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Posted on January 26, 2021

Home Point Capital reveals details of upcoming IPO

Home Point Capital revealed today the key details of its upcoming initial public offering.

The parent company of Michigan-based lender HomePoint said it will not be selling any shares in the IPO and won’t receive any net proceeds from the sale. Rather, some of its stockholders will be selling 12,500,000 shares of its common stock at an anticipated IPO price of $19 to $21 per share.

According to its Press release, the selling stockholders will be giving underwriters a 30-day option to purchase an aggregate of 1,875,000 shares of Home Point Capital’s common stock.

The mortgage servicer filed for an IPO with SEC early this January, with a placeholder offering of $550 million. Home Point Capital has applied to list its common stock on the NASDAQ Global Select Market under the ticker symbol “HMPT.”

Read more: Homepoint is filing for a proposed IPO (mpamag.com)

Lead book-running managers for the proposed IPO include Goldman Sachs & Co., Wells Fargo Securities, Morgan Stanley, and UBS Investment Bank. Credit Suisse, J.P. Morgan and BofA Securities are also acting as book-running managers for the offering. Meanwhile, JMP Securities, Piper Sandler & Co., R. Seelaus & Co., SPC Capital Markets, Wedbush Securities, and Zelman Partners will serve as acting co-managers.

The offering is subject to market conditions, with no assurance as to whether or when the offering may be closed, or as to the actual size of the terms of the offering.

Source: mpamag.com

Posted on January 25, 2021

Movement Mortgage taps new president to align operations and sales team

Movement Mortgage chief performance officer Mike Brennan is now the company’s president and will report to Movement Mortgage founder and chief executive Casey Crawford.

The promotion, made during a company-wide meeting on Friday, will see Brennan lead all operations and sales functions across the firm. The nation’s sixth-largest retail mortgage lender also said that the move aims to align Movement’s operations and sales divisions – accelerating the company’s growth and expansion in 2021.

“I’m thrilled to make this announcement because I know Mike is a man that has made me better. Mike has the ability to unite and ignite and inspire,” Crawford said. “I’m so excited to bring a man that has a superior skill set to me in aligning and motivating our ops and sales teams into this role. This is the beginning of a new season of success and a new season of significance for Movement Mortgage.”

Brennan, who joined Movement in 2015, has more than two decades of leadership and mortgage industry experience. He served as Movement’s regional director for the Northeast before being promoted to chief performance officer last year.

“My job here is to listen, be your voice and go to battle for you guys. I’m ready to serve,” Brennan said. “The one thing I know for sure is that this company has made me a better person. I’ve never felt so connected to a community or organization. I love this Movement family and this Movement team. I have a responsibility to carry forward what Casey and the entire leadership team has done, and it means so much to me that I can come alongside our people and serve them.”

Source: mpamag.com

Posted on January 25, 2021

Gantry’s commercial servicing portfolio performs well above expectation in Q4

Gantry, the largest independent commercial mortgage banking firm in the US, saw its strongest production quarter in Q4 of 2020.

The firm closed $1 billion of new loans over 124 transactions during the quarter, bringing its total annual production to $3 billion. This production total represents a record 411 commercial mortgage transactions in 2020 – surpassing the company’s all-time-high of 400 new transactions in a calendar year. Around 57% of these transactions were placed with life company/pension lenders.

“In a year of unprecedented disruption, Gantry exceeded our expectations for 2020 on both the production and servicing sides of our business,” said Michael Heagerty, principal and chief financial officer of Gantry. “Rather than a contraction, our professionals exceeded $3 billion in loan placements across all commercial asset classes, with clients benefiting from available capital sources in a variety of compelling structures at historically low rates.”

Read more: Biden’s stimulus plan is already putting pressure on mortgage rates 

In a statement, Gantry said that its nearly $17 billion portfolio of internally serviced commercial mortgage loans is performing 99.8% of expectations and “showcases the strength of the firm’s production underwriting.”

“Gantry’s servicing portfolio performed well above expectation given the intense challenges post-COVID, with very few delinquencies due to responsive action on relief requests, diligent oversight, and copious underwriting,” Heagerty said.

Additionally, Gantry announced adding 10 new members to its production team, and four more to its servicing team based in the Pacific Northwest. The recent growth has led to the opening of its new office in Portland and expansion of its Seattle team.

Source: mpamag.com

Posted on January 24, 2021

PCMA sees record number of private client mortgage requests

Non-bank lending firm PCMA said that it is off to a good start in 2021, as the red hot expanded prime jumbo market continues to see increased demand for multimillion-dollar homes.

The Orange County-based company said that it generated over $138 million in private client mortgage applications in the first half of January. Meanwhile, its direct consumer loan volume requests surpassed expectations with an average loan amount of $932,000; an average home value of $1.6 million; an average LTV of 47.6%; and average household reserves of $217,432.00.

“PCMA Private Client Lending has increased by 40% in daily application assignments to our Certified Private Client Mortgage Advisors,” said John Lynch, CEO and founder of PCMA. “The handling of this above-average wave of requests in early January by the team at PCMA shows our dedication to serving the private client community.”

The coronavirus-driven suburban migration has spurred a flurry of purchases of premium homes in 2020 – a trend that is carrying over into 2021. More private clients are looking for loan programs designed to provide borrowers with the jumbo loan amounts they need to buy or refinance a multimillion-dollar home.

Read more: Bigger homes, larger yards: Millennials drive post-COVID trend shifts 

“In my 25 years of experience, the first few weeks of the new year is typically a fistfight to get back into normal life and a very hard time to get client calls and vendors in the supply chain back up and running,” Lynch said. “For the first time in my career, we are kicking off January at a record-breaking pace. This is a great sign for private client lending and PCMA as we enter 2021.”

PCMA said it expects further loan volume growth as it continues to scale in key markets throughout California, Florida, and into other “high concentration communities of high-capacity households” across the US.

Source: mpamag.com

Posted on January 24, 2021

Record low 30-year interest rate drives growing share of refis

Refinance activity is still going strong thanks to low-interest rates, according to the December Origination Insight Report from ICE Mortgage Technology.

With interest rates down to their lowest level, the share of refinances remained high at the end of 2020. Of the total closed loans, refinances accounted for 60% while purchase loans remained at 39% in December. The share of conventional loans dropped one percentage point month-over-month, representing 81% of all closed loans.

The 30-year note rate across all loan types stayed below 3% for the second consecutive month. Average interest rates for FHA and Conventional loans dipped to 2.94% and 2.96%, respectively. The note rate on VA loans also fell in December, down to 2.66%.

Read more: Biden’s stimulus plan is already putting pressure on mortgage rates (mpamag.com)

“Interest rates continued to decline at the end of 2020, driving the growing share of refinances for another month,” said Joe Tyrrell, president of ICE Mortgage Technology. “Despite the continued impact of the coronavirus, our lenders are leveraging technology and digital solutions to manage borrower demand for refinances, while taking into account the health and safety of all people as part of the mortgage origination process.”

The average time to close all loans took three days longer in December, up to 58 days. Time-to-close for purchase loans also increased from 49 days to 56 days month over month. Meanwhile, time to close for refinances held steady at 59 days. The average FICO score for all loans edged down one point from the month before to 751 in December.

Source: mpamag.com

Posted on January 24, 2021

Video: This Ghirardelli Family Home Is a Feast for the Eyes

Ned & Ariel’s Home Journey Episode 1: Dream House

06/18/2018

Ned and Ariel have been looking for a house for a couple of years, but with a baby on the way, things are about to get serious. Join them on their hunt for their dream house, which should have “two of everything.” No problem, right?

Source: news-insights-x.rdc.moveaws.com

Posted on January 23, 2021

REX teams up with Qualia to add home closings to its services suite

Real estate tech company REX is expanding into home closing by tapping digital closing platform Qualia to power its title and escrow operations.

According to its release, the partnership will enable REX users to monitor the closing process through an automated escrow system which sends updates and tasks for both parties to complete – streamlining the escrow and closing process.

“The home closing process has traditionally been one of the most complicated, confusing, paper-laden parts of the home buying experience,” Qualia CEO Nate Baker said. “We’re proud to support high growth real estate technology companies like REX to provide homebuyers and sellers with a transparent, easy-to-understand, and fully digital real estate closing experience.”

REX also said that the electronic delivery of closing packages to clients and notaries, and final title policies and recorded mortgages to lender partners are now also possible.

“At REX, we’re focused on reimagining the entire home buying and selling process, simplifying it so that all services are under one roof, and offering savings as a result. We’re excited to have found a partner in Qualia that shares the same goal of a streamlined transaction,” said Lynley Sides, president and chief operations officer of REX. “The partnership represents another addition to REX’s suite of services for home buyers and sellers.”

Source: mpamag.com

Posted on January 23, 2021

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Source: realtor.com

Posted on January 23, 2021

SimpleNexus taps digital mortgage marketing expert

SimpleNexus – a homeownership platform for loan officers, borrowers, real estate agents and settlement service providers – has tapped former Simplifile executive Richard Jackman (pictured) as its vice president of marketing.

With more than 20 years of marketing leadership experience, Jackman will be in charge of overseeing the company’s strategic marketing plan as well as directing campaigns that will “expand SimpleNexus’s share of voice in the mortgage market.”

The marketing expert came to SimpleNexus from Simplifile, where he also served as vice president of marketing. During his 12-year tenure at the e-recording company, Jackman helped Simplifile grow its annual revenue from $5 million to $60 million.

“Richard is a keen digital mortgage marketing executive with the demonstrated ability to help innovative firms rapidly expand their market footprint and scale to their full potential,” said SimpleNexus president Cathleen Schreiner Gates. “Richard’s experience leading high-performing marketing divisions will play a key role in helping SimpleNexus expand the customer journey and deliver superior value to our clients.”

“SimpleNexus has a clear vision for improving the mortgage industry through a connected platform that ultimately streamlines the entire homeownership process for all parties involved,” Jackman said. “Simply put, SimpleNexus is a trailblazer in the mortgage technology sphere delivering exceptional value. I’m excited to join a team that shares my core values and mirrors my dedication to making the homeowner journey more efficient, transparent and enjoyable.”

Source: mpamag.com

Posted on January 22, 2021

These Savings Accounts Give You a Chance to Win Cash

When Wesley Villafane, a health care worker from San Francisco, decided to open a prize-linked savings account, he was just trying to find a better way to get his money to work for him.

“I wanted to try another aspect of banking out because my normal bank interest rates were not giving me any significant returns,” he said.

2020’s low bank rates meant he wasn’t earning much interest on his regular accounts, so Villafane decided to go with a lottery-style savings app called Yotta. The app enters its customers into weekly cash prize drawings in exchange for saving money and referring others to the app.

For a while Villafane only won very small amounts — less than a dollar — in the drawings. Then, the Monday before Thanksgiving, he got the news. He had won $2,500.

While not everyone will win big, prize-linked savings accounts can be an opportunity for consumers to win money simply by saving it.

Tara Krejcarek, a spokesperson for one such program called Saver’s Sweepstakes, says prize-linked accounts help consumers improve their financial well-being.

“There are zero risks. Participants earn entries to win cash prizes by depositing a minimal amount each month. It’s a no-lose proposition,” she says.  “Even those who don’t win cash prizes still win because they are saving money to help secure their financial future.”

Here’s how these accounts work and what to know about them.

Prize-linked savings accounts: How they work

A prize-linked savings account works like a lottery or a sweepstakes, in which consumers open a savings account and enter to win sums of money ranging from less than a dollar to millions. After an initial period during which people can join the contest, sign-ups close and a winner or winners are selected. Here are some examples of these accounts from around the country.

  • Save to Win. Save to Win is a program offered by a nationwide selection of participating credit unions. Credit union members can open a 12-month Save to Win share certificate (the credit union equivalent of a certificate of deposit) with a minimum of $25, and if they continue to add to their balance for the next 12 months, they’re entered into drawings for either monthly, quarterly or annual prizes.

  • Walmart’s Prize Savings. Walmart does a monthly cash sweepstakes for consumers who either transfer money from their Walmart MoneyCard account to their MoneyCard savings account or who mail in an entry (no purchase necessary in either case).

  • WINcentive Savings. This prize program is open to members at participating credit unions in Minnesota. For every $25 a customer saves, they are entered into a prize drawing that either occurs monthly, quarterly or annually.

  • Saver’s Sweepstakes. This sweepstakes is offered by certain credit unions in Wisconsin and for every $25 that a member grows their monthly balance, they are entered into a monthly, quarterly and annual cash drawing.

  • Yotta Savings. Yotta Savings — an app that you can link to a regular savings account — incentivizes customers to save by offering entries into weekly drawings with the chance to win up to $10 million. Every $25 saved gives a customer another entry into the lottery, and the account itself has no minimum deposit requirements or monthly fees. Yotta users can also refer potential customers to earn extra entries.

Pros of opening prize-linked savings accounts

The opportunity to win cash. It’s an obvious pro: a chance to win money with little effort.

It encourages saving. Some prize-linked accounts give people more chances to win money the longer they contribute to a savings account. So even if the customer doesn’t win a prize, they’ll beef up their savings account in the process.

“It’s not always easy to save,” said Krejcarek. “Saving is like dieting; you have good intentions, you know it’s good for you, but you keep putting it off because it’s not fun or you are not motivated. Prizes motivate savings. Prize-linked accounts tie the thrill of winning to saving.“

If it’s a sweepstakes, you can typically enter without opening a savings account. Sweepstakes in general usually have a stipulation in the fine print that no purchase is necessary to enter. In the case of a prize-linked savings account, you may be able to enter a sweepstakes without opening an account, such as by mailing in an entry or emailing your contact information to the sweepstakes organizer.

Drawbacks to prize-linked savings accounts

The account might not be the best fit for your needs. Potential prizes aren’t the only thing to consider. Make sure the account has low or no fees and that its services are accessible to you via branches, ATMs or online services. You also may want to check how easy it is to close your account if you decide you no longer want it.

There’s a good chance you might not win cash. Depending on the number of other entrants and the size of the prize, your chances of winning may be pretty low.

Alternatives to prize-linked savings accounts

There are some other types of accounts out there that can reliably help boost savings, too.

Bank bonuses. Some banks offer sign-up bonuses and promotions for opening various accounts. Chase, for example, offers $150 to customers who open a savings account and deposit at least $10,000 in money that’s new to Chase within 20 days of opening the account, maintain a $10,000 balance for 90 days and keep the account open for six months. Note that with bank bonuses generally, you’ll have to pay taxes on the bonus.

High-yield savings accounts. Though you might not get quite the payday that you would from a big cash prize, a high-yield savings account is a solid option to steadily grow an emergency fund or cash for other short- to medium-term goals.

Though not everyone can be a prize winner, Krejcarek says that for those who do win, the money can be life-changing. One winner, she remembers, was able to put a down payment on a new home, while another used the money to help fund their grandchild’s college education.

“One of our winners had $5 in her checking account when she received the call that she had won $5,000,” she said. “The money she won enabled her to get back on her feet.”

Source: nerdwallet.com

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