Credit borrower – KR2K http://kr2k.com/ Sun, 19 Sep 2021 04:32:21 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://kr2k.com/wp-content/uploads/2021/08/icon-150x150.png Credit borrower – KR2K http://kr2k.com/ 32 32 Consumers Warned of Increase in Student Loan Forgiveness Scams https://kr2k.com/consumers-warned-of-increase-in-student-loan-forgiveness-scams/ https://kr2k.com/consumers-warned-of-increase-in-student-loan-forgiveness-scams/#respond Sat, 18 Sep 2021 16:55:00 +0000 https://kr2k.com/consumers-warned-of-increase-in-student-loan-forgiveness-scams/ >> State Banking and Securities and Education departments warn of an increase in student loan cancellation fraud, saying the pandemic is causing financial hardship for many borrowers who are currently seeking help. If a student or borrower receives an email, letter, or phone regarding a student debt relief loan, someone will give you information about […]]]>

>> State Banking and Securities and Education departments warn of an increase in student loan cancellation fraud, saying the pandemic is causing financial hardship for many borrowers who are currently seeking help. If a student or borrower receives an email, letter, or phone regarding a student debt relief loan, someone will give you information about your loan before sending or confirming any personal information on which the loan is concerned. The state is skeptical. They have to do PSEAU just because they did. of confidence. Investigate the company and see the VALIDITY of the company you are contacting. Some scams suggest signing up for a program like the CARESCT Loan Forgiveness Program or the BIDEN Forgiveness Program, but in either case, make sure your email address has been sent to UYO. Make sure your student loan email is from a .GOV email. Before sharing sensitive or financial information such as social security numbers, credits, or banking information, be aware of the requirements of the LEGITIMEAT program. Student loan cancellation isn’t the only financial scam linked to COVID-19. As we have said many times, you need to be careful and provide sensitive information to everyone.

Consumers Warned About Student Loan Forgiveness Scams

The Education Department has warned of an increase in student loan forgiveness fraud as the COVID-19 pandemic is causing financial hardship for many borrowers who are currently seeking relief. Students or borrowers who receive an email, letter, or phone call about student loan debt cancellation are urged to suspend before sending or verifying their personal information. Fraudsters often obtain student loan information illegally. Just because someone has information about your loan doesn’t mean they should be trusted. Investigate the business. There isn’t really a business run by a scammer, so check the effectiveness of the business you’re contacting. Exercise due diligence. Check out what programs are offered. Some scams suggest signing up for non-existent programs such as “Cares Act Loan Forgiveness” and “Biden Forgiveness Program”. Please verify your email address. Make sure the email sent about your student loan is from your .gov email address. Be aware of what legitimate programs require and do not require of you. Please proceed with caution before sharing sensitive or financial information such as social security numbers, credit information, banking information. If in doubt, hang up and call the repairer directly. Take a break before performing the action. Check your communication or phone with the repairer before taking any action. State officials have also provided advice on what to do if you suspect fraud. Close account / stop payment. If you share your bank account or credit card information with a fraudster, please contact your bank or credit card company immediately to close your account or stop payment. Notify the repairer. If you think you are a victim of student loan forgiveness scams, please call your service agent so you can monitor your account. Monitor your credit report. Check for suspicious activity. Scammers don’t always use your information immediately. It can take weeks, months, or even years before your information is used for fraudulent purposes. Also remember to freeze the credits. Please report the scam. You can report student loan forgiveness fraud to the Federal Trade Commission. The cancellation of the student loan is not the only financial scam linked to the coronavirus. You are careful and never share financial or other sensitive information with anyone who unilaterally contacts you.

Nova Scotia Department of Education A warning about an increase in student loan cancellation scams as the COVID-19 pandemic has caused financial hardship for many borrowers currently seeking relief.

Students or borrowers who receive an email, letter, or phone call about student loan debt cancellation are urged to suspend before sending or verifying their personal information.

Authorities said the following precautions could be taken to avoid casualties:

  • Be skeptical. Fraudsters often obtain student loan information illegally. Just because someone has information about your loan doesn’t mean they should be trusted.
  • Investigate the business. Many businesses run by scammers don’t really exist, so check the validity of the business you’re contacting.
  • Demonstrate due diligence. Check out what programs are offered. Some scams suggest signing up for non-existent programs such as “Cares Act Loan Forgiveness” and “Biden Forgiveness Program”.
  • Please verify your email address. Make sure the email sent about your student loan is from your .gov email address.
  • Know what a legitimate program wants you to do and what it doesn’t. Please proceed with caution before sharing sensitive or financial information such as social security numbers, credit information, banking information. If in doubt, hang up and call the repairer directly.
  • Take a break before performing the action. Check your communication or phone with the repairer before taking any action.

State officials have also provided advice on what to do if you think you’ve been scammed.

  • Close your account / suspend payment. If you share your bank account or credit card information with a fraudster, please contact your bank or credit card company immediately to close your account or stop payment.
  • Notify the repairer. If you think you are a victim of student loan forgiveness scams, please call your service agent so you can monitor your account.
  • Monitor your credit report. Check for suspicious activity. Scammers don’t always use your information immediately. It can take weeks, months, or even years before your information is used for fraudulent purposes. Also remember to freeze the credits.
  • Report the scam. You can report a student loan forgiveness scam to the Federal Trade Commission.

The cancellation of the student loan is not the only financial fraud linked to the coronavirus. You are careful and never share financial or other sensitive information with anyone who unilaterally contacts you.

Consumers Warned of Increase in Student Loan Forgiveness Scams

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Here is my best value stock to buy right now https://kr2k.com/here-is-my-best-value-stock-to-buy-right-now/ https://kr2k.com/here-is-my-best-value-stock-to-buy-right-now/#respond Sat, 18 Sep 2021 11:22:00 +0000 https://kr2k.com/here-is-my-best-value-stock-to-buy-right-now/ Finding value when the stock market sets new records tends to be difficult. Investors should be careful not to buy stocks as earnings peak. This is often the difference between a valuable stock and a value trap. Sometimes a stock is cheap because the market doesn’t give the company any credit for a line of […]]]>

Finding value when the stock market sets new records tends to be difficult. Investors should be careful not to buy stocks as earnings peak. This is often the difference between a valuable stock and a value trap. Sometimes a stock is cheap because the market doesn’t give the company any credit for a line of business or some kind of asset. The market has defeated the mortgage real estate investment trust New Residential (NYSE: NRZ) – but this does not give sufficient credit to the cash-generating operating activity of the company.

Image source: Getty Images.

New residential ranks among the highest echelons of mortgage lenders

New Residential has three main areas of activity: mortgage investment, maintenance and assembly. I recently wrote about New Residential’s service portfolio and how it might help mitigate the effects of the Federal Reserve’s impending reduction in asset purchases. But investors should also be aware of New Rez’s mortgage origination business.

New Residential has strengthened its mortgage origination business and recently completed the purchase of Caliber Home Loans. This transaction places New Rez in the top five of non-bank lenders in the United States and, on a pro forma basis, it funded $ 45 billion of origination in the second quarter.

Unlike mortgage REITs, mortgage originators typically trade well above book value, especially those who primarily interact with the borrower, as opposed to those who purchase completed loans from smaller lenders. Mortgage REITs rely primarily on interest income, but originators have the flexibility to make one loan, sell it, and make another.

At the end of 2020, New Residential estimated there was between $ 2.90 and $ 6.52 per share in hidden value with mortgage origination activity – and that figure ignored the deal. Caliber. With the acquisition of Caliber, that number is expected to grow, given that Caliber has a strong retail presence and a strong buying market presence, which is worth more than the typical correspondent-type lender that New Residential had before. acquisition. This is important because the buying market is much more stable than the refinancing market. If rates go up, refinancing opportunities decrease dramatically, but people are still buying homes. A point of sale that has an office and loan officers in the field, will talk to real estate agents, will have a much more stable flow of business than a lender who relies on buying loans from other, smaller lenders. . This is why Caliber adds so much value to New Residential.

Mortgage originators trade at a premium over mortgage REITs

New Residential should be seen as a sum of the parts story, with neglected assets that investors don’t factor into the share price, leading to a lower valuation than it deserves. In these circumstances, the company may find it beneficial to part with these assets in order to assign a value to them. New Residential discussed such a possibility last year.

New Residential has historically been primarily a mortgage REIT and like most mortgage REITs trades based on dividend yield and book value. At the end of June, the company had a book value per share of $ 11.27 and is trading at a discount of 3% per share. This is a typical multiple for a mortgage REIT these days, and you can think of the book value as “fair value”.

But the ability of mortgage originators to “recycle” their assets makes them more valuable. If you look at the other major non-bank originators (Rocket, UWM Holdings, Loan deposit, and PennyMac Financial), you’ll see that these stocks typically trade around three times the book value per share.

New Residential will likely update shareholders on the combined mortgage bank’s projected earnings and book value when it reports third quarter earnings in October. At this point, we will have a better indication of the intrinsic value of mortgage origination transactions.

The company just increased its dividend to $ 0.25 per quarter, giving the stock a dividend yield of over 9%. That’s way above the typical mortgage lender, and more compliant with mortgage REITs. With New Residential, you get the stable income of a mortgage REIT with the operating company, which offers growth potential down the road. New Residential is the type of stock that would appeal to both a value investor and an income investor.

This article represents the opinion of the author, who may disagree with the “official” recommendation position of a premium Motley Fool consulting service. We are heterogeneous! Questioning an investment thesis – even one of our own – helps us all to think critically about investing and make decisions that help us become smarter, happier, and richer.


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Danville Speaks: Letters to the Editor for the Week of September 17, 2021 | Local News https://kr2k.com/danville-speaks-letters-to-the-editor-for-the-week-of-september-17-2021-local-news/ https://kr2k.com/danville-speaks-letters-to-the-editor-for-the-week-of-september-17-2021-local-news/#respond Fri, 17 Sep 2021 21:30:00 +0000 https://kr2k.com/danville-speaks-letters-to-the-editor-for-the-week-of-september-17-2021-local-news/ Thank you very much SO-OOO for the recent column by Steven Doyle (“Spread Your Views on Germs in Private,” August 29). Incredulous, silly, incomprehensible and mean are just a few adjectives I can think of to describe the views of people who refuse to get vaccinated and / or wear masks. They are not bad […]]]>

Thank you very much SO-OOO for the recent column by Steven Doyle (“Spread Your Views on Germs in Private,” August 29). Incredulous, silly, incomprehensible and mean are just a few adjectives I can think of to describe the views of people who refuse to get vaccinated and / or wear masks. They are not bad people, for we are all children of God who sin daily and need to plead for God’s forgiveness.

My wife and I are both immunocompromised due to age and certain medications. We have maintained a relatively quarantined lifestyle since mid-March when our nurse / ER daughter revealed she had been exposed but had no symptoms when her family visited her several days earlier.

Subsequently, we received our Moderna vaccines when they became available a few weeks later. No bad reactions – just some local muscle pain relieved by cold compresses applied almost immediately after the injection. The second reminder was received with joy four weeks later at Sovah Health, where we were treated wonderfully.

My first quarantine was when I was 6 in a boarding school in South India, where my parents were Lutheran missionaries. The disease was chickenpox. Two years later I contracted diphtheria which required hospitalization in an English hospital 40 miles from my home because I had the laryngeal form.

If the diphtheria membrane that formed had broken off when coughing, it could have blocked the opening to my trachea and required an emergency tracheostomy. Mom stayed with me for two weeks, while Pop and my younger brother suffered from the nasal form at home.

Many other forms of contagious diseases surrounded us: leprosy, smallpox, whooping cough, tetanus, amoebic dysentery and many others.

We only experienced the fear of polio when we returned to the United States. Every summer when it was hot like today, the public swimming pool was the only relief from the outdoor activities. Because this turned out to be a main source of the spread of the virus, all swimming pools were closed.

President Franklin Roosevelt was confined to a wheelchair due to polio affecting his lower spinal cord. If your upper spinal cord was affected, you spent the rest of your life in an “iron lung”. He breathed for you by increasing the pressure inside a huge metal tube with “windows” to see in or out.

Plugged into an electrical circuit, a huge bellows-shaped device sucked in the “good” outside air, then increased the pressure inside the tube to expel the “bad” air from the patient’s chest. A mechanical form of artificial respiration. If the electrical circuit was cut, an alarm sounded and manual pumping was performed 20 times per minute.

I had to do this once while the patient was transferred to another hospital. His mentality and / or his life was literally in my hands for almost an hour.

But we don’t dread it anymore. Why? Because of the vaccines.

When I hear complaints about the COVID-19 masking or vaccination today, I ask people, “Have you heard of anyone in Danville who recently contracted polio, smallpox, diphtheria? , whooping cough or tetanus? So far the answer is no.

“What about COVID-19? The answer is yes. “Always!

Vaccinations work, guys! Moderna is 96% effective! You can now go to Walgreens or CVS pharmacies to get tested and / or vaccinated for free.

My sincere thanks to these two companies, to Sovah Health, and to all the healthcare professionals who are helping to end the pandemic.


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How Biden’s recent round of student loan forgiveness will work https://kr2k.com/how-bidens-recent-round-of-student-loan-forgiveness-will-work/ https://kr2k.com/how-bidens-recent-round-of-student-loan-forgiveness-will-work/#respond Fri, 17 Sep 2021 07:39:16 +0000 https://kr2k.com/how-bidens-recent-round-of-student-loan-forgiveness-will-work/ THROUGH Sydney lakeSeptember 17, 2021, 02:00 US President Joe Biden speaks at an event in the East Room of the White House, as seen in September 2021. (Photo by Win McNamee / Getty Images) The hope of massive student debt cancellation still looms, although a few targeted groups are already on the way to being […]]]>

THROUGH Sydney lakeSeptember 17, 2021, 02:00

US President Joe Biden speaks at an event in the East Room of the White House, as seen in September 2021. (Photo by Win McNamee / Getty Images)

The hope of massive student debt cancellation still looms, although a few targeted groups are already on the way to being alleviated. President Joe Biden has canceled $ 9.5 billion in student loans since March 18 in four rounds of cancellations that have targeted two main groups of borrowers: Americans with permanent disabilities and people with disabilities. frequented establishments that no longer exist.

The US Department of Education will soon begin forgiving the debt of about 563,000 borrowers for the four rounds of cancellations announced this year. But when and how will these groups see their remaining payments settled? Fortune has compiled a guide to keep affected borrowers informed.

Borrowers who attended schools that have now disappeared

Three of the four rounds of student loan cancellations announced this year were granted to borrowers who attended institutions that participated in deceptive or illegal practices.

Students who fall into this category must submit a borrower’s defense loan discharge application through the federal student aid office. The Education Department announced in March that it would write off student loan debt for those whose applications have been approved.

Before the official loan discharge rounds were completed, borrowers could submit a loan discharge request form, which asks about the student’s enrollment. The FSA would then decide to grant a non, partial or full pardon if the plaintiff’s school had cheated on them.

However, as part of rounds one, two and four of this year’s student loan forgiveness, the Department of Education will now provide full loan forgiveness to borrowers who have attended Corinthian Colleges, the ITT Technical Institute, the American Career Institute, the Court Reporting Institute, Westwood College or Marinello Beauty Schools. All of these schools were determined to have misled students. Borrowers can also ask the credit bureaus to remove any associated negative credit reports from their profile.

More than 188,000 borrowers will benefit from these three rounds of forgiveness totaling approximately $ 2.6 billion in canceled federal student loans. Automatic discharges will be made from this month, “as long as [the borrower] have not enrolled in another institution within three years of closing their school, ”according to the Ministry of Education.

“Borrowers deserve a simplified and fair path to relief when they have been harmed by the misconduct of their institution,” Education Secretary Miguel Cardona said in a March 18 statement announcing the first cycle of forgiveness.

Disabled borrowers

As part of a $ 5.8 billion student loan forgiveness, the Department of Education will write off all debts owed by 323,000 borrowers with total and permanent disabilities that prevent them from working. Discharges will be granted automatically for borrowers who are registered as having a “total and permanent” disability (PDT) by the Social Security Administration.

This means borrowers with disabilities won’t have to complete a separate application for relief, according to the Education Ministry. The ministry had already removed the application requirement in 2019 for borrowers identified as having a PDT through the Department of Veterans Affairs.

As long as the SSA has determined that a borrower is totally and permanently disabled, that person will be eligible for this round of student loan forgiveness. SSA will share this information with FSA via data correspondence from September.

Borrowers registered as having a PDT will begin to have their loans canceled automatically. The education ministry will notify borrowers when the discharges occur and expects them to “occur by the end of the year.”

So what will this mean for borrowers with disabilities in the future?

“If a disability is permanent, it should be a lot easier to pay off student loans,” says Janet Lowder, Special Needs Alliance member at Hickman & Lowder Co. “There is a complicated set of rules though , after release, a person wants to go back to school and take out more loans. There is also a three-year review process to ensure that the person does not return to work after their leave.

The Education Department is also making changes to the way it monitors TPD borrowers. Under the previous regulations, the income of these borrowers would be monitored for a period of three years after they were deemed to have a PDT. If the income reaches a certain threshold, a person’s loans could be reinstated. From August, however, the Education Ministry stopped sending automatic requests for income information. The ministry said it will also propose, starting in October, to completely eliminate the monitoring period.

“This change cuts red tape in an effort to make processes as easy as possible for borrowers who need help,” Cardona said in a statement released in August.

Find out how the schools you are considering landed in the Fortune rankings for the best full-time executives, and online MBA programs.


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This is the worst time to maximize your credit cards https://kr2k.com/this-is-the-worst-time-to-maximize-your-credit-cards/ https://kr2k.com/this-is-the-worst-time-to-maximize-your-credit-cards/#respond Sat, 11 Sep 2021 12:32:35 +0000 https://kr2k.com/this-is-the-worst-time-to-maximize-your-credit-cards/ Generally, it is a bad idea to maximize your credit cards. If you have a credit card with a credit limit of $ 5,000 and load $ 4,900 or $ 5,000 on the card, you have reached the maximum. While maximizing your cards is never a good thing, there is a time when it can […]]]>

Generally, it is a bad idea to maximize your credit cards. If you have a credit card with a credit limit of $ 5,000 and load $ 4,900 or $ 5,000 on the card, you have reached the maximum.

While maximizing your cards is never a good thing, there is a time when it can be particularly damaging.

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Never maximize your cards in this situation

If you’re applying for a large loan, like a mortgage, personal loan, or car loan, do everything you can to avoid approaching your credit limit.

There are a few big reasons to maximize your cards, so this is particularly bad news. You may be denied your loan and be unable to buy that house or car or get your funds because maxing out your cards lowers your credit score. If you use more than 30% of your credit limit, it hurts your score. And the closer you get to the maximum of your cards, the greater the damage. If your credit score is lower because you overcharged your cards, you also might not qualify with as many lenders.

Lenders compare your debt amount and your monthly debt payments to your income. This is called your debt to income ratio. If you’ve run out of cards, you have more debt and a higher monthly payment. If your debt-to-income ratio is too high, lenders may deny you money.

Even though lenders won’t turn down your loan just because of max cards, they may view you as a riskier borrower due to a higher debt-to-income ratio and lower credit score. Since you borrow a lot of money for years or even decades, even if they only raise your interest rate slightly, you could end up with thousands or tens of thousands of dollars in mortgage fees. additional interest.

And, of course, if you are maxing out your cards, it’s harder to make payments on your cards. and the new loan you take out, which increases your risk of default.

Because of all of these drawbacks, avoid approaching your credit limit if a large loan is in your immediate future.


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The impact of macro-prudential policies on the housing market https://kr2k.com/the-impact-of-macro-prudential-policies-on-the-housing-market/ https://kr2k.com/the-impact-of-macro-prudential-policies-on-the-housing-market/#respond Wed, 08 Sep 2021 23:18:26 +0000 https://kr2k.com/the-impact-of-macro-prudential-policies-on-the-housing-market/ Credit standards remain cautious, but higher levels of household debt or a further increase in the high debt-to-income ratio could trigger a tightening of term credit conditions. The emphasis on home credit policies is becoming more intense as property values ​​continue to rise and mortgage debt levels rise faster than their long-term averages. It’s rare […]]]>

Credit standards remain cautious, but higher levels of household debt or a further increase in the high debt-to-income ratio could trigger a tightening of term credit conditions.

The emphasis on home credit policies is becoming more intense as property values ​​continue to rise and mortgage debt levels rise faster than their long-term averages.

It’s rare for the RBA to make a statement these days without including a sentence about the importance of maintaining lending standards for home loans. The central bank’s latest statement following its September board meeting was no different and included the following line: “Given the environment of rising house prices and interest rates, low interest, the Bank carefully monitors mortgage trends and it is important that lending standards are maintained. “

Any tightening of credit policies would likely have an immediate dampening effect on housing markets, the extent of which would depend on the extent and severity of the tightening in credit conditions. Thanks to previous rounds of macroprudential policies and the Royal Banking Commission, which saw mortgage more difficult to obtain, the impact on real estate activity and value growth was clear.

The first cycle of macroprudential policy intervention (announced in December 2014), which implied a 10% speed limit on annual growth in investor credit, only had an impact in mid-2015 due to of the consultative approach adopted by APRA. By May 2015, the growth rate of home values ​​had started to decline, going into negative territory between November 2015 and April 2016.

The second round of macro-prudential policy announcements took place in March 2017, which involved a 30% benchmark on the flow of new interest-only mortgage loans. The impact of this policy was more immediate, resulting in a marked slowdown in the pace of home value appreciation from the date of implementation. As a result, the value of national houses declined between late 2017 and early 2018.

Credit policy and home loan viability ratings were tightened through the Royal Banking Commission, and home values ​​again reacted negatively.

During each of these periods of credit crunch, the impact on real estate trends was most evident in markets that had increased exposure to the rules. Sydney, for example, was the epicenter of investment activity, with investors accounting for nearly 56% of mortgage demand at the start of 2015. As a result, home values ​​in Sydney fell more sharply than the national average during each of these credit policy adjustment periods.

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In the current environment, the risk of a credit crunch is likely to be more focused on the aggregate accumulation of debt in the household sector rather than on investment loans or interest-only loans.

The speed of net investment credit growth (i.e. new loans minus repaid debt) has increased, but remains below average, and has in fact tended to decline over the past two months. July, reflecting an appetite for debt reduction in the investment sector. On the other hand, homeowner credit growth has been trending upward since June 2020 and has remained above the decade average since November of last year.

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Another warning sign is the proportion of loans issued with high debt-to-income ratios. The latest APRA data shows that home loans from a debt-to-income ratio above six times accounted for almost 22% of loans in the June quarter; a substantial increase from a year ago, when only 16.0% of new loans had such a high debt-to-income ratio.

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Other APRA measures for the June quarter were less cautious. Interest-only loans fell to just 17.2% of home loans and mortgages with a loan-to-appraisal ratio of 90% or more (i.e. buyers who had a deposit of 10% or less) tend to decline since December to include only 8.6% of new loans in the June quarter.

As the governor of the RBA pointed out in his testimony to the House of Representatives Standing Committee on Economics last month, the attention of the Board of Financial Regulators, which includes the RBA as well as the APRA, l ‘ASIC and the Federal Treasury, is strongly focused on sustainability trends. in household borrowing. A prolonged period in which household debt grows faster than income implies an accumulation of medium-term risks that could trigger a tightening of credit policy.

Household debt data is current through March 2021 and will be updated later this month. The trend shows a subtle reduction in household debt levels since the recent peaks in mid-2019. However, the ratio of household debt to annualized household disposable income edged up in March and likely rose further. Likewise, the real estate debt and household debt ratios have also declined, but have recently increased slightly. Given the pace of growth in housing credit in a context of weak income growth, in all likelihood, household debt (of which housing debt is the main component) will reach or approach a record level of ‘by the end of 2021.

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The likely response to these medium-term risks could be seen in higher ratings of ease of service for borrowers – essentially increasing the minimum interest rate used to assess whether a borrower can repay their loan, or restrictions on borrowers. portfolio level could be imposed on lenders, probably focused on establishing firm benchmarks on the proportion of high debt-to-income ratio loans that can be issued.

Either of these options would impact the availability of credit and limit the loan amount relative to the borrower’s income or service capacity. Ultimately, stricter credit terms, if introduced, would result in a decrease in home buying activity and add to the headwinds of deteriorating housing affordability, from higher levels. the supply of new constructions and the cessation of migrations abroad.

Of course, the tailwind of persistently low mortgage rates and improving economic conditions once lockdowns are eased or lifted will help keep housing demand bottoming out. The RBA reiterated in its latest statement following the September board meeting that it still expects the cash rate to remain unchanged until 2024 at the earliest.


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Credit union to reimburse $ 4,000 after caregiver steals money https://kr2k.com/credit-union-to-reimburse-4000-after-caregiver-steals-money/ https://kr2k.com/credit-union-to-reimburse-4000-after-caregiver-steals-money/#respond Thu, 02 Sep 2021 02:30:00 +0000 https://kr2k.com/credit-union-to-reimburse-4000-after-caregiver-steals-money/ A credit union was ordered to reimburse a disabled woman for $ 4,000 after her caregiver stole $ 10,000 from her bank account. A charity that helped the woman with her finances complained to FSCL on her behalf. FSCL is a dispute resolution service that helps clients who cannot resolve their complaints with a financial […]]]>

A credit union was ordered to reimburse a disabled woman for $ 4,000 after her caregiver stole $ 10,000 from her bank account.

A charity that helped the woman with her finances complained to FSCL on her behalf.

FSCL is a dispute resolution service that helps clients who cannot resolve their complaints with a financial service provider. It does not identify the complainants, or the organizations they are complaining about, but indicates that the woman did her banking with a credit union.

Her account had a “two sign” process in which a senior charity employee signed a withdrawal slip and the woman countersigned it at the credit union to get her money.

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But her caregiver, who accompanied her to the branch to withdraw her money, changed the withdrawal slips and used fraudulent transfer slips to transfer her money to a separate account, from which she could withdraw money. money from an ATM using the woman’s eftpos card.

It was when a teller noticed that the withdrawal slip had been tampered with that the credit union let senior management at the charity know that something was wrong.

After the breach was discovered and the case was referred to the police, the charity filed a complaint with FSCL, saying the credit union should have done more to prevent fraudulent withdrawals.

The charity said it was clear that the slips had been changed and that there should have been a withdrawal limit of $ 100 on his account and that transfers to the ATM account should not have been allowed at all.

The credit union argued that it was not responsible because it was enough to have the woman sign the slip in front of a cashier.

FSCL said it should have been obvious more money was being withdrawn from ATMs.

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FSCL said it should have been obvious more money was being withdrawn from ATMs.

He said the woman’s charity or family should have noticed the withdrawals.

He said FSCL should not investigate because the caregiver may be asked to reimburse the woman as part of the police investigation.

But FSCL chief executive Susan Taylor said her organization looked into the matter and found that while the charity did not explicitly ask for a limit on what can be withdrawn, the credit union relaxed the “two to sign” measure by allowing withdrawal. slip to be signed by a single signatory off-site. It helped that fraud could take place.

FSCL also felt that the cashier staff should have noticed the withdrawal slips which had been obviously tampered with and that the number of ATM withdrawals was much higher than normal.

FSCL asked the credit union to repay 40 percent of the amount stolen. He accepted.

Taylor said it was a reminder that financial services companies should be very careful with vulnerable customers.

“FSCL focuses on supporting vulnerable consumers and for this reason we have updated our Vulnerable Consumer Policy. This includes mechanisms to prioritize complaints that present vulnerabilities. Our translation service is available to help those for whom language may be a barrier and we make sure we connect with community organizations, so people are aware of our services, ”Taylor said.


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Farm Credit: Using a Privacy Statement to Boost Borrower Confidence | Nexsen Pruet, SARL https://kr2k.com/farm-credit-using-a-privacy-statement-to-boost-borrower-confidence-nexsen-pruet-sarl/ https://kr2k.com/farm-credit-using-a-privacy-statement-to-boost-borrower-confidence-nexsen-pruet-sarl/#respond Wed, 25 Aug 2021 14:32:24 +0000 https://kr2k.com/farm-credit-using-a-privacy-statement-to-boost-borrower-confidence-nexsen-pruet-sarl/ A privacy statement shouldn’t be seen as a burden but as an opportunity to show potential borrowers that the organization’s promises are important. The promise to keep personally identifiable information in the strictest confidence. The promise to create and activate a system and people who manage data appropriately and who remain vigilant against external threats. […]]]>

A privacy statement shouldn’t be seen as a burden but as an opportunity to show potential borrowers that the organization’s promises are important. The promise to keep personally identifiable information in the strictest confidence. The promise to create and activate a system and people who manage data appropriately and who remain vigilant against external threats.

When it comes to selecting a credit agency, the needs of the borrower are increasing. They are looking for transparency and a partner they can turn to and with whom they can do business reliably. A privacy statement goes a long way in putting the cards for organizations on the table.

In an oversimplification, a privacy statement explains what an organization does with personal data. In agricultural credit, this may involve how the organization collects information, the requirements of 12 CFR Part 618, Subpart G, how information is stored and which third parties / vendors may have access to the data, as well as contacts that borrowers can contact. regarding their information.

However, a privacy statement doesn’t have to be a lengthy legal document filled with legal jargon. A simple recitation of compliance measures can be written, while also including beneficial statements, such as length of service in the community, established commitment, and other trusted commitments.

In closing, agricultural credit organizations must remain vigilant in terms of compliance to protect themselves, but also their borrowers. Using a privacy statement as a marketing tool is a convenient and responsible way to show potential borrowers that the organization cares about the business, that the hard work of the team, and the choices made by management, are in the best interests of the borrower.


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Flex Modification Program: A Guide https://kr2k.com/flex-modification-program-a-guide/ https://kr2k.com/flex-modification-program-a-guide/#respond Mon, 23 Aug 2021 17:05:48 +0000 https://kr2k.com/flex-modification-program-a-guide/ If you’re having trouble making your monthly mortgage payments, the Flex Modification program could help you lower your monthly payment, get a longer repayment period, and maybe even a lower interest rate. Here’s what you need to know about the Fannie Mae and Freddie Mac Flex Modification program and if it’s the right decision for […]]]>

If you’re having trouble making your monthly mortgage payments, the Flex Modification program could help you lower your monthly payment, get a longer repayment period, and maybe even a lower interest rate. Here’s what you need to know about the Fannie Mae and Freddie Mac Flex Modification program and if it’s the right decision for you to apply.

What is the Flex Modification program?

The Flex Modification Program (FMP) is a conventional loan modification program designed to help homeowners experiencing long-term or permanent financial difficulties. It can be used as a way to avoid foreclosure.

If you qualify, you may be able to extend your loan term to 40 years and reduce your principal and interest payments by up to 20%. In some cases, the lender can also lower the interest rate of the loan.

The FMP replaced the Home Affordable Modification (HAMP), Standard Modification and Streamlined Modification program in 2016, combining them all into one program for simplicity and flexibility.

The FMP is beneficial for both borrowers and lenders. The borrower can stay at home, while the lender can save money by not going through the foreclosure process.

How does Flex Modification work?

If you are behind on your mortgage payments, you can apply for the Flex Modification program through your lender. If you are between 90 and 105 days late, your lender is required by Fannie Mae and Freddie Mac to review your situation to determine if you qualify.

If you qualify, the lender may take one or more of the following actions:

  • Reduce your monthly payments by up to 20%
  • Add overdue amounts, including interest, to your principal balance, so not everything is owed upfront
  • Extend your repayment term up to 40 years
  • Lower your interest rate
  • Impose a forbearance on part of your capital, which will not bear interest and will be payable when the loan matures or if you repay it in advance

Your lender will review your situation to determine what action to take. Once this decision is made, you will enter a trial period, during which you will make the payments defined by the program for a few months. If you end this period, the lender will revert your loan back to the current status and your loan modification will become permanent.

Why should you consider a flex modification?

FMP can be a great option for someone who is behind on their mortgage payments due to financial hardship and doesn’t anticipate a change in their situation. This long-term solution can help you avoid foreclosure, which can damage your credit and uproot your life, forcing you to find another place to live.

Once the trial period is over, a Flex modification will also revert your loan back to its current status, which will not negate the fact that you have been in arrears, but it can prevent further damage to your credit score.

If the arrangement works within your budget, you will be able to stay in your home with less financial strain.

Who is eligible for the Flex Modification program?

Ultimately, your lender determines if you qualify for a flex modification. To begin with, your loan must be owned or guaranteed by Fannie Mae or Freddie Mac, which means it must be a conventional loan. If you have a government guaranteed loan like an FHA, VA, or USDA loan, these programs have separate loan modification options that you can follow.

Some of the eligibility requirements for the program include:

  • Your mortgage is at least a year old.
  • Your loan is a first mortgage, which means your lender will be the first to be paid off if you default and the foreclosed home is sold.
  • If the loan is less than 60 days outstanding or past due, it must relate to your primary residence. If it’s a second home or an investment property, you must be 60 days or more late.
  • Your lender has determined that your loan is in impending default, which means they think you are no longer able to pay, even if the loan is less than 60 days past or past due.

What is considered a hardship for a loan modification?

Under normal circumstances, lenders may accept any of the following forms of financial hardship:

  • Unemployment
  • Reduced income due to circumstances beyond your control
  • Increase in housing expenses due to circumstances beyond your control
  • Natural or man-made disasters that have affected your property or workplace
  • Long-term or permanent disability
  • Serious illness of the borrower, co-borrower or dependent family member
  • Divorce or legal separation
  • Separation of borrowers unrelated to marriage, civil union or similar domestic partnership
  • Death of a borrower or of the main or secondary employee
  • Job relocation of more than 50 miles
  • Other difficulties described by the borrower

The Federal Housing Finance Agency has extended these conditions to also include homeowners who are in ongoing financial hardship related to the pandemic.

Regardless of the type of financial hardship you are facing, you will need to provide documents during the application process to prove your eligibility.

How to request a Flex change

If your lender has not already contacted you about Flex Modification, contact them and ask to receive a borrower response package. You will need to complete and sign the Borrower Assistance Form and IRS Form 4506-T or Form 4506T-EZ, which allow the lender to request a transcript of your tax return. You will also need to provide proof of income and your financial hardship.

Submit the package to your lender once you have completed it, and they will review your request.

Note that if you are 90 days or more late, the lender uses a streamlined process, which does not require you to complete the file.

Other ways to get help with your mortgage payments

If your financial difficulties are temporary, the Flex Modification program may not be right for you. Here are some alternatives to consider:

  • Abstention: Your lender may offer a forbearance, which suspends your monthly payments for a period set by the lender. However, that doesn’t erase what you owe, so you’ll have to catch up on those payments later.
  • Internal modification: Many mortgage lenders have created their own internal modification programs with different terms than the FMP. Contact your lender to find out if they have a program that might be better suited.
  • Charitable organizations: Some charities offer housing assistance, although the eligibility requirements and extent of assistance may vary from organization to organization. Examples include the United Way, The Salvation Army, Catholic Charities USA, and the Marin County St. Vincent de Paul Society.
  • Friends and family: Depending on your situation, you may be able to seek help from people in your circle of friends and family. Just make sure you understand the potential impact such a request could have on your relationship, especially if you can’t pay them back.

Whatever you do, take the time to research and compare all of your options to find the one that best suits your situation and needs.

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How to Avoid Loan Default, According to Leading Funding Brokers https://kr2k.com/how-to-avoid-loan-default-according-to-leading-funding-brokers/ https://kr2k.com/how-to-avoid-loan-default-according-to-leading-funding-brokers/#respond Sun, 22 Aug 2021 22:00:00 +0000 https://kr2k.com/how-to-avoid-loan-default-according-to-leading-funding-brokers/ Experts explain all the options available to borrowers struggling to repay a loan Melbourne, Australia, August 22, 2021 / PRNewswire / – Bills, debts and loan repayments can sometimes come at inopportune times, which can make it difficult for borrowers to make their payments. Instant lockdowns and ongoing Covid-19 restrictions may have added to that […]]]>

Experts explain all the options available to borrowers struggling to repay a loan

Melbourne, Australia, August 22, 2021 / PRNewswire / – Bills, debts and loan repayments can sometimes come at inopportune times, which can make it difficult for borrowers to make their payments. Instant lockdowns and ongoing Covid-19 restrictions may have added to that stress even more for some borrowers.

Missing repayments cause a loan to default, which has a negative impact on a credit score – if a borrower defaults on their loan more than once, it can lead to repossession or legal action. justice. Whether it is a car loan Where equipment financing, industry experts come in with their best advice.

Industry experts reassure clients that lenders understand when borrowers’ financial situations change. Typically, they want to help clients who are having financial difficulties. Contacting the lender and informing them of the situation should be the first priority. Lenders will not only offer financial advice, but they will also have a dedicated team that can offer assistance to clients in case of difficulties.

Positive Lending Solutions reminds borrowers that refinancing is always an option for people who are struggling to repay their current loan. This implies that borrowers find a new loan that is better suited to their needs. Start by checking with new lenders about what they can offer. Lenders are sometimes willing to match the rates or terms of another bank or group of lenders – often lenders just want to keep their customers, even if it means making adjustments.

Selling or trading in the car or selling the house may be a valid option for some borrowers. Positive Lending Solutions cautions borrowers considering this option to ensure that they factor in any fees their lender may ask them to pay and that they have considered all other viable options. This option would allow borrowers to recover financially and stabilize their budgets before potentially considering a new loan or alternative option.

Whatever the circumstances, there are a range of options to help borrowers in times of difficulty. Find out more about refinancing or hardship help, or finding the lowest or best interest rates. best auto credit Australiaglobally, contact Positive Lending Solutions today.

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