Dive Insurance – Master Diver http://masterdiver.net/ Fri, 20 May 2022 16:31:22 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://masterdiver.net/wp-content/uploads/2021/06/icon-2-e1624424277963-150x150.png Dive Insurance – Master Diver http://masterdiver.net/ 32 32 HELOC loans surge in late 2021 amid rising mortgage rates: TransUnion https://masterdiver.net/heloc-loans-surge-in-late-2021-amid-rising-mortgage-rates-transunion/ Fri, 20 May 2022 16:31:22 +0000 https://masterdiver.net/heloc-loans-surge-in-late-2021-amid-rising-mortgage-rates-transunion/ HELOC loans rose in the fourth quarter of 2021 amid rising mortgage rates, according to TransUnion. (iStock) According to a new report of TransUnion. According to Freddie Mac Data. But the values ​​of the house are also on the riseencouraging owners to dip into their capital despite the rise in interest rates. As mortgage rates […]]]>

HELOC loans rose in the fourth quarter of 2021 amid rising mortgage rates, according to TransUnion. (iStock)

According to a new report of TransUnion.

According to Freddie Mac Data. But the values ​​of the house are also on the riseencouraging owners to dip into their capital despite the rise in interest rates.

As mortgage rates rise, homeowners are turning away from traditional mortgage refinancing and toward home equity lines of credit (HELOCs), TransUnion said in its Credit Industry Quarterly Report (CIIR) for the first quarter of 2022. new home equity loans grew 4% annually and 80% from 2018 to 1.2 million total issuances.

When comparing home equity loan types, fewer homeowners are navigating to cash refinances, which fell 6% annually in the fourth quarter, according to TransUnion. Meanwhile, HELOCs were up 31% year over year in the fourth quarter of 2021 and home equity loans were up 13%.

If you want to leverage the value of your home, using an online marketplace like Credible can help you find the best option for a cash-out refinance. Visit Credible to find your personalized interest rate without affecting your credit score.

NEARLY THREE-QUARTERS OF US SUBWAYS TARGET DOUBLE-DIGIT INCREASES IN HOME PRICE IN Q1 2022: NAR DATA

Inflation pushes consumers towards alternative forms of credit

Inflation remained close to its highest level in 40 years in April, the consumer price index (CPI) reached an annual increase of 8.3%, according to the latest data from the Bureau of Labor Statistics (BLS).

“Compared to a year ago, the price of everything from filling a tank of gas to buying a carton of eggs has gone up due to inflation,” said Michele Raneri , vice president of research and consulting at TransUnion. “Since many consumers’ wages have not kept up with inflation, people are spending more to get less.

“However, there are several bright spots to note, including low unemployment, lenders increasing access to credit, and strong consumer performance,” Raneri said. “These are all indications that consumers are well positioned as the economy continues to find its footing in the face of financial volatility from the pandemic.”

The total number of new mortgages has fallen by 28% per year as mortgage rates rise, but HELOCs have grown significantly over the past year because they allow homeowners to take money out of their homes without change the interest rate on their entire mortgage. While a borrower’s interest rate on the HELOC may be higher than the rate on the entire mortgage, it’s still likely to be lower than the interest rate on a personal loan, TransUnion said.

Although Credible does not offer HELOC, their marketplace does provide you with cash mortgage refinance options, which also allow you to tap into the equity in your home. You can visit Credible to compare multiple mortgage lenders at once and choose the one that suits you best.

INFLATION DROPS FOR FIRST TIME IN MONTHS, BUT STILL AT 40-YEAR HIGH

Rising home prices make more funds available to homeowners

Due to rising home prices, the average size of new mortgages has increased 7% per year to $315,543, according to TransUnion. Rising house prices hit double digits in 70% of real estate markets in the first quarter of 2022, according to the National Association of Realtors (NAR). This allows homeowners to take out a higher line of credit to their home.

“Rising interest rates have had an impact on mortgage origination volume,” said Joe Mellman, TransUnion’s senior vice president and chief mortgage officer. “There is less incentive to go through rate and term refinancing and for those looking to buy a home, low inventory and high home prices present a challenge.

“A marginal reduction in new cash refinance volumes and a substantial increase in HELOC loans and home equity loans indicate that for those who already own, the continued appreciation in home prices presents an opportunity to take advantage of growing equity in property and accessing cheaper lending capital,” Mellman said. “Mortgage lenders can support growth in a sluggish market by leveraging tools that can identify and reach consumers who are in the market to exploit the equity in their available property.”

If you’re interested in cashing out the growing value of your home or potentially lowering your monthly payments, you may want to consider cash refinancing. To see if this is the right option for you, you can contact Credible to speak to a mortgage expert and get all your questions answered.

Do you have a financial question, but you don’t know who to contact? Email the Credible Money Expert at moneyexpert@credible.com and your question might be answered by Credible in our Money Expert column.

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Mortgage delinquencies hit another record high in April, driven by continued improvement in severely delinquent loans https://masterdiver.net/mortgage-delinquencies-hit-another-record-high-in-april-driven-by-continued-improvement-in-severely-delinquent-loans/ Fri, 20 May 2022 13:00:00 +0000 https://masterdiver.net/mortgage-delinquencies-hit-another-record-high-in-april-driven-by-continued-improvement-in-severely-delinquent-loans/ The national crime rate fell to 2.80% in April, down four basis points from March, hitting a new high for the second month in a row Overall delinquencies are down nearly 40% from a year ago as the mortgage market continues to recover from pandemic-related impacts The number of borrowers with a single overdue payment […]]]>
  • The national crime rate fell to 2.80% in April, down four basis points from March, hitting a new high for the second month in a row
  • Overall delinquencies are down nearly 40% from a year ago as the mortgage market continues to recover from pandemic-related impacts
  • The number of borrowers with a single overdue payment increased 7.9% month-over-month, following typical seasonal trends
  • This has been offset by a strong improvement among borrowers who are three or more past due – with volumes down 8% month-over-month
  • Although these serious chargebacks have fallen by 6% to 12% in each of the past 14 months, volumes remain more than 55% higher than pre-pandemic levels
  • Despite still high levels of serious crime, foreclosures have fallen nearly 12% from March and remain well below pre-pandemic levels – although active foreclosures have increased slightly
  • Prepayment activity fell 19.1% from March and 61.8% from a year ago as interest rates continued their sharp rise in April

JACKSONVILLE, Florida., May 20, 2022 /PRNewswire/ — Dark Knight, Inc. (NYSE: BKI) reports the following “first look” at April 2022 month-end mortgage yield statistics drawn from its loan-level database representing the majority of the national mortgage market.

U.S. Total Delinquent Loan Rate (loans past due 30 days or more but not foreclosed): 2.80%
Month-on-month change: -1.31%
Year-over-year change: -39.93%

Total pre-sale inventory rate in the United States: 0.32%
Month-to-month change: 2.31%
Year-over-year change: 13.48%

Total number of seizures in the United States: 21,400
Month-on-month change: -11.93%
Year-over-year change: 478.38%

Monthly prepayment rate (SMM): 0.99%
Month-on-month change: -19.10%
Year-over-year change: -61.80%

Foreclosure sales in % of 90+: 0.46%
Month-to-month change: 8.58%
Year-over-year change: 228.58%

Number of properties overdue for 30 days or more but not seized: 1,496,000
Month-to-month change: -17,000
Year-over-year change: -1,004,000

Number of properties overdue for 90 days or more but not seized: 640,000
Month-to-month change: -54,000
Year-over-year change: -1,128,000

Number of properties in foreclosure pre-sale inventory: 173,000
Month-to-month change: 4,000
Year-over-year change: 20,000

Number of properties overdue for 30 days or more or in foreclosure: 1,669,000
Month-to-month change: -13,000
Year-over-year change: -984,000

Top 5 States by Non-Current Percentage*

Mississippi:

6.13%

Louisiana:

5.61%

Alabama:

4.54%

Oklahoma:

4.50%

West Virginia:

4.32%

Bottom 5 States by Non-Current Percentage*

Montana:

1.94%

California:

1.88%

Colorado:

1.77%

Idaho:

1.70%

Washington:

1.67%

Top 5 States by Percentage of 90+ Day Offenders

Mississippi:

2.55%

Louisiana:

2.37%

Alabama:

1.77%

Maryland:

1.70%

Arkansas:

1.70%

Top 5 states by 6-month change in non-current percentage*

Louisiana:

-35.76%

Nevada:

-29.36%

District of Colombia:

-27.90%

Washington:

-27.60%

New Jersey:

-27.13%

Top 5 states by 6-month change in non-current percentage*

North Dakota:

-10.13%

Maine:

-12.31%

Michigan:

-14.52%

Alaska:

-15.61%

Iowa:

-15.71%

*Non-current totals combine foreclosures and delinquencies as a percentage of active loans in that state.
Remarks:

  1. Totals are extrapolated based on Black Knight’s mortgage database.
  2. All integers are rounded to the nearest thousand, except for foreclosure starts, which are rounded to the nearest hundred.

For a more detailed view of this month’s “first look” data, please visit the Black Knight Newsroom. The company will provide a more in-depth look at this data in its monthly Mortgage Monitor report, which includes an analysis of the data supplemented by detailed charts and graphs that reflect trends and point observations. The Mortgage Monitor report will be available online via June 6, 2022. For more information on accessing Black Knight’s Loan Level Database, please email [email protected].

About the Dark Knight

Black Knight, Inc. (NYSE: BKI) is an award-winning software, data and analytics company that drives innovation in the mortgage and real estate lending and servicing industries, as well as in capital markets and secondary. Businesses leverage our robust integrated solutions across the homeownership lifecycle to help retain existing customers, win new customers, mitigate risk and operate more efficiently.

Our customers rely on our proven, comprehensive, and scalable products and our unwavering commitment to providing superior customer support to achieve their strategic goals and better serve their customers. For more information about Black Knight, please visit www.blackknightinc.com.

For more information:




michelle kersch

Mitch Cohen

904.854.5043

704.890.8158

m[email protected]

[email protected]

SOURCEBlack Knight, Inc.

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5 business loans women entrepreneurs should consider in 2022 https://masterdiver.net/5-business-loans-women-entrepreneurs-should-consider-in-2022/ Wed, 18 May 2022 16:30:26 +0000 https://masterdiver.net/5-business-loans-women-entrepreneurs-should-consider-in-2022/ Image source: Getty Images Women are an important, but often underrepresented, segment of small business owners. The good news is that there are plenty of funding opportunities for women to discover. Women small business owners are a powerful and growing group. You don’t have to search very hard to find a woman-owned business. They range […]]]>

Image source: Getty Images

Women are an important, but often underrepresented, segment of small business owners. The good news is that there are plenty of funding opportunities for women to discover.

Women small business owners are a powerful and growing group.

You don’t have to search very hard to find a woman-owned business. They range from your favorite local cafe to the online clothing store you love and everything in between.

The National Association of Women Business Owners (NAWBO) estimates that there are more than 11 million women-owned businesses across the country, and those businesses generated $1.7 trillion in sales in 2017.

Statistics on women business owners in the United States

Women-owned businesses are an increasingly important part of the economy. Image source: author

Many of these owners are turning to financing opportunities to help support and grow their business. That shouldn’t be a big surprise. Small business loans are among the most common ways for business owners to get the help they need.

While there are no small business loans that cater exclusively to women, many lenders are actively working to help underrepresented business owners, including women.

If you’re a woman-owned small business, here’s where you can start looking for loans.

What you will need to apply

When you start exploring loan options, you want to get your financial situation in order. This means gathering your essential financial documents, such as profit and loss statements and income projections, as well as your credit score. Each year, you can get a free copy of your credit report from each of the three credit bureaus.

These are just the basics. Every lender is different, so be sure to explore what you’ll need before you begin the application process.

Some lenders also charge more, especially if you have bad credit. In this case, you may also need a business plan prepared for the lender. Your business plan outlines your business goals, finances, and revenue projections. It also details what funding you need and what you plan to do with it.

Also, be prepared to have collateral – assets that can help secure your loan, such as real estate or equipment – ​​on hand. Some of the more traditional lenders may require collateral to get a loan, especially if you are a new business or have a lower credit score.

Applying for a business loan is not always easy. But having this information and related documentation prepared ahead of time can streamline the process and help you identify the best lenders for your particular situation. Here are some loan options to consider:

1. Business loans from financial institutions

One of the first places many small business owners look for a loan is through a local lender. Your current bank or credit union is a great place to start. If you already have a business bank account with them, you might also be eligible for a business loan.

Keep in mind that loans from traditional lenders are generally harder to get if you have poor credit, low income (usually under $100,000), or if you haven’t been in business for at least a year or so. of them.

If you already have a relationship with a local bank or credit union, this might give you a head start, but not always. These loans can also take longer to process and you may need to meet the lender in person, which will add a few weeks to the delay.

Most financial institutions will have a few loan options, including standard term loans, lines of credit, and mortgages for home purchases. Exact terms and availability vary from bank to bank.

2. Small Business Administration

The Small Business Administration (SBA) is often synonymous with small business loans. Although the SBA does not provide financing directly, the federal government agency helps thousands of small business owners across the country obtain financing through local lenders.

Your current bank probably offers SBA loans to women and other business owners. There are thousands of SBA-licensed banks in the United States, and these loans are often aimed at small business owners who might have difficulty obtaining traditional loans.

The SBA oversees a variety of loans, but these are the most common for small business owners:

  • SBA 7(a) loan: These loans are partially guaranteed by the SBA and provide financing options for working capital, equipment, and the purchase of real estate.
  • SBA 504 loan: This loan provides fixed rate financing of up to $5 million to be used on capital expenditures, such as the purchase of land or facilities and equipment upgrades.
  • SBA microloans: The SBA also offers small dollar loans up to $50,000, called microloans, for working capital, inventory, supplies, furniture, and equipment.

You will need to meet specific requirements to apply for a loan through the SBA, including being a for-profit business operating in the United States, having equity invested in your business, and having tried other financing options.

The main applicant requirements for SBA loans.

Small business owners must meet several requirements to apply for SBA loans. Image source: author

Even if you’re not applying for funding through the SBA, it’s worth checking out the opportunities and support the agency offers women business owners, including mentoring, counseling, and grants for women business owners. women-owned businesses.

3. Online lenders

Another option for women-owned small businesses seeking funding is online lenders. For many small business owners, this could be an option when they can’t get financing from traditional banks or even the SBA.

Unlike these other options, online lenders have relatively simple and easy applications, as well as fast turnaround times for funding. It is not uncommon to be approved and have the funds within a week. It’s much faster than more traditional loans, which can take weeks or even months.

Online lenders, such as Kabbage, OnDeck, and BlueVine, are all options for small business owners. Many online lenders also offer loans if you have a lower credit score and are having trouble getting financing elsewhere. Terms and rates vary by lender and loan, but you can often find fixed rate term loans and lines of credit from online lenders that might suit your needs.

4. Peer-to-peer lenders

Peer-to-peer (P2P) lending has become increasingly popular over the years and has evolved into small business lending. P2P lending essentially eliminates the middleman from the lending process. Those willing to lend are matched with business owners. The system often works like a crowdfunding process, with multiple lenders teaming up to help a business.

One of the most popular P2P sites for small business owners is FundingCircle. If you choose to go this route, as with many online lenders, you can get approved and connected with lenders very quickly, possibly within one business day. The application process also does not have such strict qualifications as traditional banks.

Keep in mind that P2P loans aren’t available in all states, so you’ll want to check those regulations before applying. Additionally, many P2P sites have shorter loan terms, ranging from six months to five years. You’ll want to decide if you can realistically meet these requirements before you apply.

5. Small business investment companies

A Small Business Investment Company (SBIC) is another option for finding business loans for women. SBICs are private companies that use their own money for financing. However, through a regulated and licensed SBA program, they can work with eligible small business owners through debt and equity financing.

There are a few main ways a small business owner can work with an SBIC to obtain financing:

  • Loans (debt financing): SBICs can provide loans typically between $250,000 and $10 million. While the SBIC uses its own money for the loan, the SBA guarantees part of it and provides dollar consideration.
  • Equity financing: It works very similarly to venture capital (VC) or angel investing. The SBIC will invest in your business for a share of ownership.

One thing to keep in mind is that interest rates can be higher with an SBIC than you’d expect from a traditional bank or online lender. You will also need to meet requirements similar to those set by the SBA for small businesses.

For some small business owners, SBICs are alternatives to VCs and angel investors. Yet they have specific terms and conditions for their investments that differ from traditional loans. Be sure to consider them carefully if you decide to go this route.

Women-owned businesses have loan options

Women small business owners are a growing force across the country. As you grow your business, you may need to explore outside financing options. You may find that one of these loan options could be the perfect fit.

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Revealed: EU plans loans and grants to help rebuild Ukraine | European Commission https://masterdiver.net/revealed-eu-plans-loans-and-grants-to-help-rebuild-ukraine-european-commission/ Mon, 16 May 2022 17:52:00 +0000 https://masterdiver.net/revealed-eu-plans-loans-and-grants-to-help-rebuild-ukraine-european-commission/ Ukraine could receive loans, grants and possibly the proceeds of the seized Russian oligarch’s assets to help pay the multibillion-euro cost of rebuilding the country after the ruinous war launched by the Kremlin, according to a leaked EU reconstruction plan. In the plan drawn up in Brussels, the European Commission indicates that the Ukrainian government […]]]>

Ukraine could receive loans, grants and possibly the proceeds of the seized Russian oligarch’s assets to help pay the multibillion-euro cost of rebuilding the country after the ruinous war launched by the Kremlin, according to a leaked EU reconstruction plan.

In the plan drawn up in Brussels, the European Commission indicates that the Ukrainian government will have to take out loans to pay for the reconstruction of its war-torn country. Non-repayable grants from EU member states would provide another slice of the funds needed to rebuild destroyed homes, schools, roads, railways, airports and bridges.

The EU is also offering to assess the feasibility of using assets seized from sanctioned Russians and Belarusians after a proposal from European Council chief Charles Michel earlier this month. “I am absolutely convinced that it is extremely important not only to freeze the assets, but also to make possible their confiscation, to make them available for the reconstruction of the country,” he told the Ukrainian news agency. Interfax.

Lawmakers in the United Kingdom and the United States have also proposed seizing Russian assets to help rebuild Ukraine and ease the plight of the country’s refugees.

Brussels officials have also called on the EU to borrow in bulk from international capital markets to fund loans for Kyiv, according to the leaked report.

If agreed, it would only be the second time in its history that the EU has borrowed as a whole rather than as individual member states, after funding the historic €750bn Covid recovery plan. (£635 billion) in 2020.

Sign up for First Edition, our free daily newsletter – every weekday morning at 7am BST

The idea is floated in a Ukraine relief and reconstruction plan seen by the Guardian that the commission is due to publish on Wednesday. The figures were left blank in the document, pending further discussions in Brussels.

The document notes, however, that the financial needs “are expected to be substantial” and that the reconstruction would take more than a decade. He also estimates that the damage to physical infrastructure alone could amount to more than 100 billion euros.

To pay the bill, the commission is offering a mix of grants and cheap loans in which EU member states and non-EU countries could make contributions through the bloc’s reconstruction programme.

Ukraine will need “significant short-term financial assistance” to maintain basic services, provide humanitarian aid and repair critical infrastructure, the EU document says. To meet these urgent needs, the commission offers low-interest loans with long-term repayment terms.

US President Joe Biden last month proposed a $33bn (£27bn) aid package for Ukraine, which includes more than $20bn in military spending.

The EU has provided €4.1 billion in emergency loans and humanitarian aid since the start of the Russian invasion and has agreed to finance weapons and other non-lethal military aid worth 1.5 billion euros. This does not include the money that individual EU member states have provided.

The EU’s reconstruction plan would be carried out jointly by Brussels and Kyiv, according to the document. Although it does not explicitly mention Ukraine’s hopes of joining the EU, the plan would aim to bring the aspiring member into line with EU standards, including rule of law, anti-corruption, energy and climate.

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Low-interest loans available for businesses affected by the March tornadoes https://masterdiver.net/low-interest-loans-available-for-businesses-affected-by-the-march-tornadoes/ Sat, 14 May 2022 23:06:35 +0000 https://masterdiver.net/low-interest-loans-available-for-businesses-affected-by-the-march-tornadoes/ Low-interest federal disaster loans are now available for businesses and residents affected by the March 21 tornadoes. The loans are available after the US Small Business Administration announced a disaster declaration for several counties on May 2. The statement makes loans available to Anderson, Angelina, Archer, Bastrop, Bell, Burnet, Caldwell, Camp, Cherokee, Clay, Collin, Cooke, […]]]>

Low-interest federal disaster loans are now available for businesses and residents affected by the March 21 tornadoes.

The loans are available after the US Small Business Administration announced a disaster declaration for several counties on May 2.

The statement makes loans available to Anderson, Angelina, Archer, Bastrop, Bell, Burnet, Caldwell, Camp, Cherokee, Clay, Collin, Cooke, Denton, Fannin, Fayette, Grayson, Gregg, Harrison, Houston, Jack, Lee, Leon , Madison, Marion, Milam, Montague, Morris, Nacogdoches, Palo Pinto, Parker, Rusk, San Augustine, Shelby, Smith, Travis, Trinity, Upshur, Walker, Williamson, Wise, Wood, and Young counties in Texas; and Bryan, Jefferson, Love and Marshall counties in Oklahoma, according to a news release.

Loans of up to $2 million are available to businesses and private nonprofit organizations to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets, according to a news release.

Homeowners can also receive loans of up to $200,000 to repair or replace damaged or destroyed real estate, according to a news release. Landlords and tenants can receive up to $40,000 to repair or replace damaged or destroyed personal property.

The deadline to file a property damage claim is July 5. The deadline to file a claim for economic harm is February 6, 2023.

LILY: Uncertain reopenings at stores in Round Rock mall hit by tornado

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Pnb shares hit 52-week low as new bad loans double in size https://masterdiver.net/pnb-shares-hit-52-week-low-as-new-bad-loans-double-in-size/ Thu, 12 May 2022 04:48:04 +0000 https://masterdiver.net/pnb-shares-hit-52-week-low-as-new-bad-loans-double-in-size/ Shares of National Bank of Punjab plunged on Thursday after the public lender’s quarterly performance fell well below Street estimates. GNP shares fell 10% to a 52-week low of 29.5 rupees each on BSE in the opening minutes of the trade itself. Punjab National Bank’s net profit fell 65.5% on an annual basis to Rs […]]]>

Shares of National Bank of Punjab plunged on Thursday after the public lender’s quarterly performance fell well below Street estimates.

GNP shares fell 10% to a 52-week low of 29.5 rupees each on BSE in the opening minutes of the trade itself.

Punjab National Bank’s net profit fell 65.5% on an annual basis to Rs 201.6 crore, according to a regulatory filing. Its net interest income – or the difference between interest earned and interest paid – rose 5% year on year to Rs 7,304.1 crore for the three month period, but did not meet the expectations,

GNP slippages soared 110.8% sequentially to Rs 10,506 crore, and write-offs tripled in the October-December period.

However, its asset quality improved, with its gross non-performing assets (NPA) as a percentage of total loans down 110 basis points to 11.78% from the previous quarter.

PNB continued to increase its provisions for bad debts and contingencies. Its provisions increased by 44.7% sequentially to Rs 4,851.5 crore.

PNB has canceled NPAs where provisions are at 100%, Managing Director and CEO Atul Kumar Goel told CNBC-TV18. to the current quarter number,” he said.

The bank expects credit growth of 10% in the year ending March 2023 with 15% growth in retail.ector, he said.

Goel also said that the corporate sector is seeing good demand from the infrastructure segment.

The board of PNB has announced a final dividend of 64 paise per share for the financial year ending March 2022.

Morgan Stanley maintained an “equal weight” rating on PNB with a target price of Rs 41 each. Despite a big hit on the cost front, PNB’s profit is 81% lower than the brokerage’s estimate.

The brokerage’s target implies a 23.9% rise in the stock from Wednesday’s closing price.

First post: STI

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5-year variable rate loans fall for the fourth week in a row https://masterdiver.net/5-year-variable-rate-loans-fall-for-the-fourth-week-in-a-row/ Mon, 09 May 2022 22:53:34 +0000 https://masterdiver.net/5-year-variable-rate-loans-fall-for-the-fourth-week-in-a-row/ Our goal at Credible Operations, Inc., NMLS Number 1681276, hereafter referred to as “Credible”, is to give you the tools and confidence you need to improve your finances. Although we promote the products of our partner lenders, all opinions are our own. The latest student loan refinance interest rate trends on the Credible Marketplace, updated […]]]>

Our goal at Credible Operations, Inc., NMLS Number 1681276, hereafter referred to as “Credible”, is to give you the tools and confidence you need to improve your finances. Although we promote the products of our partner lenders, all opinions are our own.

The latest student loan refinance interest rate trends on the Credible Marketplace, updated weekly. (Stock)

Pricing for Qualified Borrowers using the Credible Marketplace for refinance student loans trending up for 10-year fixed rate loans, while 5-year variable rates are falling.

For borrowers with credit scores of 720 or higher who used the Credible Marketplace to select a lender during the week of May 2, 2022:

  • Rates on 10-year fixed-rate refinance loans averaged 4.63%, down from 4.59% the week before and 3.59% a year ago. Rates for this term hit their lowest point of 2021 during the week of November 22, when they were at 3.35%.
  • Rates on 5-year variable rate refinance loans averaged 3.04%, compared to 3.17% the previous week and 3.16% a year ago. Rates for this term hit their lowest point of 2021 during the week of November 22, when they were at 2.41%.

Weekly Trends in Student Loan Refinance Rates

may-9-graph.jpg

If you’re curious about what kind of student loan refinance rates you might qualify for, you can use an online tool like Credible to compare the options of different private lenders. Checking your rates will not affect your credit score.

Current Student Loan Refinance Rates by FICO Score

To ease the economic impacts of the COVID-19 pandemic, interest and payments on federal student loans have been suspended until at least August 31, 2022. As long as this relief is in place, there is little incentive to refinance federal student loans. But many borrowers with private student loans are taking advantage of low interest rates to refinance their student debt at lower rates.

If you qualify to refinance your student loans, the interest rate you may be offered may depend on factors such as your FICO score, the type of loan you are seeking (fixed or variable rate), and the repayment term. of the loan.

May-9-chart.jpg

The chart above shows that good credit can help you get a lower rate, and rates tend to be higher on loans with fixed interest rates and longer repayment terms. Since each lender has their own method of evaluating borrowers, it’s a good idea to ask for rates from multiple lenders so you can compare your options. A student loan refinance calculator can help you estimate how much you could save.

If you want refinance with bad credit, you may need to apply with a co-signer. Or, you can work on improving your credit before applying. Many lenders will allow children to refinance parent PLUS loans in their own name after graduation.

You can use Credible to compare rates from several private lenders at once without affecting your credit score.

How Student Loan Refinance Rates Are Determined

The rates charged by private lenders to refinance student loans depend partly on the economic environment and interest rates, but also on the duration of the loan, the type of loan (fixed or variable rate), creditworthiness the borrower and the lender’s operating costs and profit margin. .

About Credible

Credible is a multi-lender marketplace that allows consumers to discover the financial products best suited to their particular situation. Credible’s integrations with major lenders and credit bureaus allow consumers to quickly compare accurate and personalized loan options without putting their personal information at risk or affecting their credit score. The Credible Marketplace delivers an unparalleled customer experience, as evidenced by over 4,300 positive Trustpilot reviews and a TrustScore of 4.7/5.

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Rising mortgage rates cloud outlook for lenders focused on refinancing loans | News https://masterdiver.net/rising-mortgage-rates-cloud-outlook-for-lenders-focused-on-refinancing-loans-news/ Sun, 08 May 2022 17:30:00 +0000 https://masterdiver.net/rising-mortgage-rates-cloud-outlook-for-lenders-focused-on-refinancing-loans-news/ Consumers aren’t the only ones feeling the effects of rapidly rising interest rates this year. More mortgage companies are starting to lay off workers as demand for mortgage refinance plummets. Employees of American Financing Corp. in Aurora experienced the harsh new reality facing the mortgage industry on Monday when they were called into a Zoom […]]]>

Consumers aren’t the only ones feeling the effects of rapidly rising interest rates this year. More mortgage companies are starting to lay off workers as demand for mortgage refinance plummets.

Employees of American Financing Corp. in Aurora experienced the harsh new reality facing the mortgage industry on Monday when they were called into a Zoom meeting titled “Our Future Includes You.” For a significant but undisclosed number, this description was not entirely accurate.

“The mortgage market is starting to normalize after being incredibly hot over the past two years. Like many lenders, we had to assess our business needs and workforce alignment. We explored many angles, but unfortunately had to lay off some of our employees. Those affected are receiving severance and benefits,” said Susan Cahill, President and COO of American Financing in an email.

Cahill declined to detail the number of laid-off workers, and the Colorado Department of Labor and Employment did not issue a notice detailing the downsizing. But the workers involved described it as substantial and effective immediately.

Mortgage rates, which started the year at around 3.1% for a 30-year loan, are now closer to 5.1%, according to the St. Louis Federal Reserve. This is the fastest rise in mortgage rates in 35 years. Subtracting points and other items, 30-year loan rates are actually closer to 5.5%, said Lou Barnes, Boulder-based financial markets analyst at Cherry Creek Mortgage.

“The capacity of the industry is so inflated by the two years of COVID-19,” he said. “No matter how disciplined you are, everyone is going to get caught.”

Firms that have focused on providing loans for home purchases, however, are much better positioned to bear higher rates than those that have pursued the refinancing market, he said.

For the week ended April 29, refinances accounted for just over a third of all mortgage applications, up from nearly two-thirds at the end of last year, according to a weekly Mortgage Bankers Association survey. The MBA refinance activity index was 71% lower than the same week a year earlier, while purchase mortgage originations were down 11%.

When the pandemic hit, the Federal Reserve cut its benchmark interest rates as low as possible while remaining positive. This sparked a boom in the mortgage industry as consumers rushed to lock in 30-year mortgage rates in the mid-2% range.

“Recent mortgage layoffs have been driven by a significant decrease in demand for refinance and a shrinking pool of eligible buyers thanks to significantly higher mortgage rates,” wrote Colin Robertson, who has seen a recovery in activity on a blog he started in 2007 to track the downturn in the mortgage industry. “Put simply, mortgage companies need to ‘adapt’ because too many players are looking for far too few loans.”

Nicole Rueth, producing branch manager at Fairway Mortgage in Denver, said she couldn’t blame mortgage companies that pursued opportunities presented to them during the pandemic. Many of the larger lenders have achieved this by seeking the “low-hanging fruit” of refinances. But consumers should pay attention to how companies, such as Better.com, behave when the situation reverses on them.

“It’s a character statement,” said Rueth, who hired one of the laid-off workers from American Financing.

Unlike the last big mortgage downturn of the 2000s, sources of capital aren’t cutting lines of credit to mortgage lenders, Barnes said. The industry faces a volume problem, not a credit quality problem.

Damian and Gabie Maldonado incorporated American Financing in June 2001 and survived the excesses of the housing boom and bust that wiped out the most aggressive lenders. More recently, the company featured humorous television commercials featuring former Broncos quarterback Peyton Manning.

In 2020, American Financing was Colorado’s third-largest residential mortgage lender, with $4.35 billion in loan volume and the largest residential lender headquartered in the state, according to a list compiled by the Denver Business Journal. . Detroit-based Rocket Mortgage, which ranked second in Colorado on the list, recently announced it was laying off 2,000 workers, or 8% of its nationwide workforce.

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Berkshire lender’s scheme to free borrowers from predatory lending gained traction in 2021 | Business https://masterdiver.net/berkshire-lenders-scheme-to-free-borrowers-from-predatory-lending-gained-traction-in-2021-business/ Fri, 06 May 2022 18:00:00 +0000 https://masterdiver.net/berkshire-lenders-scheme-to-free-borrowers-from-predatory-lending-gained-traction-in-2021-business/ PITTSFIELD — When Greylock Federal Credit Union renovated its Kellogg Street branch to include its first community empowerment center three years ago, it consolidated its financial literacy services into one location. The branch was chosen because it is located in the Morningside neighborhood of Pittsfield, one of the poorest neighborhoods in the city, where financial […]]]>

PITTSFIELD — When Greylock Federal Credit Union renovated its Kellogg Street branch to include its first community empowerment center three years ago, it consolidated its financial literacy services into one location.

The branch was chosen because it is located in the Morningside neighborhood of Pittsfield, one of the poorest neighborhoods in the city, where financial education services are most needed.

According to the credit union’s recent impact report, Greylock last year provided $4.5 million in affordable loans, backed by financial coaching and education, to its member-owners to meet the needs of emergency, strengthen members’ credit and help them avoid high rates set by predatory lenders. .

This represents an increase from the $1.8 million in community development loans Greylock provided to members in 2020, when loan volumes were impacted by the pandemic.

“COVID has shut down a lot of things,” said Cindy Shogry-Raimer, Greylock’s vice president of community development. She expects this year’s figure to be more in line with what the credit union has provided in affordable loans in 2021.

“I’m at $1.1 million right now, and we’re only three months away,” she said. “I think we’ll be on the right track with last year.”

Greylock is certified as a Community Development Financial Institution. The US Treasury designation that allows financial institutions to specialize in lending to individuals, organizations, and businesses in under-resourced communities that traditional financial services have not traditionally reached.

Certification enables institutions to provide their clients with financial education, business coaching, and low-interest loans that increase economic potential and help build wealth.

“The need is great,” Shogry-Raimer said. “With low-income people in credit trouble, you have a lot of predatory lenders who are really taking advantage of people.”

Greylock provided 469 so-called “new trucker” loans last year to members who might have turned to domestic subprime lenders, according to the Impact Report.

“When I look at someone paying 600 or 700 percent interest on one of these fast internet loans, it’s a trap they just can’t escape and it’s crippling,” Shogry- said Relove.


Greylock Federal Credit Union Unveils $4.5 Million Branch Renovation With Community Empowerment Center

Greylock provides assistance to members who find themselves in these situations by getting them out of these unbalanced agreements. The institution buys these other contracts and instead offers loans at lower rates.

The credit union then follows up with progress reports on its member’s financial condition, providing information to all three credit bureaus.

“Not only have they freed up money during the month on a loan that they’ll never repay, but they’re actually paying on time. And, by paying on time, they’re improving their credit score,” Shogry said. -Relove. .

Almost all of Greylock’s affordable loans through the program are based on members’ ability to pay them, not their credit scores.

When Greylock opened its center three years ago, 66% of the credit union’s nearly 90,000 members met federal criteria for low-income customers who lacked adequate access to financial products or services.

Nearly half of potential customers in the region had limited access to emergency cash, Shogry-Raimer said. “When you see this, there is a problem. We have chosen to do something about it.”

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Amazon to provide $10.6 million in loans for affordable housing in Nashville https://masterdiver.net/amazon-to-provide-10-6-million-in-loans-for-affordable-housing-in-nashville/ Wed, 04 May 2022 13:00:44 +0000 https://masterdiver.net/amazon-to-provide-10-6-million-in-loans-for-affordable-housing-in-nashville/ Amazon’s contributions include $7.1 million in low-interest loans. The company will provide a $3.5 million grant to CrossBridge, a nonprofit organization. The money will go to affordable housing projects in East Nashville and Rutledge Hill. Amazon will contribute $10.6 million in low-interest loans and grants to build or renovate more than 130 affordable units in […]]]>
  • Amazon’s contributions include $7.1 million in low-interest loans.
  • The company will provide a $3.5 million grant to CrossBridge, a nonprofit organization.
  • The money will go to affordable housing projects in East Nashville and Rutledge Hill.

Amazon will contribute $10.6 million in low-interest loans and grants to build or renovate more than 130 affordable units in East Nashville and Rutledge Hill, the company announced Wednesday.

The pledge includes a $7.1 million loan to the Metropolitan Housing and Development Agency for construction of the Cherry Oak Apartments, which will begin Wednesday morning in East Nashville.

A $3.5 million grant to Nashville-based nonprofit CrossBridge will help fund the creation of 50 new units and 34 renovated units for adults who are overcoming addiction.

These two investments are Amazon’s first concrete contributions to creating new affordable housing in Nashville.

The funds come from the company’s $2 billion Amazon Housing Equity fund and are separate from the company’s pledge last June to provide $75 million in low-interest loans to preserve at least 800 homes. rentals in Nashville near WeGo transit routes. The specific investments of this $75 million commitment have yet to be announced.

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