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[ad_1] As the market moves from a refi boom to increased purchase volume, lenders need to be prepared to change their approach to fit borrower needs. HousingWire recently spoke with William J. Tessar, President and CEO of CIVIC Financial, about the keys to lending in a post-refi world. HousingWire: How is the decline in refi volume affecting lenders? William J. Tessar: Conventional lenders just came off three to four years of historic low interest rates that generated record unit and volume levels. Many borrowers refinanced as many as four times, dropping their interest rate for free each time rates dipped lower. As long-term rates rise, and they are doing so, lenders are forced to expand their purchase business and add new product offerings. Simply expanding purchase business, however, is not easy. Many lenders cemented their positions with real estate agents while other lenders focused on refi business. So this flight to purchase will end up being many fishing poles in a small pond. You are starting to see RIFs (Reductions in Force), and I anticipate this to continue through the first two quarters of 2022. I also expect non-QM and business purpose loan programs will become more widely adopted.   HW: What should lenders consider as the market moves toward higher purchase volume? WJT: As record refinance volumes disappear, lenders need to get intimately familiar with their database of customers. For instance, it is estimated that 15-20% of an originator’s database includes real estate investors. The average investor is involved in three to four purchase transactions per year, and each transaction will have an acquisition loan and an exit loan through sale, or a refinance to a long-term mortgage. If lenders do not offer this product, these clients will find financing elsewhere. This means lenders not only lose the potential of four to eight loans in connection to that customer, but they risk losing that customer for good. That being said, being a resource for all real estate financing needs for your customers will become more important in the next few years than ever before.  HW: What should lenders prioritize in the new “post-refi” environment? WJT: The two most important things any originator should be doing are getting closer connected to your customers – understanding their current and longer-term real estate financing goals and needs; and becoming intimately familiar with the nuances of non-QM and business purpose loans so they can be an expert resource for that customer. There are many needs a customer may have today, from lowering their rate, to acquiring a vacation, to paying off revolving debt, sending kids to college, home improvement, buying a rental property for cash flow and long term appreciation, or even flipping a house. The closer connected we are with our customers, the better equipped we will be to solve all of their financing needs.  HW: How is CIVIC prepared to assist lenders as they adjust to the current market and margin compression? WJT: CIVIC is a top originator and leader in the business purpose lending space, providing lenders products to supplement their business. With $6 billion funded in this channel alone and the backing of a publicly traded bank, we help lenders retain the business and relationships that they have worked so hard for. We balance sheet all of our loans – making for a consistent lending experience for the borrower. The business purpose loan space requires far less documentation than conventional loans and generally closes a transaction significantly faster. Speed and leverage are the cornerstones for this lending channel and is exactly what the consumer needs and expects. At the risk of sounding redundant, lenders today need to be a resource for all of their clients’ real estate financing needs, not just a few. By being this single, trusted lending solution, they have a much better chance of achieving that “Customer for Life” goal that each of us lenders strives for. The post The keys to lending in a post-refi boom world appeared first on HousingWire. [ad_2] Source link

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[ad_1] Matt MerloneSr. Fraud RiskDataVerify In 1984, Glenn Frey released the song “The Heat is On” to support the movie Beverly Hills Cop. Growing up in the ’80s I only need to hear the title of this song and can still immediately conjure up the tune and even the lyrics. The song’s intro builds into an up-tempo catchy tune that speaks to pressure, shadows, and the omnipresent “heat” on the street. While the mortgage lending industry of the 1980s does not bear a lot of semblance to our experiences today, one thing everyone can agree on is that there is a great deal of pressure and heat on our streets.   In the residential mortgage environment today, we are seeing a unique set of circumstances that have layered on top of each other. This has created pressure and urgency that has not been seen to this extent before and which brings a palpable “heat” to every segment of the industry.  Throughout 2020 and 2021 we have seen skyrocketing loan volumes resulting from historically low rates, spiking investor activity and a large cohort of available first-time homebuyers. Compounding this are critical shortages of building materials necessary to support consumer demand and limited housing inventory driving home prices to levels never seen before.  All this with a dizzying year over year price appreciation at nearly 20% according to the most recent Case Shiller Index. The heat is definitely on.  Impact of remote work The great success story of early 2020 was the mortgage lending industry’s pivot to working from home, providing a strong boost to the overall economy, embracing the refinance boom, and keeping the American Dream of home ownership alive and well. But the pressure to innovate and adapt has never been greater. Lenders are balancing the need to manage historic volumes while moving quickly to adopt technology advancements necessary to remain competitive. Many lenders’ shops feel as though they have been stretched to the breaking point. With no slowdown in sight, the pressure to maintain market share and manage consumer expectations is only going to increase the heat on the street.  Managing high volumes and holding off the competition are seen by most lenders to be the biggest threats to profit margin, according to the Fannie Mae Lender Sentiment Survey released in Q3 of 2021. The lack of inventory and affordability is weighing on borrowers, as evidenced by the National Housing survey recently published by Fannie Mae. Fraud is increasing In a market environment where it is increasingly difficult for borrowers to qualify for a loan, the pressure to falsify income, employment, liabilities or occupancy are increased. Loan level defects are increasing, as are the number of Suspicious Activity Reports being filed by the lending industry which may be attributed to qualification misrepresentation. This activity may rely on witting or un-witting participation of the consumer or other parties to the transaction.   Similarly, we are also seeing fraud for profit schemes recently in the courts where unscrupulous builders and brokers have taken advantage of consumers who are desperate to purchase property. Recent cases have seen instances of advance fees, wire fraud, money laundering and Ponzi-scheme activity which all resulted from maintaining a lifestyle built upon fabrications. These crimes often resulted in the consumers and lenders alike being defrauded and losing significant sums of money.   Bottom line Regardless of the attack vectors, our industry relies on confidence in the integrity of its transactions. Ensuring the safety and soundness of residential mortgage originations is a pillar of lending today. As lenders navigate through the many pressures they face, it’s going to be crucial that they look for solutions that balance workflow improvement without paying the cost of taking on additional risk. So, this reminder, to remain focused when the “Heat is On,” will serve our industry well in the coming months.  The post Lenders, are you prepared for 2022’s challenges? appeared first on HousingWire. [ad_2] Source link

[ad_1] Have you ever watched one of those flipping garage sale items shows like HGTV’s Flea Market Flip and thought, “I think I could do that, but I just don’t think it’s as easy and profitable as they make it look on TV”? As it turns out, TV hype aside, there are thousands of people doing exactly that. They’re buying items other people are trying to get rid of on the cheap and selling them at big profits to someone else who wants those exact items. It is doable, and I know because I’ve done it myself. And I’m hardly the only one. As you’ll learn from reading this article, there are plenty of other people – people just like you – flipping garage sale items at big profits. Some have even turned it into a full-time career. My Very Profitable Sneaker Flipping Story Not long ago, I sold a pair of sneakers for – get this – $2,500! As you might’ve guessed, these weren’t ordinary sneakers. I paid over $1, 200 just to buy them. But I walked away with a profit of $1,237, it only took about 30 minutes of work to make it happen. You can get the full story by watching my video, I Flipped These Sneakers for $2,500 (only took 30 minutes) here: But in case you want the cliff notes version here are the 4 main steps: Find a brand of sneakers you know that has good retail value. You can verify this by checking on eBay or on StockX to see the latest trends on what’s selling. Set an eBay notice to let you know when that shoe becomes available. When someone posts a sale of that item, move quickly so you don’t lose out. Vet the seller. There are fakes offered on eBay, so you’ll need to know the seller is legitimate. Make sure the seller has high ratings and make sure they have good feedback. Even so, read the description of the product carefully to make sure you’re not buying a counterfeit item. Pick the platform, you’ll want to sell your item on. I chose StockX for these sneakers, and that’s where I made the $2,500 sale. That’s a high-priced item and an unusual one at that. But you can do something similar, starting with lower-priced items. Just be sure you’re buying those items at well below what they’re selling for on popular platforms. The secret with successful flipping is buying smart. A good product will practically sell itself. Even if you’ve never done it yourself, I’ll bet you can! It’s the basic concept of “buy low, sell high” applied to merchandise. There’s real money to be made, too. My 14-year-old Son Did it Too! My 14-year-old son recently flipped this item from our community garage sale (proud parent moment!):  He bought the bat and a bunch of cards for $20.  The cards alone were worth more than $20 and he sold the bat for $40. My Sneaker Story Isn’t Unusual Not everyone who shops at garage sales and thrift stores buys items strictly for personal use. There are plenty of people who buy those bargains and sell them at a profit – sometimes a great big one. Some do it regularly, others only occasionally. Here are examples of people who are doing just that: “Selling items is something that I’ve been doing for a while now. I’ve flipped things on several platforms including eBay, Mercari, and Craigslist. Last year, I made $11K selling things in my spare time.” Jason Butler, My Money Chronicles “Inspired by the flipping shows on TV, my teenage son and I dabbled in garage sale flipping a few years back. Once we picked up a late model washer/dryer combination for $50 and sold it on Craigslist a few days later for $425. Other stuff was smaller, but easy money. It was so easy my son asked me one day if what we were doing was illegal!” Kevin Mercadante, Out of Your Rut “I think flipping garage sale finds is a great way to “find” some extra cash to put into retirement savings. It’s a great way to help catch up retirement savings if you’re trying to boost your income. My brother is a veteran eBay seller, but he usually sticks to smaller items that are easy/inexpensive to ship.” Kathy Lee, Baby Boomer Supersaver “My husband is constantly picking up stuff from the side of the road, storing it in our garage, and flipping it once I flip out on him from the accumulated clutter. People leave the craziest things in the alley or on FB Marketplace for free. He’s done grills, children’s toys, lawn equipment, and a bunch of other random stuff.” Jen Smith, The Frugal Friend’s Podcast Kicking Flipping Garage Sale Items to a Higher Level For some flippers, the activity is casual. They flip when I find a good bargain that can be sold for easy money. But for others, it’s an ongoing venture – even a side hustle. I’ve flipped tons of stuff. It’s crazy how active FB Marketplace is in our area (I’m sure it’s the same for many). When we flipped a house in the past year, the yard was full of stuff—sold a ton on FB. When I moved a business to a smaller location, we sold shelves, chairs, partitions, cabinets—all on FB. But out of all the stuff I’ve sold, my favorite was this cool leather chair I bought for $30, sat in for a year, and then sold for $125 when we sold our house this past year. I always get excited and bring it up to my wife – ‘Hey babe! Remember when I flipped that…’ ‘I know, I know – the chair.” Brooks M. Conkle, Brooks Conkle.com “I think one thing that can be really neat with flipping is what some folks view as garbage or worthless is actually really desirable in some niche communities. A few months ago, at a thrift store, I stumbled

[ad_1] The post The Best Paying Jobs in REITs for 2021 appeared first on Millennial Money. If you’re interested in a stable career in the world of investing, this list of the best-paying jobs in real estate investment trusts is for you. Keep reading to learn how to find a rewarding career in the REIT space.  Types of REITs  Before we dive into our list of the best-paying jobs in REITS (real estate investment trusts), let’s briefly outline some of the different types of REITs available.  A residential REIT invests in rental properties, apartment buildings, condominiums, and other types of income-producing residential buildings.  A mortgage REIT purchases and originates mortgages as well as mortgage-backed securities. An industrial REIT’s portfolio may include factories, warehouses, logistics companies, and distribution centers.  An office REIT invests in office properties and complexes.  A data center REIT invests in the facilities that host and manage information technology systems. A healthcare REIT generates revenue from medical centers like hospitals, doctor offices, assisted living centers, senior housing, and group homes. A retail REIT profits from brick-and-mortar retail environments like shopping malls, strip malls. A self-storage REIT is an investment trust that invests in self-storage facilities.  Real estate investments trusts can be listed on a stock exchange or offered as private investment opportunities. When you invest in a publicly-traded REIT, you can buy shares just like a regular stock or exchange-traded fund (ETF). A non-traded REIT can be more difficult to buy and sell but comes with tax benefits. Best Paying Jobs in REITS Here are the best-paying jobs in real estate investment trusts. Independent investor Acquisitions professional Asset manager Property manager Investor relations manager 1. Independent investor   Earning Potential Unlimited/year You don’t need to work for a real estate company to make money from this asset class. The best way to make money with REITs, bar none, is by investing in them independently. Think about it: Why work for a real estate investment trust when you can just passively profit from one? Nearly every real estate investment trust pays out a quarterly dividend. REIT dividends mean you can enjoy a steady stream of payouts from your investment. To get started as a REIT investor, open an account through a traditional brokerage firm like Schwab, Fidelity, or Vanguard. You can also invest through a crowdfunding platform such as Fundrise or CrowdStreet.  Remember that real estate should make up just one part of your portfolio. Diversification is very important to protect against risk.  2. Acquisitions professional Earning Potential $80,000 to $200,000/year Acquisitions professionals are in charge of sourcing investments and closing deals for the real estate investment trust. This job requires being financially savvy, assessing market conditions, and predicting trends and developments. Most people who work in acquisitions come from business, finance, or marketing backgrounds.  There’s a variety of roles within acquisitions. Most people start as associates and then progress to managers, vice presidents, executive vice presidents, and C-level executives or partners.  3. Asset manager Earning Potential $60,000 to $300,000/year Asset management requires ensuring operational and financial stability for the REIT’s portfolio of assets. There are typically various supporting roles within this field, including accounting, development, and finance, to name a few examples.  Top earners are high-quality industry veterans working in upper management and executive roles with years of experience. REIT asset managers usually need to have a demonstrated history of excellence. 4. Property manager Earning Potential $50,000 to $80,000/year Once a real estate investment trust invests in a property, the organization assumes full responsibility for its upkeep and operations. This is usually the job of property managers, who oversee tasks like managing occupancies, maintaining the property, and processing payments. Property managers play an important role and are often involved in many different operational processes. REITs depend on property managers to keep their properties in top physical condition to attract and maintain tenants and maximize return on investment (ROI). Property managers need to be highly organized and efficient. It’s also important to have strong leadership skills, especially when working for a large firm with multiple properties and managing different crews and workflows. In addition, managers need to stay on top of daily communications and work with team members to ensure all properties remain in top condition.  As a property manager, you may also need to be available on call. For example, if a pipe bursts in the middle of the night, you’ll be the first one on the scene. 5. Investor relations manager Earning Potential $150,000+/year Investor relations managers act as liaisons between management and REIT shareholders. They plan meetings and prepare reports. They also arrange conference calls to share data and provide updates about how the investment fund is performing.  An investor relations manager can easily earn $150,000 or more. It’s a critical job in the REIT space because funds depend heavily on shareholder confidence. Investor relations teams are usually the first to hear about fiscal issues, and they need to put out fires with investors when they happen. Investor relations managers must work quickly and gather and distribute information and updates to key stakeholders efficiently. How to get a one of the best paying jobs in REITs As you can see, working in REITs can be extremely lucrative. However, this is a developing industry, and it’s safe to assume there’s much room for growth.  Chances are you’re wondering how to get started in REITs. As it turns out, it’s not as hard as you may think.  1. Chart your course  The first thing you should do is think about what direction you want to take. Decide if you’re an investor who simply wants to make a lot of money in REITs or if you’re approaching it from a career standpoint.  This will determine where you direct the majority of your attention and resources. If you’re looking only to invest, you can most likely do so without changing your current career. It’s just a matter of opening an account through a brokerage firm and making the right investments.

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