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Regaining Value

The housing market has come a long way from its lowest point recorded in 2012, regaining $10.9 trillion in value over the past six years, according to a study by Zillow. The market, which was worth a cumulative $33.3 trillion in 2018 is now worth $4 trillion more than what it was at the peak of the housing bubble, the study revealed. On a year-over-year basis, the market gained $1.9 trillion in value over 2017. Of all the markets across the country, one state accounted for nearly one-third of the value gained during the nationwide housing recovery—California. The report indicated that the housing market in the Golden State grew by $3.7 trillion since early 2012, making it the only state that gained more than $1 trillion in value since the market fell. Despite coming in a close second in terms of dollar contribution to the national housing recovery (a contribution of $937.9 billion, or 8.6 percent of the overall recovery), "the total value of all the homes in Florida is still $263.9 billion below its peak level," the study indicated. "Seen from the rearview mirror, 2018 was a year of unusually strong, stable home value growth across the country," said Aaron Terrazas, Senior Economist Zillow. "But cracks in the foundation are clearly starting to emerge. During the second half of the year, appreciation slowed sharply in the priciest corners of the country while it picked up in affordable hotspots. Periods of stability often precede periods of instability, and the outlook for 2019 is certainly both cloudier and blurrier than the outlook a year ago." Breaking down the growth in home values even further, the study stated that the New York/New Jersey area was the single most valuable metro worth $3 trillion, or 9.1 percent of the national housing market. Four California markets–Los Angeles, San Francisco, San Jose, and San Diego–were among the 10 most valuable metros in the country. Radhika Ojha, Online Editor at the Five Star Institute,
 

The State of Housing Finance

The change in direction at the Federal Housing Finance Agency (FHFA) would be one of the most important things to happen in housing finance this year, according to experts at the Housing Finance Policy Center at the Urban Institute. "I’ll be watching to see if whatever changes are made will bring more private capital into the market," said Laurie Goodman, VP, Housing Finance Policy Center at the Urban Institute. These experts will closely follow the actions of Mark Calabria, who was nominated by President Trump to lead the FHFA. "Though he would be in a uniquely powerful position" to do "something" about the government's role in the housing finance system, Jim Parrott, Non-resident Fellow at the Urban Institute said, "But we’ll be heading into an election year and possibly an increasingly weak housing market, so it will be interesting to see how that tension between ideology, politics, and economics plays out." Some of the other questions that these researchers would be seeking answers to during the year include, the future of the government-sponsored enterprises (GSEs) as well as the actions being taken by the Federal Housing Administration (FHA) to mitigate risks related to the risk profile of its book of business. That, apart from how the "various proposals and policies that are being introduced legislatively and administratively, will affect housing affordability," would be the key issues that the market will have its eye on in 2019, according to Alanna McCargo, VP, Housing Finance Policy Center at the Urban Institute. Ed Golding, a Non-resident Fellow at the Urban Institute and former Head of the FHA, said that 2019 could well be the year when home price appreciation "comes back down to earth." "They can’t continue to go up at 7 percent a year in an environment where interest rates and inflation rates are in the 2 percent range," Golding said. "The tax code increased the user cost of housing in some (upper-end) markets by as much as 30 percent but created little discernable change in house price momentum." In 2018 the housing market showed early signs of a slowdown in home price growth, softening of the housing markets, and rising inventory in even the hottest markets, like San Francisco and Seattle, according to Bing Bai, Research Associate at the Urban Institute who said that he was interested in seeing the shifting trends in the housing  and mortgage market. "Rising interest rates cut down the refinance volumes, and a slowdown in the purchase mortgage market would put further volume pressure on the mortgage industry," he said. Senior housing would be another focus area that will be on their radar. "Not only are we about to have more senior renters (many on fixed incomes), but also fewer senior homeowners with any significant home equity (and some with large mortgages, especially compared with their incomes), more in need of structural modifications to be safe in their homes," said Ellen Seidman, non-resident Fellow at the Urban Institute.   Radhika Ojha, Five Star Institute 
 

5 Money Resolutions to Boost Your Bottom Line in the New Year

1. Shore Up Your Credit The higher your credit scores, the better. Why? Because good credit can unlock a world of benefits, such as significant savings on big-ticket items (like car loans and mortgages), insurance discounts and access to credit cards with the best perks. The first thing you should do to improve your scores is to see where they're at. Review all three credit reports maintained at each credit bureau: TransUnion, Equifax, and Experian (the publisher of this piece). Get your free credit report from Experian, where you can also obtain your FICO® Score. You are entitled to one free credit report every 12 months from Experian, Equifax, and TransUnion at AnnualCreditReport.com. Review each credit report to make sure all the information is accurate. If you find mistakes or inaccurate information, initiate a dispute with the appropriate credit bureau. Examining your credit report will also help you figure out what you need to do to improve your scores. Maybe you have a history of missed payments or you are using too much of your available credit each month. Your credit reports will help provide a roadmap for what to do next. And remember, the easiest thing you can do to improve your scores is to pay your bills on time. 2. Pay Down Your Debt One of the best things you can do this year to fatten your wallet is whittle down your debt—especially high-interest credit card balances. Paying off debt quickly helps improve your financial health because you save money in interest, cut down on stress and improve your credit scores. Start by making a list of all your credit card balances and loans with the monthly minimum payments and the APRs for each. Make sure you're making at least the minimum payments on each bill, and if you have extra money after you've paid your monthly fixed expenses, apply that extra amount to the debt with the highest interest rates first. Once you've paid off the debt at the highest rate, focus on the next highest rate, until you've knocked out all your debt. If you need help paying off your debt, you may want to consider a debt consolidation loan, which involves taking out one new loan to pay off others. Such a loan can save you money by rolling your debts into one at a lower interest rate and minimizing the number of payments you have to make. Shop around for the best consolidation loan for you through Experian CreditMatch. You can also transfer your current credit card balance to another card at a lower interest rate. Many balance transfer credit cards will offer an introductory rate, sometimes at 0%, for a certain period of time—giving you the opportunity to pay down the debt in that window without incurring any interest. Find the right balance transfer credit card here. 3. Beef Up Your Savings Nearly half of all Americans surveyed by Experian in fall 2018 said saving money is a top New Year's resolution for 2019. Of course, saving money is easier said than done. That's why behavioral economists suggest automating your savings as much as possible so you don't even have a chance to touch the money you want to save. If your employer allows it, direct a percentage of your paycheck to be deposited into a separate savings account. That way, the money you want to save never even appears in your checking account, tempting you to spend it. If that's not possible, set up a recurring transfer with your bank that transfers money into your savings account on the same day your paycheck is deposited. 4. Protect Your Identity In a world where stories of data breaches and phishing scams fill the headlines, you must be vigilant about protecting your identity. In addition to monitoring your credit reports, run a free dark web scan to find out if information like your Social Security number, phone number or email addresses are on the dark web. If you suspect you are a victim of identity theft, you might want to file a free initial security alert, which remains active on your account for one year, at the Experian fraud center. (You only need to file it with one credit bureau—they are legally required to share such alerts with their counterparts, so you don't need to file with all three.) This fraud alert will notify any lenders pulling your credit report to take extra steps to verify your identity—a measure that can frustrate and dissuade identity thieves. You can also freeze your credit reports, which prevents lenders from issuing new credit in your name. Or try Experian CreditLock, a benefit of your Experian membership, which allows you to lock and unlock your report in real time with no waiting period. You also receive daily monitoring of your credit file, up to $1 million in identity theft insurance, and access to your Experian credit report and FICO® Score. 5. Make Your Credit Cards Work for You Be sure you have the best credit cards in your wallet for your spending needs. If you tend to carry a balance, find the card with the lowest interest rate possible. If you don't carry a balance, a cash back card or rewards card can put money back in your wallet. Check out Experian CreditMatch for personalized credit card offers that match your credit profile so you can apply for your next card with confidence.   By
Ismat Mangla
December 19, 2018

Brandon Farber

Brandon Farber

 

2019 Is Looking Bold - Interior Design for 2019

Regardless of the type of space you're decorating, there's nothing more important than paying attention to details. Right now Floral farbrics and wallpapers are making a bold statement for 2019.    IN: FLORAL  FABRICS AND WALLPAPERS "The traditional beauty of floral patterns, either abstracted or straight up chintz, will be the pattern to use." — Erin Gates of Erin Gates Design GO BOLD IN SMALL SPACES Graphic prints can have a major impact in small spaces such as a powder room. Here, an Ellie Cashman floral wallpaper is the star of a powder room a New Orleans manse designed by Sara Ruffin Costello.     

Brandon Farber

Brandon Farber

 

What to do with a low credit score

Credit scores help lenders evaluate if they want to do business with you. FICO® Scores, which range from a low of 300 to a high of 850, are the most widely-used type of credit scores. However, other scoring models may also use the 300 to 850 scoring range. While 300 is the lowest credit score, the reality is that almost nobody has a score that low. For the most part, a score below 580 is considered " bad credit." The average FICO Score in the U.S. is 704. I Have a Low Credit Score. Why Does it Matter? If you have a very low credit score, you may find it difficult to qualify for credit cards and loans, or you may be required to pay a higher annual percentage rate (APR), or additional fees. When you apply for a loan or credit card, lenders want to know if you will be a responsible borrower who stays on top of payments. Credit scores are an important way businesses can get a sense of how good (or bad) you are at repaying your debts.   How Can I Improve My Credit Scores? You are never stuck with a bad credit score. Work on your financial habits and you can improve your credit scores over time. Paying your bills on time, even if you manage to pay just the minimum amount due, accounts for 35% of your FICO® Score. Set up automated bill pay to avoid late payments. Your credit utilization ratio is another important credit scoring factor to be aware of. This takes into account how much of your total available credit you are using on a monthly basis. Your credit utilization ratio accounts for 30% of your FICO® Score. Focus on paying down your balances will help to lower your utilization rate. You might also want to consider a credit-builder loan.   For full article http://bit.ly/2SPfXsR

Brandon Farber

Brandon Farber

 

5 Trends that will shape the housing market

Editor's Note: This feature originally appeared in the December issue of MReport, out now. The year 2018 has been a good year for the economy that posted a solid GDP growth of around 3 percent in October. Unemployment, another key indicator of the economic health, is falling and the Bureau of Labor Statistics recorded more open positions than unemployed at over 7 million compared with under 6 million for the latter. Yet, a recent Bloomberg report pointed out that the housing market “remained a weak spot posing the third consecutive drag on GDP growth with a contraction of 4 percent.” The year has clearly not been as good for housing as it has been for the overall economy. Will 2019 bring some relief? To know the future trends, we first need to understand the present. Recent housing market data indicates a slowing down amid higher prices, rising mortgage rates, and a shortage of affordable inventory. Home sales have been falling consistently over the past seven months according to the National Association of Realtors’ (NAR’s) Existing Home Sales data that reported a decline of 4.1 percent in home sales at the end of September compared with the same period last year. NAR also predicted that home sales would flatten in 2019 as home prices continued to grow. But the latest S&P CoreLogic Case-Shiller Home Price Index found that home-price growth might be softening. For the first time this year, the index registered a home-price growth below 6 percent in August 2018. “Following reports that home sales are flat to down, price gains are beginning to moderate,” David M. Blitzer, Managing Director and Chairman of the Index Committee at S&P Dow Jones Indices, said in the report. On the bright side though, the pressure on inventory, that was an overarching concern for the industry for most of 2018 seems to be easing a bit. The inventory of homes on the market grew by 2 percent nationally in October for the first time in four years, according to a report by Realtor.com. Are these indicators then a harbinger of another crisis for a market that finally pulled itself out of a recession only a few years ago? Not really. ears ago? Not really. “Think of it as a pause, rather than a slowdown,” advised Sam Khater, Chief Economist, Freddie Mac. “As long as the economy remains hot, housing should remain active.” The signs, according to Khater, have been there since late 2017, starting with the deceleration of home sales at that time, the rising mortgage rates since mid2018, and the “fairly elevated home prices” for most of this year. But it is the decline in affordability that has caused the biggest lag. Having said that, these five trends are likely to shape the housing market in 2019. 1. The Rate Roulette Khater’s sentiments are echoed by Frank Nothaft, Chief Economist at CoreLogic who saw rising mortgage rates as a key factor affecting the affordability of homes in the lowest price tier. While mortgage rates have averaged 4.9 percent recently, Nothaft noted during a recent webinar that the consensus in the marketplace for the coming year was towards an upward pressure of close to 5.2 percent by the end of 2019. “That will place mortgage rates at their highest level since 2009,” he said. For first-time homebuyers, especially millennials who were looking to transition from renting to homeownership, these rising rates would likely make them pause their decision. And not without reason. “For millennials who have been familiar with an extraordinarily low level of interest rates, they’ll see the highest mortgage rates that they have seen in their adult lifetimes,” Nothaft said. “Just over the last year, with the rise in mortgage rates coupled with the increase in home prices that translates to an approximate 20 percent increase in just this one year in the monthly principal and interest (P&I) payment to buy exactly the same home that you could have bought a year ago. In contrast, rents are rising about 3 percent on single-family homes and that underscores some of the challenges that millennials may be facing in the coming year in making that switch from renting to homeownership.” Home prices and mortgage rates are two key hurdles that Doug Whittemore, Head of Mortgage and Consumer Default Services at U.S. Bank, also foresees. The combination of rising home prices and mortgage rates could mean that the monthly P&I equivalent for the median home was likely to jump as much as 30 percent in 2019, compared to last year, if all things trended as projected. Sonu Mittal, SVP and Head of Retail Lending for Citizens Bank Home Mortgage, echoed this sentiment. “Rising rates, combined with home-price increases and low inventory in most markets in the U.S. are impacting affordability in 2018 and will likely continue to factor into affordability in 2019.” Existing homeowners, too, will feel the pinch of rising interest rates. “Considering the majority of the market now sits with a 30-year fixed-rate mortgage below 4 percent, an existing homeowner could find a scenario where they would spend significantly more for less house than they already have,” Whittemore observed. “Jumping from a rate of 3.75 percent to 5.5 percent would result in a 22 percent increase in P&I for the exact same home.” The 5.5 percent projection by Whittemore is not far off the mark either with both Khater and Nothaft pointing to the possibility of rates rising to around these levels in 2019. “Rates have increased this year more than I would have expected if you would have asked me at the beginning of this year,” Khater said. “If you go back to September of 2017, they were down in the high three’s, and here we are already knocking on the door of 5 percent.” As far as existing homeowners are concerned, Nothaft projected rising rates would also mean that there would be less homeowners moving and putting their homes up for sale. They would be more likely to “choose to stay in the same home for a bit longer and choose to make improvements in their current home. So inventory levels are low relative to what they have been and that’s working to depress home sales.” Apart from home sales, affordability has been impacted by the continued rise in home prices outpacing wages and the slowdown in construction activity in the affordable space, according to Kathy Cummings, SVP, Bank of America. But, she said that lenders were looking to help homebuyers achieve homeownership, especially if they were creditworthy borrowers. What is important is education and preparing for homeownership. “According to Bank of America’s Fall Homebuyer Insights Report, 72 percent of millennials are prioritizing homeownership, and 38 percent of first-time buyers are looking to buy in the next two years, so it is important to educate prospective buyers on how homeownership can be achievable,” Cummings said. Giving an example of Bank of America’s low down payment programs, she said that not only did such programs provide low down payments and competitive rates, they also helped eligible buyers look into down payment and closing cost assistance programs available in their community. “A lot of would-be buyers are currently renting, and as rents increase, they’re not able to save as much or quickly enough to afford a down payment in the near future,” observed Mittal. Despite rising rates though, Mittal said that buying a home was still more affordable than renting in the long run. “As homebuyers compare a mortgage against the rent they would pay, even with rising rates, many would find that buying a home would be a cheaper option
and has many long-term benefits, most notably the opportunity to build equity,” Mittal said. However, rising mortgage rates are only one part of the problem. Housing supply, especially at the lowest price-tier—the one that first-time homebuyers look at—is an issue that will be observed closely in 2019. 2. The Inventory Conundrum It’s true that supply has increased slightly over the past few months. But the paucity in home inventory has impacted home sales and prices through most of the year, in fact, according to Khater the chronic lack of supply has actually been “a decades-old issue, but was only masked by the last boom and bust.” Giving the example of manufactured housing—a traditional source of affordable supply—he said that property types that were historically affordable were decreasing consistently over the past few decades. “Manufactured housing boomed between 1993 and 1998. It busted in 1998, and has not recovered since then. We are producing about 90,000 manufactured housing units today where we used to be up in the 300,000s during the boom for these units,” Khater said. Explaining the impact of inventory on competition among homebuyers, Nothaft said, “The months of supply available for sale over the past year has been running at the lowest level that we have seen in the last 20 years and consequently, the amount of time that a home is on the market before it sells has really shortened. So the percent of homes selling within 30 days of their listing has risen over the last couple of years.” Looking at 2019, Jeff Taylor, Founder and Managing Director of Digital Risk, projected that housing supply would remain tight. Khater agreed, “We’re just not building enough,” he said, adding that one way of starting to solve the problem was to approach policymaking from the supply angle. “Unlike past cycles which could be managed by sorting demand, the problem this time is on the supply side and there are no federal interventions or levers to deal with that,” Khater said, adding that while states had the ability to intercede they delegated to the localities. “But some states are starting to rethink and are looking at intervention in a variety of ways such as increasing production or looking at rent controls. Creating policies and incentives to increase production are the two main ways to solve this issue,” Khater observed. “The problem is that you have local resistance in the form of homeowners who are concerned that the increased supply will lead to a decline in home values.” 3. Price Pains Inventory’s also affecting prices, especially at the lowest price points of the market. “Sellers are pricing their homes higher and higher as they want to make a big profit from their last purchase, but all this seems to do is force prices even higher, particularly for today’s first-time buyers,” said Matt Clarke, COO and CFO, Churchill Mortgage, observing that the low inventory was also affecting the purchase loans market. “Homes may not be so “overvalued” today, but rather, “overpriced, with a severely limited supply of affordable housing.” Looking at 2019, Whittemore projected that although the pace of home price appreciation was slowing, forecasts for 2019 still showed a 4-6 percent home price growth annually across the country with some markets in California seeing double-digit growth. “If home price growth continues to exceed wage growth, the spread for a firsttime homebuyer will continue to be a problem until rates come down, home prices drop, or wages grow. I don’t see the latter happening fast enough.” However, home prices have been softening in the recent months and Taylor projected that this trend is likely to continue into the next year. “Prices may come down a little bit because ultimately, people are trying to price to what somebody can afford to buy the house at.” The forecast though calls for a slowing in the rate of appreciation to about roughly 3-4 percent over the next couple of years. “I think that’s good and that it’s really important that we see a slowing in home price growth,” Nothaft said. 4. Rising Equity Prices and home values will also be the biggest opportunities for growth for some of the markets, especially those that are seeing a rising influx of homebuyers from the more unaffordable markets. “If you look into the open West, meaning markets like Reno, Carson City, Boise, Coeur d’Alene, Provo, and Salt Lake City, all these medium-sized Western markets are booming of an outflow from the unaffordable West Coast coastal markets like San Francisco, San Jose, Los Angeles, and, to a lesser extent, Seattle,” Khater said. And while prices are likely to soften, homeowners have seen their equity grow manifold over the past few years. In fact, according to a TransUnion study, household home equity, currently nearing $15 trillion, has surpassed its prior “housing bubble” peak in Q1 2006 by over $1 trillion. “Home equity levels have been rising at a rapid rate each year since hovering around $6 trillion between 2009 and 2011. While the S&P/Case-Shiller House Price Index (HPI) increased by 42 percent between Q1 2011 and Q1 2018, home equity levels outpaced home prices in that same timeframe,” the study revealed. For lenders, already grappling with drying up refinance loans, this could provide a world of opportunity, especially in home equity lending. According to Joe Mellman, SVP and Mortgage Business Leader at TransUnion, “The recession caused a home equity lending pull-back, which all but eliminated consumer marketing and education. We think there’s an opportunity to re-introduce that education to consumers and help them evaluate how and when tapping home equity could make sense.” Mellman was particularly optimistic about the long term rise of home equity lines of credit (HELOCs) moving forward. “HELOC’s are going to be a primary driver of home equity lending products,” he said. “We have observed that this segment has been growing for the past seven years and will become even more important as cash out refinancing options decline because of the rising mortgage rates.” But HELOCs aren’t the only opportunity for lenders going into 2019. 5. Innovation in Lending We’re seeing a lot more non-QM products and similar types of loans coming to the market. People are looking to expand their credit box and see what types of different loans they can put in the marketplace and what the appetite might be from the investor base,” Taylor said. “The higher the interest rate, the higher the payment, the more risk tolerance people will be willing to take from a nonQM type loan, and the expansion of these mortgage products into different areas.” According to Taylor, inventory may affect the purchase loan market especially since “the refinance market has dropped off significantly and the purchase market is much more of a focus for all lenders.” In such a case, lenders who invest in technology and streamline operations are likely to see the best opportunities come their way in 2019. “The biggest trends for me are how all lenders, whether they’re a bank or an independent mortgage lender, are having to actually successfully utilize technology in order to strengthen their reach to the customer base,” Taylor said. “It’s not as simple as going ahead and buying technology and implementing it, but implementing it correctly and making sure that the people and technology work together to be able to reach their intended customer base and provide a much more dynamic customer experience, whether it be to digital solutions, telephone or anyways the borrower wants to interact.” Clarke concurred, saying that while technology had the potential to improve the overall mortgage process by streamlining many of today’s cumbersome processes, there was a significant demographic of borrowers that still wanted to work intimately with their lender. “Lenders will want to use technology to enhance their relationships with borrowers and help them make smarter mortgage decisions. This will help lenders build stronger, lifelong relationships because after all, technology is not here to replace us, it’s here to complement how we work on a day-to-day basis.” Despite falling delinquencies, lenders will also be looking closely at this trend as the market takes a pause in 2019. “As a default executive, for me, what will be key in 2019 and beyond in the new world is less macro and more microtrends. The future will require you to identify patterns and behaviors at a much more granular level in order to effectively understand and manage your default,” Whittemore said. According to Mellman, “No one talks about delinquencies right now because they are at all-time lows and have been experiencing a decline year-over year. But while there’s nothing to worry about in delinquencies yet, I would always want to keep an eye on those as the housing market evolves.” What Will You Bring to the Table? At the end though, 2019’s housing market will be one where lenders will be set apart from each other through the additional value they bring with each and every deal—whether it is for homebuyers or owners. “This means providing educational resources for borrowers, having strong partner relationships, and an efficient or nimble operations team,” Clarke said. “Lenders in 2019 will want to think of themselves as teachers and coaches for their borrowers—guiding them through the mortgage process to ensure they’re making the best decision for their given financial situation.” About Author: Radhika Ojha Radhika Ojha, Online Editor at the Five Star Institute

Brandon Farber

Brandon Farber

 

A rise in mortgage applications

Mortgage applications increased by 1.6 percent this week, according to the Mortgage Bankers Association’s (MBA) latest Weekly Mortgage Applications Survey.   The volume of refinance loan applications recorded the highest level since March 2018 at 41.5 percent of total applications. The refinance share of mortgage was at 40.4 percent the previous week. An increase in adjustable-rate mortgage (ARM) activities reflected at 7.6 percent of total applications. In government lo an applications, the FHA share went up to 10.8 percent from 10.2 percent in the past week. The survey revealed an increase in VA share of total applications at 10.2 percent this week compared to 10.0 the week prior. The USDA share of total applications increased to 0.7 percent from 0.6 percent the week prior.    Here’s how the average contract interest rates performed for various loans: For 30-year fixed-rate mortgages with conforming loan balances decreased to 4.96 percent, the lowest level since September 2018. The rate for 30-year fixed-rate mortgages with jumbo loan balances decreased to 4.80 percent, the lowest level since September 2018. FHA-backed 30-year fixed-rate mortgages decreased to 4.97 percent, the lowest level since September 2018, from 5.05 percent. The 15-year fixed-rate mortgages decreased to 4.41 percent, the lowest level since September 2018, from 4.50 percent. The rate for 5/1 ARMs decreased to 4.24 percent from 4.33 percent. The effective rate for all the above loan types recorded a decrease from last week.   About Author: Donna Joseph

Brandon Farber

Brandon Farber

 

Poised for Growth? - The MRreport

TransUnion’s 2019 Consumer Credit Reportforecasts an increase in originations and consumer balances for most credit products, while serious delinquency rates are likely to decline or remain steady. This will lead to lenders expanding their base of subprime and near-prime borrowers—a positive sign for both lenders and borrowers, according to the report. The report also predicts lenders will be less risk-averse with the steady pace of delinquency rates. This will also help borrowers to showcase their ability to better manage their finances, it said. Subprime borrowers will continue to have access to loans, it noted. Interestingly, the percentage of subprime borrowers originating loans remains far below what was recorded at the onset of the last recession, according to the forecast- wherein 9 percent of borrowers in this group originated mortgage loans in 2007. Pointing to home prices, the forecast indicated that though homes are becoming more expensive, the increase in home equity will benefit buyers. The downward trend in mortgage originations which has been steady over several quarters in the past will continue into 2019 as a result of rising interest rates, surging home prices and supply constraints, the report noted. A surge in average balances is expected in 2019, growing from an anticipated $208,831 at the end of Q4 of this year to $218,490 by the end of Q4 2019, a 4.6 percent increase. Delinquencies will also continue to drop from 1.62 percent by the end of this year to 1.45 percent by the end of 2019—a consistent downward trend since 2010 on a year-over-year basis, the report stated. “While overall originations will be down in 2019, increases in home prices are resulting in record levels of home equity, which provide homeowners more opportunities to tap into low APR home equity products. This will particularly benefit consumers deciding to pay off other higher interest rate products, as well as consumers finding it difficult to afford a new ‘move up’ house, who instead opt to invest in improving their existing home,” said Joe Mellman, SVP, Mortgage Line at TransUnion. TransUnion expects non-prime originations to decrease by 2.4 percent  “as the composition of new accounts changes.” The prime segment will see a resurgence in origination growth in the coming year, indicating lender’s desire for credit quality for their portfolios as delinquency continues to increase.   About Author: Donna Joseph Donna Joseph is a Dallas-based writer who covers technology, HR best practices, and a mix of lifestyle topics.  

Brandon Farber

Brandon Farber

 

New nomination of Dr. Mark Calabria to lead FHFA

On Wednesday, the Trump administration announced the nomination of Dr. Mark Calabria, who is currently the Chief Economist to Vice President Mike Pence, to lead the Federal Housing Finance Agency for five years after the term of the current FHFA Director, Mel Watt expires in January. “The American $10 trillion mortgage market is the envy of the world, and to keep us on top we need an FHFA Director who is dedicated to capitalism and economic growth. Dr. Calabria is that man,” said House Financial Services Committee Chairman Jeb Hensarling (R-TX). “At a moment in time when the future of housing finance policy in our country will be permanently shaped by the next FHFA Director, I can think of no better or more responsible person for the role than Dr. Calabria and applaud President Trump for his outstanding pick.” “I congratulate Mark Calabria on his nomination as director for the Federal Housing Finance Agency,” said Ed Delgado, President and CEO of The Five Star Institute. “Housing finance policy is approaching a critical juncture and we look forward to working with Dr. Calabria and the team at FHFA towards implementing regulations that preserve and protect homeownership.”     About Author: Radhika Ojha Radhika Ojha, Online Editor at the Five Star Institute, is a graduate of the University of Pune, India, where she received her B.A. in Commerce with a concentration in Accounting and       

Brandon Farber

Brandon Farber

 

The New Homeowner's Check List

Weeks of hard work have brought you here – the close. After a flurry of signatures, it’s official: Your clients have the home of their dreams! So, what’s next? Our friends at Home Warranty of America have outlined 13 simple-yet-essential tasks for new homeowners to complete before their big move: Make copies of important real estate documents and store them in a safe place. Buying a home means lots of paperwork, and some of those documents – like the property deed, home inspection report, and disclosures – are vitally important. Change your address and set up your Updating your address online with the United States Postal Service only takes a minute. And, if you’re moving to a state with deregulated markets for electricity or natural gas, you may get to choose the companies from which you purchase your energy. Locate shut-off valves and circuit breakers. In the event of a plumbing or natural gas leak, you’ll want the ability to shut your main valves without a moment’s delay. And you can’t perform electrical maintenance or reset a tripped circuit breaker if you don’t know where the breaker box is. Re-key locks and update keypads. It’s a small job that delivers big on peace of mind. Test smoke and carbon monoxide detectors. Replace those old batteries and check the expiration date on every detector. If one expires, replace it promptly to keep your home safe. Check the water heater. You should have a good idea of the water heater’s condition from the home inspection, but it’s still smart to look around for leaks, check the pressure relief valve, and flush the tank when you first move in. Check the HVAC systems and filters. A dirty and inefficient HVAC system can affect your indoor air quality and drive up your utility bills. Schedule any overdue maintenance, and stock up on replacement filters in your system’s size. Do a deep cleaning. The best time to deep-clean your new home is before you move in, so take a day and make sure you get in all those nooks and crannies, like behind the laundry machines and under the refrigerator. Consider an energy audit. A thorough audit can identify opportunities for HVAC savings by adding insulation, replacing weather stripping, and sealing cracks. (Keep in mind, this work might be easier prior to move-in.) Use your home inspection report to plan future upgrades. Even if the report shows your home is in excellent condition, some maintenance – like replacing the roof or the HVAC system – is inevitable. Planning for replacement now will pay off in the future. Create a seasonal home maintenance checklist. Upgrading to a new home can mean unfamiliar chores, like winterizing a swimming pool or opening a sprinkler system for spring. Get to know your home’s unique needs and create a schedule to help you ease into the new routine. Meet the neighbors. You don’t just have a new home – you have a new community. It’s common for neighbors to be curious when a moving truck pulls up on the block, so if you see them looking your way, wave hello and take a moment to introduce yourself. Familiarize yourself with your home warranty. Household breakdowns will happen sooner or later, so make sure you’re ready to take advantage of your home warranty by reviewing what’s covered and how to file a claim. There may also be benefits in your home warranty that you aren’t taking advantage of. For example, an HWA home warranty covers lock changes of up to six doors. Related Read: Think Twice Before Option Out of a Home Warranty Get the Most Out of Home Ownership Visit the HWA Learning Center to read up on home maintenance tips and home warranty information. Your home is one of the largest investments you'll ever make; it is important to keep it in excellent condition.  HWA HOMEOWNERSHIP 
LEARNING CENTER → Keller Williams Approved Vendor Program members are business entities independent from Keller Williams Realty, Inc.  Neither Keller Williams Realty, Inc. nor its affiliated companies warrant HWA, their products, or their services

Katherine Farber

Katherine Farber

 

How much credit should you use?

How much credit should you use? Credit cards can be wonderful tools if you know how to use them to your advantage. For example, you should use them in a way that helps boost your credit scores—which will, in turn, help you qualify for the best cards with the best perks and rewards. One key thing to keep in mind while using your credit cards is to make sure you're not using too much of your own credit. If you do, you'll end up with a higher credit utilization ratio, which can pull your credit scores down. In general, the less of your available credit you're using, the better: Aim to use no more than 30% of the credit available to you. For the best credit scores, keep it under 10%, but above zero.   Have more questions about credit and home ownership? Contact us today!     

Brandon Farber

Brandon Farber

 

10 steps to making a happy home office

1. USE PINTEREST RESPONSIBLY. Browse for inspirat ion, but remember that offices in design magazines may not be set up to accommodate a 50-hour work week. Upholstered dining room chairs look amazing, but they won’t support your back.  2. FOLLOW ERGONOMIC RULES. The top of your computer screen should be at eye level or a little below.  3. EMBRACE NATURAL LIGHT. Move your desk close to the windows, but place it parallel to the panes. This ideal set-up gives you the happiness benefits of natural light, and a good reason to turn away from your computer every few minutes to take in the scene. 4. BUT DON’T FORGET THE LAMPS. Even with great natural light, you’ll still need additional lighting for darker hours of the day. 5. GET CREATIVE WITH STORAGE If you’re the sort of person who needs to see something to remember it exists, try wall storage: magazine type racks, or children’s library-style display shelves. 6. CREATE SOME COMFY SPACE. Your desk is for active work, but you probably need a place to think or read, too.  7. ADD GREENERY. Plants make people happier.  8. PERSONALIZE THOUGHTFULLY. rotate the photos, and include mementos of success, cartoons that make you laugh, even a scent that makes you happy–something you definitely can’t get away with in a cube.   9. HIDE THINGS YOU DON’T WANT TO LOOK AT. Modern offices have lots of cords. Run a power strip behind your desk and plug everything into that. 10. OVERSTOCK. Keep all your office supplies–pens, scissors, stapler, stamps–handy. Consider a small fridge or coffee maker if you like to enjoy a few beverages during the day.       

Brandon Farber

Brandon Farber

 

The Changing Middle-Class Household Demographics

The Changing Middle-Class Household Demographics A report by the Brookings Institute assesses what metropolitan areas the middle class most inhabits, as well as how concentrated middle-class communities are, what forces shape them, and how they’ve changed since 2000. Defining the middle class as the middle three quintiles of the national income distribution—only adjusted to take account of regional price parities and household size—the study found that the metropolitan areas with the largest concentration of middle-class families are manufacturing centers, military towns, and Mormon communities: what the Brookings Institute refers to as “one of the three M's’’” These areas tend to have a high number of workers not only in manufacturing but also construction and administration. They also are mostly suburban in nature, lacking the subsidized housing and public transit found in older cities with a greater percentage of low-income residents. Demographically, they also tend to be less diverse, with predominately white populations. While small and mid-sized metro areas have the most homogenous middle-class communities, the majority of middle-class families can nevertheless be found in or around larger cities that tend to support the same labor force in addition to lower-paying and higher-paying jobs. The study also revealed fluctuations in the middle class since the beginning of the millennium. Overall the middle-class community has shrunk slightly, but this is due to a corresponding increase in higher incomes. The number of middle-class families in the areas described above have also decreased in relation to the number found in larger metro areas. Since 2000, the concentration of middle-class families in the South has grown substantially but fallen in the Northeast, along with the West Coast, and in a few cities located in the Midwest. Areas, where the middle class has grown, tend to have developed as newer metropolitan areas with distinct suburban characteristics.   Metropolitan areas with the lowest share of middle-class families tend to be tech capitals and college towns. Whereas tech capitals are predominantly populated with high-income workers, college towns are mostly split between high-income faculty members and low-income students. For this reason, areas like the San Francisco Bay and towns like Boston, Boulder, and Huntsville, Alabama tend to have a much lower percentage of middle-class families. Also, older cities tend to have smaller middle classes, such as many cities in the Northeast like Bridgeport, Philadelphia, and New York.    Author: J S Khan J S Khan is a contributing writer for DS News and MReport. 

Brandon Farber

Brandon Farber

 

The Connection Between Jobs, Wages, and Housing

The Connection Between Jobs, Wages, and Housing The unemployment rate in September fell to its lowest since 1969 to 3.7 percent, according to the latest jobs and wages data released by the Bureau of Labor Statistics on Friday. However, the growth of jobs softened to 134,000 in September compared with an average monthly gain of 201,000 over the last one year, the report revealed. Wage growth, though slow, continued its upward trend during the month rising 2.8 percent year-over-year. Despite this slow growth in wages and weak hiring, the report shouldn't spark any concerns regarding the strength of the labor market and the broader economy, according to Doug Duncan, Chief Economist at Fannie Mae, who put the three-month average increase in jobs at a "healthy 190,000." "In addition, Hurricane Florence may have temporarily suppressed hiring, as suggested by the first drop in leisure and hospitality payrolls since last September, shortly after Harvey’s landfall," Duncan said. According to Tendayi Kapfidze, Chief Economist, LendingTree, despite the disappointing jobs report, the "job market remains robust, emphasized by upward revisions to job numbers for both July and August totaling 87,000." "Although September’s wage increase pales in comparison to growing home prices—which rose another 7 percent last month—any increase is helpful for buyers trying to get in the market," said Danielle Hale, Chief Economist at Realtor.com. "However, if this growth is seen as a sign of higher inflation, it could prompt mortgage rate increases, which would eat into home buying power." However, though home buying power has seen a decline, it hasn't been as much thanks to rising household incomes, according to Mark Fleming, Chief Economist, First American. "In September, consumer house-buying power declined by $28,000, compared to a year ago. If household income had not increased compared to a year ago, the increase in mortgage rates would have reduced consumer house-buying power by $38,000," he said.  However, despite rising incomes, wages have continued to disappoint throughout this year. "The low labor force participation rate may offer a clue as to why. The large pool of available people to enter the labor force is a drag on wages as it reduces the bargaining power of workers who are already employed," Kapfidze explained. However, according to Duncan, the "Annual growth in average hourly earnings, which slowed one-tenth from the expansion high in the prior month, shouldn’t stoke inflationary concerns." Wage growth, in fact, is a wild card, said Hale, that could have a significant implication on the housing market. "If we see significant wage increases, we could start to make up ground in home sales, which have been woefully behind last year’s gains. If wages remain stagnant, home sales will likely continue to taper," she said. The recently rising mortgage rates are also likely to have an impact according to Fleming. "While recently rising mortgage rates have reduced consumer house-buying power, rising household income increases house-buying power," he said. Looking at construction jobs which increased at a slower pace by 23,000 in November, Duncan said that the impact of Hurricane Florence was felt on the construction jobs market too. However, he said that any lost construction jobs associated with the hurricane should be recouped as the affected areas recover.   Author: Radhika Ojha Radhika Ojha, Online Editor at the Five Star Institute

Brandon Farber

Brandon Farber

 

The Key Elements of a ‘Green’ Home Improvements

The Key Elements of a ‘Green’ Home Improvements What is the biggest difference between a truly green home and a property with eco-friendly features? The answer lies in the value of the home. According to the Appraisal Institute homeowners looking to increase the value of their home must look at making six key elements of their property truly energy-efficient. They include site; water efficiency; energy efficiency; indoor air quality; materials; and operations and maintenance.  

Brandon Farber

Brandon Farber

 

Largest 45 U.S. Cities Ranked by Home Size

Largest 45 U.S. Cities Ranked by Home Size Having analyzed data pulled from their property value database, LendingTree has created a list that ranks the 45 largest U.S. cities by the overall size of single-family homes. With its lower density population overall, the South dominates the list—with only wealthier cities like Las Vegas, Washington, D.C., and Boston acting as outliers to edge their way into the top 10. With three of the top five cities, Texas lives up to its outsized reputation; Houston ranks first, with the average home being 1,952 square feet, while Dallas takes fourth to beat Austin by a single square foot (1,862 and 1,861 square feet respectively). Citing the Census Bureau, Tendayi Kapfidze—LendingTree’s Chief Economist—also points out that the cities with the largest homes on average typically have more recently built homes. The median size of single-family homes constructed in the second quarter of the year was 2,412 square feet, down slightly from a few years ago, in the third quarter of 2015 when the size of new homes peaked at 2,488 square feet. Up to this point, newer homes constructed on average trended bigger than homes constructed in prior generations which on average were built almost four decades ago.    Conversely, the cities with the smallest homes tend to be found in major cities of the Midwest, particularly in the Great Lakes region. Milwaukee, Minneapolis, and Detroit round out the list’s bottom, with Detroit having the smallest homes on average (1,333 square feet). As a state, Missouri has the most urban areas on the lower end of the list as well, with St. Louis and Kansas City just barely beating the three cities mentioned above. To make the ranking of cities more intriguing, LendingTree has also calculated the average median price of homes per square foot, appending this information to the list and giving homebuyers a quick means for calculating the cities with the best price on average per size. Author: J S Khan  

Brandon Farber

Brandon Farber

 

More Home Sellers are Dropping Prices

More Home Sellers are Dropping Prices A large chunk of homes were sold for more than their asking price in September, according to a recent report from Redfin. Redfin found that In the four weeks ending on September 23, 22.9 percent of homes sold for more than their asking price. However, the report notes that this represents a 2.6 percentage point decline year over year, when 25.5 percent of homes sold above their list price. "With home price growth slowing to 4.7 percent in August, and a record-high share of sellers dropping their prices, the fact that fewer homes are selling above their asking price is another indication that competition is getting less intense than it has been in recent years," said Redfin Senior Economist Taylor Marr. "Inventory pressures are easing in the hottest markets, which is welcome news for homebuyers who are increasingly able to submit an offer without competition and get bids accepted without offering above list price. About Author: Seth Welborn Seth Welborn is a contributing writer for DS News.

Brandon Farber

Brandon Farber

 

Senate Banking Committee Talks Housing Regulation

Senate Banking Committee Talks Housing Regulation   The Senate Banking Committee held a hearing titled “Implementation of the Economic Growth, Regulatory Relief and Consumer Protection Act.” Witnesses in the hearing included The Hon. Joseph M. Otting, Comptroller, Office of the Comptroller of the Currency; The Hon. Randal K. Quarles, Vice Chairman for Supervision, Board of Governors of the Federal Reserve System; The Hon. Jelena McWilliams, Chairman, Federal Deposit Insurance Corporation; and The Hon. J. Mark McWatters, Chairman, National Credit Union Administration. “As policymakers, it is our job to enact laws and regulations that not only ensure proper behavior and safety for our markets but are also tailored appropriately,” said Mike Crapo, Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs. “Shortly after Dodd-Frank was signed into law, we began to see some of the unintended cumulative regulatory burden it had on certain financial institutions.” “The OCC is participating actively in interagency consultations related to the rulemakings and other efforts underway by the Bureau of Consumer Financial Protection to implement the Act’s changes to federal consumer financial protection laws,” Comptroller Otting said. One of the points of discussion was the implementation of new appraisal rules, notably section 103 of the Act which exempts certain loans for residential loans in rural areas. "The exemption applies to federally related transactions under $400,000 and secured by a lien on properties located in rural areas," McWilliams explained. "The exemption does not apply if a federal financial institution’s regulatory agency requires an appraisal for safety and soundness purposes or if the loan is a “high-cost mortgage,” as defined in the Truth in Lending Act. The agencies are currently working on changes to existing regulations" Otting also discussed the amendments made by section 401 of the Act, which enacts changes to the stress testing threshold. “Stress testing serves a critical function for both regulators and financial institutions by ensuring that financial institutions consider potential economic events that could cause significant balance sheet disruptions and prepare to mitigate such disruptions if necessary,” said Otting. Other exemptions discussed include section 104 of the Act, which provides partial exemptions to the Home Mortgage Disclosure Act. “The partial exemptions are generally available for: closed-end mortgage loans, if the credit union originated fewer than 500 closed-end mortgage loans in each of the two preceding calendar years; and open-end lines of credit, if the credit union originated fewer than 500 open-end lines of credit in each of the two preceding calendar years,” said McWatters in his testimony. The Act also tries to ease the burden on small banks through the rule known as the small bank holding company policy statement. In his statement, Quarles discussed the importance of the rule. “This element of the Board’s rules aims to facilitate the transfer of ownership in small banks, which can require the use of acquisition of debt, while maintaining bank safety and soundness,” he said.   About Author: Seth Welborn Seth Welborn is a contributing writer for DS News.

Brandon Farber

Brandon Farber

 

What trends are you seeing in the servicing industry this year?

What’s Driving Mortgage Servicing?   As Director of Structured Finance at S&P Global Ratings, Steven Frie’s primary responsibilities entail performing onsite reviews of mainly residential, and some asset-backed servicers, with subsequent production of an analysis and ranking of the entities’ operations. He recently spoke to DS News about the new trends he’s seeing in the servicing industry and his insights into the origination side of the business.   What trends are you seeing in the servicing industry this year? One of the notable trends is the continuous growth of many non-bank servicers as they persist in their efforts to expand their servicing businesses through portfolio purchases of distressed accounts while also continuing to expand their portfolio of prime loans serviced. Additionally, although the Bureau of Consumer Financial Protection (BCFP) has adopted a somewhat less assertive approach to enforcement, they continue to be involved in investigations, and most notably, many states have conversely indicated they will take a more assertive approach to regulation. Finally, servicers are more active in exploring artificial intelligence (AI) within their operations to reduce manual processes, and concurrently, reduce costs as the cost to service a loan has risen substantially over the last several years. All of these trends will continue into 2019.   Author:  Radhika Ojha, Online Editor at the Five Star Institut

Brandon Farber

Brandon Farber

 

Saturday Kid's Eat Free Segement

+Saturdays Cici's Pizza 3700 Candlers Mountain Rd. #4B Lynchburg, VA | (434) 845-5339 Kids (3 & under) eat free with a purchase of their drink. Famous Anthony 2104 Wards Rd. Lynchburg, VA 24502 | (434) 455-6950 One free kid's meal with each adult meal purchased from 4pm-closing. Dine in only. IHOP 5500 Fort Ave Lynchburg, VA 24502 | (434) 239-9725 One free kids (12 & under) meal with an adult purchase from 4pm-10pm. Drinks are not included. Muscle Maker Grill 3920 Wards Rd. Lynchburg, VA 24502 | (434) 616-4964 One free kid's meal with an adult entree purchase. O'Charleys 4042 Wards Road, Lynchburg, VA 24502 | (434) 832-8282 Kid's (10 & under) eat free all day everyday with purchase of an adult entree. Steak & Shake 3351 Candlers Mountain Rd. Lynchburg, VA 24502 | (434) 845-2071 Every $9.00 purchase receives one free kid's (12 & under) meal. The Stone Hearth & Manor House Kitchen 2627 Old Forest Rd. Lynchburg, VA 24501 | (434) 384-2600 Kids 7 & under eat free.

Katherine Farber

Katherine Farber

 

Kid's Eat FREE - Friday Segment

+Fridays Cici's Pizza 3700 Candlers Mountain Rd. #4B Lynchburg, VA | (434) 845-5339 Kids (3 & under) eat free with a purchase of their drink. IHOP 5500 Fort Ave Lynchburg, VA 24502 | (434) 239-9725 One free kids (12 & under) meal with an adult purchase from 4pm-10pm. Drinks are not included. O'Charleys 4042 Wards Road, Lynchburg, VA 24502 | (434) 832-8282 Kid's (10 & under) eat free all day everyday with purchase of an adult entree. The Stone Hearth & Manor House Kitchen 2627 Old Forest Rd. Lynchburg, VA 24501 | (434) 384-2600 Kids 7 & under eat free.

Katherine Farber

Katherine Farber

 

Kid's Eat Free - Lynchburg VA Thursday

+Thursdays Cici's Pizza 3700 Candlers Mountain Rd. #4B Lynchburg, VA | (434) 845-5339 Kids (3 & under) eat free with a purchase of their drink. IHOP 5500 Fort Ave Lynchburg, VA 24502 | (434) 239-9725 One free kids (12 & under) meal with an adult purchase from 4pm-10pm. Drinks are not included. O'Charleys 4042 Wards Road, Lynchburg, VA 24502 | (434) 832-8282 Kid's (10 & under) eat free all day everyday with purchase of an adult entree. Pizza Hut 2413 Memorial Ave, Lynchburg, VA 24501 | (434) 845-1433 Kids (12 & under) eat free with each paying adult from 5:30-7:30pm. The Stone Hearth & Manor House Kitchen 2627 Old Forest Rd. Lynchburg, VA 24501 | (434) 384-2600 Kids 7 & under eat free.

Katherine Farber

Katherine Farber

 

Wednesday Kid's Eat Free Lynchburg VA

+Wednesdays Cici's Pizza 3700 Candlers Mountain Rd. #4B Lynchburg, VA | (434) 845-5339 Kids (3 & under) eat free with a purchase of their drink. East Coast Wings & Grill 19399 Forest Rd. Suite 5, Lynchburg, VA 24502 | (434) 616-6297 Kids (12 & under) eat free with purchase of an adult entree from 3:30pm–close. Fiesta Tapatia 1 7860 Forest Rd. Forest, VA 24551 | (434) 385-8823 Kids (12 & under) eat free all day. IHOP 5500 Fort Ave Lynchburg, VA 24502 | (434) 239-9725 One free kids (12 & under) meal with an adult purchase from 4pm-10pm. Drinks are not included. Izakaya Japanese Food & Sushi 17928 Forest Rd. Forest, VA 24551 | (434) 455-1577 Free kids meal with every Hibachi purchase. Dine in only. Logan's Roadhouse 4046 Wards Rd, Lynchburg, VA 24502 | (434) 832-0377 All day get 1 free kid's (12 & under) meal with each adult entree. O'Charleys 4042 Wards Road, Lynchburg, VA 24502 | (434) 832-8282 Kid's (10 & under) eat free all day everyday with purchase of an adult entree. TGI Fridays 7815 Timberlake Rd. Lynchburg, VA 24502 | (434) 237-9260 One free kids (12 & under) meal with an adult entree purchase. The Stone Hearth & Manor House Kitchen 2627 Old Forest Rd. Lynchburg, VA 24501 | (434) 384-2600 Kids 7 & under eat free.

Katherine Farber

Katherine Farber

 

Kid's Eat Free Tuesday

+Tuesdays Applebee's 3624 Candlers Mountain Rd Lynchburg, VA 24502 | (434) 528-2626 3219 Old Forest Rd. Lynchburg, VA 24501 (434) 385-8055 Buy 1 adult entree and receive 1 kids meal (12 & under) all day. Chili's 15147 Wards Rd. Lynchburg, VA 24502 | (434) 237-1252 Buy 1 adult entree and receive 1 kids meal for free all day. Cici's Pizza 3700 Candlers Mountain Rd. #4B Lynchburg, VA | (434) 845-5339 Kids (3 & under) eat free with a purchase of their drink. Cold Stone Creamery 3911 Wards Rd Lynchburg, VA 24502 | (434) 237-8383 Buy 1 kid's (12 & under) create your own and get 1 free. IHOP 5500 Fort Ave Lynchburg, VA 24502 | (434) 239-9725 One free kids (12 & under) meal with an adult purchase from 4pm-10pm. Drinks are not included. Macado's 3744 Candler's Mtn Rd. Lynchburg, VA 24502 | (434) 845-6464 For every adult entree purchase up to 2 kids (12 & under) eat for $1 from 4pm-9pm. Dine in only. Mcallister's Deli 717 Wards Ferry Rd, Lynchburg, VA 24502 | (434) 439-4310 Buy 1 adult entree, get up to 2 free kids meals from 5pm-10pm. O'Charleys 4042 Wards Road, Lynchburg, VA 24502 | (434) 832-8282 Kid's (10 & under) eat free all day everyday with purchase of an adult entree. Pizza Hut 2413 Memorial Ave, Lynchburg, VA 24501 | (434) 845-1433 Kids (12 & under) eat free with each paying adult from 5:30-7:30pm. Wasabi 3700 Candlers Mountain Rd, Lynchburg, VA 24502 | (434) 847-1288 Kids eat free with adult entree at the Hibachi table.

Katherine Farber

Katherine Farber

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