Financial Wellness – Servers Under The Sun Mon, 13 Jun 2022 13:00:00 +0000 en-US hourly 1 Financial Wellness – Servers Under The Sun 32 32 Castlelake Reaches Purchase Agreement for Home Improvement Installment Agreement Claims Created Through Credibly’s ProApprove Program Mon, 13 Jun 2022 13:00:00 +0000

The transaction continues Castlelake’s strong momentum in specialty finance

MINNEAPOLIS, June 13, 2022 /PRNewswire/ — Castlelake, LP (“Castlelake”), a global alternative investment manager with 17 years’ experience investing in high net worth opportunities, today announced an agreement with ProApprove to acquire up to 350 million dollars of new receivables from installment payment contracts for do-it-yourselfers. ProApprove is a wholly owned subsidiary of Credibly, an established technology-driven lending platform for small and medium-sized businesses.

ProApprove expects to draw on Credibly’s extensive dealer network, which includes several hundred contractors. Expenditure on renovation work in owner-occupied housing has risen steadily since 2019 and is expected to continue to rise in 20221. The installment contracts newly created by ProApprove are more than informed of more than 10 years of debt collection data from mortgage customers $55 million of financing.

“We are pleased to support the expansion of ProApprove’s home improvement financing program at a time when homeowners across the United States are seeing increased demand for financing solutions,” said Matt Klein, Partner, Global Specialty Finance and Business Development & Capital Markets at Castlelake. “We believe ProApprove’s parent company, Credibly, has established itself as an experienced commercial lending platform with a strong focus on risk. We believe this transaction provides an opportunity to support a new product for Credibly in a historically underserved consumer market.”

“Castlelake’s experience in underwriting revolving credit is invaluable as we seek to accelerate the ProApprove program and expand access to financing for homebuilders and homeowners,” said Ryan RosettCo-Founder and Chief Executive Officer of Credably.

Since 2015, Castlelake has invested over 3 billion dollars in specialty financing opportunities, including more than 3,500 commercial and industrial loans and over five million consumer receivables. Recent activities include Castlelake’s investment in IMH, a specialist lender focused on helping small and mid-sized real estate investors and developers meet short-term liquidity needs; a forward flow purchase agreement with Chesswood, a specialty finance company specializing in the commercial equipment finance market; and a funding agreement with 118 118 Money, a UK-based financial services company focused on providing high-integrity products that help consumers build good financial habits.

About Castle Lake
Castlelake, LP is a global alternative investment manager focused on investments in real assets, specialty finance and aviation. Castlelake was founded in 2005 and has approximately $21 billion in assets under management. The Castlelake team consists of more than 250 experienced professionals, including 95 investment professionals, across six offices in North America, Europe and Asia. For more information, visit


Castlelake Media Relations
Molly Blemker
+1 612 851 3083
[email protected]

Prosek partner for Castlelake
josh clarkson / Remy Marin
[email protected]
+1 212 279 3115

1 Joint Center for Housing Studies of Harvard University“Leading Indicator of Remodeling Activity (LIRA)” October 2021and “Residential conversion in top cities should be accelerated in 2022” February 24, 2022.

SOURCE Castlelake

Mortgage and Lending Software Market: Segmented by Deployment Fri, 10 Jun 2022 15:29:04 +0000

NEW YORK, June 10, 2022 (GLOBE NEWSWIRE) — announces the release of the report, “Mortgage & Loans Software Market : Segmented by Deployment ; ByOrganizationSize ; and Region – Global Analysis of Market Size, Share & Trends for 2019-2020 and Forecasts to 2030” –
A mortgage loan is a type of loan used by homebuyers to raise cash to purchase property or by current property owners to generate finance for some reason while establishing a lien on the mortgaged property. Mortgage and loan software is a program that helps lenders navigate the many stages of the loan management cycle, from application to disbursement. It is a digital solution that allows users to access all data, resources and teams from one place. The basic goal of lending software is to help lenders process loans faster. Mortgage origination software is a type of LOS aimed at the mortgage sector.

Market Highlights
The global mortgage and lending software market is expected to forecast a remarkable CAGR of 13.24% in 2030.
The use of analytics in lending business is expected to increase fueling the market growth. Other factors such as increased adoption of technologies, increasing popularity of cloud-based loan management software, and increasing digitization of businesses are likely to boost the loan management software market in the forecast years.

Global Mortgage and Lending Software Market: Segments
The cloud segment is projected to grow at the highest CAGR in 2020-30
The global mortgage and lending software market is segmented into cloud and on-premise deployment. In 2020, the cloud segment dominated the industry. This is due to an increasing preference for a cloud-based deployment, which reduces maintenance and costs. Digital private clouds are offered by leading industry players to provide a stable portal and private on-premises access to cloud services.

The large enterprise segment is projected to grow at the highest CAGR in 2020-30
The global mortgage and lending software market is segmented into large, small and medium-sized enterprises based on company size. The large enterprise segment is projected to register the highest CAGR during the forecast period.

market dynamics
Cost efficiency and easier loan processing
Mortgage & Loans software is cost effective as no additional maintenance or installation is required. In addition, Mortgage & Loans software eliminates the need for IT staff to update the software. For businesses looking for a solid loan management application, Mortgage & Loans Software offers the most complete suite of options. It lowers IT costs, reduces time to market, increases sales and improves customer satisfaction. The program simplifies loan processing. The goal is to make business operations easier to manage by improving credit quality, thereby increasing market demand.

Wide range of products for credit management and support in financial institutions
In addition, Mortgage & Loans Software helps in finding a solution for all of a company’s financial needs. Offering a wide range of loan service products and loan categories, fully managed mortgage and loan software is becoming increasingly popular in the banking, finance and insurance services sectors. Peer-to-peer lending, point-of-sale financing, small business lending, medical financing, payday loans, credit unions, retail lending, mortgage lending, and auto loans are just a few examples. Several financial organizations are demanding more risk controls during the lending process to avoid losses and increase capital and lending capacity in line with regulatory standards. Mortgage & Loans software helps mortgage lenders, banks and credit unions provide accurate, real-time data analysis related to pricing and reviewing prospects’ credit histories. Mortgage & Loans software also assists major lenders, banks, specialty lenders, and commercial finance firms in managing various types of debt, installment loans, mortgages, and contracts. Mortgage & Loans software also helps increase service speed and customer satisfaction by automating loan decisions. In the next few years, these factors are expected to improve the global mortgage and lending software market.

Security breaches and privacy issues
During the forecast period, increasing data security and privacy issues as well as the threat related to open-source loan management software are expected to stifle the market expansion.

Global Mortgage and Lending Software Market: Major Players
QC solutions

Company Overview, Business Strategy, Major Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis

Integrated accounting solutions
Magna computers
Ellie Mae
byte software
Calyx software
mortgage lens
Other prominent players

Global Mortgage and Lending Software Market: Regions
The global mortgage and credit software market is segmented into five major regions based on regional analysis. This includes North America, Latin America, Europe, Asia Pacific, Middle East and Africa. Global Mortgage and Lending Software Market in APAC held the largest market share in 2020. Due to the ongoing digitization and the increasing number of financial institutions in the region, APAC is expected to expand significantly during the forecast period. This is also due to the constantly evolving IT industry, which requires improvements in the documentation of processes and financial transactions in the region.

Global Mortgage and Lending Software Market is further segmented by Region into:
North America Market Size, Share, Trends, Opportunity, YoY Growth, CAGR – United States & Canada
Latin America: Market Size, Share, Trends, Opportunity, YoY Growth, CAGR – Mexico, Argentina, Brazil & Rest of Latin America
Europe Market Size, Share, Trends, Opportunities, YOY Growth, CAGR – UK, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
Asia Pacific Market Size, Share, Trends, Opportunity, YoY Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia and Rest of APAC
Middle East and Africa Market Size, Share, Trends, Opportunity, YoY Growth, CAGR – North Africa, Israel, GCC, South Africa and Rest of MENA
Global Mortgage & Loans Software Market Report also includes Analysis on:

Mortgage and Lending Software Segments:
By organization size
large companies
Small and medium-sized companies
After deployment:
On site
Mortgage and loan software dynamics
Size of Mortgage and Loan Software
Supply & Demand
Current trends/problems/challenges
Competition and companies involved in the market
value chain of the market
Market Drivers and Constraints
Scope and segmentation of the Mortgage and Lending Software Market report

frequently asked Questions
How big is the Mortgage & Loans software market?
What is the growth of the Mortgage & Loans Software market?
Which segment accounted for the largest market share of Mortgage & Loans Software?
Who are the Key Vendors in Mortgage & Loans Software Market?
What are the factors driving the Mortgage & Loans Software market?
Read the full report:

About report linker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research data you need—instantly and in one place.


		Possible Financing Installment Loans Review 2022 – Forbes Advisor
		Thu, 09 Jun 2022 17:12:24 +0000


While Possible Finance can offer borrowers with bad credit (or no credit) quick, small loans, it charges higher APRs than some other personal loan lenders. This is how installment loans from Possible Finance compare to the competition.

Possible financing vs. upgrade

Upgrade offers personal loans starting at $1,000, so it might be a better option than Possible Finance if you need to borrow more than $500. In fact, you can borrow up to $50,000 with Upgrade, and APRs start at around 6% and go up to 36%. Since Upgrade’s rates are much more competitive than Possible Finance’s, it might be worth checking if you qualify for one of their personal loans before borrowing an installment loan from Possible.

Upgrade requires a minimum credit score of 580 to qualify, making it a viable option for potential borrowers with damaged credit ratings.

Related: Update Personal Loans Review

Possible financing vs. SoFi

Possible Finance offers small loans up to $500, but SoFi funds personal loans ranging from $5,000 to $100,000. SoFi’s competitive APRs start at around 6%, but you must pass a credit check to qualify. SoFi requires a minimum credit score of 650. If you cannot qualify on your own, you can apply with a co-borrower, such as a co-borrower. B. a spouse or trusted friend.

Related: Review of SoFi Personal Loans

Possible funding vs. LightStream

Similar to SoFi, LightStream also offers personal loans ranging from $5,000 to $100,000, depending on the purpose of the loan, with competitive APRs that start in the single digits. While Possible Finance funds short-term loans, LightStream lets you pay off your loans over two to 20 years. You must have a minimum credit score of 660 to qualify for a LightStream personal loan.

Related: Review of LightStream Personal Loans

]]> How Student Loans Affect Your Credit Score: Everything You Need to Know – Hometown Station | KHTS FM 98.1 & AM 1220 – Santa Clarita Radio Fri, 03 Jun 2022 18:11:37 +0000

By John Brown

Student loans can be a significant burden on your shoulders. Not only do you have to worry about paying off all that money, but you also have to worry about how that debt will affect your credit score.

Online lending platforms like GetCash can be an easier option if you want to get money quickly. Because lending platforms like these provide access to a network of lenders who work with borrowers of different credit scores, you are more likely to find a loan with acceptable loan terms and interest rates.

Whether you already have student loans or are looking to open one now and are curious how it will affect your credit score, you’ve come to the right place. This article will also discuss steps to ensure your credit score remains as high as possible.

How Do Student Loans Affect Your Credit Score?

In most cases, student loans show up on your credit report as installment loans. Installment loans are loans that must be repaid in fixed monthly installments, while revolving lines of credit are loans that you can repay in full at any time. The type of loan you have affects your credit score differently. Specifically, student loans are part of the “credit mix” criteria on your credit report, affecting about 10% of your credit score calculation.

With an installment loan, the loan amount and your payment history are reported to the credit agencies. On-time payments improve your credit score, while late or missed payments hurt your credit score. The higher the loan, the more it affects your score.

What can you do to improve your credit score?

If you’re concerned about how your student loan is affecting your credit score, there are a few things you can do to improve your score. First, make sure you make all your payments on time. This is the single most important factor in your credit score, so it’s important to keep track of your payments. If you can, pay more than the minimum payment each month. This will help you pay off your loans faster and improve your loan utilization rate.

Another thing you can do is sign up for automatic payments. This way you don’t have to worry about forgetting to make a payment. Many lenders will also give you a small discount if you sign up for automatic payments, which can be economical across the board.

Finally, remember to monitor your credit utilization rate regularly. If it gets too high, pay off your debt as soon as possible.

Does Paying Student Loans Build Credit?

Yes, paying student loans builds credit. As mentioned earlier, making payments on time improves your credit score, while late or missed payments hurt your credit score. Remember, if one of your intentions with your student loans is to build your credit, you need to make sure you make all payments on time.

The best way to pay off your student debt depends on your situation. If you have the cash, it’s wise to make larger monthly payments to pay off your debt faster and also improve your loan utilization rate.

If you’re having trouble paying some of your loans, you can always request changes to your payment schedule or sign up for a deferral to temporarily suspend your payments. It’s useful to know that a change in credit terms won’t hurt your credit as long as you handle your payments well.

The final result

Whether you are getting a student loan for the first time or are struggling to understand how your loan will affect your credit score, we hope this article has provided you with some clarity. If you follow recommended practices and monitor your credit more closely, things will become a little easier for you. There are several other ways to keep an eye on your credit, but the steps mentioned in this article are a good place to start.

Author’s biography:

John is a financial analyst, but also a man with other interests. He enjoys writing about money and giving financial advice, but can also delve into relationships, sports, gaming, and other topics. Lives in New York with his wife and a cat.

Payday lenders want to offer larger loans. Critics say it’s “designed to catch low-income families.” | legislative branch Thu, 26 May 2022 22:00:00 +0000

Is a $1,500 loan worth it if it costs another $1,500 in interest and fees?

That’s what payday lenders would be empowered to charge defaulting consumers in Louisiana if Gov. John Bel Edwards allows Senate Bill 381 to become law.

The legislation would allow lenders to offer installment loans worth up to $1,500 over three to 12 months with an annual interest rate of up to 36% and a monthly “upkeep fee” of up to 13% of the original loan amount. Loans over $400 may also incur a $50 subscription fee.

The proposal, which flew through the Legislature and is now on Edward’s desk, would limit the cost of financing to 100% of the original loan amount – meaning lenders could charge up to $1,500 in fees on a $1,500 loan for a total payback of $3,000.

SB381’s sponsor, Senator Rick Ward, a Port Allen Republican, dubbed the measure the Louisiana Credit Access Loan Act and says the new loan product will help Louisiana residents who live paycheck to paycheck so they can get over making ends meet unexpectedly high spending.

But critics say it’s a predatory product and allowing payday lenders to make larger, longer-term loans with sky-high fees will trap low-income Louisiana residents in debt cycles.

“This harmful law is aimed at the hard-working families of Louisiana who do not deserve to have their scarce assets snatched away by a machine designed to trap them,” said Davante Lewis of the Louisiana Budget Project, serving low- to middle-income residents. “The governor should immediately veto this bill.”

The state’s current payday loan system allows lenders to offer a loan of up to $350, which is due on a borrower’s next payday. The maximum amount a payday lender can make per loan is $55. Ward’s proposal does not replace or reform this system. Instead, a new product is created.

Lenders offering the new product described in SB381 would make most of their money with a monthly “maintenance fee” of up to 13% of the original loan amount.

For a $1,500 loan, that fee would be $195 per month.

Alex Horowitz, a consumer finance researcher at The Pew Charitable Trusts, said he’s never seen a fee this high.

“We find that the bill would expose Louisiana consumers to financial harm, rather than create an affordable credit market like that seen in states that have successfully reformed their payday loan laws,” Horowitz wrote in a letter to Ward et al Edwards.

Kenneth Pickering, who has twice served as Louisiana’s top banking regulator, said he has no idea what the monthly maintenance fee even covers.

“Once a loan is on the books, there’s nothing left to maintain,” he said, adding that the fee was “nothing but more interest.”

Pickering, who represents the Louisiana Finance Association, an organization of more than 600 state lenders, told lawmakers, “That fee, in my opinion, makes this bill a violation of our usury laws in Louisiana.”

“The Good Alternative”

Ward argues that the new loan product is needed for Louisiana residents who cannot obtain a loan of a similar size elsewhere.

“As soon as someone offers an alternative, and I don’t mean an alternative that’s just a pie in the sky, but a viable alternative, I’ll be there to support it, but I haven’t seen it yet,” Ward told his colleagues. “Until then, I think this is the best we have to offer.”

But Stanley Dameron, whom Edwards appointed commissioner for the Office of Financial Institutions, told lawmakers there were many alternatives.

“Some of the people who would apply for these loans might not qualify at your bank, but they certainly would at a credit union or financial firm,” Dameron said.

Get the inside scoop on Louisiana politics once a week from us. Sign up today.

Jessica Sharon of Pelican State Credit Union told lawmakers it’s a “myth” that there aren’t similar borrowing options for those in financial need. She noted that credit unions were formed specifically to help people of modest means.

“Our goal is to help people who are struggling with their finances, who have low incomes and low credit scores,” Sharon told lawmakers. “Not only are we against (SB381), we also know that we are a good alternative.”

There are 165 credit unions in Louisiana, and 133 cater specifically to low-income demographics, Sharon said, adding that many already offer installment loans without having to charge a 13% monthly maintenance fee.

Ward argues that the legislation would help those whose financial history has prevented them from opening a bank account. But Horowitz, with Pew, said payday loan borrowers need to have a checking account somewhere.

“These aren’t the bankless,” Horowitz said. “You must have a checking account to get a payday loan.”

Horowitz noted that seven of the country’s 12 largest banks have started or recently announced programs to provide small loans to customers.

Local vs. national

Behind Ward’s proposal are two non-government companies that together own dozens of Check-Into-Cash and ACE Cash Express locations across the state.

But not all payday lenders are on board with the bill.

Troy McCullen of the Louisiana Cash Advance Association, which represents Louisiana-based payday lenders, said there was no need for the new product.

“These loans are already available in Louisiana at a fraction of the cost,” McCullen said. “This is greed and arrogance at the highest level.”

McCullen made similar comments four years ago when Ward supported another measure that allowed payday lenders to offer longer-term installment loans. This measure failed at a committee of the House of Representatives.

Pickering of the Louisiana Finance Association said another problem with SB381 is that borrowers only have one day to cancel the loan. He said this is a “very short timeframe for anyone to reconsider.”

He also noted that the 100% cap on fees and interest does not include late fees or insufficient fund fees.

SB381 supporters include Community Choice Financial, an Ohio-based company that owns Check Into Cash, and Populus Financial Group, a Texas-based company that owns ACE Cash Express.

Finance America Business Group, a Louisiana-based company that owns Cash 2 U stores, supports the measure, as does the Louisiana Payday Loan Association, which represents local lenders.

The bill passed the Senate by a vote of 20 to 14 on April 19, just enough to pass. State Senator Gary Smith, whose wife Katherine Smith is a registered lobbyist for Community Choice Financial, was the only Democrat in that first vote to support the measure.

“She never spoke to me about it,” Sen. Smith said in an interview, adding that payday lenders are the “only place some people have to go to get a loan.” You can’t go to a bank. You can’t go to a credit union.”

The measure passed the House of Representatives by a vote of 54 to 35 in May.

The Legislature sent the bill to Edward’s desk on May 19. Under the Louisiana Constitution, the governor has 10 days after receiving a bill to sign it, veto it, or allow it to go into effect without his signature.

New laws, lenders improve access to affordable small loans | personal finance Tue, 24 May 2022 21:37:52 +0000

Annie Millerbernd

Inflation has hit people, who are already struggling to put gas in their tanks and food in their fridges, particularly hard. For many, a payday loan seems to be the only way to get the money they need.

In recent years, however, more and more states have placed restrictions on risky, short-term borrowing, and new lenders have emerged offering lower-cost small loans, making it easier than before to find affordable credit that doesn’t plunge you into unmanageable debt.

In some states, new laws mean better credit

There is currently no federal law on maximum interest rates for small loans; Rather, the states decide whether to cap payday loan installments. As a result, the cost of a few hundred dollars’ worth of credit often depends on where you live.

People also read…

In recent years, four states – Colorado, Hawaii, Ohio and Virginia – have passed laws that effectively lower the cost of small loans and give borrowers longer repayment periods. A study by The Pew Charitable Trusts, published in April, found that payday lenders continued to operate under the reforms, but with more secure credit.

Although some new lenders did business in those states after the laws went into effect, the primary impact was that existing payday lenders consolidated their storefronts and made their loans more affordable, says Alex Horowitz, a senior research officer at Pew.

National banks and local credit unions step in

A bank or credit union might not have been your go-to place for a small loan in the past, but it might be today.

Seven major banks have begun offering small loan options with low APRs, or announced plans to offer them, in recent years, Horowitz says, including Bank of America, Wells Fargo and Truist. These loans are available to existing bank customers nationwide, regardless of government interest rate limits.

Banks rely primarily on their customers’ banking history, rather than their creditworthiness, to determine whether they are eligible for a small loan. The loans — which start as little as $100 — are typically repaid in monthly installments at an APR of no more than 36%, the highest rate an affordable loan can have, consumer advocates said.

“The fact that banks are starting to offer small loans could turn the entire payday loan market upside down,” says Horowitz.

Local credit unions have membership requirements and are less well known than payday lenders, so they’re often overlooked by people who need a quick buck, says Paul Dionne, research director at Filene, a think tank focused on helping credit unions serve their communities .

But if you can walk to your local credit union, chances are you qualify for membership, he says.

That’s because credit unions often serve people who live or work in their communities. These organizations have strived for financial inclusion by better tailoring their products, like loans, to the needs of their customers, says Dionne.

“Credit unions are getting better and better at actually having the best product and not saying no, but figuring out what the best fit is for this person coming in,” he says.

Other borrowing options

Even in states where laws aim to ban payday loans outright, people can find alternatives to risky borrowing, says Charla Rios, small loan and debt researcher at the Center for Responsible Lending.

You may be able to work out a payment plan with your utility company or borrow from a friend or family member, she says. Here are a few borrowing options to consider before getting a payday loan.

salary advances. Some companies, including Walmart and Amazon, give their employees early access to a portion of their paycheck as a workplace perk. This can be an interest-free way to borrow money if your employer offers it, but since the repayment comes from your next paycheck, it’s best to use it sparingly.

cash advance apps. Apps like Earnin and Dave let you borrow a small amount of money before payday, typically $25 to $200. They sometimes charge for instant access to your money or ask for voluntary tips. They also take repayment from your next paycheck.

“Buy now, pay later.” For necessary expenses, a Buy Now, Pay Later loan allows you to purchase an item with only partial payment. You pay the balance in equal installments, usually over the next six weeks. This type of financing can be interest-free if you pay the entire balance on time.

Low-interest installment loans. Depending on your credit rating and income, you may qualify for an installment loan with an APR of less than 36%. These loans are for amounts ranging from $1,000 to $100,000 and are repaid over longer terms, typically two to seven years. Online lenders that offer bad credit loans often qualify you for a loan with a soft credit pull, which allows you to compare loans without affecting your credit score.

Power Rangers star Austin St John faces 20 years in prison charged with ‘stimulus loan fraud’ as fans fear for a cast reunion Fri, 20 May 2022 09:12:00 +0000

POWER Rangers star Austin St. John faces a 20-year sentence after being accused of participating in a multimillion-dollar fraud scheme.

The actor – real name Jason Lawrence Geiger – is one of 18 people named in a federal indictment charged with violations of the Texas wire fraud conspiracy.


Actor Austin St. John could be jailed for up to 20 years on fraud chargesPhoto credit: Getty
He rose to fame as the original Red Power Ranger


He rose to fame as the original Red Power RangerCredit: Alamy

According to the indictment, St. John allegedly conspired to create or use existing businesses to fraudulently submit applications to the Small Business Administration to obtain funding from the Paycheck Protection Program (PPP).

The defendants are alleged to have managed to obtain 16 or more loans and at least $3.5 million.

Fans fear plans for a 30th anniversary reunion of the original Power Rangers will have to be scrapped as the 47-year-old could face 20 years in prison if convicted.

All of the show’s actors were asked by Hasbro to come together, but St. John’s legal troubles have cast doubt on whether it will go ahead.

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Prosecutors allege St. John — best known for playing the show’s original Red Power Ranger — and his co-defendants paid the program’s ringleaders and spent cash on personal purchases.

A press release from the Eastern District of Texas Department of Justice says 18 defendants have either been arrested or summoned to appear before a federal judge

According to the indictment, the defendants, led by Michael Hill and Andrew Moran, allegedly carried out a scheme to defraud lenders and the Small Business Administration’s (SBA) Paycheck Protection Program (PPP).

“Hill is said to have recruited co-conspirators to use an existing company or set up a company to submit requests for PPP funding.

“Once he was drafted, Moran is said to have helped his co-conspirators with the application paperwork, including preparing supporting documentation and submitting the application through the online portals.

“The motions allege that the defendants misrepresented essential information such as the true nature of their business, the number of employees and the amount of payroll.”

According to the indictment, the SBA and other institutions approved and granted loans to the accused based on the “material representations”.

It continues: “Once the defendants received the fraudulently obtained funds, they used the funds for purposes other than those intended, such as paying employee salaries, covering fixed debt or pension benefits, or continuing to provide health care benefits to employees.

“Instead, the defendants typically paid Hill and Moran, transferred money to their personal accounts, and spent the money on various personal purchases.”

The government set up the Paycheck Protection Program to use taxpayers’ money to lend to support small businesses and their workers who are being handicapped by the coronavirus pandemic.

More than $349 billion worth of forgivable loans have been provided by the US Treasury Department to help small businesses pay their employees during the crisis.

St. John rose to fame when he was cast as teenage superhero Jason Lee Scott in Mighty Morphin Power Rangers – the first installment in the franchise that debuted on Fox Kids in 1993.

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He left the show mid-season with two other co-stars before reprising the role in season four and the second film.

He has also appeared in films such as A Walk with Grace and Monsters At Large.

The show debuted on Fox Kids in 1993


The show debuted on Fox Kids in 1993Credit: Alamy
St. John - real name Jason Lawrence Geiger - was cast for the role when he was just a teenager


St. John – real name Jason Lawrence Geiger – was cast for the role when he was just a teenagerPhoto credit: Getty

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The National Bank of Coxsackie offers commercial e-loans Thu, 19 May 2022 12:05:14 +0000 COXSACKIE – Changing the national trend towards online mortgage offerings, the National Bank of Coxsackie has launched a digital lending platform for small businesses.

With the NBC Express Now program, small businesses can apply for installment loans or credit lines digitally via this platform and complete the entire process from application to financing online.

“You wouldn’t really set foot in the branch,” said Nicole Bliss, NBC’s vice president and human resources officer.
“We thought it would be a nice addition to what the bank already offers,” she said.

Imagine small business owners like B. Contractors who may need a new truck or piece of equipment but are also busy and using the resource sharing platform.

The new system is not for mortgages.

NBC has offices in Albany, Greene, and Schoharie counties, but some of its business customers are located in remote or rural areas, as well as in other counties, including Columbia.

“We understand that time is an invaluable resource for small business owners, and we want to make the process of obtaining a term loan or line of credit easy, quick and hassle-free,” NBC chief credit officer Charlene Slemp said in a statement about the new Platform that went live in March.

Fairstone Financial Inc. extends Sagent software partnership by five years to strengthen its personal loan offering Wed, 18 May 2022 02:03:19 +0000

Deal enables Canada’s leading credit solutions provider to continue to pursue its consumer-centric vision

KING OF PRUSSIA, Pennsylvania–(BUSINESS WIRE)–#fintech—Sagent, a fintech company transforming the way mortgage and consumer loans are serviced for North America’s leading banks and lenders, today announced a five-year extension of its partnership with Fairstone Financial Inc. (“Fairstone”) to extend its service ecosystem of personal loans. This is the latest in a series of recent agreements for Sagent to transform the borrower experience for financial companies that serve millions of consumers with trillions of dollars in mortgage loans.

Fairstone will continue to drive scale servicing operations using Sagent’s cloud-based LoanServ system of record. Fairstone currently leverages the flexible, highly configurable LoanServ platform to provide a better customer experience and adapt in real-time to ever-changing customer and regulatory requirements.

“Fairstone is proud to partner with Sagent as we set the standard for our customers’ personal loan experience,” said Francois Pigeon, Fairstone’s chief technology officer. “With Sagent, we can redefine credit cycles based on each customer’s needs, iterate faster to deliver tailored experiences, and continue to build meaningful relationships with our customers.”

Sagent will continue to advance Fairstone’s industry-leading customer credit service experience by automating complex, high-volume tasks and workflows. By using Sagent technology to consolidate its personal loan tech stack, Fairstone simplifies complex financial transactions for clients by enabling customer service teams to manage rapid “one-call” results.

“Supporting consumer loan management with on-scale compliance, reporting and real-time payments is critical to borrower satisfaction,” said Dan Sogorka, CEO at Sagent. “Sagent is the only scale platform that supports every aspect of loan management for trillions of dollars in outstanding balances for both mortgage and consumer loans. We are honored to build on our partnership with Fairstone and continue to work together to exceed the expectations of investors, auditors, regulators and borrowers.”

As the home industry’s modernized, customer-centric loan management system, Sagent enables America’s leading bank and non-bank lenders to engage, service and retain millions of consumer borrowers with trillions in outstanding loan balances.

This is the latest in a series of new customer and renewal announcements from Sagent, most recently including Clearview Federal Credit Union, Freedom Mortgage, Mr. Cooper and Gateway First Bank.

About Sagent

Sagent helps America’s leading bank and non-bank lenders engage, nurture, sustain and modernize the homeownership experience for millions of borrowers. Service providers leverage our flexible, scalable, and configurable solutions to attract and retain borrowers, reduce maintenance costs, ensure compliance, and increase the value of maintenance rights throughout full market cycles. Backed by Warburg Pincus, one of the world’s leading private equity investors, Sagent provides trillions in outstanding mortgage services to its clients. Visit to learn more.

About Fairstone Financial, Inc.

Fairstone is a leading Canadian provider of responsible lending solutions with nearly 100 years of history. Fairstone is an operating subsidiary of Duo Bank of Canada and has over 1.5 million combined customers and $5 billion in assets on a consolidated basis. With nearly 1,500 employees nationwide, the combined company offers services in two lines of business. The direct lending business provides consumers with unsecured personal loans, secured personal loans, mortgages and optional ancillary products such as credit insurance for customers with near-premium benefits through more than 240 branches coast-to-coast. Indirect lending businesses include credit cards, rewards programs, retail point-of-sale (“POS”) dealer financing, automotive and competitive sports through dealers. Fairstone has again been named one of Montreal’s Top Places to Work for 2022.

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Fairstone Financial Inc. Contact:
Caroline Morin

Vice President, Corporate Communications

[email protected]
+1 833-461-2900

Sagent contact:
Chelsea Mize

Marketing Manager

[email protected]
(208) 220-4654

How piggyback loans work | Mortgages and Advice Fri, 13 May 2022 13:38:00 +0000

If you have a small down payment on your home, a piggyback loan can help you avoid some additional costs on your mortgage. However, these types of loans are not without their own costs and disadvantages. Here’s what you need to know.

What is a piggyback loan?

Homebuyers use piggyback loans to avoid paying a personal mortgage insurance policy, which typically kicks in when your down payment is less than 20% of the home’s selling price. PMI acts as an insurance policy to protect the lender if you default on payments or default altogether.

A piggyback mortgage agreement typically offers a primary mortgage equal to 80% of the home’s value and a home equity product to make up the difference between your down payment and the remaining 20%.

The piggyback loan usually has a higher interest rate than the first mortgage, and the interest rate can be variable, meaning it can increase over time.

Piggyback loans became popular during the real estate boom of the early to mid-2000s. For example, in 2006, about 30% of homebuyers in New York City used one, according to a 2007 report by the NYU Furman Center.

The loan combination allowed would-be homeowners to buy the homes they wanted and avoid PMI without putting up 20% or more in cash. But it also made their homes more vulnerable to defaults.

When the national housing bubble burst in the late 2000s, homeowners with less equity in their homes were more likely to default than those with significant equity.

Piggyback mortgages still exist but are rare. “There’s been a decline in popularity, but also a significant tightening of policy by the lenders who are offering these piggyback second mortgages,” said Jeff Brown, industry director and mortgage lender at Axia Home Loans.

And they’re not seeing a big comeback, even with the recent surge in house prices. According to Ralph DiBugnara, CEO of Home Qualified, a digital real estate resource, “Needs have been reduced with the expansion of mortgage products that require less than a 20% down payment and require no PMI.”

Types of piggyback loans

There are several ways you can structure a piggyback mortgage. Here’s how the different options break down based on your primary mortgage loan, your piggyback loan, and your down payment.

  • 80/10/10 loan. This option is worth considering with a traditional loan and involves a main mortgage covering 80% of the sale price, 10% piggyback loan financing, and a down payment covering the remaining 10%.
  • 80/15/5 loan. This option works similar to the 80-10-10 loan, but instead of depositing 10% and borrowing the remaining 10% with a piggyback loan, you deposit just 5% and fund the remaining 15% with the second home loan.
  • 75/15/10 loan. This option, which includes a 15% piggyback loan and 10% down payment, can be used when purchasing a condo. This is mainly because condo mortgage rates tend to be higher when the loan-to-value ratio is higher than 75%.
  • 80/20 loan. This scheme, popular in the years leading up to the 2007 housing crisis, required no down payment at all. You would simply take out a primary mortgage to fund 80% of the sale price and 20% with a secondary loan to cover the rest. However, this piggyback arrangement is no longer common.

Pros and cons of piggyback loans

When considering a piggyback mortgage, it’s important to understand both the pros and cons.

Advantages of piggyback loans

It could save you money. PMI can cost anywhere from 0.3% to 1.5% of your loan amount annually. So if your mortgage is $250,000, you could get anywhere from $750 to $3,750 in PMI awards each year. That equates to a monthly payment of $62.50 to $312.50 in addition to your principal and interest payment to your lender, plus property taxes.

Depending on how much the second mortgage costs in monthly installments, you could end up paying less than PMI. But it could easily go either way, DiBugnara says. “Some second mortgages used for piggyback loans will have a much higher interest rate,” he adds. “In this case, it is very likely that the payment is higher than a PMI payment.” Be sure to do the math to find out which option is better in your situation.

You can deduct the interest from both loans. The IRS allows you to deduct interest paid on up to $750,000 of qualifying mortgage debt ($375,000 if you’re married but file your tax returns separately). This includes home equity loans and HELOCs used to purchase, build, or substantially improve the home used as collateral.

Factoring these savings into your calculation of whether you can save money with a piggyback loan can complicate matters. Also, it can be difficult to know exactly how much you could save — or whether it even makes sense to break down your deductions and claim the mortgage interest deduction at all — unless you speak to a tax expert.

You can keep a HELOC for other purposes. A construction loan is an installment loan, ie you receive the entire loan amount in one sum and pay it back in equal installments. However, with a HELOC, you receive a revolving form of credit during the draw period that you can repay and borrow again over time to pay for renovations and other expenses.

Disadvantages of piggyback loans

Closing costs could reduce the value. In addition to the closing costs of your first mortgage, you may have to pay closing costs for your home loan or HELOC. However, some lenders offer home equity products with low or no closing costs. You should find out what the lender charges so you can factor it into your calculations.

Even if closing costs are low, the bill may not work out in your favor, and paying PMI could end up being cheaper than taking out a second home loan.

That could make refinancing more difficult. If you get your piggyback loan from a different lender than the one providing your first mortgage, which is typical, it could be more difficult later to refinance your home to get a payout or a lower interest rate.

This is because unless you take out a large enough refinance loan to pay off the second mortgage, both lenders would have to agree to the refinance. It can be difficult to convince both lenders, especially if your home has gone down in value since you bought it.

The costs could increase over time. If the second loan you take out is an adjustable-rate HELOC, don’t just base your calculations on the current cost of each option.

A floating interest rate can fluctuate with the market index interest rate. There is no way to know exactly how much more a variable interest rate may cost you as it is impossible to predict movements in market interest rates. If you’re on a tight budget and can’t handle an increase in your mortgage payment over time, an adjustable-rate piggyback loan might not be a good choice.

How do you qualify for piggyback loans?

Qualifying for a piggyback loan can be difficult because second mortgage lenders may have different eligibility requirements. While specifics may vary from lender to lender, to be approved for both loans, you typically need the following:

  • Credit-worthiness. You typically need a FICO score of 620 or higher for the primary mortgage, but the minimum for the secondary mortgage can be 680 or higher.
  • Debt to Income Ratio. Mortgage lenders like to see a debt-to-income ratio of 43% or less, and that includes both primary and secondary home loans.

Note that a lower down payment usually translates into higher interest rates.

Piggyback loan alternatives

Look for loans without a PMI. Some lenders offer traditional loans without a PMI even if you don’t have a 20% down payment. Depending on the lender, this may be limited to a first-time buyer or low-income program, or you may have to agree to a slightly higher interest rate.

Like a piggyback loan, run through the numbers to make sure you’re not paying more over the long term at a higher interest rate than PMI.

Pay off your balance quickly. Traditional mortgage lenders typically add a PMI to your loan when your loan-to-value ratio is greater than 80%, but eventually your loan balance should fall below that threshold. Lenders are required by law to automatically remove the PMI once your LTV reaches 78% based on original loan and home values.

If you’re anticipating a significant hit or cash flow to make additional payments, it could help reduce your loan balance faster and get you to the point where you no longer need the insurance.

If you’re working on paying off your balance and think your home’s value has gone up and you’re at or below 80%, you can get a home appraisal. If you’re right, you can request that the lender manually remove the PMI.

Wait until you’ve saved enough. While there are ways to buy a home now and avoid PMI, it’s best to wait until you have enough cash for a 20% down payment.

Saving the 20% you need to avoid PMI can take years. But if you think you can save money fast enough, it may be worth the wait.