Despite recent data that younger generations are beginning to buy houses, on the whole, those same generations are waiting far longer than their parents did to buy their first house.

There are various reasons for that delay, including a dramatic increase in student loan debt and a general shifting of attitudes towards the traditional homebuyer cycle. Put simply, people are waiting longer to marry, have kids, and buy houses.

But just how much longer are people waiting to a buy house than they used to? Quite a long time, as it turns out.

As more members of the younger generation are postponing homeownership and homes are becoming multi-generational, the median age of U.S. homebuyers is now 47.

That figure has gone up eight years in just the last decade.

According to Realtor.com, the median age has increased by eight years since the financial crisis. But the trend goes back further than that.

A new report from Deutsche Bank Research shows that the median age of homebuyers in 1981 was 31. Since then, it’s gone up 16 years and now sits at 47.

(Image courtesy of Realtor.com. Click to enlarge.)

In metros and cities that attract young homebuyers the most, prices of homes have skyrocketed, and inventory has also gone down in record numbers this year.

Now, Generation Z seems to be the next wave of homebuyers, but there aren’t enough homes for them to buy, even if they’re ready and willing.

That’s thanks to Baby Boomers who are aging in place, leaving fewer homes on the market.

But according to TransUnion, at least 8.3 million first-time home buyers will enter the mortgage market between 2020 and 2022, due to low unemployment, record-low mortgage rates and rising wages.

In the wake of the affordability crisis, the average annual income of homebuyers has also increased to over $93,000, well above the national median income of $61,937.

Realtor.com suggests that younger adults struggle with student debt, making it harder to take out a mortgage.

Citing the National Association of Realtors, 83% of non-honmeowners said they think having student debt has delayed the ability to buy a home.



Source link


Fannie Mae and Freddie Mac announced Thursday the appointment of Anthony Renzi as the new CEO of Common Securitization Solutions, the joint venture between the two companies that developed and implemented the single security.

In this new role, Renzi will assume responsibility for the platform that supports the administration of the new Uniform Mortgage-Backed Security and define CSS’s future role in housing finance.

The new role became effective as of Dec. 2, 2019. Renzi succeeds David Applegate, who announced earlier this year that he would be stepping down as CSS CEO by year-end.

The initiative for a single securitization infrastructure between the two entities has been around for quite some time.

In 2013, the companies established CSS to design and implement the single GSE bond through the Common Securitization Platform. Applegate was appointed CEO at the jointly owned company’s launch. But in June, Fannie and Freddie announced that Applegate would be stepping down. 

“CSS has been a remarkable success story. It now administers, on behalf of Fannie Mae and Freddie Mac, nearly 1 million securities, backed by loans with $4.8 trillion in unpaid principal balance,” said Jerry Weiss, Freddie Mac executive vice president and chairman of the CSS Board of Managers. “The appointment of Tony Renzi signals our commitment to a seamless transition in leadership that will pave the way for continued progress at CSS.”

The appointment of Renzi is the result of a nationwide search for qualified candidates to lead the joint venture, which has been instrumental in building and running the technology platform that supports the new Uniform Mortgage-Backed Security, the companies said.

“We are fortunate to have found an individual with deep industry experience in leading large, complex organizations,” said David Benson, Fannie Mae president and CSS board member. “We’re delighted to welcome Tony to the CSS organization and look forward to working with him to strengthen and grow the services provided by CSS.”

Previously, Renzi was the CEO of Walter Investment Management Corp., which later changed its name to Ditech Holding Corp. Renzi later became the president and chief operating officer of Cenlar FSB, one of the nation’s largest mortgage subservicers.

Walter Investment (now Ditech) announced that Renzi would be stepping down as the nonbank’s CEO just as the company was set to emerge from bankruptcy. Renzi took over at Walter in September 2016, becoming the company’s fourth CEO in just under a year.

Renzi came to Walter from Citigroup, where he served as the chief operating officer, managing director and head of operations for Citi’s North America retail bank, commercial bank and CitiMortgage.

Earlier in his career, Renzi was executive vice president of the single-family business, operations and technology at Freddie Mac, chief operating officer of GMAC Residential Capital and served as president of GMAC Mortgage from 2001 to 2010.

“I’m excited to be with an organization that enabled the launch of the UMBS,” Renzi said. “We have the opportunity to continue to support Fannie Mae and Freddie Mac and further define the future of CSS and how it will support the housing finance industry.”



Source link

Would you like to be doing something else during your waking hours? Are you happy in your job? The unfortunate reality is, for the majority of us, we dwell on this question for a while but then go back to the daily grind, avoiding the thoughts that just momentarily entered our minds. Most people however, would want to be doing something different.

Yes, the sad truth of the matter, is that the majority of people are dissatisfied with their jobs (studies show a satisfaction rating ranging between 21% to 41%). Hence, the majority of people would rather be doing something different with their time. But if this statistic of dissatisfaction is so high, why do they not change jobs and even careers? Possibly, because the question itself is wrong. Perhaps, the question should rather be, “Do you believe you would be better off and happier, doing something else with your time?”.

As work takes up approximately 80% of our waking hours, is it possible that we have over 50% of the population disgruntled with their lives? I would like to stick my neck out here and say no. The reason I believe this (and its difficult for me to use this word believe, I prefer scientific fact:-)), is that we are hard wired to think there is always something better out there. We think there is something wrong with us if we are happy with the status-quo. In our caveman days, we were always looking for that bigger cave. A better piece of real estate closer to richer hunting grounds and perhaps a more plentiful source of crystal clear water. Well, the sad news is nothings changed much. The hunting ground has just been replaced by an office, and the source of water, a pay cheque that attempts to quench the thirsty bank overdraft at the end of each month.

It’s no wonder that when asked the question are you satisfied or happy with your job, the answer is no. It is normal to show dissatisfaction in your job. It is normal to strive for something better.

The solution to this problem can be taken up by both the individual and companies. For companies to increase the level of satisfaction of their employees with their current job, they need to show them a growth path within the company. Show them that the way to fertile soil and better hunting lies within the company. The prospect of progress leads to current satisfaction. Stagnation leads to mosquitoes of doubt and dissatisfaction breeding in the still waters of the mind.

If you are feeling these feelings of dissatisfaction in your job, take control of the situation. Spend some of your valuable time thinking about your ambitions for growth within the company. What’s your growth path? Where are you going? What exactly in your current job are you dissatisfied about? The answer to these questions might be enough for you to realize, actually it’s not so bad. Alternatively, it might turn those feelings into action, and that’s a good thing regardless of your decision to stay or leave.

The bottom line is, no one is responsible for your life other than you. Sure, companies can help by the conditions they create, but you are responsible for your reality. So make sure that negativity is not creeping into those waking hours, decide to choose your path. Create your life.



Source by Kevin Derman


Tech-enabled renovation company Curbio has been busy this year.

The company announced this week it is expanding to Boston, adding to its already lengthy list of metros it serves.

In October, the company promised it would expand into Boston as well as Minneapolis, Las Vegas, Portland, Seattle, San Francisco, Los Angeles, and Charlotte within the following months.

Curbio already serves Philadelphia, Baltimore, Washington D.C., Northern Virginia, Atlanta, Houston, Dallas, Chicago, Phoenix and the Florida metro areas of Orlando, Tampa, Miami and Fort Lauderdale.

The company refers to itself as a renovation partner in the remodeling mix. By using software to essentially flip a house, Curbio ensures the renovation process is quick and cost-effective. Clients don’t have to pay the service until the sale on their house closes.

Curbio provides project management, material selection and renovation choices designed to maximize profits for the seller. The company also keeps homeowners informed throughout the process with updates, photos and videos.

Curbio claims they can help customers complete housing projects 60% faster.

Earlier this year, Curbio raised $7 million in funding and partnered with Door.com, both to fuel its expansion. Door.com is similar to Curbio in the sense that customers have 24/7 access to their online portal to view listing performance, buyer feedback, their agent’s analysis and offer details on the website.



Source link


Mortgage Tech Rundown looks at the latest news in mortgage technology, featuring new product updates, integrations and announcements.

Tech-enabled home insurance provider Openly launched on Tuesday, equipped with $7.6 million from its seed round of funding. The company said in a press release it aims to simplify the home insurance buying process by empowering home insurance agents.

In order to do so, Openly plans to sell its up-market home insurance exclusively through independent insurance agents, rather than using technology to completely remove them from the process.

“Our goal is to help agents as they work to modernize their businesses,” said Ty Harris, the CEO, and co-founder of Openly. “We let them offer their customers better, faster and more economical products with comprehensive insurance protection for a wide range of needs.”

roOomy, a technology company that offers virtual staging services and 3D modeling and rendering for interior design, announced a partnership with home furnishing company Havertys to enhance the home selling and buying process.

Through the partnership, Havertys has launched the Designer Application, which is a custom interior design tool that enables its design consultants to transform 2D images of their customers’ rooms to assist in creating photorealistic 3D renderings.

“Often, the problem with redesigning any room is visualization – it’s difficult to picture how the room might look like with new furnishings or to imagine how it will all fit together,” roOmy said in a press release. “But that’s a thing of the past – with Havertys latest offering consumers will be able to visualize the entire room like never before.”

Wolters Kluwer, a Netherlands based information and financial services company, launched a new consumer lending offering that aims to enhance the online loan origination capabilities of U.S. community banks and credit unions.

The offering, Online Applications for Consumer Lending, is powered by Temenos Infinity, the digital front office product from banking software provider Temenos.

By integrating seamlessly with Wolters Kluwer’s ComplianceOne solution, the offering allows consumers to begin a loan application from any digital device, at any time.

“Until now, community banks and credit unions had few options available for providing online consumer loan applications, other than to build their own in-house functionality,” said Steven Meirink, the executive vice president of Wolters Kluwer Compliance Solutions. “Online Applications for Consumer Lending helps level the playing field with larger institutions and internet-only banks, delivering an appealing consumer design and high-tech experience without a heavy technology investment.”



Source link

If you have a pet, then you should be somewhat familiar with the various services that are available for pets. One such service that you may not be as familiar with is a pet hotel. A pethotel actually offers many services that you can opt for.

As the name implies, pet hotels offer boarding. They're a place for a dog or cat to stay for a few days. If you're spending a few days at a no-pets-allowed hotel in Philadelphia, a pet hotel can take care of your pet while you cannot. Animal hotels aren't a collection of kennels where your pet will feel trapped, they are luxurious places of pampering for your pet.

Animal hotels usually offer daycare as well. Leaving your pet home alone can not only be torturous to your dog, but your dog can be torturous to your precious furniture and belongings. If you have a busy day, and there's nobody available to watch your pet at home, a pethotel would be a nice treat for your little friend. Rather than spending the day alone, your pet will be spending the day with people and other pets for company.

While your animal is staying at an animal hotel, whether for a day or a week, they can be groomed during their stay. Grooming can be done at home, but because of the difficulty of the process and the skills required, most people opt for professional grooming anyway. Getting it done while at a pet hotel just saves you a trip.

The next time you want to do something special for your pet, or the need arises, an animal hotel is luxurious and helpful service that all pet owners should be familiar with.



Source by Graham Pratt


In August, loanDepot’s chief technology officer Dominick Marchetti announced that he was leaving to join Guaranteed Rate. Four months later, the empty role has been filled, as loanDepot announced the hire of Sudhir Nair as chief information and technology officer.

In this new role, Nair and will be based at the company’s mello Innovation Lab, and will report to Sr. EVP, Chief Revenue Officer Jeff Walsh.

“Sudhir Nair brings an excellent balance of business-centric IT leadership and emerging technology solutions acumen,” Walsh said. “His capacity for identifying growth opportunities that provide exceptional ROI are well known within the industry, and we are delighted that he will be joining us as we enter our second decade of business.”

Nair brings over 20 years of experience to the role. Prior to joining loanDepot, he served as executive vice president and chief information officer at LoanCare. He has also served in the role of chief information officer for Academic Partnerships and NationStar. Before those positions, Nair spent 10 years in high-level positions at Bank of America.

“Sudhir Nair will be instrumental in helping us to design and implement enhancements that will enable us to continue to transform the mortgage experience,” said COO Tammy Richards. “We challenged the industry with our mello smartloan, and, with Sudhir’s leadership, we will continue to create technologies that will delight our customers and improve the mortgage experience.”

According to its announcement, loanDepot is looking to Nair with “continuing loanDepot’s dominance as a fintech leader in the mortgage sector.”

“Sudhir Nair is joining us at an ideal time,” said CEO and Founder Anthony Hsieh. “During our first decade, we established ourselves as an industry innovator, unafraid to make an investment in the technologies that we knew would transform the industry. As we enter our second decade, we plan to continue in that vein, but in a boldly customer-centric manner—and it is in this arena that Sudhir excels.”



Source link


Haus, a co-investment platform for homeownership, announced this week that it is bringing on two industry veterans to fill top positions within the growing company. 

The company aims to make homeownership more affordable by co-investing in properties with homebuyers. In exchange for shared equity, the homebuyer can get up to 30% lower monthly payments than an average traditional mortgage, according to the company.

The startup was founded by Uber Co-Founder Garrett Camp and hired Jonathan McNulty as its chief executive officer only last fall.

Now, Haus continues to grow, as it welcomed Ralph McLaughlin as chief economist and Kevin Nerney as vice president of operations.

“Ralph and Kevin will be critically important in guiding Haus’ growth and our continued investment in both homes and people,” McNulty said. “Kevin’s expertise will help us build our team and product strategically while ensuring we are always maintaining a great consumer experience, and Ralph’s deep industry knowledge will ensure that our company and customers are buying the right homes at the right prices, in the right markets.”

McLaughlin previously worked at CoreLogic, where he held the position of deputy chief economist. Before that, he served as chief economist for Trulia. McLaughlin is widely recognized as an expert in the housing and mortgage industries.

In his new role, McLaughlin will be responsible for “applied research in the real estate and housing spaces that provides market insights and forward-thinking crucial to Haus’ customers and investors,” according to the company.  

Nerney joins Haus from Unison where he served as the general manager and head of product. In that role, he was responsible for commercial success and end-to-end customer experience of Unison.

He also oversaw various operations and corporate programs with LendingHome and ServiceSource International. As vice president of operations for Haus, Nerney will be tasked with streamlining internal and external processes to make Haus more “scalable.” 

Haus is currently available in select cities in California, Oregon and Washington. 



Source link

Zoning can be a confusing issue regardless of where you own real estate, whether it’s a large city like Charlotte (NC), a small city like Asheville (NC) or a rural area like Buncombe County Western North Carolina. Zoning is a tool used to designate individual areas of land for specific purposes. When used correctly zoning can help fast developing cities and counties create a smart growth plan. This is one of the reasons Buncombe County commissioners are implementing new zoning in the metropolitan region surrounding Asheville, North Carolina.

The new zoning, adopted in May of 2007, impacts property owners throughout Buncombe County, as well as future homebuyers, sellers and real estate investors. A clear understanding of the zoning ordinances and restrictions is essential if you are going own real estate. It affects the value of your home and the choices you can make when selling or building on your property. This applies to residential real estate as well as commercial property owners.

Zoning Rules for Real Estate in Asheville, NC: The Importance of Community Accountability

In a video entitled “Will Zoning Affect You?” on the Buncombe County web site, [http://www.buncombecounty.org/governing/depts/Planning/landUse.htm], Assistant County Manager Jon Creighton explains the county’s motivation for implementing new zoning in the spring of 2007 and describes the proposed zoning changes. He also confirms that concerns about the increasing number of county residents, real estate developers and homes being built on the tops and sides of mountains have compelled Buncombe County and city of Asheville officials to make zoning a priority.

Creighton begins by defining an Open Use zoning designation. Open Use, or OU, is zoning usually found in rural areas. Land considered available for Open Use means property can be purchased and sold for a wide variety of residential and commercial purposes with the exception of certain restricted uses. The uses restricted on Open Use land include incinerators, concrete plants, landfills, asphalt plants, chip mills, mining operations and motor sports facilities.

According to Creighton these types of businesses have a large impact on the community, as a whole, so any real estate investor or property owner interested in these ventures must present a project proposal at a public hearing. This allows other property and homeowners in the Asheville area to hold Western North Carolina business and real estate developers accountable for the impact they have on existing neighborhoods and residents.

How Does Zoning Affect Buyers and Sellers of Mountain Homes and Land Near Asheville, North Carolina?

The comprehensive zoning throughout Buncombe County and Asheville, NC also changed in 2007. Comprehensive zoning differs from Open Use because it separates residential and commercial areas into designations like R-1 and R-2 residential districts, employment districts, and neighborhood and commercial service districts. Buncombe County and Asheville homebuyers and sellers can find their property’s zoning designation using the county’s online GIS system. The system can be found at [http://www.buncombecounty.org/governing/depts/Planning/landUse.htm].

Property owners and real estate investors interested in changing the zoning designation of specific land can approach the Buncombe County Commissioners and Board of Adjustment. Public hearings are required if an Application for Variances or Conditional Use Permits or an Application to Amend the Buncombe County Zoning Ordinance Text or Maps are submitted. In order to obtain a building permit for any zoning district other than Open Use real estate investors and property owners must file for Certificate of Zoning Compliance. The cost associated with these applications varies.

Size Does Count! Downtown Zoning in Question on Merrimon Avenue

The most recent zoning debate taking place in Buncombe County is actually happening in downtown Asheville, NC. In an article written by Mark Barrett in the January 15, 2008 issue of the Asheville Citizen Times the Asheville City Council will explore two major zoning matters in 2008. First, the developers of the Horizons Project, which would erect nine buildings including two 10-story towers, have asked to postpone a public hearing until July in order to evaluate neighborhood opposition and economic conditions.

Barrett also writes that the Asheville City “council is scheduled to hear from city staff on zoning proposals for the 2.4-mile stretch of Merrimon between Interstate 240 and North Asheville Library near Beaver Lake.” “The city had considered creating a new zoning district for much of the property along the street that would encourage taller buildings closer to the street,” Barrett continues, “but several property owners and some residents objected.”

As Buncombe County moves forward into the future growth is inevitable, but the real effects zoning will have on real estate in Asheville, North Carolina is yet to be seen. Local homebuyers and sellers can achieve more real estate success the more they educate themselves about zoning restrictions and changes. To learn more about zoning or buying and selling real estate in Asheville, NC visit http://www.MarkGJackson.com.



Source by Mark G. Jackson


Figure Technologies, the blockchain lending startup co-founded by former SoFi CEO Mike Cagney, is in full growth mode. Earlier this year, the company raised $65 million in its Series B equity funding.

And the company is seeking more funding to support that growth. According to a report from TechCrunch, Figure is planning to raise more than $100 million in a new round of equity funding.

The report, citing a filing with the Securities and Exchange Commission, states that Figure is trying to raise at least $103 million in new equity funding. The filing also states that Figure has already raised more than $58 million and plans to try to raise at least $44 million more.

Neither the TechCrunch article nor the SEC filing identify
the sources of Figure’s new funding.

The company’s Series B funding was led by RPM
Ventures
 and partners at DST Global, with participation
from investors Ribbit CapitalDCMDCGNimble
Ventures
Morgan Creek, and others.

That round of funding pushed the company’s total funding to
more than $120 million in just its second year of operating.

Cagney helped found Figure in 2018 after leaving SoFi in 2017 after reports emerged about the alleged toxic culture at the online lender.

Under Cagney’s leadership, SoFi was the apple of investors’ eyes, including raising $500 million in its Series F financing led by Silver Lake and raising $1 billion, led by SoftBank.

But the luster left SoFi quickly after allegations of how SoFi actually operated came to light, including claims that the company fired a former employee for reporting sexual harassment allegations to his superiors.

Cagney resigned shortly thereafter, moving on to Figure, which provides home equity lending via blockchain.

The company entered the home equity lending market first, when it rolled out its signature product, Figure Home Equity, which is a hybrid between a traditional home equity loan and a HELOC that allows homeowners to borrow from their home equity.

Then the company expanded into a different form of equity, unveiling a new program that it called an alternative to reverse mortgages. The program, called Figure Home Advantage, sees the company buy a property outright from a homeowner, who then rents the house back from Figure for as long as they want to.

The company has found success thus far, securing interest
from investors of different types.

Earlier this year, the company closed on an asset-based financing facility on blockchain of up to $1 billion alongside Jefferies and WSFS Institutional Services.

The facility is located on Provenance.io, a blockchain platform developed by Figure last year that is used to originate, finance and sell HELOCs to banks, asset managers and credit funds.

“With the financing facility now in
place, Provenance.io can support the entire end-to-end financing of
loans, from origination to funding to servicing to financing,” Cagney said
earlier this year. “It paves the way for the first securitization on chain,
which will demonstrate the massive cost savings, risk reduction and liquidity
benefits blockchain delivers.”

And with potentially $103 million more in equity funding on
its way into Figure coffers, the company will continue in that mission.



Source link