return to the office

Apache is functioning normally

In our latest real estate tech entrepreneur interview, we’re speaking with Garret Flower from ParkOffice.

Who are you and what do you do?

My name is Garret Flower, I’m the co-founder and CEO of ParkOffice – the parking software for smart offices. I’ve been an entrepreneur for almost as long as I can remember. I started my first business at 15 and have progressively been getting more and more ambitious ever since.

Currently I split my time between New York City and Dublin where I’m managing the rapid growth of ParkOffice in both Europe and the US. We started out a couple of years ago with ParkOffice with a very simple concept – employee parking was broken and we wanted to fix it.

Our progress in such a short space of time has been really energising, we’ve developed an industry leading product which is trusted by 6 Fortune 500s and countless SMEs in 13 countries across the globe.

What problem does your product/service solve?

Office parking is dysfunctional on so many levels.

The end experience is often incredibly frustrating as employees arrive at offices to find parking lots unexpectedly full or worse, they pay for parking off-site and walk to the office through a half-empty car park.

The management experience isn’t much better, facilities managers often complain that managing parking is the most time intensive part of their job and that no matter how hard you try you will still be inundated with complaints from disgruntled employees.

From a community perspective, according to research from UCLA, every time someone sits into a car and doesn’t know if they have a space at work or not, they will spend an extra 800m cruising at their destination looking for somewhere to park. This causes massive traffic issues in neighbourhoods close to large offices.

ParkOffice gives a fully automated solution which allows companies to solve all these problems while also reducing costs and carbon emissions in the process.

What are you most excited about right now?

When you look at the figures there is almost as much space in the USA dedicated to office parking as there is to office buildings. However, in most cases, it is a massively under-utilized piece of real estate.

The average company who believes they don’t have enough parking space actually have up to 40% of their parking spaces empty during the working day. This is often caused by people working from home, being off-site at meetings or being on holidays. What a waste of space and money.

In a world where our cities are running out of space, I’m incredibly excited about how technology can be used to park cars more effectively, freeing up whole swathes of space for cities across the world to grow.

We’ve just adapted our product to tackle the issues surrounding COVID-19. Over recent years our key focus has been on supporting companies to reduce their employees car dependency.

With COVID-19 changing the business environment for companies all over the world, we knew we had to innovate to thrive. By altering our product slightly we can now help companies return to the office safely sooner. With public transport a no-go area for many people who are worried about the virus, employee parking is going to be under greater pressure than ever. Our automated solution can monitor parking availability in real-time and assign spaces to those in most need – think of it like hot-desking but for parking spaces. The beauty is that we can increase parking availability by up to 40% for companies.

What’s next for you?

The USA is a massive focus for us – we’ve been lucky to pick up a few big clients over there but we’re opening up a full-time office over there in the next 6 months to accelerate our growth.

What’s a cause you’re passionate about and why?

Racism really angers me. I feel strongly that all people were created equal, and this world is unfortunately structured in a way which disadvantages swathes of people because of their gender and race. As half-American, half-Irish, I’m acutely aware of the disadvantages many of my ancestors had to overcome to lay the foundations for me to thrive. I’m always looking for ways in which I can pave a path for minorities to lay the way for their communities to flourish. It is my job as a CEO and a leader of ParkOffice to encourage an environment of inclusion to learn how to implement policies that will correct this inequality.

Thanks to Garret for sharing his story. If you’d like to connect, find him on LinkedIn here.

We’re constantly looking for great real estate tech entrepreneurs to feature. If that’s you, please read this post — then drop me a line (drew @ geekestatelabs dot com).

Source: geekestateblog.com

Apache is functioning normally

Remote work is making people less productive than before, according to a recent survey of business leaders.

The survey, published last week by architect and design firm Vocon, found that almost 40% of business leaders nationwide said they’ve seen a decrease in productivity from their remote workforces. At the start of the COVID-19 pandemic, 56% of employers rated their remote workers’ productivity as “excellent” in an earlier Vocon survey.

Some reasons for the lowered productivity could be that workers are starting to feel as if they’re missing out by not being able to connect with their colleagues face to face. They’re also find it difficult to set boundaries at home with work. Employees who lack a home office space within their abode generally find remote work to be more challenging, the survey found.

Vocon’s survey came as a second study by research firm Engagious found that 53% of consumers “very much want to return” to the office. In that study, 40% of workers said they’d look for another job should their employer decide to go entirely virtual.

“Companies were having a really hard time keeping their culture together and a really, really difficult time onboarding employees,” Megan Spinos, director of strategy for Vocon, told the Commercial Observer. “The workplace was really a critical place for them.”

A majority of the business leaders surveyed by Vocon said they still intend for their employees to return to the office, with most aiming for that to happen in the first quarter of next year. Vocon’s survey reflects the heads of firms that oversee 443,895 workers nationwide in industries such as real estate, technology, advertising, finance, and more.

The news is positive for the commercial real estate sector, of course. And the industry has benefited from other firms that are looking to expand their physical office footprint. The most conspicuous of these is Amazon.com, which recently purchased a 630,000 square foot building in Manhattan and leased two million square feet in two developments in Bellevue, Washington.

“Tech companies still believe in physical spaces,” Tom Vecchione, a principal at Vocon, told the Commercial Observer. “There’s a new awareness about wanting to be in a building working together.”

Surprisingly, it’s the younger workforce that seems most eager to return to the office. A recent analysis by Cushman & Wakefield found that around 70% of Generation Z and 69% of Millennials faced challenges in working from home. Some of the reported problems include struggling to find a space to do their work, and missing out on advancement opportunities due to a lack of face to face contact.

Mike Wheatley is the senior editor at Realty Biz News. Got a real estate related news article you wish to share, contact Mike at [email protected]
Latest posts by Mike Wheatley (see all)

Source: realtybiznews.com

Apache is functioning normally

The coronavirus outbreak has created an army of remote workers, and it’s left those in the commercial real estate industry facing a real challenge – how do they get people to come back to the office?

According to Coen van Oostrom, chief executive of a real estate firm called Edge, companies will need to adapt and upgrade their work environments if they’re to persuade employees to return to the office.

“You have to basically seduce your people to come into the office and work there instead of from home,” van Oostrom told CNBC’s “Squawk Box Europe” on Monday. “We believe that it will be the end of the large batteries of people working on a big floor, side to side, even with screens in between. There’s no real need for that any more; you can do your work everywhere. … We believe that the office will be the place that you get together, where the culture is being built, where new people are being brought in and can learn and understand the way things are done in a company, but to do so you have to have a work environment that is amazing.”

Van Oostrom said he believes that workplaces will become more like a “clubhouse” where employees can come in for one or two days a week and spend the rest of their time working from home. However, he believes that those who opt to work remotely on a permanent basis will be missing out on certain opportunities, and that their jobs could well be outsourced in the future.

“If you’re not part of the inner circle of a company and invited to come to that clubhouse, then you’re going to have a very difficult time,” van Oostrom said.

He said that companies can help workers feel more comfortable about returning to the office through design changes. For example, they can install extra staircases to help people avoid using elevators too much and risking their chances of catching a virus. They could also install air quality sensors to ease people’s concerns.

Meanwhile, public health officials say one of the easiest ways to prevent spreading germs indoors is to increase the volume of outside air that comes inside a building. Just opening a few windows can help with this, according to an NPR report. Still, many office buildings are fitted with windows that cannot be opened, and there has been a trend in recent years to create air tight seals in buildings to boost energy-efficiency. So architects are now challenged to come up with new ways to boost outdoor ventilation in a post COVID-19 world that doesn’t accelerate energy consumption.

Mike Wheatley is the senior editor at Realty Biz News. Got a real estate related news article you wish to share, contact Mike at [email protected]
Latest posts by Mike Wheatley (see all)

Source: realtybiznews.com

Apache is functioning normally

Technology startups are considering whether or not it’s necessary to return to the office, and for those who think it is, they’re also rethinking what that office should look like.

Maria Gothsch, chief executive of Partnership Fund for New York City, told The Washington Post that many tech startups will decide that they want office space. She said many will decide against moving to a remote workforce on a permanent basis, even though companies like Twitter have already said they plan to do exactly that.

The thing is, the office serves as a place for people in their 20s and 30s to meet people.

“If you are not addressing that desire of that demographic—to give them a place to work—you are potentially impeding your ability to recruit those people,” Gotsch told the Post.

One tech startup that’s already reconsidering its office footprint is MikMak, an e-commerce software company. Its founder and CEO Rachel Tipograph recently broke her 18-month lease on a New York City office building at the height of the COVID-19 pandemic, and is now planning to sign a new lease once a vaccine has become widely available. She said her employees are free to move anywhere in the U.S. however, as the next lease she signs will be something more akin to an event space rather than a traditional office.

“I’m calling it a hub,” Tipograph told The Wall Street Journal. “You’ll do new employee onboarding, big team meetings, maybe fancy client presentations. But you don’t come there 9 to 5 every day to get work done.”

But while startups are re-imagining their offices spaces for the post-pandemic era, other more established companies are lining up more traditional office space in big cities. Facebook for example, recently signed a lease for 730,000 square feet of office space in the Farley Building on Manhattan’s West Side. Meanwhile, Amazon has said it plans to add 900,000 square feet of office space in Dallas, Denver, Detroit, New York City, Phoenix and San Diego.

Still, commercial office landlords are growing concerned, as more than 3 million square feet of office space in Manhattan alone was put up for rent during the third quarter. With so much space available, some landlords are now offering more flexible lease terms to attract companies back.

One such company is Two Trees Management, which operates several buildings in the New York area that house hundreds of startups. Faced with numerous startups that have deserted its offices in recent months, it’s now offering more flexible leases to startups that can be as short as just six months. Previously, its standard leases were offered for a minimum of three years.

Mike Wheatley is the senior editor at Realty Biz News. Got a real estate related news article you wish to share, contact Mike at [email protected]
Latest posts by Mike Wheatley (see all)

Source: realtybiznews.com

Apache is functioning normally

According to the lawsuits filed in a U.S. district court in Michigan, the alleged events occurred amid the mortgage lender’s return-to-work policy during the Covid-19 pandemic. UWM forced employees to return to the office on July 9, 2021, per the lawsuits.  

Kassandra Memmer, hired as a conventional underwriter in September 2019, sued the company in April 2023. Memmer says she quit her job after the lender forced her to return to work despite a doctor’s note outlining her leave of absence to ensure her health and that of her unborn child. 

“In June of 2021, Defendant started removing barriers from desks, removing hand sanitizer machines, and not being strict on mask mandates,” the plaintiff’s attorney states in the lawsuit. “She had no choice: she either chose her family or her job.”

Her partner Jackson Memmer, a transgender man, started working at UWM as a conventional underwriter in August 2019. In a lawsuit filed in late May 2023, he alleges he was fired due to an investigation into clearing conditions with appraisals done when he was on paternity leave. The former underwriter was told he was being let go in December 2021, per the lawsuit. 

A spokesperson for UWM said the company “does not comment on legal matters that are currently pending.”  

Kassandra Memmer accuses the company of not paying her final bonus for June 2021 for files completed over daily commitment. Meanwhile, Jackson Memmer alleges he did not receive his final bonus from November 2021, which should be roughly $5,000. 

The plaintiffs complained to the U.S. Equal Employment Opportunity Commission (EEOC) about the discriminatory treatment and received a right-to-sue letter, the lawsuit states.  

Kassandra Memmer said she was offered a promotion to team lead but declined. However, she contacted human resources to switch to another department because “she was under a lot of stress with the brokers screaming at her and for denying the team lead position.”

She said a broker contacted her via e-mail and hit on her. The broker stated that “she was too pretty to be an underwriter and that he was going to tell her CEO Mat Ishbia to make her a model for the company,” per the lawsuit.

The leadership, according to the case, never reported the incident. 

Kassandra Memmer said in the lawsuit that she had to work many overtime hours to finish files and train senior underwriters. 

“Plaintiff and other underwriters were also required to do something Defendant called ‘Rise and Grind,’ which meant coming into work earlier or staying two hours more than the employee’s scheduled time, but with no compensation,” attorneys wrote in the lawsuit. 

Kassandra and Jackson Memmer said that in October 2020, they bought a home with a UWM mortgage, which is when they allege UWM became aware that Jackson was a transgender man. 

In early April, Bloomberg reported that with more than two-dozen current and former employees said UWM has a toxic work environment, with racial disparities, sexual harassment, drug use and bullying by managers. UWM said Bloomberg’s portrayal of a hostile workplace was “false and misleading.” 

Source: housingwire.com

Apache is functioning normally

As landlords struggle to get people back into office buildings that emptied during the pandemic, some are turning to entertainment and other enticements such as yoga classes to woo wary workers.

At the Water Garden office complex in Santa Monica, a dance troupe has taken up residence and puts on free performances and classes for kids. Flower arranging classes are packed and the weekly tenants-only comedy show after work is a hot ticket. Musical performances by local artists are a lunchtime draw.

Farmers markets, concerts, art shows and other attractions for office tenants aren’t completely new, but they have taken on urgency as landlords and executives of companies occupying their buildings strive to get workers enthused about showing up. Some property owners are hiring “tenant experience managers.”

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In most commercial buildings, only about half the workers show up at their offices on weekdays, key-card swipes reveal. Office leasing is also weak: Space rentals declined again last quarter to bring the overall total of unleased space in Los Angeles County to nearly 20%, well above the 12% rate before the pandemic.

To get workers in the office, “you need to find new ways to engage people,” said Bess Wyrick, head of programming at the Water Garden for property manager CBRE.

Stefany Silva, left, Kimberly Fuentes, Jennifer Sandoval and Nicolette Battad learn how to make floral arrangements at the Water Garden office complex in Santa Monica on Dec. 8.

(Genaro Molina / Los Angeles Times)

With daily office attendance not mandatory at many companies, “It’s no longer about trying to create a work-lifestyle balance,” she said. “It’s about creating a hybrid workplace where people are excited to come.”

Hybrid work patterns have spread widely since the pandemic shutdown of 2020. As companies bring workers back together, many have reduced the number of days their employees are required to be in the office, creating flexible combinations of office days and remote work days.

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Cosmetic company L’Oréal Group demands that employees work in the office at least three times a week, on days of their choosing. L’Oréal sweetens the office experience with such comforts as a fitness center, restaurant, juice cafe and a cabana-like bar that serves coffee drinks and, depending on the occasion, alcohol.

Disney Chief Executive Bob Iger recently announced that employees working from home must return to the office Monday through Thursday starting March 1. Fridays are typically the least populated days for offices, research shows, and while most employees toil at home that day, a few companies are taking them off the business calendar altogether and working 32 hours a week.

Guy Blanco of Dirty Latte Co. prepares coffee for workers at the Water Garden complex in Santa Monica last month.

(Genaro Molina / Los Angeles Times)

Landlords are also keen to make offices appealing so tenants will keep renting space in their buildings.

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The campus-like Water Garden was a dreary place after being devoid of occupants during the worst of the pandemic, Wyrick said. While they were gone, nearby businesses and restaurants nearby failed or left for other reasons.

“The area was a ghost town,” she said.

Wyrick’s first move was to arrange live performances by local musicians and dancers in the courtyard. Among the complex’s biggest tenants are retailer Amazon and technology firm Oracle.

One of Wyrick’s goals was to make the Water Garden a place people wanted to visit, including neighbors who could walk over to take in a mid-day concert or see pieces by local artists displayed and for sale in the lobbies of the four office buildings. Getting a buzz of life into the campus could help address a common chicken-and-egg complaint about going back to the office — people don’t want to go there if other people aren’t around.

Paying performers to appear, serving free food to tenants at holiday soirees and other planned events are part of a marketing strategy to get the property occupied, she said.

“We will lose money in the beginning,” she said, “but it drives people to put roots in the space.”

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The key measure of success is leasing, and Water Garden has added tenants over the past 12 months. Its 1.4 million square feet of rental space is 86% leased, up from 72% leased a year ago, Wyrick said.

Harpist Pheobe Madison Schrafft plays for workers on a lunch break at the Water Garden office complex in Santa Monica.

(Genaro Molina / Los Angeles Times)

One of her leaps to enliven the place was to agree to an unusually short lease with a well-known dance company for an expansive first-floor space last occupied by a furniture showroom. In exchange, Jacob Jonas The Company agreed to engage with other tenants through free classes, performances and other events.

The nonprofit dance company has performed at Lincoln Center, the Kennedy Center and the Hollywood Bowl, as well as with such musical artists as Rosalia, Sia, Elton John and Britney Spears.

For years, the company was based in the Wallace Annenberg Center for the Performing Arts in Beverly Hills. The chance to dance in a working office complex built to the buttoned-down tastes of 1990s business executives holds special appeal to company founder Jacob Jonas, a Santa Monica native who got his start as a street performer on the Venice boardwalk at age 13.

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“Our neighbors are some of the leading corporations in our country. There’s something really validating about that and sharing our work,” he said. “When you have people working behind a desk from 9 to 5 and then being able to expose them to creativity and expose them to art in such a unique setting, that crossover is rather beautiful.”

Workers and visitors at the Water Garden can take workshops in floral design, see weekly comedy shows and attend movie nights.

Garryl Bohanon gets some work done near a Hanukkah display in the courtyard of the Water Garden office complex in Santa Monica on Dec. 8.

(Genaro Molina / Los Angeles Times)

Nearly a fifth of the L.A. County’s office space was unleased at the end of last year, according to CBRE, and more empty space may hit the market soon as tenants hoping to save money try to sublease unwanted space due to concerns of a constricting economy and potential layoffs. Some are reducing their space because their employees are working remotely.

“The general consensus among most economists is we’re heading into a recession,” said Bradford Ortlund, a research manager at CBRE. Many companies are declining to expand their offices or reducing space as they wait for the economic picture to come into focus.

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The nature of upmarket offices was already shifting before the pandemic as many landlords toned down the dramatic formality of their entrances originally intended to confer status and trustworthiness on the companies inside. As aloofness fell out of favor, owners set out to make their lobbies and courtyards places to linger and enjoy rather than simply pass through in awe.

Their desire to get people working remotely back into offices makes hotel-like hospitality freshly valuable, said the owners of U.S. Bank Tower, the tallest office building in Los Angeles at 72 stories.

It was built to be an imposing corporate cathedral in 1989, but landlord Silverstein Properties is close to completing a $60-million makeover intended to make it feel more like a laid-back hotel where tenants and visitors are invited to kick back. The lobby will include a cocktail and juice bar, a coffee bar, a grab-and-go market of packaged foods, communal tables, a large lounge with plush seating and cabanas to add a resort flair.

Staff will focus on hospitality, said tenant experience manager Melanie Navas. People’s names and birthdays are to be remembered. The 54th floor is a tenants-only lounge with a coffee bar and weekly breakfast spreads to help inspire a sense of community. There are yoga classes at the gym on the 57th floor with views of the city.

“The goal is to get people to feel like they want to come back to work and come back to the building,” she and, “and having them leave happy.”

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Art is a top priority for Brookfield Properties, the largest owner of office space in downtown Los Angeles, which has a longstanding program of engagement with tenants. Permanent and rotating art displays are pleasant — and good for occupancy, said Bert Dezzutti, head of the western region for Brookfield.

Workers are framed by a holiday lobby display inside the Water Garden office complex in Santa Monica.

(Genaro Molina / Los Angeles Times)

“Younger workers are more likely to return to the office if they are around art,” he said, citing a survey Brookfield commissioned in the United Kingdom last year that also found that art and cultural activities improve people’s sense of wellbeing and makes them more productive at the office.

“One positive that has emerged from the tragedy of the COVID-19 pandemic is a new focus on what makes a ‘happy’ workplace,” the survey report said. Findings suggest that workers want to work in spaces enriched by art, culture and wellness, which they believe promote creativity and contentment.

“The offices of the future must be more than machines for working in,” the report said, “they must cater to the rich inner life that we all possess.”

One youth-friendly program Brookfield puts on in L.A. is an annual music festival that follows the Coachella Valley Music and Arts Festival. Acts from the popular desert concert series appear after work on four August nights at a Brookfield office and retail complex near Crypto.com Arena.

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Musicians from the Colburn School perform acoustic sets at another Brookfield property. There are DJ concerts open to all and wellness events for tenants that include skin care classes and meditative sound baths.

“We’re creating opportunities for people to interact,” Dezzutti said. “It’s all about engagement.”

Source: latimes.com

Apache is functioning normally

Appraisal, HELOC, Internal Audit, Correspondent Products; The U.S. Economy: Strong Like Bull?

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Appraisal, HELOC, Internal Audit, Correspondent Products; The U.S. Economy: Strong Like Bull?

By:
Rob Chrisman

Wed, May 17 2023, 10:47 AM

I head to Connecticut early today for the CMBA conference, but on another personal note, congratulations to Robbie Chrisman, host of the daily mortgage podcast based on this Commentary, who recently rode his single-speed bicycle from Manhattan, across the Appalachians, to Chicago, working when not pedaling. (In terms of physical prowess, I feel fortunate not cramping up putting my socks on in the morning.) The weather seems to have improved in most places, the Northeast included, and we’re approaching travel season. Here’s an interesting list of tourist scams to avoid during all seasons. (I’ve never had a baby thrown my way.) Perhaps the improving weather influenced homebuilder sentiment, as have falling lumber prices: sentiment has improved in May according to the NAHB off the lows of 2022. People need a place to live, but perhaps not one to work. “The ‘return to the office’ won’t save the office: More people are going to offices more of the time. Offices are still in trouble.” U.S. lenders, including banks who own those loans, are being warned that commercial property is “next shoe to drop.” Executives and investors fret about the impact of rising rates and empty buildings on the $5.6 trillion market. (Today’s podcast can be found here and this week’s is sponsored by Richey May, a recognized leader in providing specialized advisory, audit, tax, technology and other services to the mortgage industry for almost four decades, helping transform the mortgage business. Interview with Richey May’s Nathan Lee on the best ways for lenders to leverage data, benchmark, and analyze various metrics to achieve profitability.)

Lender and Broker Products, Software, and Services

Servicers of all types and sizes trust their portfolios to MSP®, Black Knight’s loan servicing system. Just ask 7 Servicing, a credit union service organization that recently chose Black Knight’s integrated solutions. In addition to MSP, which supports all aspects of servicing, from loan boarding to default, 7 Servicing will use Servicing Digital to give its members a convenient, self-service application. Accessible via a mobile app or the web, Servicing Digital gives homeowners easy access to personalized and timely information about their mortgage and home. What’s more, organizations like 7 Servicing that use Servicing Digital can build deeper relationships and engagement with their members. This can lead to higher member satisfaction and increased retention. Learn how Servicing Digital can help you improve the customer experience at your organization in the blog post ”5 Ways to Retain More Servicing Customers Through Communication.”

“Rain just after you wash your car. Being late and hitting every red light. Some things in life happen just like clockwork. You know what you can also count on? Working with a consistent team of processors when you pass your processing operations to wemlo®. Our processing pod set-up means you’ll have a go-to processor, dedicated backup processor, and manager you can count on for every loan submitted. We know you don’t want a bunch of random processors in your files or working with your hard-earned clients – that’s why we’ve designed a workflow centered around business continuity. Ready for dependable third-party processing support? Learn more about wemlo’s consistent third-party processing services today.“

Best execution on a loan plus reduced repurchase risk at no additional upfront cost? A no brainer, right? Work with your hedge advisory firm and Plaza National Correspondent Lending for a “last look.” If Plaza Home Mortgage can match the pricing, you’ll get the best price plus Plaza’s Certified Loan Program that protects you from buybacks due to manufacturing defects. Reach out to Plaza for more information or see Plaza at MBA Secondary in NYC, May 21-24.

Still on the fence about DPA? Here what Click n’ Close client Steve Shelton, Managing Principal at First Choice Lending Services, has to say: “Click n’ Close’s proprietary DPA product has helped us tremendously grow our purchase money business and close more deals, especially when our borrowers don’t qualify for other programs because of income limits, or where seller-paid concessions weren’t available or in multiple offer situations. From management to account executives, inside reps and underwriters, everyone at Click n’ Close comes together to figure out how to make loans work and close them efficiently, truly a boutique style of service rarely seen in today’s wholesale marketplace.” Contact Adam Rieke or Kerry Webb (wholesale) or Julas Hollie (correspondent) to get started today. P.S. Don’t miss Michael Lima’s DPA session at the MBA Secondary Conference on Tuesday, May 23 at 11 am, or drop him a line to meet in person.

What’s an internal audit anyway and do you need one? An internal audit acts as a third line of defense for your mortgage operation. It provides comprehensive assurance based on the highest level of independence and objectivity to evaluate the effectiveness of management’s internal controls. This function should advise your mortgage operation on plans to achieve the company’s strategic, operational, financial and compliance goals. An effective internal audit should go far beyond just checking a compliance box; it should be an integral part of protecting your company. If you want to ensure you’re adhering to regulatory requirements and demonstrating good faith business practices, a Richey May internal audit is a good fit. If you’re looking to be Fannie Mae approved in the future or want to maintain your approved status, it’s required. If you’re unsure whether you need an internal audit, ask one of Richey May’s experts today or learn more here.

There are over 200 different species of chameleons in the world, each optimized for their own environment. Their ability to adapt and change color in their surroundings is key to their survival. In a rapidly evolving mortgage industry, lenders need to be able to adapt just as quickly. As home equity increases HELOCs present lenders with new opportunities, and innovative technology can help lenders offset the risks involved in home equity lending. In a Q&A with the National Association of Federally Insured Credit Unions (NAFCU), Wolters Kluwer’s Mark Mackey explored the effects of the shifting industry and the growing importance of Home Equity, particularly in regard to credit unions. He also examines the risks and benefits of HELOCs. Learn more about the importance of HELOCs in the shifting industry by reading the Q&A today.

You do everything to create a perfect origination experience, yet you send a link to some random AMCs your borrowers never heard of where they’re expected to share personal information and a credit card. For lenders with less than 50 loans per month, is it likely your AMC will create a dedicated page featuring your brand? Not likely. Well, enter Jaro. Not an AMC, but technology that empowers AMCs. This technology creates a branded landing page for your appraisal orders. Additionally, Jaro offers a suite of products to provide more predictability with your borrower’s values. On Tuesday, May 23rd at 2 pm ET/11 am PT, National Mortgage Professional, we’ll deep-dive into the appraisal process, identify its flaws, and discuss potential remedies made possible by Jaro, all without switching your AMC. This session will feature Jaro’s Managing Director, Gareth Borcherds. To be a part of this enlightening discussion, register here.

Capital Markets

Mortgage rates rose to the highest level in nearly two months yesterday as prices on the front-end of the yield curve were weighed down by better-than-expected data and long-end yields were pushed up due to Pfizer’s $31 billion duration-heavy, multi-tranche, fourth largest ever offering of bonds. There were also FDIC sales, $12.5 billion over Monday and yesterday in total, which contributed to the widening of MBS spreads to roughly 315 basis points. Retail sales, which factor into GDP, rose in April despite still-high inflation and borrowing costs as slow unemployment and steady wage growth continued to support demand. The 0.4 percent month-over-month advance in sales would normally be good but follows larger declines in February and March (-0.7 percent) and doesn’t take into account price changes, meaning that on an inflation-adjusted basis retail sales are actually down. Declining sales will eventually be a headwind to economic growth this year.

The National Association of Home Builders Housing Market Index rose to 50 in May, meaning an equal number of builders have as positive a view of the market as a negative view of the market. Though the figure beat both expectations and April’s reading, the index has been trending under 50 since last August and fell a record twelve months in a row over the entirety of last year.

The housing boom over the past couple of years was mostly in home prices, not in home building, and this report dampens expectations for much new home building leading up to and continuing during the spring season. This report, and the lack of home building in general, suggests that the dire shortage of new home construction is not set to change anytime soon, which is quite a head scratcher considering the extreme dearth of home inventory for sale.

As every lender knows, the inventory of homes for sale has dried up. So, where have the spring home selling seasonals gone? Ask the millions of American homeowners paying 4 percent or less on their mortgages who are deciding to stay put rather than trade up. One-third of housing inventory hitting the market is new construction, compared to historical norms of a little more than 10 percent. The annual rate of home building currently resides at 980k, less than half its 2.3 million average since 2000. Existing home sales are due out tomorrow morning and are expected to drop to a 4.3 million annualized rate, or down 3.2 percent compared to March, which in turn was down 2.4 percent compared to February. It’s rough out there.

After mortgage rates increased last week (even as Treasury yields were essentially flat), mortgage applications decreased 5.7 percent from one week earlier, according to data from MBA. We’ve also received housing starts and building permits for April (). Markets were looking for 1.44 million and 1.46 million compared with 1.42 million and 1.43 million previously. Later today brings a Treasury auction of $15 billion 20-year bonds. We begin the day with the 2-year back up to 4.07, Agency MBS prices better by a few 32nds, and the 10-year yielding 3.52 after closing yesterday at 3.55 percent.

I, and an estimated couple thousand industry execs, head up Manhattan soon. Adam Quinones, Founder of dataQollab and former Head of Mortgages at Refinitiv, has some advice for anyone going to New York for the MBA’s National Secondary. (Part 3 of 5.) “Be careful crossing the street: the yellow cars don’t stop. If you’re hailing a cab, look for yellow tops with their numbers lit up. That means the driver wants a fare. Once you’re in the cab, give the driver a cross street, not an address. “9th and 57th” for example. If you give them an address, they will know you’re a tourist and will be more likely to take you on a joy ride.”

Employment and Transitions

Evergreen Home Loans™ is passionate about changing the world one relationship at a time through homeownership. That passion has established Evergreen as one of the Western states’ leading residential mortgage lenders for over 36 years. Consistently named one of the best workplaces in America, Evergreen is known as a people-powered local lender with big advantages, committed to providing high-touch service that’s complimented by a robust portfolio of products that meets the needs of today’s buyers and real estate agents and an exclusive technology platform that brings mobility and convenience to mortgage origination. “When it comes to tools of the trade, our loan officers are armed for success. Modern technology helps us super serve customers and streamline the process for everybody,” said Todd Miles, executive vice president, loan production, at Evergreen. If you’re passionate about impacting lives through homeownership, visit the careers page and discover what’s possible with Evergreen.

“In an ever-changing industry, it’s more important than ever for a mortgage company to be able to pivot, adapt, and grow. Homestead Funding has been assisting borrowers with their home financing needs for nearly 30 years, and we continue to expand our programs, enhance our technology stack, and grow our sales team. Aletha of North Carolina joined our team for two main reasons: Homestead’s resilience in the mortgage industry, and the confidence in knowing there are colleagues, support staff, and senior management behind her. Dave from New York signed on for our focus on superior service for our borrowers and emphasis on partners’ experience. To learn more about why Loan Originators choose Homestead Funding, watch our video here. For more career information and confidential talk, contact Michele Teague today: (518)-368-1494.”

You’re obviously the kind of mortgage professional who stays in the know. Why else would you be reading the Chrisman Newsletter? If we have you pegged, you’ll love this: we tracked down 4 surprising mortgage stats that will change the rest of 2023. Just click here for the free infographic. Stat-savvy and looking for your next business move? Motto Mortgage brokerages are hiring talented loan originators in: AK, AZ, CA, CO, CT, FL, GA, ID, IL, IN, KS, KY, MA, MI, MO, NC, NJ, NM, NV, OH, OK, OR, PA, SC, TN, TX, VA, and WA. Get all the info here.

“Are you a proven, high-performing Non-QM Account Executive? We’re looking to add YOU to our roster. Join the team of elite Account Executives who have access to uncapped commissions allowing you to earn what you’re worth, dedicated Scenarios Desk with HERO Broker Portal assistance, and exclusive loan products outside of what traditional Non-QM lenders offer including CDFI financing. Borrowers are leaving the 9-5 model and need solutions. Fill their financing needs & grow your own book of business while making an impact for diverse and underserved markets. Ready to change your jersey and dominate the Non-QM market? Reach out to Angela Castillo, VP of Talent Acquisitions, today for a confidential interview at 602.848.2967 or click here.”

Opus Capital Markets Consultants is excited to announce the addition of Pete Thomas to the company, to focus on creating new opportunities for the organization. “Pete has a tremendous industry background, particularly in Capital Markets, having been with Clayton/Covius, PHH, Freedom, and Bear Stearns, with deep relationships across the country,” said Pete Butler, EVP Strategy and Growth at Opus.

Dovenmuehle has appointed Ron Malik as SVP of default servicing to oversee Dovenmuehle’s special servicing initiatives and maintain a high level of compliance and service satisfaction in all areas of default servicing,

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Source: mortgagenewsdaily.com

Apache is functioning normally

Most employees have to submit expense reports at some point — be it for out-of-town travel, client dinners, special events, or other expenses you incur due to your job responsibilities. Keeping track of these expenses is important, otherwise you’re losing money while on the job and probably not endearing yourself to your company’s finance department, which relies on accurate records and timely reports from employees.

It seems straightforward enough to track your expenses, but I’ve personally known employees who have lost receipts and didn’t get reimbursed, failed to get reimbursed because they didn’t understand that an expense was reimbursable, or missed the deadline to turn in the paperwork. In all three cases, the employee paid for a company expense with their own money. Not good at all! The situation can easily be avoided with some basic steps to make sure company expenses don’t affect your bottom line.

Know the Policies

Request a copy of your company’s expense reimbursement policy, and make sure you understand the guidelines about the following:

  • Methods of payment. Can you use a company credit card? If not, will you pay out of your own pocket, or can you request a cash advance?
  • Reimbursable expenses. What are the allowable expenses? Typically these are transportation, mileage, meals, lodging, etc. What are the allowable limits? You’ll probably have a certain amount you can spend on meals each day, for example.
  • Non-reimbursable expenses. Know what isn’t covered by the company. For example, most companies will pay for meals, but not alcoholic beverages.
  • Documentation. Do you need to submit receipts? What about tracking mileage? Know what documentation you’ll need to accompany your expense report paperwork.
  • Filing deadlines. How soon must you submit your paperwork to get reimbursed?

Finally, print out a copy of the expense reimbursement form so that you have a clear understanding of what you’ll need to complete it. If something doesn’t make sense about the form or the policies, now is the time to ask for clarification from your boss.

Tip: Leave the form on your office chair to remind yourself to fill it out as soon as you’re back at your desk.

The Envelope Method

Let’s say you are going out-of-town to work at a company event. A simple, low-tech way to organize yourself is with a plain business envelope. Here’s how it works:

  • If you received a cash advance, place the cash inside the envelope.
  • If you need to track mileage, draw a mileage box on the outside of the envelope with a column for the date, starting mileage, and ending mileage.
  • Draw another box for tips, with a column for the date, amount, and the reason for giving the tip. This is for incidentals that might not have a receipt, like a housekeeping tip of $5 or tipping the hotel staff for moving heavy items.
  • When you receive a receipt for a business expense, mark which items you’ll submit for reimbursement (for example, a fajita meal, but not the margarita). Also write down the purpose of the expense, such as paying for a round of golf for a client and business partner, and the tip amount. Usually dates print out on the receipt, but if it’s not on there, write that down, as well.
  • Place all receipts in the envelope.

It sounds simplistic, but every time I’ve done this, I’ve found it easier to get my expense report turned in on time. When I don’t do it, I have to hunt down receipts in bags, pants pockets, and purses, then figure out where that $5 went that I forgot I used to tip hotel staff.

Don’t Wait to File

File your expenses the day you return to the office. To be honest, I don’t always do this. But it’s the best way to ensure that you’ll remember any details you might not have written down and that you’ll get your paperwork turned in before the deadline. There are tax laws and company policies about reimbursements, so don’t wait and risk losing receipts or forgetting about submitting them until it’s too late.

I’m going to take my own advice and complete my expense reimbursement form from a business trip last week before I can even think about procrastinating! In the meantime, let’s hear about your own methods for tracking reimbursable expenses. What are your tips for keeping business expenses organized?

Source: getrichslowly.org

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Here’s how to engage with a new client from day one with great communication and clarity, from email etiquette to contracts and more.