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Data Mining, Servicing, Marketing Products: Check Your Noncompete Agreement; Training Next Week

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Data Mining, Servicing, Marketing Products: Check Your Noncompete Agreement; Training Next Week

By:
Rob Chrisman

Wed, Apr 24 2024, 11:23 AM

Sometimes you just have to “risk it for the biscuit.” Capital markets are, for the most part, a little more complicated than, say, a recipe for next level dark chocolate brownies with salted caramel. Occasionally the topic of LOs or brokers being able to lock a loan, any time, any day, comes up. The New York Stock Exchange, owned by Intercontinental Exchange (ICE) has started polling market participants on their interest in and potential implications of an exchange that trades stocks 24/7. The polling underscores growing interest in trading stocks in off-hours. Could MBS be far behind? The survey comes after 24 Exchange, backed by Steven Cohen’s Point72, applied with the Securities and Exchange Commission to start the first 24-hour exchange. The prospect of 24-hour trading, which would likely lead to changes across the ecosystem, becomes a heavier lift for exchanges as they’re supervised by the SEC. Found here, this week’s podcasts are sponsored by Calque. With The Trade-In Mortgage powered by Calque, homeowners can buy before they sell, make non-contingent offers, and tap their home equity to fund the down payment on their next home. Today’s has an interview with Michael Bremer and Peter Kallodaychsak on interactions between lenders and Realtors in the wake of the proposed NAR settlement.

Lender and Broker Products, Software, and Services

Down Payment Resource’s Q1 2024 Homeownership Program Index (HPI) report reveals the largest annual jump in programs since it began tracking data in 2020, with 2,373 DPA programs now available nationwide. That’s 204 more programs than Q1 2023, a 9 percent YoY increase. DPR also noted that there’s at least one program in every U.S. county and 10 or more programs available in 2,000 counties, making it highly likely DPA could boost homeownership for borrowers in your footprint. The report also documents increases in programs for manufactured housing and multi-family purchases. Lenders are reminded that DPR is a software company, with a suite of tools to help you operationalize DPA to better serve your customers and lower your declines, especially among LMI buyers. Read the full report or schedule a demo to learn more.

“Every marketing team we’ve talked to is spread thin. Thankfully, Usherpa is here to help! Partnering with Usherpa means your sales team not only gets excellent done-for-them automated marketing campaigns, but your marketing team also gets all the tools and the support they need. Usherpa has its finger on the pulse of the market continually creating new, innovative marketing campaigns… for you! Usherpa’s award-winning automated SmartScore AI Opportunity Alerts and marketing campaigns (free for enterprise clients) are built on proprietary algorithms to target prospects in LO’s databases with effective messaging, creating hot call lists and inbound requests from prospects. Wouldn’t it be nice to have this type of targeted campaign, with proven ROI, launched automatically for your loan officers? Usherpa’s SmartScore AI alerts added an extra $1.4 billion pipeline volume and funded loans (and counting). Schedule a demo today.”

“Revolutionizing mortgage servicing through digital transformation! As Sagent CTO Uday Devalla recently explained in a fireside chat with Robert Turner (Kyndryl) and Manisha Tank (CNN International), since collaborating with Kyndryl to move away from legacy data centers and into the cloud, Sagent is focused on delivering a unified servicing workflow with end-to-end data to truly transform the business processes and improve the lives of the people who use our systems. To learn more about our future-of-servicing model and the benefits of our partnership with Kyndryl, check out our recap here (and watch the interview when you get a chance) and be sure to hit us with your questions.”

Interested in learning how retain/release MSR decisions can be included in your best execution strategy? Join MCT for a webinar today at 11:00 AM PT titled Complete Best Execution – Now Including Fully Integrated Retain/Release MSR Decisioning. In this webinar, MCT will review the current state of the MSR market and discuss more comprehensive retain vs. release strategies, in addition to our recently introduced fully integrated Enhanced Best Execution (EBX) solution. MCT’s Paul Yarbrough will then provide insights from a trader’s perspective regarding MSR best execution strategies at time of loan sale. He will also highlight MCT’s Rapid Commit technology and assignment of trade processes. This session will include a live demo of the EBX (MCTlive! and MSRlive!) integration, showcasing how EBX can effectively optimize your flow MSR trading process and decisions. Register for the webinar to join the session.

Tired of granting excessive concessions that impact your bottom line? Say goodbye to unnecessary giveaways with Optimal Blue data at your fingertips! Access to OB’s data solutions empowers you to make informed decisions, leveraging real-time market insights to negotiate with confidence. With over 35 percent of loans priced and locked through our platform, we offer the depth of market data you need to optimize every deal and maximize profitability. Whether you’re a bank, credit union, or independent mortgage banker, our user-friendly data solutions make it easy to access the information you need to secure the best terms for your borrowers and your business. Learn more about Optimal Blue’s data offerings today to start saving time, money, and headaches on every loan transaction.

Snapdocs released new industry research that found lenders using the company’s eClosing platform experience 18-day faster loan velocity than their industry peers. The survey was conducted by STRATMOR Group with data self-reported by mortgage lenders. I got a note from Michael Sachdev, CEO of Snapdocs, that said eClosing technology, when paired with the right partner to scale adoption, is helping lenders set new industry benchmarks for loan processing speed, operating costs, and borrower satisfaction. So often we see vendors make claims about their product value, but this report is a good example of that validation being sourced directly from the lender users themselves.

Most Noncompetes Now Illegal, Except…

The Federal Trade Commission narrowly voted Tuesday to ban nearly all noncompete agreements, employment agreements that typically prevent workers from joining competing businesses or launching ones of their own. The FTC received more than 26,000 public comments in the months leading up to the vote. The FTC estimates about 30 million people, or one in five American workers, from minimum wage earners to CEOs, are bound by noncompetes. It says the policy change could lead to increased wages totaling nearly $300 billion per year by encouraging people to swap jobs freely. The ban, which will take effect later this year, carves out an exception for existing noncompetes that companies have given their senior executives, on the grounds that these agreements are more likely to have been negotiated. The FTC says employers should not enforce other existing noncompete agreements.

Training, Webinars, and Events Next Week

The Independent Community Bankers of America (ICBA) will host hundreds of community bank leaders during the 2024 ICBA Capital Summit from April 28 to May 1 in Washington. As part of ICBA’s annual advocacy gathering, community bankers will meet with policymakers to discuss ICBA’s regulatory and legislative agenda and share personal accounts of their efforts to stimulate economic growth and support the diverse financial needs of consumers.

Great things are happening around the 2024 Fair Lending Forum, April 29 – May 1 in Charlotte, NC! Asurity is thrilled to announce that Josh Stein, North Carolina Attorney General, will be joining us! He will share his perspectives on fair lending during a fireside chat with our Founder and CEO, Andy Sandler titled The Role of State Attorney Generals in Fair Lending Enforcement. Other prominent speakers are Bob Broeksmit, President and CEO of MBA; Lindsey Johnson, President and CEO of CBA: Grovetta Gardineer, Sr. Deputy Comptroller for Bank Supervision Policy, OCC; Ben Olson, Senior Associate Director for Consumer Protection & Supervision, FRB; Varda Hussain, Principal Deputy Chief for Fair Lending in the Civil Rights Division, Housing and Civil Enforcement Section, DOJ; and Frank Vespa-Papaleo, Principal Deputy Director of Fair Lending, CFPB. Register at www.fairlendingforum.com.

How are Biden’s new student loan repayment programs impacting mortgage affordability? Join LoanSense for a market and student loan update. Lake Michigan Credit Union will join and share how LoanSense helps their credit union members qualify for $50,000+ more home in 21 days. Sign up for the May 1st webinar at 3PM ET.

New York MBA webinar on May 1st at 12pm will explore the journey from origination through servicing, focusing on how to initiate and maintain an electronic process leveraging the latest in digital mortgage technology. Dive into the benefits of MISMO SMART Doc® Version 3 disclosures, eNote, eVault, and the differences between hybrid and full eClosing processes with remote online notarization (RON) and in-person electronic notarization (IPEN). Additionally, strategies for default resolution with digital execution to enhance homeowner engagement and streamline servicer workflows. Hosted by Ryan Murray, Tim Anderson, Shane Hartzler with Stavvy.

If you’re in Minnesota on May 1st, 10:00am – 12:00pm and a Loan Originator, are you interested in creating and building strong realtor relationships? If so, register and attend the “Mastering the Realtor Referral Relationship” presented by Steven Ross, Author of Doors Open When You Knock.

Looking for more in-depth commentary on weekly mortgage news? Register here for “Mortgage Matters: The Weekly Roundup” presented by Lenders One. Every Wednesday at 2:00 PM EST/11:00 AM PT join Robbie Chrisman and Justin Demola for a dive into a range of mortgage-related topics, including market trends, interest rate fluctuations, innovative mortgage products, and industry advancements. On May 1 listen to Vice President, FICO Mortgage and Capital Markets, Joe Zeibert.

Register for NALHFA Annual Conference 2024, May 1-4 in Las Vegas. Experience education and connection at NALHFA 2024 with an Affordable Housing Bus Tour, Women in Finance Luncheon & Roundtable, Speaker Sessions, and Networking Opportunities.

Thursday, May 2nd, at 3PM ET, Rich Swerbinsky is interviewing the CFPB’s Mark McArdle on what the big misconceptions about the CFPB are, and where its focus is currently.

Register for the Maryland Mortgage Bankers and Brokers Association Annual Conference, scheduled for Thursday, May 2nd, 10 a.m. to 4 p.m. in the picturesque setting of Queenstown. This year’s conference will delve deep into the dynamics of the mortgage industry and explore the current market trends. Whether you’re a seasoned professional or just stepping into the mortgage world, this event promises valuable insights to navigate the industry’s landscape.

Join Northern Michigan Luncheon, Thursday, May 2, 11:30 AM – 1:00 PM at Silver Spruce Brewing Company, to hear from a panel of VA Loan Experts and they dive into the specifics of this loan type, any changes that are coming on VA loans and much more. They’ll also be discussing the pending NAR settlement, and what changes that brings to VA loans, sales, and associated realtor fees.

Friday the 3rd we’ll see an episode of The Mortgage Collaborative’s Rundown covering current events in the mortgage market for 30-45 minutes starting at noon PT, 3PM ET, in “The Rundown”.

Capital Markets

Spoiler alert: the U.S. economy is motoring along with interest rates at these levels. The U.S. economy appears to be on track for a soft landing, with notable obstacles being a potential resurgence of inflation and heightened geopolitical risks. There’s been a cautious stance on interest rate adjustments from Fed members of late, and some have even floated the possibility of a hike, if warranted by data. Atlanta Fed President Bostic anticipates a slower path to achieving 2 percent inflation than the Fed originally thought, while New York Fed President Williams is not feeling any urgency to cut rates and didn’t rule out the possibility of a hike in his latest remarks. Bostic doesn’t foresee easing until year-end, and Minneapolis Fed President Kashkari also suggested the Fed could maintain rates throughout the year.

Looking ahead, while no changes to the fed funds rate are expected, a slowdown in the pace of balance sheet runoff is anticipated. The Committee may announce a reduction in the runoff of Treasury securities starting in June, capping it at $30 billion per month, compared to the current cap of $60 billion per month. This adjustment reflects a cautious approach to monetary policy amid economic uncertainties, aiming to maintain stability while monitoring key indicators such as inflation and geopolitical developments.

We learned yesterday that new home sales jumped 8.8 percent to a 693k-unit pace in March, the strongest pace since September 2023. New home sales should continue to gradually improve with a sturdy economy, and structural affordability and availability constraints in the resale market should also help. That noted, strength in the Northeast and West regions has fluctuated, impacting supply dynamics, and higher interest rates and rising existing supply could weigh on the new home market moving forward.

Today’s economic calendar kicked off with mortgage applications from MBA, which decreased 2.7 percent from one week earlier. We’ve also received the always volatile Durable goods orders for March (+2.6 percent). Later today brings some Treasury auctions that will be headlined by $30 billion 2-year FRNs and $70 billion 5-year notes. We begin the day with Agency MBS prices slightly worse than Tuesday night, the 10-year yielding 4.63 after closing yesterday at 4.60 percent, and the 2-year is at 4.94.

Employment

“Join a premier, mid-sized independent mortgage banker and award-winning lender as a Financial Controller and key member of our Senior Management Team. Recognized by National Mortgage News as one of the best companies to work for, we operate branches along the East Coast, and in Texas, with plans for strategic growth and expansion in 2024 and beyond. The Financial Controller develops and implements the overall financial strategy by overseeing accounting and cash management, driving the company’s financial planning, and managing the accounting staff within the department. The ideal candidate will have 7+ years of experience in mortgage banking and a strong background in accounting and financial management. If you are prepared to play a pivotal role as a Financial Controller in a corporate culture that is dynamic, innovative and collaborative, please email Chrisman LLC’s Anjelica Nixt to forward your confidential note. Remote or Washington DC metropolitan based.”

Figure Technology Solutions announced the appointment of Michael Tannenbaum as Chief Executive Officer and a member of the Board of Directors, effective immediately. Michael comes over after stints as Chief Operating Officer, Chief Financial Officer, and Chief Business officer at Brex, and Chief Revenue Officer at SoFi. Mike Cagney, Co-Founder, and previous Chief Executive Officer of Figure, has assumed the role of Executive Chairman. (The appointment of Mr. Tannenbaum follows the launch of Figure’s DART System, a combined lien filing and eNote registry service, and the company’s AI and machine learning-powered borrower-facing chatbot, which improves customer support efficiency and further streamlines the HELOC origination process.)

A&D Mortgage announced the appointment of Satish Vishwakarma as its new Servicing Manager where he will be responsible for overseeing the day-to-day operations of the Mortgage Servicing group, ensuring the successful management of mortgage servicing teams, and leading efforts to streamline operations, enhance quality, and reduce costs.

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

Source: mortgagenewsdaily.com

Apache is functioning normally

Bootstrapping typically means relying on one’s self to reach a goal. In business, bootstrapping is generally used to describe entrepreneurs who use their own personal funds and resources to start a business instead of raising money through small-business loans or investors.

Whether bootstrapping is your personal preference or your best option to start a business, there are pros and cons to this funding method, as well as some alternatives that might be helpful to consider.

How much do you need?

We’ll start with a brief questionnaire to better understand the unique needs of your business.

Once we uncover your personalized matches, our team will consult you on the process moving forward.

What is bootstrapping?

Bootstrapping refers to entrepreneurs starting new businesses by relying on their personal resources instead of securing funds through business loans or raising capital through investors. Or, in the case of an existing business, bootstrapping can be used to describe an entrepreneur using the revenue generated by their company, along with personal resources, to grow the business.

Some personal resources that may be used in bootstrapping include:

  • Personal savings.

  • Personal credit cards.

  • Personal loans, including home equity loans.

  • Personal spaces such as an extra room or garage.

  • Personal assets like equipment and supplies.

Pros and cons of bootstrapping

Pros

Owner retains full control of the business.

No business loan debt is taken on by the company.

Accrue time in business and revenue to help qualify for future funding.

Cons

Business growth may be limited due to lack of funds.

Personal assets, such as savings and retirement, could be at risk.

Doesn’t typically build business credit history.

Why do entrepreneurs choose bootstrapping?

For some entrepreneurs, bootstrapping is a personal preference and for others it may be their only option for launching a new business or growing an existing one.

Here are some reasons entrepreneurs may use bootstrapping to start their business:

Can’t qualify for a business loan

One of the top reasons budding entrepreneurs turn to bootstrapping is because they can’t qualify for a startup business loan. They may not be able to meet lender requirements for time in business, credit score and annual revenue, among other things.

Banks and SBA lenders — lenders that offer loans guaranteed by the Small Business Administration — generally have competitive rates and terms. However, to qualify for funding, you’ll typically need multiple years in business, in addition to good credit. For example, a Wells Fargo BusinessLine line of credit requires a credit score of at least 680 and two years in business.

Online business loans are typically easier to qualify for than bank loans; however, approval can still be a challenge for brand-new businesses. For example, Fora Financial offers business loans for bad credit with a minimum credit score requirement of 500 but also a minimum of six months in business.

Don’t want to take on additional debt

Entrepreneurs who could qualify for a business loan may choose bootstrapping because they don’t want to take on business debt and the interest expense and additional fees that come with a loan.

Business loan interest rates vary based on a number of factors. However, according to the most recent data from the Federal Reserve, interest rates on the average small-business bank loan ranged from 6.13% to 12.36% in the fourth quarter of 2023

. Other types of loans, including online loans, can have even higher interest rates.

In addition to interest, borrowers often have to pay fees like a business loan origination fee. Interest and fees may push the total cost of the loan beyond what an entrepreneur is willing to pay.

Don’t want to give up full control of the business

Entrepreneurs who have ruled out debt financing may have the option of raising money through equity financing — selling shares in their business to investors in exchange for funding. While equity financing doesn’t require taking on debt or making loan repayments, some entrepreneurs may still prefer bootstrapping.

When an entrepreneur sells shares in their business, they exchange partial business ownership for the investor’s funding. And, depending on the number of shares sold and the investor’s goals, the entrepreneur may no longer have full independence to run the company their way. They’ll also have to share the profits if the business succeeds.

Want to test the business idea before fully committing

Bootstrapping can allow an entrepreneur to try out their business model, refine their marketing strategy and build a customer base before committing to long-term financing or arranging to offer equity to investors. In addition, a business owner may find it easier to qualify for funding from business lenders after they’ve been in operation for at least six months.

Also, some entrepreneurs may not be comfortable quitting a full-time job in order to start a business. Bootstrapping can be a way to get a business off the ground without losing your main source of income.

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Bootstrapping tips

The following tips may help you when bootstrapping your business:

1. Create a business plan.

Regardless of how you choose to fund your startup, you’ll need to write a business plan. The plan provides detailed information on your business, such as an executive summary, product description, market analysis, marketing strategy and financial projections.

Your business plan can be used as a guide to set up your business and help you identify your customer base, establish your marketing plan, lay out the organization of your operation and explain how you plan to generate revenue. You’ll typically update your business plan as your company grows.

In addition, if you decide to look for additional funding in the future, you can share your business plan with lenders and investors to show them that you have a profitable operation.

2. Officially launch your business

Bootstrapping may involve starting a scaled-down version of your business where, for example, you operate out of a spare room or use personal funds to buy supplies. However, no matter the size of your operation, you still want to take steps that will make your business official in order to best set it up for future growth.

Some common steps to take when launching a business:

3. Lay the groundwork for a future business loan

Bootstrapping is often used to get a business up and running; however, it’s not always the best option for business growth. For some entrepreneurs, bootstrapping may be a short-term option that will help them secure business financing in the future.

Bootstrapping can give you the opportunity to accrue time in business, generate revenue and build a customer base — all things that will make your business more attractive to lenders and investors down the road.

4. Take advantage of free resources

There are organizations that offer free or low-cost training, counseling and other resources to help you start and grow your business.

  • SBA resource partners are located throughout the U.S. and include Small Business Development Centers, SCORE business mentors, Veterans Business Outreach Centers and Women’s Business Centers, among others.

  • U.S. Chamber of Commerce chapters provide resources for entrepreneurs including virtual events and networking opportunities within your local community, though a membership fee may be required in some cases.

  • Industry and trade associations within your local community can provide opportunities to advance your industry knowledge and network through conferences and member events.

  • Public libraries can also be a resource to small-business entrepreneurs, with some offering online courses, demographic information, business planning tools and suggested reading lists.

Alternatives to bootstrapping

Here are some alternatives you may want to consider before deciding to fund your business on your own:

  • Business loans. There are many different types of business loans — term loans, lines of credit and equipment loans. Because the qualification requirements for business loans vary by type and lender, exploring a variety of options may allow you to find a loan that works for you and your new business.

  • Family and friends loans. Asking family members and friends to loan you funds or invest in your startup business is another way to raise money. Although these arrangements are often informal, it’s important to put the details of the funding in writing so there are no misunderstandings in the future.

  • Small-business grants. Grants can be a source of funding for small businesses, although competition for this “free” money can be fierce and the application process can be time-consuming. However, there are startup business grants offered by government agencies, corporations and nonprofit organizations that may be worth looking into.

  • Crowdfunding for business. Crowdfunding can be used to create online campaigns to raise money for a business startup, as well as other causes. A unique business idea and a wide network of supporters can help an entrepreneur launch a successful campaign.

Looking for a business loan?

See our overall favorites, or narrow it down by category to find the best options for you.

on Nerdwallet’s secure site

Source: nerdwallet.com

Apache is functioning normally

Whether you’re decorating on a budget, trying to be a little more conscious of your consumption, or simply love the thrill of hunting for those amazing, one-of-a-kind finds, thrift-store shopping can be a fun and smart way to create a signature aesthetic for your home. In addition to saving money by thrifting, you can also feel good about keeping items from ending up in a landfill by giving them a second life as part of your decor. But how do you get the best deals, what kinds of pieces should you hunt for and how can you style them without your own home looking like a thrift store? We did some digging to find out.

Looking for striking home decor? This is where pros shop in Dallas-Fort Worth

The difference between thrift stores and consignment shops

Consignment and antique shops are great, but they tend to be pricier because their collections are curated. These stores do all the hunting down and fixing up for you, and that service is offset via higher price tags. While consignment shops are more likely to have highly sought after antiques from pedigreed brands, you can still certainly find hidden gems at nearly any thrift store — you just may have to put in more effort to find what you’re looking for. Balance the odds of what you want being there with the price range you’re willing to pay when deciding where to shop.

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Getting what you need while giving back to the community

Many of your favorite causes run thrift shops to help fund their programs and services. Prime Thrift near Fair Park benefits American Veterans (AMVETS), Disabled American Veterans (DAV) and other local and national charitable organizations, while Out of the Closet in Oak Lawn benefits the AIDS Healthcare Foundation. Genesis Women’s Shelter, a nonprofit that provides safety, shelter and support for women and children who have experienced domestic violence, operates two thrift stores: one in Oak Lawn and another in South Oak Cliff. There are four Soul’s Harbor locations throughout the metroplex, with proceeds going toward its programs to help men break the cycle of homelessness and addiction. Some of these shops even have exclusive relationships with estate liquidators, increasing your chances of finding treasures among their wares.

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Sign up for the Abode newsletter for a weekly roundup of the latest home, design and real estate stories.

If you’re looking for a bit more than just decor, check out your local ReStore, which benefits Habitat for Humanity. There, you can find actual building materials, such as tile, cabinets, wood flooring, windows, doors or even vintage brick. In addition to these, they also have plenty of new and vintage home furnishings, large appliances and more. With 10 locations across D-FW, it’s a convenient alternative to big-box stores when shopping for your next home design project.

Choose your shopping days wisely

For donation-based thrift stores, Mondays and Tuesdays are typically the best days to shop, because most people tend to drop off items early in the week after spending the weekend cleaning. Signing up for emails is a great way to stay on top of the latest finds and deals, but there’s just no substitute for going in regularly. It works the same with searching online, whether it’s eBay, Craigslist, or Facebook Marketplace. “I’m a huge fan of Facebook Marketplace” says Whitney Marsh, an interior designer and business owner who furnished her Oak Cliff coffee shop, B-Side, with thrifted finds. “I also really love Souls Harbor in Waxahachie,” Marsh notes.

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Whitney Marsh, an interior designer and business owner, furnished her Oak Cliff coffee shop B-Side with thrifted finds, including this handmade tile she found for less than $100.(Whitney Marsh)

Have a strategy before you start shopping

There are two ways to go about hunting vintage pieces. Either have a piece or project in mind and know what you want to pay for it, or be able to spot a good deal. This can involve researching brands, pieces, and eras to be able to find your ideal mix of quality pieces that aren’t in demand. Marsh says that’s her strategy. “I know what I like, and I also know what brands are known for quality goods,” she explains. “I definitely have a style. I’m drawn toward leather furniture, solid wood, wool rugs and unique art.”

Marsh created this seating area using chairs thrifted from Soul’s Harbor and a unique brass ship she found through Facebook marketplace.(Whitney Marsh)

For example, you may love midcentury modern (MCM) pieces, but the popularity of decor from that era means there’s more demand, and unscrupulous sellers may assign that label to random items in order to get them to sell. You may find more success by researching some favorite brands or designers from the MCM era and looking for those specifically to avoid fake listings and inflated prices. Be aware that people will list items online with a famous brand name keyword to get more hits, such as saying a “Pottery Barn-style” rug or “MCM-style lamp.” If you’re shopping in person, don’t be afraid to ask the store’s staff about an item you’re looking for; they may have something similar that just hasn’t been put out yet. Or, they might be willing to take down your name and keep an eye out for items on your list — especially if you’re a regular customer.

Simple design rules to consider

In this area Marsh designed for a client, she paired a thrifted console with a modern lamp and abstract art to create balance.(Whitney Marsh)

Once you’ve found that unique piece you’ve been searching for, how do you style it? Thrifted pieces bring character into a space, but it is possible to have too much of a good thing, says Marsh. “I like to pair thrifted pieces with more high-end textiles. I love an old leather sofa that’s worn in against a very bold luxury wallpaper.” If you buy a well-worn piece and want to play up that lived-in aesthetic, try to surround it with items that are clean and modern. Too much rusticity can end up looking like neglect. Same goes for smaller items, such as pots, frames or books — space them out in designed vignettes throughout your home instead of clustering them all together. Also, keep in mind that pairing thrifted furniture is easier when they share some similar elements. For example, mismatched nightstands look more cohesive if they are roughly the same size and color.

Thrifting can be a way to save big, depending on when and where you shop, and what you’re looking for. “I definitely shop with a specific corner or space in mind. I also really only pull the trigger on things that seem like they’re good quality and the right price,” says Marsh. But if you’re patient, persistent and know what you want and what you’re willing to pay for it, it’s just a matter of time before you find it.

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Source: dallasnews.com

Apache is functioning normally

MOMENT Marketplace is a pop-up retail shop at Google Visitor Experience showcasing work by local small businesses and artists. Courtesy MOMENT.

At the new Google Visitor Experience, which opened at the company’s Gradient Canopy campus in Mountain View in October, you can, as you might expect, check out the Google Store, full of the latest tech products and branded Google merch. But nearby, tucked next to a cafe and community space, is a quite different type of store. Here, quirky, handmade art, home decor, skin care products, jewelry and much more are on display – from scented candles to crochet keychains. 

This is the MOMENT Marketplace pop-up shop, showcasing the work of more than 75 Bay Area indie makers with a theme that changes every three months. The pop-up is curated and operated by the team behind San Jose Made (SJMADE), which has a long history of working with artists and small businesses (the MOMENT brand also operates several micro-retailer projects in San Jose.)

Featured now is the Clay & Craft Pop-up Shop, highlighting clay-based goods as well as other products featuring “natural and Earth elements,” which will be up through April 22, according to MOMENT project coordinator Audrey Yeung.

Read on to meet a few of the makers featured at the MOMENT Marketplace right now.

Light & Flicker is based in Redwood City and is inspired by “everything cozy.” Courtesy Light & Flicker.

‘Everything cozy’: Light & Flicker

@lightandflicker.

Midnight Cottage Co.’s aesthetic is “witchy, cottage-core.” Courtesy Midnight Cottage Co.

‘Mushrooms and moons’: Midnight Cottage Co.

Melissa Szwec-Rowland, the maker behind Midnight Cottage Co., describes her work as having a “witchy, cottage-core” aesthetic with natural elements and celestial vibes.

midnight_cottage_co.

Erin Salazar’s one-stroke floral painting adorns everything from vinyl records to jewelry. Courtesy Erin Salazar.

‘Unabashedly feminine’: Little Shop of Florals

Erin Salazar’s “unabashedly feminine” work – stylized, colorful florals, often against bold black backgrounds, hand-painted on candles, earrings and even vinyl records – immediately stands out amongst the MOMENT Marketplace offerings, with each piece one of a kind.

“My work in that context revolves around this particular type of folk painting called one-stroke floral painting, a technique that is largely used in the decorative arts” (such as on bowls, plates and other decorated utilitarian objects), said Salazar, who is also a muralist. She paints with awareness of and appreciation for the generations of uncredited female artisans who came before her.

“Women’s work has not historically been valued in the way men’s has,” she noted, so for her, “the essence of the work is rooted in paying homage to the anonymous women who helped define visual culture through the decorative arts.”

The technique also helps her keep up an active painting practice even when life gets hectic. In addition to being a working artist, Salazar is the executive director of the San Jose-based arts nonprofit Local Color (which, among many other endeavors, hosts community art-making experiences at the Google Visitor Experience).

Artist Erin Salazar is a painter and leader of Local Color, an arts nonprofit. Courtesy Erin Salazar.

“I just like to paint a whole lot,” she said, but since she’s extremely busy, “I need something that goes fast, that’s rewarding immediately.” 

She sees the “little commodifiable goods” she makes for spaces like MOMENT Marketplace under the name Little Shop of Florals as creating “an entry point into seeing my bigger, more expressive studio and gallery-related work,” she said. 

“It’s been really wonderful to watch our businesses grow at the same point,” she said of San Jose Made and Local Color, “doing the good work of keeping the creative community going.” 

Instagram: @mauv.es.

MOMENT Marketplace (at Google Visitor Experience),  2000 N. Shoreline Blvd., Mountain View; Monday-Saturday 9 a.m. to 6 p.m., Sundays from 10 a.m. to 5 p.m.; Instagram: @momentpopup.

Source: paloaltoonline.com

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Retirement at 65 has been a longstanding norm for U.S. workers, but older investors believe that not only is such an outcome unfeasible, but they’re likely to face more challenging retirements than their parents or grandparents.

This is according to recently released survey results from Nationwide, with a respondent pool that included 518 financial advisers and professionals, as well as 2,346 investors ages 18 and older with investable assets of $10,000 or more. The survey follows other ongoing research into the baby boomer generation as it approaches “Peak 65.”

The investors included a subset of 391 “pre-retirees“ between the ages of 55 and 65 who are not retired, along with subsets of 346 single women and 726 married women, Nationwide explained of its methodology.

Seven in 10 of the pre-retiree investors said that the norm of retirement at age 65 “doesn’t apply to them,” while 67% of this cohort also believe that their own retirement challenges will outweigh those of preceding generations.

Stress is changing the perceptions of retired life, especially for those who are closest to retirement, the results suggest.

“Four in 10 (41%) pre-retirees said they would continue working in retirement to supplement their income out of necessity, and more than a quarter (27%) plan to live frugally to fund their retirement goals,” the results explained. “What’s more, pre-retirees say their plans to retire have changed over the last 12 months, with 22% expecting to retire later than planned.”

Eric Henderson, president of Nationwide Annuity, said that previous generations who observed a “smooth transition” into retired life do not appear to be translating to the current generation making the same move.

“Today’s investors are having a tougher time picturing that for themselves as they grapple with inflation and concerns about running out of money in retirement,” Henderson said in a statement.

The result is that more pre-retirees are changing their spending habits and aiming to live more inexpensively. Forty-two percent of the surveyed pre-retiree cohort agreed with the idea that managing day-to-day expenses has grown more challenging due to rising costs of living, while 27% attributed inflation as the key reason they are saving less for retirement today.

Fifty-seven percent of respondents said that inflation “poses the most immediate challenge to their retirement portfolio over the next 12 months,” while 41% said they were avoiding unnecessary expenses like vacations and leisure shopping.

Confidence in the U.S. Social Security program has also fallen, the survey found.

“Lack of confidence in the viability of Social Security upon retirement (38%) is a significant factor influencing pre-retirees to rethink or redefine their retirement planning strategies,” the results explained. “Over two-fifths (43%) are not counting on Social Security benefits as much as previously expected, and more than a quarter (27%) expect to receive less in benefits than previously anticipated.”

The survey was conducted by The Harris Poll on behalf of Nationwide in January 2024.

Source: housingwire.com

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MSR Execution, VOI, Post-Closing Audit, Client Acquisition Tools; May Training and Events

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MSR Execution, VOI, Post-Closing Audit, Client Acquisition Tools; May Training and Events

By:
Rob Chrisman

Thu, Apr 18 2024, 11:12 AM

What loan officer hasn’t had a memorable co-signing experience? Some more so than others. Along those lines, if you head to Disneyland or Disneyworld, and find bone chips or ashes on the floor of your favorite ride, it is probably not an accident. Nor is eking out a gain, or at least breaking even, in residential lending an accident. At the Great River Conference in Memphis, much of the information being presented is about how to do things more efficiently. And for good reason, as the MBA’s calculations for IMBs and mortgage subsidiaries of chartered banks last showed that total loan production expenses (commissions, compensation, occupancy, equipment, and other production expenses and corporate allocations) increased to $12,485 per loan in the fourth quarter. On the income side of things, borrowers who obtained adjustable-rate mortgage loans (ARMs, for lack of a better acronym) 3 or 5 or 7 years ago have popped up on LO screens for refinances, and you can bet that the companies who own that servicing are all over those borrowers “like hounds on a meat wagon.” (Found here, this week’s podcasts are sponsored by Optimal Blue. OB’s smart solutions automate critical functions like pricing, hedging, trading, and social media. More originators and investors rely upon Optimal Blue’s integrated solutions, data, and connections to support their unique business strategies, no matter how complex. Hear an interview with Optimal Blue’s Mike Vough on refining margin management to improve loan profitability and reduce risk.)

Lender and Broker Products, Software, and Services

For many non-QM lenders, real estate investors make up nearly half of their pipeline. Despite stubbornly high interest rates and low inventory, these borrowers continue to transact in this market, opening up an opportunity for lenders to capture this business. However, capturing this business with traditional marketing and sales efforts is not easy. Unless you have Privy. With Privy, you can now automate real estate investor and borrower acquisition and retention. With just a click of a button, borrowers are able to engage with you at any stage of the transaction process, from just browsing to ready to transact. Let effective technology help drive your DSCR, asset depletion, and fix and flip loan volume. Contact Brad Bieber (803-730-5032) to learn more about Privy’s Enterprise Solutions.

A 30-minute meeting with Planet Home Lending’s Correspondent sales team at the MBA Secondary & Capital Markets Conference could be the catalyst for a year-round boost in your business. Join us in the Gotham III Ballroom at the InterContinental New York Times Square. Don’t wait: secure your spot now before they’re all booked! Get in touch with your Regional Sales Manager or SVP Correspondent Sales, Jim Loving (414-270-0027) to explore our continually refined product lineup spanning vanilla to niche products all tailored to your unique needs: Best effort, mandatory AOT, delegated, or non-delegated.

“Regional Credit Union Attributes Successful Audit Process to QC Ally Partnership! In a world where integrity is everything, QC Ally prides itself on building a foundation of trust with each client partner. Recently, we sat down with Bill James, Chief Risk Officer at Marine Credit Union, to discuss how QC Ally helped them achieve a formalized, unbiased pre-fund and post-close audit process with custom loan sampling. As Bill put it, ‘We’ve been very happy with QC Ally. We stacked QC Ally up against very strong competition, and they really won hands down. The service levels you provide and your own staff with very deep, rich experience are unmatched.’ Learn more here.”

As certain wines age, their tannins bind together in a process called polymerization, creating a smoother, rounder flavor that’s more desirable, and, often, more valuable, than when first vinted. Are your mortgage technology partners improving like fine wine? That’s been the experience of Lake Michigan Credit Union, which just shared new success metrics regarding its use of income and employment verification from Argyle. It’s been about a year since LMCU switched to Argyle for VOIE, and the credit union can now quantify its time and cost savings at a whopping 3 weeks and $100 per closed loan. Read the updated case study findings here.

Mortgage Capital Trading, the de facto leader in innovative mortgage capital markets technology, introduces a game-changing best execution technology for MSR retain and release decisions all in one platform. With this groundbreaking development, MCT’s Enhanced Best Execution (EBX) solution emerges as a real-time bridge between MCTlive! (live whole loan/SRP execution) and MSRlive! (loan level MSR valuation), revolutionizing the landscape of best execution strategies in the mortgage industry. MCT clients now have accurate insight into how loans are trading and what investors are paying along with the intrinsic servicing value to enhance the retained vs. released decisioning process. What was once a manual, time-consuming exercise is now completely automated with EBX, making all of the essential execution data elements accessible with the click of a button. Read the latest press release or join MCT’s upcoming webinar to learn more about their latest innovation.

Events and Training

A good place for longer term conference planning is to start is here, and click on “Conference List” for in-person events in the future. Yes, there’s plenty ahead in April, but I thought for travel planning purposes it would be to glance ahead to May as vendors and lenders take a critical look at travel & entertainment budgets.

National MI University’s May Webinars: Leading With Style ​​with Andrew Oxley – May 7th at 2pm ET. Income Analysis for Conventional Loans with Marianne Collins – May 9th at 1pm ET.

How to Make Accountability Cool and KPIs Fun Again ​​​​​with Dr. Bruce Lund – May 14th at 2pm ET. Screen Savvy: Mastering Virtual Influence for Lenders with Julie Hansen – May 15th at 2pm ET. Understanding the Personalities of Your Clients and Partners ​​​​​with Rebecca Lorenz – May 16th at 1pm ET. Your Event Playbook to Network and Form Referral Partnerships with Kendra Lee – May 21st at 1pm ET.

Great things are happening around the 2024 Fair Lending Forum, April 29 – May 1 in Charlotte, NC! Asurity is thrilled to announce that Josh Stein, North Carolina Attorney General, will be joining us! He will share his perspectives on fair lending during a fireside chat with our Founder and CEO, Andy Sandler titled The Role of State Attorney Generals in Fair Lending Enforcement. Other prominent speakers are Bob Broeksmit, President and CEO of MBA; Lindsey Johnson, President and CEO of CBA: Grovetta Gardineer, Sr. Deputy Comptroller for Bank Supervision Policy, OCC; Ben Olson, Senior Associate Director for Consumer Protection & Supervision, FRB; Varda Hussain, Principal Deputy Chief for Fair Lending in the Civil Rights Division, Housing and Civil Enforcement Section, DOJ; and Frank Vespa-Papaleo, Principal Deputy Director of Fair Lending, CFPB. Register at www.fairlendingforum.com.

If you’re in Minnesota on May 1st, 10:00am – 12:00pm and a Loan Originator, are you interested in creating and building strong realtor relationships? If so, register and attend the “Mastering the Realtor Referral Relationship” presented by Steven Ross, Author of Doors Open When You Knock.

Join Northern Michigan Luncheon, Tuesday, May 2, 11:30 AM – 1:00 PM at Silver Spruce Brewing Company, to hear from a panel of VA Loan Experts and they dive into the specifics of this loan type, any changes that are coming on VA loans and much more. They’ll also be discussing the pending NAR settlement, and what changes that brings to VA loans, sales, and associated realtor fees.

Don’t miss this opportunity to connect with industry peers, gain valuable insights, and elevate your mortgage business. Attend the MMBBA Annual Conference on Thursday, May 2, 10 a.m. to 4 p.m. in Queenstown.

The Maryland Mortgage Bankers and Brokers Association Annual Conference is scheduled for Thursday, May 2, 10 a.m. to 4 p.m. in the picturesque setting of Queenstown, MD. Featuring speaker, Edward Seiler, PhD, Executive Director of the Research Institute for Housing America and Associate VP of Housing Economics at the Mortgage Bankers Association. Edward will provide invaluable insights into the housing market and economic trends.

This year’s OMBA Annual Convention will delve deep into the dynamics of the mortgage industry and explore the current market trends. Whether you’re a seasoned professional or just stepping into the mortgage world, this event on Monday, May 6 – Tuesday, May 7 promises valuable insights to navigate the industry’s landscape.

The AEI Housing Center will host five convenings in the week of May 6 in Denver, Colorado; San Francisco, California; Los Angeles, California; Orange County, California; and San Diego, California. These convenings will share insights on using light-touch density (LTD), also known as middle housing, to craft solutions to America’s growing housing supply crisis. Registration is free. Los Angeles is the only location that will offer a livestream.

Register for NALHFA Annual Conference 2024, May 1-4 in Las Vegas. Experience education and connection at NALHFA 2024 with an Affordable Housing Bus Tour, Women in Finance Luncheon & Roundtable, Speaker Sessions, and Networking Opportunities.

Register for the Maryland Mortgage Bankers and Brokers Association Annual Conference, scheduled for Thursday, May 2nd, 10 a.m. to 4 p.m. in the picturesque setting of Queenstown. This year’s conference will delve deep into the dynamics of the mortgage industry and explore the current market trends. Whether you’re a seasoned professional or just stepping into the mortgage world, this event promises valuable insights to navigate the industry’s landscape.

In Birmingham, the MBA of Alabama will host its 38th Annual Convention on May 7 & 8.

Registration is open for ACUMA’s FOCALpoint workshops – Join ACUMA in Nashville May 9-10 or Denver June 11-12! Same amazing topics and content in each location – just pick the best city for you! The two-day subject-intensive workshops take deep dives into critical issues affecting the credit union mortgage lending industry. Sign up today! Register here for ACUMA workshops.

The MBA Georgia (MBAG) Conference is coming on May 12-15 at the One Ocean Resort, 1 Ocean Blvd, Atlantic Beach, Florida! For registration visit here.

The Single-Family Housing Guaranteed Loan Program (SFHGLP) Servicing Office in St. Louis, MO announced free, in-person training to lending partners, May 13-17 at the Charles F. Prevedel Federal Building. The training will offer multiple sessions to provide technical training on Loss Claims, Loss Mitigation, and Lender Reporting. USDA will not charge a registration fee. Attendees are responsible for all travel costs. USDA will not be blocking hotel rooms. Attendees may search for hotel accommodations near the training facility located at 9700 Page Ave, St. Louis MO 63132.

Capital Markets

A day after Fed Chair Powell threw cold water on expectations for rate cuts this year by admitting progress against inflation has stalled, Treasury and mortgage security prices rallied yesterday, dropping rates some, aided by excellent demand at a $13 billion 20-year Treasury bond reopening. Remember, even “a dead cat bounces.” There is some chatter out there that Fed Chair Powell’s tonal pivot last year is partly to blame for the lack of recent progress against inflation. Futures are now pricing in a maximum of two 25-basis point rate hikes in 2024, a far cry from the nearly 150-basis points of easing that fed fund futures had anticipated at the beginning of the year.

There was no top-tier data of note yesterday, but the Fed did release its April Beige Book, which noted that the economy has expanded at a slight pace since February. “Price increases were modest, on average,” it said. 10 of the 12 Federal Reserve Districts reported slight or modest growth while two reported no change. Consumer spending edged up slightly, though discretionary spending was pressured in some Districts. Tourism increased modestly but varied widely across the 12 Districts. Residential construction grew a little while nonresidential construction was flat. Employment rose at a slight pace while prices grew modestly, maintaining the pace seen in the last report.

We also learned that single-family home prices increased 7.4 percent from Q1 2023 to Q1 2024, up from the previous quarter’s revised annual growth rate of 6.6 percent, according to Fannie Mae’s latest Home Price Index reading. The national repeat-transaction home price index measures the average, quarterly price change for all single-family properties in the U.S., excluding condos. On a quarterly basis, home prices rose a seasonally adjusted 1.7 percent in Q1 2024, essentially the same as the growth in Q4 2023. On a non-seasonally adjusted basis, home prices also increased by 1.7 percent in Q1 2024.

Today’s economic calendar began with weekly jobless claims (212k, +1k from the prior week, continuing claims 1.812 million, so the labor market continues to do just fine) and Philadelphia Fed manufacturing (15.5, way up!). I did see an interesting report in Bloomberg yesterday that indicated cracks in a U.S. labor market that has been near historic strength for much of the past two years are forming. In five states (CA, CT, NV, NJ, WA), the ratio of jobless people per opening is one or more. Meanwhile Arizona and New York are nearing parity with a rate of 0.9, according to February data from the U.S. Bureau of Labor Statistics.

Later today brings March existing home sales and leading indicators, Freddie Mac’s Primary Mortgage Market Survey, and (once again) remarks from multiple Fed speakers. It’s also a busy day for the Treasury, which will both announce month-end supply consisting of $69 billion 2-year, $70 billion 5-year, $44 billion 7-year notes, and $32 billion 2-year FRNs and auction $23 billion 5-year TIPS. After the initial jobless claim’s news, we begin the day with Agency MBS prices marginally worse than Wednesday evening, the 10-year yielding 4.61 after closing yesterday at 4.59 percent, and the 2-year is at 4.95.

Employment

“TAYGO INC. presents an enticing new opportunity for a SaaS Sales Representative! This pivotal role is instrumental in propelling the success of TAYGOTM through selling our SaaS solutions to prospective clients. The key focus is comprehending the requirements and challenges of mortgage lenders (as well as mortgage brokers) and adeptly showcasing how our products, WEB-GOTM and RIN-GOTM, can optimize their operations and business performance. You must have a strong understanding of CRM products, their features, and the mortgage industry. You must effectively engage with prospects to understand their needs. You must also carefully monitor existing clients’ activities to identify upsell opportunities. You must have exceptional communication skills for online demos and meetings, cold or warm calls and emails. Your expertise, patience, and ability to build and maintain strong customer relationships will be vital in achieving our sales goals and ensuring customer satisfaction. Please send your resume to us.”

“Citizens has a proven track record of successfully navigating challenging market conditions while our capital, liquidity and funding positions remain strong. Retail loan officers need a diverse product mix, reliable operations, and seasoned leadership to rely on to be able to win. With great pay and generous benefits, along with strong digital tools to help you get the job done, Citizens is looking for talented loan officers in the Northeast, MidAtlantic, Midwest and Florida. Our deep product mix allows loan officers to serve many different customer needs, from affordable loan programs such as HomeReady to a best-in-class one-time close construction-to-permanent product, we have what you need to succeed. Citizens’ recent launch of Freddie Mac’s LPA enhances our vast product journey, driving a more personalized and customer-centric experience. Our specialty programs such as condo/co-op financing, along with an amazing Private Wealth discount value proposition for high net worth banking clients, ensure you have all the tools to win. We know a positive customer experience begins with loan origination but doesn’t end there. Recently the Citizens Mortgage Servicing Team received the prestigious ICE Innovation Award for Best Use of Data to Drive Automation, resulting in a 10 percent increase in our customer satisfaction scores. To learn more about how to join our team contact Carl Minott or visit here.”

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

Source: mortgagenewsdaily.com

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Northwestern Mutual Releases 2023 Sustainability and Social Impact Report and Reaffirms Commitment to Building “A Better Tomorrow” MILWAUKEE, April 17, 2024 /PRNewswire/ — Northwestern Mutual, a leading financial services company, today announced the release of its 2023 Sustainability and Social Impact Report: A Better Tomorrow. The report shares details on the 167-year-old company’s investments in … [Read more…]

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Two-thirds of business owners who are mothers say creating generational wealth for their children is a major reason they launched their business, according to a survey of 1,000 mothers and business owners conducted for SoFi in March 2024. Nearly half (48%) also expect their kids to take over some day, intending to pass the business onto the next generation.

Even so, nearly half (42%) of entrepreneurs who are mothers feel they are treated differently by society than entrepreneurs who are fathers.

According to the latest Census data, women own 13.8 million businesses across the U.S., employing 10 million workers and generating $3.9 trillion in revenue. Those businesses make up 39.1% of all U.S. businesses, a 13.6% increase from 2019 to 2023, according to the Small Business Administration.

Many entrepreneurs who are mothers – or mompreneurs, a term that was coined in the 1990s – have a long-term plan to grow their business, with 86% of those who have another job saying they want to devote themselves full-time to their own company eventually. More than half are actively working to educate their children on being entrepreneurs themselves.

The challenges in finding a balance between work and home are genuine, however, with mompreneurs feeling shortchanged on both sleep and time to spend with family and friends. And two-thirds feel judged by others for pursuing their entrepreneurial goals while being a parent to begin with.

Source: Based on a survey conducted between March 18-24 2024, of 1,000 female business owners aged 18 and over who have at least one child and live in the U.S.

Young Children and Businesses?

Our survey showed 29% of the respondents said their oldest child was 6 to 10 years old when they started their business, followed by 15% saying their oldest child was a teenager between 13 and 18. Another 14% started their business when their oldest child was just 3 to 5 years old.

A majority (74%) of our respondents were married or living with a partner, and most of the respondents had one child or two. As for the children’s ages, 51% had kids between 5 and 13, and 34% had teenagers between 13 and 18.

Among our survey respondents, the largest age group (37%) was 35 to 44 and the second largest (27%) was 25 to 34. As for education, the largest group (33%) had a university degree, but those who had a high school degree (28%) came in a close second.

Living in the Present, Envisioning a Better Future

A majority of the mompreneurs in this survey said desires for financial independence and personal growth motivated them to launch their own business.

So has being a mother made it harder or easier to run a business? Survey respondents said being a parent enhanced their entrepreneurial skills in a myriad ways:

•   Improved problem-solving skills: 60%

•   Enhanced multitasking abilities: 51%

•   Increased empathy and understanding: 46%

•   Greater resilience in the face of challenges: 46%

Two-thirds of respondents (66%) said creating generational wealth for their children was a big reason for launching their business.

And nearly half (48%) said they are confident their children will take over their business eventually. Many mompreneurs are already phasing in their kids when it comes to learning about business.

When asked how they involve their children in entrepreneurial activities, the respondents answered this way (multiple selections were possible):

•   Educating them about entrepreneurship: 55%

•   Introducing them to the business environment: 43%

•   Assigning age-appropriate tasks related to the business: 41%

•   Including them in decision-making processes: 31%

Work-Life Balance: Can It Be Found?

Running a business and raising children are tasks that are hard enough, but nearly two-thirds (62%) of survey respondents said they have another job in addition to the business they own. Interestingly, 50% of those with household incomes under $100K don’t have a different job aside from their business, compared to 17% of those with household incomes of over $100K.

Incredibly, for those who had a full-time or part-time job apart from their own small business, 26% still spent between 20 and 30 hours per week on their own company.

Something has to give, timewise, and our survey broke it down. When asked what they have to sacrifice to balance entrepreneurship and parenthood, this is what our respondents said (multiple selections were possible):

•   Sleep: 48%

•   Spending time with friends and family: 48%

•   Hobbies: 38%

•   Exercise: 28%

•   Diet: 21%

•   None of the above – I don’t have to make any sacrifices: 16%

Asked what challenges female entrepreneurs who have children face, they answered as follows (multiple selection were possible):

•   Balancing work and family time: 58%

•   Balancing multiple roles: 42%

•   Managing stress and burnout: 40%

•   Access to funding or financial resources: 38%

•   Overcoming societal expectations about mothers who start their own businesses: 26%

•   Navigating discrimination or bias: 18%

Having help at home in the form of a partner or other adults can go a long way, but 37% of respondents, the largest group, said it was mostly them alone left with the mental load of home responsibilities. However, an even split between the respondent and their partner came in a close second at 35%.

When the mompreneurs did get help, the percentages broke down in interesting ways.

Here’s how partners and extended family members offered support (multiple selections were possible):

•   Assisting with childcare during work hours: 30%

•   Providing emotional support: 20%

•   Collaborating on business-related tasks: 16%

•   Helping with housework: 14%

•   Offering financial assistance: 11%

In terms of stress relief, respondents said they balanced self-care with roles as parent and entrepreneur:

•   Participating in hobbies or leisure activities: 51%

•   Scheduled breaks and downtime: 47%

•   Regular exercise or physical activity: 45%

•   Seeking professional help or counseling: 40%

Gender Disparities Revealed

While women-owned businesses are more prevalent in America than ever before, our respondents said that they experience inequity.

More than two in five respondents (42%) said they felt that entrepreneurs who are mothers are treated differently than entrepreneurs who are fathers. Only one in five (21%) said they thought mothers and fathers who owned business were treated equally.

More than 60% of mompreneurs said they felt “judged by others for pursuing entrepreneurial goals while being a parent.”

Making matters worse, the respondents said that this disapproval came into play if they sought financial support to grow their business.

When asked if they felt that being an entrepreneur and parent has affected their access to venture capital or other forms of financial support for their business, they answered:

•   Yes: 43%

•   No: 34%

•   I haven’t tried to secure additional funding for my business: 21%

The Takeaway

Women own 13.8 million businesses in the United States, making up 39.1% of all businesses. Their numbers keep growing, yet nearly half of these mompreneurs feel society treats them differently than owners who are fathers, and balancing work and home is a challenge.

If you’re seeking financing for your business, SoFi can help. On SoFi’s marketplace, you can shop top providers today to access the capital you need. Find a personalized business financing option today in minutes.

With SoFi’s marketplace, it’s fast and easy to search for your small business financing options.


SoFi’s marketplace is owned and operated by SoFi Lending Corp. See SoFi Lending Corp. licensing information below. Advertising Disclosures: SoFi receives compensation in the event you obtain a loan through SoFi’s marketplace. This affects whether a product or service is featured on this site and could affect the order of presentation. SoFi does not include all products and services in the market. All rates, terms, and conditions vary by provider.


External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

SOSB0424037

Source: sofi.com

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Legislation targeting LGBTQ+ communities is intensifying across U.S. states. Since 2022, the number of states banning gender-affirming care has risen from four to 23, and 21 states banned or restricted abortion. Two-thirds of states also currently have laws on the books that criminally penalize certain activities based on a person’s HIV-positive status.

Recent Washington Post analysis of FBI crime data reveals that hate crimes in K-12 schools have more than quadrupled in response to restrictive laws.

In 2017, long before the most recent legislation, a survey by National Public Radio, the Robert Wood Johnson Foundation and the Harvard T.H. Chan School of Public Health found more than half of the LGBTQ+ community regularly reported experiencing threats, harassment or violence due to their sexuality or gender identity.

It stands to reason that community members may wonder how to plan for their safety and well-being. If you need to move due to safety concerns — and have some time to prepare for the move — any financial planning you can do beforehand will go a long way. Consider the following six tips from financial and LGBTQ+ experts around the country.

How to financially prepare for a move (if you can)

1. Evaluate your assets and expenses

Taking stock of your income, expenses and assets can help you figure out what it will take to make your move a reality. Lindsey Young, a certified financial planner in Baltimore, says reviewing regular expenses, moving expenses and any costs you may face from temporary unemployment can help you understand where your money is going and plan where you want it to go.

Moving is expensive, and the LGBTQ+ community already tends to earn less than straight and cisgender workers on average, according to a Human Rights Campaign analysis of full-time LGBTQ+ workers and Bureau of Labor Statistics data. Transgender men and women, LGBTQ+ people of color and LGBTQ+ women face even more pronounced pay gaps and discrimination.

However, the LGBTQ+ community also has a rich history of supporting one another through mutual aid. So, check with your support network to see what’s available. Be aware that seeking help and support is normal, especially during challenging political moments.

2. Acquire cash on hand

Once you know how much money you need, consider how you might get it and create cash flow, says Young. For example, can you take on extra shifts at work? A second job? Can your chosen family or a GoFundMe make up the difference?

If you need to move but don’t have cash, says Young, consider what existing lines of credit you can access, such as a home equity line of credit, or HELOC, or credit card.

Also, consider whether you would want — or be able — to take on repaying new debt over the next several months or years. Are you more comfortable taking on debt to make a move happen, or would you prefer to tough it out where you are? Young says there is no correct answer, and it’s a matter of “understanding what their priorities are to really figure out what the right path forward is.”

3. Assemble your documents and back them up 

Wherever you are, it’s always helpful to get your important documents together in one place. Make photocopies of anything important, such as medical records and personal IDs, and upload them to a safe cloud location so you can access them anywhere.

4. Specify your power of attorney 

Officially designating who will make medical and financial decisions on your behalf is essential to putting someone you trust in charge if something happens to you. Make your will and choose your power of attorney so one isn’t chosen for you.

This step is crucial for anyone concerned that their biological family members (or the state) might try to challenge their wishes, even if they’re married. If your situation is complicated, finding an attorney who specializes in LGBTQ+ clients can help ensure that your wishes are followed despite any contentious family relationships you may have.

The risk of not planning can include that your wishes and loved ones aren’t honored, says Frank Summers, a certified financial planner in Charlotte, North Carolina. “I know of situations in which the estate of somebody who passed away went to a family member who did not approve of their relationship, who didn’t like gay people and proceeded to make the life of the surviving partner extraordinarily difficult when that person is dealing with a tremendous and profound grief,” says Summers.

5. Connect to members of your community, old and new

Connecting to an LGBTQ+ organization or group in a new city might make you feel safer, as well as possibly open up connections to new jobs, health care providers and relationships.

As director of transgender services at The Center on Colfax in Denver, Sable Schultz has seen a significant uptick in people connecting to peer support group services in person and online as they prepare to move to Colorado. Considered a “refugee” state, Colorado has sheltered thousands of newcomers in 2024, and its Medicaid coverage includes gender-affirming services.

Summers sees particular groups of people impacted by legislation — trans and nonbinary people, people wanting to start families, people with children and people who require ongoing care. Needing to access care and not knowing if you’ll be able to get it (or, if you can get access, not knowing if you’ll receive care with respect) can be overwhelming and scary, especially in a state like North Carolina that recently banned gender-affirming care and severely restricted abortion.

So wherever you’re headed, identify a support group, Queer Exchange, Facebook affinity group, or a social service provider that can connect you with housing, medical care, community or other support nearby.

6. Plan a safe travel route

If you’re getting on the road, consider how you can safely get from one place to another, including where you can use the restroom. Be sure to check in with local queer groups to identify where travelers have successfully stopped and stayed in the past.

If moving or traveling requires you to go through states targeting the LGBTQ+ community, particularly trans and nonbinary people, make a plan for how you can drive along large interstates and stop in larger towns and cities, or at least places that identify themselves as allies to the community.

What to do if you have to move and can’t prepare

Conversations about money aren’t usually related to an immediate life or death scenario, but for too many members of the LGBTQ+ community, that is the current reality. Safety is top of mind, especially given the ongoing rise in hate crimes.

Schultz describes Colorado as a refugee state because it mandates health care protections — including requiring gender-affirming care of Medicaid services — as well as general protections around gender identity and gender expression.

Other states where gender-affirming care is practiced include Alaska, California, Connecticut, Delaware, Hawaii, Illinois, Kansas, Maine, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Hampshire, New Jersey, New Mexico, New York, Oregon, Pennsylvania, Rhode Island, South Carolina, Vermont, Virginia, Washington, Wisconsin, and Wyoming; and Washington, D.C.

If you’d feel safer in any of these states, it’s possible even a lack of financial planning shouldn’t keep you from making the move. For those who are currently unhoused or living out of their car, says Schultz, sometimes “it’s at least safer to be unhoused here [in Colorado] than it would be to be wherever they were. And they can at least get the health care that they need.”

There’s no shame in doing what you must to get to a safer place where you are valued and wanted. And if you’re an ally to the LGBTQ+ community, check in on your loved one. Consider what emotional, financial or other support you can offer them during this challenging time.

Source: nerdwallet.com

Apache is functioning normally

Groceries are one of the biggest budget items on most families’ lists. Of course, how much you spend will depend on where you live, what you eat, and what your spending habits are. As food costs increase, so may the grocery budget for a family of three.

As you create or revise a monthly budget, it can help to look at how your food spending compares to other families.

Table of Contents

American Average Grocery Budget for Family of 3

Each month, the USDA publishes a report showing the average costs of groceries at three price levels: budget, moderate, and liberal. Here’s a look at the middle-of-the-road spending for a family of three in 2023. Notice how the average cost of groceries rose more than $87 over the course of the year.

Month (in 2023) Average Cost of Groceries
January $975.00
February $975.00
March $967.50
April $970.90
May $976.70
June $977.80
July $981.30
August $981.00
September $980.10
October $983.20
November $977.00
December $975.70

💡 Quick Tip: We love a good spreadsheet, but not everyone feels the same. An online budget planner can give you the same insight into your budgeting and spending at a glance, without the extra effort.

How Much to Budget for Groceries Per Person

No matter the size of your family, your grocery budget can depend largely on the cost of food where you live. For instance, according to data from the Missouri Economic Research and Information Center, people in Hawaii, Alaska, and New York tend to pay more for food than residents of Texas, Wyoming, and Michigan. This means $700 per month for groceries may be more reasonable in Texas than in, say, Hawaii.

Creating a household budget and aren’t sure how much to allocate for food? A good rule of thumb is to set aside 10% of your income for groceries and other food costs. So if you take home around $5,000 a month, plan on budgeting $500 for food.

However, you may need to adjust that percentage, especially if you have a larger family or live in an area with a higher cost of living. It may be wise to track how much you spend in any given month on food and see what a reasonable budget would look like for you and your family.

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How to Prioritize Your Grocery Spending

What does it mean to prioritize your grocery spending? It’s simply a way to ensure you’re making the most every dollar when you’re grocery shopping on a budget.

One strategy to consider is to set aside money each month automatically so you have enough to spend on food. Another option is to put groceries as one of the top line items in your monthly budget so you don’t forget to set aside money for it first.

It’s also important to scrutinize how much you spend on food and the choices you make in the grocery store aisles. It could be that your grocery budget is fine, but you may need to reel in how much you spend on certain ingredients or find cheaper alternatives.

Above all, though, make sure you settle on a budget that works for you and your family. Be sure it’s enough to cover what’s important to you all while still sticking to your larger spending plan.

How to Stay Within Your Grocery Budget

It’s easy to give in to temptation at the grocery store, but rest assured, staying within budget is possible. These tips can help:

Shop at discount retailers

Buying your groceries at lower-priced retailers can add up to significant savings, even better if you’re able to purchase ingredients you need on sale. Some retailers may have rewards programs, helping you earn free or heavily discounted groceries.

•   Make pricey purchases go the distance: Meat or related products like eggs tend to cost more than other ingredients. Look into recipes that help you stretch a pack of meat or carton of eggs over several meals.

•   Use what you have: Before heading to the grocery store, go through your refrigerator, freezer, and pantry to see what you already have. Besides preventing food waste, this also helps you avoid purchasing items you don’t need.

•   Buy store brands: In many cases, store-brand items cost much less than brand-name items. The quality for generic items may also be similar.

•   Use coupons: Though it may not seem like it’ll make a huge difference, using coupons or grocery store rebates can help make every cent count. Be sure to do some comparison shopping before you hit the checkout counter. Even with discounts, you may still come out ahead with generic or store-brand versions.

•   Embrace meal planning: Making plans can help you estimate your food costs for the week and ensure you only purchase items you need.

•   Do a spending audit regularly: Tally up how much you’ve spent and what you’ve spent it on. Look for places to cut back on spending, such as purchasing pricey ingredients that can only be used once.

Recommended: Does Buying in Bulk Save Money?

How to Budget for Restaurants and Dining Out

Eating out is a luxury, but it can also be done on a budget. Consider the following tips the next time you’re considering a night out on the town:

•   Decide how many times a month you want to eat out: Knowing approximately where and how many times you go out in a given month will help you make a realistic budget.

•   Consider drinking only water: While it’s tempting to order fancy drinks when you’re out, sticking with water can help you and your family save money.

•   Look for weekly specials or discounts: In an attempt to earn your business, many restaurants will offer specials, such as free kids meals or discounted menu items. These deals usually happen on a weekday, though on occasion you may find discounts during restaurants’ busier times as well.

•   Budget for tipping: Paying for your meal isn’t the only cost involved in dining out. Make sure to leave enough room so you can tip your server or bartender.

Recommended: Examining the Price of Eating at Home vs Eating Out

Tips for Getting Help if You Can’t Afford to Buy Groceries

Sometimes, budgeting will only get you so far. If you need help with food and other necessities, there are some organizations and agencies you may be able to turn to for temporary help:

•   Supplemental Nutrition Assistance Program (SNAP): If you can meet the program’s eligibility requirements, the government-run program will give you a monthly stipend to spend on food for you and your family.

•   Special Supplemental Nutrition Program for Women, Infants, and Children (WIC): The WIC program is for eligible pregnant women or mothers who have infants up to age 5 who are at risk of not receiving enough nutrients. Note that you’ll need to apply for this government-funded program.

•   USDA National Hunger Hotline: If you’re facing food insecurity, you can call the hotline daily from 7am to 10pm ET to find resources like local meal sites or food banks.

•   Local food pantries: Many religious organizations, colleges, and other local nonprofits may have food pantries. Call ahead to see when you can receive assistance.

💡 Quick Tip: Income, expenses, and life circumstances can change. Consider reviewing your budget a few times a year and making any adjustments if needed.

The Takeaway

Budgeting for grocery costs isn’t always easy, but it’s worth the effort. It may be worth considering looking at average costs in your area as a guideline for how much to budget and looking at ways to save on food to ensure you’re not spending more than you can afford to. You may also want to consider using online tools like a money tracker app so you can maximize every dollar you make.

Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.

With SoFi, you can keep tabs on how your money comes and goes.

FAQ

What is a reasonable grocery budget?

Most experts recommend budgeting around 10% of your income to food costs.

How much should a family of four spend on groceries?

Depending on where you live, the average cost of groceries for a family of four can average from $1,044.70 to $1,568.10, according to data from USDA.

How much does an average family spend on groceries?

The average family spends about 11.3% on groceries, according to USDA data.

Photo credit: iStock/Prostock-Studio

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Source: sofi.com