Category Archives: 6 Figure Business Secrets

Here’s how climate change could also change home values

Poorer communities in the U.S. are more likely to face falling home values as they struggle to adjust to floods and rising insurance costs, according to an article from Bloomberg.

The Bloomberg article cited analysis from the San Francisco Reserve, which showed that nearly 40% of 175 communities that may see chronic flooding by 2045 also have poverty levels above the national average.

“As the frequency and severity of floods in the U.S. continues to increase due to climate change, the shortcomings of our current tools will be increasingly insufficient to quantify flood risk,” the report said.

Because of increased levels of flood risk, real estate values stand an overwhelming chance of decreasing.

According to Zillow, more than 800,000 existing homes worth $451 billion are at-risk for a 10-year flood by 2050. By 2100, those numbers will jump to 3.4 million existing homes worth $1.75 trillion.

Over the past decade, tidal flooding has risen in many coastal communities. However, since 2009, a third of the nation’s coastal cities have seen an influx of new homes being built, worth trillions.

And those homes, even the ones not directly next to the water, are at an increased risk of flooding. There is a 10% annual risk of this type of devastating flood, reaching farther inland than they do now. These floods cause many problems, leading to an increase in cost of insurance, as well.

While Zillow says Florida is the No. 1 state with the highest risk of chronic flooding by 2100, New Jersey sits No. 2, along with Mississippi and Connecticut, and other coastal states.

“This can be disastrous for a homeowner whose house is their largest asset and a substantial portion of their net worth,’’ the report said. “This will have a disproportionate adverse impact on low- and moderate-income households. Obviously, this can result in a downward spiral of property values for such communities.’’

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Robert G. Allen Recommends Sunil Tulsiani's PIC

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Supreme Court to take on CFPB constitutionality case

The Supreme Court announced Friday it will take on the case challenging the constitutionality of the Consumer Financial Protection Bureau’s leadership.

Back in 2017, a battle between the CFPB and PHH began,
starting with a $103 million increase to a $6 million fine initially
levied against PHH for allegedly illegally referring consumers to mortgage
insurers in exchange for kickbacks.

PHH challenged this ruling in court, and the fight ended, or
so it appeared, with the CFPB’s leadership structure being declared unconstitutional by the Court of
Appeals for the District of Columbia Circuit in a 2-1 vote.

The CFPB fought that ruling, asking the court to rehear the
case en banc, meaning that it wanted the entire court to hear the case, rather
than the three judges who ruled on the case previously.

And now the Supreme Court has agreed to take on the case.

As it stands now, President Donald Trump cannot fire the
CFPB director unless it’s for cause. The previous decision made the CFPB
director fireable at will, but that’s not the case anymore as the case
continues to be challenged in court.

But now even CFPB Director Kathy Kraninger is siding against her own bureau, saying, “The bureau should adopt the Department of Justice’s view that the for-cause removal provision is unconstitutional.”

As expected, Democrats have not been pleased with Kraninger’s
stance on the issue. In the semi-annual hearing for the bureau Wednesday, Rep.
Maxine Waters, D-Calif., brought up the issue.

“You have forced the Consumer Bureau to abandon its
longstanding defense of the constitutionality of the agency’s structure,”
Waters said.

And consumer groups are nervous about the hearing, saying the newest justice should recuse himself from the case because he has “demonstrated bias.”

“Justice Kavanaugh has demonstrated bias against the CFPB on these exact issues and must recuse himself from this case,” Allied Progress Director Derek Martin said. “He has previously weighed in on the specific question at stake in this matter – whether the CFPB director can be fired without cause. This case deserves to receive truly impartial judgment.”

But the housing industry was happy with the news, and some
are even hoping this will lead to a board of people overseeing the CFPB, rather
than one director.

“CUNA has consistently advocated for legislation that
provides for a multi-person, bipartisan commission to lead the bureau, as was
originally proposed by the Obama administration in 2009,” said Ryan Donovan, Credit Union National Association chief
advocacy officer. “A commission is better for consumers because it would enhance
the independence of the bureau, bring diverse perspectives to the policymaking
table, ensure greater stability, and be more consistent with our country’s
democratic principles.”

“We thank the Supreme Court for agreeing to consider the
constitutionality of the CFPB’s current structure and intend to represent
credit unions’ views before the court,” Donovan said.

The National
Association of Federally-Insured Credit Unions
agreed the CFPB should be overseen
by a board.

“Regardless of how the Supreme Court rules – NAFCU still
believes that a commission structure at the CFPB is absolutely essential to
ensuring greater transparency and accountability,” NAFCU President and CEO Dan
Berger said. “A commission would allow for more open debate, diversity of
thought and a stable leadership structure that would better serve consumers in
the long-run.”

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37% IRR Apartment Syndication Reposition with Vinney Chopra – Multifamily Investing

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Mortgage Tech Rundown: DocMagic, Loan Vision, and ZestFinance

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

DocMagic, a provider of eMortgage services, launched a new mobile application that aims to provide borrowers with a transparent way to stay fully engaged with their loans — and lenders — throughout the mortgage cycle.

The application, LoanMagic,
includes real-time loan status, document uploads, eSigning, integrated
messaging and more. Notably, it is provided free to all DocMagic customers and leverages
a backend platform that delivers full interoperability with DocMagic solutions,
as well as other third-party mortgage software, according to the company.

 “Bringing mobile functionality to borrowers and enabling lenders to connect with their customers is the end goal of most mobile applications in our industry — but at DocMagic, it is just the beginning,” says Dominic Iannitti, president and CEO of DocMagic. “LoanMagic isn’t an add-on. It’s a fully interoperable technology that fills a critical gap in the digital mortgage process. It is just as powerful as any of our flagship and award-winning technology.”

Loan Vision, a provider of financial management
and accounting solutions to mortgage banks, debuted two new functionalities for
their Quick Close tool.

The Quick Close Tool was designed to give customers more control, thus helping them reduce time spent in the month-end accounting closing process. The new updates, which are a system enhancement and the addition of Loan Vision’s new Budget & Forecasting Module, have just finished Beta testing and are ready to be deployed.

In a press release, the company explained that the Budget & Forecasting tool aims to provide lenders with a more streamlined process, especially for those who are forecasting manually but aren’t ready to make a substantial investment in dedicated software.

ZestFinance, an artificial intelligence software company
for the finance industry, announced an integration with MeridianLink,
a multichannel loan and new account origination platform.

According to
the company, MeridianLink will integrate Zest Automated Machine Learning credit
scoring directly into its LoansPQ platform, therefore providing MeridianLink
clients with access to advanced machine learning for lending.

integration with MeridianLink removes the resource and risk constraints that
have made machine learning technologically challenging for lenders,” said Jay
Budzik, CTO of ZestFinance. “The partnership will increase the adoption of
machine learning and give more consumers access to fair credit.”

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Wells Fargo settles allegations of discriminating against female, African American job applicants

A federal investigation found that Wells Fargo discriminated against thousands of African American and female job applicants based on their race and/or gender, the Department of Labor said this week.

The Labor Department announced this week that it reached a
settlement with Wells Fargo over allegations of discrimination within bank’s
hiring practices at locations in Arizona, Virginia, and Utah.

According to the Labor Department’s Office of Contract Compliance Program, an investigation found that in 2014, Wells Fargo’s Phone Bank Premier, Home Equity & Online Customer Service unit discriminated against 2,066 female applicants for positions as online customer service representatives in Glen Allen, Virginia, and Salt Lake City.

Additionally, the investigation found that Wells Fargo discriminated against 282 African American applicants for phone banker positions in Phoenix.

In doing so, Wells Fargo failed to comply with Executive
Order 11246, which prohibits race and sex discrimination by federal
contractors, the Labor Department said.

As part of the settlement with the Labor Department, Wells
Fargo will pay $603,612 in back wages, interest and benefits to the affected
applicants, but does not admit liability in the matter.

Wells Fargo must also make job offers to 66 of the original
applicants (17 in Glen Allen, Virginia, 20 in Salt Lake City, and 29 in Phoenix)
as positions become available.

Beyond that, Wells Fargo must “review and revise its
selection process and provide better training to its hiring managers to
eliminate practices that resulted in the violations,” the Labor Department

“Companies that accept federal contracts must monitor their
hiring processes to ensure applicants are not rejected based on unlawful
practices,” Office of Federal Contract Compliance Programs Regional Director
Michele Hodge added.

As the Labor Department noted, Wells Fargo did not admit liability
as part of the settlement. In fact, the bank “strongly disputes” the Labor
Department’s allegations.

“We are pleased to reach this agreement with the OFCCP.
While Wells Fargo strongly disputes the allegations, we believe that putting
this matter behind us is in the best interest of all of our stakeholders,” a Wells
Fargo spokesperson said in statement.

“The settlement relates to hiring practices that were in
place five years ago. We have made fundamental changes to our hiring practices
and processes to better identify successful employees and to ensure adherence
to equal employment opportunity laws,” the spokesperson continued. “We are
dedicated to recruitment and career development practices that support our team
members and promote diversity in our workforce at all levels of our company.
Wells Fargo values and promotes diversity and inclusion in every aspect of our

The settlement is the second legal issue for the bank in the
last few days.

Wells Fargo also recently revealed that it set aside $1.6 billion to cover the cost of another potential settlement over the bank’s fake account scandal.

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Embrace Home Loans names new senior vice president, retail and direct sales

Embrace Home Loans, a Rhode Island-based mortgage lender, announced this week that longtime employee Ryan “Buddy” Hardiman is being promoted to senior vice president of retail and direct sales. 

Hardiman has been with the company for more than a decade. He began his career at Embrace in 2008 as a project manager. He went on to serve in various roles before being promoted to vice president of sales strategy and recruiting in 2016. 

Now, Hardiman will lead the direct sales team.

“Buddy has been instrumental in shaping many of our initiatives designed to deliver the most productive sales force in the industry,” said chief sales officer Jeffrey McGuiness. “He has delivered great results on everything from data and analytics that allow for better business decisions to sourcing and vetting new technologies that make our sales professionals more efficient, to implementing ways to create a more memorable customer experience. Buddy’s promotion is well-deserved.”

In addition to leading the direct sales team, Hardiman will also be tasked with aiding Embrace Home Loans’ transition to new technologies to improve the overall digital customer experience. He will also continue his work spearheading the initiatives currently underway on the company’s retail platform.

“This promotion is a great honor,” Hardiman said. “I look forward to helping to further Embrace Home Loans’ continued growth and its initiatives to enhance the borrower experience even more.”

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