The multi-use complex will also include 12,000 square feet of additional retail space, 57 residential units totaling 39,000 square feet in size, 12,000 square feet of Class-A office space, and a 9,000-square-foot community facility. The mortgage, which covers 100% of hard costs, was arranged by Bergman and company vice president Yossi Orzel. “This deal having … [Read more…]
Aug 3 (Reuters) – India’s LIC Housing Finance (LICH.NS) on Thursday reported a 43% rise in first-quarter profit, helped by strong demand for housing loans.
The company posted a profit after tax of 13.24 billion rupees ($159.95 million) for the quarter ended June 30, from 9.25 billion rupees an year ago.
Housing demand in India has risen in the post-pandemic period, as a growing middle class looks to invest in real estate despite higher interest rates and home prices.
The Indian central bank has raised key interest rates by 250 basis points since May 2022, with two pauses, while June retail inflation rose to 4.81%, snapping four months of easing.
A Reuters poll in June said home prices in the country are set to hold above consumer inflation.
LIC Housing Finance’s total expenses rose 23%, with finance costs rising 23% to 44.94 billion rupees. Interest income rose 28% to 67.04 billion rupees.
Rival PNB Housing Finance (PNBH.NS) last month posted a near-48% rise profit, driven by robust demand for housing loans and improved asset quality.
LIC Housing’s shares closed 4.83% lower ahead of results. For the June quarter, it grew 19% against a 33.5% climb in PNB Housing.
($1 = 82.7780 Indian rupees)
Reporting by Aleef Jahan in Bengaluru; Editing by Varun H K
Our Standards: The Thomson Reuters Trust Principles.
Source: reuters.com
Dotdash Meredith and Yahoo Inc. may earn commission or revenue on some items through the links below.
“They feel great and absorb [water] like a bounty towel”
People / Madison Woiten
” data-src=”https://s.yimg.com/ny/api/res/1.2/oBcm9thnfePAxTePst1VTA–/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTY0MA–/https://media.zenfs.com/en/people_218/ef8ec322523e05011ed3c02a453a5585″><img alt="
People / Madison Woiten
” src=”https://s.yimg.com/ny/api/res/1.2/oBcm9thnfePAxTePst1VTA–/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTY0MA–/https://media.zenfs.com/en/people_218/ef8ec322523e05011ed3c02a453a5585″ class=”caas-img”>
People / Madison Woiten
After a long day, there’s nothing better than getting out of a hot shower or relaxing bath with a plush towel to wrap yourself in. Towels, like bedsheets, are essential to everyday life, so investing in a set of quality bath towels that can live up to the task is worth it.
If you’re looking for a new set to add to your towel collection check out the Belizzi Home 8-Piece Bath Towel Set, which is on sale at Amazon for $30 — that’s just $4 apiece. The set will instantly add a new feel to your bathroom, as it includes two oversized bath towels measuring 27 by 54 inches, two hand towels, and four wash clothes. Each piece is made from ring-spun cotton that is absorbent and soft to the touch, according to shoppers. Also worth noting, the towels have a double-stitched hem, which gives them a nice appearance, strengthens the fabric, and prevents fraying over time.
The quick-drying linens are available in 20 colors, including neutrals, pastels, and bright hues such as white, turquoise, and coral orange, and every color is discounted right now, so at least one option is sure to match your bathroom’s decor.
Amazon
” data-src=”https://s.yimg.com/ny/api/res/1.2/W5jCtovccOI5CRt.Y64DcQ–/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTY0MQ–/https://media.zenfs.com/en/people_218/8e02da4872562b8ce796ad9f69619065″><img alt="
Amazon
” src=”https://s.yimg.com/ny/api/res/1.2/W5jCtovccOI5CRt.Y64DcQ–/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTY0MQ–/https://media.zenfs.com/en/people_218/8e02da4872562b8ce796ad9f69619065″ class=”caas-img”>
$50
$30
Related: The 7 Best Turkish Towels of 2023, According to Textile Experts and Our Tests
To take care of the towels properly, wash them separately in cold water and tumble dry them on a low heat setting. The brand also recommends washing the towels before first use. Over 5,000 Amazon shoppers have given these bath towels a five-star rating, with some leaving reviews that highlight how “fluffy and durable” the towels that “are great after a shower” really are.
“The quality and fabric are great, and I have had zero issues. I washed them as soon as I received them, and they have been washed several dozen times since and hold up well,” shared one reviewer. They added that the color of the towels “is still rich and vibrant” and there was no shrinkage.
Another reviewer stated the towels are “super soft and they dry so quickly”, while a final five-star reviewer wrote, “These remind me of nice hotel towels. They feel great and absorb [water] like a bounty towel!”
The brand’s 6-Piece Bath Towel Set is also on sale. The popular set comes with two oversized bath towels measuring 28 by 55 inches, two hand towels, and two washcloths. Prices vary by color, but you can snap up a set for as little as $18.
Related: The 8 Best Shower Heads of 2023, Tested and Reviewed
Ready to refresh your bathroom? There’s no end date listed for this sale, so head to Amazon to shop the Belizzi Home 8-Piece Bath Towel Set now.
Amazon
” data-src=”https://s.yimg.com/ny/api/res/1.2/gVo96VSHvFhAI4NwvLRSgg–/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTY0MQ–/https://media.zenfs.com/en/people_218/c8fea3c472886388776d399cbed9c0c5″><img alt="
Amazon
” src=”https://s.yimg.com/ny/api/res/1.2/gVo96VSHvFhAI4NwvLRSgg–/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTY0MQ–/https://media.zenfs.com/en/people_218/c8fea3c472886388776d399cbed9c0c5″ class=”caas-img”>
$50
$30
Amazon
” data-src=”https://s.yimg.com/ny/api/res/1.2/Lvn_adou2IBD.e_QY86evQ–/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTY0MQ–/https://media.zenfs.com/en/people_218/60d3f52eab38f9a2a5ee1094d0c59d8a”><img alt="
Amazon
” src=”https://s.yimg.com/ny/api/res/1.2/Lvn_adou2IBD.e_QY86evQ–/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTY0MQ–/https://media.zenfs.com/en/people_218/60d3f52eab38f9a2a5ee1094d0c59d8a” class=”caas-img”>
$50
$30
Amazon
” data-src=”https://s.yimg.com/ny/api/res/1.2/E_2GKn5ja1zEDCw4Af7.iA–/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTY0MQ–/https://media.zenfs.com/en/people_218/2d884ebc4e7e9328530ee66f9d89121c”><img alt="
Amazon
” src=”https://s.yimg.com/ny/api/res/1.2/E_2GKn5ja1zEDCw4Af7.iA–/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTY0MQ–/https://media.zenfs.com/en/people_218/2d884ebc4e7e9328530ee66f9d89121c” class=”caas-img”>
$50
$32
Do you love a good deal? Sign up for PEOPLE’s Shopping newsletter to stay up to date on the latest sales, plus celebrity fashion, home decor and more.
For more People news, make sure to sign up for our newsletter!
Read the original article on People.
Source: yahoo.com
The Federal Trade Commission and the Florida Attorney General are sending refunds totaling more than $540,000 to consumers nationwide who were defrauded by Life Management Services of Orange County, LLC, and related companies who tricked them into paying for worthless credit card interest rate reduction and debt elimination programs. The average check amount is $117.
The FTC is sending checks to more than 4,600 consumers. Recipients should cash their checks within 90 days, as indicated on the check. Consumers who have questions about their refunds should contact the refund administrator, JND Legal Administration, at 1-877-381-0342, or visit the FTC website to view frequently asked questions about the refund process. The Commission never requires people to pay money or provide account information to get a refund.
According to the FTC’s June 2016 complaint, brought jointly with the Florida Attorney General, the Life Management defendants bombarded consumers with illegal robocalls trying to sell them bogus credit card interest rate reduction services. The defendants made phony guarantees about lowering consumers’ credit card interest rates and saving them thousands of dollars in interest payments. Customers made up-front payments but rarely, if ever, got the promised services. The defendants also pitched a bogus credit card debt elimination service, falsely claiming that they could access funds from the government or from a lawsuit against the credit card industry to pay off consumers’ credit card debt.
A court order announced in June 2019 as part of a law enforcement effort to halt illegal robocalls partially settled the Commission’s complaint by permanently barring 17 Life Management defendants from engaging in telemarketing and debt relief services and requiring them to pay money to provide refunds to defrauded consumers. The district court awarded the FTC and Florida summary judgment against the scheme’s ringleader, Kevin Guice, in December 2018, and the United States Court of Appeals for the Eleventh Circuit affirmed the district court’s judgment in March 2022.
The Commission’s interactive dashboards for refund data provide a state-by-state breakdown of refunds in FTC cases. In 2022, Commission actions led to more than $392 million in refunds to consumers across the country.
The refunds being sent today are the result of a settlement resolved before the U.S. Supreme Court ruled in 2021 that the Commission lacks authority under Section 13(b) to seek monetary relief in federal court. Because of that ruling, the Commission no longer has its strongest tool to return money to consumers, and it will become harder to provide refunds to consumers harmed by deceptive and unfair conduct. The Commission has urged Congress to restore the Commission’s ability to get money back for consumers.
Source
Source: getoutofdebt.org
We wrote recently about the extension on the Chase Southwest Premier signup bonus when using a referral link, valid through September 4, 2023.
Feel free to leave your referral link in the comments below:
If you are signing up for a new card, please help out a fellow reader and use a link from the comments below! Try to find a reader who has been helpful in the past and reward them by using their referral. If you have a way of letting them know that you used their link, please do so.
Source: doctorofcredit.com
Reddit user leakingtruth claims that American Express is making changes to Delta lounge access:
Prolly not exciting news, but there is a huge change coming to Amex delta cards and Plat cards in terms of lounge access.
Delta will be restricting access to Delta Plat cards, and Delta Reserve cards will still have access but greatly restricted starting on 2024-2025. Platinum card holders will also be restricted from Delta Skyclubs and will have only up to 6 complimentary access per year
Post history seems to indicate they work for American Express, but it’s always difficult to know how reliable this sort of information is. We’ve reached out to other contacts but have yet been able to confirm these details.
Source: doctorofcredit.com
The subprime lending boom that took place from 2001 to 2006 did little to boost homeownership, according to a study conducted by the Federal Reserve Bank of St. Louis.
Instead, subprime loans served as little more than temporary bridge financing, as most were prepaid (via refinance or sale) or defaulted on within just a few years after loan origination.
“The termination rates of subprime mortgages that originated each year from 2001 through 2006 are surprisingly similar: about 20, 50, and 80 percent, respectively, at one, two, and three years after origination,” the report said.
“For loans originated when house prices appreciated the most, terminations were dominated by prepayments. For loans originated when the housing market slowed, defaults dominated.”
In the early years of subprime, borrowers were able to refinance out of the loans thanks to surging home price appreciation, but once the music stopped, the high-cost loans turned into record defaults.
The delinquency rate, default, and foreclosure rates of subprime loans originated in 2006 and 2007, when the market began to turn, were three times higher than in earlier years, when appreciation masked a lack of affordability.
The report found that approximately five million home purchases were financed with subprime loans between 2000 and 2006, with slightly more than one million loans going to first-time homebuyers.
However, 600,000 were terminated within the first year, and 1.9 million were terminated within two years, with one million already seriously delinquent or in default.
“For subprime mortgages, the data seem to suggest that the number of foreclosed homes, with mortgages funding the home purchases, already exceeds the estimated number of first-time homebuyers with subprime mortgages.”
The study concluded that subprime lending, at most, accelerated growth of homeownership, by placing borrowers into bad loans earlier on, which were eventually refinanced into more sustainable loans or defaulted on.
“If a borrower took out a subprime loan in 2001, say as a first-time homebuyer, and then refinanced into a better loan in 2004, the same borrower most likely could have skipped the subprime step and become a first-time homebuyer in 2004, starting with a more stable loan and avoiding high interest rate payments and prepayment penalties.”
(photo: @MSG)
Source: thetruthaboutmortgage.com
So a guy, an Austrian fellow named Andreas Gindelhuber, with apparent dreams of making money in real estate here in the United States, resorted to selling his home in exchange for an iPhone 6 last week.
He originally purchased the foreclosed 3-bedroom, 1.5-bath Detroit home (you probably already knew it was in Detroit) for $41,000 in April 2010, per Zillow.
Two weeks later, it was listed for rent at a seemingly reasonable $750 per month. After languishing on the market for two months, Gindelhuber lowered the rental price to $695 per month and finally found some tenants.
But the neighborhood where the home is located was hard hit by the housing crisis, prompting nearby residents to move out and leave their properties behind.
Eventually his tenants also headed for the exits, leaving the place vacant and in disrepair. He also had a $6,000 delinquent property tax bill to worry about, so he hired local real estate agent Larry Else to market the property.
It’s unclear how the property got so badly damaged, but it’s supposedly missing all its doors and windows, and also has extensive smoke damage. I’ve heard about houses getting set on fire in Detroit…
Anyway, it seemed no one wanted the thing, even for the price of FREE.
Still, Gindelhuber listed the badly damaged property for $5,000, hoping to get some interest from somewhere, hopefully.
Then reality set in, forcing him to lower the asking price twice in two months, first to $4,000 and then to $3,000.
That still didn’t cut it, so Gindelhuber and Else brainstormed. At some point Else remembers Gindelhuber telling him he would trade the house for an iPhone 6 or a new iPad 32 GB.
Realizing it could be a great publicity stunt that would no doubt put Else’s name on the map, they decided to add the potential barter to the official listing.
It didn’t take long for news outlets to pick up on the story, including a local Fox affiliate and Yahoo!, then it went viral.
A short week or so later the property has been sold to a local man (who lives down the street) for an unknown price, but apparently less than $1,000. He plans to fix it up.
The funny part about the story is that Gindelhuber didn’t actually get his iPhone 6 or iPad in exchange for the sale.
But thanks to the Internet and its greatness, a man from Germany has offered to donate his brand new iPhone 6 to Gindelhuber.
The story also wound up in a German magazine, prompting the man to e-mail Else, claiming the story “touched me somehow.”
So it all worked out.
Source: thetruthaboutmortgage.com
A new lender has entered the mortgage space, but this one’s a little unique, and its offerings are too.
You see, they’re a “marketplace lender,” otherwise known as a peer-to-peer lender, meaning everyday investors can provide funds to borrowers seeking mortgages.
The lender in question, San Francisco-based Social Finance, or “SoFi” for short, says individuals and institutional investors have the ability to “create positive social impact on the communities they care about while earning compelling rates of return.”
In other words, you can be the mortgage lender and make some money in the process. Oh yeah, and earn some good karma if you think peer-to-peer lending is an act of goodwill.
Anyway, the company has already doled out over $1 billion in student loans and now has its sights set on the mortgage market, which some seem to think has become too restrictive. Just ask Ben Bernanke…
The idea here is to target early-stage professionals (recent graduates) who need help financing their home purchases (they also offer refinancing). They are known as “HENRYs,” or High Earners, Not Rich Yet.
Basically, they have the income, but they may not have the savings for a down payment yet, thanks to student loan debt and a lack of earnings history.
I dug into their website and found some interesting stuff. For one, they offer interest-only mortgages, which are considered non-QM and somewhat harder to come by these days.
Additionally, they offer loans with as little as 10% down without mortgage insurance, which again is slightly unconventional but probably just collected via a higher interest rate.
Still, they offer IO mortgages with loan amounts as high as $3 million, meaning they’re a jumbo peer-to-peer non-QM mortgage lender.
Per their website, they currently offer a 5/1 ARM with a 10-year interest-only option, a 7/1 ARM, and a 30-year fixed.
The company also recently launched a line of home improvement loans for those looking to do renovations on an existing property.
They do not charge origination fees or other closing costs, nor do they charge for a home appraisal.
Additionally, you can borrow up to $100,000 without any home equity. To that end, they are more like personal loans than they are HELOCs.
Borrowers can take out amounts ranging from $5,000 to $100,000 depending on their needs.
At last glance, rates ranged from 6.58% APR to 13.62%, assuming you use autopay to make monthly payments.
And terms varied from just three years to seven years and potentially longer.
They advertise fixed rates, but you might have the option of a variable rate as well.
I took a look at SoFi mortgage rates on June 1st, 2018 and they appeared to be fairly competitive relative to what else is out there.
The assumptions were for an 80% loan-to-value ratio, which means 20% down payment or 20% in existing home equity. If you’re putting down less or have less equity, expect a higher interest rate.
Additionally, the 5/1 ARM assumes a 75% LTV, so you need at least 25% equity or down payment.
Sample mortgage rates from June 1st, 2018 were as follows:
– 4.375% for the 5/1 ARM with an interest-only option
– 3.875% for the 7/1 ARM
– 4.125% for the 15-year fixed
– 4.25% for the 30-year fixed
They seem pretty close to what traditional lenders are offering these days, though keep in mind that SoFi doesn’t charge loan origination fees, similar to Eave, so you need to factor in the lower fees as well, which can be a game-changer.
Are you an ambitious professional? If so, you might be the right fit for SoFi. Even more intriguing than their product offerings is their underwriting process.
SoFi claims that they can fund a mortgage in less than 21 days, as opposed to the industry average of 30-45 days. And they promise not to ask for “useless details.”
Part of their speediness be related to the fact that they use AVMs instead of appraisals for loan approval, which can certainly save some time. However, they eventually conduct an in-person appraisal as well.
They also ask applicants to apply and upload documents online, which allows them to complete loan approvals complete with automated valuations in less than 48 hours.
Of course, there is a major caveat. In order to qualify for a SoFi mortgage, you need to have graduated from a selection of Title IV accredited universities or graduate programs.
This might have something to do with the fact that they were a student loan lender before jumping into mortgages.
Not sure which schools/degrees qualify, but I think the expectation is that even if you aren’t making much money now, you’re expected to be in the near future.
I went through the beginning of the loan application process online and noticed that only certain degrees were listed. It’s unclear if it’s an exhaustive list, but they certainly take schooling seriously.
However, SoFi refers to their debt-to-income limits “flexible,” so you might be okay if income is a little light as long as you went to Stanford.
They also determine loan eligibility by credit history and employment status, and require that applicants be at least the age of majority in their state. So I take that to mean no child doctors. Sorry Doogie.
At the moment, SoFi mortgages are only available in California, DC, New Jersey, North Carolina, Pennsylvania, Texas, and Washington on owner-occupied properties, but they’re expected to reach other states soon.
For the record, if you want to become an investor in SoFi mortgages, you need to be an accredited investor, which generally means you need to have a net worth of over $1 million (excluding your primary residence) or make $200k per year.
So no, not every Tom, Dick, and Harry can become an individual mortgage lender, but those with money can.
It’ll be interesting to see if P2P lending gets more popular in the mortgage world as prospective homeowners look beyond traditional banks and lenders for financing. Stay tuned.
This just in…in a bid to be the silliest mortgage lender out there, and perhaps appeal to disgruntled Millennials, SoFi is offering free avocado toast to customers who take out a purchase mortgage with the company in July 2017.
While it’s hardly a reason to buy a home, or take out a mortgage with SoFi specifically, it is kind of funny.
The back story is that Millennials have been accused of wasting all their money on trendy foodie things like avocado toast, dashing their hopes of homeownership.
To combat this myth, or perhaps reinforce it, SoFi is giving away a month’s worth of avocado toast to its customers for a limited time, delivered straight to their new door.
Curious how much a month’s worth is? Apparently three shipments of bread and avocados. Oh, and you get to select gluten-free or regular bread, but you have to toast it yourself…
Holy guacamole!
Source: thetruthaboutmortgage.com
While this might sound a little hard to believe, it has been reported that former Federal Reserve chairman Ben Bernanke was unable to refinance his mortgage. Yup, he got straight up denied.
You might be thinking, yeah right, why would a lender deny such a high profile individual who you’d think would be good for the money?
After all, he did direct the monetary policy for the entire United States, so the prospects of him paying the mortgage on time are pretty darn high.
But it’s true! He apparently shared the unfortunate news with Moody’s economist Mark Zandi at the National Investment Center for Seniors Housing & Care Conference in Chicago.
When speaking of his attempt to refinance the mortgage, Bernanke said he was “unsuccessful in doing so,” at which point the audience burst into laughter.
The crowd was probably pretty surprised when Bernanke followed with, “I’m not making that up.”
He then went on to add that lenders may have gotten a little too conservative with their mortgage underwriting as of late, and that the tightening had become “excessive.”
Additionally, he noted that regulators, presumably the CFPB, haven’t seemed to get the housing market right.
Perhaps they’ve made it too difficult for certain borrowers to get mortgages thanks to the new Qualified Mortgage rule, which among other things, doesn’t allow DTI ratios above 43%.
So I got thinking why Bernanke would be denied a refinance, and then a light bulb went off in my head.
He just resigned from his job as chairman of the Federal Reserve after two successive terms spanning eight years.
Perhaps lenders are well aware of this and not interested in extending a loan to someone who is either retired or short on income.
Sure, he might have plenty of money in the bank, but if the bank can’t determine his ability to repay the loan, he might have to go with a non-QM loan instead.
And Bernanke probably thinks that’s preposterous, seeing that he’s the former Fed Reserve chairman.
While it does sound really silly, he might have a point about the new mortgage rules, and their unintended consequences.
At the same time, I can’t see why a large bank wouldn’t offer Bernanke amazing terms on a mortgage and simply keep it on their books. He’s not much of a credit risk, so there’s no reason to sell the loan on the secondary market.
Maybe it’s just a stunt orchestrated by Ben to get regulators to take another look at the harsh new guidelines now in place. Or somebody at the bank made a huge mistake…
By the way, he’s currently a Distinguished Fellow in Residence at The Brookings Institution, which may or may not be an adequate job title as far as an underwriter is concerned. Hmm.
For the record, Bernanke refinanced his home mortgage at least twice in the past several years, with the most recent mortgage choice a 30-year fixed on his D.C.-area three-bedroom residence.
It’s unclear what he was up to this time around, but I doubt he was attempting to get the interest rate on his 30-year mortgage any lower.
Maybe he decided to roll the dice and go with a short-term ARM in order to save money and invest elsewhere. Or perhaps he needs to tap some equity.
Who knows? Either way, I’m sure someone will offer him a pretty sweet refinance sooner rather than later.
(photo: Medill DC)
Source: thetruthaboutmortgage.com