Archive for February 2017
SAN DIEGO, Calif. /California Newswire/ — ReverseVision, the leading provider of software and technology for the reverse mortgage industry, today announced that Utah-based Box Home Loans (Box) has selected ReverseVision Exchange (RVX) loan origination system (LOS) to support its new reverse mortgage origination business.
An independent mortgage banker for more than a decade, Box leverages its highly efficient, technology-enabled business model to offer borrowers a tailored selection of suitable and competitively priced loan options. The lender launched its reverse mortgage origination unit in September. Reverse mortgage industry veteran and home-equity conversion mortgage (HECM) specialist Stan Francom will oversee the new unit, which will have a special focus on the HECM for Purchase, a loan product that allows older borrowers to buy their new principal residence and obtain a reverse mortgage within a single transaction.
“Huge numbers of Baby Boomers are rapidly approaching retirement and looking for ways to stretch their savings,” said Box Home Loans senior vice president McKay Shoell. “Soon, it will be commonplace for consumers and financial planners to consider home-equity options like HECM as part of their financial approach to retirement along with income, social security and retirement.”
According to Shoell, the availability of a high-performance reverse mortgage LOS factored into Box’s decision to begin offering HECM products.
“ReverseVision Exchange is the de facto industry standard,” said Box Home Loans HECM Specialist Stan Francom. “We’re extremely excited to be partners with ReverseVision and benefit from their depth of knowledge and customer support. They have one of the most educated and professional teams in the industry.”
“Box Home Loans is getting into reverse mortgages at the right time and with the right approach by putting the borrower’s needs first and engaging technology to improve the transaction from end to end,” said ReverseVision Vice President of Professional Services Jeffrey Birdsell, CMB. “Armed with RVX and their own quality-first capabilities, Box Home Loans is equipped to charge into the future of reverse mortgage lending.”
Recognized as a Deloitte’s 2015 Technology Fast 500(TM) company, ReverseVision is the leading software and technology provider for the reverse mortgage industry and offers products and services focused exclusively on reverse mortgages. More reverse mortgages are originated monthly using ReverseVision technology than all other reverse mortgage loan origination systems combined. ReverseVision has partnered with some of the finest and fastest-growing lending organizations in the United States to provide its leading reverse mortgage technology to brokers, correspondents, lenders and investors.
ReverseVision is a driving innovator in the reverse mortgage industry. ReverseVision continues to improve its software with frequent new innovations and by building on pioneering capabilities in reverse mortgage interactive graphs, scenario analysis, multi-environment performance analysis and workflow in the origination process.
For more information, visit http://www.reversevision.com/.
News Source: ReverseVision Inc.
Spirito said the the leadership of People Express and its proposed destinations seemed strong enough to help fill the gap that AirTran left when it stopped flying out of Newport News in 2012.
The airport commission decided in a closed meeting in 2014 to guarantee a line of credit for People Express, which already was more than $1 million in debt. At the time, the airline also was being sued in Newport News Circuit Court for $50,000 of unpaid credit card bills. The airlines founder, Michael Morisi, had filed for personal bankruptcy five years earlier.
TORONTO, ON / ACCESSWIRE / January 6, 2017 / Geodex Minerals Ltd. (GXM.V) (the Company or Geodex) is pleased to provide the following update on its previously announced initiative to become a Next Generation Metals and Mining Company. Each aspect of the Companys restructuring, financing and acquisition and growth strategy is discussed below.
Restructuring – Debt Settlement and Share Consolidation
At the Companys special meeting of shareholders held on January 29, 2016, the shareholders approved: a) the consolidation of the common shares of the Company on the basis of one (1) post-consolidation common share for every ten (10) pre-consolidation common shares (the Consolidation); b) $386,059.30 in debt settlements to arms length and non-arms length parties through the issuance of 3,860,593 post-consolidation common shares of the Company at a deemed price of $0.10 per post-consolidation common share (the Debt Settlement); and c) the conversion of special warrants (converted into 670,000 common shares) issued in connection with a private placement in July 2015. The Consolidation and conversion of special warrants received final approval from the TSX Venture Exchange on February 9, 2016 resulting in 2,779,827 common shares issued and outstanding. Completion of the Debt Settlement will result in the issuance of an additional 3,860,593 common shares (or 6,640,420 pro forma shares) issued and outstanding prior to completion of the proposed non-brokered unit financing (the Offering) and Goldway SRL acquisition. The Debt Settlement is expected to close concurrently with the first tranche of the proposed Offering, subject to final approval of the TSX Venture Exchange.
Financing – Non-brokered Private Placement of Units
The previously announced private placement offering of up to an aggregate of up to 2,000 Units (the Units) of the Company for gross proceeds of $1,800,000 (the Offering) has been revised. Each Unit is now comprised of: (i) a note in the principal amount of C$1,000, bearing a coupon of 10.0%, payable semi-annually (the Note); (ii) 1,500 common shares (the Unit Shares); and (iii) 1,500 common share purchase warrants (the Warrants), with each Warrant exercisable into one common share of the Company (a Warrant Share) at an exercise price of $0.10 per Warrant Share, provided that the Warrant is exercised on or before the date that is 5 years from the date of closing.
The Notes will have a 5-year term and are being sold at a 10% discount to their par value for a deemed offering price of $900.00 per Unit for gross proceeds of $1,800,000.
The Offering may close in multiple tranches with proceeds of the Units sold under the Offering to be used for metal trading activities, project development capital for the Companys operations in Bolivia and for general working capital purposes.
Goldway SRL Acquisition
Key to the Companys growth strategy is the acquisition of Goldway SRL. (Goldway), a privately owned gold and metals trading company with operations in Bolivia. The original Letter of Intent (LOI) entered into on July 22, 2015 has been amended pursuant to a share exchange agreement dated August 12, 2016, and it is intended that the shareholders of Goldway will receive: (i) $100,000 on closing of the acquisition; (ii) 5,000,000 of common shares in the capital of the Company (Geodex Shares), to be issued in tranches of one-third (1/3) on each of the closing of the acquisition, and the dates that are six (6) months and twelve (12) months following completion of the acquisition; and (iii) future cash payments equal to 10% of the operating earnings (EBITDA) for the first year following the acquisition, 9.5% of EBITDA for the second year, and 9.0% of EBITDA for the third year. In the event that Goldway has minimum EBITDA of $1,000,000 for the 12 month period following completion of the acquisition the sellers may elect to receive a one-time payment of $500,000 in lieu of the annual payments.
The transaction will be completed by way of cash and equity payments as described above, a considerable portion of which will be deferred and aligned to the profitability of Goldway. No finders fee will be paid by Goldway pursuant to this transaction, and the transaction does not involve any non-arms length parties.
Because Bay Area residents pay more for housing than almost anyone else in the nation, buying a new home is a distinctly competitive exercise. Oakland residents seeking to become homeowners face a particular challenge — new arrivals with deep pockets.
Oakland’s median household income is $52,962, but the median home price in Alameda County is $795,400. According to the California Association of Realtors, new buyers need a minimum income of $154,610 to afford the median $3,870/month for a mortgage and taxes.
Even though Oakland’s median home price is $650,000, many local buyers are still frozen out of the market, even though several programs give low- and moderate-income buyers a boost.
Under Oakland’sMortgage Assistance Program(MAP), residents who earn up to $42,369 can get a loan for up to 30% of a home’s purchase price (not to exceed $75,000.) Residents who earn between $42,369 and $63,554 can apply for a maximum loan of 20% of the purchase price, with a top limit of $50,000.
Although MAP loans are available, funds forCalHome, a separate program that only helps low-income, first-time buyers ($42K and below) are not available at this time. CalHome applicants may apply for loans up to 30% of a home’s purchase price, not to exceed $60,000.
We contacted a CalHome representative earlier this week to find out when these funds would be restored, but did not receive a reply. On the federal side, some Oakland residents may also qualify forFederal Housing Administration loans(FHA) or home loans guaranteed by theVeterans Administration.
“Most of my clients are moving from out of state or they’re coming from San Francisco,” said Robert Parker, an Oakland-based sales associate. About 10 percent or less of his active clients are Oakland natives, he estimated.
Via email, realtor Christine Cheng told Hoodline that about half of her clients are Oakland renters buying their first home, most of whom “submit offers that are conventional loans or cash offers.”
Separately, Cheng and Parker agreed that buyers who use assistance programs are at a disadvantage. “At the end of the day, cash is king,” said Parker. “If you have more than 20 percent, you’re doing well. If you have all cash, you’re sitting great.”
Parker said he’s skeptical about assistance programs’ ability to give first-timers a leg up in a hot real estate market. “In a competition scenario where there’s five or six offers, the listing agent would be leery about them as a buyer and whether they could perform, he said.
Sellers generally prefer offers “with little to no contingencies,” said Cheng, “as they provide for shorter closing periods and fewer conditions are required by the lender to close.” As a result, buyers who have a 20 percent down payment or cash above and beyond the asking price have an edge.
“It’s not to say you can’t find a house in Oakland with these programs, but perhaps be flexible with your search criteria,” Cheng said. “Be patient and know that you are likely to write at least a few offers before one is accepted.”
With interest rates expected to rise this year, Parker said many of his clients are liquidating IRAs, 401(k) accounts, and other savings. “People are going to be a little more frantic to get into a home, especially if they have tech money,” he said.
Ultimately, Cheng said first-time buyers should set aside emotion when it comes making one of life’s largest financial commitments. “It’s a numbers game, so don’t get too attached when submitting an offer,” she said, adding that buyers should ask agents to search for homes that have been on the market for over 21 days.
An Oakland homeowner who preferred to remain anonymous told Hoodline that first-time buyers should make a point of visiting open houses in their neighborhoods. “I know I’d rather sell to someone who already lives here,” she said, because “that promotes neighborhood character.”
TUCSON, AZ (Tucson News Now) –
Tucson drivers should plan for some congestion around Arizona Stadium as the kickoff of the 2016 Nova Home Loans Arizona Bowl approaches.
The Air Force takes on South Alabama at 3:30 pm on Friday, Dec. 30.
The four roads closest to the stadium will be clogged with cars, especially closer to kickoff time.
These include Speedway Boulevard, Sixth Street, Euclid Avenue and Campbell Avenue.Midtown driversshould expect more time as they drive through this area.
Anyone heading to the football game should plan to arrive very early, as parking is first come, first serve.
Here are a few parking tips for bowl game-goers:
- Most UA garages are $10
- The Cherry Ave Garage near McKale Center is $15
- Most UA surface lots are $5-10. Bring cash for these lots.
- $15 RV parking is available near Speedway Boulevard and Vine Street.
For more information on Bowl Game Parking visithttp://www.novaarizonabowl.com/for-fans/parking/.
Fans can also use the Sun Link streetcar to get to Arizona Stadium. For a closer look at routes visithttp://www.sunlinkstreetcar.com/.
The tax refund you receive in 2017 could be just what you need to pay down any credit card debt you rang up over the festive season. It may help you to clear your balances and enjoy the rest of the year with fewer struggles.
The holiday season is a wonderful time of year for families, but many Americans spend more than they can afford, leading to acredit hangoverafter Christmas. Mark DiGiovanni, a Certified Financial Planner, says that due to a lack of budgeting and restraint over the festive season, many people spend themselves into a hole by the beginning of the next year, and they spend the better part of the year trying to dig themselves out.
A recent study found that credit card debt in the US variesfrom state to state. DiGiovanni suggests the rising number of loans are due to the improving economy, with many households becoming more optimistic about taking on extra debt. For those in states like Georgia, which ranks third in the country for average credit card debt, and where the average income is lower, this has led to more spending on plastic.
To tackle these debts, DiGiovanni suggests households try to cut their expenses during the first few months of the year and put any savings towards credit card bills. If yourbalancehas not been cleared by April, he recommends using yourtax refundto reduce the remaining debt.
If you want to settle outstanding debts for less than what you owe, try ourdebt settlement tool.
Originally Posted at:http://www.moneytips.com/pay-down-debt-with-your-tax-refund
Many Do Not Claim Their Tax Refunds Each Year
Tax Day Last Minute Filing
By Andrew Housser
It’s January – a month that represents a fresh start for everything from diets to getting finances in shape. If your household is like many in the United States, you may be greeting 2017 with a resolution to get out of debt.
Approximately 38 percent of US households carry credit card debt from month to month. The financial industry calls these people debt “revolvers,” because they allow their debt to turn over each month, instead of paying it off. As the new year arrives, households that carry debt have reached a new high: Each owes an average of more than $16,000 on credit cards.
For debt revolvers, now is the time to become a “transactor” – someone who repays any credit card charges in full every month. This not only eliminates the burden of debt. It will save even more in interest charges. The Federal Reserve raised interest rates last month, for only the second time since 2006. As interest rates increase, so does the cost of interest on revolving debt, including credit card debt.
The average household currently pays nearly $1,300 each year in interest. Can you think of a few things you could do with $1,300, other than give it to your credit card company? Read on for options to eliminate your debt in 2017.
- Profit from decluttering. Look around your house and decide if you have items you no longer need. Determine if you can sell unwanted and unused belongings through a yard sale, online site or to friends. Use the money to make debt payments, even if it is only a few dollars at a time.
- Reconsider your vehicle. Millions of people have purchased new vehicles this year, motivated by redesigned models and low interest rates. If you fall into this group, carefully evaluate if you really need that car or truck, or if you could get by with something less expensive. A high car payment might be better put toward getting out of debt. Do not sacrifice reliable transportation to work – after all, your income is the way to get out of debt – but consider whether you could trade in your car for a less expensive but still dependable model. Alternatively, you might be able to travel by public transit, bike or carpool.
- Use a bonus wisely. If you are among the fortunate people who receive a holiday bonus or monetary gifts, you may be tempted to buy something special for yourself or a loved one. The best gift you might buy, though, is freedom from debt. Put your bonus toward your credit card bill and celebrate your reduced balance.
- Ask for a raise. Are you getting the most from the work you do? If you have not had an increase in your wages in quite a few years, perhaps now is the time to thoroughly review your work and consider asking for a new performance review. Prepare a list of what you have done for your company.
- Transfer a balance – carefully. People with excellent credit histories may have access to low promotional interest rates on new credit cards. Transferring a balance from one card to another can be a useful way to pay off a high-interest rate account at lower cost for some people. Carefully check the fee and the new rate. The new rate should be significantly lower than the interest rate, or you will not save money with the transfer. And before transferring, make sure you can pay off the balance before the promotional rate expires. If you cannot, you may well end up paying interest on the entire amount, in addition to the transfer fee.
- Think about debt consolidation. If the problem is many accounts with high interest rates, consolidating debts may help. This simply means combining debts to have one interest rate and one payment to focus your efforts. Some people borrow from a friend or a bank. Others consider consolidating debt with a personal loan from an online lender. These loans usually offer somewhat lower interest rates than credit cards do. They can be beneficial for individuals whose credit scores do not reflect repayment capabilities, as they use different criteria than a traditional bank or credit union to evaluate how likely a person is to repay a loan. Some companies, such as FreedomPlus, even offer a discounted interest rate if you use the loan proceeds to repay credit card lenders directly.
- Call creditors to ask for hardship status. If you have fallen behind on payments because of a temporary hardship, such as losing your job, you can call creditors and ask for temporary hardship status. Some creditors may work out payment plans with you. For student loans, you might qualify for a deferment, forbearance or an income-based repayment schedule, all of which can ease your monthly burden and free up money to repay credit cards.
- Consult a credit counselor. Credit counselors help consumers repay their debt on a set schedule. When you sign on with a credit counseling agency, the agency typically arranges a debt management plan (DMP) to reduce the monthly payment obligation. Credit card companies agree to accept a lower interest rate on existing debt, called a “concession rate.” Choose a credit counselor very carefully. Some credit counseling agencies are nonprofit, but some earn a profit. The fees can be high, at $10-15 each month per enrolled debt, and the plan may take up to five years to complete.
- Seek debt negotiation help. Firms that provide debt negotiation (also known as debt settlement) negotiate directly with creditors to resolve unsecured debt balances, generally in 24 to 48 months. Often, debt negotiation firms can reduce your debt load by 50 percent (not including fees). The process is best suited to people who are struggling to make even minimum payments and would otherwise need to consider credit counseling or bankruptcy. .
- File bankruptcy as a last resort. Many people see bankruptcy as a last resort – with good reason. Bankruptcy harms credit ratings for many years, the legal fees can be expensive and it can be difficult to qualify for a Chapter 7 filing, which eliminates most consumer debt. (With a Chapter 13 bankruptcy filing, consumers are required to repay debt if they have income to do so.) Before filing bankruptcy, speak to a bankruptcy attorney licensed in your state.
It’s difficult to stay the course until you become debt-free. The challenge is worth it, though. When you succeed, you will gain financial security, the freedom to save your money or spend it on things you choose – instead of things you owe – and most of all, your peace of mind. Is 2017 your year to get out of debt? Start working toward your goal now, and you will reap the rewards.
A borrower who pre-closes a home loan taken on fixed interest rate is liable to pay pre-closure charges, a consumer court here has observed.
Dismissing a complaint against the Ernakulam District Cooperative Bank’s refusal to refund pre-closure charges to a consumer, the Ernakulam District Consumer Disputes Redressal Forum headed by president Cherian K. Kuriakose pointed out that an RBI circular issued on June 5, 2012, insisted on banks not to charge foreclosure charges under pre-payment penalties on home loans on floating interest rate basis only.
Foundation Home Loans has appointed Jeff Knight to the newly-created role of director of marketing.
Knight has worked for a number of specialist lenders over the past 19 years, most recently Pepper Homeloans, and has also had his own marketing consultancy.
He willbe responsible for all the specialist buy-to-let lender’s marketing activities and will be based in itsBracknell offices.
FHL chief executive Hans Geberbauer says: “We have ambitious plans for growth in 2017 and Jeff’s expertise and experience will be invaluable to our overall strategy, so we are delighted to welcome him on board.”
Knight says: “I am absolutely thrilled to have joined Foundation Home Loans. They have a very strong leadership team, with a shared vision to grow Foundation Home Loans as a formidable intermediary brand.
“I am very much looking forward to working with the team in developing and delivering the strategy.”