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[ad_1] S.Africa building giant WBHO quits Australia, blames 'hardline' COVID response [ad_2] Source link

[ad_1] Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity market benchmarks BSE Sensex and Nifty 50 were staring at a gap down opening on Thursday, a day of monthly F&O expiry. Nifty futures were trading 242.50 points or 1.42 per cent down at 16820.50 on Singaporean Exchange in early trade. In the previous session, headline indices extended losses to the sixth consecutive session. Sensex closed 68 points or 0.12% lower at 57,232 while NSE Nifty 50 ended 29 points or 0.17% lower at 17,063. Asian stock markets were trading with cuts as investors continued monitoring the intensifying crisis surrounding Ukraine. Japan’s Nikkei fell 0.7 per cent, China’s Shanghai Composite was down 0.25 per cet, and the S&P/ASX 200 in Australia lost 2.5 per cent. Wall Street’s major indexes ended sharply lower on Wednesday, extending their recent rout as Ukraine declared a state of emergency and the U.S. State Department said a Russian invasion of Ukraine remains potentially imminent. The Dow Jones Industrial Average fell 464.85 points, the S&P 500 lost 79.26 points, and the Nasdaq Composite dropped 344.03 points. India Ratings has revised downwards its GDP growth forecast for 2021-22 to 8.6 per cent from the consensus 9.2 per cent projected earlier. The National Statistical Organisation (NSO), which has forecast 9.2 per cent real GDP growth for the year, will release the second advance estimate of national income on Monday. [ad_2] Source link

[ad_1] Offerpad CEO Brian Bair Get out the streamers and kazoos and start preparing the hors d’oeuvres – an iBuying company has reported a year’s worth of profitability. Offerpad Solutions generated $6.5 million for the year 2021, company CEO, chairman and founder Brian Bair reported on an earnings call Thursday, a turnaround from the Chandler, Arizona-based company losing $23.1 million in 2020. Offerpad also posted $2.1 billion in 2021 revenue, almost doubling its $1.1 billion revenue haul. This gross revenue sum includes fees Offerpad charges consumers, plus money from home sales. The seven-year-old business went public in September, through a special purpose acquisition company helmed by former Zillow CEO Spencer Rascoff. Unclear is whether Offerpad can remain in the black. Bair and Mike Burnett, the company’s chief financial officer, acknowledged on the call the favorable role for their bottom line played by home price appreciation. “Nobody is expecting this level of home price appreciation to continue,” Burnett said. Also, Offerpad only issued financial guidance for the first quarter of 2022 for which the company hopes to manufacture over $1 billion in revenue. Still, Offerpad’s financials are a far cry from its short list of iBuying competitors. Opendoor bled $421 million in the first nine months of 2021 (Opendoor’s earnings call is Thursday). Zillow lost so much they are shutting iBuying down. And Redfin’s iBuying program is the main culprit for the company’s $110 million 2021 loss. As for what Offerpad is doing better, Bair pointed to the company’s relatively small operating expenses of $188 million. “We will continue to demonstrate strong cost discipline,” the CEO said. Also, Offerpad is not taking the risks other instant home buyers have when it comes to price. The company sold 6,373 homes in 2021 for an average price of $324,000. That’s less than the median U.S. home price of $361,000, according to National Association of Realtors numbers. Offerpad’s business is mostly based in Sunbelt markets. The company plans to expand into 29 markets, but analysts on the call questioned if consumers have heard of Offerpad in environs like Kansas City, Missouri and San Bernardino, California. “Our brand awareness is market specific,” Bair said. “It’s strong in Phoenix, Charlotte and Atlanta. Brand awareness in newer markets is not what it needs to be.” Analysts also pressed whether Offerpad can expand its “buy box” – that is the price range for which they feel comfortable to buy a home, and then resell it in around 90 days. In answering these questions, Bair and Burnett focused less on price forecasting tools and more on the company’s ability to remodel homes. Bair also was non-committal about how Zillow dipping out of iBuying may help his business. “It’s a little bit early to tell,” the company CEO said. “We are seeing more and more people come to us. I’m sure there’s some impact of Zillow exiting the market.” The post What are you wearing to the Offerpad profitability party? appeared first on HousingWire. [ad_2] Source link

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[ad_1] Meta's Zuckerberg unveils AI projects aimed at building metaverse future [ad_2] Source link

[ad_1] By Salman SH The already sordid BharatPe saga took a turn for the worse on Wednesday, as the company’s board sacked Madhuri Jain, controller, for allegedly swindling company funds for personal use. Jain was quick to retaliate by charging co-founder Bhavik Koladia and chief executive officer Suhail Sameer with misbehaviour and “treating women like objects” in a series of tweets. Her husband, and BhartatPe co-founder Ashneer Grover, meanwhile, accused Rajnish Kumar, chairman of BharatPe, of bias – a charge the latter dismissed. Grover also accused Koladia of being abusive on a telephone call and said the latter had asked to meet him at a certain location. He claimed that Kumar was also with Koladia when he received the call. In the letter, Grover stated that the involvement of Kumar in the ‘episode’ has confirmed his apprehensions that “the entire façade of the alleged governance review is riddled with premeditation, bias and prejudice”. Later, Jain tweeted what she said was an audio recording of the conversation between the two. “What was he doing at Rajnish’s house? What strategy/ conspiracy were they discussing? Why did he threaten Ashneer on being asked agenda and abuse?” In her tweets, Jain also charged Sameer and Koladiya with indulging in “drunken orgies”. In his response, Kumar said Grover should have shown more maturity and alleged the latter’s strategy is to make a case that the governance review is biased against him. “I agree that Ashneer should have shown maturity…The whole strategy of Ashneer is to make out a case that the governance review is biased against him. He is creating documentation for that, nothing else,” Kumar told Moneycontrol. A spokesperson for BharatPe confirmed that Jain was terminated from the company on Wednesday. She is alleged to have used company funds for personal beauty treatments, buying electronic items and family trips to the US and Dubai, sources with direct knowledge of the matter said. “As per your query, we can confirm that the services of Madhuri Jain Grover have been terminated in accordance with the terms of her employment agreement,” the spokesperson said. Sources close to the company said Madhuri’s entire ESOP holding has been held back by the board. She did not own any other class of equity shares. The sacking comes just a few weeks after an initial investigation completed by Alvarez and Marsal and PwC, which indicted Grover and his wife Madhuri Jain of committing financial fraud. The BharatPe board had appointed Alvarez and PwC in late January to conduct a management review and inspect the company books to examine allegations of governance lapses under Grover. A preliminary report prepared after the review said that there were two instances of financial transactions made using invoices that were made to “non-existent vendors”. The report by Alvarez and PwC, published on January 24, stated that BharatPe usually pays “recruitment fees” to consultants for employees hired through them. However, there were irregularities in three recruits made by BharatPe where invoices were made to “non-existent” consultants. Though the three employees confirmed their date of joining, they denied going through a consultant route for hiring. Hence, the three invoices made at that time seemed fraudulent in nature since they didn’t name any vendors as well, the review committee report added. It also mentioned that Jain, who was the controls head at the time, had allegedly pocketed the three receipts herself. The invoices were allegedly created by Shwetank Jain, Jain’s brother, the report added. [ad_2] Source link

[ad_1] HousingWire recently spoke with Amanda Phillips, ACES Quality Management’s EVP of Compliance, about the current compliance landscape with CFPB updates and how lenders can ensure they’re compliant with fair lending and fair servicing.   HousingWire: How does Fair Lending affect mortgage servicing? Amanda Phillips: The Consumer Financial Protection Bureau (CFPB) has repeatedly signaled throughout the past year via blogs, press releases, reports, its Fall 2021 Supervisory Highlights, and requests for information its view that fair lending and fair servicing are, in essence, one and the same. The CFPB has cited specific servicing concerns, including violations of the CARES Act. An example of a CARES Act violation cited is charging borrowers, who are in forbearance, fees for nonpayment. The CFPB has also taken a heightened interest in “junk fees,” stating, among other things, in a press release announcing a request for information that, “[the] CFPB is concerned about fees that far exceed the marginal cost of the service they purport to cover.” As economic factors continue to affect borrowers and the risk of delinquency rises, mortgage servicers need to be proactive in helping borrowers navigate their situation and loss mitigation options. Additional examples of mortgage servicing areas the CFPB highlighted in its Fall 2021 Supervisory Highlights: Continuing electronic fund deductions after the borrower has provided notice and updated payment information Inaccurate descriptions of payment and transaction information in borrowers’ online mortgage loan accounts Violating Regulation X, failing to meet loss mitigation timelines Violating Regulation Z, applying payments in excess to the borrowers’ escrow accounts rather than handling them in accordance with title 12 Code of Federal Regulation requirements Violating the Homeowners Protection Act, failing to terminate PMI on the date the mortgage principle reaches 78% loan-to-value on a mortgage loan that is current HW: Where do you see technology helping lenders with the current servicing regulatory environment? AP: Throughout 2021, government agencies have continuously shared their expectations and areas of focus. The Biden administration has repeatedly stated a “whole government approach to equity” is its priority; advancing equity, equal opportunity and racial justice are at the forefront of this administration’s objectives. Consistent with these priorities, the CFPB has emphasized fair lending, fair servicing and protection for consumers exiting forbearance as the ripple effects of the pandemic continue. Moving forward, these policies are only going to grow in importance. Lenders can utilize technology to review their compliance, quality control and quality assurance with a fair lending and fair servicing lens. This is where a robust auditing technology can really shine. Lenders can leverage technology to begin self-auditing, self-identifying and self-remediating any deficiencies in their findings. Lenders that are being proactive in reviewing and testing their compliance and servicing procedures, particularly through a lens of fair lending and fair servicing, will be well prepared when the CFPB, or another prudential regulator, is on their doorstep. The CFPB and other regulators want to see lenders acting proactively when it comes to equity and nondiscrimination. Internal audit technology can also help with alerts, updates and questionnaires to ensure lenders have their finger on the pulse of day-to-day changes. HW: How can ACES help lenders maintain loan integrity and fair lending? AP: We take a proactive approach to identifying areas of concern for lenders and changing compliance requirements. We always have our eyes open for happenings in the QC and QA realm. Maintaining loan integrity and fair lending requirements begins with self-evaluation and audits. ACES is a surefire way lenders can self-diagnose, self-correct and document remediation before it’s too late. ACES’ customizable nature provides lenders the flexibility to build QC and QA frameworks that align with their business practices and structure. The platform can be used across financial institutions in a multitude of ways: ACES Sampling replaces manual input with automated criteria-based sampling; ACES Review increases loan review speed while reducing defects through managed questionnaires and customizable question sets; ACES Reporting leverages standard and customized templets to produce executive level reports in minutes. ACES’ customizable nature and features make it a key tool in identifying problem areas and remediating them. The ACES platform provides lenders with the flexibility to review their current quality control process and comb through findings with a fair lending and fair servicing lens. Not only can lenders ensure compliance with basic regulatory requirements, but they can also ensure they are meeting expectations for equity and fairness. ACES reporting is robust and flexible, giving lenders the ability to pinpoint where a defect began and remediate. Last year ACES added and revised over 8,000 audit questions in its ACES Managed Questionnaires, published 2,067 articles and 504 calendar items to its free Compliance NewsHub, and reviewed and interpreted 206 Agency/GSE publications on behalf of users. Most recently, ACES has launched ACES ENGAGE, a two-day conference for quality management professionals to discuss industry trends and best practices, taking place May 23 – 25 in Colorado Springs.     HW: From a loan quality and risk management perspective, what areas should lenders be watching closely in 2022?  AP: In 2022, self-assessment and remediation will be key. The CFPB has been extremely upfront about its priorities this year, and now it’s game time. Lenders should thoroughly review and update their operational and compliance procedures, quality control framework and audit self-assessment. Lenders should double-check their compliance with loss mitigation timelines, limited English proficiency communication, fees charged and PMI termination compliance – in short, lenders must ensure they are addressing the key topics about which the CFPB has repeatedly spoken. In addition to the review of operational policies and procedures themselves, their content should be built into audit questionnaires and tested by the internal audit team. As always, document everything, but especially internal audit findings and remediation plans. Regulators want to see mature self-assessment and remediation practices. The industry is always changing, and the rulebook is always growing. For financial institutions to survive, quality control and quality management are non-negotiable. The CFPB has been clear it will not tolerate unpreparedness. As we enter a primary purchase market and margins

[ad_1] The post A Beginner’s Guide to Real Estate Syndication appeared first on Millennial Money. There’s going to come a point in your commercial real estate journey when you find a property that you simply can’t afford.  It may be an office building located in the heart of town, a prime spot for a restaurant or retail store, or a rental property that’s all but guaranteed to produce a healthy return.  As a real estate investor, there’s nothing worse than the feeling of being unable to afford something. But fortunately, there’s a strategy that can potentially help you land a dream property even when you’re short on cash and can’t afford the purchase price on your own.  It’s called real estate syndication, and it’s one of the most powerful strategies that you can use when hunting properties.  This post provides a rundown of what real estate syndications are, why they’re useful, and how to get started.  First up: What are real estate syndications? Real estate syndication is the process of joining forces with other real estate investors to purchase properties. This real estate syndicate strategy can be used for a variety of commercial real estate properties — like multi-family homes, apartment complexes or apartment buildings, office buildings, industrial centers, infrastructure, and retail spaces, to name just a few examples.  There are a few ways of using real estate syndications.  Direct ownership  Direct ownership involves becoming a part-owner of a property, by splitting funds with a group of investors or at least one general partner. This strategy is called a real estate limited partnership (RELP). Most of the time, a RELP is set up as a limited liability company (LLC).  Suffice it to say that this is not an avenue a passive investor will want to pursue. Through direct ownership, you assume ownership of the property along with limited partners and share profits, costs, and management responsibilities with the group of investors.  Direct ownership can be very lucrative. However, it’s also highly resource-intensive, requiring significant capital expenditure, time, and management.  Real estate investors have to come up with down payment and closing costs, property management expenses, utilities, and marketing fees, to name just a few examples. What’s more, direct ownership can be risky, especially when it involves large sums of money. There is the risk that the investment may not pan out as intended or that the other investors may be difficult to work with.  Beyond that, the investment property could simply lose value via depreciation, resulting in a capital loss. These are risks that you need to account for before entering into any type of real estate deal.  Indirect ownership The other real estate syndication option is to invest indirectly by joining forces with a large pool of investors. This can be accomplished by purchasing real estate investment trusts (REITs) or by using a strategy called crowdfunding. Investing through REITs REITs are companies that own and sometimes operate real estate projects. REITs can get bought and sold directly throughout the trading day just like stocks using brokerage firms like Schwab and TD Ameritrade.  REITs are typically low-risk investments because the money gets spread out over a large pool of properties instead of getting concentrated into one area. So, if something happens to one of the properties in a REIT’s portfolio, the overall investment probably won’t be impacted all that much. There are many types of REITs across different industries like healthcare, telecommunications, residential properties, and office buildings, among other things. Investing through crowdfunding Another way to invest indirectly in real estate is to use crowdfunding platforms like CrowdStreet and Fundrise. In this case, companies raise money for real estate projects by pulling funds from large groups of investors. Firms pool money and use the capital to buy exclusive, high-end properties that would be otherwise too expensive or difficult to obtain. Crowdfunding companies may also sell REITs, providing additional investing opportunities.  This strategy can help if you need to secure financing for real estate but don’t want to ask friends, family members, or private lenders for money. In other words, it’s a low-barrier entry into real estate. The main downside to real estate crowdfunding is that companies can charge heavy fees and you won’t have direct control over operational decisions. Direct vs. indirect syndication: Which is the better option? As a real estate investor, you have the option to engage in both direct and indirect real estate syndication at the same time. This strategy can help diversify your investments, reducing risk while maximizing revenue. Of course, you can also choose to exclusively invest in one option.   As an investor, you have a unique financial situation and needs and so only you can decide which investment opportunity is best. With all this in mind, here are some things to keep in mind when deciding whether to go the direct or indirect route.  Risk tolerance  It’s a good idea to look at your overall financial situation and determine your real estate risk tolerance. Just as the name suggests, real estate risk tolerance is all about figuring out how much risk you can put into a real estate investment. This all depends on your cash flow, your financial stability, your overall debt, and your age.  Figuring out your risk tolerance can be tricky. For example, young investors typically have a much higher risk tolerance than older investors simply because they have more time to absorb a bad investment. At the same time, going too hard into a real estate investment and biting off more than you can chew can potentially send you into debt and create a financial mess. So, in some cases, older real estate investors with deeper pockets on more diverse portfolios may have a higher risk tolerance with commercial real estate syndication. Net worth  It’s also a good idea to take a look at your overall financial situation, including liquidity, investments, and credit. Direct investing is for people who have enough cash to fund a direct project, assets they can

[ad_1] Random: Elden Ring Just Dethroned Mario Odyssey At The Top Of OpenCritic’s ‘Best Game’ List  Nintendo LifeView Full Coverage on Google News [ad_2]

[ad_1] This is a great deal on this Portable Mini Projector! Wow! Amazon has this Portable Wireless Mini Video Projector with Tripod for just $59.99 shipped when you clip the 20% off e-coupon and use coupon code GMSOPP42 at checkout. This is regularly $100 and gets fantastic 5-star reviews — perfect for outdoor movie nights as it starts to get warmer! This projector connects to your smart phone, Fire TV Stick, HDMI cable, PS4, and more to watch all your favorite movies, tv shows, sports, or even play video games! You can cast from your device up to a surface area of 200″! Plus, it features high quality built-in speakers, a 6-layer LCD glass lens, and comes with a tripod! Note: this does not come with a projector screen, so you’ll need to buy that separately or get creative and use something like a sheet! Sign up for a free trial of Amazon Prime to get free two-day shipping (and possibly one-day or same-day shipping!) with no minimum. If you’re not sure Prime is worth it, read this post for some helpful info to help you decide! And don’t forget you can sign up for Swagbucks to earn free gift cards to use on Amazon deals! Thanks, Hip2Save! [ad_2] Source link