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[ad_1] Global food and beverages major PepsiCo on Tuesday said it has posted a ‘double-digit’ organic revenue growth in the Indian market for the first quarter. While on the volume side, the company has reported a “high-single-digit growth” for the Indian market for the convenient foods and beverages units, said a global earning statement from PepsiCo. In an investors call after the results, PepsiCo Chairman and CEO Ramon Laguarta said India has reported a “double-digit organic revenue growth” for the quarter that ended on March 19, 2022. “Our developing and emerging markets remained resilient and delivered 18 per cent revenue growth in the quarter including double-digit organic revenue growth in Mexico, Brazil, Egypt, India and Turkey and mid-single-digit growth in South Africa and China,” said Laguarta. PepsiCo’s net revenue in the first quarter of 2022 from Africa, Middle East, South Asia (AMESA) division under which India comes, was up 13.70 per cent to USD 1 billion as against USD 0.88 billion, the company said in its earnings statement. The convenient foods segment witnessed volume growth of 10 per cent in AMESA, primarily reflecting double-digit growth in the Middle East and Pakistan. “Additionally, South Africa experienced mid-single-digit growth and India experienced high single-digit growth,” it said. The beverage segment saw volume growth of 7 per cent, in AMESA for the quarter that ended on March 19, 2022. This is “primarily reflecting double-digit growth in Pakistan and high-single-digit growth in the Middle East and India, partially offset by a high-single-digit decline in Nigeria,” the company said. PepsiCo’s operating profit in the AMESA zone increased by 30 per cent, primarily reflecting the net revenue growth and productivity savings, the cola major said. However, it was partially offset by a “38-percentage-point impact of higher commodity costs, primarily cooking oil and packaging material, and certain operating cost increases”. Overall, PepsiCo’s global net revenue growth for the quarter was up 9.31 per cent to USD 16.20 billion, the company said. Commenting on the results, Laguarta said: “For the first quarter, we delivered strong results which reflect our presence in growing, global categories and the investments we have made towards becoming an even Faster, even Stronger, and even Better company with PepsiCo Positive (pep+) at the centre of everything we do.” The company has also raised its revenue forecast for 2022 and now expects a growth rate of 8 per cent. “Given the strength and resilience of our businesses to date, while reflecting higher than expected input cost inflation for the balance of 2022, we now expect our full-year organic revenue to increase 8 per cent (previously 6 per cent) and we continue to expect core constant currency earnings per share to increase 8 per cent,” he said. [ad_2] Source link

[ad_1] Rocket Companies CEO Jay Farner Even the biggest mortgage players aren’t immune to the effects of higher rates and tight housing inventory. Rocket Companies, the parent of Rocket Mortgage and Amrock Title, said late Monday that it would be offering buyouts to 8% of its staff at its mortgage operations and title teams. The company has roughly 26,000 employees, spread across its headquarters in Detroit and in Cleveland. “One of our responsibilities as a company is to provide our team members a fulfilling career, and we have been able to do that for tens of thousands in the last 36 years,” Mike Malloy, chief administrative officer at Rocket Central, Rocket’s human resources arm, said in a statement Monday. “Over that time, we have been through several market cycles — similar to those the industry is experiencing today.  “As a result of today’s market, some team members have told us they are considering a move to another position or a completely different industry. At the same time, our career growth options in certain areas of Rocket Mortgage and Amrock are limited right now, while the housing market normalizes after two years of unprecedented volume.” The voluntary buyout package includes several months of pay; full medical, dental and vision coverage until November; payment for banked personal time off; early vesting of stock that employees received at the company’s initial public offering in 2020, plus job training/resume building services. Rocket, which is easily the largest mortgage lender in America, reported $6 billion in profits in 2021. That was a 35.4% decline from the unprecedented refi boom in 2020, even though mortgage origination volume actually rose to $351 billion, up nearly 10% from 2020. Like virtually every other mortgage lender, Rocket has seen origination volume and profit margins fall in recent quarters. Mortgage business slowed dramatically in the fourth quarter — Rocket’s net income fell 69.5% year over year to $865 million, which was also a sequential decline of 37%. Rocket did not say if it would institute layoffs should the 2,000 or so workers selected for buyouts not agree to the packages. The news of Rocket’s workforce reduction comes just days after Wells Fargo, the nation’s largest depository mortgage lender, announced that it would be cutting jobs at its home lending division. Sources told HousingWire that hundreds of mortgage processors and underwriters received pink slips. Other job cuts over the last six months have come at Guaranteed Rate, which shuttered Stearns Lending‘s wholesale division; Freedom Mortgage, which shed jobs in South Carolina; Movement Mortgage, which laid off about 170 workers; Interfirst Mortgage, which has cut hundreds at its two locations; and perhaps most notably at Better.com, which has laid off about 5,000 workers since December. Earlier this month, HousingWire published a deep dive exploring how various nonbank mortgage lenders are likely to fare in a purchase-heavy mortgage market. Several analysts and industry executives said Rocket and the other top players are likely to see compressed margins and greatly reduced profitability, but will ride out the storm and likely grab market share due to their largesse and cash positions. The post Rocket offers voluntary buyouts to 8% of workforce appeared first on HousingWire. [ad_2] Source link

[ad_1] Discussions on mortgages usually focus on the loans as a single type. But nothing can be further from the truth. Not only are there different types of mortgage loans, but there are also different mortgage programs, not to mention mortgage lenders. We’re going to discuss both the different types of mortgage loans and the various programs that offer them. However, this is a general discussion of the most popular types, since there are more less-popular loan types and even issuers. The Different Types of Mortgage Programs There are four primary mortgage programs available: Conventional Generally speaking, conventional mortgages refer to loans that are funded by the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac). They’re typically originated by banks, credit unions, mortgage banks, mortgage companies, and other lenders, then sold to one of the two major mortgage agencies. These loans are also typified by what’s known as their conforming loan limits. That is, there is a limit to the amount that can be loaned under a conventional program. That limit is generally $548,250 for 2021. However, conventional loans can be higher for two- to four-family homes, and also for properties located in areas designated as high cost. (These are the higher cost housing markets usually located on the East and West Coast, including New York City, Boston, Washington DC, San Francisco, and Los Angeles.) Conventional mortgages are also distinguished from FHA and VA loans by the mortgage insurance requirement. Commonly referred to as private mortgage insurance, or PMI, it is a type of insurance coverage that pays the mortgage lender part of the loan balance if you default on the loan. Some of the major features of conventional mortgages include the following: The minimum down payment is 5%, but they do offer loans with as little as 3% down for first-time homebuyers as well as low- and moderate-income households. Unlike FHA and VA mortgages, PMI is only paid on a monthly basis as part of your loan payment. There is no required upfront mortgage insurance cost. The minimum credit score for conventional loans is 620, but you’ll get a better interest rate the higher your credit score is. Conventional loans can be used for the purchase of second homes and investment properties in addition to primary residences. Loans are available in both fixed-rate and ARMs. #ap38928-ww{padding-top:20px;position:relative;text-align:center;font-size:12px;font-family:Lato,Arial,sans-serif}#ap38928-ww #ap38928-ww-indicator{text-align:right}#ap38928-ww #ap38928-ww-indicator-wrapper{display:inline-flex;align-items:center;justify-content:flex-end}#ap38928-ww #ap38928-ww-indicator-wrapper:hover #ap38928-ww-text{display:block}#ap38928-ww #ap38928-ww-indicator-wrapper:hover #ap38928-ww-label{display:none}#ap38928-ww #ap38928-ww-text{margin:auto 3px auto auto}#ap38928-ww #ap38928-ww-label{margin-left:4px;margin-right:3px}#ap38928-ww #ap38928-ww-icon{margin:auto;padding:1px;display:inline-block;width:15px;height:15px;min-width:15px;min-height:15px;cursor:pointer}#ap38928-ww #ap38928-ww-icon img{vertical-align:middle;width:15px;height:15px;min-width:15px;min-height:15px}#ap38928-ww #ap38928-ww-text-bottom{margin:5px}#ap38928-ww #ap38928-ww-text{display:none}#ap38928-ww #ap38928-ww-icon img{text-indent:-9999px;color:transparent} Ads by Money. We may be compensated if you click this ad.Ad #ap38928-w-text{padding:20px 0 10px;margin:0 auto;text-align:center;font-family:”Lato”, Arial, Roboto, sans-serif}#ap38928-w-text #ap38928-w-text-title{color:#212529;font-size:20px;font-weight:700;line-height:30px}#ap38928-w-text #ap38928-w-text-subtitle{color:#9b9b9b;font-size:16px;font-style:italic;line-height:24px}#ap38928-w-text #ap38928-w-disclosure{color:#9b9b9b;margin-top:10px;font-size:12px}#ap38928-w-text #ap38928-w-text-btn{margin-top:25px;padding:9px 13px;display:inline-block;color:#fff;font-size:16px;line-height:20px;text-decoration:none;background-color:#1261c9;border-radius:2px}#ap38928-w-text #ap38928-w-text-btn:hover{color:#fff;background-color:#508fc9} Buying a home doesn't have to be hard. Let Quicken Loan experts guide your every step. Consulting a mortgage expert is a smart way to get all the facts and make a well-informed decision. Click below and book it now. Get tarted Today FHA FHA loans work much the same way as conventional loans, but the parameters are more basic. For example, the minimum down payment requirement is 3.50%, even for first-time homebuyers. But the two main features of FHA loans, the ones that most differentiate them from conventional mortgages, are: Mortgage insurance. PMI on FHA loans is commonly referred to as mortgage insurance premium, or simply MIP. The word private doesn’t apply, because the mortgage insurance is provided by the US government through the Federal Housing Administration. Mortgage insurance is collected in two ways. Much like conventional loans, there is a monthly premium added to your house payment. But there’s also an upfront mortgage insurance premium (UFMIP) that’s added to your loan balance, though it can be paid out of pocket at the time of loan closing. Credit considerations. There’s probably no bigger reason for the popularity of FHA mortgages than the fact that they are more relaxed with credit standards. For example, while conventional loans require a minimum credit score of 620, FHA loans will accept a score as low as 580. But they’ll go as low as 500 with a down payment of at least 10%. This is definitely a loan program to consider if you have fair or poor credit. Other features of FHA loans to be aware of include: Though the minimum down payment is 3.5%, FHA loans are commonly used in conjunction with down payment assistance programs that enable buyers to purchase homes with no down payment. While FHA is more accommodating to lower credit scores, the program should not be viewed as a subprime mortgage. You won’t be able to get a loan if you’re six months out of bankruptcy, or if you have a recent pattern of significant late payments. FHA loans are available for owner-occupied, primary residences only. They cannot be used to finance investment properties or second homes. Loans are available in both fixed-rate and ARMs. #ap90549-ww{padding-top:20px;position:relative;text-align:center;font-size:12px;font-family:Lato,Arial,sans-serif}#ap90549-ww #ap90549-ww-indicator{text-align:right}#ap90549-ww #ap90549-ww-indicator-wrapper{display:inline-flex;align-items:center;justify-content:flex-end}#ap90549-ww #ap90549-ww-indicator-wrapper:hover #ap90549-ww-text{display:block}#ap90549-ww #ap90549-ww-indicator-wrapper:hover #ap90549-ww-label{display:none}#ap90549-ww #ap90549-ww-text{margin:auto 3px auto auto}#ap90549-ww #ap90549-ww-label{margin-left:4px;margin-right:3px}#ap90549-ww #ap90549-ww-icon{margin:auto;padding:1px;display:inline-block;width:15px;height:15px;min-width:15px;min-height:15px;cursor:pointer}#ap90549-ww #ap90549-ww-icon img{vertical-align:middle;width:15px;height:15px;min-width:15px;min-height:15px}#ap90549-ww #ap90549-ww-text-bottom{margin:5px}#ap90549-ww #ap90549-ww-text{display:none}#ap90549-ww #ap90549-ww-icon img{text-indent:-9999px;color:transparent} Ads by Money. We may be compensated if you click this ad.Ad #ap90549-w-text{padding:20px 0 10px;margin:0 auto;text-align:center;font-family:”Lato”, Arial, Roboto, sans-serif}#ap90549-w-text #ap90549-w-text-title{color:#212529;font-size:20px;font-weight:700;line-height:30px}#ap90549-w-text #ap90549-w-text-subtitle{color:#9b9b9b;font-size:16px;font-style:italic;line-height:24px}#ap90549-w-text #ap90549-w-disclosure{color:#9b9b9b;margin-top:10px;font-size:12px}#ap90549-w-text #ap90549-w-text-btn{margin-top:25px;padding:9px 13px;display:inline-block;color:#fff;font-size:16px;line-height:20px;text-decoration:none;background-color:#1261c9;border-radius:2px}#ap90549-w-text #ap90549-w-text-btn:hover{color:#fff;background-color:#508fc9} Don't have the 20% down? No worries! With an FHA loan you can purchase your first home with a down payment as low as 3.5%. Click below to see if you qualify today! View Rates VA Loans VA loans have much more in common with FHA loans than they do with conventional loans. That’s because, much like FHA loans, VA loans have mortgage insurance provided by a government agency (the Veterans Administration). Mortgage insurance is charged as a one-time, upfront fee, with no monthly premium added to your house payment. The loans are provided by participating lenders, which can include banks, credit unions, and other mortgage lenders. They are available only to eligible veterans and current members of the US military. However, the big advantage of VA loans is that they provide 100% financing. That means an eligible veteran can purchase a home with no money down. And while the mortgage insurance

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[ad_1] Higher rates, slowing China, risks to Latam and Caribbean growth – IMF [ad_2] Source link

[ad_1] With an aim to recover investors’ money to the tune of Rs 56 crore, capital markets regulator Sebi has attached as many as 14 properties related to Greentouch Projects and its four directors in an illegal fundraising case. The properties being attached include land parcels, plots, office spaces and a flat located in West Bengal and Uttar Pradesh, according to a recovery notice issued on Monday. The recovery proceedings have been initiated against Greentouch Projects and its four directors — Shyam Sundar Dey, Snehasish Sarkar, Sujoy Sinha and Sumon Sarkar — for failure to repay Rs 56 crore collected by the company through non-convertible redeemable debentures to 20,549 individuals without complying with public issue norms specified under the Companies Act and Sebi’s ILDS (Issue and Listing of Debt Securities) rules. However, the company had claimed to have already repaid an amount of over Rs 12.24 crore to its investors. Since the shares were issued by the firm to more than 50 individuals, it qualified as a public issue that requires compulsory listing on a recognised stock exchange, among others. As per the notice, the regulator learnt that the company and its directors are in possession of 14 properties and felt that they may dispose the assets with a view to obstructing or delay the recovery proceedings, which needs to be prevented immediately by attaching these assets. Consequently, the regulator has attached these properties and prohibited the entities from disposing, transferring or alienating these assets. The regulator has prohibited entities concerned “from taking any benefit under such disposal, transfer, alienation or charge in respect of the properties… which stands attached in execution of recovery certificate”. Further, they have been directed to furnish complete details of all the moveable and immoveable properties held by them, and charges if any, in a prescribed format, along with original title deeds pertaining to the four properties within two weeks. As part of the recovery proceedings, Sebi, in October 2019, had attached the bank accounts of these entities. However, they failed to pay dues and did not even respond to the regulator’s demand notice. The regulator noted that funds available in the bank accounts and the securities available in the demat accounts of the defaulters were not sufficient to recover dues. In December 2015, Sebi had ordered Greentouch Projects and its four directors to refund the investors’ money it had illegally raised by issuing securities, along with interest. These entities were also barred from the securities market. [ad_2] Source link

[ad_1] A rising player in the world of crypto-mortgages and blockchain-enabled financing, LoanSnap, plans expand its reach in the market by opening its lending platform to licensed mortgage brokers across the country in the near future. Karl Jacob, CEO and co-founder of LoanSnap, said the cyrpto-mortgage system his company has developed can originate more than just loans that LoanSnap mints. In addition to crypto-mortgages, LoanSnap is a full-stack mortgage company that originates traditional mortgages as well. “Our system I think is good enough that it can do not just the loans that we originate, but [loans originated by] other people,” Jacob said. “It’s an open platform. As long as the loans pass the Fannie Mae and Freddie Mac test, which is one of the requirements, we would certainly look at those loans. So, it’s not just our loans supplying into this ecosystem … it could be any originator.” Jacob added that LoanSnap, which currently employs about 40 people, has “literally just started” creating a broker network and is planning a formal announcement of the effort soon. “You’re probably one of the first person in the industry that I’m talking to about it,” he added. “…It’s all been organic so far, [so] it’s nascent today, but I expect it to grow quite quickly.” LoanSnap is a mortgage company that employs artificial intelligence (AI) technology to originate loans more efficiently and faster. It offers a 15-day loan-closing window and to date has originated “billions of dollars” worth of traditional mortgages dubbed “smart loans” by the company, according to Jacob, who was one of the original strategic advisors to Facebook when it was in its startup phase. “We saved our customers more than $80 million last year,” he said. “We’re not huge, but we’re not small either.” In addition to originating traditional mortgage loans employing artificial intelligence (AI) technology to create efficiencies and to speed up the origination process, LoanSnap has launched an innovative crypto-mortgage program that relies on AI technology, cryptocurrency and linking a real-world mortgage lien to a digital NFT — a nonfungible token.  Essentially, through the so-called Bacon Protocol — a set of smart contracts and programming that exists on the Ethereum blockchain platform — investors can purchase stable coins, which are a form of “stable” cryptocurrency pegged to the value of the U.S. dollar. Those stable coin investments are then pooled to fund digital, AI-enabled mortgages, and the mortgage liens are then indelibly linked to an NFT, which in turn serves as a form of collateral for the stable coins funding the transaction.  “So, the process is basically [that] the money [from the mortgage payment] flows back to the people who participate in originating and servicing that loan,” Jacob said. “But the lion’s share of that money goes back to the stable coin holders — the people who lent the money to that borrower through the coin. As far as a borrower is concerned, they just have a home loan, and they make a payment just like they normally would from their bank account, or they also can make it from their crypto [currency] wallet.” Jacob is not alone in seeing the potential upside for crypto-mortgages and AI-enabled traditional loans. To date, LoanSnap has attracted about $53 million in venture capital investment.  The crypto-mortgages originated by LoanSnap so far are more akin to home-equity loans as opposed to home-purchase or rate-and-term refinance loans. The liens linked to NFTs represent a portion of a home’s value as a result.  To date, LoanSnap has originated about $7.3 million in crypto-loans across 27 homes that have a total value of $43 million. The annual percentage yield for holders of LoanSnap’s stable coin used to fund the mortgages, called bHome, as of this week was 3.434%. On the high end, one bHome-funded crypto-mortgage involves an $820,000 mortgage and lien on a California home valued at $20 million. Another transaction, on the low end, involves a $30,000 NFT-backed mortgage loan and lien for a home in Vancouver, Washington, valued at $432,000, according to the Bacon Coin website. “It’s significant,” Jacob said. “It’s getting to be a big project.” Jacob added that he was an advisor to Facebook “when it was six guys in a house in Palo Alto [California],” so he has some receipts in making winning bets on emerging markets. “A lot of people when we started the stable coin stuff thought, you know, we’re [crazy], it’s small, but that’s exactly what they told us at Facebook,” Jacob recalled. “I’ll never forget the moments when we were pitching it [Facebook] as an investment, and the most common feedback we got was, ‘You guys are screwed because MySpace has 100 million users, and you will never catch them.’” Facebook is now approaching 3 billion users worldwide. By one estimate, the global cryptocurrency market, although volatile, is valued today at around $1.8 trillion and is projected to exceed $32 trillion in value by 2027.  “When we’re talking about the crypto stuff, we don’t need [warehouse lenders] because warehouse lines are really a creation of the industry to solve a problem, which is that funders can’t fund fast enough. And we don’t have that problem with blockchain because it funds [loans] in minutes,” Jacob said. “I do think on the correspondent side and beyond, there’s definitely an opportunity, even for existing mortgage companies that are really good at the sales and marketing side, but maybe not so good at the back-end processing and all that. That’s what we built our system to do [for crypto and traditional mortgages].” LoanSnap is not alone in seeing future opportunity in the crypto-mortgage market. LauraMac is a software as a service, or SaaS, firm that provides due-diligence automation tools for the secondary market. Its technology is used by third-party due diligence firms that assess mortgage pools in securitization transactions in the private label market.  Bob Fulton, CEO of LauraMac, said he is seeing increased interest in including comprehensive loan information in secured blockchain-enabled mortgage transactions. “That would really be a value-add because the lien alone doesn’t tell you much, other than who