Borrowers – A Pair Of http://apairof.com/ Wed, 25 May 2022 11:21:57 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://apairof.com/wp-content/uploads/2021/10/icon-33-120x120.png Borrowers – A Pair Of http://apairof.com/ 32 32 Online pension loan application offered to first-time borrowers https://apairof.com/online-pension-loan-application-offered-to-first-time-borrowers/ Wed, 25 May 2022 11:21:57 +0000 https://apairof.com/online-pension-loan-application-offered-to-first-time-borrowers/ RETIREMENT retirees borrowing for the first time under the Social Security System (SSS) Pension Loan Program (PLP) can now submit their applications online from May 30, 2022, on the My.SSS portal , announced a senior official on Wednesday, May 25. “We recognize the challenges our retirees face when they come to the SSS branch to […]]]>

RETIREMENT retirees borrowing for the first time under the Social Security System (SSS) Pension Loan Program (PLP) can now submit their applications online from May 30, 2022, on the My.SSS portal , announced a senior official on Wednesday, May 25.

“We recognize the challenges our retirees face when they come to the SSS branch to avail of the retirement loan scheme. With the pandemic still present, retirees prefer that their transactions be carried out online at their respective homes. This online facility makes it easier for them to benefit from the said program as it also ensures a faster approval process,” said SSS President and CEO, Michael Regino.

Previously, new pension loan borrowers had to visit the nearest SSS branch to file their initial applications, as online filing is only available for renewal loan applications.

Regino also urged retirees to take advantage of this low-interest SSS loan offer. He assured that SSS would not require them to pledge their ATM cards as collateral, unlike some private lending institutions.

The PLP was launched to help retirees meet their short-term financial needs by offering them a loan at a low interest rate of 10% per annum.

Qualified retirees can apply for a loan equivalent to three, six, nine or 12 times their basic monthly pension plus the additional benefit of P1,000, but not exceeding the maximum amount of P200,000. (with PR)

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How Brokers Can Reach More Borrowers Without QM https://apairof.com/how-brokers-can-reach-more-borrowers-without-qm/ Mon, 23 May 2022 20:04:22 +0000 https://apairof.com/how-brokers-can-reach-more-borrowers-without-qm/ Agency loan originations are down sharply this year due to rising interest rates. Fannie Mae recently lowered its projected single-family mortgage origination volume for 2022 from $3 trillion to $2.8 trillion. With lower agency volume, many brokers are turning to non-QMs to supplement their income. “The dedication and attention to detail of brokers today is […]]]>

Agency loan originations are down sharply this year due to rising interest rates. Fannie Mae recently lowered its projected single-family mortgage origination volume for 2022 from $3 trillion to $2.8 trillion. With lower agency volume, many brokers are turning to non-QMs to supplement their income.

“The dedication and attention to detail of brokers today is tremendous as they focus on getting these loans,” said Keith Lind, CEO of Acra Lending.

Lind said Acra sees brokers coming from two different directions. First, traditional agency brokers who spend more time on non-QM activities now than the agency pipeline they once focused on is virtually non-existent. The second group are brokers on the private lending side.

Reach more and new borrowers

Many brokers and loan officers know a business model where leads come in and they chase them. This model may have worked well for the past two years, but it’s time for a different approach, according to Lind.

“I think if brokers want to get new business today, they have to start thinking outside the box a bit,” he said.

Lind recommended several ways for brokers to reach more new borrowers with non-QM products, including targeting the right people using platforms like LinkedIn and reaching out to new contacts through conferences.

One of the keys is to reach people who have contact with non-QM borrowers, such as real estate agents and CPAs who file self-employed tax returns.

“A lot of non-QM activity, it’s just education – a lot of people don’t even know what we offer,” Lind said. “Part of it is pounding the pavement, going out and meeting a lot of people. And then part of that is targeted advertising of loans or products that they may be offering.

For example, Lind noted the existence of conferences for siled businesses that use 1099 tax forms, such as Uber drivers. He recommended that brokers attend these conferences with informative flyers. Brokers should try to hold group meetings to educate potential borrowers about the possibilities of buying a home with a non-QM loan, as many 1099 borrowers may not know their options.

“If you’re able to target them and educate them effectively, that’s a great way to get your business going,” Lind said.

Products to know

In terms of products brokers should be familiar with, Lind said the two most important were loans for independent borrowers, such as Acra’s bank statement products, and investor loans, such as the DSCR product from Acra. The latter allows investors to qualify for a mortgage based on their cash flow.

Additionally, if brokers have ties to foreign nationals looking to invest in US real estate, Acra has a product for them as well.

“It’s the effort people make to find those groups of people and find a nice, clear narrative that sells them on the products you offer,” he said. “We see people doing this, they have incredible success.”

Choose the right non-QM partner

Another crucial aspect of successful non-QM lending is choosing the right lending partner. At Acra Lending, they make a concerted effort to educate brokers about their products and provide white label marketing materials.

In fact, Lind said, everyone in the company has a good understanding of what works and what doesn’t with non-QM loans, which sets Acra apart from other lenders that don’t. QM.

“We have such a deep bench that can look at a script and become very comfortable and know that we’re doing it well, when a lot of these other stores just don’t have that expertise and it’s difficult,” said he declared. . “It really comes down to living and seeing all of these difficult and convoluted loan situations where we’re able to leverage our knowledge and also teach and help the processors and brokers on the other side who are our customers and partners.” To learn more about partnering with Acra Lending, visit https://acralending.com/.

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Fintechs offer a value trap, an opportunity for borrowers https://apairof.com/fintechs-offer-a-value-trap-an-opportunity-for-borrowers/ Sat, 21 May 2022 07:00:00 +0000 https://apairof.com/fintechs-offer-a-value-trap-an-opportunity-for-borrowers/ Experts are urging virtual borrowers to tread carefully as the skyrocketing cost of living pushes many into the arms of lenders. The convenience and presence of virtual spaces on the internet has seen a number of unsuspecting virtual borrowers fall prey to predatory lenders in the recent past. The modus operandi of a number of […]]]>

Experts are urging virtual borrowers to tread carefully as the skyrocketing cost of living pushes many into the arms of lenders.

The convenience and presence of virtual spaces on the internet has seen a number of unsuspecting virtual borrowers fall prey to predatory lenders in the recent past.

The modus operandi of a number of ‘mobile lending apps’ has raised a number of questions, with many of their customers at risk of being scammed.

Anecdotal evidence has shown that by the time a transaction is wired to the customer’s mobile phone, nearly half of the requested amount has been deducted for various unreliable reasons.

For example, each “subsidized loan” that one applies for is charged fees such as service fees, risk management fees and even organization fees before it is deposited. All this before interest on the cash loan is deducted.

The Uganda Communications Commission (UCC) has described the mobile lending apps that predatory lenders use as nimble.

UCC Executive Director, Ms. Irene Kaggwa-Sewankambo, likens the situation to when “the loan sharks or money lenders first exploded onto the financial scene” in the country.

Ms Kaggwa says that even after doing their homework, people targeted by the apps should “always be careful”.

The UCC regulates telecommunications services and infrastructure where predators literally hide in plain sight. The regulator works in tandem with the central bank which provides technical advice and intervenes if necessary to ensure the safety of the digital or fintech financial industry.

“There has been a debate about what kind of regulatory oversight is needed over fintech and digital financial services to protect consumers and in keeping with fair competition versus the requirements placed on traditional financial institutions,” Ms. Kaggwa.

“While some of the requirements placed on traditional financial institutions may be onerous for fintech or digital financial services, there is still a need to protect consumers from exploitation,” she added.

Ms Kaggwa says the ubiquity of the internet “adds another twist to this puzzle” in that there are a lot of uncertainties about how actors operate in different jurisdictions.

“For example, how sure are you of who they claim to be, where they are, where would you find them if they suddenly disappeared?” she said, adding, “So Ugandans have to be very careful and do their due diligence. Assess the risks before transaction. What is easy may turn out to be more expensive in the long run.

When contacted, the Director of Research at the Bank of Uganda (BoU), Mr. Adam Mugume, said, “Mobile lending apps do not fall under the category of financial institutions supervised by the BoU.”

This effectively means that the central bank cannot sanction predatory lenders. The National Payments Systems Act 2022 formalized the BoU’s regulatory oversight of digital financial services such as mobile money operating in the country. The central bank admits its powerlessness against predatory lenders whose network of deception could be transnational.

“Consumers should be asked to disassociate themselves from unregulated financial service providers. Otherwise, when they face challenges, no regulatory institution would have the mandate to intervene on their behalf,” Mugume warned, adding, “If the consumer of financial services feels cheated by a financial services supervised by the BoU, we have a customer complaints office which handles these complaints.

Fintech startups in Uganda on the other hand called for a broad brush not to be used when sentencing.

Mr. Innocent Kawooya, whose HiPipo Foundation was awarded Best Financial Inclusion Organization in East Africa at the 2022 Fintech Awards, says bad apples should be put aside. He advises against throwing the baby out with the bathwater.

He said, “For many years, banks and other players in Uganda’s formal financial system failed to meet the target of more than a few million people borrowing money in a single way.

He attributes the woes of traditional banks to “unattainable…know-your-customer requirements” which, among other things, require borrowers to have collateral, a solid employment record and proof of earning a regular salary.

“We are now seeing a seismic shift in the way lending is done,” he says, adding, “It was mobile network operators first partnering with banks, as we see with NCBA and MTN Uganda, and Jumo’s partnership with Airtel, for example, have introduced micro-loans as low as $2, which you get on your phone in real time, and can be repaid at just 9% interest after a period of one month.

Mr. Kawooya further reveals that other players like Card Pesa and Numida that can allow “a borrower…to repay within a week at the same fixed interest rate” have joined the space.

“Attitudes that governed lending for a long time are being erased,” Mr. Kawooya notes, adding, “Players in the micro-lending space are not shy about offering credit below $300. easily target long-underserved people – like farmers – as long as, say, the village president knows about them.

Mr. Kawooya admits that “the costs are still so high for most low-income users,” but is quick to add that “a concerted effort must be made to build meaningful collaborations, especially on rails. of buildings and the rules of new age digital lending platforms to ensure that they are made more affordable for the end user.

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Scammers targeting student borrowers https://apairof.com/scammers-targeting-student-borrowers/ Thu, 19 May 2022 22:49:31 +0000 https://apairof.com/scammers-targeting-student-borrowers/ AT NATIONAL SCALE – A lot toamerican are currently struggling with student loan debt. Borrowers in the state of Maine have racked up more than $6 billion in debt, according to Yrefute managing partner marea Joh Terri. Currently, the student loan pause has frozen payments until August 31, but Terry said that gave crooks an […]]]>

AT NATIONAL SCALE – A lot toamerican are currently struggling with student loan debt.

Borrowers in the state of Maine have racked up more than $6 billion in debt, according to Yrefute managing partner marea Joh Terri.

Currently, the student loan pause has frozen payments until August 31, but Terry said that gave crooks an opportunity to victimize borrowers.

“What we have seen is a rise in scams asking for information associated with your federal loans that may not be repaid,” Terry said. “What (we’re seeing) is people asking for your personal information.”

Yrefy is a national consumer finance lender with an explicit focus on distressed private student loans, according to the company’s website.

terry said crooks will call and email impersonating lenders to try to fish out sensitive information such as bank account numbers and credit card information.

“We see a lot of stuff around ‘get your loans paid, get your loans canceled, give us your credit card number,'” Terry said. “And last but not least, one of the oldest scams that’s been around forever is ‘pay me, and I’m going help you complete federal forms.

Terry said these federal student loan forms should never cost money to fill out.

She says crooks thrive on the fact that many borrowers are not fully aware of the amount they owe or the identity of their loan servicer.

According to Terry, many loans repairers have changed in the last 2 and a half years.

Although crooks are getting smarter, borrowers can take precautions, like verifying their information on studentaid.gov.

“Just take 5 or 10 minutes and be a little proactive. That way, if someone contacts you and starts asking for information, ‘oh no, I have already taken care of that. There is nothing else to do and you stop this process immediately,” Terry said.

Terry suggests contacting your financial institution, credit bureau, and local law enforcement if you think you’ve been scammed.

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MSMEs: Drawdowns on working capital of firms and MSME borrowers rise with input costs https://apairof.com/msmes-drawdowns-on-working-capital-of-firms-and-msme-borrowers-rise-with-input-costs/ Tue, 17 May 2022 19:30:00 +0000 https://apairof.com/msmes-drawdowns-on-working-capital-of-firms-and-msme-borrowers-rise-with-input-costs/ Mumbai: Banks are seeing increased levies on working capital limits from corporate and MSME borrowers as rising commodity prices drive up input costs. Bankers said that while the earlier use of 30-40% at large, highly rated companies was a big challenge, those limits have now been exhausted to 60-70%, raising hopes for further lending. “Working […]]]>
Mumbai: Banks are seeing increased levies on working capital limits from corporate and MSME borrowers as rising commodity prices drive up input costs. Bankers said that while the earlier use of 30-40% at large, highly rated companies was a big challenge, those limits have now been exhausted to 60-70%, raising hopes for further lending.

“Working capital drawdowns are going up on the books of companies because their input costs have gone up,” said Samuel Joseph, deputy managing director,

. “Many companies that were not using fund-based exposures at all have started using it, which will help overall corporate credit growth. 30-40% usage in large, well-rated companies was a big challenge before, today they are pushed up to 60-70%.”

WPI inflation’s record high of 15.08% in April was driven by higher prices for manufactured goods, fuel and electricity. Rising energy and metal prices due to supply-side bottlenecks have aggravated input cost pressures for domestic producers.

Last week, companies it lends to are using more of their bank-sanctioned working capital limits, at 56% now. The bank said it has visibility into credit proposals worth 4.6 lakh crore, including unused levels of working capital limits, term loans and outstanding loan proposals.

“We are seeing much better capacity utilization in terms of working capital,”

said President Dinesh Khara. “We are optimistic that in the coming days the environment will be conducive to growth in business credit.”

A recent

analysis, private sector project announcements hit an 11-year high, suggesting the first signs of a pick-up in investment activity, following the Covid-19 pandemic. According to RBI, the capacity utilization of the manufacturing sector at the aggregate level increased to 72.4%, indicating an improvement in manufacturing activities.

The recovery in economic activity and improved use of corporate credit limits should further accelerate loan growth. “In the current environment, growth opportunities are high on the business side as their working capital requirements have increased due to increased input costs,” said Prashant Kumar, MD,

. “Their dependence on money outside the banking system has decreased because banks can always give cheap money.”

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Banks write off more business loans as inflation hits borrowers https://apairof.com/banks-write-off-more-business-loans-as-inflation-hits-borrowers/ Mon, 16 May 2022 11:11:09 +0000 https://apairof.com/banks-write-off-more-business-loans-as-inflation-hits-borrowers/ The value of UK business loans written off by banks almost doubled in the last quarter of 2021 as companies battle inflation, rising interest rates and the refinancing of state-backed Covid loans. Debt consultancy ACP Altenburg Advisory showed the value of those written-off loans increased by 87%, from £190m in the third quarter to £356m […]]]>

The value of UK business loans written off by banks almost doubled in the last quarter of 2021 as companies battle inflation, rising interest rates and the refinancing of state-backed Covid loans.

Debt consultancy ACP Altenburg Advisory showed the value of those written-off loans increased by 87%, from £190m in the third quarter to £356m in the fourth.

The company said write-offs had been subdued during the pandemic but were now increasing as businesses grappled with rising energy prices and the impact of rising interest rates.

He added that the end of government-backed loan programs, such as the coronavirus business interruption loan program and the rebound loan program, has also made it more difficult for companies to renew or refinance. maturing loans.

ACP Altenburg Advisory added that businesses face intense uncertainty over the war in Ukraine and the lifting of restrictions on commercial owners’ rights from early April.

Read more: Collateral-backed personal loans rise as businesses battle rising costs

Read more: 61% of companies are struggling to collect their debts

“With an increasing number of headwinds in the economy, companies will need to start planning their finances and the impact that rising costs and/or interest rates will have,” said Dan Barrett, Partner at ACP Altenburg Advisory.

“Without government guarantees, small and medium-sized businesses will find it harder to obtain bank financing and will need to take a closer look at alternative financing providers.”

ACP Altenburg Advisory added that as companies’ profits suffer from cost inflation, others risk breaching conditions based on that company’s profitability.

A default may then lead a lender to demand repayment before the agreed due date.

ACP Altenburg Advisory has also warned those looking to borrow that banks are now beginning to undertake more stress testing to ensure companies can afford repayments under higher cost or interest rate scenarios.

Read more: Business bankruptcies rise amid runaway inflation

Read more: Consumer and business borrowing soar

“The unstable economic climate in the UK and the bleak outlook mean companies will need to be careful when assessing their financing options,” Barrett said.

“Those looking to refinance debt or acquire new finance will need to ensure that they receive the right advice and information about their options, so that they can find a financing solution that best suits their needs. .”

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UK banks pull mortgage deals as borrowers rush to lock in rates https://apairof.com/uk-banks-pull-mortgage-deals-as-borrowers-rush-to-lock-in-rates/ Fri, 13 May 2022 20:00:27 +0000 https://apairof.com/uk-banks-pull-mortgage-deals-as-borrowers-rush-to-lock-in-rates/ UK banks are pulling short-term mortgage deals and struggling to process a surge in demand, leaving borrowers frustrated as they rush to lock in rates before they rise again. Lenders quickly raised the interest rates they charge on mortgages, leaving brokers scrambling to fill customer requests before products were withdrawn or replaced. Moneyfacts, the financial […]]]>

UK banks are pulling short-term mortgage deals and struggling to process a surge in demand, leaving borrowers frustrated as they rush to lock in rates before they rise again.

Lenders quickly raised the interest rates they charge on mortgages, leaving brokers scrambling to fill customer requests before products were withdrawn or replaced. Moneyfacts, the financial website, said the average shelf life of a mortgage deal fell to a record low last month of 21 days.

Adrian Anderson, director of brokerage Anderson Harris, said: “We are getting applications submitted as quickly as possible as rates are taken off on very short notice and go up quite quickly. It’s an anxious time to be a buyer or mortgage broker now.

Most lenders were taking five or more business days to assess applications from homebuyers and borrowers looking to remortgage, he said — a process that under normal circumstances would take one or two business days. Some banks have warned that the process will take much longer.

Simon Gammon, managing partner at brokerage Knight Frank Finance, said the time between agreeing a rate and withdrawing money had “swelled” over the past fortnight.

“The clamor from borrowers to lock in a mortgage before interest rates rise further is putting enormous pressure on lenders.”

He said banks were pulling swathes of products not only for repricing reasons, but also as a proactive way to stem the flow of requests. “Lenders are. . . re-evaluate or retire pieces of their product lines at a time in an effort to maintain service levels.

Chris Sykes, chief technical officer at brokerage Private Finance, said this week he sent a client seeking a £600,000 loan three quotes from Barclays, HSBC and Accord. Within three hours, the three lenders had emailed to say they were withdrawing relevant mortgage offers and raising rates. “Any rate increase on this loan is actually a lot of money,” Sykes said.

HSBC told brokers this week that applications would be reviewed within 10 business days. Asked about the delays, he said: ‘Current assessment times are within our usual levels, which fluctuate with business volumes.’

Santander said it had developed capacity to handle additional volumes. The average offer time for residential mortgages was 17 days.

Nationwide added that it aims to respond and process requests as quickly as possible. “Our current average lead times are in line with what we expected given the strong demand we are seeing in the market.” On Friday, the average number of working days between asking and offering a standard mortgage loan was 14 days.

Hodge, a specialty lender, gave 16-17 business days as the lead time for “fully packaged applications.” On its web pages for mortgage brokers, it said: “We are currently receiving high volumes of business as well as absences related to Covid-19. Although we make every effort to meet the above deadlines, temporary delays are possible. »

The Bank of England has raised its key rate from 0.1% to 1% since December. Rates on two-year fixed-rate contracts for those with a 25% deposit nearly doubled from 1.2% in September to 2.35% at the end of last month, according to the BoE.

The BoE has warned that inflation could hit 10%, raising hopes for further rate hikes in the coming months.

TwentyCi, a consultancy, said the time between agreeing a sale on a property under contract and completion had fallen from an average of 12 weeks in March 2019 to 22 weeks in March 2022 – more five months to get a sale across the line.

The delays threaten to disrupt housing chains, forcing buyers to push for faster processing lest a deal fall through. Those on-chain are particularly affected, as one failed or delayed mortgage application for one buyer can upset the plans of multiple participants. “Sellers want people to trade faster, but the problem is banks all take longer,” Anderson said.

As a result, cash buyers have become more attractive to sellers because they bypass the mortgage application process and are often free from a real estate buying chain.

“We’re seeing more cash purchases through our agency partners,” Sykes said. “It’s useful because it can break a chain.”

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Business News | Stock and Equity Market News | Financial News https://apairof.com/business-news-stock-and-equity-market-news-financial-news/ Thu, 12 May 2022 08:40:29 +0000 https://apairof.com/business-news-stock-and-equity-market-news-financial-news/ Search mutual fund quotes, news, net asset values Adani Wilmar INE699H01024, PUNCH, 543458 Tata Engines INE155A01022, TATA MOTORS, 500570 Tata Power INE245A01021, TATAPOWER, 500400 Adani Power INE814H01011, ADANIPOWER, 533096 Indiabulls Hsg INE148I01020, IBULHSGFIN, 535789 […]]]>












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