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[ad_1] In today’s housing market, lenders need to make sure they’re staying competitive. One way to do that is by offering a digital lending process’ that attracts borrowers across all generations, regardless of their credit score and finances. HousingWire recently sat down with Joel Rickman, Senior VP of Verification Services at Equifax, to address the growing need for lenders to offer affordable financial services. HousingWire: What current trends are you seeing in today’s borrowers and how has that evolved in recent years? Joel Rickman: One of the most significant and transformational trends in lending is the call for the modernization and digitization of the mortgage loan process. Talks of a digital mortgage have been happening for years, but now more than ever. In a world accustomed to fast-paced interactions and transactions, borrowers expect a similar lending experience. Today’s borrowers demand faster decisions, greater transparency into credit decisions and the ability to prove they’re reliable — even when their traditional credit file may indicate otherwise. These are a lot of layers for lenders to take on. The good news is the technology and data needed to meet growing borrower expectations and stay on par with industry trends are already available.  HW: How can lenders work with today’s demographic of borrowers with low, or non-existent credit scores?  JR: As an industry, we’re already on track for better and more broad financial inclusion, serving a diverse mix of borrowers in a way that helps meet their unique circumstances. Lenders realize the value of seeing people for more than their credit score. Seeing borrowers’ circumstances for what they are — unique and credible in their own way — calls for an expanded field of vision. Lenders outside of mortgage have been using alternative data for thin file clients for years. We believe a similar approach in mortgage lending can potentially help millions of quality borrowers get approved for their home purchases. Leveraging multiple data sets, such as credit data layered with income and employment data, is good for borrowers and good for a lender’s business. This approach gives lenders a consistent and more comprehensive view of risk, helps them make more informed decisions and potentially approve more loans. HW: What tools can lenders leverage to serve both the digital and traditional consumer? JR: Whether a consumer is transacting in person, over the phone or online — they all have something in common. They prefer a hassle-free buying experience. Lenders should invest in solutions that help improve the borrowing experience for all customers. Establishing partnerships with third-party innovators like  The Work Number from Equifax can offer automated data to help accelerate the application process. During the mortgage approval and underwriting journey, income and employment verification are generally required. The Work Number serves both the digital and traditional borrower by reducing the need for long, drawn-out paper-based processes or requests for sensitive banking log-in credentials. We are the largest commercial source for consolidated employment information. Our data is pulled directly from a borrower’s employer or payroll provider. Not every borrower will have a full digital portfolio of data. Still, by simplifying as many steps for as many borrowers as possible, we assist in driving borrower and lender efficiency.   HW: What exactly is The Work Number? JR: With over 25 years of experience and commitment to the mortgage industry, The Work Number database is the largest commercial repository for consolidated income and employment data. We invest hundreds of millions of dollars annually into The Work Number to grow the database and help enable more access to credit. Our cloud-native solutions deliver a streamlined and improved borrower experience, all while meeting government-sponsored enterprise (GSE) requirements. Automated access to nearly 115 million active payroll records from over one million employers can help mortgage lenders gain valuable borrower insights in real-time. Adding this lens to loan origination can help increase lending opportunities — and heighten fiscal focus. Above all, it helps more people get into homes faster. HW: How does The Work Number help mortgage lenders bridge the generational gap?  JR: It’s a competitive market out there. Lenders must stay relevant across all borrower generations. While most are demanding a fast, easy digital lending process – online – many still prefer a high-touch, personal process. In today’s market, the most successful lenders balance human touch with technology and meet borrower expectations of speed and convenience, all while delivering a positive customer experience. This requires the right technology solutions with a variety of delivery options. The Work Number can help balance the varying demands of each generation in the most efficient way possible.  The Work Number’s automated verifications present mortgage lenders with a broader perspective of creditworthiness in a secure and seamless manner. It’s adaptive nature serves even the most digital generations without impacting the offline customer experience. The Work Number, by Equifax, can help lenders increase their financial inclusivity, and potentially their earnings. The post How lenders can attract the next generation of homebuyers appeared first on HousingWire. [ad_2] Source link

[ad_1] The post Virgin Galactic Stock Heads to the Moon on FAA Approval appeared first on Millennial Money. Shares of Virgin Galactic (NYSE: SPCE) headed to the moon on Friday after the company announced that it had secured regulatory approval from the Federal Aviation Administration (FAA). Virgin Galactic’s commercial space transportation operator license now officially allows the company to launch consumers into space, which is the first time that the regulator has provided such a license to a spaceline. As of 12:20 p.m. EDT on Friday, Virgin Galactic shares had taken off and were up by 33%. Last month’s test flight was a win Following Virgin Galactic’s successful test flight from May, the company has completed its review of the data that it gathered and confirmed that the flight performed well and accomplished all of the mission’s primary objectives. The flight achieved Mach 3 and climbed to an altitude of 55.5 miles. Virgin Galactic said that the upgraded horizontal stabilizers performed well and facilitated finer pilot control. These systems will be utilized in future spacecraft designed by Virgin Galactic. Importantly, the cabin environment data was all in line with Virgin Galactic’s expectations, which is critical since that’s where space tourists will be sitting. Virgin Galactic said that the FAA’s decision validates the company’s rigorous testing program, which meets all of the agency’s necessary verification and validation requirements. “The flight performed flawlessly, and the results demonstrate the safety and elegance of our flight system,” CEO Michael Colglazier said in a statement. “Today’s approval by the FAA of our full commercial launch license, in conjunction with the success of our May 22 test flight, give us confidence as we proceed toward our first fully crewed test flight this summer.” The billionaire space race Virgin Galactic has three more test flights scheduled, including one that will ferry billionaire co-founder Richard Branson to the edge of space.  Unlike the space race decades ago, the modern space race currently unfolding is being driven primarily by billionaires and commercial corporations. Amazon.com (NASDAQ: AMZN) founder and richest man in the world Jeff Bezos announced earlier this month that he plans to travel to space aboard a New Shepard rocket made by his rocket startup Blue Origin.  Bezos will be joined by his younger brother Mark as well as whoever won an online auction a few weeks ago. The winner’s identity has not yet been announced, but Blue Origin said the winning bid was $28 million. The flight is scheduled for July 20, which space enthusiasts may recognize as the date that Neil Armstrong became the first man to walk on the moon in 1969. Branson is reportedly hoping to upstage Bezos by flying to space first, but Virgin Galactic has not yet finalized a date. Separately, billionaire Elon Musk’s SpaceX had booked Japanese billionaire Yusaku Maezawa on a trip to the moon back in 2018 on the Starship that is currently in development. Maezawa is inviting other people from the public to join him, offering to cover the cost of the trip. That flight is scheduled for 2023. Pick Like A Pro Where to invest $500 right now Before you buy Amazon, or Netflix, or Apple, consider this… The team at Motley Fool first recommended each of those stocks more than a dozen years ago! They discovered Netflix for $1.85 per share, back in the days of DVDs by mail. And recommended Amazon at $15.31 in 2002, before most people were comfortable using credit cards online. And even hit Apple at $4.97 per share, about a month before the release of the very first iPhone. Check out where those stocks are today. The bottom line: a $500 investment in all three of these stocks would be worth more than $200,000 today! And here’s why that’s important: The Motley Fool’s flagship investing service Stock Advisor just announced their top 10 “best buys now” across the entire stock market. Whether you’re starting with $100, $500, or more, you’ll want to get the full details! Email Address Continue Also opt-in to receive Millennial Money! It’s our newsletter devoted to helping you achieve financial freedom. That means you’ll receive new stock ideas, our favorite side hustles, and much more every single week! By submitting your email address, you consent to us keeping you informed about updates to our website and about other products and services that we think might interest you. You can unsubscribe at any time. Please read our Privacy Statement and Terms & Conditions. Click here to learn more .tmfsa-text-widget .ecap-widget { padding: 0 !important; border-left: 0 !important; } The post Virgin Galactic Stock Heads to the Moon on FAA Approval appeared first on Millennial Money. [ad_2] Source link

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[ad_1] Death toll in Florida condo collapse climbs to 9, with 150 still missing [ad_2] Source link

[ad_1] The government is likely to reduce the interest rates on small savings schemes from July 1 to keep in line with falling interest rates in the market [ad_2] Source link

[ad_1] These days, being financially stable enough to put an offer down on a home isn’t enough. We’re living in a seller’s market, with minimal inventory and low interest rates. Did you just find your dream home? So did a handful of other buyers who are just as financially stable and eager. So, what do you do? Walk away and try again later? No! You roll up your sleeves and get ready to go to war…a bidding war.  If you’re shopping for a home in today’s seller’s market, you’re most likely going against several other buyers. According to Redfin, 56% of buyers were involved in bidding wars once they put down their offer earlier this year. In fact, last month, a buyer offered $300,000 over the asking price for a home in Southlake, Texas. This is the world we’re currently living in – but all hope isn’t lost.  Here are four tips to help you win a bidding war and walk away with the keys to your new home: More for Real Estate Enthusiasts A homebuyer’s guide to a competitive housing market 5 tips for buying a home in a seller’s housing market How to negotiate your home purchase offer Here’s how to build credit to buy a house 1. Get Pre-Approved Being pre-approved means a lender has agreed to let you borrow money for the home. This is something sellers want to see. Not only does it tell them you’re a serious home shopper, but it means the deal is less likely to fall through due to your finances.  To get pre-approved, a lender will take a good look at your finances. They’ll check your credit history, employment history, annual income, assets, credit score, etc. Based on that information, they’ll either decline or move forward. You should also consider having a pre-approval letter, which provides the specific mortgage amount you can afford based on your finances.  2. Pay In Cash There’s a good chance your offer will be more attractive to a buyer if it’s a cash deal. By offering to pay upfront, you’re saying you don’t need to apply for a mortgage. This means a seller doesn’t have to worry about the deal falling through because of a lack of finances. They also don’t have to wait through the time-consuming home buying process with a cash offer. 3. Make Sure Your Offer Is Strong Before putting down an offer, make sure you talk to your agent. You need to have a good idea of how much the house is worth, and how much it’ll probably sell for. These days, those two prices won’t be the same. Because we live in a seller’s market, asking prices are higher so your offer needs to be competitive.  With that said, it’s important you stay somewhat within your budget. Winning a bidding war is great, but if you can’t afford the mortgage once you move in, what’s the point?  4. Work With The Right Agent  In today’s seller’s market, it’s absolutely crucial you work with the right real estate agent. Not only should they be knowledgeable in the market, but able to effectively communicate the ins and outs of the industry with you. The right agent can help you win a bidding war by providing you with additional tips and tricks.  The post Homebuyers, it’s time to go to war appeared first on HousingWire. [ad_2] Source link

[ad_1] Each week, Cut the Crap Investing founder Dale Roberts shares financial headlines and offers context for Canadian investors. Are the markets throwing a taper tantrum? The term “taper” and the possibility of a “taper tantrum” jumped into business news and headlines this past week. What is all of this taper talk? And what does it mean for our stocks and bonds, and other investments?  Here’s the background. To help keep rates low, central banks buy their own government bonds. That link to the Bank of Canada site explains the bond-buying process (termed QE, or quantitative easing). And here’s the rationale from that BOC page…  “QE sends a signal that we intend to keep our policy interest rate low for a long time—as long as inflation stays under control. By giving more certainty that our policy interest rate will remain low, QE can help reduce longer-term borrowing costs for businesses and households.” And in chart form…  Source: Bank of Canada Central banks are working to stimulate growth as part of their goal to achieve a 2% inflation target. Other government forces are involved as well; in what is called “fiscal policy,” some programs send monies directly to citizens to stimulate spending and growth. A recent example of fiscal policy is the CERB program that cut cheques to Canadians out of work due to the pandemic. We also saw government payouts and loans for Canadian businesses.  The central bank will factor in all of the stimulus as they keep an eye on the economy and the consumer. When they’ve achieved their growth and inflation targets, they can ease off on those bond-buying programs; that is, they will taper their bond-buying.  And when we experience tapering or hear talk of tapering, the markets may not like it. They might get a little skittish. Heck, they might even throw a taper “tantrum.”  From that Investopedia link…  “As a result of their dependence on sustained monetary stimulus under QE, the financial markets may experience a downturn in response to tapering; this is known as a ‘taper tantrum’.” And, right now, a taper tantrum is the talk of the town (OK, the talk of Wall Street and Bay Street) as market watchers wonder how investors will react. Also at play is the level of rate increases introduced by these central bankers. In last week’s post, we looked at some Canadian inflation stats and pondered whether U.S. Federal Reserve Chair Jerome Powell might start to increase rates sooner than expected.  In 2013, we experienced the original taper tantrum. Bond yields spiked considerably at the mere mention of tapering. As always, that spike will sent the value of the bond plummeting. The stock markets took a bit of a spill as well, but recovered as the Fed backed off of its threat to taper, and went back to more bond buying (QE).  Here’s some recent Fed speak, as reported on Seeking Alpha. They are being very cautious in tone, suggesting the U.S. Federal Reserve will not hike rates prematurely. Powell continues with the suggestion that inflation is transitory and manageable.  But the markets on both sides of the border are addicted to the various forms of stimulus. What happens when the central banks even suggest that they’ll take away the punch bowl?  It’s a tricky dance. This week, U.S., Canadian and international stock markets are answering the Fed speak with market highs, or near-highs.  On my site last week, I attempted to interpret what the bond markets are trying to say; it sounds like they are perhaps not buying the long-term growth story. They might be saying after the initial inflation burst, we’re back to disinflation, or perhaps even deflation is a possibility.  The stock and bond markets are talking. Are they on the same page?  What the heck is going on with bitcoin? Readers of this column know that I am a fan of investing in bitcoin. While I’m curious about other cryptocurrencies and their various value propositions, I am currently invested only in bitcoin. I see it as digital gold. I am also invested in “real” gold and other commodities or commodity-related stocks.  Over the last year, bitcoin is up by more than 250%. However, year-to-date, it’s up “only” 16%. Of course, this could all change in a hurry by the time you read post—with prices changing in either direction. As I’ve often mentioned (the obvious), bitcoin is an incredibly volatile asset. While it can be explosive to the upside, it can fall in quick order as well.  On the Moolala podcast in May, I suggested to the wonderful and always entertaining host, Bruce Sellery, that bitcoin investors should certainly be prepared for massive corrections—even the frightening 80% variety that we’ve seen in the past. In that podcast I also offered that bitcoin is “just another asset” for me. I will hold and rebalance.  Well, be careful what you ask for. From the highs of April, the price of bitcoin has been cut in half. This week it’s in the $32,000US to $35,000US range.  So, what happened?  Elon Musk (CEO of electric vehicle-maker Tesla) originally gave bitcoin a boost by accepting bitcoin as payment for vehicles. He then reversed his call on that payment option due to the environmental concerns of bitcoin mining.  As a result, the price took a major hit that began a quick and continued decline.  Chinese governments also piled on, banning bitcoin mining in many regions.  But bitcoin is fighting back. In this “Making sense of the markets” post, we looked at the bitcoin energy council and how the bitcoin community would help bitcoin “go green.” They want to manage the PR problem for bitcoin as well.  And as Greg Foss of Validus Power Corp offered in that MoneySense link, many of these miners are packing up and heading to greener pastures, such as Canada.  Can green up its production and image? This Seeking Alpha post, ”Bitcoin goes green in major reversal,” laid out the potential for a positive being