Home Blog Page 2

Russia sentences US investor Calvey to 5.5 years suspended prison sentence

0

US investor and founder of private equity group Baring Vostok, Michael Calvey, attends a court hearing in Moscow, Russia on August 15, 2019. REUTERS / Evgenia Novozhenina

MOSCOW, Aug.6 (Reuters) – A Russian court on Friday sentenced US investor Michael Calvey to a 5.5-year suspended sentence for embezzlement, a day after convicting him in a shocking case the Russian business community.

Calvey, the founder of Russia-focused private equity group Baring Vostok, was arrested along with other executives in early 2019 on charges of embezzlement linked to midsize lender Vostochny. He and the leaders deny the charges.

“The court, unfortunately, did not understand or could not understand the substance of the case with no victim, no damage and no beneficiary,” Calvey told reporters outside the court after the end of the hearing of more than 12 hours.

Calvey will not be allowed to change his permanent place of residence over the next five years without notifying Russian prison authorities, according to the verdict.

“Compared to most cases, receiving a conditional sentence is already almost a victory but, on the other hand, it is simply outrageous to be convicted of a crime that never took place,” he said. Calvey said.

The court sentenced the French national Philippe Delpal, partner of the fund, to a suspended 4.5-year sentence.

“Our colleagues are innocent, and both the criminal case and the court’s verdict are baseless,” Baring Vostok said of the verdict in a statement.

The case prompted several prominent officials and businessmen to voice concerns over the state’s handling of trade disputes and executives have been trapped there.

Calvey told a court last month that an innocent verdict in his case would trigger billions of dollars in foreign investment and help create thousands of new jobs. Read more

The public prosecutor has requested a six-year suspended prison sentence on a charge of embezzlement of 2.5 billion rubles ($ 34.04 million).

Initially placed in pre-trial detention and then under house arrest, Calvey and his colleagues saw their restrictions relax in November, a decision hailed at the time by the head of the Russian sovereign wealth fund as an important signal to the entire investment community.

Sovcombank, Russia’s third-largest private bank and among the country’s top 10 by assets, agreed to buy Vostochny Bank, the small lender at the heart of the dispute, in March, but did not disclose the financial terms of the dispute. the agreement.

The business dispute between Vostochny’s main shareholders – Baring Vostok and Finvision of businessman Artem Avetisyan – was settled in October.

Baring Vostok has invested more than $ 2.8 billion in projects in Russia since 1994, including internet giant Yandex (YNDX.O), online banking Tinkoff (TCSq.L) and trading company Ozon electronics (OZON.O), which have been successful Nasdaq debuted late last year.

($ 1 = 73.4358 rubles)

Reporting by Lev Sergeev, Alexander Marrow and Maria Tsvetkova; Editing by Leslie Adler and David Gregorio

Our standards: Thomson Reuters Trust Principles.


Source link

Small bank launches green loans with help from fintech

0

Virginia Community Capital Bank in Richmond is rewarding the clean energy loan program it started five years ago. But as a small community development finance institution, it lacked the resources to find socially minded depositors on the scale it wanted to fund its solar loans.

Ando, ​​a challenger bank that focuses on sustainability, finds them instead.

With help from fintech Ando, ​​Virginia Community Capital Bank has already provided $ 7 million in solar loans this year to entities such as charter schools, churches and nonprofits, Bill said. Greenleaf, head of the bank’s mortgage lending team and responsible for clean energy lending.

Adobe Stock

San Diego fintech has the attributes of a typical neobank: no monthly fees, early direct deposit, and interest rates that increase in exchange for referrals. But its mission is to finance clean energy, sustainable agriculture, and other green loans from partner banks, including Virginia Community Capital, with assets of $ 233 million (which comes under the VCC name) is the first.

“At VCC, I’ve always dreamed of matching impact-conscious deposit customers directly with the solar loans we make,” said Bill Greenleaf, head of the bank’s mortgage team and head of mortgage lending. ‘clean energy. “We just don’t have the technological infrastructure or the marketing resources to find individual depositors who want to focus on clean energy. “

The program is relatively small and the partnership formed by Ando and VCC is rare, but they highlight the creative ways that financial institutions – even the smallest – can find to support growth and attract a new generation of socially conscious customers.

“You see more grassroots efforts to make the retail consumer understand that he has more options and that, especially when it comes to climate issues, he can do something positive even with his checking account. “said Lauren Compere, Managing Director of Boston Common Asset Management, an environmental firm. conscious investment firm.

Banks are already taking steps to decarbonize their portfolios and help investors identify sustainable options. Recently merged bank reinforced its commitment to social and environmental values; Citizens Financial Group and MUFG Union Bank have announced deposit products for their corporate clients, where the funds will go to environmentally friendly projects. But the partnership between a physical bank and a fintech in this space is unique, Compere said.

“I think we’ll see more models like this,” she said. “The emphasis is on attracting customers who want more transparency on the use of their bank deposits. Customers also want to feel like they have an impact on their banking relationships as a whole.

Small regional banks may find it easier to take advantage of local networks and be more intentional in their lending.

VCC sources its borrowers from a network of solar installers who direct them to businesses, such as wineries or manufacturing companies, typically in the District of Columbia, North Carolina, or Virginia. The bank then takes out and closes the loan, after which Ando will make a deposit equal to that amount.

Greenleaf wishes to lend to projects with a social impact. One example is Solar for All, a DC government initiative to provide low to moderate income families with locally produced energy.

With Ando’s help, Greenleaf hopes to double the clean energy loans it makes this year. So far, he has made $ 7 million in solar loans for entities such as charter schools, churches, and nonprofits.

“Having a dedicated funding source helps us keep up with the growth of the solar lending space,” he said.

He is also looking for ways to promote this partnership.

“I started doing this with a few clients – ‘Your loan was funded by a deposit through this new fintech called Ando, ​​and they are collecting deposits from retail consumers across the country,'” he said. he declares. “My clients are quite enthusiastic about this. “

Ando founder and CEO JP McNeill said his family had made lasting lifestyle changes like switching to electric cars and cutting back on meat in their diets, but they were troubled by the idea that “our money was working against us,” McNeill said. “We realized that the bank can be a force for good.”

The name Ando is a Spanish term meaning “the path” or “the walk”.

“The idea being that there is a new way of doing something that people take for granted,” McNeill said.

The challenger bank partnered with VCC in March, operated in beta until April, and began marketing its product in May. McNeill will not disclose the number of customers, but says Ando is onboarding more than 5,000 customers per month and has seen 15% customer growth month over month. About half of its clients come from referrals. A more recent addition to its growth strategy is its partnership with climber Alex Honnold, who will promote Ando and sustainable banking on social media and create his own initiatives with Ando.

McNeill’s goal is to align Ando with other community and regional banks and credit unions across the country to fund sustainable loans. Since entering into his partnership with Virginia Community Capital, Ando has signed agreements with three other banks. It allows the financial institution to identify and take out loans, after which Ando will communicate to its clients how their money is reducing emissions.

Pie charts in the Ando app show customers where their money is currently going with the VCC partnership (84% to commercial loans for clean energy and 16% to residential loans) and detail Ando’s future financing plans, Which are evenly split between clean energy, sustainable transport, green buildings, sustainable industry, and sustainable agriculture and forestry. Case studies on Ando’s website detail the Virginia Veterinary Clinic, California Schools, and other entities that benefit.

“The idea is for the consumer to understand how they are involved in this whole process,” McNeill said.

“I like the level of transparency provided,” said Compere. “I think demand will increase for impact metrics that show how your deposit is being allocated.” As more and more partnerships emerge, another level of transparency can be demanded: certification by a third party that monitors impact and expected results.

For now, Ando will make money from interchange revenue and off-grid ATM fees. McNeill said he plans to launch other income-generating products in the future.


Source link

Your credit report is important when you apply for jobs

0

Select’s editorial team works independently to review financial products and write articles that our readers will find useful. We may receive a commission when you click on product links from our affiliate partners.

Employment figures continue to recover after massive layoffs linked to the pandemic in March 2020, with Friday’s employment data beating expectations.

Non-farm payrolls increased by 945,000 jobs, according to the US Department of Labor. That brings overall unemployment down to 5.4%, down from the pandemic peak of almost 15% in April 2020. Job vacancies are increasing in the hospitality, government and business services sectors.

While your resume and LinkedIn profile may be up to the task for this next role, there is one factor about your application that you may not be considering, but your potential employer is: your credit report.

Why your credit report matters when you apply for a job

Your credit report is an overall picture of your ability to manage your credit and pay off your debts on a timely basis. This ratio is usually more important when applying for a car loan, mortgage or credit card.

Many jurisdictions have banned employers from considering credit reports when assessing applicants, and in recent years Congress has stepped in to try to ban the practice all together. However, many states still reserve the right to take your credit report into account when assessing for employment.

States that have enacted laws to limit employers’ rights to your credit reports are: California, Colorado, Connecticut, Delaware, Hawaii, Illinois, Maryland, Nevada, Oregon, Vermont and Washington. Several municipalities, including New York and Chicago, also have their own boundaries.

Although they will see information similar to what a lender can review, an employer will not receive the actual numeric number of your credit score.

Why Employers Check Your Credit

Potential employers check your credit for several reasons, including to verify your identity, but also to assess your level of financial responsibility. If your credit report is less than favorable, it can influence the employer’s decision when choosing the best candidate.

Critics say the practice unfairly targets low-income and minority communities, barring them from potential employment opportunities.

Additionally, millions of American credit reports are not completely accurate. According to a 2021 survey by Consumer Reports, 12% of Americans who checked their credit report said they found at least one error. And those errors appear to be increasing, as the Consumer Financial Protection Bureau (CFPB) reported a 54% increase in credit bureau complaints in 2020 over the previous year.

So, if you are looking for a job, consider using a credit monitoring service to avoid one more obstacle between you and your next job.

How credit monitoring services work

Credit monitoring services monitor all activity around your credit report. It is possible to do this manually by requesting a free credit report from AnnualCreditReport.com, but a monitoring service will automate the process for you. You can also receive your credit score for free through many banks and services, but the information they give you may not be as detailed as a full credit report.

In the event that you are offered a job and you consent to a background check, a credit monitoring service will notify you that someone is pulling your credit report. In addition to an employer checking your credit report, you will be alerted if you have any of the following actions initiated on your credit report:

  • Difficult investigations on your credit report, like a credit card application
  • New accounts opened in your name, like a new bank account
  • Updated balances and payments on your credit products
  • New address or name change to your credit report
  • If your personal information is on the dark web, such as your social security number
  • Public folder updates, like bankruptcies

Using a credit monitoring service is a great way to quickly spot fraudulent activity or identify errors that are already present, which helps prevent potential damage to your credit report.

Free or paid credit monitoring services

If a credit monitoring service is right for your situation, there are free and paid services to consider.

If you decide to pay for credit monitoring, there are affordable options that are billed monthly or annually. Paid services aren’t necessarily “better” per se, but they will give you more features that will allow you to look more closely at your three credit reports (Experian, TransUnion, and Equifax).

If you want to try a free credit monitoring service, you may already have access to it through your bank or credit card provider. Large financial institutions like Capital One offer free credit monitoring services to everyone. And if you’re an American Express cardholder, you also have 24/7 access to your credit score.

Consider Experian’s free credit monitoring service, which offers a variety of useful features similar to what you’ll find in the Experian premium service:

Experian Dark Web Scan + Credit Monitoring

On the secure Experian site

  • Cost

  • Supervised credit bureaus

  • Credit rating model used

  • Dark web analysis

  • Identity assurance

Editorial note: Any opinions, analysis, criticism or recommendations expressed in this article are the sole responsibility of the editorial staff of Select and have not been reviewed, endorsed or otherwise approved by any third party.


Source link

Notice to Victims – United States v. Choksi, et al. Case Updates | USAO-EDVA

0

CASE NAME: United States v. Choksi, et al., criminal case n ° 3: 19-cr-160

TO RESEARCH: United States District Court for the Eastern District of Virginia, Richmond Division

SUMMARY OF THE CASE: The remaining defendants in this case, Shehzadkhan Khandakhan Pathan, Pradipsinh Dharmendrasinh Parmar and Sumer Kantilal Patel have each pleaded guilty to offenses related to their participation in a conspiracy to commit mail and electronic fraud. The purpose of this conspiracy was to defraud the victims with money through unsolicited phone calls from a call center in India operated by Pathan. Each defendant faces a maximum sentence of 20 years in prison for this conspiracy. Defendants Pathan and Parmar also each face an additional mandatory minimum sentence of two years for their aggravated identity theft convictions.

According to court documents, the call center conspirators used pre-recorded robocalls, commonly known as “robocalls”, to contact the victims. These robocalls typically contained messages designed to create a sense of urgency in the recipient of the call, including threats of serious legal issues, usually of a criminal nature, which required immediate action in order to avoid drastic consequences. including an arrest and / or significant financial penalties. Victims would be instructed to stay on the line or call a specific number.

Eventually, victims would speak with one or more live people, who used a variety of scripts incorporating different fraud schemes to persuade victims to send money, including the following scripts:

  • The conspirators impersonated an official of a federal law enforcement agency, such as the FBI or the DEA, to convince the victims that they were the subject of criminal investigations, often involving the potential seizure of all financial assets of victims. The conspirators asked the victims to ship packages of cash or pre-loaded payment cards to addresses purportedly used to receive official government mail as a show of good faith in order to avoid immediate arrest and prosecution. The conspirators promised the victims that the money would be refunded, sometimes with interest, if they were ultimately cleared.
  • The conspirators also posed as employees of federal agencies, such as the Social Security Administration or the Internal Revenue Service, to convince victims to send packages of pre-loaded cash and / or charge cards, or to transfer funds, in order to maintain or restore their federal benefits. or in payment of alleged tax bills.
  • The conspirators also told the victims that they had been approved for loans requiring a down payment or down payment, which the conspirators asked the victims to send by wire transfer through Western Union, MoneyGram or Walmart2Walmart. The typical amount of transfers requested ranged from several hundred dollars to three thousand dollars.

Pathan operated the call center in India through which robocalls and follow-up calls were made. Pathan also recruited, supervised and operated a network of money couriers in the United States who would retrieve victim shipments and wire transfers, and then send the bulk of those funds to conspirators, including Pathan, through deposits in various bank accounts and through informal money transmitters. , known as hawalas. These networks operated in several states, including Virginia, Minnesota, New Jersey, California, Indiana, Texas, and Illinois. Cash shipments to victims were often directed to addresses in those states. Parmar and Patel worked for Pathan as silver mules.

CASE STATUS: Pathan is expected to be sentenced on September 16. Parmar and Patel are expected to be sentenced on September 20.

RESPONSE FROM VICTIMS: To ensure that members of the public, including potential victims of this plot, are kept informed of the progress of this ongoing case, the US Attorney’s Office has created a page on its website, available at the following link : https: //www.justice .gov / usao-edva / united-states-v-chirag-choksi-et-al.

The website currently includes a copy of the second alternate indictment, plea agreements and statements of fact filed in this case with respect to defendants Pathan, Parmar and Patel. Victims who have questions can email the United States Attorney’s Office at USAVAE.DutchParcel@usdoj.gov, listing the case name and case number above. The website includes information for the submission of victim impact statements, which can be emailed or mailed to:

US Attorney’s Office

Eastern District of Virginia

Attn: Dutch parcel

919 E. Main Street, Suite 1900

Richmond, Virginia 23219


Source link

Mortgage Rates Tick Up | August 6, 2021

0

The average rate on a 30-year fixed-rate loan is 3.23%, marking the second consecutive day of rate hikes. Other types of loans also start the day with higher rates.

The recent upward movement in rates shouldn’t really affect most qualified buyers who are considering applying for a new mortgage or refinancing their existing home loan. Many will still be able to get great interest rates and attractive monthly payments.

  • The last rate on a 30 year fixed rate mortgage is 3.23%.
  • The last rate on a 15 year fixed rate mortgage is 2.32%.
  • The latest rate on a Jumbo ARM 5/1 is 2.128%.
  • The latest rate on a 7/1 compliant ARM is 4.233%.
  • The latest rate on a 10/1 compliant ARM is 3.991%.

Current mortgage rates: 30-year fixed rate mortgage rates

  • The 30-year rate is 3.23%.
  • It’s a day infold by 0.021 percentage point. ⇑
  • It’s a month offold by 0.047 percentage point. ⇓

Fixed rate mortgages are popular because the interest rate and monthly payments do not change during the life of the loan. The 30 year fixed rate home loan is the most common home loan because its long repayment term means that the monthly payments will be lower compared to shorter term loans. The downside is that the interest rate is usually higher than that of a shorter loan, so you’ll pay more interest for longer.

Ads by money. We may be compensated if you click on this ad.A d

Average mortgage rates

Data based on US mortgages closed on August 5, 2021

Type of loan 5 August Last week Change
Conventional Fixed 15 Years 2.32% 2.33% 0.01%
Conventional Fixed 30 Years 3.23% 3.25% 0.02%
ARM rate 7/1 4.23% 4.19% 0.04%
ARM rate 10/1 3.99% 4.11% 0.12%

Your actual rate may vary

Current mortgage rates: 15 years fixed rate mortgage rates

  • The 15-year rate is 2.321%.
  • It’s a day infold by 0.01 percentage point. ⇑
  • It’s a month offold by 0.041 percentage point. ⇓

Compared to a longer loan of the same amount, the shorter payback period of a 15-year fixed rate mortgage results in higher monthly payments. The advantage is that the interest rate is generally lower. This means that you will save money because you will not be paying as much interest over the life of the loan.

Current mortgage rates: jumbo variable rate mortgage rates 5/1

  • The ARM 5/1 rate is 2.128%.
  • It’s a day infold by 0.025 percentage point. ⇑
  • It’s a month offold by 0.037 percentage point. ⇓

Another type of loan is variable rate mortgages. There will be a low introductory or “teaser” interest rate for a few years. Thereafter, the rate will become variable, returning regularly to market conditions. The monthly payments will change with the rate.

There are several ARMs to choose from. A 5/1 revisable rate loan, for example, will have a fixed rate for five years, after which it becomes revisable and resets each year. Other common terms include an ARM 7/1 and an ARM 10/1.

Current mortgage rates: VA, FHA and jumbo loan rates

The average rates for FHA, VA and jumbo loans are:

  • The rate on a 30-year FHA mortgage is 3.004%. ⇑
  • The rate for a 30-year VA mortgage is 3.045%. ⇑
  • The rate for a 30-year jumbo mortgage is 3.344%. ⇑

Current mortgage refinancing rates

The average rates for 30-year, 15-year and 5/1 jumbo ARM loans are:

  • The refinancing rate on a 30 year fixed rate refinance is 3.393%. ⇑
  • The refinance rate on a 15 year fixed rate refinance is 2.456%. ⇑
  • The refinancing rate on a Jumbo ARM 5/1 is 2.381%. ⇑
  • The refinancing rate on a 7/1 compliant ARM is 4.558%. ⇑
  • The refinancing rate on a 10/1 compliant ARM is 4.373%. ⇑
Ads by money. We may be compensated if you click on this ad.A dMoney Advertisements Disclaimer

Average mortgage refinancing rates

Data based on US mortgages closed on August 5, 2021

Type of loan 5 August Last week Change
Conventional Fixed 15 Years 2.46% 2.47% 0.01%
Conventional Fixed 30 Years 3.39% 3.43% 0.04%
ARM rate 7/1 4.56% 4.52% 0.04%
ARM rate 10/1 4.37% 4.36% 0.01%

Your actual rate may vary

Where Are Mortgage Rates Going This Year?

Mortgage rates fell through 2020. Millions of homeowners responded to low mortgage rates by refinancing existing loans and taking out new ones. Many people have bought homes that they might not have been able to afford if the rates were higher.

In January 2021, rates briefly fell to all-time low levels, but tended to rise throughout the month and into February.

Looking ahead, experts believe that interest rates will rise further in 2021, but modestly. Factors that could influence the rates include how quickly COVID-19 vaccines are distributed and when lawmakers can agree on another cost-effective relief package. More vaccinations and government stimulus could lead to improved economic conditions, which would increase rates.

Although mortgage rates are likely to rise this year, experts say the increase will not happen overnight and it will not be a dramatic jump. Rates are expected to stay near their historically low levels throughout the first half of the year, rising slightly later in the year. Even with rates rising, this will still be a good time to finance a new home or refinance a mortgage.

Factors that influence mortgage rates include:

  • The Federal Reserve. The Fed took swift action when the pandemic hit the United States in March 2020. The Fed announced plans to move money through the economy by lowering the Federal Fund’s short-term interest rate between 0% and 0.25%, which is as low as they go. The central bank has also committed to buying mortgage-backed securities and treasury bills, thereby supporting the housing finance market. The Fed has reaffirmed its commitment to these policies for the foreseeable future on several occasions, most recently at a policy meeting in late January.
  • The 10-year Treasury note. Mortgage rates move at the same pace as the yields on 10-year government treasury bills. Yields fell below 1% for the first time in March 2020 and have slowly risen since then. Currently, yields have hovered above 1% year-to-date, pushing interest rates up slightly. On average, there is typically a 1.8 point “spread” between Treasury yields and benchmark mortgage rates.
  • The economy in the broad sense. Unemployment rates and changes in gross domestic product are important indicators of the overall health of the economy. When employment and GDP growth are low, it means the economy is weak, which can lower interest rates. Thanks to the pandemic, unemployment levels hit historic highs early last year and have yet to recover. GDP has also been affected, and although it has rebounded somewhat, there is still a lot of room for improvement.

Tips for getting the lowest mortgage rate possible

There is no universal mortgage rate that all borrowers receive. Qualifying for the lowest mortgage rates takes a bit of work and will depend on both personal financial factors and market conditions.

Check your credit score and your credit report. Mistakes or other red flags that can lower your credit score. The borrowers with the highest credit scores will get the best rates, so it’s essential to check your credit report before you begin the home search process. Taking action to correct mistakes will help increase your score. If you have high credit card balances, paying them off can also give you a quick boost.

Save money for a large down payment. This will lower your loan-to-value ratio, which means how much of the home’s price the lender has to finance. A lower LTV usually results in a lower mortgage rate. Lenders also like to see money that has been saved in an account for at least 60 days. It tells the lender that you have the money to finance the purchase of the house.

Shop around for the best rate. Don’t settle for the first interest rate a lender offers you. Check with at least three different lenders to see who is offering the lowest interest rate. Also consider the different types of lenders, such as credit unions and online lenders, in addition to traditional banks.

Also take the time to learn about the different types of loans. While the 30-year fixed-rate mortgage is the most common type of mortgage, consider a shorter-term loan such as a 15-year loan or an adjustable rate mortgage. These types of loans often have a lower rate than a conventional 30-year mortgage. Compare everyone’s costs to see which one best suits your needs and financial situation. Government loans – such as those backed by the Federal Housing Authority, the Department of Veterans Affairs, and the Department of Agriculture – may be more affordable options for those who qualify.

Finally, lock in your rate. Locking in your rate once you’ve found the right rate, the right loan product, and the lender will help ensure that your mortgage rate doesn’t increase until the loan closes.

Our mortgage rate methodology

Money’s Daily Mortgage Rates show the average rate offered by over 8,000 lenders in the United States for which the most recent rates are available. Today, we are posting the prices for Thursday, August 5, 2021. Our rates reflect what a typical borrower with a credit score of 700 can expect to pay on a home loan right now. These rates were offered to people contributing 20% ​​and include discount points.

More money :


Source link

Can you merge an existing auto loan with a new one?

0

Yes, in the case of auto loans, you may be able to add up the balances of two or more auto loans and get a single payment. This merger is called debt consolidation. There is also another way to merge loan balances.

Debt merger: debt consolidation

Debt consolidation is more common with revolving credit, such as credit cards. However, it is possible to consolidate other types of debt, such as mortgages and car loans.

For example:

If you have a car loan with a balance of $ 5,000 and another with a balance of $ 6,500 and you qualify for a debt consolidation loan, the debts merge into one loan of $ 11,500. The two auto loans are repaid with the loan of $ 11,500, thus terminating these contracts. You now have one car payment and one interest rate on the new single loan from one lender.

Car loan debt consolidation is similar to refinancing in that you replace a loan with a new one in the hope of getting a better deal or a more affordable monthly payment. However, this is not that common of a practice.

Much like the refinancing requirements, the lender you are applying for the debt consolidation loan from may require that your vehicles have equity and you have good credit, or that your credit score has improved since you started. started the two auto loans.

You will likely need to go to a direct auto lender, such as a credit union or bank, to apply for debt consolidation. It is also a good idea to shop around with several lenders to see what rates you may qualify for with your credit situation.

Benefits of Debt Merger

Borrowers often consolidate debt for ease and convenience, as adding your debt with a larger payment can be more manageable. By combining the debts, there can be less risk of something going through the cracks.

Another possible benefit of debt consolidation, if done correctly, is that you can save money on interest charges. As you shop for rates with debt consolidation lenders, compare their rates to those on your existing car loans. Average your two interest rates and use an auto loan amortization calculator to see if the auto loan merger is going to cost you more or less in interest charges.

Another method of merging loans

In addition to consolidating your auto loans and keeping both vehicles, there is another way to merge auto loan balances. If you have a vehicle with negative equity (where you owe more on the loan than it’s worth), you may be able to sell that vehicle and add its negative equity to your next car loan.

This is called the negative equity rollover. This is useful for borrowers who want to sell their vehicle but cannot get an offer high enough to pay off their loan balance.

There is some risk in rolling over negative equity, as you could end up with a large loan balance on your next car loan. If you have bad credit, it can mean paying even more for the next vehicle, as bad credit borrowers may be eligible for a high interest rate.

Are you looking for something else with bad credit?

If you need another car loan but your bad credit is in the way, let us help you Auto Express Credit. We’ve been helping bad credit borrowers for over two decades by connecting them with dealers who are registered with subprime lenders. These lenders are equipped to handle many unique credit situations. Fill out our free auto loan application form and we’ll search for a dealership in your area.


Source link

The best interest rates for loans and credit cards for August

0

At Lifehacker, we independently select and write things that we love and think you will like, too. We have affiliate and advertising partnerships, which means we may collect a share of the sales or other compensation from the links on this page. BTW – prices accurate and items in stock at time of posting.

With Australians living in several major cities being limited by a certain length of stay-at-home orders, it is to be expected that our spending habits will have changed as a result.

But while the latest Commonwealth Bank (CBA) household spending intentions report found month-over-month declines in all spending categories except health and fitness physical and education, new data from the RBA for personal credit card accounts shows a slight month-over-month increase of 0.5% in May.

Additionally, despite the Sydneysiders in their sixth week of foreclosure, the Real Estate Institute of NSW (REINSW) reported that the auction closeout rate continued to hover above 70% – of which the director REINSW general, Tim McKibbin, said “underscore the resilience of the market.

So, while many of us will be homebound for the foreseeable future with maybe a little extra time up our sleeves, why not take a look at the best rates for loans and credit cards this month. here to see if yours is up to the task?

Competitive mortgage rates always available

The Reserve Bank of Australia (RBA) board of directors suspended the spot rate again this month for the eighth consecutive month, while house prices are expected to continue to climb.

In its new real estate growth forecast for 2021, big bank NAB predicted continued double-digit growth in house prices in the capital, but with other forecasts that these gains will be halved by 2022.

Whether you plan to put the search for a home on hold until prices stabilize as expected, or you want to act quickly and enter the market before Christmas, know that there are still many competitive home loans out there. .

Here are some of the lowest rate fixed home loans (with principal and interest repayment) currently available:

Source: RateCity.com.au. Data correct as of 04.08.2021.

Personal loans help you go green

Those who are already in their own homes might be more interested in the rates available for home improvement loans, including green personal loans, which are suitable for upgrades and purchases of energy efficient homes.

The Clean Energy Regulator’s latest Quarterly Carbon Market Report found that rooftop solar power, under the Small-Scale Renewable Energy Program (SRES), continued its strong growth during the period. most recent benchmark, with installation up 28% year-on-year.

Many personal loan providers offer green loans that can be used to finance the installation of rooftop solar panels, as well as many other eco-friendly home improvement projects and purchases. Interest rates for green personal loans are often lower than those for standard personal loans because lenders encourage borrowers to “go green”.

Here are some of the lowest rate green personal loans currently available:

Source: RateCity.com.au. Data correct as of 04.08.2021.

Car loans continue to decline

New cars can be hard to come by due to a global shortage of chips and used car prices can be inflated as a result, but if you’ve set your sights on your next vehicle, at least your financing options might. be in your favor.

Lowest auto credit rates have been falling steadily since January, according to a new study from RateCity.

Research shows that as of January 1, 2021, the average minimum car loan rate on RateCity’s website was 9.87%, while it now stands at 9.57%.

Keeping in mind that your credit score can affect the auto loan rate you can get, some of the lowest rate new auto loans available today include:

Source: RateCity.com.au. Data correct as of 04.08.2021.

Credit card debt rut

In just two years, Australia’s credit card debt has been reduced by almost a third. But new RBA figures show interest-accumulating credit card debt hovering around $ 20 billion for the tenth month in a row.

If you’re struggling to reduce your credit card balance despite regular payments, it can be helpful to compare your interest rate to other credit cards on the market.

A balance transfer credit card could give you the flexibility you need to settle your debt without earning additional interest on the transferred balance for a specified period of time. But keep in mind that once the interest-free period is over, the interest rate will revert to a generally higher going rate. It is therefore important to focus on paying off the balance during the interest-free period.

Here are some of the balance transfer credit cards that offer zero percent balance transfer rates currently available:

Source: RateCity.com.au. Data correct as of 04.08.2021.


Source link

Bank security must avoid the spreading of tools

0

When it comes to technology upgrades, especially large-scale security enhancements, IT service rooms are teeming with striking illustrations of why “extract and replace” is not an optimal strategy.

It’s a tactile process that is sometimes likened to changing the engines of an airplane in mid-flight, and at the heart of a conversation, PYMNTS hosted with a panel of experts including; Fastly Senior Vice President Dana Wolf, Cross River Bank Technology Chief of Staff Jesse Honigberg and Bank Independent Director of Information Technology Greg Solomon.

As the advent of advanced technologies – and platforms – makes it easier to approach and deploy new security offerings, this group was also aware of a type of risk that security teams face in the form of a “spread of tools”.

In a nutshell, adding new security features while existing systems still mark financial institutions (FIs) can be a tactical headache. No business wants to replace a bad process with a new bad process.

An infrastructure-independent approach, the panelists said, can offer the best and smoothest path to digital transformation.

Done right, safety and innovation can be synonymous and can help FIs serve younger and digitally savvy consumers where they want to be served (through channels, especially digital channels).

Do it wrong, Fastly’s Wolf noted, and the FI’s relationship with these young consumers may be at risk.

“They expect this great experience and they expect security from the start – and any slight deviation prevents them from trusting and taking the next step,” she said.

Consolidating that level of trust, bringing DevOP and other operations together within the FI to embrace a digital upgrade is no easy task – in fact, it’s mostly an aspiration.

So let’s come back to this analogy with the airplane. Honigberg of Cross River said that when the plane is on the ground, so to speak, the key to making sure it can be in flight is to perform maintenance bit by bit, gradually, as needed – before the screws do not come loose.

“Whether it’s an airplane or a bank, you have to be thinking about the same,” he said. Honigberg recommended that banks create a “core” security foundation – and build or extend functionality here and there.

Along with the incremental approach, it’s important to make things as transparent as possible, he said, to improve the customer experience.

Yet the customer experience is not uniform: banks have different customers, after all, for different services. Digitally-driven (maybe even digital-only) millennials will have totally different expectations and security needs than baby boomers who write checks. Give people the right tools, seamlessly, Honigberg said, and customers will make their own way through banking apps and platforms, embracing self-service functionality along the way.

Fastly’s Wolf said banks need to make these self-service activities worthwhile – or banks risk losing customers, who will quickly abandon FI platforms. Banks, Solomon said, must also monitor channel changes in real time.

“Banks have to evolve with the needs of customers. And the security behind [new offerings] must also evolve with it, ”he said. Otherwise, there will be gaps in how customers who write checks can be served when they switch to mobile capture or other features hosted in an app.

Privacy is part of security

Wolf noted that as consumers move more and more online, data privacy is part of the security equation.

PYMNTS ‘own data shows that 60% of consumers are concerned about how their information is being used online.

Read more: Pros blame consumer uncertainty for slow adoption of open banking

And as Bank Independent’s Solomon said, any approach to banking security “really depends on how you are going to protect your customer data and your business information.”

At least some of these concerns can be allayed by, as Honigberg said, an explanation of PCI certification and SOC implementations.

“Depending on who your customers are and what concerns them, these are the substantial investments you make that underscore your commitment to being at the table,” he said. For business clients of FIs, he said, external validations and certifications are an integral part of the course and go a long way in cementing relationships.

No easy solution

Beware of the mindset that says when it comes to security, you just have to embrace the platform. Platform implementations, Honigberg said, are easy to start and difficult to complete. Wolf recommended that a platform initiative be linked to an incremental process.

“Rip and replace is maybe more of the ‘lift and shift’ type,” Honigberg said. “And so maybe you lift your old data center and move the workloads to AWS or Azure. And when you do that, you think about how you secure those workloads, how you optimize them, how you think about the messaging bus infrastructure.

See also: Five Steps to Retrofitting FI Tech Batteries Without Tearing and Replacing

Solomon noted that banks must grapple with decisions related to on-premise and cloud systems. While banks can’t be independent of how things change and evolve, they can be infrastructure independent – and good third-party SaaS solutions have value, regardless of the vendor.

Open-mindedness can pay off, depending on the discussion. Connecting with the right suppliers, the panelists said, helps avoid “tool spreading” and helps FIs use money wisely.

Honigberg said: “It’s a reasonable approach to be agnostic and flexible while still keeping some of the scale and avoiding the commodity delivery aspects as much as possible.” Being flexible, Wolf added, means FIs can avoid configuration errors, which is a point of vulnerability for data breaches.

Financial institutions that incrementally adopt the platforms identify the gaps and fill them, the panelists said, can gain better visibility into the customer experience.

Honigberg said: “It’s not necessarily about ticking the box to say you have ‘something’ [for security] – it’s about making sure your customers understand how you deliver it and the big guys know how to use it and extract value. Visibility, Wolf said, and the study of real-time data lead to monitoring. Control is more important than ever in the age of the pandemic, in the work-from-home environment when DevOp and security teams are far away – and of course, banks, as always, are regulated entities.

See also: Financial Institutions Improve APIs and Web Application Policies with Performance Improving Security

As Honigberg pointed out, in the midst of the great digital shift, banks have been allowed to speed things up that they thought they could never do or that they weren’t ready for … especially when it comes to more complex and nuanced business processes.

Solomon added, “It’s an ever-changing environment as technology evolves and our requirements change from year to year – and keeping up with that is a challenge. “

——————————

PYMNTS DATA: 100 HEALTH EXECUTORS DECLARE USE OF AI TO FIGHT FRAUD, WASTE AND ABUSE

About: Healthcare companies lose 12% of their annual revenue to fraud, waste and abuse (FWA), but few are using artificial intelligence (AI) to solve these problems due to cost concerns. In AI In Focus: Targeting Fraud, Waste and Abuse In Healthcare, PYMNTS surveyed 100 healthcare executives to find out how AI could actually help businesses save money by limiting costly misrepresentation and false positives.


Source link

Daily 30-year mortgage rates drop below 3.2% | August 4

0

The interest rate on a 30-year fixed rate mortgage continues to fall, standing at 3.179% today. The average daily rate is below 3.2% for the first time since mid-February. All other loan categories also start the day lower.

Lower rates will help qualified buyers find attractive monthly payments on new mortgages. Homeowners with existing mortgages can also take advantage of historically low rates to save money by refinancing their current loan.

  • The last rate on a 30 year fixed rate mortgage is 3.179%.
  • The last rate on a 15 year fixed rate mortgage is 2.271%.
  • The latest rate on a Jumbo ARM 5/1 is 2.127%.
  • The latest rate on a 7/1 compliant ARM is 4.136%.
  • The latest rate on a 10/1 compliant ARM is 3.965%.

Current mortgage rates: 30-year fixed rate mortgage rates

  • The 30-year rate is 3.179%.
  • It’s a day decrease by 0.037 percentage point. ⇓
  • It’s a month offold 0.16 percentage point. ⇓

Fixed rate mortgages are preferred by most home buyers because the interest rate and monthly payments will not change. The 30-year loan is the most popular in large part because its long payback period results in relatively low monthly payments. However, the interest rate tends to be higher than that of shorter term loans, which means that you will pay more interest with a 30 year mortgage and it will be more expensive in the long term.

Ads by money. We may be compensated if you click on this ad.A d

Average mortgage rates

Data based on US mortgages closed on August 3, 2021

Type of loan August 3 Last week Change
Conventional Fixed 15 Years 2.27% 2.33% 0.06%
Conventional Fixed 30 Years 3.18% 3.25% 0.07%
ARM rate 7/1 4.14% 4.19% 0.05%
ARM rate 10/1 3.97% 4.11% 0.14%

Your actual rate may vary

Current mortgage rates: 15 years fixed rate mortgage rates

  • The 15-year rate is 2.271%.
  • It’s a day decrease by 0.03 percentage point. ⇓
  • It’s a month offold by 0.147 percentage point. ⇓

A 15 year fixed rate mortgage is a short term version of the 30 year fixed rate mortgage. Because the amortization time is halved, the monthly payment will be higher than that of a longer term loan of the same amount. The interest rate, on the other hand, will generally be lower, so you will save money on interest because you will be paying a lower rate for less time.

Current mortgage rates: jumbo variable rate mortgage rates 5/1

  • The ARM 5/1 rate is 2.152%.
  • It’s a day decrease by 0.025 percentage point. ⇓
  • It’s a month offold by 0.091 percentage point. ⇓

Another home loan option is a variable rate mortgage. With an ARM, there will be a fixed introductory rate for a set number of years, after which the rate will become variable and reset at predetermined intervals. The monthly payments will also be fixed initially, but will then change according to any rate change.

There are a number of different ARM terms to choose from. An ARM 5/1, for example, will have a fixed rate for five years, then reset every year until the loan is paid off. Other ARM terms include a 7/1 and a 10/1. The full payback period for variable rate loans is typically 30 years.

Current mortgage rates: VA, FHA and jumbo loan rates

The average rates for FHA, VA and jumbo loans are:

  • The rate for a 30 year FHA mortgage is 2.895%. ⇓
  • The rate for a 30-year VA mortgage is 2.94%. ⇓
  • The rate for a 30-year jumbo mortgage is 3.314%. ⇓

Current mortgage refinancing rates

The average rates for 30-year, 15-year and 5/1 jumbo ARM loans are:

  • The refinance rate on a 30 year fixed rate refinance is 3.354%. ⇓
  • The refinance rate on a 15 year fixed rate refinance is 2.425%. ⇓
  • The refinancing rate on a Jumbo ARM 5/1 is 2.381%. ⇓
  • The refinancing rate on a 7/1 compliant ARM is 4.457%. ⇓
  • The refinancing rate on a 10/1 compliant ARM is 4.318%. ⇓
Ads by money. We may be compensated if you click on this ad.A dMoney Advertisements Disclaimer

Average mortgage refinancing rates

Data based on US mortgages closed on August 3, 2021

Type of loan August 3 Last week Change
Conventional Fixed 15 Years 2.42% 2.47% 0.05%
Conventional Fixed 30 Years 3.35% 3.43% 0.08%
ARM rate 7/1 4.46% 4.52% 0.06%
ARM rate 10/1 4.32% 4.36% 0.04%

Your actual rate may vary

Where Are Mortgage Rates Going This Year?

Mortgage rates fell through 2020. Millions of homeowners responded to low mortgage rates by refinancing existing loans and taking out new ones. Many people have bought homes that they might not have been able to afford if the rates were higher.

In January 2021, rates briefly fell to all-time low levels, but tended to rise throughout the month and into February.

Looking ahead, experts believe that interest rates will rise further in 2021, but modestly. Factors that could influence the rates include how quickly COVID-19 vaccines are distributed and when lawmakers can agree on another cost-effective relief package. More vaccinations and government stimulus could lead to improved economic conditions, which would increase rates.

Although mortgage rates are likely to rise this year, experts say the increase will not happen overnight and it will not be a dramatic jump. Rates are expected to stay near their historically low levels throughout the first half of the year, rising slightly later in the year. Even with rates rising, this will still be a good time to finance a new home or refinance a mortgage.

Factors that influence mortgage rates include:

  • The Federal Reserve. The Fed took swift action when the pandemic hit the United States in March 2020. The Fed announced plans to move money through the economy by lowering the Federal Fund’s short-term interest rate between 0% and 0.25%, which is as low as they go. The central bank has also committed to buying mortgage-backed securities and treasury bills, thereby supporting the housing finance market. The Fed has reaffirmed its commitment to these policies for the foreseeable future on several occasions, most recently at a policy meeting in late January.
  • The 10-year Treasury note. Mortgage rates move at the same pace as the yields on 10-year government treasury bills. Yields fell below 1% for the first time in March 2020 and have slowly risen since then. Currently, yields have hovered above 1% year-to-date, pushing interest rates up slightly. On average, there is typically a 1.8 point “spread” between Treasury yields and benchmark mortgage rates.
  • The economy in the broad sense. Unemployment rates and changes in gross domestic product are important indicators of the overall health of the economy. When employment and GDP growth are low, it means the economy is weak, which can lower interest rates. Thanks to the pandemic, unemployment levels hit historic highs early last year and have yet to recover. GDP has also been affected, and although it has rebounded somewhat, there is still a lot of room for improvement.

Tips for getting the lowest mortgage rate possible

There is no universal mortgage rate that all borrowers receive. Qualifying for the lowest mortgage rates takes a bit of work and will depend on both personal financial factors and market conditions.

Check your credit score and your credit report. Mistakes or other red flags that can lower your credit score. The borrowers with the highest credit scores will get the best rates, so it’s essential to check your credit report before you begin the home search process. Taking action to correct mistakes will help increase your score. If you have high credit card balances, paying them off can also give you a quick boost.

Save money for a large down payment. This will lower your loan-to-value ratio, which means how much of the home’s price the lender has to finance. A lower LTV usually results in a lower mortgage rate. Lenders also like to see money that has been saved in an account for at least 60 days. It tells the lender that you have the money to finance the purchase of the house.

Shop around for the best rate. Don’t settle for the first interest rate a lender offers you. Check with at least three different lenders to see who is offering the lowest interest rate. Also consider the different types of lenders, such as credit unions and online lenders, in addition to traditional banks.

Also take the time to learn about the different types of loans. While the 30-year fixed-rate mortgage is the most common type of mortgage, consider a shorter-term loan such as a 15-year loan or an adjustable rate mortgage. These types of loans often have a lower rate than a conventional 30-year mortgage. Compare everyone’s costs to see which one best suits your needs and financial situation. Government loans – such as those backed by the Federal Housing Authority, the Department of Veterans Affairs, and the Department of Agriculture – may be more affordable options for those who qualify.

Finally, lock in your rate. Locking in your rate once you’ve found the right rate, the right loan product, and the lender will help ensure that your mortgage rate doesn’t increase until the loan closes.

Our mortgage rate methodology

Money’s Daily Mortgage Rates show the average rate offered by over 8,000 lenders in the United States for which the most recent rates are available. Today, we are posting the rates for Tuesday, August 3, 2021. Our rates reflect what a typical borrower with a credit score of 700 can expect to pay on a home loan right now. These rates were offered to people contributing 20% ​​and include discount points.

More money :


Source link

Payment Gateway Companies Under ED Scanner To Allow Money Transfer To Chinese Betting Apps

0

Representation image

Highlights

  • According to surveys, several Indians were betting on Chinese apps and the money was transferred to the Cayman Islands.
  • Investigators found that the payment gateway companies had apparently embarked on Chinese apps and allegedly authorized processing without due diligence.
  • ED found that either these companies had not authorized such truncations, or in cases where some of them did, the number was limited to one or two transactions.

New Delhi: Multipls Indian payment gateway companies came under the control of the Enforcement Directorate (ED) under the Money Laundering Prevention Act for allowing Indian customers to transfer money to Chinese betting applications. According to surveys, several Indians were betting on Chinese apps and the money was transferred to the Cayman Islands, the Economic times mentioned in a report.

This would be the first time that the ED has triggered the 2002 Money Laundering Prevention Act or PMLA against payment gateway companies. It can be noted that any payment made by Indians to an app or wallet must be routed through a payment gateway.

According to the publication, investigators found that the payment gateway companies had apparently embarked on Chinese apps and allegedly authorized processing without due diligence.

Payment gateway companies such as Cashfree, PayTM, Bill Desk and Infibeam Avenues have been reviewed by ED, the financial daily mentioned.

However, they found that either these companies did not allow such truncations, or in cases where some of them did allow them, the number was limited to one or two transactions, the publication said citing people in the know. of evolution.

“Some of our traders were under investigation by the ED in Bengaluru. We have fully cooperated and shared all the required information. The authorities were satisfied with our due diligence protocols ”, the HEY The report cited a spokesperson for Cashfree.

“We had categorically informed ED that we had not integrated such merchants due to our rigorous merchant verification system. We perform extensive transaction-level checks through advanced FRISK systems using AI and machine learning and we immediately dismiss any suspicious traders, ”said a spokesperson for Infibeam. HEY.

Under the guidelines of the Indian Foreign Exchange Management Act, payment gateways are required to perform due diligence before processing any transaction in order to avoid money laundering and slow down transactions.

ED polls Indian payment gateways to see if they made any money from the whole episode. If they did, the proceeds could be interpreted as “proceeds of crime”. Investigators also asked Binance Holdings if it had a role in the investigation into the betting applications, Bloomberg reported on June 11.

Incorporated in the Cayman Islands, Binance has faced regulatory crackdown as countries step up scrutiny of the industry over concerns that cryptocurrencies may be used to conceal the proceeds of money laundering, drug trafficking. and terrorism, according to the report.


Source link