Lending – Guide Global http://guideglobal.com/ Wed, 03 Nov 2021 12:04:56 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://guideglobal.com/wp-content/uploads/2021/05/default1.png Lending – Guide Global http://guideglobal.com/ 32 32 How Payday Loan Interest Rates Vary Between States https://guideglobal.com/how-payday-loan-interest-rates-vary-between-states/ https://guideglobal.com/how-payday-loan-interest-rates-vary-between-states/#respond Fri, 14 May 2021 08:10:18 +0000 https://guideglobal.com/?p=625 Payday loan interest rates in the United States vary from state to state. Whilst payday loans are strictly governed, or even outlawed entirely, in some states, in others, APR can sometimes be over 600%. Ubiquity of Payday Loans Payday loans, thanks to how easy they are to obtain, are becoming increasingly common. The volume of […]]]>

Payday loan interest rates in the United States vary from state to state. Whilst payday loans are strictly governed, or even outlawed entirely, in some states, in others, APR can sometimes be over 600%.

Ubiquity of Payday Loans

Payday loans, thanks to how easy they are to obtain, are becoming increasingly common. The volume of people depending on these types of loans is thought to have tripled since the coronavirus pandemic according to research from Gusto. Only 2% of these workers had used a payday loan before the pandemic.

According to the Consumer Financial Protection Bureau, 1 in 4 payday loans are re-borrowed nine times, if not more. It takes borrowers an average of 5 months to pay off their loans and they pay $520 in finance charges, on average. Thus, it is easy to see how these borrowers can easily enter a spiral of debt.

It is clear that these loans can cause a huge negative impact on borrowers. Charla Rios, a researcher with CRL, says that “in addition to the repeat borrowing…there’s an increase in the chances of overdrafts, losing a bank account, bankruptcy and difficulty paying bills.”

She continues: “People are financially strained right now and we also know the outcome and the harms of payday loans, so these loans are not a solution for the time that we’re in”.

Clamping Down on Payday Loan Interest Rates

Over the last year, many states have started to clamp down on what has become known as “predatory lending” by introducing specific laws relating to payday loans. 

Payday loan lenders have a reputation for taking advantage of people down on their luck financially by charging sky-high interest rates which are impossible to repay.

Payday loans are still widely available across the United States with over half of US states offering restriction-free loans. For many bad credit lenders, all that is required is a valid form of ID, an existing bank account, and proof of income.


In an effort to strive for more responsible lending practices, the Center for Responsible Lending analyzed the average APR across different states based on a 14-day loan of $300. They revealed that due to the “finance charges” incurred for each loan, many consumers are oblivious to how much interest they are really paying.

Risk of Predatory Lending 

Statistics from CRL suggest that there are around 200 million Americans currently living in states where payday lending is not heavily regulated. This means that an increasingly high volume of Americans are at risk of predatory lending, sometimes with triple-digit interest rates.

Texas payday loans have the highest rates of any state, with a typical APR of 664%. As a reference, this figure is 40 times more than the average credit card interest rate (16.12%). Formerly, the highest payday loan rates were in Ohio, with an average of 677%; although, this has since been brought down substantially to 138%.

Capped Interest Rates

Certain states have already been regulating payday loan interest rates for some time. These are Arkansas, Arizona, Colorado, Connecticut, Georgia, Maryland, Massachusetts, Montana, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, South Dakota, Vermont, West Virginia and the District of Columbia. In these states, payday loan interest rates are capped at 36% or lower.

More recently, Nebraska’s November general election saw its voters overwhelmingly opt to cap payday loan interest rates at 36%. This was a huge drop from the previous average APR in Nebraska which was a staggering 404%.

January 2021 saw Illinois follow suit, passing a bill to cap rates on consumer loans, including both payday and car title, at 36%. Although the bill is still pending a signature from the Governor, it will make Illinois the latest state to clamp down on payday loan interest rates.

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Navient Student Loan Trust 2021-2 — Moody’s assigns provisional ratings to Navient Student Loan Trust 2021-2 https://guideglobal.com/navient-student-loan-trust-2021-2-moodys-assigns-provisional-ratings-to-navient-student-loan-trust-2021-2/ https://guideglobal.com/navient-student-loan-trust-2021-2-moodys-assigns-provisional-ratings-to-navient-student-loan-trust-2021-2/#respond Fri, 14 May 2021 07:16:46 +0000 https://guideglobal.com/?p=589 Rating Action: Moody’s assigns provisional ratings to Navient Student Loan Trust 2021-2Global Credit Research – 07 Apr 2021Approximately $762.3 million of asset-backed securities ratedNew York, April 07, 2021 — Moody’s Investors Service, (“Moody’s”) has assigned a provisional rating of (P)Aaa (sf) to the Class A-1A, Class A-1B, and Class B notes to be issued by […]]]>

Rating Action: Moody’s assigns provisional ratings to Navient Student Loan Trust 2021-2Global Credit Research – 07 Apr 2021Approximately $762.3 million of asset-backed securities ratedNew York, April 07, 2021 — Moody’s Investors Service, (“Moody’s”) has assigned a provisional rating of (P)Aaa (sf) to the Class A-1A, Class A-1B, and Class B notes to be issued by Navient Student Loan Trust 2021-2. The underlying collateral consists of Federal Family Education Loan Program (FFELP) non-consolidation and consolidation student loans.Moody’s issues provisional ratings in advance of the final sale of securities. Upon a conclusive review of the final documentation, Moody’s will endeavor to assign final ratings to the securities. Final ratings may differ from provisional ratings.The complete rating actions are as follows:Issuer: Navient Student Loan Trust 2021-2Fixed Rate Class A-1A Notes, Assigned (P)Aaa (sf)Floating Rate Class A-1B Notes, Assigned (P)Aaa (sf)Floating Rate Class B Notes, Assigned (P)Aaa (sf)RATINGS RATIONALEThe ratings are based on the underlying collateral consisting of FFELP student loans, which are indirectly guaranteed by the U.S. Department of Education for a minimum of 97% of defaulted principal and accrued interest; the overcollateralization of the trust, which is expected to have an initial parity level of 103.1%; a reserve account funded at 3.35% of the initial pool balance that steps down successively to 1.00% of the pool balance on the September 2023 distribution date and to 0.65% of the pool balance on the April 2032 distribution date, and has a floor of approximately $0.76 million; excess spread that is expected to average between 1.3% and 1.5% basis points per annum that is trapped to a target overcollateralization level of the greater of 3.01% of the adjusted pool balance and $5.7 million, and is used on or after the April 2027 distribution date to exclusively pay down bonds. The ratings are also based on the expertise and experience of Navient Solutions, LLC (formerly known as Navient Solutions, Inc.), which is one of the largest FFELP and Direct Loan servicer, as the servicer for this transaction.The expected net loss on the loan pool to be securitized is approximately 0.8%, similar to the prior Navient FFELP deal.The COVID-19 pandemic has had a significant impact on economic activity. Although global economies have shown a remarkable degree of resilience to date and are returning to growth, the uneven effects on individual businesses, sectors and regions will continue throughout 2021 and will endure as a challenge to the world’s economies well beyond the end of the year. While persistent virus fears remain the main risk for a recovery in demand, the economy will recover faster if vaccines and further fiscal and monetary policy responses bring forward a normalization of activity. As a result, there is a heightened degree of uncertainty around our forecasts. Our analysis has considered the effect on the performance of consumer assets from a gradual and unbalanced recovery in US economic activity. Specifically, for FFELP student loan ABS, loan performance will continue to benefit from government support and the improving unemployment rate that will support the borrower’s income and their ability to service debt. However, any elevated use of borrower assistance programs to affected borrowers, such as forbearance, deferment and income-based repayment (IBR), may adversely impact scheduled cash flows to bondholders.We regard the COVID-19 outbreak as a social risk under our ESG framework, given the substantial implications for public health and safety.The ratings consider high social risk attributable to the debt burden of student loans and the affordability of education in the US. Potential regulatory or legislative changes could impact funds available to the trust.Rating MethodologyThe principal methodology used in these ratings was “Moody’s Approach to Rating Securities Backed by FFELP Student Loans” published in May 2020 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBS_1226065. Alternatively, please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.Factors that would lead to a downgrade of the ratings:Because the US Department of Education guarantees at least 97% of principal and accrued interest on defaulted loans, Moody’s could downgrade the ratings of the notes if it were to downgrade the rating on the United States government. Moody’s could downgrade the ratings if performance is materially worse than it currently expects, specifically, if the usage of borrower relief programs such as forbearance, deferment and IBR is higher than anticipated, net losses or voluntary prepayments are higher than it currently expects, or if the loan pool pays down too slowly to pay off the notes by maturity. In our analysis, we applied incremental stresses to our typical cash flow assumptions in consideration of a likely slowdown in borrower payments brought on by the economic impact of the COVID-19 pandemic.REGULATORY DISCLOSURESFor further specification of Moody’s key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions in the disclosure form. Moody’s Rating Symbols and Definitions can be found at: https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_79004.Further information on the representations and warranties and enforcement mechanisms available to investors are available on http://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBS_1275871.In rating this transaction, Moody’s used a cash flow model to model cash flow stress scenarios to determine the extent to which investors would receive timely payments of interest and principal in the stress scenarios, given the transaction structure and collateral composition.Moody’s quantitative analysis entails an evaluation of scenarios that stress factors contributing to sensitivity of ratings and take into account the likelihood of severe collateral losses or impaired cash flows.For ratings issued on a program, series, category/class of debt or security this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series, category/class of debt, security or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody’s rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider’s credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.The ratings have been disclosed to the rated entity or its designated agent(s) and issued with no amendment resulting from that disclosure.These ratings are solicited. Please refer to Moody’s Policy for Designating and Assigning Unsolicited Credit Ratings available on its website www.moodys.com.Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.Moody’s general principles for assessing environmental, social and governance (ESG) risks in our credit analysis can be found at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1243406.At least one ESG consideration was material to the credit rating action(s) announced and described above.The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody’s affiliates outside the EU and is endorsed by Moody’s Deutschland GmbH, An der Welle 5, Frankfurt am Main 60322, Germany, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. Further information on the EU endorsement status and on the Moody’s office that issued the credit rating is available on www.moodys.com.The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody’s affiliates outside the UK and is endorsed by Moody’s Investors Service Limited, One Canada Square, Canary Wharf, London E14 5FA under the law applicable to credit rating agencies in the UK. Further information on the UK endorsement status and on the Moody’s office that issued the credit rating is available on www.moodys.com.Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody’s legal entity that has issued the rating.Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating. Selven Veeraragoo Asst Vice President – Analyst Structured Finance Group Moody’s Investors Service, Inc. 250 Greenwich Street New York, NY 10007 U.S.A. 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Billion dollar tourist package includes 800,000 half-price plane tickets https://guideglobal.com/billion-dollar-tourist-package-includes-800000-half-price-plane-tickets/ https://guideglobal.com/billion-dollar-tourist-package-includes-800000-half-price-plane-tickets/#respond Thu, 08 Apr 2021 02:38:29 +0000 https://guideglobal.com/billion-dollar-tourist-package-includes-800000-half-price-plane-tickets/ The federal government unveiled a $ 1.2 billion tourism package as part of its attempt to boost the economy in industries and regions affected by the pandemic when the JobKeeper wage subsidy is canceled at the end of the month. Australian travelers will have access to 800,000 half-price airline tickets at 13 tourism-dependent regions, subsidized […]]]>
The federal government unveiled a $ 1.2 billion tourism package as part of its attempt to boost the economy in industries and regions affected by the pandemic when the JobKeeper wage subsidy is canceled at the end of the month.
Australian travelers will have access to 800,000 half-price airline tickets at 13 tourism-dependent regions, subsidized by the government as part of the package announced last night.

Other flagship measures include larger loans to small businesses dependent on JobKeeper – including a two-year repayment holiday – and direct help to help Qantas and Virgin keep employed workers and planes ready to fly again at abroad.

Prime Minister Scott Morrison has launched the government’s new tourism package. (Nine)

The measures will see taxpayers subsidizing flights to and from destinations such as the Gold Coast, Cairns, Alice Springs and Launceston, as international border closures and intermittent national border closures keep tourists away.

Prime Minister Scott Morrison said today that the tourism package will help industries and regions across the country affected by the pandemic “weather the next bump” in economic recovery.

“We have to get tourists to the field and that’s what’s going to keep people in their jobs,” Mr. Morrison said.

“Just as we’ve seen in many states where people get in their cars and drive to these tourist destinations, we have to fight in remote areas of Cairns, the Gold Coast and northern Tasmania and make sure let these visitors go there. “

Mr Morrison said every dollar spent on a ticket in the air would equal about $ 10 spent on the ground in the area.

Qantas' jet lands.
Aviation and tourism are among the industries that could benefit from a post-JobKeeper boost. (Getty)

The federal government points out that demand will drive the number of tickets, but expects to subsidize about 46,000 plane tickets per week, for a total of 800,000.

The offer applies to 13 destinations, but Morrison said the government is open to adding more destinations to the package.

However, he admitted that the benefits of the package could be hampered if states decide to close their borders.

But the Prime Minister had high hopes “2021 is different from 2020”.

“In 2021, what’s appropriate with state borders, I think, is completely different, especially with the roll-out of the immunization program,” he said.

“Both airlines have made it pretty clear that for this to work best, states need to keep their borders open.”

In addition to the obvious benefits for airlines, tour operators and travel agents, the plan is designed to support accommodation and hospitality businesses in hardest hit areas when the JobKeeper grant expires on March 28.

But of all JobKeeper beneficiaries who don’t work or only work a few hours a week, around 20 percent are employed in cafes, restaurants, travel agencies, tour operators or airlines, according to government figures. .

Qantas planes at Sydney Airport. (PA)

Mr Morrison said that while the economy had recovered 85% of its pandemic collapse, the package was designed to help those most affected close the gap back to normalcy.

“This is our ticket to the recovery – 800,000 half-price plane tickets to get Australians to travel and support tour operators, businesses, travel agents and airlines who continue to deal with COVID-19 , while our international borders remain closed, “he said.

“This package will bring more tourists to our hotels and cafes, taking tours and exploring our backyard.”

Qantas CEO Alan Joyce called the $ 1.2 billion tourism package “great news for Australian tourism.”

“This is great news for Qantas, but especially for Qantas employees, who have suffered a lot over the past year,” he said.

Mr Joyce said the discounted tickets “will stimulate demand” at the 13 travel destinations.

“It’s good for local tourism in these states – tourism that has been devastated,” he said.

“We worried about the ecosystem of these small tour operators, the hotels that are there and making sure they can survive until we can pick up the international tourists as well.

“It ticks the box to help them. It also means we are activating more planes.”

Tourism and aviation support at a glance

  • From April 1 to July 31
  • 50 percent off domestic fares – travel to and from the sites will be subsidized
  • The itineraries are based on the fact that they depend on tourism for the gross domestic product and particularly on aviation for tourism from April to July
  • Demand determines the number of tickets and the locations from which flights will depart, but an estimated average of 46,000 reduced fares per week
  • Tickets available on airline websites from April 1
  • Any airline operator that has operated the routes in the previous two years will be eligible, but mainly Qantas, Virgin, Jetstar and a few others.

The package comes with a plea to keep the borders open

The changes to small business loans tighten the SME loan guarantee scheme so that it only applies to businesses receiving JobKeeper in the March quarter, but taking into account an increase in the maximum size of small business loans. ‘a loan of $ 1 million to $ 5 million.

The turnover cap for qualifying businesses is also increasing, from $ 50 million to $ 250 million, and the government has committed to guaranteeing 80% of each loan, compared to the current 50/50 with banks.

The government has said direct aid to airlines will last from April 1 to October 31, when international flights are expected to resume.

Prime Minister Scott Morrison and Minister of Trade, Tourism and Investment Dan Tehan. (Alex Ellinghausen)

It is designed to keep 8,600 international airline workers in jobs and planes ready to take off, in return for assurance from Qantas and Virgin that they will maintain a defined level of international flight readiness.

The Tourism and Transportation Forum had called for a $ 7.7 billion package until the end of the year, to bring the industry down to 75% of 2019 levels.

Queensland Premier Annastacia Palaszczuk, whose state is home to several of the country’s most tourism-dependent regions, also called for an extension of JobKeeper.

She warned that Cairns in particular, one of the many parts of Queensland targeted in the new package, had 10,000 businesses on JobKeeper “fearing they might fall off a cliff” in late March.

In announcing the new package, Tourism Minister Dan Tehan took the opportunity to reiterate the government’s calls to states to find more consistency in closing borders.

“Our government’s support program will help attract more Australians to the tourist areas most affected by border closures,” he said.

“And we need states and territories to do their part in agreeing to a nationally consistent approach to using border closures and lockdowns as a last resort on medical advice. “

The government warns that these may change depending on negotiations and airline demand:

  • Adelaide – Côte d’Or
  • Melbourne – Gold Coast
  • Sydney – Gold Coast
  • Canberra – Gold Coast
  • Avalon – Gold Coast

Tropical North Queensland (Queensland)

  • Melbourne – Cairns
  • Sydney – Cairns
  • Darwin – Cairns

Whitsundays and Mackay Region (Queensland)

  • Sydney – Proserpine
  • Sydney – Hamilton Island
  • Sunshine Coast (Queensland)
  • Sydney – Maroochydore
  • Melbourne – Maroochydore
  • Adelaide – Maroochydore

Lasseter and Alice Springs (Northern Territory)

  • Adelaide – Alice Springs
  • Sydney – Uluru
  • Brisbane – Alice Springs
  • Melbourne – Alice Springs
  • Perth – Alice Springs
  • Sydney – Alice Springs
  • Brisbane – Uluru
  • Melbourne – Uluru

Launceston, Devonport and Burnie (Tasmania)

  • Melbourne – Launceston
  • Sydney – Launceston
  • Brisbane – Launceston
  • Melbourne – Devonport
  • Melbourne – Burnie

Broome (Western Australia)

  • Darwin – Broome
  • Sydney – Broome
  • Melbourne – Broome
  • Côte d’Or – Avalon
  • Sydney – Avalon

Merimbula (New South Wales)

Kangaroo Island (South Australia)

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Tennis legend Caroline Wozniacki and NBA star David Lee sell Fisher Island, Florida home for $ 16.25 million https://guideglobal.com/tennis-legend-caroline-wozniacki-and-nba-star-david-lee-sell-fisher-island-florida-home-for-16-25-million/ https://guideglobal.com/tennis-legend-caroline-wozniacki-and-nba-star-david-lee-sell-fisher-island-florida-home-for-16-25-million/#respond Thu, 08 Apr 2021 02:38:18 +0000 https://guideglobal.com/tennis-legend-caroline-wozniacki-and-nba-star-david-lee-sell-fisher-island-florida-home-for-16-25-million/ A luxurious waterfront condo on the island of Florida that’s home to America’s richest zip code just sold for $ 16.25 million. The sellers were Caroline Wozniacki, Danish tennis legend with 30 Women’s Tennis Association singles titles to her name, and her husband, former NBA All-Star center David Lee. The fully furnished 8,430 square foot […]]]>

A luxurious waterfront condo on the island of Florida that’s home to America’s richest zip code just sold for $ 16.25 million.

The sellers were Caroline Wozniacki, Danish tennis legend with 30 Women’s Tennis Association singles titles to her name, and her husband, former NBA All-Star center David Lee.

The fully furnished 8,430 square foot home has five bedrooms, five full baths and a powder room, according to the old listing.

A luxurious waterfront condo on the island of Florida that’s home to America’s richest zip code just sold for $ 16.25 million. (The Jills Zeder Group / Lifestyle Production Group)

PALM BEACH PROPERTY OWNED BY DONALD TRUMP SELLS FOR NEAR $ 140M

Built in 2016, the condo features an open floor plan with 10 foot ceilings and floor to ceiling windows. It includes a private elevator.

The owner’s suite includes a private lounge area and a terrace. The adjoining bathroom has a bathtub and a huge walk-in shower.

The vendors were Caroline Wozniacki and her husband, David Lee. (The Jills Zeder Group / Lifestyle Production Group)

CHRIS CLINE’S LAST BILLION HOUSE IN FLORIDA SELLS $ 25.7M: REPORT

There is an additional 2,471 square feet of outdoor space on the home’s wrap-around decks. Views from the home include the Atlantic Ocean and downtown Miami.

Fisher Island is an exclusive community located just south of Miami Beach. It is only accessible by boat. It offers its residents a golf course, beach club, tennis courts and two deep-water marinas.

The fully furnished 8,430 square foot home has five bedrooms, five bathrooms and a powder room. (The Jills Zeder Group / Lifestyle Production Group)

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This particular house is located in the Palazzo Del Sol, a 46 unit building which has been called the “most exclusive building” on the island. Additional building amenities include a movie theater, private massage rooms, a heated infinity pool and private bars.

The house just hit the market on Jan.6, asking for $ 17.5 million. It sold out a little over a month later. The Jills Zeder group represented both the sellers and the buyer.

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Most Mortgage Rate Headlines Are Wrong Today https://guideglobal.com/most-mortgage-rate-headlines-are-wrong-today/ https://guideglobal.com/most-mortgage-rate-headlines-are-wrong-today/#respond Thu, 08 Apr 2021 02:38:08 +0000 https://guideglobal.com/most-mortgage-rate-headlines-are-wrong-today/ There are a lot more new stories than usual on mortgage rates today. Most of them are wrong. This one isn’t, and it’s pretty easy to see why. Freddie Mac publishes his weekly mortgage rate survey every Thursday morning. The survey accepts responses Monday through Wednesday, but based on a comparison of overnight rates against […]]]>

There are a lot more new stories than usual on mortgage rates today. Most of them are wrong. This one isn’t, and it’s pretty easy to see why.

Freddie Mac publishes his weekly mortgage rate survey every Thursday morning. The survey accepts responses Monday through Wednesday, but based on a comparison of overnight rates against survey numbers, it would appear Monday rates take most of the weight, Tuesday a little less, and Wednesday almost none. In other words, the survey historically compared Monday / Tue rates to Monday / Tue rates.

It is No problem if that was made clearer by the crowd of reporters who cite the survey as the final word in the rate movement from week to week. As it stands, however, we have headlines claiming unequivocally that mortgage rates are at all-time lows “right now.”

They are not … They are close overall, but most definitely is no longer at an all-time low. Come back to Tuesday morning, however, and of course! The average lender was indeed at its lowest. Things have deteriorated a bit since then and the average lender has raised their rate slightly.

Many borrowers would not see a difference on the interest rate side of the mortgage rate equation, but there is another side: upfront costs. The upfront costs associated with a given rate allow for finer tuning of mortgage interest. In other words, of course, you can still be at Tuesday’s rate, but if you pay $ 1000 more in closing costs, are you really? Spoiler alert: no, your actual APR (annual percentage rate) is now upper than it was before, even though the “note rate” on your loan is the same.

To the average reader, this point of order is relatively trivial. But for those who have outstanding loans or are considering applying, it is Very important. Put simply, if you explored rate options earlier in the week, and then saw today’s articles proclaiming “new lowest rates of all time,” just know that these headlines would need a time machine to be relevant. The rates are certainly not “high”, but they are higher than they were on Tuesday.

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What is the Consumer Credit Protection Act? | Smart change: personal finance https://guideglobal.com/what-is-the-consumer-credit-protection-act-smart-change-personal-finance/ https://guideglobal.com/what-is-the-consumer-credit-protection-act-smart-change-personal-finance/#respond Thu, 08 Apr 2021 02:37:51 +0000 https://guideglobal.com/what-is-the-consumer-credit-protection-act-smart-change-personal-finance/ The 1960s are known to be an important period in the history of the United States. It was a period that ushered in many revolutionary legislative changes, such as the Civil Rights Act of 1964, the Medicare Act of 1965, and the Voting Rights Act of 1965. In the midst of these Revolutionary federal laws, […]]]>

The 1960s are known to be an important period in the history of the United States. It was a period that ushered in many revolutionary legislative changes, such as the Civil Rights Act of 1964, the Medicare Act of 1965, and the Voting Rights Act of 1965. In the midst of these Revolutionary federal laws, you’d be remiss to forget about consumer credit. Protection Act (LCPA).

Prior to the CCPA, consumers in the United States did not enjoy many rights in lending, debt collection, and credit reporting practices. Back then, lenders could (and often did) benefit consumers. They didn’t have to disclose the terms or costs of the loan up front, could charge outrageous interest rates, and could foreclose a large percentage of your paycheck if you didn’t pay off your debt as promised.

When the Consumer Credit Protection Act (CCPA) was passed in 1968, it aimed to protect consumers from these and other abusive practices. The law imposed restrictions on banks, credit card issuers, debt collectors, etc. The law introduced many guarantees that American consumers still enjoy today, more than 40 years after it was passed into federal law.

Over the years, Congress has passed more laws and brought them under the umbrella of the CCPA to help protect the financial lives of American consumers. The Fair Credit Reporting Act, the Equal Credit Opportunity Act, and the Fair Debt Collection Practices Act, along with a number of others, are included in this list.

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Bruce Lowrey has been appointed Director of Loans at Access Point Financial, LLC https://guideglobal.com/bruce-lowrey-has-been-appointed-director-of-loans-at-access-point-financial-llc/ https://guideglobal.com/bruce-lowrey-has-been-appointed-director-of-loans-at-access-point-financial-llc/#respond Thu, 08 Apr 2021 02:37:31 +0000 https://guideglobal.com/bruce-lowrey-has-been-appointed-director-of-loans-at-access-point-financial-llc/ Access Point Financial, LLC (APF), a leading direct lending and specialty finance company focused exclusively on the hospitality industry, today announced the appointment of Bruce Lowrey as the company’s chief loan officer. Following the recent appointment of Michael Lipson as CEO, the addition of Lowrey to the APF leadership team is part of the continued […]]]>

Access Point Financial, LLC (APF), a leading direct lending and specialty finance company focused exclusively on the hospitality industry, today announced the appointment of Bruce Lowrey as the company’s chief loan officer. Following the recent appointment of Michael Lipson as CEO, the addition of Lowrey to the APF leadership team is part of the continued expansion of the company, as global hospitality markets continue to grow. improve with more and more hoteliers requiring flexible financing options to position their businesses for a successful recovery.

Lowrey brings over 30 years of financial experience to his new role as Chief Lending Officer, including his remarkable expertise in commercial real estate investing, as well as with capital markets and CRE operations management. Dedicated to serving the financing needs of the hospitality industry since the start of his career, Lowrey’s previous roles prior to joining APF included that of Managing Director of Rockbridge Capital, a $ 2 billion private equity hotel fund where Lowrey led the development of credit strategies. Lowrey also served as Senior Vice President and Co-Head of the Capmark / GMAC Commercial Mortgage Hospitality Division, where his accomplishments included managing a $ 2.7 billion capital allocation, as well as related responsibilities for profits and losses.

Recent appointments at Access Point Financial, LLC

Mike Huffman – Managing Director

May 4, 2021 – Access Point Financial, LLC (APF), a leading direct lending and specialty finance company focused exclusively on the hospitality industry, today announced the appointment of Mike Huffman as Director general.

Read more

Michael Lipson – New CEO of the company

March 22, 2021 – Access Point Financial, LLC (APF), a leading direct lending and specialty finance company focused exclusively on the hospitality industry, today announced the appointment of Michael Lipson as Director general.

Read more

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Local businesses share $ 521.5 billion in federal coronavirus aid | Local News https://guideglobal.com/local-businesses-share-521-5-billion-in-federal-coronavirus-aid-local-news/ https://guideglobal.com/local-businesses-share-521-5-billion-in-federal-coronavirus-aid-local-news/#respond Thu, 08 Apr 2021 02:37:10 +0000 https://guideglobal.com/local-businesses-share-521-5-billion-in-federal-coronavirus-aid-local-news/ Marglen Industries and Shorter University in Rome were among the first beneficiaries of the small business loan program aimed at minimizing layoffs during the coronavirus pandemic. In total, the Treasury Department’s Paycheck Protection Program cleared $ 520 billion for nearly $ 5 million, mostly from small businesses and nonprofits. On Monday, the government released the […]]]>

Marglen Industries and Shorter University in Rome were among the first beneficiaries of the small business loan program aimed at minimizing layoffs during the coronavirus pandemic.

In total, the Treasury Department’s Paycheck Protection Program cleared $ 520 billion for nearly $ 5 million, mostly from small businesses and nonprofits. On Monday, the government released the names and other details of recipients who have been approved for $ 150,000 or more.

Over 86% of loans were less than $ 1 million.

The precise amount of the scholarship is not indicated, but Marglen and Shorter fall into the category of recipients receiving between $ 2 million and $ 5 million. Marglen sought to preserve 198 jobs and Shorter’s candidacy noted 403 positions.

Foss Manufacturing Co. in Rome, with 229 at-risk employees, also fell into this category.

Among the companies in the surrounding counties were Surya Carpet, Aquafil USA and Taylor Transport in Bartow County – with 250, 296 and 240 employees respectively. Gordon County Employment Agency 2Work, LLC, citing 500 employees, and Talley Construction Co. in Rossville, with 223, have also received loans of up to $ 5 million.

The program, hastily passed by Congress in March, was designed to provide small businesses with loans of up to $ 10 million, based on a company’s average monthly payroll before the pandemic. Loans can become grants if borrowers use the proceeds primarily to pay workers – with certain expenses allowed for rent and overhead.

Almost from the start, the PPP was the subject of controversy, as some publicly traded companies exploited it. Many have repaid PPP loans after their borrowing drew criticism. Supporters of the program say it kept tens of millions of workers employed during the pandemic and contributed to the astonishing 2.5 million jobs created in the United States in May, with 4.8 million more jobs in June.

Two local businesses have received loans of $ 5 million to $ 10 million.

Apache Mills’ app in Calhoun did not plan to save any jobs, the statement said; Quest Global Inc., a freight trucking company in Cartersville, planned to pay 420 employees with its loan.

Reports on the program have revealed that members of Congress have taken out or benefited from PPP loans, as well as companies that have reported large revenues, closed facilities or filed for bankruptcy after obtaining PPP assistance. .

Reports that entities like Shake Shack Inc. and the Los Angeles Lakers got loans before mom-and-pop borrowers prompted these two and others to repay their loans. The recipient list released on Monday includes Kanye West’s clothing line, sculptor Jeff Koons, high-dollar law firms and hedge funds, Girl Scouts and political groups on the left and right.

The initial public outcry prompted the Trump administration to promise to review all loans over $ 2 million and tell companies that had access to other sources of capital that they were unlikely to qualify for the program. rescue.

More than 30 companies in northwest Georgia received loans of up to $ 2 million in the first round of awards, including Rome News-Tribune’s parent company, Times-Journal Inc., which targets to save 183 jobs.

Georgia Museums Inc. in Cartersville has listed 159 jobs. It is the umbrella company of Tellus, the Booth Western Art Museum, the Bartow History Museum and the Savoy Automobile Museum.

Nonprofit Murphy-Harpst Children’s Centers Inc. in Cedartown, which requested operating funds, and See Rock City Inc. in Lookout Mountain, with 159 jobs at stake, also secured loans.

In Floyd County, recipients of up to $ 2 million included the Darlington School, 151 jobs; Advanced steel technology, 96 jobs; Blacksmith OTR LLC, 87 jobs; Corgroup Inc. DBA Zaxby’s Rome, which listed 488 jobs in its application; Home Team Builder Services LLC, 145 jobs; Springfield Investments in Silver Creek, which did not list any jobs; Suhner Manufacturing Inc., 117 jobs; Welborn Chevrolet, 126 jobs; and WE Hicks Inc., a Cave Spring landscaping company, with 170 jobs.

Some of the larger employers in the surrounding counties were Bartow Paving Co. and Georgia Bone & Joint Surgeons in Cartersville; the builders of Cedartown Duffey Southeast Inc .; Tai Ping Carpets Americas in Adairsville; and Brumlow Mills, Northwest Georgia Paving and Western Plastics in Calhoun.

According to the data, California, Florida, Texas, New York and Illinois had the most loans and the largest amount approved.

Overall, companies in the health care and social assistance sector accounted for the largest amount of loans at $ 67.4 billion, followed by professional, scientific and technical services companies with $ 66.4 billion. dollars; construction at $ 64.6 billion; $ 54 billion manufacturing; and accommodation and food services at $ 42.1 billion.

The disclosures came after members of Congress and others expressed concern about the level of transparency surrounding the PPP.

The list released on Monday stood at less than 15% of all borrowers. The Associated Press and other news outlets are suing the government for the names of the other recipients.

A summary, also released on Monday, says Georgian entities have received 156,814 loans totaling $ 14.5 billion through June 30 – and $ 191.5 billion remains for nationwide distribution. Congress voted last week to extend the program until August 8.

Rome News-Tribune Night editor-in-chief Diane Wagner contributed to this report.

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The housing market is crazier than it has been since 2006 https://guideglobal.com/the-housing-market-is-crazier-than-it-has-been-since-2006/ https://guideglobal.com/the-housing-market-is-crazier-than-it-has-been-since-2006/#respond Thu, 08 Apr 2021 02:36:37 +0000 https://guideglobal.com/the-housing-market-is-crazier-than-it-has-been-since-2006/ Less than a day after real estate agent Andrea White put a three-bedroom home in Sacramento, Calif., Up for sale in March, she received a cash offer. The buyer – who hadn’t even seen the house in person – was prepared to pay $ 520,000, Ms. White said. It was $ 21,000 more than asking […]]]>

Less than a day after real estate agent Andrea White put a three-bedroom home in Sacramento, Calif., Up for sale in March, she received a cash offer. The buyer – who hadn’t even seen the house in person – was prepared to pay $ 520,000, Ms. White said. It was $ 21,000 more than asking price and 37% more than what the seller paid for the ranch-style home just two years ago.

Accepting the offer was the easy part. Ms White then had to call 17 other agents who had scheduled tours of the house to let them know she was no longer on the market.

Ms. White, who works for brokerage firm Redfin Corp. and has been an agent since 2014, has never seen anything like sales madness take hold of her northern California town. “It’s exhausting,” she said. “I’m speechless. It’s heartbreaking for buyers, it’s a party for sellers.”

FIRST BUYERS FUEL THE RECOVERY OF THE HOUSING MARKET IN MANHATTAN

Last year was the hottest for sales activity in 14 years. Home values ​​are rising in virtually every corner of the United States, and median selling prices in dozens of metropolitan areas have posted double-digit percentage increases from a year ago, according to Zillow Group Inc. In Boise, Idaho, the median selling price rose nearly 25% in January from a year earlier, while in Stamford, Connecticut, it rose 19%.

“Prices are going up pretty much everywhere,” said Mark Vitner, senior economist at Wells Fargo & Co. “It’s surprising to see house prices rebound so quickly, of this magnitude, so early in an economic recovery.”

While the pace of home price increases has been staggering, it’s not hard to see what is driving the frenzy. Mortgage rates are near historic lows. Millions of millennials are entering their 30s, the typical age of first-time home buyers. And the pandemic has spurred new demand: Some buyers want more space to work from home while others are willing to move away from their desks. Many workers who kept their jobs in 2020 were able to save for down payments due to stimulus checks, withholding student loan payments, and less spending on travel and entertainment.

The offer, meanwhile, has never been so tight. New home construction fell during the 2007-2009 recession and remained weak in the following years. Homeowners are also staying in their homes longer, in part because aging baby boomers stay healthier later in life and choose not to downsize. The number of homes for sale in March was about half of what it was a year ago, according to Realtor.com. In Austin, Texas, Jacksonville, Florida, and Raleigh, North Carolina, the year-over-year inventory decline exceeded 70%. (News Corp, parent company of the Wall Street Journal, operates Realtor.com.)

The market has rarely been so competitive, especially for first-time homebuyers or those with limited budgets. Bidding wars are common and new listings don’t last long. Nearly three in four homes sold in February were on the market for less than a month, according to the National Association of Realtors.

HOUSES ARE SELLING FASTER THAN EVER EVEN AS PRICES ARE HIGH

Prices for single-family homes across the country rose 12% in January from a year earlier, marking the largest annual increase in data dating back to 1991, the Federal Housing Finance Agency said this week. The nine regions of the country monitored by the FHFA recorded price gains of more than 10%.

In February, the median price of existing homes rose 15.8% from the previous year to $ 313,000, NAR said.

But even with home prices rising rapidly, many homeowners are reluctant to sell because they fear competing for another home in the same market, said Daryl Fairweather, chief economist at Redfin. With mortgage rates so low, many households decided to refinance last year instead of moving.

More stocks could hit the market this spring, which is typically the busiest season for home sales, according to realtors. But there are unlikely to be enough new listings to cool the market. Nationally, there was a two-month supply of homes on the market at the end of February, according to NAR, near an all-time low.

Even the high-priced cities where sales fell last spring are showing signs of growth. Manhattan co-op and condo sales in the first quarter of 2021 surpassed the previous year’s levels for the first time in four quarters, according to broker Douglas Elliman. In San Francisco, home sales in February were up 19% from the previous year, according to Redfin.

Home builders are trying to increase construction to meet booming demand. New construction has rebounded from recession-era lows in recent years, but the country is still short of millions of units. Residential construction activity slowed last spring and accelerated over the summer. But the pace of construction is being constrained by high lumber costs, material bottlenecks and a shortage of land and labor, builders and economists say. The interest in buying is so strong that many builders limit the number of homes they sell at a time. They want to make sure they don’t sell more than they can build.

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Economists and executives expect demand to remain robust this year, and they expect the demographic strength to continue for years to come as the great Millennials and Gen Z age. Still, there have been recent indications that price growth may slow down as more homes hit the market. Rising mortgage rates – which are at their highest level since June and have been climbing steadily in recent weeks – could exclude some buyers from the market later this year.

Even buyers elated by the prospect of owning their first home have been devastated by the commitment. Samantha and Doug Hawkins, both 32, left their one-bedroom apartment in Boston when the pandemic struck and entered the home of Ms Hawkins’ parents. They accumulated their savings by not paying rent, and Ms. Hawkins paid off her student loans.

But when they started looking for a home at the end of last year, they struggled to compete with other bidders. They were told sellers wouldn’t consider offers with down payments below 20%, said Ms Hawkins, who works in human resources.

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After increasing their budget and expanding their search area, the Hawkins saw their sixth offer accepted in March, for a four-bedroom house in Westford, Mass., Further from Boston than they initially considered. They are under contract and expect the deal to be done in June.

“We are really proud to be able to do this and excited to take this next step in our lives,” Ms. Hawkins said. “But for it to be such a competitive market … It just takes some of the joy out of the process.”

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Report: Detroit Lions set to hire Mark Brunell as QB coach https://guideglobal.com/report-detroit-lions-set-to-hire-mark-brunell-as-qb-coach/ https://guideglobal.com/report-detroit-lions-set-to-hire-mark-brunell-as-qb-coach/#respond Wed, 07 Apr 2021 23:17:43 +0000 https://guideglobal.com/report-detroit-lions-set-to-hire-mark-brunell-as-qb-coach/ ALLEN PARK – The Detroit Lions are reportedly hiring another former player for their coaching staff. The NFL Network reports the Lions are expected to hire Mark Brunell for their vacant quarterback coach position. Sean Ryan had coached quarterbacks in Detroit the previous two seasons, but recently left for the same position in Carolina. Brunell […]]]>

ALLEN PARK – The Detroit Lions are reportedly hiring another former player for their coaching staff.

The NFL Network reports the Lions are expected to hire Mark Brunell for their vacant quarterback coach position. Sean Ryan had coached quarterbacks in Detroit the previous two seasons, but recently left for the same position in Carolina.

Brunell played the NFL quarterback for 17 seasons in Jacksonville, Washington, New Orleans, New York and Green Bay. He played the final years of his career for the Jets, where new Lions offensive coordinator Anthony Lynn coached running backs at the time. The quarterback won three Pro Bowls, winning a Super Bowl championship while supporting Drew Brees in New Orleans. He led the Jaguars to the AFC title game in the franchise’s second year, not too bad. However, Brunell’s coaching experience was limited to the ranks of high schools in the Jacksonville area. He is listed as head coach of the Jacksonville Episcopal School, ahead of his eighth season at the helm.

Brunell’s new job comes with more uncertainty and pressure than in years, with the franchise looking to trade quarterback Matthew Stafford this offseason.

Detroit owns Pick 7 in the April Draft and has quarterbacks Chase Daniel and David Blough under contract. The Lions have told Stafford he will be moved, as long as the team finds “fair market value.” The NFL Network reports about a third of the league has already called the Lions, checking the price of any potential deal for Stafford. Peter King said he believes there will “probably be more than five teams that provide at least one first-round pick for Stafford.”

Related: 6 potential landing spots for Detroit Lions quarterback Matthew Stafford

The Detroit staff has taken shape over the past two weeks, with each coordinator now in place. The team has confirmed the hiring of Lynn, Special Teams Coordinator Dave Fipp and Defensive Coordinator Aaron Glenn. Aubrey Pleasant has also been announced as the new defensive back coach and passing coordinator.

Hank Fraley is expected to return as the offensive line coach, with Ben Johnson returning to coach the tight ends. Duce Staley has announced his departure from the Philadelphia staff, coming to Detroit to coach the running backs and serve as Dan Campbell’s assistant head coach. Mark DeLeone is also said to have left the Bears to take on the same position with the Lions, coaching linebackers.

For those keeping track at home, that leaves the job of coaching the defensive line and wide receivers still vacant.

Related: Detroit hires Dave Fipp as special teams coordinator | Lions hire Aubrey Pleasant as secondary coach and passing game coordinator

Glenn and Campbell performed together under Lynn’s direction in Dallas. Fraley blocked for Staley for years in Philadelphia, and Brunell played for the Jets while Lynn was on their team. The list of former players connected or already present at the staff or at the front office in Detroit continues to grow.

“I’ll find the right staff. I’m going to find a staff that isn’t loaded with just a bunch of people who look good on paper, ”Campbell said during his introduction. “I scream – I was going to say the country, but even beyond the country, if you will. I’m looking for the best coaches I can find for the best place. There are great coaches, you just have to find them. But I want exactly what I said earlier about (Saints coach) Sean (Payton) comment, you’re looking for compatibility. Here’s the other thing Sean always used to say when it came to the roster, but it also comes with the people around you, and that is, it’s not about of the best 53, these are the good 53. I think that way a staff.

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