While high mortgage rates are keeping everyday working Americans out of the housing market, wealthy buyers with the means to buy multi-million dollar homes in cash are doing just fine.
In fact, luxury home prices, sales and inventory are all outpacing the regular real estate market, a reversal from last year when high-end buyers pulled back.
That’s according to a new report from Redfin, which shows the median price of luxury U.S. homes rose 9% year over year to $1.1 million in the third quarter, while the median price of non-luxury homes climbed only 3.3% to $340,000. Both hit their highest level of any third quarter on record.
The Redfin analysis defines luxury homes as those estimated to be in the top 5% of their respective metro area based on market value, and non-luxury homes were defined as those estimated to be in the 35th to 65th percentile based on market value.
The luxury housing market’s resilience in today’s chilled real estate environment is likely due to wealthy home buyers’ ability to buy with cash and avoid today’s 7% to 8% interest rates.
Almost 43% of luxury homes that sold in the third quarter were purchased in cash, up from nearly 35% a year earlier, according to Redfin. Contrast that with just 28% of all-cash purchases of non-luxury homes, which remains essentially unchanged from the third quarter of 2022.
“Wealthy home buyers have more tools to weather the storm of high mortgage rates,” said Jason Aleem, senior vice president of real estate operations for Redfin. “Many of them can afford to pay in cash, meaning they’re escaping high mortgage rates altogether.”
Aleem said other buyers are choosing to take on a higher rate and refinance down the road — “an expensive option that isn’t feasible for a lot of lower-income consumers.”
“Affluent Americans are still spending big, in large part because of pandemic savings and resilient housing and stock values,” he added.
The trend, however, may not last, according to Redfin chief economist Daryl Fairweather.
“While many luxury buyers have the resources to forge ahead even when mortgage rates are elevated, stubbornly high rates and home prices will likely push some affluent house hunters to the sidelines in the coming months,” he said. “High costs, along with the uptick in the number of high-end homes for sale, could cause luxury price growth to cool.”
For now, though, luxury inventory is holding up well compared to other segments of the housing market. The total supply of luxury homes for sale grew almost 3% from a year earlier compared with a record 20.8% decline in the supply of non luxury homes, Redfin reported. New luxury listings rose 0.3% while new non-luxury listings fell 22%
Luxury home sales are sluggish compared to last year, but they’re not as down compared to other homes. Luxury sales dropped 10.6% year over year compared to a 17% drop in non-luxury sales, according to Redfin.
Where luxury home sales jumped the most
In Tampa, Florida — home to many cash buyers — luxury home sales surged by almost 36% year over year, according to Redfin, the biggest increase in the country. Luxury new listings also rose almost 14% year over year in the third quarter, the biggest increase in every metro other than New York.
Next came Las Vegas (33.4%), Austin, Texas (14.5%), Sacramento, California, (10.1%) and San Francisco (9.6%).
“It’s an opportune time to be a cash buyer, and there are a lot of cash buyers in Florida,” said Eric Auciello, Redfin Tampa sales manager. “We’re still seeing many affluent house hunters move in from the Northeast and West Coast because they want lower taxes, different politics and/or to be closer to family. Tampa also has a ton of new construction, a lot of which is high-end condos.”
The 10-year yield has had a wild ride this week, especially during overnight trading. The 10-year yield hit a high of 4.93% after hourson Halloween, then dropped as low as 4.48% on Friday. As I have stressed, mortgage rates move with the 10-year yield, and we saw a noticeable move lower this week.
So what happened triggered the drop? Three of the four labor reports were softer than anticipated on jobs week. At this stage of the economic cycle, softer labor market data is vital not only for the Fed to pivot, but for the 10-year yield and mortgage rates to go lower.
Job openings data was fine, but the ADP jobs report came in as a miss, jobless claims came in worse than anticipated, and the jobs Friday report showed a slowdown in job and wage growth.
The Fed had its meeting on Wednesday and didn’t hike rates, but added the term that financial conditions and credit conditions now will lead to lower economic activity in the future. These variables put together sent bond yields and mortgage rates lower, and the slow dance between the 10-year yield and mortgage rates continued as it has since 1971.
Weekly housing inventory data
All I want for Christmas is one week of active inventory growth to be between 11,000-17,000 and not even Santa Claus can help me out here because the inventory growth rate has slowed down once again. I am running out of time as seasonality is kicking in, which means we are getting closer to the seasonal inventory decline for 2023. It looks like I will bat a whopping 0 in 2023 for my higher rates inventory growth level forecast.
Last year, the seasonal peak for housing inventory was Oct. 28, according to Altos Research. We might have reached the peak in inventory last week or next week.
Weekly inventory change (Oct. 27-Nov. 3): Inventory rose from 562,556 to 566,882
Same week last year (Oct. 28-Nov. 4): Inventory fell from 578,089 to 574,973
The inventory bottom for 2022 was 240,194
The inventory peak for 2023 so far is 566,882
For context, active listings for this week in 2015 were 1,140,753
New listings data has been trending at the lowest levels ever for 15 months now, and not too much has changed from that trend. Six weeks ago, I talked about the new listings data and how we should have some flat to positive year-over-year prints on CNBC. That has happened, but I caution people not to read too much into this. We need to find growth in this data line during the spring and early summer months of the year so we can regain the levels we had in 2021 & 2022.
Weekly new listings data for this week:
2023: 51,986
2022: 51,144
Traditionally, one-third of all homes have price cuts before they sell. When mortgage rates rise and demand decreases, the percentage of homes with price cuts can grow. This is the crazy stat for 2023: even with higher home prices and higher speeds, not only is inventory still negative year over year, but the price cut percentages are still running 4% below last year. Here are the price cut percentages for this week:
2023: 39%
2022: 43%
2021: 28%
Purchase application data was down 1% last week versus the previous week, making the year-to-date count 18 positive prints, 23 negative prints, and one flat week. If we start from Nov. 9, 2022, it’s been 25 positive prints versus 23 negative prints and one flat week.
The week ahead: Will mortgage rates keep falling?
We won’t have a lot of economic data this week, but after the wild week we just had, the one thing I will be watching is whether the bond market gives back some of its gains and whether we see a noticeable boost in purchase application data. The bar is low for purchasing apps to grow. This is similar to what happened a year ago when rates started to fall, but then we rates were falling for some time. For purchase applications to grow, we need mortgage rates to fall and stay low with duration.
Inside: Are you looking for ways to make money on the side? This guide has everything you need to know about the best side hustles for men. From turning your passion into profit with these gig ideas!
In this post, I collaborated with my husband. Together, we combined our ideas and expertise after work to generate ideas centered around how men specifically can make money. His input and insights were remarkably vital to this post.
Break free from the 9-to-5 grind and embark on a journey towards a fulfilling side hustle – it’s a game-changer for gentlemen looking to beef up their bank accounts.
In the ever-evolving landscape of side hustles, now is your year to supercharge your earnings. There’s a treasure trove of opportunities waiting for you to delve into, all while indulging in your passions. From tech-savvy endeavors to unleashing your creative genius and practical gigs that pay, our guide is here to unveil the ultimate side hustles that can set you on the path to financial triumph.
Ready to boost your income? Fantastic! You’re on the path to prosperity.
Here, we’ll explore the 40 best side hustles for men in 2024.
This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.
Embracing the Hustle: Why Men Should Consider Side Hustles
Side hustles are more than mere cash generators – they’re the keys to a world of freedom, flexibility, and endless growth potential.
If you’re a gentleman with a hunger for financial prosperity, a side hustle can be your golden ticket. It empowers you to call the shots and maintain your existing commitments while paving your way to success.
While women tend to lean towards side hustles for women, it’s high time for men to dive headfirst into the captivating world of side hustles!
How can a guy make extra money?
Making extra money doesn’t have to be monotonous. Whether you’re a tech whizz, an avid creator, or a hands-on worker, there’s something for you.
There are so many ways to make money. I just read this story about a college kid starting with $300 and turning his sticker side hustle into a full time business. 1
These options can yield solid income by leveraging your unique skills and interests. Want to learn more? Keep reading; we have plenty of ideas for you!
Top Side Hustles for Men
As my hubby said, extra income takes the financial strain off the normal job. With side hustles, you can choose how you want to spend your time – watching sports, playing video games, or making money.
The choice is yours!
Right now, learning to make money online for beginners is the most popular place to start.
1. Invest in Real Estate
Around here at Money Bliss, we always stress how to make your money work for you and real estate is no different.
Real estate investment is a golden opportunity that not only offers a steady income but also the potential for property value to soar. Keep in mind, that it’s a long-term game that requires a significant upfront investment.
However, there are many options like flipping properties, renting properties, or even investing through a REIT. Dive into the world of real estate to maximize your returns. Let your money do the heavy lifting for you.
2. Day Trader
Many men opt for trading stocks and options as a side hustle for several compelling reasons.
Trading offers flexibility, as your research can be done at any time, making it convenient to manage along with a nine-to-five job.
It has an immense profit potential, given the volatility and opportunities present in the global stock markets.
Many want to earn a rate of return greater than the average return of the S&P 500 – a common benchmark index for that competitor inside them.
Finally, trading presents an opportunity for continual learning and development, as successful trading requires staying updated with financial news, stock apps, market analysis, and economic trends, thereby enhancing one’s financial literacy.
Trade & Travel
Learn to trade stocks with confidence.
Whether you want to:
Retire in peace without financial anxiety
Pay your bills without taking on a side hustle
Quit your 9-5 and do what you love
Or just make more than your current income….
Making $1,000 every.single.day is NOT a pie-in-the-sky goal.
It’s been done over and over again, and the 30,000 students that Teri has helped to be financially independent and fulfill their financial dreams are my witnesses…
3. Become an Umpire or Referee
Sports fans, here’s your calling! Transform your passion into a profitable part-time gig by becoming a sports referee.
There is a HUGE shortage of umpires and referees.2 Rates per game can range from $20 to $60, and over time, you can earn even more as you referee older leagues. Plus many leagues are paying more to incentivize refs to come back to the fields.
Not only does it assure good pay, but it also lets you enjoy your favorite sport, exercise, and create exhilarating moments. Check it at your local club or league for training and to get started today.
This is something my brother-in-law did all the time and easily made 200 dollars a day.
4. Participate In Medical Studies
If adding to medical knowledge interests you while earning, consider participating in clinical trials.
Compensation depends on various factors like the study’s length and complexity. You can earn $50 to $300 a day!
It’s worth considering if you’re comfortable with potential risks and lengthy commitments. Websites like ClinicalTrials.gov or your local hospital could help you get started. It’s a unique way of contributing to medical research while making money. Do check the risks before diving in!
5. Moving and Heavy Item Delivery
Feel like adding some muscle? Moving and heavy item delivery might be your perfect hustle. If you’ve got a buddy, a solid back, and a truck (or can rent one), this is the gig.
You could easily earn about $20-$25 an hour helping people move houses or delivering large items. Opt for evening or weekend gigs to fit around your day job.
Get started by advertising your services or using apps like TaskRabbit or NextDoor. An excellent way to stay fit and earn some extra dollars at the same time!
6. Rent Out Your Extra Room
Do you have a spare room? Then, transform that neglected space into a cash cow.
Airbnb or VRBO can help you lease it out to travelers. Its user-friendly platform lets you manage rentals with aplomb. Plus, you get the chance to grow into a SuperHost.
Another option is to look at investing in a duplex where you live on one side and rent out the other.
7. Woodworking
This takes a special talent like my father-in-law had. He and his boys were known for crafting Adirondacks chairs, bedroom furniture, and patio tables.
So, if you have this woodworking knack, then this side hustle could be a golden ticket. The key to success is to perfect your craft to a few select items to be efficient with your time, so, you can better the profit. Let your handyman skills shine and earn you some extra cash!
The average earnings of a woodworking side hustle in the U.S. can range from approximately $500 to $3,000 or more per month, depending on factors such as the complexity of projects and marketing efforts.
8. Beekeeping
Honey, take note! If you’re not deterred by bees and are interested in agriculture, try your hand at beekeeping. This might be a family affair – like my daughter’s soccer coach.
Honey sells for around $20 a pound, and bees virtually do all the work! Plus, you contribute to pollination and the environment.
Combined with pest control services (like removing large nests), you can amplify your earnings. However, getting comfortable with bees might take time. But, once you do, the sticky sweet liquid gold that is raw honey could put a sizeable amount of money in your pocket.
9. Detail Cars
If you have a passion for cars and cleanliness, consider detailing cars as your side hustle. There’s something gratifying about transforming a dusty vehicle into a sparkling gem.
Depending on the quality of your service, you can earn up to $500 in a single weekend! Start by experimenting with your own car and build a portfolio to attract customers.
You’ll need tools like a good shop vacuum and detailing brushes. I have seen plenty of men showcasing their work on social media with before-and-after photos. Polish those wheels and drive towards profit!
10. Landscaping Side Hustle
Armed with green fingers? Eager to perform hard physical labor? Then a side gig in landscaping can do wonders for your wallet.
From regular lawn care to fall leaf cleanup to full-on backyard redesigns, there’s something for everyone. Look to websites like Lawn Love to match you with your first clients.
Potential income for this venture depends on how many hours of your time you are willing to trade.
11. Drive for Ridesharing Apps
Like to drive? Awesome, do it for cash! Ridesharing apps like Uber and Lyft got you covered.
Be your boss, and work on your terms.
You need to make sure you have a nice car, proper insurance, and learn the busiest routes to maximize your earnings. Do pay heed to your vehicle’s wear and tear, though. However, this is one of the jobs that pay weekly.
12. Snow Plowing
Living in a snowy region? Consider snow plowing. This is a quick way to make money! I can attest to my kids quickly making $200+ a day from snow shoveling.
Even better is to have business clients that need this service. As such, all you need is a reliable truck or SUV with four-wheel drive and a snowplow. Plus, you can upsell by offering extra services like salting and hand shoveling.
This lucrative side gig can result in you earning thousands each winter. It’s an opportunity to put your vehicle to good use and tackle Mother Nature for a handsome payout.
16. Knife Sharpening
If you have a knack for precision and patience, knife sharpening could be a rewarding side hustle. Businesses like restaurants butcheries, and home cooks are potential clients.
All you need is a quality knife sharpening setup and knowledge of the right techniques. Advertising your services on social media can help bring in customers. Who knew such an unusual skill could be so profitable?!
17. Plasma Donation Centers
While this one is probably more geared to side hustles for college students have you ever considered donating plasma for cash?
You help others, and it earns you up to $500 a month. It’s a generous deed with a minimal time commitment.
Search for “where to sell plasma in [your city]where to sell plasma in [your city]” to get started. Remember, most places have similar requirements to blood donation and may require a short medical screening first.
18. Bookkeeping
Good with numbers? Have an eye for detail? Look into bookkeeping.
Services like generating invoices, managing accounts payable, and preparing tax returns are always in demand. Overhead costs are low as you only need a computer and accounting software. Plus, payment is high at around $50 per hour!
For most bookkeepers, referrals are their bread and butter. To start out check the local Chamber of Commerce to start meeting other business people.
Turn your love for crunching numbers into a lucrative side hustle.
Earn Extra Income with Bookkeeping
Bookkeeping is the most stable, reliable & simple business to own. This is how to make a realistic income -either part-time or full-time.
Find out TODAY if this is THE business you’ve been looking for.
Show Me How
19. White Label Software
Dip your toes into software reselling by using white-label software. This is great for someone who is good with technology and understands SaaS. However, no coding or IT background is necessary.
All you need to do is buy “seats” of an existing software at a wholesale rate, then resell them at retail.
Use any software name or category on Google and add “White Label” at the end to find options. Build a website, market your product, and start earning by becoming a digital intermediary! Start earning by becoming a digital middleman!
20. Work as a Translator
In the United States, nearly 20% of the population, roughly 67.8 million people, speak a language other than English at home, with Spanish, Chinese, Tagalog, Vietnamese, and Arabic being the most prevalent.3 If you’re fluent in another language, this opens doors to flexible and potentially lucrative side hustle in translation and interpretation.
Earnings in the language translation side hustle can fluctuate based on the client’s requirements and your preferences. For instance, you might find translation opportunities on platforms like Freelancer.com offering rates of up to $60 per hour, while translators on Fiverr can charge as much as $125 per project.
21. Pallet Flipping
Are you inclined towards an entrepreneurial middleman ship? Pallet flipping could be your ticket to substantial income.
This is similar to buying storage units unseen and flipping for a profit. With pallet flipping, the process involves buying and reselling pallets of customer returns, overstocked items, or unsold merchandise, often from major online platforms. Connect businesses that need pallets to ship their products with those looking to get rid of them.
Whether you start small or aim high, scalability and considerable earnings are within reach. Check out this Pallet Flipping book to get started.
22. Help Others Write Resumes
If you have a talent for crafting impressive resumes, there’s a lucrative side hustle waiting for you. Job seekers are constantly looking for professionals who can help them stand out in the competitive job market.
According to our research, professionals skilled in resume writing can start charging for their services on platforms like Fiverr, often earning anywhere from $50 to $150 per resume service including cover letters and LinkedIn profiles.
Mastering the art of creating effective resumes, including understanding industry-specific keywords, is the secret sauce to success in this field. By assisting others with their career aspirations, you can collect a decent income while making a meaningful impact on their job prospects.
This is also a popular digital product to sell on Etsy.
Earn More Writing
You can make money as a freelance writer.
Learn techniques to find those jobs and earn the kind of money you deserve!
Plus get tips to land your first freelance writing gig!
Start Now
23. Laundromat
Here’s an unconventional yet profitable idea – owning a laundromat! It’s an already profitable model (as it has been around for years) and most processes are automated.
Integrating some digital marketing skills and making tweaks like improving your online presence could earn you significant profit. But be aware, that this does involve an initial investment. Scope out opportunities to buy a laundromat near you.
Also, another trend is starting a laundry business where you take care of others’ laundry needs. Who would have thought laundry could be so rewarding?
24. Start a Consulting Side Hustle
Do you have expertise in a specific area? Consider starting a consulting side hustle.
Consulting is often about solving problems and providing strategies. Whether you’re skilled in marketing, HR, tech, or any other field, your knowledge can be valuable to businesses. Use your existing network to start and gradually grow your client base.
With the right marketing and a robust network, consulting can be highly rewarding. Honestly, this is a popular job after retirement for many. So why wait? Start monetizing your wisdom today!
25. Furniture Flipping
Ever heard of furniture flipping? It’s about buying used furniture at low prices, revamping it, and selling it for a profit.
Furniture flippers can be a goldmine especially if you know what to look for. Unearth the potential in old furniture and flip it into a profit with this artistic hustle.
You can source items from yard sales, flea markets, or online. Sanding and repainting can transform items into showpieces. This gig is perfect if you love hands-on projects that require creativity and patience. Remember, a great photo makes the sale for your final piece!
26. Walk Dogs
Dog lovers, rejoice! Here’s the perfect gig for you – dog walking. If you love playing with our furry friends and love the outdoors, why not get paid for it?
Apps like Rover can connect you with dog owners in your area in need of walking services. Dog walking can fetch (pun intended!) you around $10–$18 per walk. If you’re passionate about spending time with fidos, this side hustle is a pleasure that pays!
Rover
Get paid to play with pets!
Rover makes it easy and promotes you to the nation’s largest network of pet owners.
Earn money doing something you love.
Become a Sitter
27. Find Odd Jobs in Your Area
Not afraid to roll up your sleeves? Awesome! Odd jobs can be a treasure trove of opportunities.
Think yard work or furniture assembly. Seek out these gigs on platforms like TaskRabbit, Nextdoor, Craigslist, or Fiverr, and a few hours of work can earn you a tidy sum. It’s the perfect hustle for those in search of quick cash injections!
TaskRabbit
Find local jobs that fit your skills and schedule.
With TaskRabbit, you have the freedom and support to be your own boss.
Plus set your own rates!
Get Started
28. Photographer
Are you skilled at capturing beautiful moments? Turn your passion into a lucrative side hustle by becoming a photographer.
With average rates of earning 500 dollars per day, your earnings could easily surpass those of a full-time job. You can explore areas like wedding photography, senior photos, or commercial product photography.
The best way to gain clients is through referrals or a fundraiser. Grab your professional camera and start capturing memorable moments while boosting your income. Focus your lens and let your creativity shine!
29. Unusual Rentals
Get creative! As this man demonstrated, unconventional rentals like a power washer can earn you thousands of dollars every month. 4
You can rent out spaces like your garage, or backyard to pet owners, or even invest in items like portable hot tubs or bounce houses. Platforms like Airbnb, Sniffspot, Vrbo, and Neighbor can help you get started.
Your unused space or items can transform into extraordinary sources of income. Dive into the world of rentals and unveil massive profits!
30. Cryptocurrency
Crypto investment is a popular side hustle that can yield incredible returns (and significant losses).
However, keep in mind that the cryptocurrency market is volatile, and you should only risk what you can afford to lose.
Crypto is not for the faint-hearted, but with the potential for high returns, it could be your golden opportunity.
31. Teach Music Classes
Do you possess a hidden musical talent? Then, teach music class!
With countless adults and children seeking music lessons, you can make good money sharing your skills. Offer piano lessons, guitar instruction, drumming, or any instrument you excel in. You can use platforms like Skillshare or provide private lessons.
On average, music instructors can charge anywhere from $40 to $100 or more per hour for online lessons depending on how advanced the lessons are. Sharing your passion for music while making money sounds like music to the ears, doesn’t it?
32. Sell on eBay
Have you ever visited a garage sale? Turn those finds into a profitable hustle by selling on eBay. eBay is an excellent platform for selling a wide range of items.
Some personal successes include flipping items like electronics, old iPods and iPhones, sneakers, and furniture. Successful eBay selling boils down to recognizing profitable items and securing a bargain purchase.
Are you ready to flip and fill your wallet with extra cash? You could sell on Facebook Marketplace, too.
33. Reselling on Amazon
Reselling products on Amazon is the trend of the hour. Scout for items cheaper in your area than online, including toys, limited edition shoes, or seasonal delicacies.
Consider trying dropshipping to curate your product lineup without worrying about inventory. Armed with just an Amazon seller account and a keen eye for trends, you can dive into this lucrative venture!
34. Start A Freelance Business
Have niche skills? Time to cash them in by freelancing. This is a booming market.
Bid on projects that resonate with your skill set: graphics, writing, social media management, website design – you name it! Going freelance offers flexibility, and autonomy and can bring in some serious cash.
Be sure to create a compelling portfolio to attract clients and make sure you have solid reviews.
35. Play Games Online
Game on, fellas! Who said you can’t turn your gaming hobby into a money-making machine?
You can pocket money by playing games like Blackout Bingo and Solitaire Cube.
Just remember you can win real money, but you can suffer losses as well. Also, be sure to check if cash tournaments are available in your region.
36. Watch Videos Online
Do you enjoy watching videos? You can earn while indulging in your favorite pastime! Platforms like InboxDollars and MyPoints offer cash rewards for watching videos. Plus, you can claim a $5 sign-up bonus on InboxDollars.
While the earning potential might be relatively low, it’s a seamless background activity. You can make money while relaxing on the couch. So, why not unwind with your favorite video content and get paid for it?
Inbox Dollars
Since 2000, InboxDollars has paid over $80 Million in cash rewards to members for doing everyday online activities like reading emails, taking paid surveys, or playing games.
The InboxDollars community allows members to influence future products and services.
Sign Up Now
37. Start a Podcast
Do you have a passion for conversation? Starting a podcast is not just about speaking your mind; it’s a captivating path to potential profit.
With over 177 million podcast listeners in the U.S. alone, your words have a vast audience waiting to tune in.5
Dive into topics like BBQ techniques, current events, or life’s twists and turns, and you might be surprised to know that top podcasters earn money with sponsorships.
38. Delivery Gigs
Do you love driving, but want to limit contact with people? Consider delivery gigs.
Food delivery apps like DoorDash, Uber Eats, and Instacart can pad your wallet. You can make deliveries on your schedule while retaining control over when and where you work.
These gigs typically pay $15 to $20 per hour, plus tips. Some companies even allow bicycle deliveries for a bit of exercise. Deliver your way to financial success with this flexible side hustle.
39. Start a YouTube Channel
Do you have a passion for digital creativity? Consider starting a YouTube channel – the “king of side hustles.”
Use your unique perspective to engage viewers, whether through personal vlogs, tech reviews, or evergreen content. The potential is boundless.
YouTubers earn money from ad revenue and sponsorships. With a staggering number of users on YouTube, why not tap into this vast audience?
Established channels can rake in thousands per video. However, remember that channel success hinges on content quality, relevance, and consistency. Get behind the camera and share your creativity with the world!
40. Freelance Writing
If you have a way with words, freelance writing is an attractive side hustle. Typically, writing is the most sought-after freelance service.
You can choose from various writing niches, including copywriting, blog writing, ebook, social media content creation, or creating detailed reports. Impress clients with samples of your best work.
For many, this was the first step before they went into to the world of blogging.
Earn More Writing
You can make money as a freelance writer.
Learn techniques to find those jobs and earn the kind of money you deserve!
Plus get tips to land your first freelance writing gig!
Start Now
42. Take Online Surveys
Have some free time and a reliable internet connection? Consider taking online surveys.
Websites like Swagbucks, Panel Place, or Survey Junkie are on the lookout for your opinions. It’s simple: sign up, share thoughts, and cash out! Look out for the highest-paying survey sites to maximize your profits.
Taking online surveys can typically amount to around $50 to $200 per month, depending on the frequency and length of surveys taken.
While it won’t make you a fortune, it’s an easy way to make a couple extra bucks during downtime. Start voicing your opinions for money today!
Swagbucks
Swagbucks is a fun rewards program that gives you free gift cards and cash for the everyday things you already do online.
Earn points when you shop at your favorite retailers, watch entertaining videos, search the web, answer surveys, and more!
Start for FREE
Get $10 Sign Up Bonus
43. Find a Flexible Part-Time Job
Finally, a part-time job can provide a steady cash stream.
Right now, you can find hiring signs everywhere! This is a great way to trade your time and make a little bit over minimum wage.
Apply to those vacant positions now, and sail towards extra cash!
Striking the Balance: Juggling Regular Jobs and Hustles
This is where my husband is always the most concerned because juggling your full-time job along with your side hustle can be tricky. Even more so, if you have a family.
The key is to create a feasible schedule that allows you to manage both without affecting the quality of work.
Keeping a time log can help identify how you can spare time for your hustle. Remember, side hustles should not hinder your regular job.
The goal is to make extra money, but not lose precious time with your family, so you must strike that balance for a smooth side-hustling journey. It’s all about dedication, time management, and commitment.
Now, are you ready to toss that juggling ball up in the air?
Frequently Asked Questions about Side Hustles
Personally, we feel the most profitable side hustles for men is real estate investment, followed closely by trading stocks and options.
These side hustles have a higher amount of money needed to start investing. So, we decided to consider your skills and interests to make a big impact now.
Making an extra $2000 a month is a game of adopting multiple hustles or honing in and being successful with one.
More importantly, it’s all about identifying your strengths, and interests and leveraging opportunities from there. Keep grinding, and you’ll find that fortune favoring your extra efforts!
Earning an extra $1000 a month might seem daunting, but it’s definitely achievable. Combining side hustles like driving for DoorDash, medical research studies, and flipping items can help you hit that target. Remember, the key lies in maximizing your skills, and efficiency, and choosing the right hustles. Embark on your side-hustling journey today and watch as your bank account flourishes!
Which Side Hustle for Guys Do You Like?
Now that we’ve explored these exciting side hustle opportunities, it’s time for you to take action. Which one resonates with you the most?
To truly excel in the world of side hustles, it’s crucial to approach your ventures with the right mindset. Your skills, hobbies, and interests should align with your chosen hustle, ensuring that you’re not just chasing dollars but pursuing something that genuinely excites you.
Remember that side hustles require time, commitment, and sometimes an upfront investment. The higher you’re willing to climb, the better your view (and the payouts) will be!
Don’t wait any longer. Start your side hustle journey today, and unlock the door to financial freedom and personal fulfillment.
Source
CNBC. “21-year-old spent $300 to start his sticker side hustle—now it brings in up to $38,000 a day: I was ‘unprepared’ to go viral.” https://www.cnbc.com/2023/10/30/how-sticker-side-hustle-invalid-jp-went-tiktok-viral-became-lucrative.html. Accessed October 30, 2023.
CBS News, “Youth sports referee shortage grows amid aggression from parents, coaches.” https://www.cbsnews.com/philadelphia/news/youth-sports-referee-shortage-grows-amid-aggression-from-parents-coaches/. Accessed October 30, 2023.
Census.gov. “Nearly 68 Million People Spoke a Language Other Than English at Home in 2019.” https://www.census.gov/library/stories/2022/12/languages-we-speak-in-united-states.html. Accessed October 30, 2023.
Express. “‘Anyone can do it’ Man shares unusual way to make money without leaving home.” https://www.express.co.uk/finance/personalfinance/1623166/money-making-tips-earn-from-home-fat-llama. Accessed October 30, 2023.
Exploding Topics. “Number of Podcast Listeners.” https://explodingtopics.com/blog/podcast-listeners. Accessed October 30, 2023.
Know someone else that needs this, too? Then, please share!!
Did the post resonate with you?
More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!
Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.
The jobs report today which should move mortgage rates lower, demonstrates why it’s time for the Federal Reserve to land the plane. The labor market doesn’t show wages spiraling out of control as it did in the 1970s because the inflation data doesn’t look like anything in the 1970s.
We had a solid job openings print this week and jobless claims are still near historic lows. Today’s labor data isn’t the cleanest report with labor strikes in different sectors and we did get significant negative revisions. But, job growth is returning to its average pace. Remember, if we didn’t have COVID-19 and job growth stayed on trend with population growth from February of 2020, we easily should have between 157 million – 159 million total people employed, and today we are at 156,930,000.
From BLS: Total nonfarm payroll employment increased by 150,000 in October, and the unemployment rate changed little at 3.9 percent, the U.S. Bureau of Labor Statistics reported today. Job gains occurred in health care, government, and social assistance. Employment declined in manufacturing due to strike activity.
Here’s a breakdown of the jobs gained and lost in today’s report:
In this job report, the unemployment rate for education levels looks like this:
Less than a high school diploma: 5.8%
High school graduate and no college: 4.0%
Some college or associate degree: 3.1%
Bachelor’s degree or higher: 2.1%
Wage growth has been slowing down since January of 2022, which is a big slap in the face to everyone saying that wage growth can’t slow down unless people lose their jobs. Today’s 4.1% year-over-year growth data is lower than the 6% plus wage growth data we saw in January of 2022.
The other labor data lines were fine this week: nothing is breaking, but put them all together, and the labor market is returning to normal. Job openings data is roughly at 9.6 million, but the quits percentage is back to pre-COVID-19 levels. That’s essential because the Fed doesn’t want people to quit their job for higher wages. Jobless claims rose more than anticipated, but this is historically low.
The 10-year yield has had a crazy week, heading lower before the jobs report as we can see below.
As I write this article, the 10-year yield is at 4.53%, and mortgage rates are heading lower! Softer labor data will send rates lower. Looking at the history of economic cycles, usually when the Fed is done hiking rates, bond yields head lower with mortgage rates. The Fed made a big mistake by being too hawkish in its October meeting, which sent bond yields (and mortgage rates) much higher and made policy more restrictive
Overall, the labor market is getting back to normal. This is why, for a long time, I have targeted that 157 million to 159 million level as the baseline level for job growth, reflecting the slower growth rate of our population. We had a global pandemic, which did not throw us back to the 1970s, and in time, we are returning to normal.
We don’t need to create a job-loss recession for some code of honor that doesn’t exist among Federal Reserve members, we just need to endure.
In case you were wondering how things were going on the housing front, the news still doesn’t look too hot.
Aside from homes sales data being revised, downward, the foreclosure glut appears to be nastier than ever.
Fitch Ratings, which rates the creditworthiness of banks and other companies, called the “supply of REO staggering” in a news release sent out this week.
They attributed the backlog to pending investigations regarding shoddy foreclosure processes employed by banks and lenders.
We’ve known about the robosigning allegations for a while, and the unfortunate consequence (aside from people losing their homes unjustly) has been further delays to a potential recovery.
It’s a bit of a catch-22. Clearly we can’t have these companies going around and rushing people out their homes without doing their due diligence. But the delays are also creating more weakness in the housing market.
REO Sales Key to Recovery
Fitch believes these REO sales will be key to determine the direction of the housing market over the next couple years.
The FHFA, which oversees Fannie Mae and Freddie Mac, owns about half of the nation’s distressed residential real estate. But they’ve yet to decide on how to unload it all.
Fitch expects the FHFA to introduce a program that will allow for measured sales to investors who will hold and rent out the properties for some specified term.
This should protect the flagging real estate market from more harm, as they wouldn’t be rapidly unloading their inventory and putting even more downward pressure on home prices.
New Foreclosure Waves
Meanwhile, RealtyTrac released a report today warning that new “foreclosure waves” are on the way.
Despite a seasonal slowdown, a trend that they’ve seen over the past four years, November’s numbers point to more doom and gloom ahead, likely early next year.
Foreclosed properties scheduled for auction hit a nine-month high in November thanks to a default surge in August, and many new defaults that started the foreclosure process over the past few months will be sent to auction soon.
In other words, don’t expect a housing recovery in 2012 either…but expect mortgage interest rates to remain low as the carnage continues (there’s your silver lining).
So it looks like there’s still a ton of heat on home prices, what with the growing distressed property inventory and misleading sales figures due to come out next week. Not to mention high unemployment and uncertainty in Europe still festering.
Federal ReserveChair Jerome Powell left the door open to a future interest rate hike on Wednesday, but most housing professionals are hopeful that the Fed may be done hiking interest rates for 2023.
Tight financial and credit conditions, slowing inflation and high 10-year Treasury yields – the primary driver in the rise of longer-term interest rates – will likely discourage the central bank from a further rate hike this year, economists and mortgage professionals said.
In turn, this will provide relief and bring down stubbornly-high mortgage rates.
“I think the one thing I take away from today is that financial and credit conditions are tighter now, which was different than before,” said Logan Mohtashami, lead analyst for HousingWire. “Unless the 10-year Treasury yield falls considerably, the stock market rallies and home sales start to take off again, December should be off the mark.”
The 10-year Treasury yield, which acts as a benchmark for mortgage rates, fell to a two-week low at 4.766% on Wednesday after the Fed held interest rates steady in a range of 5.25%-5.5%.
Fed officials forecasted one more rate hike in 2023 in its September dot-plot estimates, which shows the range of forecasts for where interest rates could end up. The majority of Fed officials had expected interest rates to finish the year at around 5.6%.
Marty Green, principal of Polunsky Beitel Green, described the Federal Reserve as a “blackjack player with two face cards.”
“The only sensible play at this meeting was to hold pat,” Green said. “It is becoming increasingly clear that the Fed is indeed done raising rates in this cycle. While the cycle has been inordinately painful to the mortgage industry, with another interest rate pause, we should be at least one step closer to some relief in 2024.”
Inflation has fallen significantly since hitting a four-decade high last summer, but consumer prices have increased by 3.7% in September year-over-year, still climbing faster than the Fed’s target of 2%.
The economy is starting to slow down and inflation will moderate at a pace that suits the Fed, said Melissa Cohn, regional vice president of William Raveis Mortgage.
“We’re coming up against Nov. 17, when the government funding ends,” Cohn said.
Coupled with the Israel-Hamas war, the central bank could keep the Fed’s pause on another interest rate hike for a third consecutive month after its next meeting on Dec. 12-13.
“Even though Q3 economic growth came in quite strong, and several job market indicators continue to show strength, so long as inflation continues to come down, the Fed is likely to pause at this level for some time,” Mortgage Bankers Association‘s SVP and chief economist Mike Fratantoni said.
Fratantoni went a step further in anticipating the Fed to cut interest rates in the second quarter of 2024.
“If the Fed does indeed move to cut rates next year and signals its intent to do so, mortgage rates should trend downward. Our forecast calls for this to happen, which would support a somewhat stronger spring housing market,” Fratantoni said.
Powell, however, made clear on Wednesday that the committee is “not thinking of rate cuts” and is intent on bringing inflation down to 2%.
The best-case scenario is for the Fed to keep rates steady in December, said Raunaq Singh, founder and CEO of Roam, a platform for affordable homeownership.
Depending on November’s inflation readings, a slight rate hike in December is also likely, he noted.
“This will exacerbate the housing affordability crisis, which has already reached an all-time low,” Singh said. “Median monthly mortgage payments are at an all-time high. More than 50% of mortgages have monthly payments north of $2,000, whereas two years ago that number was more like 18%.”
While the odds of an additional rate hike is low, the Fed is expected to keep the option on the table, Danielle Hale, chief economist for Realtor.com, raised a cautious view.
“As long as a rate hike is on the table, investors are likely to position cautiously, and the tendency for rates to remain steady to slightly higher remains,” Hale said.
Improvement in data should reflect lukewarm readings on the economy and lower inflation, which will be more important drivers of lower rates, she explained.
At the final FOMC meeting in December, two months of inflation and labor market numbers will be reviewed to determine the direction of future interest rates.
Welcome to Episode 10 of The Kings Table Podcast, a captivating new show hosted by Ashish, Mike, Aaron, and Matt. Join us for an unfiltered, authentic experience as we gather weekly to delve into the raw discussions that drive our lives, businesses, economics, and the world.
Meet the hosts:
1. Mike (The Sage) Ayala is an accomplished investor, speaker, and podcast host, who stands at the helm of Investing for Freedom, guiding busy professionals and entrepreneurs toward the path of genuine liberation and optimal living. 2. Ashish (Hostess with the Most-est) Nathu is a founder and CEO, entrepreneur, real estate investor, triathlete, and host of the Rich Equation Podcast. 3. Matt (Hero of Hospitality) Aitchison is a distinguished real estate investor, captivating speaker, and committed philanthropist. 4. Aaron (The Trend Spotter) Amuchastegui is a seasoned real estate virtuoso with a remarkable track record of over 1,000 house transactions, predominantly acquired through astute foreclosure purchases at courthouse auctions.
Welcome to another engaging episode where we navigate through diverse topics, fostering insightful discussions. We kicked off the episode exploring the ongoing conflict between Israel and Palestine, where we dissect the narratives and delve into the historical context. Transitioning to an entrepreneurial lens, we venture into the realm of innovative financing deals within our individual domains. We provide invaluable guidance to brokers, emphasizing their indispensable role in orchestrating creative financing solutions in the real estate sector. We concluded with a reflection on the significance of your digital reputation as a way of gaining attention and building your brand.
Tune in for a thought-provoking episode that covers an array of intriguing subjects, offering valuable insights and diverse perspectives.
Connect with us!
We eagerly await your feedback about the show! Kindly share your thoughts via text message at this number: (844) 447-1555.
Mike Ayala: Instagram: https://www.instagram.com/themikeayala/ YouTube: https://www.youtube.com/channel/UCoa4pNSAYxBM6nSn2jCrPYA Website: https://investingforfreedom.co/
Hedging, Webinars, HELOC, Prequal Tools; STRATMOR on Servicing; Lunches and RESPA
<meta name="smartbanner:author" content="We now have a native iPhone and Android app. Download the NEW APP”>
This website requires Javascrip to run properly.
Hedging, Webinars, HELOC, Prequal Tools; STRATMOR on Servicing; Lunches and RESPA
By: Rob Chrisman
Thu, Oct 26 2023, 12:32 PM
It is said that if all the hunters on opening day(s) of deer season in Wisconsin were grouped together, they would comprise the sixth largest army in the world! Sometimes lenders feel that they have a target on their backs, and here at the WMBA’s 49th Annual Real Estate & Finance Conference in Milwaukee, some of the informal talk in the hallways is about avoiding redlining, a focus of audits and exams. Another is RESPA. When does “As you wish” or “intent” figure into lending? “Rob, is it true that the same business lunch can either be a RESPA violation, or not?” I am not an expert in compliance, but yes, that is true. If you’re an LO who takes a real estate agent to a nice lunch as a thank you for sending business your way, that is seen as a thing of value and would be a RESPA violation. If the same nice lunch is used to discuss new programs and training that your company offers real estate agents, then it is copacetic. Make sense? (For more RESPA tips, read this edition of attorney Brian Levy’s Mortgage Musings focused on Ted Lasso.) Today’s podcast can be found here, sponsored by Visio Lending and its top notch broker program. 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. Listen to an interview with Selene Finance’s John Vella on revenue targets and P&L examinations going on at mortgage companies and what is setting apart successful from less successful mortgage service providers at a time like this.
Lender and Broker Software, Products, and Services
Great mortgage professionals aren’t always great marketers, and most mortgage companies’ in-house marketing teams lack the bandwidth to create new creative content week after week, month after month and year after year. ICE understands these challenges, which is why its Surefire℠ CRM and Mortgage Marketing Engine creative team works nonstop to deliver an ever-growing library of timely, relevant, on-brand content that captures borrower interest and keeps relationships warm long after close. With turnkey automated marketing campaigns, a single marketing administrator can automatically customize and deploy award-winning, multi-channel campaigns for hundreds of loan officers. Schedule a demo with the ICE team to discover how Surefire works around the clock to help keep loans coming in.
Uplist Unveils Revolutionary Real Estate Technology to Empower Loan Officers. In a difficult market where efficiency and speed are more crucial than ever, Uplist is setting a new standard in real estate technology for lenders. The platform’s unique suite of features eliminates the need for loan officers to spend time on mundane tasks, like updating listing flyers with accurate rate and payment information. The patent-pending technology, with real-time rates thru Uplist SmartView™ listing flyers, makes it easier for homebuyers to receive immediate, accurate payment information, thereby accelerating the sales process and cultivating stronger business relationships. Loan officers who are interested in taking their business to the next level with Uplist can visit GetUplist.com to schedule a demo. Don’t like forms? Email your questions at [email protected].
If Amazon were a mortgage lender, do you think its borrowers would have to call loan officers to get payment and closing cost summaries? Do you think its borrowers would have to wait around on nights and weekends to get updated PDF pre-approval letters? Obviously not. The good news is that you can stay ahead of the curve with QuickQual by LenderLogix. It’s already integrated into Encompass® by ICE Mortgage Technology™ and you can be up and running in days. Check it out here and they’ll text a sample to your phone.
A Consumer Rewards program at The Loan Store?! That’s right, word is that TLS is enabling its mortgage broker and non-delegated correspondent partners to offer homebuyers up to 40 bps in pricing enhancements (plus other money-saving rewards) on first-lien loans. It’s clear that The Loan Store is in a giving mood with its wholesale loan originator partners, considering this program PLUS the fact that TLS is compensating originators 200 bps on HELOCs. Make your money on HELOCs, and save your customers money on first-liens, by getting signed up with The Loan Store!
Training and Webinars
Lending operations leaders who care about driving greater efficiency and profitability, while optimizing the borrower journey, join your tribe in this live event. We will dive into specific examples that lenders can take back to their teams, today, and improve their businesses. Some of these strategies are saving 50-80 percent per month on the larger costs that lenders face. Others allow for greater automation, reducing the load on reduced teams, and allowing them to do even more. Efficiency and optimization aren’t the keys to winning in this market. They are the requirements to survive! On November 2, 2023 at 1 PM EST, Join Femi Ayi, EVP of Operations at Revolution Mortgage, Kirill Klokov, CEO at TRUV, and Jason Perkins, CEO at Bonzo as they break down efficiency and optimization strategies that you can put into practice today!
Do your borrowers need payment relief? Newfi Wholesale designed the Graduated Payment Mortgage to help! This 30-Year Fixed solution has lower initial payments than the interest only option and can be used on purchases or refinances. More brokers and loan officers are asking about this product than ever…to learn more call John Wise EVP, Sales at (818) 391-4131 or register to join our free webinar Wednesday, November 1st!
Mortgage lenders are at a pivotal juncture. The MBA forecasts that next year interest rates will soften after an extended bout of exceptionally challenging market conditions. To help you take the reins of fresh opportunity, TrustEngine is proud to present the final part of its Path to Profitability webinar series. On Thursday, November 9 at 2 pm ET, join Dave Savage, Steve Majerus of Synergy One Lending, and Brett Brumley of Lender Toolkit, for a session on how AI will be critical to conversion in 2024. Tune in for expert insights, best practices and actionable steps leaders can be taking to leverage emerging opportunities in the year ahead. Register now to grab a front row seat.
STRATMOR on Servicing Strategies
It’s no secret that lenders are not making enough money on originations to sustain their organizations. Many are losing money on each loan originated and need to leverage revenues earned from servicing rights to balance profitability. This is why developing and deploying an effective servicing strategy is a mission critical priority. In STRATMOR Group’s October Insights Report, Senior Partner Michael Grad offers insight into creating a sustainable servicing strategy. Grad discusses the servicing quadrant model that STRATMOR employs in the strategy development process and provides an overview of what’s involved in a transfer of servicing. Lenders, if you would like to discuss your servicing strategies, contact us, and don’t miss Grad’s article, “Maximizing Lender Profitability: Transferring the Servicing Asset” in the October Insights Report.
Capital Markets
Maintaining optimal hedge coverage mitigates the risk between mortgage rate lock and funding. This forecast equation is one of the most important responsibilities of the Secondary Manager (and their hedge advisor). In this article, Pipeline Pull Through Rate Analysis Explained, MCT reviews key concepts related to pull-through rate analysis, mortgage pipeline forecasting, and its importance in deriving an accurate mortgage pipeline hedging recommendation. For additional information on improving pipeline profitability, view MCT’s recent webinar on maximizing loan trading profits. In the webinar, panelists provide a current market overview and review strategies for improving loan sale performance. You’ll leave ready to analyze performance and make actionable changes to boost profitability.
Well, with the election of a Speaker of the House the odds of a government shutdown have lessened. There’s a tentative autoworker’s strike end. Both of these pieces of news would help the economy. Jobs and housing drive the U.S. economy, so what’s going on there?
We learned yesterday that new home sales jumped 12.3 percent in September and 34 percent year-over-year to a seasonally adjusted annualized rate of 759k units, according to the Census Bureau. This marks the largest monthly jump in over a year and the highest level of new home sales since February 2022.
Even though the series is notoriously volatile (there was a decline of 8.2 percent in August), it points to continued resilience in the new home sales market. Of note is that the year-over-year change in the median sales price was -12.3 to $418,800, the largest decline since February 2009 and consistent with anecdotes of homebuilders offering price discounts and mortgage rate buydowns to drive sales and further changing the mix of homes being offered to more modest products.
Keep in mind that new home sales make up a much smaller chunk of overall sales in the housing market than existing home sales, where the trailing 12-month average has been on a downward trend since May 2021 (when it reached 898k). The September reading of existing home sales came in close to the trailing average this millennium (699k) to show the housing market is holding up despite higher mortgage rates. Markets do receive the release of pending home sales later this morning, which will provide more housing market clarity after the figure was down almost 19 percent year-over-year in the last report.
Today’s economic calendar kicked off with the European Central Bank leaving its rates unchanged. In this country, we had the first look at Q3 GDP (4.9 percent growth rate, stronger than expected), durable goods orders (+4.7 percent for September), and weekly jobless claims (210k, up from 200k, 1.79 million continuing claims). In addition to the Pending Home Sales Index, today also brings Kansas City Fed manufacturing for October, a Treasury auction of $38 billion 7-year notes, Freddie Mac’s latest Primary Mortgage Market Survey, and more earnings from Wall Street. We begin the day with Agency MBS prices unchanged from Wednesday, the 10-year yielding 4.95 after closing yesterday at 4.95 percent, and the 2-year at 5.11.
Jobs
Are you ready to enhance your company’s marketing and success? Meet an experienced marketing leader on the lookout for their next career opportunity! This executive-level marketing professional is known for energy, passion, and an impressive track record of increasing growth, engagement, revenue and volume (generating over $425 million). They have a proven history of building marketing teams, focusing on loan officer needs, brand building and development, creative design and content marketing, and their hands-on experience with leading mortgage technology tools plus a keen eye for reputation management can elevate your company’s marketing efforts. Plus, their cross training in multiple marketing disciplines guarantees they are never afraid to get their hands dirty. If you’re looking for a new SVP/VP/CMO to bring fresh energy and expertise to your team, reach out to Anjelica Nixt (specify the position) for a confidential discussion. Please note that this professional is interested in remote opportunities but is open to occasional travel to corporate headquarters and branches as needed.
Please join us in congratulating Steven A. Milner on being named the new Chairman of the Lender Board of The Mortgage Collaborative! With decades of experience and outstanding leadership as the Founder and CEO of US Mortgage Corporation, Steven is the perfect fit for this important role. As Chairman, he will help guide The Mortgage Collaborative’s continued growth and innovation in connecting top mortgage lenders with premier service providers. We are thrilled to see Steven take on this position and know that under his direction, The Mortgage Collaborative is sure to achieve even greater success. His commitment to helping Lenders operate at a high level is invaluable. Congratulations on this well-deserved appointment, Steven! We look forward to seeing all that will be accomplished under your leadership as Chairman and your continued success as the Founder & CEO Of US Mortgage Corporation. Feel free to send a congratulatory note to Steve directly.
An independent mortgage bank is searching for a Servicing Manager to lead its servicing group. Qualified candidates should have a minimum of 5 years of direct hands-on servicing experience with FNMA, FHLMC and GNMA loans as well as sub-servicer oversight. This is a remote position and confidential inquiries should be sent to Anjelica Nixt for more details and specify this opportunity.
Independent Mortgage Banker owners: If you are uncertain how you will survive this winter if rates remain higher, please confidentially contact us to discuss a win-win opportunity. We are a very well-established and privately owned mortgage banking company that has been in business for 30 years, a direct seller with Fannie and Freddie and issue our own government securities. We do service the majority of our closed loans, and offer a full marketing team, social media team, and a media/video production team to provide best in class support to our loan officers and referral partners. Our history and culture are exceptionally important so let’s have a conversation to see if we may be a fit. We are large enough to offer exceptionally sharp pricing, products, a dedicated marketing team, and an exceptional operational team, yet, we have a boutique feel where you may talk to the owner of the company at any time. Partner with a company where your voice and input is valued! We have a successful history of incorporating other companies into our model. For a confidential conversation please contact Anjelica Nixt and specify this opportunity.
Download our mobile app to get alerts for Rob Chrisman’s Commentary.
Share via Social Media:
All social media shares will include the image and link to this page.
Mortgage-rate-lock volume fell 20% in September, led by a combination of seasonal decline in purchase activity and rising interest rates, according to Optimal Blue’s Originations Market Monitor report.
September’s rate-lock decline continues a four-month trend of falling mortgage volumes, with month-over-month purchase locks down 20%, cash-outs down 17% and rate/term refinances down 18% in September. Total loan volume fell 33% over the same period compared to a year ago.
““The refi share of total lock volume ticked slightly higher from 12% to 13%, primarily as a result of seasonal purchase declines. Cash-out volumes continue to be the lion’s share of refis at roughly double that of rate/term volumes, with virtually no mortgages in the money to refinance,” Scott Smith, interim CEO of Optimal Blue, said.
Purchase lock counts – which exclude the impact of rising home prices – were down 32% year over year, and 39% from pre-pandemic levels in 2019.
While conforming loans still made up the majority of production at 57% in September, conforming volumes trended well below pandemic levels, according to the report.
FHA and VA loan production both gained in activity share to 20.6% and 10.4%, respectively. The lock-production share of nonconforming loans – including both jumbo and expanded guideline loans – grew in September to comprise 11.1% of the total.
The average loan amount increased to $353,000 in September while the average purchase price on locked loans remained the same at $450,000.
The 30-year conforming fixed rate rose 33 basis points during the month to close at 7.41%, according to the Optimal Blue Mortgage Market Indices. Rates for FHA loans averaged 7.18%, VA loans were 7% and jumbo loans were 7.6%.
The 30-year, conforming rate spread to the 10-year Treasury yield narrowed 17 basis points, with the 10-year ending September at approximately 4.6% – nearly 40 basis points above the highs set last fall.
“As the market reacted to the Fed’s ‘higher for longer’ message, we saw mortgage rates pushed to multi-decade highs in September,” Smith noted. “We also continue to see average credit scores remaining high, suggesting tight credit availability and a relatively small cohort of buyers who can make a purchase in this historically unaffordable environment.”
The Federal Housing Finance Agency (FHFA) Director Sandra Thompson said Wednesday that the agency is working to provide more clarity on its framework and use alternatives amid a spike in Fannie Mae and Freddie Mac‘s loan buybacks.
The GSEs’ loan buybacks have been one of the top complaints among mortgage lenders in a near 8% mortgage rate environment. Thompson addressed the issue during a session at the HousingWire Annual conference held Oct. 10-12 in Cedar Creek, Texas.
“We want to figure out a way to balance the repurchase requests and the repurchase alternatives in a way that makes sense for everybody, because I’m very sympathetic to the environment that we’re currently in. But I’m also sympathetic to making sure that we purchase loans that are heavily manufactured in the way our expectations require,” Thompson said.
According to Thompson, the loan repurchase framework was implemented nearly 10 years ago – the first thing she worked on when she started at FHFA. However, after record volumes of loans purchased by the enterprises in 2020 and 2021, there was an increase in repurchase requests in 2022.
“But I do realize that we’re in a completely different interest rate environment now. And repurchasing those loans in this high-interest rate environment certainly causes losses,” Thompson said.
She continued, “So, we’re working with the enterprises to look at how can we provide clarity[on the framework] (…) We want to make sure that we have quality loans. And that’s true on both sides.”
Thompson said she thinks not every repurchase request “either has or should end up with a repurchase.”
“Because every single defect is not a major defect. There could be some way or alternatives to repurchase that need to be considered,” Thompson said. “For example, if we’re talking about income, you may have more information that can help support a DTI[debt-to-income ratio] (…) There may be supplemental information that comes to the enterprise after the fact that probably should have met with the loan file. “
Technology also has a vital role in this discussion.
Thompson said, “If there are tools that can be helpful to the QC [quality control] process, that certainly would be helpful sooner rather than later.”
Thompson added, “It helps when you have some experience of people engaging with the enterprises on these processes because what I’ve heard is, in some cases, this isn’t always true.”
During the session, Thompson said that “there is urgency” on the loan repurchase matter.
“From my perspective, the repurchase request has gone down since the early days of 2022. It takes about six months after a loan is delivered for the processes to take place. And so we are seeing a downward trend in terms of repurchase requests.”
She added, “But what I would like to get in place is our repurchase alternatives and making sure that both parties – enterprises and the sellers – have a good understanding of what the requirements are.”