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Tuesday, 29-Jul-2014 16:21 Email | Share | | Bookmark
Inplay From Briefing.com - Yahoo Finance












Previously, Mr. Lustgarten was CEO of T.C.E. Aviation Ltd in Belgium. 9:15 am S&P futures vs fair external link value: +6.00. Nasdaq futures vs fair value: +10.50. (:WRAPX) : The stock market is on track for an upbeat start to the final session of an abbreviated trading week. <br>For the original version including any supplementary images or video, visit http://finance.yahoo.com/news/inplay-briefing-com-195206742.html



Saturday, 26-Jul-2014 02:57 Email | Share | | Bookmark
Mgic Investment Corporation Reports Second Quarter 2014 Results












In addition, a lender's assessment of the future ability of our insurance operations to meet the Financial Requirements may affect its willingness to procure insurance from us. In this regard, see our risk factor titled "Competition or changes in our relationships with our customers could reduce our revenues or increase our losses." The amount of insurance we write could be adversely affected if the definition of Qualified Residential Mortgage results in a homepage reduced number of low down payment loans available to be insured or if lenders and investors select alternatives to private mortgage insurance. The financial reform legislation that was passed in July 2010 (the "Dodd-Frank Act" or "Dodd-Frank") requires lenders to consider a borrower's ability to repay a home loan before extending credit. The Consumer Financial Protection Bureau ("CFPB") rule defining "Qualified Mortgage" ("QM") for purposes of implementing the "ability to repay" law became effective in January 2014. There is a temporary category of QMs for mortgages that satisfy the general product feature requirements of QMs and meet the GSEs' underwriting requirements (the "temporary category"). The temporary category will phase out when the GSEs' conservatorship ends, or if sooner, after seven years. In May 2013, the FHFA directed the GSEs to limit their mortgage acquisitions to loans that meet the requirements of a QM under the ability to repay rule, including those that meet the temporary category, and loans that are exempt from the "ability to repay" requirements. We may insure loans that do not qualify as QMs, however, we are unsure the extent to which lenders will make non-QM loans because they will not be entitled to the presumptions about compliance with the "ability to repay" requirements that the law allows lenders with respect to QM loans. We are also unsure the extent to which lenders will purchase private mortgage insurance for loans that cannot be sold to the GSEs. The U.S. <br>For the original version including any supplementary images or video, visit http://finance.yahoo.com/news/mgic-investment-corporation-reports-second-110000312.html



Tuesday, 22-Jul-2014 14:40 Email | Share | | Bookmark
Mgic Investment Corporation Reports Second Quarter 2014 Results










At this point, we cannot predict with a high degree of confidence what the ultimate re-default rate will be. Eligibility under certain loan modification programs can also adversely affect us by creating an incentive for borrowers who are able to make their mortgage payments to become delinquent in an attempt to obtain the benefits of a modification. New notices of delinquency increase our incurred losses. If legislation is enacted to permit a portion of a borrower's mortgage loan balance to be reduced in bankruptcy and if the borrower re-defaults after such reduction, then the amount we would be responsible to cover would be calculated after adding back the reduction. Unless a lender has obtained our prior approval, if a borrower's mortgage loan balance is reduced outside the bankruptcy context, including in association with a loan modification, and if the borrower re-defaults after such reduction, then under the terms of our policy the amount we would be responsible to cover would be calculated net of the reduction. If the volume of low down payment home mortgage originations declines, the amount of insurance that we write could decline, which would reduce our revenues. The factors that affect the volume of low down payment mortgage originations include: restrictions on mortgage credit due to more stringent underwriting standards, liquidity issues and risk-retention requirements associated with non-QRM loans affecting lenders, the level of home mortgage interest rates and the deductibility of mortgage interest for income tax purposes, the health of the domestic economy as well as conditions in regional and local economies, housing affordability, population trends, including the rate of household formation, the rate of home price appreciation, which in times of heavy refinancing can affect whether refinanced loans have loan-to-value ratios that require private mortgage insurance, and government housing policy encouraging loans to first-time homebuyers. As noted above, the CFPB rules implementing laws requiring mortgage lenders to make ability-to-pay determinations prior to extending credit became effective in January 2014. <br>For the original version including any supplementary small business loans Australia wide images or video, visit http://finance.yahoo.com/news/mgic-investment-corporation-reports-second-110000312.html



Monday, 2-Dec-2013 23:13 Email | Share | | Bookmark
Some `low-doc` Loans Are Causing Problems












Jane Lehman, Real Estate News Service. WASHINGTON Uncharacteristically high mortgage losses are prompting many lenders to stop offering mortgages granted on little more than a borrower`s say-so and the projected resale value of the home. The mortgages, referred to in the industry as ``no-doc`` and ``low-doc`` loans, are made without benefit of the customary documentation of a borrower`s income, employment and source of down payment funds. Rather, lenders gambled that a healthy down payment on the order of 25 percent would prevent borrowers from defaulting on the loans. The only paperwork required was a property appraisal, credit report and a signed statement by the borrower attesting to income, employment history and other information reported on the application form. When the low-doc loan made its nationwide debut in 1987, lenders touted it as a means of speeding the loan origination process and providing quick approvals for self-employed and high net-worth borrowers whose complex tax returns complicate the loan application process. <br>For the original version including any supplementary images or video, visit http://articles.chicagotribune.com/1991-05-26/business/9102170086_1_low-doc-no-doc-citicorp-mortgage





No-doc, Low-doc Loans May Help People Who Lack Steady Job, Income





Marc Greene of JEG Properties said the sales price will be $325 per square foot and the lease rate will be $21 per square foot, taxes, insurance and utilities not included. Despite rising interest rates, Greene said it still makes sense to buy. "I just helped a chiropractor, who has been renting for the last six years and paying $3,000 a month, to buy a $400,000 unit in another building," Greene said. "His mortgage will be the same as what he was paying in rent, but in 15 years he'll have an asset worth $650,000." Insurance salesman touting 'low-doc' commercial loans HeraldTribune.com September 11, 2006 4:20 AM Joseph Bailey is convinced that loaning money against commercial real estate is the best business opportunity going right now.The career insurance salesman went to a loans for small business Perth seminar held by Austin, Texas-based Great America Funding this summer, and returned to Sarasota with the conviction that he needs to devote all his time to help businesses get the money they need without having to deal with bank bureaucracies."We can make a loan for any commercial reason that makes sense," said Bailey, who has run his own insurance agency in Sarasota since 1974. "Forget about three years of tax returns and groveling for financial statements. If you have equity in a building, that's all we need."Bailey says Great America Funding was founded two years ago by R.C. McVaney. It has been growing at lightning speed and already operates in 50 states.But no major newspapers have written anything about the company yet, and if you type Great America Funding or McVaney's name into into Google or Yahoo! search engines, nothing comes up except for the company's own Web site: www.greatamericafunding.com.Great America Funding says its goal is to provide businesses and commercial property owners with loans under favorable rates and terms that will actually do them good."Our loans can be for business acquisitions, expansions, property purchases or refinances, equipment leasing, factoring or virtually any business purpose," the Web site states. "We have some loan programs that require NO income documentation or verification."Bailey agreed that the drawback of no document loans is that interest rates attached to them can be much higher than traditional bank loans."I don't want you to think that we're bottom-feeders, that we will take anything that banks throw in the wastebasket," Bailey said. "People still have to qualify. <br>For the original version including any supplementary images or video, visit http://www.heraldtribune.com/article/20060911/COLUMNIST58/609110585





Low-doc loan battle goes before High Court





Under Privacy select 'Content settings' Under 'Cookies' select 'Allow local data to be set (recommended)' Click 'OK' Under 'Block cookies' check 'Never' Enabling Cookies in Mobile Safari (iPhone, iPad) Go to the Home screen by pressing the Home button or by unlocking your phone/iPad Select the Settings icon. Select Safari from the settings menu. Select 'accept cookies' from the safari menu. Select 'from visited' from the accept cookies menu. Press the home button to return the the iPhone home screen. Select the Safari icon to return to Safari. <br>For the original version including any supplementary images or video, visit http://www.theaustralian.com.au/business/financial-services/low-doc-loan-battle-goes-before-high-court/story-fn91wd6x-1226404833720





Insurance salesman touting 'low-doc' commercial loans





Each lender has his or her programs. Borrowers might not have to show W2 forms, but might have to produce income-tax filings for the past three years. If they are self-employed, they might have to prepare year-to-date statements that include accounts receivable. They might also need to show bank balances, brokerage reports, a list of assets and so on. Some lenders will do a "stated-income loan. The borrowers just state how much they make and the lender accepts it," he says. All the other paperwork has to be in order, however. The borrower's credit history has to show that he or she is a good risk. <br>For the original version including any supplementary images or video, visit http://articles.orlandosentinel.com/2003-12-14/business/0312120161_1_types-of-loans-low-documentation-lender



Saturday, 30-Nov-2013 15:07 Email | Share | | Bookmark
Missing Pieces In A Low-doc Lending Trail That Shattered Lives








Search by borrower can still turn up a 'low doc' mortgage





It is the might of the corporate establishment and the government versus the 70-year old pensioner from outback WA. But this lone ranger is onto something. For one, the banks and regulators are not handing over information to borrowers about their own loans: principally, the LAFs. Banking Ombudsman Philip Field conceded that, in some cases, the Financial Ombudsman Service had not used its powers to demand the lenders release the LAFs. "There are some cases where we haven't compelled the discovery of the LAFs and some cases where we have. The LAF is just one piece of the puzzle," says Field. Plaintiff lawyers who have acted on the few cases which have made it to the courts (fighting the banks is an expensive business) contend the LAF is a vital part of the contract and should be available to borrowers. <br>For the original version including any supplementary images or video, visit http://www.smh.com.au/business/missing-pieces-in-a-lowdoc-lending-trail-that-shattered-lives-20130602-2njyk.html









Paperwork demands vary from lender to lender when it comes to mortgage documentation. But while an attorney on salary with a large corporation can usually prove his income primarily with W-2s, his counterpart in private practice, who has no such documents at hand, may have to go to amazing lengths to demonstrate his borrowing capacity. On a standard low doc loan application, you can assume the lawyer trying to buy the stone house will have to come up with most of the following: two to three years' worth of tax returns, a business credit report, year-to-date profit and loss statements and a current balance sheet. "It can cost you thousands of dollars to prepare that kind of documentation," says Mr. Miller, whose 1991 edition of "The Common-Sense Mortgage" deals at length with the issue of mortgage documentation. The assumption behind the low doc loan was that someone with a big down payment was a good enough financial bet for the lender that he could be spared the kind of rigorous documentation usually required. On a more or less good faith basis, he would be allowed to take a mortgage with a minimum of proof that his income and assets were what he claimed. <br>For the original version including any supplementary images or video, visit http://articles.baltimoresun.com/1991-01-13/business/1991013148_1_doc-loan-mortgage-documentation-low-doc





Courts rule against lenders as boom-time low-doc loan frenzy unravels





Possible morning shower. Cookies must be enabled. Enabling Cookies in Internet Explorer 7, 8, 9 + Open the Internet Browser Click Tools (or "gear" icon at top right hand corner) > Internet Options > Privacy > Advanced Check Override automatic cookie handling For First-party Cookies and Third-party Cookies click Accept Click OK external link and OK Click Tools > Options > Privacy < Use custom settings for history Check Accept cookies from sites Check Accept third party cookies Select Keep until: they expire Click OK Enabling Cookies in Google Chrome Open the Google Chrome browser Click Tools icon Or type in Go to chrome://settings/ to the URL window, hit enter Click 'Advanced settings' > Select Privacy > Content settings Check 'Allow local data to be set (recommended)' Click 'Done' Under 'History' select Firefox will: 'Use custom settings for history' Check 'Accept cookies from sites' and then check 'Accept third-party cookies' Click OK Enabling Cookies in Google Chrome Open the Google Chrome browser Chrome > Preferences Click 'Show advanced settings' at the bottom. Under Privacy select 'Content settings' Under 'Cookies' select 'Allow local data to be set (recommended)' Click 'OK' Under 'Block cookies' check 'Never' Enabling Cookies in Mobile Safari (iPhone, iPad) Go to the Home screen by pressing the Home button or by unlocking your phone/iPad Select the Settings icon. Select Safari from the settings menu. Select 'accept cookies' from the safari menu. Select 'from visited' from the accept cookies menu. Press the home button to return the the iPhone home screen. Select the Safari icon to return to Safari. <br>For the original version including any supplementary images or video, visit http://www.theaustralian.com.au/business/financial-services/courts-rule-against-lenders-as-boom-time-low-doc-loan-frenzy-unravels/story-fn91wd6x-1226393550009



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