Financial Service – SMLXtlarge http://www.smlxtralarge.com/ Wed, 21 Jul 2021 07:26:52 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://www.smlxtralarge.com/wp-content/uploads/2021/07/icon-5-150x150.png Financial Service – SMLXtlarge http://www.smlxtralarge.com/ 32 32 Digital home ownership platform expands title product to Virginia and advances nationwide rollout of one-click checkout for real estate transactions | Companies https://www.smlxtralarge.com/digital-home-ownership-platform-expands-title-product-to-virginia-and-advances-nationwide-rollout-of-one-click-checkout-for-real-estate-transactions-companies/ Tue, 20 Jul 2021 11:01:23 +0000 https://www.smlxtralarge.com/digital-home-ownership-platform-expands-title-product-to-virginia-and-advances-nationwide-rollout-of-one-click-checkout-for-real-estate-transactions-companies/ NEW YORK – (BUSINESS WIRE) – Aug. July 2021– Better, a fully digital home ownership platform that offers mortgage, real estate, home ownership and home ownership insurance products through an intuitive online platform, announced today that it is the title insurance provider for refinancing transactions through Better Settlement Services (BSS) of the state of Virginia. […]]]>

NEW YORK – (BUSINESS WIRE) – Aug. July 2021–

Better, a fully digital home ownership platform that offers mortgage, real estate, home ownership and home ownership insurance products through an intuitive online platform, announced today that it is the title insurance provider for refinancing transactions through Better Settlement Services (BSS) of the state of Virginia.

Property insurance protects a homeowner’s rights when a third party argues against the rights to their property. Buying a home is the biggest investment most people will ever make.

BSS, a direct-to-consumer service, uses smart decisions to make title insurance cheaper, saving customers 20% or more, the equivalent of hundreds of dollars in savings on a title reward 1 that averages around $ 1,000 across the industry 2. To date, BSS customers across the country have saved $ 11 million in rewards 3 compared to the industry average title fees.

“The title industry has always been characterized by fees, jargon and unnecessary face-to-face meetings,” said Vishal Garg, CEO and founder of Better. “We pride ourselves on delivering a fully digital experience that makes the complicated process of financing a home faster, cheaper and more efficient,” he added.

In addition to cost savings, Better’s technology-driven platform enables faster and more efficient property closings. In addition, homeowners can significantly reduce costs and time by shortening the title closing process from the industry average of 10-14 days to 5.8 days 4.

The announcement follows Better’s tremendous growth as the impact of the pandemic has driven demand for Better’s digital solution, funding over $ 24.2 billion in lending, and year-over-year growth of 490% from 2019 5.

“Today’s consumers expect simple, efficient, and digital processes – and the already stressful and overwhelming home purchase should set the standard for making customer journeys easier. Virginia customers can now complete the home refinancing process more quickly and transparently, ”said Landy Liu, general manager of BSS.

Virginia is the 24th state in BSS’s nationwide expansion, following Better’s launch of its mortgage and homeowner insurance offering – Better Cover – in the state. This launch comes at a time of meteoric growth for Better: the home loan division has grown five-fold in financed loans and the title division has grown 147% in revenue year-over-year. Industry-wide title volume increased 21.7 percent in 2020 compared to the same period a year ago and generated $ 19.2 billion in title insurance premiums.

Virginia residents can sign up at https://better.com/title to learn more.

About better: Founded in 2016, Better is a digital home ownership company whose services included mortgage, property, home and home insurance. From its inception in 2016 through 2020, Better funded $ 30.9 billion in home loans and provided over $ 7 billion in cumulative coverage through Better Cover and Better Settlement Services, Better’s insurance divisions. Better has raised over $ 400 million in equity since its inception. The company was listed at number 15 on CNBC’s Disruptor 50 2020 list and on Forbes FinTech 50 for 2020. For more information, follow @betterdotcom.

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1Savings vary from state to state

2According to Realtor.com, the average cost of legal expenses insurance is around $ 1,000 per policy, but this amount varies widely from state to state and depends on the price of your home e.

3 ( Source)

4 (s Source)

5 Pre SS release: Digital home ownership platform to be merged with Aurora Acquisition Corp. better become a public company; The company is redefining the home ownership experience

6 (s Source)

View source version on businesswire.com: https: //www.businesswire.com/news/home/20210720005148/en/

CONTACT: Media:

Tanya Gillogley

thayre@better.com

KEYWORD: UNITED STATES NORTH AMERICA MARYLAND NEW YORK VIRGINIA DISTRICT OF COLUMBIA

INDUSTRY KEYWORD: FINANCE PROFESSIONAL SERVICES RESIDENTIAL CONSTRUCTION & REAL ESTATE & PROPERTY INSURANCE

SOURCE: Better

Copyright Business Wire 2021.

PUB: 7/20/2021 7:00 AM / DISC: 7/20/2021 7:01 AM

http://www.businesswire.com/news/home/20210720005148/en

Copyright Business Wire 2021.

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Ransomware puts stocks and mortgage industry at risk https://www.smlxtralarge.com/ransomware-puts-stocks-and-mortgage-industry-at-risk/ Tue, 20 Jul 2021 00:22:30 +0000 https://www.smlxtralarge.com/ransomware-puts-stocks-and-mortgage-industry-at-risk/ Ransomware attackers hit major cloud service providers in the title industry Cloud starwhich closes an untold number of loans on Monday. The impact on the title and mortgage industry can extend beyond the loan applications directly affected. By late Monday afternoon, Cloudstar’s services were still offline. In a statement, Cloudstar said it has already brought […]]]>

Ransomware attackers hit major cloud service providers in the title industry Cloud starwhich closes an untold number of loans on Monday.

The impact on the title and mortgage industry can extend beyond the loan applications directly affected. By late Monday afternoon, Cloudstar’s services were still offline.

In a statement, Cloudstar said it has already brought in outside experts to assist with the recovery effort and has already alerted law enforcement agencies. The company declined to provide a final restoration schedule. Experts said that it usually takes 10 days to two weeks to resolve such incidents.

“We will continue to investigate this incident and provide updates to our customers as we have additional information,” said a Cloudstar spokesman.

Cloudstar declined to indicate how many clients were affected by the outage. But with Cloudstar services still offline on Monday, much of the market might not be able to close. The American Land Title Association said Cloudstar operates six data centers in the United States and has more than 42,000 users.

Ransomware refers to the use of malicious software or malware to break data systems in order to demand a ransom. Cyber ​​attackers typically pressurize victims to pay the ransom in order to prevent data from being destroyed or made available to the public.

In June, a Biden government official wrote to business leaders warning of ransomware attacks. Anne Neuberger, deputy national security advisor for cyber and new technologies, wrote that the Biden government will try to prevent cyberattacks – among other things by “holding countries that harbor ransomware actors accountable”. The letter also urged business leaders to take steps to deter cyberattacks.

“Many ransomware criminals are aggressive and sophisticated and find the equivalent of unlocking doors,” wrote Neuberger.

John-Thomas Gaietto, Executive Director of Cyber ​​Advisory Services at a financial services company Richey May & Co, HousingWire said it was no surprise that a title industry service provider was the target of the recent large-scale cyberattack.

“When we sit down and speak to senior mortgage industry leaders, title companies are the biggest concern,” said Gaietto. “Some of them still use Hotmail personal webmail.”

Cloudstar cyberattacks could also explode beyond deadlocked mortgage loans. Financial services companies that fall victim to ransomware face permanent reputational damage and even fines for ransomware attackers exposing consumer data. (Several of Cloudstar’s competitors were quick to offer their services to affected customers when news of the attack became known.)

The incident could also further accelerate consolidation in the title industry. Smaller businesses are unlikely to be able to afford the cost of protecting themselves from cyberattacks, Gaietto said, let alone paying ransom when incidents do occur.

“Ransomware is becoming a much more important dynamic in the industry,” said Gaietto. “And I just don’t see how smaller companies continue to compete.”

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Caliber Home Loans Mortgage Review 2021 https://www.smlxtralarge.com/caliber-home-loans-mortgage-review-2021/ Fri, 16 Jul 2021 15:17:06 +0000 https://www.smlxtralarge.com/caliber-home-loans-mortgage-review-2021/ Editorial independence We want to help you make more informed decisions. Some links on this page – clearly marked – may lead you to an affiliate website and may result in us earning a referral commission. For more information, see How we make money. Caliber Home Loans is a private lender that operates and makes […]]]>

We want to help you make more informed decisions. Some links on this page – clearly marked – may lead you to an affiliate website and may result in us earning a referral commission. For more information, see How we make money.

Caliber Home Loans is a private lender that operates and makes mortgage loans in all 50 states. Customers have the option to choose from a wide variety of loans such as New Home, USDA, VA, FHA, Jumbo and Conventional Loans. Caliber also has dedicated specialists who are undergoing an in-house VA training program to better serve the military credit community.

Unlike some lenders, Caliber keeps servicing most of its loans. Once a loan is funded, Caliber will accept the mortgage loan payments and answer any questions you might have during the life of your loan. The company also states that in certain cases it can close loans in as little as 10 business days. Here are a few things you should know about this lender if you are interested in their mortgage products.

Pros and Cons of Caliber Home Loans

advantages

  • Dedicated specialists for those interested in VA loans

  • Issues loans in all 50 states

  • Wide range of products including conventional, FHA, VA, Jumbo, USDA and new home loans

  • Retains service for most of its loans

  • Can complete loans in just 10 business days

  • Just talk to credit counselors

  • Non-traditional loan programs can be tailored to the client’s financial goals

Caliber Home Loans: Loan Types and Products

Caliber Home Loans offers loans to a wide variety of customers, including those in the military. The lender has a team of specialists who have completed the in-house VA training program. Here is a full list of the loans on offer:

Caliber’s website has a summary of its loan programs. Customers can use this information to determine what type of loan is best for their situation. For example, Caliber describes conventional loans as typically offering the lowest interest rates, but requiring good creditworthiness and stable income. HomeOne loans are available as a low down payment option for homebuyers and only require a 3% down payment.

Customers who have questions can contact one of their credit counselors. Contact information is available on the website and we found it very easy to find and talk to someone on their team. In conversation with one of their credit counselors, we learned that they can tailor their loans to each client’s individual financial situation. For example, customers could get loan terms in one-year increments instead of more traditional loans that are typically only offered in five- or ten-year increments.

Caliber home loan transparency

Caliber’s website has a list of the loan types available. Each has a brief summary of their benefits and benefits, as well as an outline of the requirements for each loan program, such as: B. Minimum deposit, creditworthiness and property type. Educational resources and an FAQ section are also available on buying, refinancing, first-time home buyers mortgage basics, and home improvement loans.

Caliber does not provide any information on its website about what fees or interest rates to expect. A quick quote option is available on the website, but it instructs customers to call a Caliber credit advisor or fill out a full credit application online rather than providing information about rates or fees.

We spoke to a Caliber credit advisor and were told that this is because prices and fees can vary based on the customer and the credit scenario. Additionally, instead of recommending a traditional product, they can also explore non-traditional options in order to tailor a credit product that is best for the customer. The downside is that you have to go through the application process and a tough credit check to earn caliber pricing or fees. Remember, a tough credit check can lower your credit score by a few points.

Caliber Home Loans: Rates and Fees

Since Caliber only offers tailor-made pricing quotes based on a customer’s specific scenario, it takes a hard pull to get a loan estimate with pricing or fee information. However, we have learned that there are typically subscription and processing fees that can run up to around $ 1,500. Other industry-standard closing costs such as titles, appraisals, and government fees may also apply, but the exact costs will vary based on the specific characteristics of the loan.

Customers can find the minimum credit requirements in the FAQ section of the website. A score of 675 is recommended to qualify for the more competitive rates, with conventional loans requiring a minimum credit rating of 620 and FHA and VA government loans requiring a minimum credit rating of 580.

Refinancing with Caliber Home Loans

Customers looking to refinance with Caliber can start the process online or call and speak to one of their credit counselors. Caliber provides a checklist that summarizes the general steps involved in a refinancing and states that in certain cases refinancing can be completed in less than 10 days.

Your overview of the refinancing process will include working with one of their credit counselors to determine the best loan for your needs. However, since they only provide tailored pricing quotes, customers must agree to a tough credit pull to view information on pricing, fees, or discounts.

Caliber Home Loans Compared to Other Mortgage Lenders

Caliber home loan Guild mortgage Movement Mortgage
Minimum creditworthiness 620 for conventional, 580 for FHA / VA 620 for conventional loans, 600 for FHA / VA / USDA, 680 for jumbo loans 580 (some mortgage programs may require a higher score)
Minimum deposit Varies depending on the loan program; conventional loans from 3% and VA loans from 0% 0% to 3.5% for most loans and 15% for jumbo loans 0% to 3.5%
Where does the lender operate? All 50 states 48 states and Washington, DC All 50 states
Major Loan Types Purchase, refinancing, cash-out refinancing, fixed, variable, conventional, FHA, VA, Jumbo, USDA, new construction Conventional, Jumbo, VA, FHA, USDA, Diverse Renovation Loans, Variable, Fixed, Refinance, Cash Out Refinance, Energy Efficient Mortgages, Prefab Loans, Bridge Loans, Reverse Mortgages Conventional, Jumbo, VA, FHA, USDA, various renovation loans, variable, fixed, refinancing, cash-out refinancing, reverse mortgage

How to Shop to Get the Best Mortgage Rate

Mortgage lenders charge different rates and fees, so it is always a good idea to check with multiple lenders. Obtaining a loan estimate is tailored to your specific loan scenario and is the best way to get a list of the fees charged by the lender. Because interest rates and fees can vary based on credit characteristics such as property type, occupancy, and loan amount, it is best to make sure that any credit estimate is based on the same credit parameters.

Interest rates can also vary each day, so comparing the interest rates of different lenders on different days may not be the best way to determine which lender offers the best interest rate. You may also consider obtaining loan estimates from various types of lenders such as credit unions, banks, and home mortgage lenders.

Bottom line

Caliber Home Loans does not allow customers to see information about rates or fees unless they agree to a hard loan. However, the lender offers a variety of traditional and nontraditional programs to get clients into the best program for their goals and financial situation, and refinancing clients who meet certain requirements could complete the process in as little as 10 days. We found it very easy to speak to a credit advisor, so customers who don’t mind having their loan withdrawn to work with a credit advisor may find Caliber Home Loans an excellent choice.

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Former Banker Sentenced to Jail for Participating in Film-Funding Fraud Program and Mistakenly Applying for COVID-19 Loans | USAO-SDFL https://www.smlxtralarge.com/former-banker-sentenced-to-jail-for-participating-in-film-funding-fraud-program-and-mistakenly-applying-for-covid-19-loans-usao-sdfl/ Thu, 15 Jul 2021 21:15:12 +0000 https://www.smlxtralarge.com/former-banker-sentenced-to-jail-for-participating-in-film-funding-fraud-program-and-mistakenly-applying-for-covid-19-loans-usao-sdfl/ Miami, Florida – A former South Florida banker was sentenced this week to 42 months in prison for engaging in two scams: the first, a scheme to steal over $ 60 million from investors and producers who want funding for films and seek Broadway shows; the second to hide his criminal record on applications for […]]]>

Miami, Florida – A former South Florida banker was sentenced this week to 42 months in prison for engaging in two scams: the first, a scheme to steal over $ 60 million from investors and producers who want funding for films and seek Broadway shows; the second to hide his criminal record on applications for COVID-19 aid loans.

Benjamin Rafael, 31, from South Florida previously admitted his role in legitimizing a sophisticated film funding fraud system. Rafael pleaded guilty to one point conspiracy to commit wire transfer fraud in violation of Title 18, United States Code, Section 1349 (Case No. 19-CR-20447).

According to court records, Rafael’s co-defendants, Benjamin McConley and Jason Van Eman, were both film producers and funders. In these roles, McConley and Van Eman allegedly offered to provide funding to investors and producers who sought funding for the production of films, theatrical performances, and other projects. The indictment that McConley and Van Eman promised the victims that in exchange for the victims’ cash contributions, McConley would “match” the contributions and use the combined funds to secure funding for financial institutions in South Florida and elsewhere.

To promote the plan, McConley and Van Eman recruited Rafael, a then-bank clerk, to deceive victims about the safety of their funds, it is said. Throughout the program, McConley and Van Eman have repeatedly directed Rafael to falsely reassure victims that their contributions or loans have been “matched” as promised in the funding agreements, the court documents read.

According to the indictment, as a result of these misrepresentations and promises, the victims transferred tens of millions of dollars to accounts controlled by the defendants. In truth, the schemers have never “adjusted” the victims’ contributions promised in the funding agreements. Instead, they stole the victims ‘money by transferring the funds to their personal and business bank accounts, often within days of the victims’ contributions or loans, as indicated by court documents.

Following his indictment and admission of guilt in Case No. 19-CR-20447, Rafael filed several applications with various banks for the Paycheck Protection Program (PPP) and Economic Injury Disaster Loans (EIDL). In these motions he did not mention that he had previously pleaded guilty to Case No. 19-CR-20447.

As a result of these fraudulent PPP and EIDL filings, Rafael was charged with misrepresenting a financial institution in violation of Title 18, United States Code, Section 1014 (Case No. 21-CR-20161). Rafael pleaded guilty to PPP fraud earlier this week. At the same court appearance, Rafael was convicted of his conduct in both cases during a consolidated criminal case.

In addition to the combined sentence of 42 months, Rafael was sentenced to redress the victims, withhold money and property attributable to the fraud schemes, and serve a five-year prison term under custody.

Co-defendant Benjamin McConley previously pleaded guilty to a conspiracy to commit wire transfer fraud in Case No. 19-CR-20447 and is due to be convicted by District Judge Raag Singhal on September 14, 2021 at 9:00 a.m. Co-defendant Jason Van Eman is due to be tried on August 30, 2021.

Juan Antonio Gonzalez, Acting US Attorney for the Southern District of Florida, Special Agent George L. Piro of the FBI Field Service in Miami, and Special Representative Amaleka McCall-Brathwaite of the US Small Business Administration, Office of Inspector General (SBA-OIG) , Investigation Department, Regional Office East, announced this.

FBI Miami and SBA-OIG are investigating the matter. The 2019 case is being followed up by US assistant attorneys Christopher Browne and Elizabeth Young. The 2021 case was followed up by U.S. Assistant Attorney Lacee Monk. U.S. Assistant Attorney Marx Calderon is responsible for the asset recovery component in both cases.

The CARES Act is federal law passed March 29, 2020, designed to provide emergency financial aid to millions of Americans suffering from the economic impact of the COVID-19 pandemic. One source of relief from CARES has been the approval of hundreds of billions of dollars in forgiving small business loans for job retention and certain other expenses through the PPP.

The PPP enables qualified small businesses and other organizations to obtain loans with a term of two years and an interest rate of 1%. PPP loan proceeds must be used by businesses for labor costs, mortgage interest, rent and utilities. The PPP allows interest waiver and amortization of the PPP loan if the company spends the loan proceeds on these expense items within a specified period of time after receipt of the proceeds and uses at least a certain percentage of the PPP loan proceeds on labor costs.

The EIDL program is designed to provide economic relief to small businesses that are currently experiencing a temporary loss of revenue. EIDL proceeds can be used to fund a wide range of working capital and normal business expenses, such as: B. the continuation of health services, rent, utilities and fixed debt payments. If an applicant is also receiving a loan under the PPP, the EIDL funds cannot be used for the same purpose as the PPP funds.

On May 17, 2021, the Attorney General established the COVID-19 Fraud Enforcement Task Force to mobilize the Department of Justice’s resources in collaboration with government agencies to step up efforts to combat and prevent pandemic-related fraud. The task force supports efforts to identify and prosecute the most guilty national and international criminal actors and assists authorities tasked with managing fraud prevention assistance programs, including by complementing and incorporating existing coordination mechanisms, resource identification and Techniques for detecting fraudulent actors and their systems, and sharing and using information and intelligence gained from previous enforcement efforts. For more information on the ministry’s response to the pandemic, please visit https://www.justice.gov/coronavirus.

Anyone with information about suspected COVID-19-related fraud can report it by calling the Department of Justice’s National Center for Disaster Fraud (NCDF) hotline at 866-720-5721 or using the NCDF web complaint form at: https: // www .justice.gov / disaster-fraud / ncdf-disaster-complaint form.

A copy of this press release is available on the US Attorney’s website for the Southern District of Florida at www.usdoj.gov/usao/fla.

For related court documents and information, see the District Court for the Southern District of Florida website at www.flsd.uscourts.gov or at http://pacer.flsd.uscourts.gov.

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There is a new wave of scammers targeting VA home loans https://www.smlxtralarge.com/there-is-a-new-wave-of-scammers-targeting-va-home-loans/ Wed, 14 Jul 2021 22:05:50 +0000 https://www.smlxtralarge.com/there-is-a-new-wave-of-scammers-targeting-va-home-loans/ The Department of Veterans Affairs and Consumer Protection Office warn consumers of a new scam targeting veterans with VA-guaranteed home loans. According to a Press release, there has been a surge in recent home loan scams targeting veterans. The scammers usually pretend to be affiliated with the government or a mortgage lender, trying to scam […]]]>

The Department of Veterans Affairs and Consumer Protection Office warn consumers of a new scam targeting veterans with VA-guaranteed home loans.

According to a Press release, there has been a surge in recent home loan scams targeting veterans. The scammers usually pretend to be affiliated with the government or a mortgage lender, trying to scam veterans with some new and novel methods as well as some techniques that have been around for years to scam money, albeit with a new COVID-19 related twist or new technology that makes it easier for scammers to hide their identity.

The scammers are trying to trick veterans into refinancing their homes, agreeing to loan changes, or even sending their mortgage payments to a new address, the statement said.

In light of the recent financial crisis resulting from the COVID-19 epidemic, scammers are also trying to convince veterans that their homes are at risk of foreclosure or that they owe late payment fees.

Some veterans have reported phone calls appearing to be from the local VA office, with the caller informing the veteran that his mortgage has been transferred to a new servicer. As a result of this supposed mortgage transfer, the veteran now owes months’ worth of mortgage payments, the scammer claims. To avoid foreclosure, the veteran is told to make hundreds or thousands of dollars in back payments to the new mortgage holder at a new address, usually through money order or gift cards. These payment methods are incomprehensible.

Other calls and letters promise unusually low interest rates on a mortgage refinance, but require the veteran to prepay several fees before receiving any services. Once the veteran pays the fees, the “mortgage company” will either decline the application or stop communicating with the veteran, the notice says.

Other new scams cite existing federal mortgage assistance programs related to COVID-19 grant initiatives. The scammers tell the homeowners that the veteran must either surrender ownership of their property or sign confusing papers without checking, claiming the utility programs are nearing the end and things need to be done quickly.

As usual, the scammers play with fear and confusion and quickly disappear once they get what they’re looking for – your money.

The Consumer Financial Protection Board warns that if you suspect fraud, you should first contact the VA or your mortgage lender to see if the offer is genuine. If this is not the case, you should stop all communication with the scammer and yours Attorney General and the Federal Trade Commission so that hopefully they can hold the bad actors accountable.

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Oportun expands secured personal loan product to Florida https://www.smlxtralarge.com/oportun-expands-secured-personal-loan-product-to-florida-2/ Tue, 13 Jul 2021 12:00:00 +0000 https://www.smlxtralarge.com/oportun-expands-secured-personal-loan-product-to-florida-2/ SAN CARLOS, Calif., July 13, 2021 (GLOBE NEWSWIRE) – Oportun Financial Corporation (“Oportun”), a financial services company and digital platform that provides hardworking people with responsible, affordable, and credit-building alternatives to payday and auto title loans, announced today to expand its secured personal loan product to the state of Florida. Oportun’s secured personal loans were […]]]>

SAN CARLOS, Calif., July 13, 2021 (GLOBE NEWSWIRE) – Oportun Financial Corporation (“Oportun”), a financial services company and digital platform that provides hardworking people with responsible, affordable, and credit-building alternatives to payday and auto title loans, announced today to expand its secured personal loan product to the state of Florida.

Oportun’s secured personal loans were previously only available in the state of California. The expansion of the secured personal loan product to Florida is part of the company’s commitment to developing new financial products and services that further its mission of financial inclusion for people who have traditionally been excluded from the financial mainstream.

“Just as our traditional personal loans have served the borrowers we serve as an alternative to payday loans, this new product serves as an affordable, credit-building alternative to auto-loan,” said Matt Jenkins, chief operations officer at Oportun. “According to the FTC, auto title loans often have three-digit interest rates and are due in full within two to four weeks via a single balloon payment.”

With its secured personal loans, Oportun can serve customers who would otherwise be denied access to affordable credit. It enables customers to get a higher loan amount at a reduced interest rate compared to an unsecured personal loan. Oportun secured personal loans offer clients fixed and affordable payments; no prepayment penalties or balloon payments; and the ability to build a credit score. Oportun-backed personal loans range from $ 2,525 to $ 20,000.

Further information can be found at https://oportun.com/

About Oportun
Oportun (Nasdaq: OPRT) is a financial services company using its digital platform to provide responsible consumer credit to hardworking people. Using AI-powered models built on 15 years of proprietary customer insights and billions of unique data points, Oportun has extended more than 4 million loans and over $ 10 billion in affordable credit, offering its customers alternatives to payday and auto title loans. Recognizing its responsibly designed products that help consumers build their creditworthiness, Oportun has been certified as a Community Development Financial Institution (CDFI) since 2009.

Media contact
George Gonzalez
650-769-0441
george.gonzalez@oportun.com

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Oportun expands secured personal loan product to Florida https://www.smlxtralarge.com/oportun-expands-secured-personal-loan-product-to-florida/ Tue, 13 Jul 2021 12:00:00 +0000 https://www.smlxtralarge.com/oportun-expands-secured-personal-loan-product-to-florida/ SAN CARLOS, Calif., July 13, 2021 (GLOBE NEWSWIRE) – Oportun Financial Corporation (“Oportun”), a financial services company and digital platform that provides hardworking people with responsible, affordable, and credit-building alternatives to payday and auto title loans, announced today to expand its secured personal loan product to the state of Florida. Oportun’s secured personal loans were […]]]>

SAN CARLOS, Calif., July 13, 2021 (GLOBE NEWSWIRE) – Oportun Financial Corporation (“Oportun”), a financial services company and digital platform that provides hardworking people with responsible, affordable, and credit-building alternatives to payday and auto title loans, announced today to expand its secured personal loan product to the state of Florida.

Oportun’s secured personal loans were previously only available in the state of California. The expansion of the secured personal loan product to Florida is part of the company’s commitment to developing new financial products and services that further its mission of financial inclusion for people who have traditionally been excluded from the financial mainstream.

“Just as our traditional personal loans have served the borrowers we serve as an alternative to payday loans, this new product serves as an affordable, credit-building alternative to auto-loan,” said Matt Jenkins, chief operations officer at Oportun. “According to the FTC, auto title loans often have three-digit interest rates and are due in full within two to four weeks via a single balloon payment.”

With its secured personal loans, Oportun can serve customers who would otherwise be denied access to affordable credit. It enables customers to get a higher loan amount at a reduced interest rate compared to an unsecured personal loan. Oportun secured personal loans offer clients fixed and affordable payments; no prepayment penalties or balloon payments; and the ability to build a credit score. Oportun-backed personal loans range from $ 2,525 to $ 20,000.

For more information, please visit https://oportun.com/

About Oportun
Oportun (Nasdaq: OPRT) is a financial services company using its digital platform to provide responsible consumer credit to hardworking people. Using AI-powered models built on 15 years of proprietary customer insights and billions of unique data points, Oportun has extended more than 4 million loans and over $ 10 billion in affordable credit, offering its customers alternatives to payday and auto title loans. Recognizing its responsibly designed products that help consumers build their creditworthiness, Oportun has been certified as a Community Development Financial Institution (CDFI) since 2009.

Media contact
George Gonzalez
650-769-0441
george.gonzalez@oportun.com

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Title Loan Laws of Different States – Film Daily https://www.smlxtralarge.com/obtain-financial-support/ Mon, 12 Jul 2021 14:37:32 +0000 https://www.smlxtralarge.com/title-loan-laws-of-different-states-film-daily/ Over the past few decades, title loans have become a popular form of financing in several states. This line of credit enables a borrower to obtain a loan against their vehicle title that acts as collateral. Rather than running a background credit check, lenders check the value and condition of the vehicle before deciding how […]]]>

Over the past few decades, title loans have become a popular form of financing in several states. This line of credit enables a borrower to obtain a loan against their vehicle title that acts as collateral. Rather than running a background credit check, lenders check the value and condition of the vehicle before deciding how much to borrow. To protect his interest, the lender pledges the car title. In the event of timely repayment, the obligee will return the car title to its original owner. However, the delay in payment gives the lender a right of withdrawal, which enables him to settle the outstanding debts from the proceeds from the sale of the vehicle. But each state has its own set of rules and regulations that govern title loan laws. For example, the laws of the states of Alabama and Georgia allow lenders to keep the excess sales proceeds in addition to paying back the entire loan. While in other states, title loan laws work differently. Some states completely ban title loan laws, while others have moderate restrictions on title loans. Therefore, knowing the applicable state laws is imperative for both borrowers and lenders. Below is a list of title loan laws that will help you better understand the regulations in different states around the world.

States that strictly prohibit title loans

If you live in any of the following states, be careful. These states have banned title loans in any form. However, you have the option of reaching out to loan companies who can work out legal methods to help you acquire title loans. In some cases, lenders are willing to offer less than 300% annual percentage in this category. Alaska, Florida, Hawaii, Indiana, Maine, Montana, New Jersey, New York, Ohio, Oklahoma, Pennsylvania, Rhode Island, Maryland, North Carolina, Washington, West Virginia, and more have strict laws that restrict title loans.

On the other hand, the legal framework in Kansas, South Carolina, California, and Louisiana allows lenders to offer title loans through the prevailing loopholes. South Carolina and California have separate regulations to ban the title loans. The states prohibit an interest value below a threshold value for any type of loan. Kansas has more restrictive laws that make title loans illegal. However, lenders can bypass this requirement by properly restructuring the title loans. There are more ways to get title loans in states like this one. All you need is a legal professional to walk you through every step of the process.

States with easy access to title loans

Several states have passed laws that generally support title loans. This means that states do not have modest restrictions encouraging numerous lenders and title loan borrowers to get in touch. To name a few states, Alabama, Arizona, Delaware, Georgia, Idaho, Illinois, Missouri, New Hampshire, New Mexico, South Dakota, Texas, Virginia, Tennessee are the best states for obtaining title loan online no credit check no inspection like Green Day.

States with no cap on title loans

The following states have laws that are beneficial to lenders as they do not place restrictions on the maximum credit value and interest rate. Delaware, Idaho, Illinois, Missouri, Nevada, New Mexico, South Dakota, Utah, Wisconsin are states that fall into this category. To take a few examples, in Illinois the interest rate can go up to 36 percent while the Texas Title Laws regulate the rental period for a period of 180 days or 6 months. Utah’s title loans are flexible, which makes it an ideal state for title loans. Virginia’s laws prevent local lenders from providing car loans to service members on duty.

Whether you are a first-time borrower or have a great history of credit, understanding the property laws that apply to the state in which you live is a must. You can consult a financial advisor to get a better idea of ​​what will and will not work for you according to your financial needs.

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What is a Title Loan and How Does it Work? https://www.smlxtralarge.com/what-is-a-title-loan-and-how-does-it-work/ Thu, 08 Jul 2021 07:00:00 +0000 https://www.smlxtralarge.com/what-is-a-title-loan-and-how-does-it-work/ Published Thursday, July 8, 2021 11:18 am Join AFP’s 100,000+ followers Facebook Purchase a subscription to AFP Subscribe to AFP podcasts iTunes and Spotify News, press releases, letters to the editor: augustafreepress2@gmail.com Advertising inquiries: freepress@ntelos.net (© Vitalii Vodolazskyi – stock.adobe.com) Have you turned to conventional lenders to meet your short-term financial needs? However, you have […]]]>
Car loan
(© Vitalii Vodolazskyi – stock.adobe.com)

Have you turned to conventional lenders to meet your short-term financial needs? However, you have declined your loan application due to your bad credit rating? When established sources of funding fail, a title loan can help you in unforeseen finance-related situations. Over the years, it has become one of the most secured loans in the world. A title loan enables a borrower to obtain funds using their auto title as collateral. With such sources of credit, the lender takes into account the value and condition of the vehicle. Generally, title loan companies work with financial institutions that allow borrowers to take out loans. The best thing about a title loan is that it is time-saving compared to other traditional financing options. In most cases, the borrower will receive an approved amount in their bank account within 24 hours.

It is a must to understand the pros and cons of a title loan from the borrower’s perspective before you begin. To make it easier for you, we have put together the most important advantages and disadvantages of this form of financing:

Benefits of Title Loans

  • Auto title loans don’t follow cumbersome procedures. All you have to do is fill out an application to apply for the loan. Once this is done, it will either be accepted immediately or accepted later with additional facts and details.
  • Borrowers with poor credit ratings are also eligible to apply for title loans. Generally, lenders are ready to offer credit when your financial statements show you have a steady source of income.
  • Since the lender is mortgaging the title of the car, the borrower has no usage limit. However, if the latter is in default of payment, the rental company will take ownership of the vehicle.
  • It is an ideal and quick way to meet your financial obligations in the short term.

Disadvantages of title loans

  • Typically, title loans have a high interest rate. But some state laws such as Texas title loan Laws discourage lenders from charging an unreasonably high interest rate on the loan amount.
  • If loans are not paid on time, additional fees and reducing fees may exceed the loan balance. Hence, it is recommended to gain the trust of lenders in order to avoid such situations.

How does a title loan work?

The prerequisite for the title loan is a loan application that contains essential information about the borrower and the vehicle. Along with the application, you will need to receive the car, proof of identity, pink slip of paper proving ownership of the car, and other required documents such as a driver’s license and a sales contract. Once the application is complete in all aspects, it will be forwarded to the car loan company. Once approved, the agreed amount will be credited to your bank account. Most lenders get information about your sources of income and monthly expenses from your annual financial statements. If you are self-employed or employed, your chances of getting a loan approval are higher. How much money you can borrow depends on the condition and value of your vehicle. Typically, such loans are repaid within 30 days. However, there is a concept called rollover of the loan that allows you to borrow the money for an additional month with the prior approval of the lender. However, renewing the loan repeatedly may result in the loan amount not being paid out. This could lead to repossession, which means the lender will regain ownership of the vehicle. Now the lender can sell the car to pay off their outstanding debt.

If you are planning on going for this funding option, make sure you find a title loan company registered and certified under the laws of the state. With a large number of title pawnbrokers, it is not easy to get one. However, with a little research, you can get in touch with an auto loan organization that will lend you on-demand.

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Student loans are not canceled unless these 5 things happen https://www.smlxtralarge.com/student-loans-are-not-canceled-unless-these-5-things-happen/ Thu, 08 Jul 2021 07:00:00 +0000 https://www.smlxtralarge.com/student-loans-are-not-canceled-unless-these-5-things-happen/ President Joe Biden (Photo by Eric BARADAT / AFP) (Photo by ERIC BARADAT / AFP via Getty Images) AFP via Getty Images Before President Joe Biden approves the cancellation of the student loan, 5 things must happen. Here’s what you need to know. Student Loans It seems like every day there is a lawmaker, attorney, […]]]>

Before President Joe Biden approves the cancellation of the student loan, 5 things must happen.

Here’s what you need to know.

Student Loans

It seems like every day there is a lawmaker, attorney, or student loan borrower telling Biden to cancel the student loan debt. Some say he promised to cancel the student loan when he ran for president. Others say he would cancel the student loans from day one. Still others say he has not canceled enough student loan debt. The reality is that Biden has canceled $ 3 billion in student loans since taking office as president. State the amount substantial. Call it insignificant. Most student loan borrowers, however, focus on the potential for a bigger price tag: major student loan cancellation. Many don’t understand what is taking so long, why it didn’t happen, and when they can expect their student loan to be canceled. Here’s the thing: as with most things, there is a process. Congress didn’t cancel student loans because there wasn’t enough support in Congress from either political party to cancel student loans, be it for $ 10,000 or $ 50,000. Will Biden cancel the student loan debt? To do this, five things have to happen:

1. Biden must have the legal authority to cancel the student loan

Regardless of what you heard on social media or read online, Biden has not been established legally to unilaterally cancel the student loan without further approval from Congress. Many politicians, including those who are lawyers, have voiced their opinions. However, most legal scholars do not believe that a president can cancel unlimited student loans for every student loan borrower. Yes, Biden has issued a targeted cancellation of the student loan that he is authorized to do by an executive order. However, he has not issued a blanket cancellation of the student loan as he said he does not believe he has legal authority to do so. As a result, Biden has hired the U.S. Department of Education to make recommendations on its legal authority to cancel student loan debt. The Ministry of Education has been doing this analysis for at least four months and could present its opinion to the President at any time. However, a legal analysis alone is not enough for Biden to issue a comprehensive cancellation of the student loan.


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