Mortgage Loan News – RR Reading http://rrreading.com/ Thu, 29 Sep 2022 11:32:56 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://rrreading.com/wp-content/uploads/2021/03/rrrreading-icon-70x70.png Mortgage Loan News – RR Reading http://rrreading.com/ 32 32 EMM Loans Partners with SimpleNexus to Improve Operational Efficiency and Increase Lending Revenue | New https://rrreading.com/emm-loans-partners-with-simplenexus-to-improve-operational-efficiency-and-increase-lending-revenue-new/ Thu, 29 Sep 2022 11:32:56 +0000 https://rrreading.com/emm-loans-partners-with-simplenexus-to-improve-operational-efficiency-and-increase-lending-revenue-new/

LEHI, Utah, Sept. 29, 2022 (GLOBE NEWSWIRE) — SimpleNexus ( https://simplenexus.com/ ), an nCino company (NASDAQ: NCNO) and developer of the leading U.S. homeownership platform for loan officers, borrowers, realtors and settlement agents, today announced that EMM Loans chose SimpleNexus Nexus Commitment ™ and Creation of Nexus ™ to power an electronic mortgage experience, attract and retain top talent and generate more business for its direct retail, wholesale, correspondent and consumer lending channels.

Founded in 2004, EMM Loans is a New Jersey-based lender providing private, direct, and affordable mortgages. With 91 licensed loan officers in 38 states, EMM Loans provides best-in-class customer service using innovative technology. EMM Loans selected SimpleNexus to streamline their homebuyer experience, attract new business and generate referrals from real estate professionals.

EMM Loans will leverage SimpleNexus as a recruitment and retention tool, using its mobile lead engagement tool, Nexus Engagement, and its anywhere point-of-sale (POS) platform, Nexus Origination, to support collaboration with real estate agents and provide a better borrower experience. SimpleNexus integrates with EMM Loans’ core technology stack, including its Lending System (LOS), Market Analysis and Product Pricing (PPE) engine, and Loan Management Platform. customer relationship (CRM).

“At EMM Loans, we support our team of experts by giving them the innovative tools they need to attract more business and build lasting relationships,” said Brad Miller, senior vice president of EMM Loans. “SimpleNexus creates some of the most powerful digital home buying tools for mortgage lenders. Adopting its technology will enable our loan originators and real estate partners to provide a streamlined home buying journey that converts more borrowers and gain customers for life.

“SimpleNexus is thrilled to partner with EMM Loans, a mortgage lender that cares about the experience of its team members and the communities it serves,” said Ben Miller, CEO of SimpleNexus. “We look forward to the opportunity to support the exemplary service and award-winning corporate culture that EMM Loans is known for.”

About SimpleNexus

SimpleNexus, an nCino company (NASDAQ: NCNO), is an award-winning developer of mobile-first technology for the modern mortgage lender. U.S. lenders depend on our eponymous homeownership platform to unite the people, systems and stages of the mortgage process into a seamless, end-to-end solution that spans initiation, origination, closing and business intelligence. By helping lenders manage their teams and stay connected with borrowers and real estate professionals, we deliver measurable ROI in the form of reduced turnaround times, increased loan application submissions, loan and more referral business. A four-time Inc. 5000, SimpleNexus has been recognized as one of the best places to work for innovators in the world. For more information, visit https://www.simplenexus.com or follow @SimpleNexus.

Media Contacts

Leslie Colley

DepthPR for SimpleNexus

+1 678.622.6229

leslie@depthpr.com

David Bolin

SimpleNexus

+1 414.688.6077

dbolin@simplenexus.com

Safe Harbor Statement

This press release contains forward-looking statements within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally include actions, events, results, strategies and expectations and are often identifiable by the use of the words “believes,” “expects,” “intends,” “anticipates,” “plans,” “seeks,” “estimates,” “projects,” “may,” ” will”, “could”, “might” or “continue” or similar expressions. All forward-looking statements contained in this press release are based on nCino’s historical performance and its current plans, estimates and expectations, and do not constitute representation that such plans, estimates or expectations will be achieved. These forward-looking statements represent nCino’s expectations as of the date of this press release. Subsequent events may change these expectations and, except where If required by law, nCino undertakes no obligation to update or revise these forward-looking statements. These forward-looking statements are subject to known and unknown risks and uncertainties that may cause actual results to differ materially, including, among other things, risks and uncertainties relating to market adoption of our solution and privacy issues. and data security. Additional risks and uncertainties that could affect nCino’s business and financial results are included in nCino’s filings with the United States Securities and Exchange Commission (available on our website at www.ncino.com or the SEC website at www.sec.gov). Further information about potential risks that could affect actual results will be included in other filings by nCino with the SEC from time to time.

Copyright 2022 GlobeNewswire, Inc.

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Fannie Mae performs ninth credit insurance risk transfer of 2022 https://rrreading.com/fannie-mae-performs-ninth-credit-insurance-risk-transfer-of-2022/ Mon, 26 Sep 2022 21:42:43 +0000 https://rrreading.com/fannie-mae-performs-ninth-credit-insurance-risk-transfer-of-2022/

Fannie Mae executed its ninth Credit Insurance Risk Transfer (CIRT) transaction of 2022.

CIRTs are part of GSEs’ ongoing efforts to reduce taxpayer risk by increasing the role of private capital in the mortgage market, as CIRTs 2022-7 and CIRTs 2022-8 transferred $1 billion of mortgage credit risk to private insurers and reinsurers. Since its inception to date, Fannie Mae has acquired approximately $21 billion in insurance coverage on $709 billion in single-family loans through the CIRT program, measured at the time of issuance for post- acquisition (roughly) and initials.

The covered loan pool for CIRT 2022-9 consists of approximately 69,000 single-family mortgages with an outstanding principal balance of approximately $21 billion. The covered pool includes collateral with loan-to-value (LTV) ratios of 60.01% to 80.00% acquired in October 2021. The loans included in this transaction are fixed rate mortgages, typically with terms of 30 years, fully amortizing and were underwritten using rigorous credit standards and enhanced risk controls.

With CIRT 2022-9, which became effective August 1, 2022, Fannie Mae will retain risk for the first 55 basis points of loss on the $21 billion Covered Loan Pool. If the $115 million retention layer is depleted, 23 insurers and reinsurers will cover the next 335 basis points of loss out of the pool, up to a maximum coverage of $700 million.

Fannie Mae also sets service standards, acts as Master Servicer and provides oversight for loan servicers, setting standards for loss mitigation and borrower recovery options. The GSE also handles the management and disposal of all property in-house, managing one of the largest property portfolios in the industry. Their strategy is to sell homes in good condition to owner-occupiers, helping to maximize sales proceeds, stabilize neighborhoods and preserve the value of its warranty book.

The coverage of this transaction is based on actual losses for a period of 12.5 years. Depending on the repayment of the insured pool and the principal amount of insured loans that become seriously delinquent, the aggregate amount of coverage may be reduced on the one-year anniversary and monthly thereafter. Coverage under this Agreement may be canceled by Fannie Mae at any time after the fifth anniversary of the Effective Date by paying a cancellation fee.

As of June 30, 2022, approximately $1.02 trillion of UPB’s outstanding loans in our single family conventional collateral portfolio have been included in a reference pool for a credit risk transfer transaction.

“We appreciate our continued partnership with the 23 insurers and reinsurers who have committed to underwriting coverage for this agreement,” said Rob SchaeferFannie Mae Vice President of Capital Markets.

As of June 30, 2022, approximately $1.02 trillion of UPB’s outstanding loans in our single family conventional collateral portfolio have been included in a reference pool for a credit risk transfer transaction.

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30-year mortgage rate hits 6.29%, highest since 2008 https://rrreading.com/30-year-mortgage-rate-hits-6-29-highest-since-2008/ Fri, 23 Sep 2022 06:53:30 +0000 https://rrreading.com/30-year-mortgage-rate-hits-6-29-highest-since-2008/

Average long-term U.S. mortgage rates jumped more than a quarter point this week to their highest level since 2008 as the Federal Reserve steps up its efforts to rein in decades-high inflation and cool the economy.

Mortgage buyer Freddie Mac reported Thursday that the 30-year rate climbed to 6.29% from 6.02% last week. That’s the highest since October 2008, when the housing market crashed, triggering a recession.

Rapidly rising mortgage rates threaten to marginalize even more buyers after more than doubling in 2022. Last year, would-be buyers were eyeing rates well below 3%.

On Wednesday, the Fed raised its benchmark borrowing rate by another three-quarters of a point in an effort to constrain the economy, its fifth increase this year and its third consecutive increase of 0.75 percentage points.

Perhaps nowhere is the effect of Fed action more apparent than in the housing sector. Sales of existing homes have been falling for seven straight months as rising borrowing costs put homes out of reach for more people.

The National Association of Realtors said Wednesday that sales of existing homes fell 0.4% last month from July to a seasonally adjusted annual rate of 4.80 million.

Sales fell 19.9% ​​from August last year and are now at the slowest annual pace since May 2020.

The national median home price jumped 7.7% in August from a year earlier to $389,500. As the housing market has cooled, house prices have risen at a more subdued pace after jumping about 20% a year earlier this year. Before the pandemic, the median house price was rising about 5% per year.

In the four weeks ending September 11, real estate listings fell 19% from a year earlier, the biggest drop since May 2020, real estate brokerage Redfin Corp found.

Many potential buyers are pulling out of the market as higher rates add hundreds of dollars to monthly mortgage payments. On the other hand, many homeowners are hesitant to sell because they’re likely stuck with a much lower rate than they’d get on their next mortgage.

The Fed’s decision on Wednesday raised its benchmark short-term rate, which affects many consumer and business loans, to a range of 3% to 3.25%, the highest level since early 2008.

Fed officials predict they will raise their benchmark rate further to around 4.4% by year-end, one point higher than they had envisioned last June. And they expect to raise the rate again next year, to around 4.6%. It would be the highest level since 2007.

By raising borrowing rates, the Fed is making it more expensive to take out mortgages and car or business loans. Consumers and businesses are likely to borrow and then spend less, which cools the economy and slows inflation.

Mortgage rates do not necessarily reflect Fed rate increases, but tend to follow the yield of the 10-year Treasury note. This is influenced by a variety of factors, including investor expectations for future inflation and global demand for US Treasuries.

Recently, faster inflation and strong economic growth in the United States pushed the 10-year Treasury rate up to 3.65%.

The average rate for 15-year fixed-rate mortgages, popular among those looking to refinance their homes, jumped to 5.44% from 5.21% last week. This is the highest level since 2008. Last year, at this time, the rate for a 15-year mortgage loan was 2.15%.

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Indecomm Launches Next-Generation Version of AuditGenius Using Proprietary “Genius” Technology Stack https://rrreading.com/indecomm-launches-next-generation-version-of-auditgenius-using-proprietary-genius-technology-stack/ Wed, 21 Sep 2022 15:25:00 +0000 https://rrreading.com/indecomm-launches-next-generation-version-of-auditgenius-using-proprietary-genius-technology-stack/

Behind the scenes, Genius technology ushers in a new generation of automated quality control and mortgage innovation

EDISON, NJ, September 21, 2022 /PRNewswire/ — Indecomm, a leading provider of loan and mortgage automation services, today announced the launch of its next generation version of its loan quality control technology, AuditGenius. The upgraded version leverages the company’s “Genius” technology stack, a blend of interconnected and proprietary technologies, to help AuditGenius users meet extremely stringent quality control requirements while significantly reducing the need excessive manual reviews and reconsiderations.

AuditGenius already helps lenders efficiently manage unlimited quality control workflows and has approximately 75,000 users with over 200 active loan reviews and audits. Now, with the addition of Indecomm’s Genius technology stack, the next generation of AuditGenius promises an estimated 50% reduction in manual processes and time spent on loan audits at the quality assurance stage before the funding. The solution comes at a time when redemption risk is on the rise and loan quality is under the microscope.

“In today’s mortgage market, lenders want to increase quality control without increasing the number of resources,” said Rachael Harris, SVP, Product Management. “By incorporating this foundational technology into AuditGenius, Indecomm enables meticulous and thorough pre-funding loan audits at scale, proactively capturing flaws in data and documents that could otherwise lead to redemption risk.”

AuditGenius respects investors’ requirements and significantly reduces cumbersome, redundant and manual quality assurance. The technology and automation features used in the next generation of AuditGenius derive from Indecomm’s DecisionGenius automated underwriting solution and include:

Smart document and data
Based on machine learning, Indecomm’s smart document technology extracts over 4,000 data points across 200 unique document types, with the ability to read both structured and unstructured documents. Using this technology, AuditGenius extracts, analyzes and compares LOS source data, third-party data and AUS data, capturing inaccuracies and flagging missing data.

Genius Business Rules Engine
Indecomm’s configurable business rules engine embeds meticulous, step-by-step workflow, processes and tasks. AuditGenius has developed business rules based on extensive pre-fund quality assurance processes, requirements and checklists to meet the requirements of investors, GSEs and internal stakeholders.

Machine learning and automated checklists
By linking business rules to data and documents, AuditGenius populates pre-funding QA self-service checklists covering over 200 QA questions. Additionally, AuditGenius can provide pre-populated data-driven answers to these checklists, cutting review time in half.

Technological interconnectivity
Indecomm’s two-way middleware enables seamless interactivity with internal and third-party systems, documents and data. Data delivery and retrieval provides information push and pull between connected sources, enabling real-time, up-to-date access to critical loan case information. The ease of connectivity to any LOS, document management or service system allows lenders to accelerate the adoption and implementation of AuditGenius.

Reports and rebuttals
AuditGenius offers extensive configurability and customization for monthly reports, eliminating the need for laborious reporting on Excel spreadsheets. AuditGenius also manages the rebuttal process and offers a robust repository of loan life data and a full audit trail to track and report on portfolio and loan quality.

The new generation of AuditGenius is currently available for pre-funding audits. However, Indecomm will be rolling out new AuditGenius features for the remaining review types in the system, including but not limited to Delegated Reviews, Post-Close, Maintenance, Compliance and Secondary Due. diligence. Additionally, Indecomm intends to leverage its Genius technology stack to drive innovation across its Genius suite of automation solutions.

“The technology behind Indecomm’s latest AuditGenius has the potential to usher in a new generation of automated quality control and other touch-based mortgage processes,” said Indecomm CEO, Rajan Nair. “The typical QC process is still very manual and extremely redundant, with extensive checklists of over 200 questions. By applying the underlying technology engine of our Indecomm to AuditGenius and automating these heavy manual processes, we can finally stifle the culture of exaggerated quality control review.”

Indecomm customers typically use AuditGenius as their primary SaaS QC engine. However, lenders can also benefit from the accuracy, speed, reporting and audit trails of AuditGenius when used with Indecomm’s QC services. To learn more about the latest AuditGenius pre-funding QA features, register for the next webinar, “Next Generation AuditGenius” which takes place on October 21, 2022at 1:00 PM EST.

About Indecom

Founded over 25 years ago, Indecomm combines intelligent automation with deep mortgage banking expertise to deliver game-changing mortgage innovations that help businesses optimize operations and gain competitive advantage. Supported by a global workforce of 1,500 people, mortgage companies benefit from Indecomm’s Automation-as-a-Service approach, which enables better experiences for borrowers by streamlining middle and back office.

Indecomm takes an automation-first approach, partnering with large and medium-sized lenders, managers, mortgage insurers and title companies to create efficiencies at every phase of the mortgage lifecycle. Specifically, Indecomm’s products and services leverage robotic process automation (RPA), supervised automation and machine learning to address the industry’s most complex operational challenges.

Media contact:
Robyn Mahoney
[email protected]
720-503-5551

SOURCE Indecomm

]]> Looking for at least 8% dividend yield? Analysts Suggest 3 Dividend Stocks to Buy https://rrreading.com/looking-for-at-least-8-dividend-yield-analysts-suggest-3-dividend-stocks-to-buy/ Mon, 19 Sep 2022 23:05:12 +0000 https://rrreading.com/looking-for-at-least-8-dividend-yield-analysts-suggest-3-dividend-stocks-to-buy/

What’s been happening in the markets lately? Since the start of this year, we have seen a prolonged downtrend, and now a cycle of high volatility. Investors can be forgiven for feeling some confusion, even a jolt, trying to follow the rapid highs and lows of the past few weeks.

One important fact stands out, however. Over the past three months, since mid-June, we’ve seen rallies and troughs – but markets haven’t seriously challenged that mid-June low. Examining the situation of the research firm Fundstrat, Tom Lee makes some extrapolations from this observation.

First, Lee points out that some 73% of S&P-listed stocks are in a real bear market, having fallen more than 20% from their peak. Historically, he notes that such a high percentage is a sign that the market has bottomed out – and goes on to note that S&P lows usually come soon after a peak in the rate of inflation.

Which brings us to Lee’s second point: annualized inflation in June recorded 9.1%, and in the two readings released since then, it fell 0.8 points, to 8.3%.

Getting to the point, Lee advises investors to “buy the dip”, saying, “Even for those in the ‘inflationary’ camp or even the ‘we’re in a long-term bearish camp’, the fact is that if the main CPI has peaked, the stock market lows of June 2022 should be sustainable.

Some Wall Street analysts would seem to agree, at least in part. They recommend certain stocks as “buy” right now – but they recommend stocks with high dividend yields, in the range of 8% or more. Such a high yield will provide real inflation protection, providing a cushion for cautious investors – those in the “inflationary” group. We used the TipRanks database to get details on these recent picks. here they are, with the analyst’s commentary.

Rhythm Capital Corp. (RITM)

We’re talking about dividends here, so we’ll start with a real estate investment trust (REIT). These companies have long been known for their high and reliable dividends and are frequently used in defensive portfolio arrangements. Rithm Capital is the new name and branding of an older, established company, New Residential, which converted to an internally managed REIT effective August 2.

Rithm generates returns for its investors through smart investments in the real estate sector. The company provides both capital and services – ie loan and mortgage services – to investors and consumers. The Company’s portfolio includes origination of loans, real estate securities, real estate and residential mortgages and MSR-related investments, with the bulk of the portfolio, approximately 42%, being dedicated to mortgage services.

Overall, Rithm has $35 billion in assets and $7 billion in equity investments. The company has paid more than $4.1 billion in total dividends since its inception in 2013, and in 2Q22 had a book value per common share of $12.28.

During this same Q2, the last operating under the name of New Resi, the company showed two key indicators of interest to investors. First, earnings available for distribution were $145.8 million; and second, of that total, the company distributed $116.7 million through its common stock dividend, for a payout of 25 cents per share. It was the fourth consecutive quarter with a dividend paid at this level. The annualized payment, of $1, gives a return of 11%. This is more than enough, under current conditions, to provide a real rate of return to ordinary shareholders.

Kenneth Lee of RBC Capital, a 5-star analyst, explains several reasons why he supports the name: “We favorably view RITM’s available cash and liquidity position given the potential deployment in attractive opportunities. We favor RITM’s continued diversification of its business model and its ability to allocate capital between strategies, and its differentiated ability to create assets… We have an outperform rating on RITM shares given the potential benefits to BVPS of the rate hike.

This outperform (i.e. buy) rating is supported by a price target of $12, suggesting a 33% one-year gain. Based on the current dividend yield and expected price appreciation, the stock has a potential total return profile of approximately 44%. (To see Lee’s track record, Click here)

While only three analysts have tracked this stock, they all agree it’s a stock to buy, resulting in unanimous support in Strong Buy’s consensus rating. The shares are selling for $9 and their average price target of $12.50 suggests an upside of around 39% for the year ahead. (See RITM stock forecast on TipRanks)

Omega Healthcare Investors (OHI)

The second company we’ll look at, Omega, combines the characteristics of healthcare providers and REITs, an interesting niche that Omega has filled with skill. The company has a portfolio of skilled nursing facilities (SNF) and senior living facilities (SHF), with investments totaling some $9.8 billion. The portfolio leans towards NFCs (76%), the rest being in SHF.

Omega’s portfolio generated net income of $92 million for 2Q22, up 5.7% from $87 million in the prior year quarter. Per share, this amounted to 38 cents EPS in 2Q22, compared to 36 cents a year ago. The company had adjusted funds from operations (adjusted FFO) of $185 million in the quarter, down 10% year-over-year from $207 million. Important for investors, the FFO included a fund available for distribution (ADF) of $172 million. Again, that was down from 2Q21 ($197 million), but it was enough to cover current dividend payments.

This dividend was declared for common stock at 67 cents per share. This dividend is annualized at $2.68 and gives a strong yield of 8.4%. The last dividend was paid in August. In addition to dividend payments, Omega is supporting its stock price through a stock repurchase program, and in the second quarter the company spent $115 million to repurchase 4.2 million shares.

Evaluating Omega’s second quarter results, Stifel analyst Stephen Manaker said the quarter was “better than expected”. The 5-Star Analyst writes: “Headwinds remain, including the effects of COVID on occupancy and high costs (particularly labor). But occupancy is increasing and should improve further (assuming no COVID relapse) and labor costs appear to be rising at a slower rate.

“We continue to believe the share price is attractive; it trades at 10.2x our 2023 AFFO, we expect 3.7% growth in 2023 and the balance sheet remains a source of strength. We also believe OHI will maintain its dividend as long as the recovery continues at an acceptable pace,” the analyst summed up.

Manaker continues his comments with a Buy rating and a price target of $36 that shows confidence in a 14% upside on the one-year horizon. (To see Manaker’s track record, Click here)

Overall, the street is split down the middle on this one; based on 5 buys and holds each, the stock gets a moderate buy consensus rating. (See IHO stock forecast on TipRanks)

SFL Company (SFL)

For the latest stock, we will shift away from REITs and into shipping. SFL Corporation is one of the world’s leading shipping operators, with a fleet of some 75 vessels – the exact number may vary slightly, as new vessels are acquired or old vessels are retired or sold – of which the size ranges from giant Suezmax cargo ships of 160,000 tons to tankers to dry bulk carriers of 57,000 tons. The company’s vessels can transport almost any commodity imaginable, from bulk cargo to crude oil to finished automobiles. SFL-owned vessels are operated through charters, and the company has an average charter backlog through 2029.

Long-term fixed charters for ocean carriers are big business and in 2Q22 they brought in $165 million. In net income, SFL reported $57.4 million, or 45 cents per share. Of this net income, $13 million came from the sale of older vessels.

Investors should note that SFL’s vessels have a large charter backlog, which will keep them in business for at least the next 7 years. The charter backlog totals over $3.7 billion.

We mentioned fleet turnover, another important factor for investors to consider, as it ensures that SFL operates a viable fleet of modern vessels. During the second quarter, the company sold two former VLCCs (very large crude carriers) and a container ship, while acquiring 4 new Suezmax tankers. The first of the new vessels is expected to be delivered in the third quarter.

In Q2, SFL paid its 74e consecutive quarterly dividend, a record of reliability that few companies can match. The payout was set at 23 cents per common share, or 92 cents annualized, and had a robust return of 8.9%. Investors should note that this is the fourth consecutive quarter in which the dividend has been increased.

DNB’s 5-star analyst Jorgen Lian is optimistic for this shipping company, seeing no particular downside. He writes: “We believe there is considerable long-term support for the dividend regardless of the potential benefits of strengthening offshore markets. If we include our estimated earnings from West Hercules and West Linus, the distributable cash flow potential could approach $0.5/share, in our view. We see significant upside potential, while the order book supports the current valuation. »

Lian puts his take on the numbers with a price target of $13.50 and a buy rating. Its price target implies a one-year gain of 30%. (To see Lian’s track record, Click here)

Some stocks slip under the radar, garnering little criticism from analysts despite performing well, and this is one of them. Lian’s is the only current review on record for this stock, which is currently priced at $10.38. (See SFL stock forecast on TipRanks)

To find great stock trading ideas at attractive valuations, visit TipRanks’ Best Stocks to Buy, a recently launched tool that brings together all of TipRanks’ stock information.

Disclaimer: The opinions expressed in this article are solely those of the analysts featured. The Content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.

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How do home prices in San Diego compare to last year? https://rrreading.com/how-do-home-prices-in-san-diego-compare-to-last-year/ Sat, 17 Sep 2022 22:58:00 +0000 https://rrreading.com/how-do-home-prices-in-san-diego-compare-to-last-year/ There has been a sea change in the local property market in vogue and according to a local mortgage lender the dynamic is changing in favor of buyers.

SAN DIEGO- There was one dramatic shift in San Diego’s hot real estate market and according to a local mortgage lender, the momentum is shifting in favor of buyers.

The Breakdown: Today vs. Last Year

Chad Baker is a mortgage lender with Mortgage across the country. He said if a house in San Diego County was priced right, it would be sold in less than 21 days.

But Baker said that for people who buy these homes, they are looking at housing expenses about 30% higher than when they might have been looking for properties a year ago.

Interest rate

Regarding interest rates which have nearly doubled this year, Baker said, “It certainly gives people pause. It’s starting to make people uncomfortable with the process. Basically, year over year, you’re looking at a mortgage that’s about 28% to 29% higher just depending on the interest rate situation. »

Baker says currently a mortgage payment on a $700,000 loan will be around $5,000 to $5,500 per month. Compare that to last year when that same $700,000 loan would cost you between $3,900 and $4,300 a month.

“There’s a certain darkness and also a lot of positivity,” Baker said.

Positivity because the market is moving, welcoming buyers. He said this week that a property in Encinitas that was listed for $1.9 million accepted a cash offer of $1.35 million.

That’s a reduction of about 30%. But Baker said it’s not just investors with cash who can do well in the current climate.

“Sellers are a bit scared. They would like to take their money off the table, take the risk off the table and as a buyer, if you can position yourself right, you can get a good deal,” Baker said.

Prices go down

According to the San Diego Association of Realtors, the median price for a single-family home in the county fell 5% last month to $910,000.

Baker points out that because rent prices have skyrocketed here, he thinks it’s better to buy than rent. Because even though home values ​​will appreciate more slowly than last year, they are expected to increase by 6% this year alone. He said if you buy now, you can refinance later.

“I don’t think the rates will go back down to the 2s, but they will go down to a more manageable place, like in the 4s or 5s,” Baker said.

WATCH RELATED: The San Diegans must earn over $166,000 to afford a home in San Diego County (August 2022).

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Global Capital Partners’ Joe Malvasio reviews third quarter commercial mortgage-backed securities https://rrreading.com/global-capital-partners-joe-malvasio-reviews-third-quarter-commercial-mortgage-backed-securities/ Fri, 16 Sep 2022 07:31:00 +0000 https://rrreading.com/global-capital-partners-joe-malvasio-reviews-third-quarter-commercial-mortgage-backed-securities/

Global Capital Partners Fund LLC is a direct lender offering hard money loans in a wide range of options

As companies and investors enter the third quarter of the year, it’s time to take a look at the commercial mortgage-backed securities (CMBS) market.

NEW YORK, NEW YORK, USA, September 16, 2022 /EINPresswire.com/ — As companies and investors enter the third quarter of the year, it’s time to take a look at the commercial mortgage-backed securities (CMBS) market. Commercial mortgage-backed securities (CMBS) are fixed income investment products that are backed by mortgages on commercial properties rather than residential real estate. CMBS can provide liquidity to real estate investors and commercial lenders. Because there are no regulations to standardize CMBS structures, their valuations can be difficult. The underlying securities of CMBS may include a number of commercial mortgages of varying terms, values ​​and property types, such as multi-family dwellings and commercial real estate. CMBS may offer less prepayment risk than residential mortgage-backed securities (RMBS) because the term of commercial mortgages is generally fixed.

Similar to debt-backed bonds (CDOs) and mortgage-backed bonds (CMOs), CMBS come in the form of bonds. Mortgages that form a single commercial mortgage-backed security act as collateral in the event of default, with principal and interest flowing through to investors. Loans are usually contained in a trust and they are very diverse in their terms, types of assets and amounts. The underlying loans that are securitized in CMBS include loans for properties such as apartment buildings and complexes, factories, hotels, office buildings, office parks and shopping malls, often within of the same trust.

A mortgage loan is generally considered non-recourse debt, which is any consumer or commercial debt that is secured only by collateral. In the event of default, the lender cannot seize any assets of the borrower beyond the collateral. Since CMBS are complex investment vehicles, they require a wide range of market participants including investors, lead manager, lead manager, special manager, manager certificate holder, trustees and rating agencies. Each of these actors plays a specific role in ensuring the proper functioning of the CMBS.

The CMBS market represents approximately 2% of the total US fixed income market. Joe Malvasio of Global Capital Partners Fund, LLC provides its view on the current state of the market and what we can expect in the coming months. The CMBS market had a strong first half, with issuances totaling $140 billion. This is up from $120 billion in the first half of 2020 and is the highest level of issuance since 2007. The increase in activity can be attributed to a number of factors including low interest rates, strong borrower demand and increased refinancing activity. .

Looking ahead, investors can expect commercial mortgage-backed securities issuance to remain strong in the third quarter as borrowers take advantage of low interest rates. There may also be changes in the makeup of shows, with more private label deals coming to market and fewer conduit deals. This is due to the continued strong demand for higher yielding products from investors. Overall, the CMBS market is doing well right now. Borrowers are taking advantage of favorable conditions to refinance or buy property, and investors are finding many attractive opportunities. Investors should see another strong quarter of issuance, followed by a fourth quarter that could be even stronger.

About Joseph Malvasio, President of Global Capital Partners Fund, LLC

Joseph Malvasio is the President of Global Capital Partners Fund, LLC. Over the past 40 years, Mr. Malvasio has become one of the most trusted private lenders in the United States. It has a stellar reputation for excellent customer service, fast loan closings, and a range of loan options. Global Capital Partners is a New York-based private global commercial lender, offering many financing options including: bridge financing, hard money loans, private loans, commercial real estate financing, joint venture structured financing, permanent financing, mezzanine financing, loans to construction and acquisition financing. It is recognized as one of the best mortgage lenders due to its easy loan applications and fast processing. It has been very successful and has helped many clients over the years. Global Capital Partners has funded over $2 billion in transactions. From mortgages to land, development and even equipment, his expertise in private loan financing allows him to quickly close loans ranging from $1 million to over $100 million.

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Market News
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Business Talk: Fiber Federal Credit Union Opens Mortgage Center in Woodland | Local company https://rrreading.com/business-talk-fiber-federal-credit-union-opens-mortgage-center-in-woodland-local-company/ Mon, 12 Sep 2022 23:30:00 +0000 https://rrreading.com/business-talk-fiber-federal-credit-union-opens-mortgage-center-in-woodland-local-company/

WOODLAND – As housing development booms in South Cowlitz County, Fiber Federal Credit Union is expanding its mortgage services to reach new customers.

In mid-August, Fiber Federal opened its Woodland Mortgage Center on North Goerig Street, around the corner from its Financial Services Center.

“We are here to help our members locally and provide them with the best services and products,” said Lori McElligott, assistant vice president of residential loans.

The credit union opened the branch to promote its mortgage business in the southern end of Cowlitz County and northern Clark County, McElligott said. Less than a year ago, Fiber Federal expanded its membership area to include Clark County and wanted to be accessible to that area, she said.

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“Woodland is a booming area, it’s growing,” McElligott said. “We think it’s a good place to have a presence with mortgage services.”

The center offers first mortgage products for the primary or initial loan taken out for a property, McElligott said. It also offers mortgage refinancing for a primary residence, vacation home, investment property or land. Homeowners can refinance to improve their rate or tap into equity and cash out.

McElligott said unlike most mortgage brokers, Fiber Federal handles mortgages in its local centers, rather than selling them.

The most common question mortgage officers ask is how much is needed for a down payment, McElligott said. For most loans, 3% is required, but that can include a donation from family or other options, she said. Federal Housing Administration loans require 3.5%. Loans over 80% of the price require mortgage insurance.

The housing market is starting to shift from a seller’s market to a buyer’s market, and now is a good time to start looking to buy a home, McElligott said. Enrollment typically drops as the weather changes for fall and winter, she said.

The number of active listings for Cowlitz County homes has more than doubled from last year, according to a recent report from the Northwest Multiple Listing Service. But registrations rose only slightly, from 237 in July to 241 in August.

Home prices have risen sharply over the past year and a half, but appear to be stabilizing, McElligott said.

“Now is a good time for first-time home buyers to take a chance, or someone looking to sell and buy…to get as much equity as they can to invest in a new home. house, it’s a good time to do it,” she said.

People interested in mortgage services can stop by the center and, if staff are busy, can be called back, McElligott said. People can also apply online, which is the fastest way to start services, she said.

Fewer people are refinancing right now because mortgage rates are changing, so Fiber is focusing on connecting with realtors to get members in the door for home loans, McElligott said.

“We’ve been Cowlitz County’s No. 1 mortgage lender fairly consistently over the past several months,” said Heather Snyder, assistant vice president of marketing and community development. “It’s exciting for us and a testament to the services we provide.”

Talking Business is a series featuring new or expanded local businesses and print every Tuesday.

Contact Daily News reporter Katie Fairbanks at 360-577-2532 Where Katherine.Fairbanks@lee.net for possible inclusion in the series.

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Readers Talk About Serena Williams, Biden, and the Child Tax Credit – New York Daily News https://rrreading.com/readers-talk-about-serena-williams-biden-and-the-child-tax-credit-new-york-daily-news/ Sun, 11 Sep 2022 07:00:00 +0000 https://rrreading.com/readers-talk-about-serena-williams-biden-and-the-child-tax-credit-new-york-daily-news/

Millburn, NJ: Re “Icon and Inspiration” (September 3): Serena Williams not only inspires young fans but also old ones. After she lost, I woke up feeling like I lost something too. I cried on the way to the bagel store. I have happily watched her shine and fight through it all for 25 years. In her last run (not praying!) at the US Open, Serena the GOAT gave us her all. I clenched my fist and shouted “Come on!” with his smashes at the crucial points. When she was up, I was up. When she was in bed and took a towel, I nervously grabbed a snack from the fridge.

His first two victories were mind-blowing matches of skill, recovery, resilience and combat. In her third match, she was in a second-set tie-break fighting for survival. I took out my running shoes and went for a walk. When I came back, she had won the tie-break. My heart leaps. We were on our way until his opponent became impenetrable. The Queen played the match of her life at 1-5, fending off five match points that were among the greatest strokes in tennis I have ever seen, but she was unable to pull this one back.

During Serena’s last twirl and goodbye, I realized that she had taught me to fight harder to change things. I thought of a black woman from Compton who had broken racial barriers all her life. I realized that she had made a middle-aged white woman feel so attuned to her all these years. In a country so divided, what a victory. Wendy Missanne

Saddle Brook, NJ: After watching the Yankees for the past two months, I feel like their success with RISP (runner-in-scoring position) is more like RIP. Joseph M. Savoy

Bay Shore, LI: One good thing about streaming Yankees games (if there are any) is that I started keeping a box score to keep up with John Sterling’s ramblings on the radio while watching the Mets games on TV. John T.O’Connell

Whitestone: Please, Pete Alonso, stop swinging on heights that match the letters or above. The Braves and Dodgers have shown you have issues with good high fastballs, so those will be all you’ll see for the rest of the season. You’re not like Jose Altuve or Vlad Guerrero Sr., who hit pitches above the strike zone. Release high fastballs and you’ll see that most of the ones you hit aren’t strikes. Dorothee Lyon

Yonkers: President Biden’s so-called “Soul of the Nation” speech is just the latest example of a politician who desperately wants Americans to ignore the dystopian catastrophe his presidency represents. His wordy cover-up does nothing to bring Americans together as he promised when he took office and represents an even more devious prevarication. It is pathetic to hear Biden talk about solidarity and unity, because together with the far left anti-American kakistocracy that has taken over the Democratic Party, they have torn the country apart with their relentless efforts to root out the true soul of America. , which is their ultimate goal. Hearing him talk about “saving” the soul of the nation while vilifying at least half of the American citizens is heartbreaking. Truthfulness and compassion have never been part of Biden’s attributes and this latest bushwa is doing nothing to change that reality. James McCaffrey

Ridgewood, NJ: Senator Chuck Schumer and Rep. Jerry Nadler are self-righteous idiots. Marriage is a sacrament in all religions, not the government. The United States does not have a state religion and should avoid defining marriage. Imposing one’s beliefs on others is tyranny. Peter J. Peirano

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North Bergen: I’ve seen so many interviews across the country with people saying how unfair student loan forgiveness is to them. The most recent was in Scranton, Pennsylvania. People were comparing their mortgages, farm loans, and so on. to student loans. They don’t look alike at all. In one example, you can lock in an interest rate on your mortgage, but you cannot on a student loan. Your payment due can increase each year without warning. If you do your homework on this issue, you will agree that this forgiveness is a very good thing. Diane McNeill Capozzi

Old Bridge, NJ: In the voice of Michele P. Brown: A Donald Trump supporter has never come across a fact that hasn’t been called “fake news.” It is very difficult to light the donkeys. If we didn’t know before, the Trump gang pushed it hard at home! Janet Cecin

Milford, Pennsylvania: The primary function of government is to protect its people. That said, why does our government allow our drugs to be made in China, which has a government that is openly hostile to us? If that’s not a matter of national security, I don’t know what is. We all know that most bad things come from there (murder hornets, the spotted lanternfly, and COVID-19, among others). Are we naive enough to give them the rope with which they will hang us? Wake up! Robert K. Greco

Belvidere, NJ: Texas Governor Greg Abbott spreads wealth (from illegal immigrants) to NYC, DC and Chicago. He bussed them to those Democrat cities because Texas no longer has the capacity to house them. And the mayors of these three cities complain. But since March 2021, with the launch of Operation Lone Star, 287,000 illegal immigrants have poured into Texas and overwhelmed its resources. President Biden is turning a deaf ear to Abbott and the US-Mexico border crisis. But Biden could listen to the Democratic mayors of these three major metropolitan cities. Perhaps it takes a bit of persuasion (and teeth) of his own political ilk to get Biden to “see” the border crisis. Dan Arthur Prior

Massapequa Park, LI: With all the recent name-calling and bashing from the White House, it’s time to take a very serious look at where our country is headed. The man who promised to unite this country almost split it in two. Until there is not a single American without a home, health care, or proper education, our borders should be closed. Until all American veterans receive the resources they have earned, illegal immigrants should not be given cellphones or $400-a-night hotels in New York. If disinformation is now a crime, then White House press secretary Karine Jean-Pierre should be the first accused of claiming at a recent press conference that people are not crossing our southern border. , some infected with COVID, and allowed to stay. Raymond P. Moran

Snohomish, Wash.: Such a sad situation facing the Bravo family – eviction leading to possible homelessness (“Families in Town Struggle as Pandemic Eviction Pause Ends,” Sept. 4) . There are thousands of families in New York and millions in America struggling with the affordable housing crisis, forced to choose between paying for food, rent, gas and other necessities. The expanded child tax credit has lifted millions of families out of poverty. Although this refundable tax credit has yet to be renewed, it is a proven example of how to provide immediate relief to families. A refundable tax credit for renters modeled on the Child Tax Credit could ensure that families pay affordable rent and not be evicted or inflate the growing tide of homelessness. As the election approaches, let’s vote for the candidates who support both the renewal of the child tax credit and the introduction of a new tax credit for renters. Willie Dickerson

East Meadow, LI: To Voicer Manny Agostini: Despite the messy ramblings of Tucker Carlson and Fox News pundits, Cleotha Abston, who murdered Eliza Fletcher, was tried, found guilty, sentenced, then released from prison early, all in Tennessee, a Republican-run state. It’s ridiculous that you blame Democrats for being free to commit murder. I half expect you to blame Hunter Biden’s laptop next. Richard Skibins

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Australian lenders NAB and ANZ to hike home loan rates by 50 basis points https://rrreading.com/australian-lenders-nab-and-anz-to-hike-home-loan-rates-by-50-basis-points/ Fri, 09 Sep 2022 06:47:00 +0000 https://rrreading.com/australian-lenders-nab-and-anz-to-hike-home-loan-rates-by-50-basis-points/

(Reuters) – The Australian and New Zealand banking group joined National Australia Bank in raising variable interest rates on home loans on Friday, fully passing on a 50 basis point (bps) rate hike from the central bank on their customers.

Westpac Banking Corp and the country’s main lender, the Commonwealth Bank of Australia, are also expected to raise their mortgage rates, after the Reserve Bank of Australia (RBA) raised its cash rate for the fifth time since May to a high of seven years of 2.35%.

New tariffs for ANZ and NAB customers will come into effect on September 16, they said.

Both lenders added that savings account rates remain under review.

So far, Australian lenders have followed the RBA in passing on the full rate hike to their clients, expecting to reap the benefits at a time when the country’s property market shows signs of cooling.

House prices in the country suffered their biggest drop in 40 years in August as rising interest rates and cost-of-living pressures ripped a hole in demand, threatening to undermine the household wealth and confidence.

(Reporting by Harish Sridharan; Additional reporting by Jaskiran Singh; Editing by Subhranshu Sahu and Rashmi Aich)

Copyright 2022 Thomson Reuters.

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