| Eyeing up the market
At a time when intermediaries are being coaxed into looking at commercial mortgages for the first time, it is hard to see into the future, to see what lies beyond the regulatory horizon for commercial mortgages. Intermediary buy-in on a large scale still has a long way to go in this market. But the template laid down for residential mortgages of offering whole-of-market before a recommendation is made and the concept of treating customers fairly (TCF) will be difficult to ignore, whether the market is regulated or not. Therefore, the habits that have been acquired in residential lending in the past two years to comply with TCF will be a feature of the growing commercial market. However, the commercial market is a different animal from its residential cousin. While the dynamics are the same, in that a lender takes a property as security in return for funding, the type of client, a business person, and the requirement for a loan on commercial premises not on a family home, removes some of the emotion that is attached to the purchase of a principal residence.
BBB issues warning of surge in bogus loan websites
FORT WAYNEThe Better Business Bureau warns of a proliferation of websites impersonating legitimate lenders to steal money from consumers. Victims across the U.S. and Canada report losing money, sometimes more than $1,000 each. The websites in question promise loans to anyone, regardless of the person's previous credit history. "People with the poorest finances are being victimized. Many mistakenly believe they have no other option," said Michael Coil, president and CEO of the Better Business Bureau of Northern Indiana. According to BBB experience, victims used Internet search engines to locate lenders that "guaranteed" low-interest rate loans for people with bad credit histories. After submitting the online loan application, they were contacted by a company "representative" who said they were approved.
It's back to school for these young mothers
CHENNAI : Teaching pre-nursery children can be difficult, according to young women graduates from the Teachers' Centre of Padma Seshadri Bala Bhavan Senior Secondary School. The homemakers-turned-teachers joined the centre diffidently a year ago to sharpen their communication skills to handle youngsters. But what they have since discovered is that they can handle a large classroom of noisy and mischievous children. On Friday, at the 17th valedictory of the training programme, they paraded their newly acquired communication skills in front of the faculty, family and friends. The women underlined the significance of inculcating Indian values such as praying in children. Their tableaux explained that children should be taught values such as being accommodative, non-violent and honest. From the coming academic year, 16 mothers will be admitted to the course though the Centre has the capacity up to 30, said Y.G.
Subprime Mortgages And The Refinancing Boom - Options Are Still ...
Editors Note: This is a great interview with someone that is in the industry and knows the situation sub-prime lenders are faced with. Steven Frank answers some questions potential barrowers may have, including whether to refinance their first mortgage, get a second or apply for a home equity line of credit. Here is the article: There are more than 19,000 mortgage companies in the U.S. and some of the largest and most reputable of them specialize in subprime mortgage refinancing. Steven Frank, Senior Vice President of Marketing at FlexPoint Funding identifies a subprime borrower as “someone with a FICO score below 620. He or she will pay between 1.5% and 2% higher interest for a mortgage, but there is no shortage of money or willing lenders in the subprime mortgage market." .
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