Prorated Rent: How to Calculate It and Why It Matters

looking up at a multilevel apartment building from the ground blue sky with clouds in backdrop

Prorated rent is the amount of money a tenant pays to a landlord for occupying a rental unit for less than a full month. The concept of prorated rent is central to both landlords and tenants, as each has a financial interest in when it is used and how it is calculated. Here’s what you need to know.

View the full article: Prorated Rent: How to Calculate It and Why It Matters on The BiggerPockets Blog. This content is Copyright © 2017 BiggerPockets, Inc. All Rights Reserved.

How BRRRR Increases Your ROI (and Why You Should Be Using It)

BRRRR stands for: Buy, Rehab, Rent, Refinance, Repeat. It is a method of acquiring an asset, improving its value, stabilizing it, then pulling your money out on a loan. This should help you understand why this matters, how it helps your bottom line, and why the best investors utilize this method.

View the full article: How BRRRR Increases Your ROI (and Why You Should Be Using It) on The BiggerPockets Blog. This content is Copyright © 2017 BiggerPockets, Inc. All Rights Reserved.

Young Entrepreneur Builds Brooklyn’s Leading Real Estate Company—Here’s How He Did It

Person with skateboard standing on the road

They say the real estate industry is slow to adopt new technology, resistant to change. It’s not totally false, but it’s not entirely true either. Real estate tech is being sought after by more venture capital investors than ever. In this article, I sit down with one for a Q & A that landlords are going to appreciate.

View the full article: Young Entrepreneur Builds Brooklyn’s Leading Real Estate Company—Here’s How He Did It on The BiggerPockets Blog. This content is Copyright © 2017 BiggerPockets, Inc. All Rights Reserved.

Apr. 20: Update on move away from LIBOR; state lending law changes from ND, WY, UT

Happy 420 day! (And “Happy Surprise Drug Test Day” tomorrow!) More and more people in more and more states understand what that signifies. And there is gradual pressure to change the Federal view of marijuana use. But until that changes, Federal entities (like Fannie & Freddie) and nationally-chartered banks, will continue to not count income, and finances, from cannabis-related activities. Eventually in the future yes, but for now, no.

Also in the future is the gradual elimination of LIBOR, a concern with loan servicers and anyone with any contracts tied to that index. (Yes, it is an acronym so capital letters are used, but the use of small letters has increased.) To refresh your memory, Libor, the reference rate for more than $350 trillion of assets globally, is being phased out after a series of manipulation scandals that led to banks being fined billions of dollars. The United States, Britain and other key markets have until the end of 2021 to replace the Libor money market rate, despite the global financial industry being slow to embrace the change, as the transition to the Secured Overnight Financing Rate (SOFR) is not seen as a pressing issue.

The London Interbank Offered Rate’s days are numbered, and bankers have heard that SOFR will replace LIBOR as a benchmark in 2021. But what is involved in this transition? To learn more about the impact and how your bank can plan for it, download PCBB’s white paper, “Moving from LIBOR to SOFR: Smoothing the Transition for your Financial Institution“.

Regulators and industry groups are developing a market protocol to govern the shift of derivatives contracts linked to Libor to fallback benchmarks after Libor is discontinued. Dan Fichtler, the Director of Housing Finance Policy with the Mortgage Bankers Association, observes, “SOFR tends to run below LIBOR, so borrowers would see their rates decrease as a result of the shift, assuming no change in margin (which is itself a subject of intense scrutiny right now). There are many, many conversations and analyses, both legal and financial, taking place to determine how the transition would work. Much of that work is being undertaken by the Alternative Reference Rates Committee, which is the public-private group being organized by the Fed. I’d certainly recommend the ARRC website, which has lots of useful information.

Federal Reserve Governor Randal Quarles, who was joined in Washington by regulators from Britain as part of the spring meetings of the International Monetary Fund and World Bank, said the U.S. financial industry must accelerate efforts to move away from the scandal-plagued Libor reference interest rate, adding the Fed is scrutinizing banks’ transition plans. Quarles warned that major new markets such as SOFR “do not arise overnight” and can take decades to develop, needing the backing of the private sector.

Any hopes for more transition time were quashed by Britain’s Financial Conduct Authority, deeming requiring banks to support a “fragile” Libor beyond 2021 inappropriate. The FCA could not rule out that some “legacy” products might still refer to Libor after 2021, but new products should not. The FCA and Bank of England are making senior bank officials personally responsible for timely transition from Libor to the BoE’s Sonia overnight rate, including the transition away from Libor as part of their regular monitoring of large firms.

Sonia, SOFR, regardless, lenders need to be proactive and identify LIBOR exposure. Dan F. reports, “(We are) spending quite a bit of time on the transition away from LIBOR. On the residential policy side, MBA has a working group on the mortgage-related elements of the transition – this group is our main venue for all of our policy work on the issue. Aside from educating members, our main goal is to serve as a forum for establishing best practices and/or standardization for the industry. This will include discussions around criteria for choosing new benchmarks for future production, operational issues related to servicing legacy loans tied to LIBOR, new consumer and other disclosures, and changes to fallback language in contracts.

“Our expectation is that the GSEs will be spending more time in 2019 determining: 1) what they will accept in terms of future production; and 2) what benchmark(s) they will use for servicers of legacy loans tied to LIBOR. We hope to work with them on issues like potential changes in the note language and the developments of timelines and implementation instructions (a la the Single Security Playbook, for example).

My guess is that we can look for Freddie and Fannie to create an ARM program tied, probably, to SOFR some time in the next year or so.

State law changes

North Dakota has enacted House Bill No. 1110 relating to the adoption of the Revised Uniform Law on Notarial Acts. This section has been updated to include requirements concerning remote notarial acts utilizing communication technology. The amendments specify the requirements that must be met for a notary to perform a remote notarial act.  In part, the notary must be able to identify the individual either by personal knowledge, credible witness attestation, or utilization of at least two different types of identify proofing. Additionally, the notarial certificate must include the language: “This notarial act involved the use of communication technology.” A notary must also notify the secretary of state that he or she will be performing notarial acts remotely and identify the technology he or she intends to use prior to his or her first notarial act. A notary is also required to keep a journal including a chronical of all notarial acts performed remotely. The journal must be retained for 10 years after the last notarial act.

Wyoming has enacted House Bill 292 amending foreclosure sale and right of redemption provisions. The Act clarifies the definition of “agricultural real estate” with respect to the right of redemption used in Section 1-18-103.  Agricultural real estate is defined as: [A]ny single parcel of land in excess of eighty (80) acres lying outside the exterior boundaries of any incorporated city, town or recorded subdivision or any property that is used substantially for agricultural purposes, which, if combined with other agricultural purposes, equals eighty (80) acres or more in aggregate. Additionally, House Bill 292 amends Section 1-18-111, sale on foreclosure of mortgage, to allow a limited right of entry to a purchaser in order to ensure the property does not significantly deteriorate during the redemption period.   A limited right of entry is defined as “entrance into the premises which is not occupied by a legal inhabitant.”

The State of Utah amended its provisions under its Notaries Public Reform Act that include establishing requirements for the process by which a remote notary may perform a remote notarization, requiring a remote notary to maintain an electronic journal, and amending the fees a notary may charge for performing a notarization. The bill takes effect on November 1, 2019. Language includes that “a notary” includes a “remote notary” and defines remote notarization as “a notarial act performed by a remote notary for an individual who is not in the physical presence of the remote notary at the time the remote notary performs the notarial act.”

An individual commissioned as a notary or an individual applying to be commissioned as a notary will apply to the Lieutenant Governor for a remote notary certification and the Lieutenant Governor shall certify that individual to perform remote notarizations as a remote notary if he or she meets certain conditions. Remote notarization procedures are created, and states that “a remote notary who receives a remote notary certification may perform a remote notarization if the remote notary is physically located in the state. A remote notary is required to create an audio and video recording of the performance of each remote notarization and store the recording and is required to take reasonable steps consistent with industry standards, to ensure that any non-public data transmitted or stored in connection with a remote notarization performed by him or her is secure from unauthorized interception or disclosure.

A remote notary certification will not be effective until the notary in the remote notary certification files with the lieutenant governor evidence that the notary has obtained $5,000 of bond coverage. A remote notary should ensure that the notarial certificate used for a remote notarization includes a statement that the remote notary performed the notarization remotely.

Section 10 amends the fees and a notary may charge. The maximum fees a notary may charge for notarial acts are: $10 per signature for an acknowledgment, $10 per page certified for a certified copy, $10 per signature for a jurat, $10 per person for an oath or affirmation, $10 for each signature witnessing. The amendment further provides that $25 is the maximum fee a remote notary may charge for an item described above that he or she may perform as part of remote notarization.

A notary journal must be kept and requires a remote notary to keep a secure electronic journal of each remote notarization the notary performs. The information that should be entered in the journal is listed, and states that a remote notary shall include with the journal a copy of the electronic recording of the remote notarization. The remote notary is required to maintain or ensure that a person that the notary designates as a custodian maintains information entered in the journal for a period of five years.

Section 13 provides for inspection of journal and requires a remote notary to ensure that the electronic journal and electronic recording that is maintained by the remote notary is a secure and authentic record of the remote notarizations that the notary performs. The remote notary is also required to maintain a backup electronic journal and electronic recording and must protect the backup electronic journal and electronic recording from unauthorized access or use. A custodian may be designated for the remote notary’s electronic journal and electronic recording and an agreement must be executed by the remote notary with the custodian that requires the custodian to comply with the safety and security requirements with regard to the electronic journal, the information in the electronic journal, and the electronic recording.

Section 14 require a remote notary to keep an electronic seal and electronic signature which may not be used by any other person with the exception of a chosen guardian. The amendment also provides that “the official seal used for an in-person notarization shall be in purple ink while each official seal used for a remote notarization shall be rendered in black.”

The amendment requires a notary who resigns or whose commission expires or is revoked to destroy the notary’s official seal and certificate and if the notary is a remote notary, to destroy any coding, disk, certificate, card, software, or password that enables the remote notary to affix the remote notary’s electronic signature or  electronic seal to a notarial certificate. A former remote notary is required to certify within 10 days after the day on which the notary resigns or the notary’s commission expires or is revoked to the lieutenant governor in writing that the former remote notary has complied with the requirements of destroying any coding, disk, certificate, card or password.

Section 15 provides for obtaining an official seal and states that a person may not provide an official seal to an individual claiming to be a notary unless they present a copy of their notarial commission. The amendment forbids anyone from creating, obtaining or possessing an electronic seal unless the individual is a remote notary.

Utah modified provisions under its Consumer Credit Protection Act effective on May 14, 2019. Section 6 of the amendment modifies the penalty for violating the Act to “no greater than $100,000 in the aggregate for related violations concerning more than one consumer unless the violations concern 10,000 or more consumers who are residents of the state; and 10,000 or more consumers who are residents of other states; or if the person agrees to settle for a greater amount.” The amendment also establishes that an enforcement action filed under the Act shall commence no later than five years after the day on which the alleged violation last occurred.

Section 9 of the amendment permits funds in the Attorney General Litigation Fund to be used for education and outreach on certain matters and any balance in the fund in excess of $4,000,000 at the close of any fiscal year shall be transferred to the General Fund.

(Thank you to P.A. for this one. Let’s call it “un-rated;” I am sure someone will take offense to it. So if easily offended, don’t read.)

A blonde, city girl named Amy marries a Colorado rancher. One morning, on his way out to check on the cows, the rancher says to Amy, “The insemination man is coming over to impregnate one of our cows, so I drove a nail into the 2×4 just above where the cow’s stall is in the barn. Please show him where the cow is when he gets here, OK?”

The rancher leaves for the fields. After a while, the artificial insemination man arrives and knocks on the front door. “I came to inseminate the cow,” he said.

Amy takes him down to the barn. They walk along the row of cows, and when Amy sees the nail, she tells him, “This is the one right here.”

The man, assuming he is dealing with an airhead blonde, asks, “Tell me, lady, ’cause I’m dying to know. How would YOU know that this is the right cow to be bred?”

“That’s simple,” she said. “By the nail that’s over its stall,” she explains very confidently.

Laughing rudely at her, the man says, “And what, pray tell, is the nail for?”

The blonde turns to walk away and says sweetly over her shoulder, “I guess it’s to hang your pants on,” she replied.

Visit www.robchrisman.com for more information on our industry partners, access archived commentaries, or to subscribe to the Daily Mortgage News and Commentary. If you’re interested, visit my periodic blog at the STRATMOR Group web site. The current blog is, “MBS Liquidity: A Real Trooper.” If you have both the time and inclination, make a comment on what I have written, or on other comments so that folks can learn what’s going on out there from the other readers.

Rob

(Market data provided in partnership with MBS Live. For free job postings and to view candidate resumes visit LenderNews. Currently there are hundreds of mortgage professionals looking for operations, secondary and management roles. For up-to-date mortgage news visit Mortgage News Daily. For archived commentaries, or to subscribe, go to www.robchrisman.com. Copyright 2019 Chrisman LLC. All rights reserved. Occasional paid job listings do appear. This report or any portion hereof may not be reprinted, sold or redistributed without the written consent of Rob Chrisman.)

The 3 Critical Elements of Human Happiness (& Why Unlimited Money Isn’t Enough)

investment philosophy, investing goals

Could you be successful in your work and well grounded in the connections you’ve made in life and still have something that eats you up inside? Unequivocally, yes. So what’s missing?

View the full article: The 3 Critical Elements of Human Happiness (& Why Unlimited Money Isn’t Enough) on The BiggerPockets Blog. This content is Copyright © 2017 BiggerPockets, Inc. All Rights Reserved.

Apr. 19: LO jobs, business opportunities; non-QM, corresp. products; FHA addresses DPAs, Chenoa responds

Saturday my commentary raised the question about whether lenders would rather see a recession, with its typically lower rates, or a burgeoning U.S. economy with its higher associated rates. From out in California, Dick Lepre quipped, “People in the mortgage business are as happy with recessions as the undertakers in Clint Eastwood westerns are when he come to town.”

Employment & business opportunities

A national originator/marketer of consumer installment home improvement loans is looking to diversify and add an investor to its existing base of funding partners. “In this increasingly competitive, low margin mortgage market, our rapidly growing platform would be a natural fit and extremely complimentary to any portfolio investor (bank, credit union, hedge fund, servicer, etc.) that is currently purchasing and/or servicing real estate loans. Further, additional opportunities are available to market and cross sell homeowners with historically high FICO, low default ratios. The majority of our business is sourced through a national network of home improvement dealers/contractors, is 100% tied to home improvement projects, and underwritten with full income, credit verifications and documentation. Recent production/performance highlights are as follows: 9.4% WAC; 738 Avg. FICO; 31% DTI; $58,000 Loan Amount; Avg Term. 11 years; Less than .025% Default Ratio, full credit/income required on all loans.” Confidential inquiries from Lending Officers, and/or Principal please send to Anjelica Nixt.

Spring EQ Wholesale, the nation’s premier wholesale second mortgage lender, offering 95% CLTV combos (purchase or refinance) and 100% CLTV standalone fixed rate second mortgages, and who pays 1.5% in LPC on every loan, is GROWING. Joining the team are the following Senior Account Executives: Lauri Preedge (Orange County/Southeast) and Tony Raia (LA/Northwest) in California, Tracy Pyeatt in Oregon/Washington, Dori Boxberger in Arizona, Coleman in Illinois/Indiana/Iowa/Wisconsin, Tara Marcordes covering the entire country, Becky Ricketts in Kentucky/Tennessee/Ohio, and Shannon Miller in Pennsylvania/New Jersey. Spring EQ Wholesale continues to hire Inside Account Executives in Philadelphia, and Outside Account Executives in Northern California, the Northeast, and the Southeast regions and interested applicants should apply here. In addition, any brokers, banks and credit unions looking to partner should apply here.

Final Deadline for consideration: Attention FinTech Investors and Investment Bankers, mature, profitable and well adopted Mortgage technology (Sales Automation/CRM) firm,

seeking to raise $10M+ for rapid expansion purposes across banking and mortgage verticals to enhance the sales and prospecting capabilities of mortgage loan officers. Serious and interested investors may inquire by contacting Anjelica Nixt for a confidential discussion. Mortgage Technology Document Management firms, Mortgage Insurance, institutional or private sources of capital are encouraged. We will engage with those firms who inquired by April 30th for discussion and engagement.

GSF Mortgage Corporation is excited to offer FNMA’s new initiative, MH Advantage® Loans, a great alternative for aspiring homebuyers. MH Advantage® is a new homeownership option that offers innovative and affordable financing on specially designated manufactured homes that feature site-built characteristics. GSF Mortgage Corporation is one of the few lenders offering this product as a Single Close Construction to Permanent loan up to 95% LTV. Single Close Construction loan programs offered are FHA-96.5% LTV, USDA-100% LTV, VA-100% LTV, and Conventional to 95% LTV. All programs are single settlement without the need to requalify the borrower after initial closing. GSF Mortgage Corporation offers more choices to our customers than most other lenders, to buy or build their dream home. If you are an Originator with construction experience, please contact our VP of Retail, Frank Papaleo, for information on the opportunity.

Lender products & services 

National MI has partnered with NAMB+ as part of its continuing effort to work more effectively with mortgage professionals in the third-party originator/wholesale space, including mortgage brokers. NAMB+ connects NAMB members with an array of endorsed providers aimed at helping mortgage professionals gain a competitive advantage in today’s marketplace. “National MI is pleased to work with NAMB+ to provide mortgage brokers with educational content and other tools so they can learn more about mortgage insurance solutions,” said Mike Dirrane, senior managing director and chief sales officer with National MI. “We see the broker segment increasing their market share in 2019. By partnering with NAMB+, we are looking to foster our relationships with brokers, as well as help them increase their business.” The mortgage broker share of new residential mortgage production rose to 11.6 percent in 2018, which was the highest level since 2010, according to IMF, and is expected by many to increase further in 2019. “NAMB+ is delighted to welcome National MI as an endorsed provider,” said NAMB+ President Mike DeSantis. “Our NAMB members will truly benefit from the array of mortgage insurance products and services they provide.”

Merchants Bank of Indiana is once again expanding its Product Offering and has added Agency Non-Delegated to its menu of products. In sync with its Non-Delegated launch, it joined Optimal Blue’s extensive investor network and are now offering their Best Effort pricing through Optimal Blue. In addition, they announced that Dan Hastings, CMB has joined their team as AVP, Correspondent and Warehouse Sales Executive.  Dan brings 35+ years of Mortgage Lending experience to his new role. Rob Wilson, Vice President commented, “We are very excited Dan has joined our Merchants Team. His sharp customer focus and extensive mortgage finance experience fits our customer driven strategy and brings added experience to our team.” Merchants offers Warehouse Financing; Correspondent Lending, Agency and Premium Program; and Enotes, Warehouse & Investor takeout.

NewRez recently announced the expansion of its SMART Series line of Non-QM, non-agency loan products in all of its business channels. “With more than a year of successfully originating SMART Series loans, we found that there were opportunities to make adjustments in the programs that would allow us to reach an even larger number of borrowers,” said Kevin Harrigan, NewRez President and CEO. NewRez has now expanded many terms and features, including loan amounts, FICO and LTV combinations. For example, SmartEdge, designed for borrowers qualifying full doc with Non-Agency/Non-QM features, has expanded LTV to 95%. Many SMART Series products are now available as 40-year interest-only loans. Program requirements have been adjusted as well, including the elimination of site and 2-4-unit condo project reviews. Speak to your NewRez rep or learn more on our Wholesale and Correspondent websites.

Floify now provides even more flexibility to customize the look and feel of your digital mortgage origination solution to match your company’s unique brand with their new URL Whitelisting functionality – currently available to all users of Floify. What’s most impressive about Floify’s URL Whitelisting is lenders can embed and customize their lending portal and accompanying 1003 on any page of their website, complete with their company’s uniquely-branded URLs, to help create a seamless visual experience for borrowers, agents, referral partners, and more. Additionally, marketing teams will rejoice in having the ability to modify brand styles with Floify’s built-in CSS, JavaScript, and visual editors. Floify’s URL Whitelisting and growing suite of customizations were designed to put the power back in the hands of lenders. Experience the positive impact these brand customizations will have on your lending operation – request a live demo of Floify!

HUD & FHA address down payment programs

In September Bloomberg published an expose titled, “American Indian Tribe Becomes a Player in the No-Money Mortgage Business.” “Chenoa Fund, which is owned by American Indians, Utah’s Cedar Band of Paiutes (257 members). “’Chenoa’ is thought to be a native American word for peace, but operations like Ferguson’s are raising concerns in the industry and in Washington. That’s because he’s running a company with a dual role, not only providing the down payments for borrowers across the country but also profiting from making the loans by charging above-market rates and fees. Some members of the tribe say they’ve seen little or no benefit from the business and question where the money is going.”

Critics of Chenoa believe that it is merely a high-priced YSP funded DAP from a private company, and up until yesterday the industry wondered if HUD would address any ambiguity. The new FHA Mortgagee Letter 19-06, titled, “Down payment Assistance and Operating in a Governmental Capacity,” certainly does. “It has come to FHA’s attention that certain Governmental Entities may be acting beyond the scope of any inherent or granted governmental authority in providing funds towards the Borrower’s MRI in circumstances that would violate Handbook 4000.1, the National Housing Act, and is contrary to established law.”

One note I received observed, “HUD is really cracking down in two ways. It shuts down the YSP DAP since it can no longer come from ‘any other person or Entity who financial benefits from the transaction (directly or indirectly).’ But then it keeps the tribes on their own land with, “…the Governmental Entity is a federally recognized Indian Tribe operating on tribal land in which the Property is located or to enrolled members of the tribe.”

“At first glance, this appears to say that Chenoa can only provide down payment assistance for properties on tribal land or for borrowers who are enrolled members of the tribe. Put another way, HUD’s letter specifies that the Governmental Entity must be providing the funds ‘in its governmental capacity.’ In the case of an Indian tribe, the lender must obtain a legal opinion by attorneys for the Governmental Entity stating that, ‘the Governmental Entity is a federally recognized Indian Tribe operating on tribal land in which the Property is located or to enrolled members of the tribe’ and that funds must be, ‘provided in the Governmental Entity’s governmental capacity in the jurisdiction in which the Property is located or for the federally recognized Indian Tribe’s enrolled member…’”

HUD’s letter raises questions about whether or not the organization is a Federally recognized tribe, so therefore its “jurisdiction” is all of the United States? Because it is Federally recognized as a sovereign government, does that mean that the tribe has governmental authority outside of their tribal lands, or for non-tribal members? And what about financially benefitting from the down payment grant or second lien? Chenoa is a for profit enterprise, compared to a nonprofit HFA (Housing Finance Authority), and receives the interest and/or principal from scheduled payments or payoffs of these grants or second trust deeds, depending on the program and if the borrower meets certain requirements like zero delinquencies in 36 months. There is also a question about funding the second until the loan is sold to Chenoa, several days after origination. This may not comply with the requirement that the second is a liability or deduction from their bank account on or prior to loan closing.

Richard Ferguson, President of CBC Mortgage Agency which offers the Chenoa Fund, responded with, “FHA just published Mortgagee Letter 19-06, which creates a new policy on the provision of down payment assistance. The Mortgagee Letter appears to be an attempt by HUD to put Native American programs back on the reservation.

“We recognize that HUD’s issuance of the Mortgagee Letter 19-06 has caused confusion and concern with how this mortgagee letter may affect the Chenoa Fund. HUD’s attempt to implement new policy restricting governmental entities to operating within a specific jurisdiction violates federal law, including the Administrative Procedure Act, and restricts government DPA programs in an arbitrary and capricious manner. And HUD failed to comply with an Executive Order requiring tribal consultation. CBC Mortgage agency is reviewing all of its options, including litigation.

“We are deeply concerned with the manner in which FHA is promulgating new policies without adequate notice or explanation given to regulated parties. These unconstitutional changes in agency policy have caused significant disruption to the ability of lenders to make commitments to borrowers. Hundreds, if not thousands, of buyers are being adversely impacted by sudden changes in rules, with no regard to existing pipelines.

“This new Mortgagee Letter imposes unexplained new requirements. Effective immediately, HUD is requiring that all 1500+ government DPA programs have an attorney opinion in the file for new FHA loans. This will wreak havoc on the closings of thousands of borrowers while governmental agencies scramble to obtain these opinions. CBC Mortgage Agency is looking to industry participants for support in getting this unconstitutional and unlawful Mortgagee Letter withdrawn. Contact us for more information.”

Capital markets

U.S. Treasuries across the curve ended the trading week rallying to their best levels since Tax Day, including the 10-year closing yielding 2.56%. Agency MBS underperformed benchmarks on cautious risk sentiment in response to another weak set of Manufacturing PMI readings from Japan, France, and, Germany, which posted the fourth consecutive month of contraction; and stronger than expected retail sales for March that showed broad-based strength with gains across discretionary spending categories that will certainly aid in the calculation of the goods component for personal consumption expenditures in the Q1 GDP report. Mortgage rates were up slightly for the week, though they remain well off the 2018 highs from November. Rate levels remain attractive which should continue to support purchases, especially given the strong jobs markets. Dallas Fed President Robert Kaplan said his confidence in the growth outlook for 2019 is increasing. Internationally, the Bank of Korea left its repurchase rate and cut its expectations for South Korea’s 2019 growth while the inflation forecast was lowered. The European Parliament voted in favor of setting up a European Defense Fund for 2021-2027. And finally, the Bank of England’s Credit Conditions Survey for Q1 showed that availability of unsecured credit to households decreased as default rates of unsecured credit increased significantly due to higher defaults on credit card loans and corporate loans.

While the U.S. bond and equity markets are closed today for Good Friday, housing starts and buildings permits for March will still be released at 8:30am. Markets open back up Monday and will receive the Chicago Fed National Activity Index for March and existing home sales for March. The remainder of the week includes February FHFA HPI and March new home sales on Tuesday; March durable goods on Thursday, and the first look at Q1 GDP and the final consumer sentiment read for April on Friday. There are no Fed appearances scheduled as they are in their blackout period ahead of the April 30-May 1 FOMC meeting. The BoJ, however, will release its updated monetary policy decision on April 25. Rate sheets today tend to be conservative with no U.S. bond market prices or MBS prices to direct them.

As we head toward Easter, these supposedly appeared in real church bulletins (part 5 of 5):

26. The pastor would appreciate it if the ladies of the congregation would lend him their electric girdles for the pancake breakfast next Sunday.

27. Low Self Esteem Support Group will meet Thursday at 7 PM. Please use the back door.

28. The eighth-graders will be presenting Shakespeare’s Hamlet in the Church basement Friday at 7 PM. The congregation is invited to attend this tragedy.

29. Weight Watchers will meet at 7 PM at the First Presbyterian Church. Please use large double door at the side entrance.

30. The Associate Minister unveiled the church’s new tithing campaign slogan last Sunday: “I Upped My Pledge – Up Yours.”

Visit www.robchrisman.com for more information on our industry partners, access archived commentaries, or to subscribe to the Daily Mortgage News and Commentary. If you’re interested, visit my periodic blog at the STRATMOR Group web site. The current blog is, “MBS Liquidity: A Real Trooper.” If you have both the time and inclination, make a comment on what I have written, or on other comments so that folks can learn what’s going on out there from the other readers.

Rob

(Market data provided in partnership with MBS Live. For free job postings and to view candidate resumes visit LenderNews. Currently there are hundreds of mortgage professionals looking for operations, secondary and management roles. For up-to-date mortgage news visit Mortgage News Daily. For archived commentaries, or to subscribe, go to www.robchrisman.com. Copyright 2019 Chrisman LLC. All rights reserved. Occasional paid job listings do appear. This report or any portion hereof may not be reprinted, sold or redistributed without the written consent of Rob Chrisman.)

5 Things Tenants Should Not Expect Their Landlord to Do for Them

tenants_cause_landlord_headaches

Tenants should expect their landlord to make repairs and maintain a property. They should expect to be left in peace if they pay rent on time. But sometimes tenants have expectations that landlords should not or cannot meet. Here are five things tenants should not expect of their landlord.

View the full article: 5 Things Tenants Should Not Expect Their Landlord to Do for Them on The BiggerPockets Blog. This content is Copyright © 2017 BiggerPockets, Inc. All Rights Reserved.