+ registrants for that session?? From best practices on how to service more borrowers using DPA in this competitive landscape to learning about all other Orion Loan programs, (and the amazing STAR Portal!) HyperTrack is here to support you! No need to miss out on anything Orion has to offer going forward, it’s on demand, when you need it! Visit here to hyper speed your business!

ACES Q3 2023 Mortgage QC Trends Report Finds Critical Defect Rate Declines for Fourth Consecutive Quarter: Despite mortgage interest rates and volume concerns, critical defect rates have maintained a downward trend, ending the quarter at 1.67 percent. Summary of Findings include the overall critical defect rate declined 2.91 percent ending the quarter at 1.67 percent, defects in Credit & Liabilities categories increased for the 3rd straight quarter, income/employment continues to lead all defect categories, and defect share increased across all loan types except conventional. “While fewer loans may afford lenders the opportunity to intensify their focus on quality, it’s clear that maintaining high standards amidst market fluctuations remains paramount. The persistence of this trend underscores the industry’s adaptability and dedication to ensuring the integrity of lending practices.”- ACES Executive Vice President Nick Volpe. Read the Report

“The Arizona sun isn’t the only thing heating up. Total Expert is bringing the hottest tech in retail mortgage to HousingWire The Gathering 2024! The Total Expert team will be on-site to show you how we can help make the most of every opportunity as the market looks to rebound in 2024 and beyond. Three ways to connect with us at the show: stop by our kiosk to grab some pickleball swag; catch our Founder & CEO Joe Welu’s session on The Modern Marketing Strategy in Retail Lending during the Vanguard Forum in Salon A-G, Monday at 4:15 p.m.; and grab a drink on us at the Pickleball viewing party at 3:00 p.m. on Tuesday. Schedule a meeting to connect with us at the show.”

“Rocket Pro TPO is hosting a special edition Pro Talks event during the week of the 2024 NFL Draft in Detroit, MI. On April 24th, 2024, at 2PM ET tune in virtually to hear from Mike Fawaz, Executive Vice President of Rocket Pro TPO, and featured guest Kirk Herbstreit, a renowned sports analyst known for his insightful commentary on ESPN’s College GameDay and Thursday Night Football on Prime. Herbstreit will explore the parallels between the sports and business worlds, offering his take on strategy, teamwork and what it takes for professionals, athletes, and business alike, to succeed. Don’t miss this opportunity to gain unique perspectives from Kirk Herbstreit. Sign up now for this special edition of Pro Talks! For more information, contact Rocket Pro TPO today!”

Want to cut your home equity origination times down from 45 days to as few as 5 days? Heading to the MeridianLink User Forum in Nashville later this month? FirstClose, the fintech provider of one-of-a-kind home equity workflow solutions for mortgage and home equity lenders nationwide, is proud to be a Platinum sponsor of this year’s event. Lenders using FirstClose Equity have experienced a 35 percent increase in online applications, a 25 percent increase in pull-through and a 77 percent reduction in time to close from application to funding. So if you’re looking to up your “equity game” or get into the space, schedule a meeting with us at the show so we can discuss your home equity needs.

FINOFR (formerly Rate Reset) launched its patented Reset technology with Vantage West Credit Union. What is a Reset? A “Reset” eliminates the process of a refinance and can be completed by the homeowner in 90 seconds. FINOFR has forever changed Mortgage Banking (for the better) solving mortgage retention. FINOFR has a 90 percent retention rate and has completed over 22,000 Resets with over $22 billion in volume. If you own portfolio mortgage loans, and want to see a demo, contact Foster Kelly.

“The Mortgage Bankers Association Secondary & Capital Markets Conference Expo is nearly a month away. Have you scheduled time to meet with Spring EQ Correspondent Lending? Contact Joe Garcia or Rick Martinez today and meet with them during the conference at the Times Square EDITION Hotel! Spring EQ Correspondent is offering delegated and non-delegated options to qualified correspondent sellers, with maximum premiums paid up to 3 percent. The need for home equity solutions is surging among borrowers, so make sure your business is prepared to meet this demand by partnering with the experts in home equity at Spring EQ. Interested in a correspondent partnership? Click here. We look forward to seeing you in New York City!”

Government Lending News

USDA Rural Development Bulletin discusses GUS changes and updates to HB-1-3555, Chapters 8, 12, and 15. Additionally, the bulletin announces revisions to technical Handbook-1-3555, Chapters 8, 12, and 15. These changes became effective upon the recent issuance of a Procedure Notice (PN).

FHA published extensions to its temporary regulatory waiver and related Single Family Housing Policy Handbook 4000.1 waiver, which allow mortgagees to utilize alternative methods for conducting meetings with borrowers in accordance with FHA’s early default intervention requirements. These alternatives provide practical and useful methods for conducting meetings with borrowers while ensuring they still receive needed information directly from their mortgage servicer.

Pursuant to APM 17-06 and Chapter 3, Part 21 §B(1) Ginnie Mae monitors its counterparties portfolios to ensure Ginnie Mae Issuers meet acceptable risk parameters. Ginnie Mae has observed increased prepayment activity in some elements of its program. Ginnie Mae posted reminders to Issuers in Ginnie Mae News and Notes on prepayment activity monitoring.

Speaking of Ginnie, Ginnie Mae’s mortgage-backed securities (MBS) portfolio outstanding grew to $2.56 trillion in March, including $32.4 billion of total MBS issuance, leading to $12.5 billion of net growth. March’s new MBS issuance supports the financing of more than 101,000 households, including more than 45,000 first-time homebuyers. Approximately 68 percent of the March MBS issuance reflects new mortgages that support home purchases because refinance activity remained low due to higher interest rates. More information is available in this Ginnie Mae Press Release.

Capital Markets

It has certainly been a rough week for those hoping for relief from high rates. After March consumer prices caused a CPI-inspired selloff on Wednesday, it was much the same story again yesterday as investors continued to walk back the timing of Fed rate cuts. Inflation at the wholesale level rose 0.2 percent in March and 2.1 percent year-over-year, according to the Producer Price Index. Even with the smaller than expected month-over-month increases, the headline PPI rate accelerated from 1.6 percent in February while core PPI accelerated to 2.4 percent from 2.1 percent.

Bond traders are bracing for a potential rise in 10-year Treasury yields beyond 5 percent, as the scenario of no rate cuts by the Fed this year looks increasingly possible. Pricing in Fed Funds futures now implies less than a one-in-five chance that the Fed will cut rates by a quarter point in June. Prior to Wednesday’s CPI report, pricing implied more than a 50 percent chance of a June rate cut. Richmond Fed President Barkin said yesterday that recent inflation figures raise questions and that he is reluctant to declare victory over inflation. New York Fed President Williams said that he expects inflation to move closer to 2.0 percent in 2025, but that there’s no need to ease in the “very near term.”

March import and export prices kicked off today’s calendar (expectations were for both to increase 0.7 percent versus 0.3 percent and 0.8 percent previously) but are totally overshadowed by the CPI and PPI data this week. Later today brings preliminary April Michigan sentiment (which includes forward-looking inflation expectations), and remarks from multiple Fed speakers.

Bank earnings also kick off with JP Morgan, Citigroup, and Wells Fargo reporting before the open along with BlackRock and State Street Wall Street is expecting a subdued earnings season as global growth picks up. A solid domestic economy is expected to fuel a rise in profit growth for S&P 500 companies, and strong margins from big tech will be a key driver. We begin the day with Agency MBS prices better than Thursday by about .125, the 10-year yielding 4.52 after closing yesterday at 4.58 percent, and the 2-year yielding 4.91.

Employment

“A non-QM investor is seeking to hire for a Capital Markets Strategy role responsible for growing our market share with existing originator clients by leveraging the firm’s capital markets and product development capabilities. The ideal candidate will have 5-10+ years of experience at a non-agency investor or experience as a senior capital markets or product development professional within an originator. Remote or New York City based. The company is rapidly growing and currently purchasing ~$3bn/yr. across Non-QM, DSCR and 2nd liens.” Interested parties should send a confidential note to Chrisman LLC’s Anjelica Nixt for forwarding.

“While competitors have struggled to keep their doors open, Sierra Pacific Wholesale’s team has continued to grow. This last quarter, our Wholesale Channel welcomed 8 new Account Executives including Jason Wood, Sharlee Stemmons, Fay Hoffman, Denise Tully, Jeff Dolby, Steve Munster, Greg Neidhart, and Melanie Rocha. We also hired industry veteran Jonathan McCash as Regional Vice President – TPO Sales East. These new additions have brought a wealth of mortgage experience and align with the core values that are foundational to the ONE Sierra company culture. From cutting-edge technology and full-service operational support to a corporate commitment to continual growth, we equip our employees with the tools and resources they need to be successful in any market. If you’re an Account Executive looking for an opportunity to work with some of the best leadership in Wholesale today, send a note to Rob Saunders (EVP – TPO Production).”

Since 1902, OceanFirst Bank has believed in supporting and growing the local communities it serves. Initially, the focus was helping neighbors realize the dream of owning a home. Now, the Bank is fulfilling those dreams and assisting families with all of their financial needs during every stage of life. OceanFirst is a $13.5 billion regional bank providing financial services throughout New Jersey and in the metropolitan markets of Philadelphia, New York, Baltimore, and Boston. Recently, OceanFirst was recognized as being one of the best regional banks in the country by Newsweek. Thus, making the Bank a great place for top producing Loan Officers to take their careers to new levels. Contact John Costa, Senior Vice President and Head of Mortgage Sales or dial 609.444.6121 for this exciting opportunity.

FDIC | Equal Housing Lender | Equal Opportunity Employer.

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Source: mortgagenewsdaily.com

Mortgage interest rates on the 15-year and 30-year mortgages are down from last week, Freddie Mac reported.

“The 30-year fixed-rate mortgage decreased again this week, with declines totaling almost a quarter of a percent in two weeks’ time,” Freddie Mac Chief Economist Sam Khater said.

For 30-year, fixed-rate mortgages, the average interest rate was 6.74% this week, a decent drop from last week when rates averaged 6.88%. Rates aren’t down quite as much as last year when they were 6.6%, on average.

Additionally, 15-year mortgages averaged 6.16%, down slightly from last week when they averaged 6.22%. These mortgages also aren’t as low as last year when they averaged 5.9%.

“Despite the recent dip, mortgage rates remain high as the market contends with the pressure of sticky inflation,” Khater said. “In this environment, there is a good possibility that rates will stay higher for a longer period of time.”

If you want to take advantage of lowering interest rates, consider using Credible to help you easily compare interest rates from multiple lenders in minutes.

HOMEBUYERS FEEL GOOD ABOUT WHERE MORTGAGE RATES ARE HEADED: FANNIE MAE

Spring likely to bring higher home prices

Warmer weather tends to bring a booming housing market as more homebuyers start looking for homes and inventory grows.

Sellers who list their homes in the spring and summer months often make more money when their home sells because the market is more competitive. A Zillow study found that June was the most profitable month for sellers. Homes listed in the first half of June sold for 2.3% more, on average, putting about $7,700 more in the pocket of sellers.

Location matters when it comes to selling power. In San Francisco, the best time to list is the second half of February, but the first half of July is the best time to sell in New York and Philadelphia.

Certain locations also boast even higher profits during warmer months. During the hottest time of the year, homes in San Jose sold for 5.5% more, boosting profits by $88,000 on an average home, according to Zillow. However, homes in San Antonio sold for just 1.9% more during the same time frame.

“Most sellers don’t have the luxury of timing the market,” Zillow Chief Economist Skylar Olsen said. “The best time to list is when it makes the most sense for their lives.” 

“Regardless of the month, sellers who list their home for sale this spring can expect plenty of interest if their home is marketed and priced right.,” she contined. “That’s why it’s more important than ever to hire a real estate agent with the experience to localize your strategy when comparable sales might be further afield.”

If you’re looking to compete with other buyers this spring, you can explore your mortgage options by visiting Credible to compare rates and lenders and get a mortgage preapproval letter in minutes.

HOMEBUYERS GAINED THOUSANDS OF DOLLARS AS MORTGAGE INTEREST RATES FALL: REDFIN

To afford homes, buyers need higher incomes than they did a few years ago

Buyers are facing a tougher market than they did a few years ago. To comfortably afford a home, buyers need to make more than $106,000 annually, another Zillow study showed. This income requirement is 80% higher than in 2020.

Monthly mortgage payments are higher than ever and have doubled since 2020. Payments average $2,188, assuming the buyer puts 10% down. With such high prices, affordability has become a major issue. In 2020, households earning $59,000 annually could afford the median-priced home without spending more than 30% of their income.

The $106,000 income needed today is well above the average household income in the U.S. The average household earns about $81,000.

Some areas are more affordable than others and require a much lower income to afford the average-priced home. Pittsburgh buyers need to earn just $58,232 to afford the average home. Memphis residents need $69,976 and Cleveland residents need $70,810.

Costlier cities like San Jose and San Francisco require much more in annual income to afford a home. San Jose requires an average annual income of $454,296 while San Francisco requires $339,864, according to Zillow.

To see if you qualify for a mortgage based on your current credit score and salary, consider using Credible, where you can compare multiple mortgage lenders at once.

15% OF AMERICANS HAVE CO-PURCHASED A HOME WITH A NON-ROMANTIC PARTNER, EVEN MORE WOULD CONSIDER IT

Have a finance-related question, but don’t know who to ask? Email The Credible Money Expert at [email protected] and your question might be answered by Credible in our Money Expert column.

Source: foxbusiness.com

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Larger Cross

Courtesy of Larger Cross

After participating in pop-ups and markets—and working with AD100 designer Alex Papachristidis—founder Alice Minnich opened Larger Cross to embrace New Jersey’s “bucolic lifestyle.” The shop features a wonderful mix of country house essentials, including antique English furniture and silver, Mexican etched glassware, and other stylish finds. Though Larger Cross has select pieces on its web store, its Oldwick location is a must-visit because of its robust inventory and soothing sage green interior.

Domain

Jennifer Hughes courtesy of Domain

Charming and often locally made home accessories and gifts are the specialty of interior designer Laura Hodges, who runs this storefront in the historic area of downtown Catonsville. Knitted throw blankets, handmade ceramics, ample artwork, and a profusion of pillows are what keep shoppers stopping by.

Think of Good Neighbor as one of the few home decor stores that can appeal to all the senses. Located in Baltimore’s Hampden neighborhood, the retailer boasts a roster of contemporary wares sure to elevate any entryway, living room, or home office. (Highlights include rippled glassware from Ferm Living, Hem’s vibrant side tables, and terrazzo stools courtesy of Normann Copenhagen.) Should you get hungry mid-spree, grab a coffee or sweet treat at Good Neighbor’s in-store café. You can also check out Green Neighbor, the retailer’s New Age nursery next door that sells plants and modern gardening essentials.

Eclectic design enthusiasts might know Yowie for its sprightly social media presence; however, its brick-and-mortar store in Philadelphia’s Queen Village is well worth the in-person visit. Yowie is open only a few days each week, but if you schedule your stop for the right moment, you’ll see that Shannon Maldonado packs the storefront with punchy ceramics, glassware, pillows, and linens, as well as innovative provisions. Out-of-towners, take note: In 2023, Yowie opened a colorful hotel attached to the storefront for some bold beauty sleep.

Growing up in Amsterdam, founder Natalie van Dijk had a deep appreciation for all-things home decor—so much so that she studied textile design in Europe and pursued a career in New York City. When she decided to open her shop in Boston’s South End, she blended aspects of her unique journey into one storefront: the sleek aesthetic of Amsterdam, the luxuries of Paris, and the innovative spirit of NYC. (Lekker is Dutch for “pleasing, enjoyable, and tasty.”) Van Dijk’s perfected the balance of understated and upscale with furniture upholstered in Alexander Girard textiles, outdoor rugs by Chilewich, and table lamps by &Tradition.

Home Remedies has been serving up classic New England charm since 2010—and remains a favorite design destination for locals and out-of-towners alike. (Even the store itself feels unequivocally Maine, thanks to its exposed wooden beams, brick walls, and a sprinkling of shiplap.) Nestled on Portland’s bustling Commercial Street, the retailer is the epitome of east coast style with an assortment of Thibaut throw pillows, lobster-printed serveware, and cast-iron cookware.

Midwest

Mitchell Black

Courtesy of Mitchell Black

With a studio-slash-storefront a stone’s throw away from Chicago’s famed Wrigley Field, Mitchell Black is the place to find custom and bespoke wall coverings in any style. You can also specify statement-making wall murals, peel-and-stick repeats, and just about anything else that will add a graphic punch to a project. In addition to signature repeats, Mitchell Black is also brimming with designer collaborations from the likes of Beth Glover and Forbes Masters, among others.

Open on weekends, or by appointment, The Stoop isn’t the kind of store you can sporadically swing by. But once you finally carve out some time to visit the West Town retailer, you’ll be happy you did. While The Stoop might have an impressive selection of secondhand clothes and accessories, it’s the homewares section that offers hit after hit. On any given day, you can pick up a complete Alessi by Michael Graves set or graphic art by Erin Burke.

Shopkeeper Beth Berke isn’t an interior designer by trade. (In fact, she spent many years as an aid and social worker.) However, when she was sprucing up her historic home many years ago, Berke found herself searching all corners of the earth for unique vintage pieces—and loved every minute of it. Her hobby turned into a full-fledged business with South Loop Loft, which is located just north of Chicago’s Fulton Market area. From Carrara marble office furniture dating back to the 1980s to a Belgian “space age” sofa from the 1970s, South Loop Loft gives retro finds a cool, trending flair.

Source: architecturaldigest.com

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Located in the northeastern region of the United States, New Jersey is characterized by its cities, picturesque coastline, and rich cultural heritage. From Jersey City’s skyscrapers to Cape May’s charming seaside towns, the state offers a diverse range of experiences for residents and tourists. In this ApartmentGuide article, we’ll discuss the pros and cons of living in New Jersey to provide valuable insights for those considering a move or wanting to learn more about the state. Whether you’re interested in renting, or ready to explore, read on to discover what life in New Jersey is like.

Renting in New Jersey snapshot

1. Pro: Rich historical sites

New Jersey is steeped in American history, offering numerous historical sites and landmarks. From the battlegrounds of the Revolutionary War in Princeton to the iconic Ellis Island and Liberty State Park, the state serves as a living museum. These sites not only provide educational experiences but also serve as beautiful places for exploration.

2. Con: High housing costs

The housing costs in New Jersey is notably high compared to the national average. This is particularly evident in housing costs especially in popular metros like Hoboken, where the median sale price is $840,000 and rent for a one-bedroom is $2,900.  Residents often find themselves allocating a significant portion of their income to maintain a standard of living, making savings a challenge for many.

3. Pro: Proximity to major cities

New Jersey’s strategic location offers unparalleled access to major cities like New York City and Philadelphia. This proximity provides residents with the unique advantage of enjoying suburban tranquility while having easy access to the urban amenities, employment opportunities, and cultural experiences offered by these metropolitan areas.

4. Con: Traffic congestion

With its dense population and proximity to major urban centers, New Jersey faces significant traffic congestion, particularly in the northern part of the state around Hoboken and Jersey City which are near the highways to to Manhattan. Commuters often experience lengthy delays, especially during peak hours, which can affect daily schedules and overall quality of life.

5. Pro: Diverse culinary scene

New Jersey boasts a diverse culinary scene, with a wide array of dining options ranging from fine dining to local diners and food trucks. The state is famous for its Italian cuisine, diners, and being the birthplace of the iconic Taylor Ham, egg, and cheese sandwich. This diversity offers residents and visitors a rich palette of flavors to explore.

6. Con: Weather extremes

New Jersey experiences a wide range of severe weather conditions including tornadoes, thunderstorms, high winds and hailstorms. These extremes can pose challenges for residents, from dealing with the discomfort of hot and humid summers to navigating the difficulties of storms and the associated disruptions they can bring.

7. Pro: Great educational institutions

The state is home to some of the nation’s pristine educational institutions, including Princeton University. New Jersey’s school system is one of the best in the nation, providing quality education from kindergarten through university.

8. Con: Property taxes

New Jersey residents face some of the highest property taxes in the United States. The property tax rate is 2.26% which compared to the national average of 0.99% is very high. This financial burden can be a significant challenge for homeowners and those making a jump from renting to owning.

9. Pro: Diverse housing options

New Jersey offers a diverse range of housing options, catering to various preferences and lifestyles. From historic neighborhoods with charming brownstones to modern high-rise apartments overlooking bustling cityscapes, there’s something for everyone. This abundance of housing choices enables residents to find accommodations that suit their needs and preferences.

10. Con: Seasonal tourists

During the summer months, New Jersey becomes a hotspot for tourists seeking sun, sand, and sea along its iconic coastline. Boardwalks bustling with activity and amusement parks attract those looking for entertainment and relaxation. From the historic charm of Cape May to the lively feel of Atlantic City, New Jersey’s diverse attractions ensure a memorable experience for visitors throughout the seasons.

11. Pro: Beautiful beaches

12. Con: State sales tax

New Jersey’s sales tax rate is relatively high compared to many states, which can increase the cost of goods and services for residents. In fact, New Jersey is ranked 8th in the nation for its state tax rate standing at 6.625%. This tax burden may pose a challenge for individuals and families on tight budgets, impacting their purchasing power.

Methodology : The population data is from the United States Census Bureau, walkable cities are from Walk Score, and rental data is from ApartmentGuide.

Source: apartmentguide.com

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RICHLAND TWP., Pa. – Phillies, Eagles, Flyers and 76ers fans have a new spot to score jerseys, hats and other gear in upper Bucks County.

Rally House, a specialty sports store chain offering an expansive selection of apparel, gifts, home decor and other types of merchandise representing local NCAA, NFL, NBA, MLB, NHL and MLS teams, opened its newest location last week at 244 N. West End Blvd. in Richland Township.

The new store fills the space previously occupied by Tuesday Morning, a home goods retailer, in the Trainer’s Corner shopping center, just outside Quakertown.



Rally House, a specialty sports store chain offering an expansive selection of apparel, gifts, home decor and other types of merchandise representing local NCAA, NFL, NBA, MLB, NHL and MLS teams, opened its newest location last week at 244 N. West End Blvd. in Richland Township.


WFMZ-TV | Ryan Kneller


Rally House Trainers Corner, located between Petco and Harbor Freight, is the company’s 15th store in the Philadelphia region and first location in the Quakertown area.

“Fans have been coming by all week and couldn’t wait to see us open!” said Ashley Bear, Rally House’s district manager, in a news release. “Once we opened, customers were in awe right when they stepped in about the size of the store and selection of product and teams to shop.”

Rally House traces its origins to 1989, when Tim and Mabel “Peg” Liebert started “Mabel’s Kitchen,” a catalog featuring Kansas-related apparel, gifts and other merchandise.

Mabel’s Kitchen evolved into another business, “Kansas Sampler,” which featured five Kansas City area stores selling Kansas Jayhawks, Kansas State Wildcats, Kansas City Chiefs and Kansas City Royals gear.

The company experienced great success, and the Lieberts eventually decided to expand the business to other markets under the “Rally House” name in 2008, according to a company description.

Today, the Kansas-based Rally House has more than 190 locations across 18 states.

The new Quakertown area store supplements more than a dozen other regional locations, including a Lehigh Valley shop in Lower Macungie Township, two other Bucks County stores and several locations in Montgomery County.



The Lehigh Valley’s only Rally House location operates at the Hamilton Crossings shopping center in Lower Macungie Township. 


Ryan Kneller


Rally House stays true to its roots by providing “an impeccable selection of local and team-related apparel and gifts, including exclusive designs available only at Rally House,” according to the company’s website.

Regional stores offer a wide array of merchandise, including clothing, blankets, glassware and signs, featuring logos and designs of local NCAA, NFL, MLB, NBA, NHL, and MLS teams in addition to locally inspired apparel, gifts and food.

“Customer satisfaction is a top priority for Rally House Trainers Corner, so this location carries only the best brands available, including big names such as ’47, Antigua, New Era, Nike, and Tommy Bahama,” the news release states.

“Fans will also appreciate the vast selection of teams in stock, like the Philadelphia Phillies, Flyers, 76ers, Union, and Eagles, as well as area college teams with Penn State, Temple, Villanova, and more.

Customers can browse apparel such as T-shirts, sweatshirts, coats and shorts, along with footwear and fashion accessories such as slippers, hats, scarves and jewelry.

A wide variety of other gifts and home decor include items such as glassware, coasters, stickers, magnets, wall plaques, license plate frames, plush toys, socks and baby items.

No two Rally House stores are identical.

“They each carry merchandise customized and tailored to the specific collegiate and professional teams in that area,” a message on the company’s website reads.

“In additional to team apparel, Rally House offers a wide selection of local styles. This includes our very own exclusive line of RALLY Brand™ merchandise. The same items we have in our stores can also be found online at any time. We want to make things as easy and seamless as possible for fans who want to show their unique team spirit, regardless of wherever they live or shop.”

In addition to selling items relating to local sports teams, Rally House also works in conjunction with local sports stars and celebrities. These partnerships manifest themselves in the form of ticket giveaways, autograph sessions, radio remote contests and meet-and-greet events.

The Rally House Trainers Corner store is open 10 a.m. to 9 p.m. Monday through Saturday and 11 a.m. to 6 p.m. Sundays.

For more information, call 215-804-4298 or visit the store’s website. 

Source: wfmz.com

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Have you ever wondered, “Should I move to Philadelphia, PA?” Living in Philly is like being in a giant history book but with a modern twist. This city is famous for its cheesesteaks, passionate sports fans, and the Liberty Bell, showing off its rich history and spirited culture. Philadelphia is unique because it blends old-world charm with bustling city life, where historic sites like Independence Hall stand alongside trendy restaurants and shops. Whether you’re exploring the cobblestone streets of Old City or enjoying a picnic in Fairmount Park, Philadelphia offers a special experience that’s hard to find anywhere else.

Before packing your bags, it’s a good idea to know the city’s strengths and weaknesses to make sure it’s the right fit for you. In this article, we’ll discuss the pros and cons of living in Philadelphia that may help you make your decision. Let’s get started.

Philadelphia at a Glance

Walk Score: 75 | Bike Score: 67 | Transit Score: 67

Median Sale Price: $243,000 | Average Rent for 1-Bedroom Apartment: $1,722

houses for rent in Philadelphia | apartments for rent in Philadelphia | homes for sale in Philadelphia

Pro: Strong historical heritage

Philadelphia, often dubbed the “Birthplace of America,” is steeped in rich historical significance, offering residents and visitors a unique glimpse into the nation’s past. From the iconic Liberty Bell to Independence Hall, where the Declaration of Independence and Constitution were debated and adopted, the city is a living museum. Living in Philadelphia means having unparalleled access to these historic sites, along with numerous museums and educational opportunities that celebrate America’s journey to independence.

Con: Challenging winter conditions

One of the cons of living in Philadelphia is the harsh winters. During the winter months, it’s common to experience freezing temperatures, heavy snowfall, and icy conditions. Locals must contend with bitter cold temperatures, which can make daily activities such as commuting or running errands a daunting task. Snowstorms frequently blanket the city, causing disruptions to transportation networks and posing safety hazards for pedestrians and motorists alike. Despite the city’s efforts to maintain roadways and clear snow, the severity of winter weather in Philadelphia remains a significant inconvenience for residents.

Pro: Beautiful green spaces

Philadelphia is home to an abundance of green spaces and parks, offering residents a peaceful escape from the urban environment. Fairmount Park, one of the largest urban parks in the country, provides miles of trails for hiking, biking, and outdoor activities. The city’s commitment to maintaining and expanding its green spaces means that locals can easily find a natural retreat within the city limits, promoting a healthy and active lifestyle.

Con: Limited biking infrastructure

One notable drawback of living in Philadelphia is its lower bike score of 67. Despite efforts to improve bike infrastructure, such as dedicated lanes and bike-sharing programs, many areas still lack adequate facilities for safe and convenient cycling. The city’s narrow and congested roads can make cycling intimidating and hazardous. As a result, residents who rely on bikes as a primary mode of transportation may find their options limited and may need to exercise extra caution when riding in the city.

Pro: Dynamic culture

Philadelphia’s arts and culture scene is a significant pro for residents. The city is home to the Philadelphia Museum of Art, famous not only for its vast collection but also for the iconic “Rocky Steps.” Beyond this, there are countless galleries, theaters, and live music venues across the city, catering to a wide range of artistic tastes. The annual Fringe Festival showcases avant-garde theater and performance art, highlighting the city’s diverse and vibrant cultural landscape.

Con: High cost of living

Despite its many attractions, Philadelphia’s cost of living can be a big con for some. The cost of living in Philadelphia is 2% higher than the national average. While it is more affordable than cities like New York or San Francisco, rent prices and daily expenses can be high, especially in more desirable neighborhoods. For those with modest incomes or fixed budgets, the elevated cost of living can limit opportunities for savings, investments, and overall financial stability. As a result, many residents must carefully budget and prioritize expenses, sacrificing certain luxuries or experiences to make ends meet.

Pro: Exceptional culinary scene

Philadelphia boasts an exceptional culinary scene that goes far beyond its famous cheesesteaks. The city is a melting pot of cultures, reflected in its diverse food offerings. From high-end dining experiences like Hiroki or Fork, to local food trucks, there’s something for every palate. The Italian Market, one of the oldest and largest open-air markets in the country, offers fresh produce, meats, and specialty foods, showcasing the city’s rich culinary heritage.

Con: Public transportation challenges

With a Transit Score of 67, many people find public transportation lacking in Philly. While Philadelphia does have a public transportation system, including buses, subways, and trolleys, residents often face challenges with reliability and coverage. Some areas of the city are not well-served by public transit, making it difficult for those without cars to navigate. Additionally, delays and infrequent service can be frustrating for daily commuters.

Pro: Sports fan’s paradise

“Should I move to Philadelphia if I’m a sports fan?” Absolutely. Living in Philly is a dream for sports fans, offering professional teams across various leagues. The Philadelphia 76ers dominate basketball courts, while the Philadelphia Flyers electrify ice hockey enthusiasts. At Citizens Bank Park, the Philadelphia Phillies draw crowds with their passionate baseball games, and the Philadelphia Eagles ignite fervor in football fans at Lincoln Financial Field. Additionally, the city’s collegiate sports scene, led by universities like Temple and Villanova, adds further excitement to Philadelphia’s sports culture, making it a true paradise for those who live and breathe athletics.

Con: Minimal green building initiatives

While Philadelphia has made strides in sustainability, the city still has limited green building initiatives compared to others. This can be a con for environmentally conscious residents who prioritize living in a city that embraces sustainable development practices. Efforts to increase green buildings and eco-friendly infrastructure are ongoing, but progress has been slower than in some other major cities.

Pro: Proximity to other major cities

A significant pro of living this city is its strategic location on the East Coast, offering easy access to other major cities like New York City, Washington D.C., and Baltimore. This proximity makes it convenient for residents to explore these cities for business or leisure, without the need to relocate.

Jenna is a Midwest native who enjoys writing about home improvement projects and local insights. When she’s not working, you can find her cooking, crocheting, or backpacking with her fiancé.

Source: rent.com

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Housing demand reached a new level of enthusiasm during the pandemic, with homebuyers benefitting from extremely low mortgage rates. From the summer of 2020 until much of 2021, average 30-year mortgage rates stayed under 3%. However, as more and more buyers jumped into the real estate market, months of inventory began to plummet and home prices surged. According to the U.S. Census Bureau and U.S. Department of Housing and Urban Development, the national average sales price in the US grew from $383,000 in Q1 2020 to a peak of $552,600 in Q4 2022 – a 44.3% increase in less than two years. 

So if you purchased a home during the pandemic, how much is it worth now? To find out, Zoocasa analyzed median home prices in 30 major US cities from January 2020, 2021, and 2022, and compared them with the 2024 median price to see how much they’ve changed over the last 4, 3, and 2 years. 

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Median single-family home prices were sourced from each city’s respective real estate board and are from January of each year. Average 30-year fixed rates were sourced from Freddie Mac and are from the first week of each month. The national average sales price in the US for each quarter was sourced from the U.S. Census Bureau and U.S. Department of Housing and Urban Development, Average Sales Price of Houses Sold for the United States [ASPUS], retrieved from the Federal Reserve Bank of St. Louis.

In 14 of the 30 real estate markets we analyzed, the median home price increased by more than $100,000 from 2020 to 2024. In those four years, Californian homes increased the most in value. San Diego and San Francisco homes bought in 2020 appreciated by $265,000 and $247,000 respectively. Los Angeles homebuyers also built a significant amount of equity, with the median home price rising by $211,500 to $750,000 in 2024. 

Outside of California, 2020 home purchases in Boston and Miami experienced significant price growth, both increasing by more than $200,000 in four years. For homebuyers in Miami in 2021, the value of their homes experienced the second-highest increase over three years, at $170,000, just below San Diego’s increase of $195,000. But Miami isn’t the only city in Florida where home prices have grown substantially from 2020. In Tampa and Jacksonville, home values have increased by $151,500 and $129,900 since 2020, and since 2021 they have risen by $115,000 and $95,919 respectively. 

Other cities where home values increased by more than $100,000 in four years include Denver, Nashville, Dallas, and Salt Lake City. Buyers who bought a home in one of these cities in 2021 also benefited from sizable price appreciation – with home values rising by $100,000 or more in three years. 

Though 2020 and 2021 pandemic buyers experienced a significant increase in their home values, some homebuyers who purchased a home in 2022 – when interest rates started climbing – have yet to see equity build. From January 2022 to January 2024, home values dropped in San Francisco by $71,000 and in Brooklyn, they dropped by $51,000. 2022 homebuyers are currently down in six other cities: Washington DC, San Antonio, Memphis, New Orleans, St. Louis, and Salt Lake City. But this doesn’t mean homebuyers in those cities won’t build equity. According to the National Association of Realtors®, in 2023 the median time buyers expected to stay in their home was 15 years. This gives the average homeowner plenty of time for their home to appreciate, and with interest rates coming down, competition will rise and push home prices up once again. 

The vast majority of pandemic buyers are in the green, even if they bought their home in 2022. With some of the highest median home prices in the country, it comes as no surprise that Boston, Miami, San Diego and Los Angeles lead the way for 2-year price increases – all up by $50,000 or more. Not every city experienced home price increases of those heights, however. 2022 homebuyers in Philadelphia and Tucson built home equity, but values increased by just $1,250 and $2,500 respectively in two years.

If you’re looking to find an affordable home this spring, give us a call! We can answer any questions you have about your local market and help you navigate the home-buying process.

Have questions about your local market?

Our agents can help!

Source: zoocasa.com

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Mandatory Execution, Accounting, Warehouse, TPO Products; STRATMOR on Comp; Upcoming Events and Training

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Mandatory Execution, Accounting, Warehouse, TPO Products; STRATMOR on Comp; Upcoming Events and Training

By:
Rob Chrisman

1 Hour, 35 Min ago

“90 percent of bald people still own a comb; they just can’t part with it.” Many companies that retained servicing in 2020 and 2021, complete with low interest rates and borrowers with large amounts of equity & abilities to repay, have made the decision to part with that servicing. Packages of servicing rights continue to hit the market. In a free market, for every seller there’s a buyer for these packages. And in a free market, where most loans from different lenders are often put into the same securities or at least sold at roughly the same price in the secondary markets with approximately the same servicing value, companies that manufacture those loans at the lowest cost stand a better chance of surviving than those that don’t. Turning to borrowers, consumer costs are certainly in the news, especially with any implications from the proposed NAR lawsuit settlement, specifically if the agreement leads to borrowers paying for their real estate commission when they previously did not. (Readers should know that the CFPB does not regulate real estate agents, and the TRID forms already allow disclosure of the fee to be disclosed on either the buyer’s or seller’s side.) Found here, this week’s podcast is sponsored by Visio Lending. Visio is the nation’s premier lender for buy and hold investors with over 2.5 billion closed loans for single-family rental properties, including vacation rentals. Today’s has an interview with attorney Marty Green on the implications of the recent NAR settlement.)

Lender and Broker Services, Products, and Software

“Discover the power of partnership with Planet Home Lending Correspondent. Our continually refined product lineup spans vanilla to niche products all tailored to your unique needs: Best effort, mandatory AOT, delegated, or non-delegated. Connect with Planet at the Great River Conference in Memphis, TN, April 16-18. To schedule your meeting, reach out to Regional Sales Managers Joe Griffin 859-806-3323 and Gary Strohwig 262-224-4435, or Renovation Account Executive Margie Walsh 732-673-6228. Not going to Great River this year? Click here to download the latest version of our Product Highlights, then put Planet to work for you in 2024.”

PlainsCapital Bank National Warehouse Lending, a subsidiary of Hilltop Holdings (NYSE: HTH), understands the importance of efficiency when it comes to meeting mortgage lenders funding requests. “Express Funding” is how we help our customers reduce the time needed to get loans funded quickly. Express Funding allows our customers to submit multiple loans for funding in one simple data upload, whether it is one loan or 100 loans. We have a growing list of 5,000+ approved closing agents, No Doc funding requirements and funding turn times averaging under 20 minutes! As a well-capitalized financially strong banking partner we give our customers confidence in an uncertain market. If you are interested in learning more about PlainsCapital Bank National Warehouse Lending please contact Deric Barnett, (469)955-6786.

Make your general ledger profitable and run your business more efficiently with Loan Vision and LV-PAM. Instead of “staying alive until ‘25”, with Loan Vision, a software built BY the mortgage industry FOR the mortgage industry, you can “produce more in 24!” Customers on Loan Vision see improvements of 30 percent+ decrease in days to close the books, 20 percent+ reduction in accounting headcount, complete LOS to G/L automation, and improved reporting and visibility. Interested in learning how Loan Vision can help you run a more efficient and profitable company? Contact Carl Wooloff to schedule a call today.

For independent mortgage banks coping with shrinking production volumes and rising costs per loan, outsourcing accounting is an elegant solution to what’s become a very common challenge. Whether you have no accounting expertise in-house or you have a new team with no mortgage experience, you can tap the Richey May Client Accounting and Advisory Services (CAAS) team for the support you need. This team is stacked with mortgage industry experts who can tailor your solution to meet your most pressing needs in a volatile time, with no training needed. Need help transitioning to loan level accounting? Need a fully outsourced function? You got it! Need industry training for your controller? We can do that. In this article, Richey May’s expert Kim Dittmer answers all your most frequently asked questions around outsourced accounting as a mortgage bank.

STRATMOR Comp Survey

Lenders, how have rising rates and shrinking margins impacted your 2024 compensation plans? STRATMOR Group’s Spring 2024 Compensation Connection® Study provides valuable comparisons on compensation components, incentive plan structure, compensation percentiles, and more. Three-year trailing data is also included with most data points. Find out how you compare to your peers by participating. Results will only be available to participants, so register today! Questions? Email [email protected].

Webinars, Events, and Training into April

(A good place for longer term conference planning is to start is here, and click on “Conference List” for in-person events in the future.)

How lenders can save money: Most lenders are painfully aware of rising loan origination costs, which is a common trend in a down market. Yet some lenders are fighting back… Like Lower, which has found a way to save as much as 80 percent on these operational line items and win more loans. Sign up for this exclusive webinar taking place today at 11AM PT, featuring James Duncan and Donielle Geiser (Lower), and Richard Grieser (Truv), and yours truly where they’ll share their take on today’s market and how they’ve reduced costs on operational line items previously thought to be beyond a lender’s control.

Texas Mortgage Bankers Association monthly education webinar: “Guardians of Security.” Join Texas Mortgage Bankers Association for an insightful presentation on navigating cyber risks in the mortgage lending marketplace, Guardians of Security – Navigating Cyber Risks in the Mortgage Industry, today, 11:30 am – 12:30 pm.

Tomorrow, March 22, is this week’s episode of The Mortgage Collaborative’s Rundown covering current events in the mortgage market for 30-45 minutes starting at noon PT, 3PM ET, in “The Rundown”. Tomorrow’s will be co-hosted by TMC CEO David Kittle.

Looking for more in-depth commentary on weekly mortgage news? Register here for “Mortgage Matters: The Weekly Roundup” presented by Lenders One. Every Wednesday at 2:00 PM EST/11:00 AM PT is a dive into a range of mortgage-related topics, including market trends, interest rate fluctuations, innovative mortgage products, and industry advancements. Next week, watch MBA President Bob Broeksmit discuss the industry!

FHA Servicing Quality Assurance Update, Virtual Webinar on March 27, 2– 3:30 PM (Eastern) will provide FHA quality assurance results for calendar year 2023 focusing on top findings from loan-level servicing and lender-level operational reviews. The webinar concludes with a live question and answer session.

On Thursday, March 28th from 2:00-3:00 PM, join CoAMP and Michael Flynn, Of Counsel, w/Buchalter for an informative session moving forward in the current mortgage market could look like, including: What are the areas of increased regulatory activity and likely new rules? The impact on brokers of likely foreclosure increases (increased attacks on whether loans meet the ATR and QM requirements. And increased repurchase and indemnity demands from lenders to brokers). The cost is $10 for CoAMP Member and Member Guests/$25 for Future Members (which can be credited towards an annual CoAMP membership). A virtual link will be sent prior to the event.

Want to hear how top producers are thriving in today’s market? Don’t miss the Modern Mortgage Summit on March 28th, hosted by industry leaders Dave Savage and Todd Bookspan. Tune in virtually to hear from 12+ of the nation’s top mortgage professionals, including Jeremy Forcier, Shayla Gifford, and Dan Keller, as they share their best strategies for success in a TED-talk style format. Virtual tickets are only $100, and a portion of your ticket purchase supports the financial literacy nonprofit, FirstHome IQ. Secure your ticket today at modernmortgagesummit.com.

During a virtual press conference on March 28, ABA Economic Advisory Committee Chair Simona Mocuta, managing director and chief economist at State Street Global Advisors, will present the latest consensus economic forecast from this panel of top economists at some of North America’s largest banks. The Committee’s updated outlook comes as inflation gradually abates, economic uncertainty persists, and the Federal Reserve considers a less restrictive policy. The committee’s forecast will include the group’s latest assessment of GDP growth, unemployment, inflation, interest rates and credit conditions. RSVP required: Please contact Ava Castelli to RSVP and receive login/dial-in information.

FHA is offering In-Person, Free Underwriting Training in Denver, CO., April 10, 9:00 AM – 12:00 PM MST. Training will provide an overview of FHA underwriting procedures as outlined in FHA’s Single Family Housing Policy Handbook 4000.1 and addresses several industry-related frequently asked questions (FAQs). This training will also take an in-depth look at a variety of topics including credit, income, and asset (CIA) documentation; manual underwriting; automated underwriting systems (AUS); closing; and more.

FHA is offering In-Person, Free FHA Appraisal Training in Denver, CO., April 10, 1– 4 PM MST. Training will provide an overview of FHA appraisal protocol and updates to FHA appraisal policy as outlined in FHA’s Single Family Housing Policy Handbook 4000.1. This training will also take an in-depth look at a variety of appraisal-related topics including property acceptability criteria; minimum property requirements; property defects; appraiser responsibilities and requirements; and more.

Join the MBA of NJ, in partnership with HUD for the 2024 HUD Housing Counseling Session, April 11th, 2:00PM – 4:00PM at the Federal Reserve Bank of NY., Keys to Homeownership: Building Strategic Partnerships.

Acquire a greater perspective from industry experts at American Mortgage Conference from April 15 – 17. Held in a new location this year at the Marriott Savannah Riverfront in Georgia. Co-hosted by ABA and the North Carolina Bankers Association, this premier conference is the only mortgage event that blends business and regulation to assure you are fully up to date and fully connected to crucial professional networks. 

AmeriCatalyst explores the operational impact of climate change and its profound industry-wide implications for the US housing and finance market. The event brings together senior representatives and CEOs from government entities including the White House, The Fed, Treasury and the FDIC; government housing entities; insurance companies; institutional investors; investment banks; banks; mortgage originators and servicers; homebuilders; Single Family Rental Operators and REITs; the leading data providers; economists; academic institutions; climate tech providers and world renowned climatologists. The purpose of the event is to recognize, prioritize, mobilize, and prepare for an increasingly volatile, unpredictable, and potentially uninsurable future due to extreme and catastrophic weather-related events due to climate change. AmeriCatalyst’s GOING TO EXTREMES: The Climate, Housing and Finance Summit is being held at the Gaylord National Harbor (in the Washington DC area) on April 18 and 19. Contact Toni Moss (512-461-6340) with questions.

Capital Markets

AC/DC released its masterpiece, “Back in Black,” 44 years ago. The album was a rebirth after its original lead singer’s death. After challenging times, mortgage lenders seek to get back in the black on their income statements. One solution is moving back to mandatory delivery, and Optimal Blue can help you do it. For nearly 20 years, Optimal Blue has advised and guided originators to transition from best efforts to mandatory successfully. With recent data showing the best efforts to mandatory premium above 40 basis points (bps) for conventional 30-year loans, the return on investment provides a clear path to a return to the black. Whether you are approaching or expecting a volume boost or looking to put fewer agency-eligible loans on your balance sheet, now is the time to learn how Optimal Blue can help. To learn more, connect with Mark Teteris, CMB, Optimal Blue’s director of solutions specialists.

Interested in learning more about moving from best efforts to mandatory loan sales? Maybe you’ve already moved to mandatory and are looking for even more pickup and ways to mitigate risk? Join MCT’s Moving to Mandatory Loan Sales webinar on April 4th at 11am PT to learn how mandatory loan sales is helping lenders improve profitability while reducing risk. In this webinar, MCT’s Scott Holtz, Vice President of South Regional Sales, will discuss how to leverage mandatory loan sales to improve profitability, manage risk with pipeline hedging, and operational changes needed for the transition. Register for the webinar or join MCT’s newsletter to receive the latest educational content.

In interest rate news, as was widely expected, the Fed held the federal funds target steady at a range of 5.25 percent to 5.50 percent yesterday, extending the pause on rate changes that followed their most recent hike last July. This decision was unanimous as the Fed believes that employment and inflation goals are moving into better balance. However, the committee also repeated from their prior statement made January 31st, that it “does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2 percent.”

Meanwhile, the latest summary of economic projections showed no change in the Fed’s median fed funds rate projection for this year (4.6 percent) while the forecast for 2025 was raised to 3.9 percent from 3.6 percent. The Core PCE forecast for 2024 was raised to slightly while the GDP growth forecast increased slightly as well from the last estimate in December. During his press conference, Fed Chairman Powell said that it will be appropriate to slow the pace of asset runoff fairly soon. Rate cut expectations increased by yesterday’s close with the implied likelihood of a June cut rising to 74 percent from 59 percent on Tuesday.

Following yesterday’s Fed events, today brings the latest decisions from the Swiss National Bank, Norges Banks, and Bank of England. The U.S. calendar has already kicked off with the Q4 current account deficit, weekly jobless claims (210k, down slightly; continuing claims 1.807 million), and Philadelphia Fed manufacturing (3.2, down but not negative).

Later today brings S&P Global flash PMIs for March, existing home sales for February, leading indicators, Treasury announcing the auction sizes for next week’s month-end supply auctions before auctioning off $16 billion reopened 10-year TIPS, Freddie Mac’s Primary Mortgage Market Survey, and remarks from Fed Vice Chair for Supervision Barr. We begin the day with Agency MBS prices a tough better than Wednesday, the 10-year yielding 4.24 after closing yesterday at 4.27, and the 2-year yield down to 4.58.

Jobs

“It’s 1999: Californication and Slim Shady dominate the charts, the iconic films Fight Club and The Matrix are released, Serena Williams wins her first Grand Slam to kick off an outrageous career and with inspiring greatness being born all around Seth Fass founds East Coast Capital. Celebrating its 25th anniversary, East Coast Capital has scored incredible victories for clients to achieve their homeownership goals. Once a small broker, NY-Based East Coast Capital is now a licensed bank across the nation, approved with Fannie, Freddie, and FHA and also specializes in underwriting Non-QM loans. Committed to providing homeowners access to capital and supporting loan officers with a diverse range of products and common-sense approach to underwriting, the movies and songs may have fallen off the playlist and Serena has retired from the courts, but born among the best, East Coast Capital still remains! Ready to Join? Email us here.”

Congratulations to John Hedlund, the Chief Operating Officer and Managing Director of AmeriHome, who has announced his retirement from the company.

Calling all applicants for Flagstar’s MortgageTech Accelerator, a highly acclaimed incubator for young fintech companies with fresh solutions for the mortgage sector, now in its fifth edition. Flagstar is looking for applicants who are making breakthroughs in all facets of the mortgage business including origination, processing, marketing, servicing, compliance, sales, underwriting, credit, and quality assessment. The program comes packed with perks like access to Flagstar senior executive mentors and a wide network of potential customers, as well as the opportunity to test solutions in a real-world controlled environment. Ranking high among the selection criteria are the potential for technological innovation, prospects for growth, and CRA impact. Past alums Greenline, Calque Inc., and Housetable, give the program a resounding thumbs-up. Check it all out here and email your pitch deck to [email protected] by April 15.

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Source: mortgagenewsdaily.com