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Apache is functioning normally

Three months ago I wrote about the high cost of being fat. I had spent $4500 over four years because of my weight. The problem wasn’t just costing me money — it had caused sleep apnea, a torn ACL, and mild depression, three conditions which eroded my quality of life.

Then a reader issued a challenge. Lauren Muney wrote to provide her services as a wellness coach free for one month: “I’m offering this to you because I’ve been reading your blog daily and I want to give back,” she said. She continued:

Most people think that coaching is bull. It’s amazing how much money people will spend on diet books, fad equipment, diet pills, and the like — and never budge an inch. I just talk to my clients. They drop 10, 20, even more pounds of weight, plus they retain the weight loss and make life changes they never thought possible. But it is they who do the work and they who take the glory. I know you understand the value of getting rich slowly but carefully. It’s the same with fitness and lifestyle changes — the good stuff is slow, but it sticks.

For years I’ve complained about being fat. People are sympathetic, but nobody had ever laid it on the line like this before. It felt strange. Lauren was offering to help me, but only if I were willing to take responsibility for my actions. I was scared. I realized that an impartial third-party — an expert third party — was exactly the sort of motivation I needed to succeed. (I’ve always worked best under supervision.) I decided I’d be a fool to refuse her offer.

Lauren had me begin by keeping track of everything I ate. (This is similar to my admonition to track everything you spend.) I knew my diet was poor, but I never realized how poor until I began to keep a food journal: donuts for breakfast, candy bars for lunch, Safeway Chinese food for dinner. I recorded everything in gory detail. After Lauren looked at the data, we spent an hour by phone discussing my habits, exploring ways I could change them. Among other steps, she had me:

  • Eliminate excess sugar. It was clear that I’d become a sugar junkie. Eating donuts and candy bars and sucking down soda was giving me more refined sugar than my body could handle.
  • Reduce alcohol consumption. I’d been having a drink or two most nights. On Lauren’s advice, I cut back to almost nothing. (I still have a drink at parties or on special occasions.)
  • Reduce caffeine consumption. So long, soda. So long, tea. I used to be a Diet Pepsi junkie. I had a weakness lapsang souchong. Now caffeine is a rarity.
  • Eliminate processed foods. Most of my meals were from one of two food groups: canned or frozen. Canned soup, canned chili, canned pasta, canned vegetables. Frozen pizza, frozen lasagna, frozen chicken patties, frozen fish. Lauren had me purge processed foods from the house. (This was difficult for a frugal person like me — each discarded TV dinner was like throwing away money.)
  • Introduce whole foods into my diet. I’ve always struggled to eat enough fruits and vegetables. Even with this program, I’m not getting as much as I should, but I’ve gone from eating a couple a week to eating a couple a day. That’s a huge improvement.
  • Drink water. Humans are ugly bags of mostly water. I wasn’t getting enough of it. By drinking more water, my hunger subsided.
  • Eat balanced meals. Lauren emphasized the importance of having a protein, a carbohydrate, and a fat with every meal. I thought this change would be pointless, but have been surprised at how effective it has been at satisfying my hunger.
  • Exercise portion control. I have a natural tendency to eat huge portions. Lauren coached me to reduce my portion sizes so that I’m not overeating.

Lauren’s advice wasn’t all about food, though. She stressed the importance of physical activity. She had me do the following:

  • Obtain a complete physical. We were particularly curious if I showed signs of diabetes. (My addiction to sugar, and my reaction to it, are worrying.) I don’t. My cholesterol is borderline, but other than that things look fine.
  • Buy a pair of running shoes. I’d been walking and jogging in a pair of fashionable sneakers. Lauren had me actually get fitted for shoes that matched my stride.
  • Meet with a running expert. I made an appointment with the owner of the running store. He spent time demonstrating proper form, showing me how to improve my stride.
  • Practice mindfulness. A lot of my behavior was reflexive. I was just eating whatever I felt like, or whatever was in front of me. Lauren urged me to slow down, to question my actions.

Over the course of one month Lauren and I spoke weekly about my progress. During each session she praised my success and helped me to learn from my failures. After each conversation, she drafted an e-mail that summarized the goals we’d set for the coming week. This process worked wonders.

Lauren helped me see the barriers I had created: “I can’t eat breakfast because I don’t have time”, “I need to eat all of the leftovers”, “It’s too cold and wet to exercise”. These barriers still exist, but now I recognize them for what they are. And I’ve learned something: 80% of wellness is mental. Just as with personal finance, physical fitness is about overcoming mental barriers.

I learned not to bring temptations into the house. I’m good about saying “no” to the big things — a package of cookies at the grocery store — but I’m terrible at saying “no” to the little things. A single cookie at home becomes two, which becomes three, which becomes an entire plate. I have the discipline to resist an entire package of cookies, but not to resist them individually, so I keep them out of the house completely.

I’ve stuck to the plan for three months now. I had a ten-day lapse around Christmas — all the cookies from friends were too much to resist — and I need to ramp up my exercise, but things are going well. I’ve lost thirteen pounds. I have more energy. I’m not foggy-headed from sugar. Best of all, I’m no longer suffering from the depression that has dogged me for the past two years.

I couldn’t have done this without the help of a wellness coach. Because Lauren exists outside my daily life, outside my family, outside my circle of friends, she’s able to point out problems without the baggage of other relationships. There’s still a lot of work to be done. In early March, when spring begins to peek its head through the Oregon rain, I’ll contact Lauren to set up another month of coaching, but this time as a paying customer!

As the proprietor of Physical Mind, Lauren Muney specializes in lifestyle improvement and increasing human performance for personal, professional, and business endeavors. She’s also a crack whip artist! And a fire-eater!

Source: getrichslowly.org

Apache is functioning normally

In the technology world, and more specifically, the venture capitalist world, the word “disrupt” gets thrown around an awful lot. Too much really. There’s even a Disrupt conference.

Every new business these days seeking millions of dollars in funding has grand plans to disrupt the status quo, whatever that might be in a given industry.

Of course, many great (and silly) ideas never actually materialize because of the many hurdles a company must climb to effect change.

But that hasn’t stopped Lenda, a California-based online mortgage refinance shop, to dream the impossible dream.

Mortgages in Seconds? Yeah Right…

  • Lenda’s ultimate goal is to fund mortgages in seconds
  • As opposed to weeks or months
  • A lofty goal but one that isn’t unique to the disruptors
  • You can’t argue that the mortgage industry is in need of change and could definitely be a lot faster

Lenda apparently has plans to eventually fund mortgages in a matter of seconds, as opposed to days or even months.

At the moment, they’re being a little more reasonable, shooting for 21 days from application to close, as opposed to the industry average of 39 days, per the latest Ellie Mae Origination Insight Report.

However, their near-term goal is to get that number down to a week (7 days), and eventually 48 hours. If that all pans out, their “mortgages in seconds” mantra could potentially become reality.

And while it all sounds crazy, part of me is thinking, “Why not?” Why is the mortgage industry the same as it has always been? Why can’t a company come along and pull an “Uber” and make a meaningful change in this space as well?

I’m assuming doubters will first point to the regulatory landscape, which makes it difficult to get anything done quickly in the mortgage world. All that paperwork is also a concern.

Not to mention the many different parties that must all come together to get a home loan funded.

No Middleman or Sales Staff at Lenda

  • One thing they’ve done to differentiate themselves
  • Is cut out the sales staff
  • This should translate to a cheaper home loan for the borrower
  • They also rely on technology like electronic delivery of paperwork to speed things up and make life easier for homeowners

But Lenda claims to do things differently, working exclusively online to get loans funded quicker and more efficiently.

For example, you can fill out the mortgage application online and use DocuSign to send over electronically signed documents, which translates to 40 fewer pages to print, sign, and fax. It’s also good for the environment.

During the application process it tells you how many pages of paperwork you’ll avoid, along with the number of headaches. Cute.

In the future, they hope to provide instant approvals after a credit pull, at which point an exact list of conditions would be generated. And borrowers could soon have the ability to pull real-time data, such as bank statements and tax returns, into the application.

They’ve also cut out the “middleman,” aka the sales rep, to both streamline the process and cut down on costs.

Lenda claims to save at least $8,000 per refinance by eliminating the mortgage broker and going with a direct-to-consumer approach, although the rates/fees I saw didn’t seem all that different from what I’ve seen elsewhere.

Why Use Lenda to Get a Mortgage?

  • The home loan process is completed entirely online
  • They might offer lower mortgage rates thanks to their tech and lack of salespeople
  • You can get a $500 lender credit if someone refers you to Lenda
  • Might be able to close faster than traditional lenders
  • But they only offer 30-year and 15-year fixed-rate mortgages

If you’re wondering why you should choose Lenda, one key advantage is that the home loan process is entirely digital. Aside from being easier, it might result in a faster loan closing.

Additionally, Van den Brand says mortgage interest rates are generally about an eighth- to a quarter-percent lower than other lenders, and that the APR will be lower via reduced closing costs.

That’s all good and well, but will they actually be able to shorten the process and reduce the burden on the consumer? Time will tell on that one.

They’ve certainly got a good group of investors, including Tom Fallows of Google Shopping Express, Winklevoss Capital (those Facebook twins), Kiva investor Sundeep Ahuja, and PayPal investor Jared Kopf, to name but a few.

Lenda recently received $1.54 million in seed money and plans to enter several more states in the future. They currently lend in Arizona, California, Colorado, Florida, Georgia, Illinois, Michigan, Oregon, Pennsylvania, Texas, Virginia, and Washington, though they’re licensed in 43 states.

At the moment, they only offer 30-year and 15-year fixed-rate mortgages backed by the underwriting guidelines of Fannie Mae and Freddie Mac. So there are some loan type limitations that won’t satisfy all homeowners.

Future product offerings include jumbos, HARP, FHA, and CRA loans, and perhaps adjustable-rate mortgages.

Now just imagine if companies like Opendoor and Lenda come together.  We’ll be able to buy, sell, and finance homes in hours, or maybe even seconds with nothing more than our smartphones.

While they only operate in 12 states currently, Lenda expects to go live in other states in the near future.

Update: In early 2019, Lenda became Reali Loans thanks to the company’s acquisition by fintech startup Reali.

Source: thetruthaboutmortgage.com

Apache is functioning normally

Two Orange County, California, individuals face charges of conspiracy, bank fraud and identity theft, accused of targeting elderly members of the local Vietnamese community and duping banks into distributing $2.2 million of their accrued home equity.  

Thao Thi Kim Nguyen and Nghiep Chinh Nguyen were arraigned in United States District Court in Santa Ana, California, on Monday. Both entered not guilty pleas to the charges against them and were granted bond. They each face a single count of conspiracy to commit bank and wire fraud. 

Thao Nguyen was also charged with multiple other counts of both bank fraud and aggravated identity theft. Nghiep Nguyen, meanwhile, faces an additional two counts of bank fraud and another of aggravated identity theft.

The purported violations occurred over a four-month period in 2018 after Thao Nguyen opened accounts in her name at two banks, who were not identified in the court indictment. Later, she would return to the banks accompanied by Ngiep Nguyen and other participants involved in the fraud, who posed as homeowners. 

Using stolen identities and phony documents, including California driver’s licenses and Social Security cards, Ngiep Nguyen and the other alleged fraudsters would typically impersonate elderly Vietnamese homeowners to take out mortgages. This gave them access to the victim’s accrued equity, through obtaining reverse liens after forging signatures on banking documents and grant deeds. Thao Nguyen also added the victims’ names to the accounts she had previously opened at the banks, claiming, in at least one case, they belonged to her parents.

She then reportedly received wire transfers of the withdrawals made by the other parties from the fraudulent mortgage accounts. Thao Nguyen subsequently moved those funds to different bank accounts she owned. 

The scheme netted almost $2.2 million, according to the indictment, with Thao Nguyen taking in approximately $1 million while distributing the remaining amount to her cohorts.

A trial date for the two defendants is scheduled to begin on Sept. 26. If convicted, both face a maximum sentence of 30 years in federal prison for each conspiracy and fraud charge. They would also be required to serve two years for each count of aggravated identity theft if found guilty. 

Neither the identities of others participating in the scheme, who were not part of this indictment, nor of the victims were reported.

The charges against Thao Nguyen and Ngiep Nguyen follow another recent trial involving elderly homeowners in California. In that case, the head of an investment company promised homeowners he could help distressed borrowers avoid foreclosure through transfer of their deed title to his business. After losses totaling more than $7 million and the eventual seizure of all homes belonging to the victims between 2015 and 2019, Robert Sedlar was found guilty on more than 100 felony counts earlier this year, including conspiracy, grand theft and elder abuse.     

Source: nationalmortgagenews.com

Apache is functioning normally

On Instagram last month, reality television personality Tarek El Moussa posted a video of himself strolling a street in North Hollywood to tell his 1.3 million followers about his new big plans.

El Moussa co-hosts a real estate show on HGTV called “The Flipping El Moussas” with his wife, Heather, who is also a cast member on Netflix’s “Selling Sunset.” El Moussa shared that he had just finished walking the nearby property where the couple is developing a “super cool, super modern” 138-unit apartment complex with a rooftop pool.

“We got so lucky to find this land,” El Moussa said. “Because finding land like this in North Hollywood, it’s literally impossible.”

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El Moussa left out of the video why a lot like this was available in the first place. Just a week before, the current property owner was convicted in federal court of hiring someone to set fire to vacant units on the site, an arson that tenants say was part of a years-long illegal harassment campaign to force them to leave.

Now the El Moussas are evicting the five remaining tenants, who all are in rent-controlled units. The residents worry about their future in L.A.’s sky-high rental market and believe they should be compensated for the turmoil they’ve gone through.

“It’s been my home for 40 years,” said Cathy Livas, 77, who pays $824 a month to live in a dingbat unit with her 56-year-old son with special needs. “Why would I want to live anywhere else? Do you know the price of rents?”

Livas and other tenants said they’d be willing to negotiate a buyout but believe it should be far in excess of the up to $25,000 required under the law given that their outgoing landlord, Arthur Aslanian, tried to burn them out of their homes and otherwise illegally force them to go.

In a presentation to investors, the El Moussas project that after five years they’ll be able to sell the apartment complex for $26 million more than what it costs to acquire the property and build the development.

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“Pay us to leave,” said Clare Letmon, 32, who lives in a bungalow with her husband, Jonpaul Rodriguez, 35. “But pay us an amount of money that’s dignified and recognizes the profit they’re set to make off of everything that was done to us.”

Clare Letmon looks at a bungalow across from hers that was badly damaged in an arson.

(Mel Melcon / Los Angeles Times)

Neither Tarek nor Heather El Moussa could be reached for comment. In an emailed statement, Eda Kalkay, the El Moussas’ public relations representative, said that the El Moussas recognize the property owner is involved in “several serious legal matters” but that the couple and other development partners will have no affiliation with them once the sale of the property is finished.

“The goal is to work closely and respectfully with the current tenants by providing proper move-out compensation and constructing a safe and pristine new apartment complex that will also include 14 low-income units,” the statement said.

The property, made up of multiple lots, currently houses 10 bungalows, five dingbat apartments, a single-family home and 6-foot-tall weeds growing next to the burned-out structures.

The horrors of living there began years ago when tenants said Aslanian started ripping out the walls of their units, exposing them to asbestos, mold and vermin and retaliated against them when they complained or pushed for repairs.

In February 2022, Aslanian promised to pay someone $2,000 to set fire to the property, federal prosecutors said. Using a borrowed gas canister and a hotplate, only the outside of a building was scorched. The next month, a second fire, prosecutors said, was started by another co-conspirator, burning two of the vacant bungalow units.

Prosecutors said Aslanian’s arson campaign was designed to force the tenants out, and most of the residents have left the property. Aslanian secured approval for the new 138-unit project within months of the fires.

“Those permits exist because of everything Arthur did,” Letmon said. “The building was almost vacant because of everything Arthur did.”

Aslanian was convicted of three charges related to the fires last month in addition to multiple charges for conspiring with his employee to hire a hitman to kill two men — one who opposed him in litigation and the other who represented one of his companies in bankruptcy.

Arthur Aslanian stands outside an apartment complex he owns during a fire in 2022.

(Hartsook Tenant Assn.)

Letmon and Rodriguez’s rent is $1,650 a month, but they’ve stopped paying, saying they refuse to give money to a landlord who set their home on fire.

Some previous tenants sued Aslanian over conditions at the property and have received a settlement for an undisclosed amount. The current tenants have a pending lawsuit against him.

But conditions at the property remain dire. The burnt-out bungalows are boarded up, and tenants say they’re still unsafe. Vacant units in the dingbat have broken windows. A tree next to Livas’ unit is overgrown.

A new development group called NoHo 138, which includes the El Moussas, took over the project earlier this year. Representatives of the developers, though not the El Moussas, met with tenants in the winter. The El Moussas began to advertise the apartment plan to investors.

In a video posted to YouTube in May, Tarek El Moussa, whose first real estate reality show was called “Flip or Flop,” stood outside the property touting it as “my biggest flip ever.”

“I am more excited about this thing than anything I’ve ever done in my life,” El Moussa said.

The tenants received their eviction notices in late June. They have become even more alarmed as the El Moussas ramped up their investment campaign.

On Instagram, the El Moussas promoted the development opportunity using a fire emoji, something Letmon and Rodriguez said was insensitive given the arson. Tarek El Moussa said that they planned to break ground “in a few months.” Under the law, tenants 62 or older can remain in their apartments for a year before getting evicted.

“My year isn’t up until June next year, so I don’t know how they’re going to build with me here,” Livas said.

Kalkay, the El Moussas’ spokesperson, said Tarek filmed the video that promised an early groundbreaking before he knew the full context of the tenants’ situation with Aslanian, and the developers will follow all provisions of eviction law. She added that El Moussa meant no offense with the fire emoji.

Home renovation specialist Tarek El Moussa inspects a property on one of his reality TV shows.

(HGTV)

“Anyone that follows Tarek would know that he is a fan of using emojis on social media,” Kalkay said in response to emailed questions from The Times. “By no means was he making any insinuation or mockery of the tenants’ past experience with the seller.”

Letmon and Rodriguez have tried to track the El Moussas’ promotion for the development. They said it’s been difficult to watch the couple talk about their expensive vacations and advertise that their investors will get invitations to exclusive yacht parties with them.

“It’s an insult when I know he’s spending his summer in the Hamptons and in Cabo and he can’t make time for tenants whose displacement is enabling ‘the biggest flip of his life,’” Letmon said.

Letmon and Rodriguez also have begun posting about their plight on social media, tagging El Moussa on Instagram and asking to meet with him in person.

“Real smart…Keep offending someone that is trying to help you,” El Moussa responded in a July 12 direct message Rodriguez shared with The Times.

Kalkay said that El Moussa is the one being harassed.

“Regardless of the alarming personal attacks sent to Tarek El Moussa and his family via social media DM, he continues to remain sensitive to the situation of the tenants,” she said.

Kalkay added that other development partners plan to continue contacting the tenants and have already reached out to the tenants’ attorney in the hopes of continuing negotiations over their departure.

“As just one of the partners that make up NoHo 138, Tarek’s role is to work on other areas of this deal, but the appropriate people managing this area intend to meet with all tenants,” Kalkay said.

Times staff writers Noah Goldberg and Salvador Hernandez contributed to this report.

Source: latimes.com

Apache is functioning normally

Companies using artificial intelligence in cybersecurity respond to data breaches faster and save over $1 million in incident responses compared to firms that don’t use AI, IBM reports.

Hacks cost financial firms on average $5.9 million in 2023, according to the tech giant’s new Cost of a Data Breach Report. The average global cost of a data breach was $4.45 million, an all-time high and slight increase from last year’s $4.35 million mark. 

The research, conducted by the Ponemon Institute and analyzed by IBM, polled 553 organizations worldwide which suffered cyber attacks between March 2022 and March 2023. It’s unclear if any of the 67 U.S. companies surveyed were real estate organizations. The industry however was hammered with attacks over the same period. 

Cybersecurity utilizing AI saved firms on average $1.76 million in incident responses compared to businesses that didn’t, the report found. The tech-savvy firms also contained breaches 108 days sooner than their non-AI counterparts.

“Examples include the use of AI, machine learning, automation and orchestration to augment or replace human intervention in detection and investigation of threats as well as the response and containment process,” the report said. 

Only 28% of firms surveyed said they extensively use AI and automation security tools in cybersecurity, while 40% rely solely on manual inputs. Although the mortgage industry has slowly embraced tech solutions, an Arizent survey last year found lenders lagging behind their financial services peers in deploying AI and machine learning in cybersecurity. 

Lenders, servicers and other real estate players have suffered attacks impacting as little as a few hundred customers to millions of consumers in the past two years. While some firms have yet to acknowledge widely-reported attacks, others are facing class-action lawsuits from borrowers whose personally identifiable information was compromised. 

Mortgage firms have been quick to identify hacks, discovering them typically within days, according to public disclosures. In a more severe lapse, a servicer in late 2021 didn’t identify a breach for 41 days before investigating. Those known response times are far quicker than IBM’s reported average of 204 days for companies to identify a breach and 73 days to contain it. 

Among the average damages for firms worldwide were lost business costs, which respondents put at an average of $1.3 million per firm in 2023. Those expenses include lost customers and revenue, and the cost of acquiring new clients. Audits, investigations and crisis management totalled on average $1.58 million. 

Notification costs to consumers, regulators and other third parties averaged $370,000, according to the report. The 37% of businesses surveyed that didn’t notify law enforcement of attacks paid on average $470,000 more than those who did. 

The overall costs don’t include ransoms paid. The FBI warns victims not to pay hackers to further enable them.

Ransomware accounted for nearly 25% of all attacks, followed by phishing at 16% and compromised access credentials at 15%, the report found. Only a third of breaches were identified by a firm’s own security team or tools, a lapse that could add an additional $1 million to a data breach. 

The report highlights the benefits of firms which use a managed security service provider, a vendor that provides around-the-clock monitoring. Companies using a security partner cut breach lifecycles by 21%. 

Mortgage companies in the past year have also been forced to reconcile soaring cybersecurity and cyber insurance costs with fading revenues. In the past three months alone, lenders have grappled with a ransomware gang, suffered wide-ranging cyber attacks and paid a seven-figure settlement to resolve the fallout of a data breach. 

Source: nationalmortgagenews.com

Apache is functioning normally

Inaccurate, negative items on your credit report can significantly affect your credit score and impact your ability to secure credit, obtain lower interest rates, land your dream job, or even rent an apartment. This negative impact can be devastating in many ways, but it’s even worse if the harmful information isn’t accurate. Correcting these errors is one of the first steps to repairing your credit.

Fortunately, the Fair Credit Reporting Act protects consumers. Specifically, section 609 of the FCRA gives you the authority to request detailed information about items on your credit report. If the credit reporting agencies can’t substantiate a claim on your credit report, they must remove it or correct it.

You can request this information by sending the credit reporting agency what’s called a 609 letter. This article provides more details about what a 609 dispute letter is and how to write one.

What Is a 609 Letter?

A 609 letter is a formal document consumers use to request more information about account details listed on their credit reports they believe to be erroneous and to request the removal or correction of this inaccurate information.

While section 609 of the FCRA doesn’t specifically mention 609 dispute letters, it does lay out the framework for making this request. Once the agency receives your letter, it must conduct an investigation and provide you with the requested information.

What Is Section 609?

Section 609 of the Fair Credit Reporting Act outlines consumers’ protections regarding disclosures. It requires credit reporting agencies to provide consumers, upon request, with information in their report, including:

  • Details, including dates and contracts, on any opened or closed account on credit reports at the date of the request
  • A list of all parties that made hard or soft inquiries on account over a 1–2 year period
  • All source information linked to each item on the credit report

Why Do 609 Letters Matter?

If you find inaccurate information on your credit report, submitting a 609 letter is the first step to resolving this issue. Once a credit reporting agency receives a 609 letter, it must conduct an investigation unless it can prove the claim is frivolous. The agency has 30 days to complete this investigation but can request a 15-day extension.

If the agency can’t provide verification for the information, it must remove it from your report or correct it. Otherwise, it must provide you with the information you requested.

What Can’t a 609 Letter Do?

Submitting a 609 letter doesn’t automatically remove items from your credit report. If the agency provides what it considers verifiable evidence that the account is yours, the information will remain on your account. If the agency doesn’t remove the information from your account and you still believe it’s inaccurate, you can file another dispute. Otherwise, the information will remain on your account for seven to 10 years.

Do 609 Letters Work?

Upon receipt of a 609 letter, the credit reporting agency must conduct a full investigation within 30-45 days. It must then provide you with written notification of its findings within 5 business days. If the agency fails to respond to your request, you can file a complaint with the Federal Trade Commission.

If the agency can’t verify the requested information, It must remove it from your credit report. In some cases, a 609 letter may be enough to prompt the removal of this information. If this doesn’t happen, you may need to file another dispute.

How Do You Write a 609 Letter?

The FCRA doesn’t provide a specific template for writing a 609 letter. However, there are several pieces of information you should include in your letter, such as:

  • Your full legal name
  • Your complete address
  • Your phone number
  • Statement pertaining to your 609 rights under the FCRA
  • Account name and number for any accounts in question
  • Statement requesting removal of inaccurate information
  • Attorney contact information, if applicable
  • List of enclosed documents

Along with your letter, you should also send copies of several documents, including:

  • Your credit report with the inaccurate information highlighted
  • Your birth certificate
  • Your Social Security card
  • Your passport or state-issued driver’s license or photo ID
  • Latest tax documents with Social Security number listed
  • Mortgage statement or rental agreement with current address listed
  • Current utility bill with name and address listed

Below is an example of a 609 letter.

Name
Social Security number
Date of birth
Address
Phone number 

Date

609 Dispute Letter

Dear [credit bureau]:

I’m writing to exercise my rights under section 609 of the Fair Credit Reporting Act. I’m requesting information regarding the following accounts listed on my credit report:

Account Name: [as listed on credit report]
Account Number: [as listed on credit report]

Account Name: [as listed on credit report]
Account Number: [as listed on credit report]

According to section 609, I’m entitled to all pertinent information regarding these accounts, including the original contract with my signature. If you’re unable to find this information within the 30-day time limit, I request that you immediately remove the information from my credit report.

As proof of my identity, I’ve included a copy of my Social Security card, birth certificate, passport, W-2, electric bill, and rental agreement. Also included is a copy of my recent credit report, with the accounts in question highlighted in yellow.

Sincerely,

[your signature]

[printed name]

Be sure to make copies of all information, including all letters and backup documents, for your records.

Where to Send a 609 Letter

You should mail your 609 letter and all backup documents directly to the corresponding credit reporting agency using the address listed below. If the error appears on multiple credit reports, you need to send each agency a separate letter. Due to the importance of this letter, you’ll want to go to the post office and send the letter through certified mail with a return receipt requested. This step provides proof of the date the agency received your 609 dispute letter.

Experian
PO Box 4500
Allen TX 75013

TransUnion Consumer Solutions 
PO Box 2000
Chester PA 19016-2000

Equifax
PO Box 740256
Atlanta GA 30374-0256

How to Dispute Items on Your Credit Report

If submitting a 609 dispute letter doesn’t prompt the credit reporting agency to remove the inaccurate information, you may need to file another dispute. To file this dispute, you must send another letter to the corresponding credit bureaus. Once the agency receives your letter, it must conduct another investigation based on the information you provide.

How to Write a Dispute Letter

When writing a dispute letter, be sure to clearly note what information you believe is inaccurate and provide a detailed explanation of the error. Include as much information as possible, and send copies of any backup documentation, such as account statements, proof of payments, or letters from the lender. Close the letter by requesting the prompt removal of this information.

If the credit reporting agency still refuses to remove the information, it may be time to hire an attorney or credit repair agency to help with the process. You can also use these services if this process becomes too cumbersome or time-consuming.

Is there inaccurate information on your credit report? Find out now. Get your free Credit Report Card today.

Source: credit.com

Apache is functioning normally

Amanda recently sent J.D. an e-mail looking for advice about gift-giving:

My husband and I have made huge lifestyle changes since our son was born with congenital heart disease four years ago. He’s had five open-heart-surgeries, and we’ve had some killer medical bills. My husband stays home with both of our kids to help prevent Liam from getting sick too often, so we’ve gone down to one income, one car, basic cable, and a really aggressive budget.

One of our worst budget breakers however is gifts. I have eleven nieces and nephews, two kids, etc. At Christmas we’ve convinced both sides to just do a name exchange and then we only have to buy for two nieces/nephews on either side, which helps and we’ve just outright stopped exchanging gifts with our brothers & sisters, but there are still our parents, his grandparents, kids of friends who have birthday parties, and graduations, weddings, and baby showers!

We actually do plan most of these things into discretionary spending since we know when people have birthdays, but it’s always those gotchas like weddings and new babies (and we didn’t pre-think graduations with this year’s planning).

Could you offer any advice on fitting generosity and gift giving into a frugal budget? No one wants to be a grinch, but it really adds up some months. Sometimes, it’s half of our discretionary spending just to get small gifts (we only spend $10-15/kid!).

Ah, Amanda, I hear you! Gifts can be a budgeter’s downfall! Many of us readily accept our own sacrifices in the name of being frugal, but don’t want to seem “cheap” when it comes to giving gifts to others. I’ve struggled with both sides of this issue.

One side of me likes choosing and giving gifts, likes having those gifts appreciated, likes receiving gifts in return. But the other side opposes the commercialism and expectations that accompany holidays and occasions. Too often, hastily-purchased gifts can seem like a substitute for the spare time and energy we don’t have to make a gift meaningful. These gifts can be merely an obligation, which is no fun for either giver or recipient.

For big family gift-oriented occasions like Christmas (Hanukkah, Kwanzaa, etc), you must have “The Talk”. In some families, money is a difficult subject, but your options are either to continue spending more than you want on presents, or to mystify everyone when you cut them off cold turkey. A good way to start is to explain your budget goals, as in, “We’re starting to save for the kids’ education funds,” “…to buy a house,” “to be able to afford to live on one salary,” “pay off the credit cards” or something like that — just make sure you’re being honest.

Whatever you do, don’t insist that everyone stop giving gifts to you (or your kids). You have the right to stop giving gifts, but for many people, being generous with presents is a true pleasure and you should avoid depriving them of that pleasure. It may seem wrong to accept without giving, but you can give back in other ways. Of course, your relatives and friends may be relieved at the prospect of the never-ending gift-exchange ending — maybe they were just too shy to bring it up.

If you don’t want to stop all gifts, here are some ideas to cut costs.

Draw names. As Amanda does, this can allow you to focus on one or two recipients instead of the whole clan. There are various arrangements. Some families write their name and a gift suggestion or two on a slip of paper. In some systems, adults pick an adult and each kid gives to a kid (with adult help as needed). Or, if everyone is gathering together, each person can bring one gift (marked as adult or child) and you can do a sort of “Yankee swap” exchange where unwrapped presents can be stolen or traded until everyone ends up with someone.

Be creative. On J.D.’s side of the family, we have been doing $5 gifts for several years. Everyone (7 adults, 4 kids) buys a $5 (or under) gift for everyone else. (This was my sister-in-law’s idea.) J.D.’s mother asked to be excepted — she loves piling gifts on everyone and exercises her grandmotherly rights to do so. The $5 limit has forced us to be bargain hunters and the results are often both surprising and hilarious. We found a practically new set of drafting pens for a brother’s gift: $80 new, marked as $10 at a garage sale but we bargained it down to five!

Emphasize the experience. Some people have more time than money. If you fit in that category, you can use it to your advantage for all sorts of occasions. Do friends have a new baby? Deliver dinner to the new parents, then stay to hold the baby while they eat the meal. Clean up afterwards, of course. Nieces and nephews? For that special occasion, invite them to join your family for camping, a hike, miniature golf — whatever your family does for fun. You’ll all get to know each other better, too. Parents and grandparents often would rather have you spend time than money on them, as well. Invite them over for brunch, or go feed the ducks at the park, or hear a free concert together.

Don’t turn your nose up at used. Aren’t we silly Americans! We talk about how great recycling is but we want everything we get to be new, new, new! It’s all about mindset. For kids’ toys, as long as they’re in safe condition, the fact that they’re “pre-owned” means little to a child — unless non-stop commercialism has already gotten to them! J.D. and I found two wooden sleds set out for the trash pickup in a ritzy neighborhood. After swallowing our hesitation, we grabbed them. With a cleaning and a few minor repairs, they were good to go — and looked great under the Christmas tree. Keep your eyes open all year for bargains, or arrange a toy exchange or toy hand-me-down system with friends and neighbors. Get to know people’s tastes and decorating styles so you can choose gifts they will appreciate.

Kids love the dollar store. I know, I know — everything’s made in foreign countries by underpaid workers. But seriously, if you are spending more than $3 for a kid’s birthday party gift, you need to visit a dollar store. The kids I know are fascinated by dollar store stuff until age 6 or 7. The parents may turn up their noses, but what kid wouldn’t love growing giant lizards or sharks (600% growth — just soak ’em in water!), red-white-and-blue glow necklaces, or a hundred fuzzy animal stickers?

Agree that gifts are only for the kids. Not having kids myself, I wouldn’t vote for this option, but I know many families like it. I think a better choice if you’re going to do this is to have adults buy small gifts for the kids ($5-10), and let kids make homemade gifts for the adults. I think this gets kids to think about giving as well as receiving.

Use homemade gifts. I’m a big fan for using the homemade gift for most every occasion. Special birthdays get a bouquet of garden flowers in a mason jar. Or, I take the time to write a sincere note in a beautiful card. If someone’s a fan of sweets, I’ll whip up a batch of cookies. If the season’s right, I might present them with fresh berries or a holly and cedar swag. The cost for all these gifts is minimal, but the gesture is still meaningful.

Mass produce. Last year, English Major offered a great tip about gift-giving ideas. You can save lots of dough by the assembly line approach. Pick a gift that will be appropriate for your list of recipients and buy craft items, ingredients, or components in bulk. Before you start, figure out how many gifts you’ll need and the cost per assembled gift. Check the figures against your budget. To maximize this idea, choose an idea that still allows for some personalization, say in the color or style of gift.

Just speak up. At my workplace, the envelope is constantly being passed for one event or another. The loss of a parent, a new baby, a retirement, etc. The flowers or gifts purchased with the collected cash may very well be much appreciated. But if your budget prevents you from chipping in, instead write a heartfelt note or tell the person face-to-face. A verbal expression of sympathy or support may be just what they need.

Shrug it off. Unfortunately, some people are all about the goods. If the people in your life aren’t going to appreciate or adjust to your frugal mindset, you have a choice to make. Keep spending to keep up with the Joneses, or go your own way and hold your head high. Find ways to show you care that don’t just involve handing over your debit card. Give when you can; give what you want to.

The side benefit of implementing any of these ideas is that it moves the whole concept of giving gifts back to thoughtfulness, effort, and individual creativity, rather than the focus on prices and packaging. Think of it as one small chink in the great wall of marketing and consumerism!

These are just some thoughts on the topic to get the discussion rolling. I’m sure there are scores of creative solutions out there.

Source: getrichslowly.org

Apache is functioning normally

Black Knight reported slimmer profits and slowing organic growth in the second quarter, largely due to weaker mortgage volume from clients as well as near-term effects from the proposed merger deal with Intercontinental Exchange (ICE).

The company’s profit dropped 61% quarter over quarter to $55.3 million in Q2 2023. Profit rose 32% from $40.3 million in Q1 2023. 

“Our second quarter results reflect a weaker than expected mortgage market coupled with the near-term effects of the proposed merger with ICE. Revenue declined 4% on an organic basis driven by lower origination volumes as well as indirect effects of the mortgage market on our originations software business,” Black Knight CEO Joe Nackashi said in a statement.

Black Knight’s revenue in the second quarter reached $368.2 million, declining 7% from the same period in 2022.

“High interest rates following the rapid rise since early 2022 continue to cause operational challenges for Black Knight’s clients and prospects,” the company noted in its 8K filing.

Heightened focus on expenses by clients and prospects, as well as the proposed ICE transaction, has elongated the sales cycles in the short term; market conditions continue to result in elevated originator consolidation, bankruptcies and associated attrition, according to its filing with the Securities and Exchange Commission (SEC). 

Software solutions represented 87.9% of the revenues in the first quarter, with an operating margin of 41.4%, down from 45.6% in the same period of 2022. 

“Our origination software solutions revenues decreased $15.6 million, or 13%, as revenues from new clients were more than offset by a decrease of $8.3 million in license fees and the effect of lower origination volumes and attrition,” according to the company’s 10 Q filing with the SEC. 

The remaining revenue came from data and analytics, a segment with an operating margin of 15.2% from April to June, compared to 24.9% in the previous year.   

Development on ICE-Black Knight merger 

With ICE’s proposed acquisition of Black Knight under review by the Federal Trade Commission (FTC), the two companies and the FTC are expecting a preliminary injunction hearing scheduled for August 14 – August 18. 

Black Knight, ICE and the FTC asked for a delay as the planned sale of Optimal Blue in July requires time for the FTC staff to analyze the implications of the divestiture and discuss a potential resolution of the pending matter.

ICE and Black Knight also announced an agreement to sell loan origination system Empower to a subsidiary of Canada’s Constellation Software in March to quell FTC’s antitrust concerns. 

Following ICE and Black Knight’s announcement of an agreement to sell Optimal Blue, Keefe, Bruyette & Woods (KBW) noted that the divestiture of Black Knight’s Optimal Blue leaves the FTC with a weak case as it remedies the remaining horizontal overlap cited in the FTC’s complaint.

KBW had floated the possibility of the FTC settling on the ICE-BK merger deal before the August 14 trial, allowing the deal to close Q3 2023.

“As this case continues to evolve, it is not possible to reasonably estimate the probability that the parties will ultimately reach settlement or that the FTC will ultimately prevail on its claims. Should the parties not reach a settlement, we intend to vigorously defend against the claims of the FTC,” Black Knight’s 10 Q filing said. 

Due to the transaction with ICE, Black Knight has suspended the practice of providing forward-looking guidance.

Source: housingwire.com