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[ad_1] Intel forecasts gloomy quarter on supply-chain woes, shares fall [ad_2] Source link

[ad_1] Mid-sized and small non-banking financial companies (NBFCs) are likely to be hit by rising costs while making transition to the new regulatory framework prescribed by the Reserve Bank of India (RBI), aimed at maximising regulatory parity between banks and non-bank lenders. While they are preparing to deal with higher spends towards guidelines like the implementation of core financial systems, they continue to engage with the regulator to seek a smoother and more staggered migration to the new norms. Industry executives FE spoke to said companies are seeking some relaxations in implementation and additions to the guidelines in order to achieve a smoother transition. One of the additions being sought is that the loan limit to invoke recovery proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Sarfaesi) Act be harmonised for banks and NBFCs at Rs 1 lakh. Another request is that housing finance companies (HFCs) be allowed to exclude cash and bank balances while making calculations for the purpose of determining the minimum exposure they must have to home loans. Rajesh Sharma, MD, Capri Global Finance, said the request to tweak the Sarfaesi criterion has been sent to both the Ministry of Finance and the RBI. “Ideally, the Sarfaesi regulation should also be brought at par with the banks. NBFCs can make Sarfaesi applications only on loans above Rs 20 lakh, whereas banks, small finance banks and housing financiers get above Rs 1 lakh. This disparity should go,” he said. According to Sharma, in the event of the Sarfaesi option being unavailable for some cases, NBFCs lose time in the recovery process. This, in turn, leads to the value of assets getting eroded and credit costs rising. HFCs will have to contend with their own problems as all of them will be classified under the middle layer. The cost of transition is going to be higher for a few smaller HFCs, those with asset books of under Rs 100 crore, who were not so tightly regulated earlier, said Rohit Chokhani, MD, Easy Home Finance. For companies transitioning to the ML, some were already quite closely regulated, especially those with asset sizes of Rs 250 crore-Rs 1,000 crore. At the same time, a handful of companies who have a net worth or asset size of less than Rs 100 crore, it might be difficult for them to comply because having gone into the ML layer, there are a host of activities where the cost of operating the companies will be a little higher,” Chokhani said. For example, a chief compliance officer will now be mandatory for all HFCs and that could raise costs as could the implementation of a core financial system. Given that the regulatory architecture across the HFC segment is set to tighten, the HFC community is now seriously contemplating whether it might be better to apply for small finance bank (SFB) licences. Housing Development Finance Corporation has already announced a plan to be merged into HDFC Bank. The HFC space is also reacting to the new regulations in other ways. For instance, HFCs with a sizeable exposure to construction finance are now considering shifting them to their NBFC arms in order to comply with the new norms on exposure limits to commercial real estate. It helps that many of these companies are owned by large conglomerates. The norms on large exposures are likely to be less of a problem for retail NBFCs, according to industry executives. In a recent conversation with investors, YS Chakravarti, MD & CEO, Shriram City Union Finance, said the cap on single counterparty and group exposures, set as a percentage of NBFCs’ tier-I capital, translates into a fairly large outlay. “Wholesale NBFCs will have to reassess their lending if they have high exposures and take a more cautious approach, which will lead to de-risking of their book and in the long term be beneficial for the industry,” he said. Chokhani said a specific regulation posing a challenge to all HFCs is the one concerning the inclusion of cash and bank balances in total assets. “As per the guidelines, over 50% of assets have to be in housing loans. Senior executives of NBFCs have been engaging with the RBI to seek a phased implementation of the guidelines or to exclude cash assets from the calculation,” he said. [ad_2] Source link

[ad_1] Ohio-based Union Home Mortgage is the latest in a string of lenders this week to institute workforce reductions. “The residential housing market has turned quickly due to historically low inventory of homes for sale and a rapid rise in interest rates due to inflation,” Cindy Flynn, chief marketing and communications officer, said in a statement. “We, like other companies in our industry, are temporarily adjusting staffing levels to accommodate rapidly changing marketplace conditions and business needs.” The multichannel lender, which originated roughly $13 billion in residential mortgage last year, declined to provide any details about the layoffs. Union Home Mortgage is laying off loan officers in junior and senior positions, according to former employees’ LinkedIn posts and interviews with HousingWire. Layoffs happened last week and this week, and the company provided two weeks of severance pay, one former employee said. Non-LO positions, such as processors and recruiters, were also among those laid off, former employees said. Flynn said the statements made by laid off employees to HousingWire were “inaccurate,” but did not specify or elaborate. UHM is the 49th-largest mortgage lender in the country, according to Inside Mortgage Finance. The lender’s origination volume increased 25.8% from 2020 to 2021, to $13 billion. In the fourth quarter of 2021, when some lenders started to report declines in their production, UHM’s volume was $4.2 billion, up 65.5% compared to the prior quarter. During the refi boom in the last two years, the company announced the addition of a third building to its corporate headquarters in Strongsville, Ohio, with onsite gym and cafeteria. It made way for the creation of 450 new jobs after the construction ended in summer 2021. At the time of the announcement, the lender had 1,300 employees. According to NMLS data, it has 681 LOs. In January, president and CEO Bill Cosgrove, an avid golfer, announced the acquisition of the Medina Country Club – the terms of the transaction were not disclosed. “I am a big supporter of golf as a sport, including the life lessons and friendship that come from it,” he said in a statement. “I will employ these lessons to build a world-class culture at Medina just like we have at Union Home.” In early March, the company promoted three executives to vice president positions. Bryan Wright is the vice president of national sales and Cyndi Garza, the vice president of national business development, a new position created in the company. Meanwhile, Steve Runnels is holding the role of vice president of retail sales, east division. Earlier this week, Rocket Mortgage, the biggest mortgage lender in the country, offered voluntary buyouts to 8% of its workforce. Flagstar Bank, one of the nation’s largest depository lenders, revealed that it has cut 20% of its mortgage staff since the beginning of the year. Wells Fargo, the top depositary in the U.S., confirmed it is also reducing its workforce, laying off processors and underwriters. Digital lender Better.com has also laid off more than 4,000 workers since December. The post Union Home Mortgage the latest to trim workforce appeared first on HousingWire. [ad_2] Source link

[ad_1] Shopping for an extended car warranty may not sound very fun, but having this protection can provide considerable peace of mind. After all, the best-extended car warranties can ensure your car gets fixed during a covered breakdown. Best of all, your extended warranty coverage will actually pay for the repairs. But, which extended car warranty company should you purchase coverage from? Because there are quite a few reputable providers in this space, it’s crucial to compare them based on the warranty coverage they offer, their ratings and reviews, and the perks they offer customers. While we believe Endurance may offer the best-extended warranties out there, we went on to compare the top six companies in this space. If you’re in the market for the best-extended car warranty money can buy, read on to learn more. Most Important Factors for Extended Car Warranties While price is a major consideration when comparing extended car warranties, you’ll also need to consider the coverage you’re buying and how it compares to other providers. For example, some extended car warranties offer nearly bumper-to-bumper coverage with maintenance included, whereas others only cover certain components of your vehicle. As you compare extended car warranties, you should note that some require waiting periods before you can use your coverage. Make sure you know your plan’s waiting period before you move forward. While extended car warranty companies let you enter your information to get a free quote online, you usually need to speak with a customer service agent to get pricing for available plans. As you compare extended car warranties, make sure you price out coverage plans from at least three or four providers. Doing so is the best way to ensure you get quality protection for a price you can afford. 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[ad_1] Many people either don’t give much importance to providing nominee details or just forget to nominate while filling investment forms offline or online. Some investors – after providing nomination details while investing – fail to update the information or change the nominee after marriage or demise of the original nominee. Now-a-days, many people use a demat account to invest in various financial securities. In such a case, providing nomination details in the demat account would work for all the securities acquired through the demat account. However, not providing nomination details in the demat account would create problems for the financial dependent(s) during transmission of the securities after the demise of the investor as separate applications for transmission have to be submitted for each security along with all the documents needed to prove the right and preference as a legal heir. What should you do? Check whether you have given nominee(s) information in your demat account or not. How to check? Check the Client Master Report of your demat account or Consolidated Account Statement in which the name of nominee(s) are mentioned. If you have already given nominee information and it is properly recorded in your account, then you need not to do anything more. If it is not given or you want any update in the given information, you have to fill up and submit the Nomination form to your depository participant (DP). High lock-in period of PPF: How long does a nominee need to wait to get money? Why is nomination in your demat account so important? Having nominees in demat account helps in the unfortunate situation, when demat account holders are no more. If you are the sole or only holder in a demat account then mentioning nominee(s) helps in the transmission process. You can mention up to three nominees in a demat account. What is transmission? Transmission is the process of law by which securities belonging to a deceased account holder are transferred to the surviving joint holder(s) or legal heir(s) or nominee(s) of the deceased account holder. For transmission in the favour of the nominee in the event of death of single holder or all the joint holders, the following documents are necessary – Transmission Form Copy of Death Certificate duly attested by a Notary Public or Gazetted Officer In case the account of the claimant is not with the Participant, copy of Client Master Report of the account of the nominee When no nominee is there and value of securities is Rs 5 lakh or less, after the death of one of the joint holders, the surviving joint holder(s) need to submit the following documents – Transmission Form Copy of Death Certificate duly attested by a Notary Public or Gazetted Officer. Redeemed mutual fund units soon after transmission? Know the tax implications When no nominee is there and value of securities is Rs 5 lakh or less, after the death of the single holder or all the joint holders, apart from the above documents, the Legal Heir need to submit – Indemnity Affidavit No objection certificate or family settlement deed In case the value of securities exceeds Rs 5 lakh, the legal heir also need to submit – Succession Certificate or Letter of Administration or Probate of the Will. So, nomination is a critical activity, which a lot of us miss out on. This may create a lot of unwanted hassles for our nearest ones as transmission can be a time taking and costly process, if there is no joint holder or nominee in the demat account. Who can nominate? Nomination is applicable for all demat accounts held by an individual singly or jointly. Only account holders can nominate, Power of Attorney holders can not nominate. What should a nominee do after the death of an investor? How is investment money taxed? Who can be a nominee? Any individual can be a nominee in a demat account. Minor, NRI and Power of Attorney holders can also be nominated. Nominees can be added or changed any time. Up to three nominees can be mentioned in one demat account. There is no compulsion that a nominee must have a demat account at the time of nomination. Nomination may be done both online and offline. [ad_2] Source link

[ad_1] The pace of purchase-loan originations as well as transactions in the private-label securities market started to slow by the second quarter of this year as interest rates continued to spike, according to mortgage industry experts. One bright spot in the market, however, has been the investment-property sector, where deal flow appears to be holding up, and even many agency-eligible mortgage loans are finding their way into private label securities (PLS) transactions. In fact, year to date through April 27, of the 22 investment-property deals tracked by Kroll Bond Rating Agency (KBRA), a total of 15 were backed in part, or in whole, by agency-eligible investment-property mortgages, including six deals so far in April.  “The [recent] pausing of either the [PLS] issuances or the [decisions to] cancel them was driven a lot by the volatility with respect to spreads, which was happening in the market due a number of reasons, including the war [in Ukraine] and also because of rate movements,” said Padma Rajagopal, a vice president and senior credit officer at bond-rating firm Moody’s Investors Service. “If you were to take an inventory of deals which came out, a majority of the deals have been investor [investment property] … deals, and the prime jumbo deals have been very far and few in between.” One driver of the investment-property PLS activity, according to digital-mortgage exchange and loan aggregator MAXEX, has been the increase in loan-level pricing instituted by the Federal Housing Finance Agency (FHFA), which oversees the government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac. Those loan-level price adjustments (LLPA) took effect at the end of the first quarter. Many of the mortgage loans traded through MAXEX’s platform find their way into PLS transactions. “We have … seen an increase in the number of second-home loans being traded through the exchange to avoid the LLPA increase instituted by the FHFA for second-home and high-balance loans delivered to the agencies after April 1,” a recent MAXEX market report states. “We’ll continue to watch this trend as it develops.” In addition, there has been increased activity in the separate category of investor-loans for rental properties — essentially “mom and pop” landlord properties. “We are starting to see some indication of a resurgence in investor-loan issuance backed by agency-eligible loans,” the MAXEX report states. “Many of these transactions continue to have some seasoning, with newer originations starting to show up as liquidity away from the agencies for certain loans with specific criteria.” With respect to those investor loans, both agency and nonagency, Keith Lind, CEO of non-QM lender Acra Lending, said regular Joes were propelling the market. “In 2021, 71% of homes were bought by someone who was going to live in them; 28% were bought by small investors, the mom and pops; and 1% of all the single-family homes bought in the U.S. in 2021 were bought by institutional investors,” Lind said. “So, if you think about that, 28% were bought by small investors, and that number pre-COVID was like 10%.”  Lind attributes the increase in small-investor activity, in part, to individuals — including the self-employed and young professionals, or millennials — having an increased interest in purchasing real estate as an investment in this market where home values have remained strong and continue to appreciate. “It’s amazing that investors have almost tripled among the small mom and pops pre-COVID to 2021, and how much real estate they’re buying,” Lind added. “And, in most cases, those investors are going to have more cash and more options than that person buying their first-time home.” Tom Hutchens, executive vice president of production at Angel Oak Mortgage Solutions, added that many investment-property owners are self-employed borrowers, which, he said, represents a great opportunity for non-QM lenders — outside the agency-loan stream. “For a lot of self-employed borrowers, their business is being professional property investors,” Hutchens said. “I believe that the self-employed market is underserved, and whether rates are high or rates or low, it’s still an underserved market. So, I think the opportunity is still great.” In addition to the increased purchasing activity by individual investors — for use as second homes or as rentals — which is helping to drive PLS deals downstream, the single-family rental market also is seeing robust purchasing and securitization activity by large institutional investors. Much of that home-purchase activity, however, is concentrated in a few metro areas in the nation’s Sun Belt, according to bond-rating reports. KBRA has tracked eight institutional-sponsored PLS securitization transactions to date — often referred to as Wall Street deals because they involve large corporations that own thousands of rental properties. Those transactions, dubbed Single Family Rental (SFR) transactions, are securitized in a slightly different fashion than the structure used in the so-called mom-and-pop investment-property securitizations — in which securities issued are backed directly by a pool of mortgages. The bonds issued in the institutional SFR deals are collateralized by a single fixed-rate loan, which is in turn secured by a large pool of mortgages on income-producing single-family homes. The eight SFR deals on KBRA’s radar through April 27 involved rental-property collateral valued in total at $5.7 billion. An analysis of the bond-rating reports on those deals shows that four metro areas — Atlanta, Phoenix, Dallas/Fort Worth and Las Vegas — account for between 33% and 64% of the thousands of rental properties included in the loan pools securing those deals. Those percentages reveal the out-sized impact that institutional investors are having in select Sun Belt markets.  Other Sun Belt metro areas with a high concentration of institutional buying, based on collateral pools analyzed in bond-rating reports, are Memphis, Nashville, Tampa, Orlando and Charlotte.   “The higher interest rates on mortgages actually put institutional investors and even many individual investors in a position of competitive advantage,” said Rick Sharga, executive vice president of marketing for real-estate research firm RealtyTrac, a subsidiary of Attom Data Solutions. “A very high percentage (typically in the 65% to 70% range) of investor purchases are made with cash, meaning that it’s even harder for consumers to compete with investors for properties as the cost

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