American music show – Steveazarlive http://steveazarlive.com/ Tue, 10 May 2022 11:50:39 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://steveazarlive.com/wp-content/uploads/2021/10/icon-120x120.png American music show – Steveazarlive http://steveazarlive.com/ 32 32 An old news clip with a misleading headline about banks canceling loans from voluntary defaulters is shared as recent https://steveazarlive.com/an-old-news-clip-with-a-misleading-headline-about-banks-canceling-loans-from-voluntary-defaulters-is-shared-as-recent/ Tue, 10 May 2022 11:50:39 +0000 https://steveazarlive.com/an-old-news-clip-with-a-misleading-headline-about-banks-canceling-loans-from-voluntary-defaulters-is-shared-as-recent/ A social media Publish accompanying a Hindi newspaper extract, the title of which loosely translates to “Banks waived loans amounting to 68,000 crore from 50 willful defaulters including fugitives Nirav and Mehul” is widely distributed as if the news clip was recent. Through this article, let us verify the facts alleged in the message. Claim: […]]]>

A social media Publish accompanying a Hindi newspaper extract, the title of which loosely translates to “Banks waived loans amounting to 68,000 crore from 50 willful defaulters including fugitives Nirav and Mehul” is widely distributed as if the news clip was recent. Through this article, let us verify the facts alleged in the message.

Claim: Recent News Clip – “Banks waived loans amounting to 68,000 crore from 50 willful defaulters including fugitives Nirav and Mehul”.

Fact: This is an old news clip, dating back to April 2020. A response from RTI revealed that banks had written off loans to the tune of Rs. 68,607 crores, and that these write-offs include loans taken by businesses owned by Nirav Modi, Mehul Choksi and Vijay Mallya. Even the viral news clip mentioned the same thing in the article, however, the clip had a misleading headline claiming these loans were canceled which is not true. In the event of a write-off, the banks simply eliminate these loans from the balance sheets, but the accounts continue on the bank books and the banks can recover these loans in the future. Therefore, the claim made in the message is MISLEADING.

This is an old news clip dating back to April 2020, in which a response from RTI revealed that Indian banks had written off Rs. 68,607 crores of debt from top 50 voluntary defaulters till September 30, 2019 .

In response to a petition filed by activist Saket Gokhale, RBI released the list of top 50 willful defaulters and the list includes companies owned by fugitive economic offenders Nirav Modi, Mehul Choksi and Vijay Mallya. Several news agencies reported the news at the time and the viral clip is also part of it (here & here). A congressional leader shared the copy of RTI’s response on Twitter, which can be viewed here.

However, it should be mentioned that the banks did not waive these loans but canceled them. According to RBI, the write-off only erases the bad debts from the bank balance sheets, but these bad debts continue to remain on the bank books and the banks try to recover these bad debts by other means. Canceling a bad loan is not the same as cancellation.

Even the viral news clip clearly mentioned that the loans were canceled, however, the clip had a misleading title saying that the loans had been canceled which led to the post going viral. The main differences between forgoing a loan and canceling it are mentioned below.

Cancellation vs Waiver:

Write off a loan is a general practice put in place by banks to clean up their balance sheets. In the event of a write-off, the lending banks clean the bad debts from their balance sheet, however, the loan account remains to continue with the lending bank as they may try to recover it later. Also, if collateral is attached to the loan, the lender confiscates it.

Whereas in the case of a loan waiver, the lender completely cancels the loan account and the borrower is released from his debt. If a guarantee is linked to the debt, it will be returned to the borrower. So the banks have just written off these bad debts and have not completely given up on them as the post claims.

85% of total defrauded funds seized/seized in case of Mallya, Modi & Choksi

In addition, the Directorate of Execution (DE) has recently said that Vijay Mallya, Nirav Modi and Mehul Choksi defrauded public sector banks resulting in a total loss of Rs. 22,585.83 Crores to the banks. The ED further said that assets worth Rs. 19,111.20 crores were seized under the provisions of the PMLA. Out of which assets worth Rs 15,113.91 crore were returned to public sector banks. In other words, 84.61% of the total funds defrauded in these cases were seized/seized and 66.91% of the total loss from the banks was returned to the banks/confiscated from the Government of India.

To sum up, an old news clip with a misleading title about banks canceling loans from voluntary defaulters is being shared as recent.

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Do not use land titles as collateral to access loans https://steveazarlive.com/do-not-use-land-titles-as-collateral-to-access-loans/ Tue, 03 May 2022 08:08:19 +0000 https://steveazarlive.com/do-not-use-land-titles-as-collateral-to-access-loans/ Jenista Mhagama, Minister of State for the Presidency (Public Service and Good Governance), made the call to the district’s Msisi ward when she visited neighborhoods where the government handed over 2,890 title deeds to residents as part of the business formalization program (MKURABITA) . The minister said handing over the title deeds was a sign […]]]>

Jenista Mhagama, Minister of State for the Presidency (Public Service and Good Governance), made the call to the district’s Msisi ward when she visited neighborhoods where the government handed over 2,890 title deeds to residents as part of the business formalization program (MKURABITA) .

The minister said handing over the title deeds was a sign that they were new investors, hence the need for residents to use the documents to empower themselves economically.

“I would like to hear that you used the title deeds to borrow money to develop your farms and not otherwise,” she said.

She said the government is committed to ensuring that agriculture is transformed. It will therefore use the title deeds to sensitize farmers to use their farms to grow short-term crops such as sesame and sunflower, all of which have local and foreign markets.

The Minister therefore called on farmers to put in place efforts to ensure that they document their farms with the authorities to ensure that they are guaranteed to have loans and get out of poverty.

The minister instructed MKURABITA officials to keep a record of issued title deeds to control the eruption of land disputes among residents.

Earlier, while welcoming the minister, Bahi District Commissioner Mwanahamis Mukunda said the district was lucky to be among those whose residents have been documented.

MKURABITA Chief Executive Dr Seraphia Mgembe praised the government for setting aside funds for the project which she said would benefit the residents.

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What is a CEMA loan? https://steveazarlive.com/what-is-a-cema-loan/ Thu, 28 Apr 2022 15:22:30 +0000 https://steveazarlive.com/what-is-a-cema-loan/ Is CEMA worth it? Now that you know what CEMA in New York is, it’s time to decide if this type of loan is right for you. Each type of loan has advantages and disadvantages. Here’s what you should consider before going ahead with a CEMA loan. Benefits of a CEMA loan Home ownership is […]]]>

Is CEMA worth it?

Now that you know what CEMA in New York is, it’s time to decide if this type of loan is right for you. Each type of loan has advantages and disadvantages. Here’s what you should consider before going ahead with a CEMA loan.

Benefits of a CEMA loan

Home ownership is expensive and owning real estate in New York State is very expensive. This is especially true in New York. So it makes sense that one of the most attractive benefits of a CEMA loan is the avoidance of the additional mortgage registration tax.

It is possible to save thousands of dollars upfront by choosing a CEMA loan over a traditional mortgage refinance. Plus, you can potentially take advantage of a lower interest rate and lower closing costs with a CEMA loan.

Disadvantages of a CEMA loan

Although a CEMA loan saves you money in many cases, it is not necessarily the fastest process. New York State, and any previous lender, must have special approval in order for mortgage and title transfers to be processed according to CEMA regulations, allowing you to pay taxes only on new money from the transaction rather than the principal balance. .

This means that CEMA refinances are going to require a little more patience than your typical refinance. Closing your loan can take 60 to 90 days. However, they will keep you informed throughout the process.

If for some reason you really need your loan closed quickly, you can consider other types of refinancing. Just be aware that you might pay additional taxes in exchange for that speed.

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Hi-Way targets 30-40% growth in auto title loans https://steveazarlive.com/hi-way-targets-30-40-growth-in-auto-title-loans/ Wed, 27 Apr 2022 21:00:00 +0000 https://steveazarlive.com/hi-way-targets-30-40-growth-in-auto-title-loans/ Tisco Financial Group’s microfinance arm, Hi-Way Co, has set an ambitious target for auto loan growth of 30-40% this year, driven by stronger demand for loans in line with the the country’s economic recovery. Hi-Way, which provides auto title loans under the Somwang Ngern Sang Dai brand, aims to increase loans in this category by […]]]>

Tisco Financial Group’s microfinance arm, Hi-Way Co, has set an ambitious target for auto loan growth of 30-40% this year, driven by stronger demand for loans in line with the the country’s economic recovery.

Hi-Way, which provides auto title loans under the Somwang Ngern Sang Dai brand, aims to increase loans in this category by around 30 to 40 percent this year.

The strong loan growth target for 2022 will be supported by the resumption of economic activities, which will encourage demand for loans, said the company’s managing director, Supachai Boonsiri.

The company had a total loan portfolio of 17.9 billion baht in 2021, down 0.7% year-on-year, mainly due to the impact of the Delta variant of Covid-19 in the middle of the pandemic, particularly in the third quarter of last year. . However, the situation has been improving since the fourth quarter of 2021.

Tisco informed the Stock Exchange of Thailand that Somwang had total outstanding loans in the first quarter of this year of 18.45 billion baht, up 3% year-on-year. Somwang’s loan portfolio represents 57.4% of Tisco Bank’s total outstanding auto loans. Meanwhile, Tisco Bank’s total car title loan portfolio in the first quarter of this year stood at 32.16 billion baht, a year-on-year increase of 1.5%.

Mr. Supachai said the company has mainly focused on helping customers who have suffered from the impact of the pandemic by launching several financial relief programs based on their capacity in terms of debt payment. These programs have improved the company’s non-performing loan (NPL) situation.

“We believe the Thai economy and our NPL ratio bottomed out in the third quarter of last year and both have recovered since the fourth quarter of last year,” he said.

The company classified its NPL ratio at 3% in the third quarter of 2021, but since then the ratio has been declining. Therefore, the company expects to contain the distressed debt ratio to less than 3% throughout 2022.

While setting an ambitious loan growth target for 2022 amid heightened competition in the automotive title lending market, the company plans to achieve this growth target through its expertise in this business area. At the same time, there is more room to grow the loan product against a backdrop of positive demand nationwide. The demand for auto title loans is stronger than the demand for loans to buy new cars, Supachai said.

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How online title loans can help you out of a financial crisis https://steveazarlive.com/how-online-title-loans-can-help-you-out-of-a-financial-crisis/ Sat, 23 Apr 2022 07:01:01 +0000 https://steveazarlive.com/how-online-title-loans-can-help-you-out-of-a-financial-crisis/ If you’re like most people, you’ve probably had to deal with a financial pinch at some point in your life. This can be a very difficult situation to get out of, but there are options available to you. One such option is an online title loan. In this blog post, we will explain how PaydayChampion […]]]>

If you’re like most people, you’ve probably had to deal with a financial pinch at some point in your life. This can be a very difficult situation to get out of, but there are options available to you.

One such option is an online title loan. In this blog post, we will explain how PaydayChampion Online Securities Lending work and how they can help you out of a financial crisis. Keep reading to find out more!

How to Get a Title Loan Online in Under 24 Hours

If you’re in dire financial straits and need cash fast, an online title loan might be a great option for you. Online title loans are a type of secured loan where you use your car as collateral to get the loan.

This means that if you fail to repay the loan, the lender can repossess your car. However, online title lending is different from traditional title lending in several ways.

First of all, online title loans are much easier to obtain. You can usually get approved for an online title loan in less than 24 hours, and you can even get the money deposited into your bank account the same day!

Another advantage of online title loans is that they generally have much lower interest rates than traditional title loans. This means you’ll save money in the long run by taking out a title loan online.

Finally, online title lending is much more convenient than traditional title lending. You can apply for a title loan online from the comfort of your own home, and you don’t even have to leave your house to get the money!

Compare and contrast online title lending with traditional lending

If you are considering taking out a loan, it is important to compare and contrast the different types of loans available to you. Online title loans and traditional loans are the two options you may be considering. Here is a comparison of the two:

  • Online title loans are much easier to obtain than traditional loans. You can usually get approved for an online title loan in less than 24 hours.
  • Online title loans generally have much lower interest rates than traditional loans. This means you’ll save money in the long run by taking out a title loan online.
  • Online title loans are much more convenient than traditional loans. You can apply for a title loan online from the comfort of your own home, and you don’t even have to leave your house to get the money!

As you can see, there are a few key differences between online title lending and traditional lending. If you’re in dire financial straits and need cash fast, an online title loan might be a great option for you!

How Online Title Loans Can Help You Get Approved Fast

One of the biggest benefits of online title loans is that they can help you get approved fast.

In most cases, you can get approved for an online title loan in less than 24 hours. This means you won’t have to wait days or weeks to get the money you need. Simply complete our online application and you could have the money deposited into your bank account in as little as 24 hours!

Another advantage of online title loans is that they generally have much lower interest rates than traditional loans. This means you’ll save money in the long run by taking out a title loan online.

How to Get a Title Loan Online Without Getting Scammed

When considering a title loan online, it’s important to do your research to make sure you’re getting the best deal possible. There are plenty of lenders out there who will try to take advantage of you if you’re not careful.

Here are some tips from PaydayChampion’s Mirek Saunders to help you avoid getting scammed when taking out a title loan online:

  • Do your research: There are many lenders that offer title loans online. You need to do your research to find the lender that offers the best rates and terms.
  • Read the fine print: Before accepting a loan, be sure to read and understand the terms and conditions. This way you will know exactly what you are getting into.
  • Beware of hidden fees: Some lenders will try to sneak in hidden fees. Be sure to find out about all fees before accepting a loan.

If you follow these tips, you can be sure you’ll get the best possible deal on your online title loan.

How to Use an Online Title Loan to Improve Your Credit Score

One of the best ways to use an online title loan is to improve your credit score. If you make your payments on time, every time, you will see a significant improvement in your credit score. This will help you in the future when you need to take out a loan for a major purchase.

Another way to use an online title loan to improve your credit score is to use it to consolidate your debt.

If you have multiple debts with high interest rates, you can consolidate them into one low interest loan. This will save you money in the long run and help you get out of debt faster.

Apply now:

To apply for a title loan online, simply complete an online application at https://www.paydaychampion.com/. It only takes a few minutes and you will get a decision in less than 24 hours!

So what are you waiting for? If you need cash fast, an online title loan might be the perfect solution for you.

Apply for a title loan online today! Don’t wait any longer, apply now!

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EEOC Sues Carolina Securities Lending/Community Lending America for Racial Harassment and Disability Discrimination | United States Equal Employment Opportunity Commission (EEOC) https://steveazarlive.com/eeoc-sues-carolina-securities-lending-community-lending-america-for-racial-harassment-and-disability-discrimination-united-states-equal-employment-opportunity-commission-eeoc/ Tue, 29 Mar 2022 07:00:00 +0000 https://steveazarlive.com/eeoc-sues-carolina-securities-lending-community-lending-america-for-racial-harassment-and-disability-discrimination-united-states-equal-employment-opportunity-commission-eeoc/ Employer refused to allow employee to return to work on crutches and fired her due to disability, federal agency says GREENVILLE, SC – Georgia-based Community Loans of America, Inc. and its subsidiary, Carolina Title Loans, Inc., violated federal law by subjecting an employee to a racist work environment, disregarding her disability and dismissing her. because […]]]>

Employer refused to allow employee to return to work on crutches and fired her due to disability, federal agency says

GREENVILLE, SC – Georgia-based Community Loans of America, Inc. and its subsidiary, Carolina Title Loans, Inc., violated federal law by subjecting an employee to a racist work environment, disregarding her disability and dismissing her. because of this disability, the US Equal Employment Opportunity Commission (EEOC) charged in a lawsuit filed today.

According to the EEOC complaint, from approximately August 2019 to September 2019, the employer’s branch operations manager in Greenville, South Carolina, subjected Shaneka Jenkins to serious and pervasive unwanted comments based on the Jenkins race, African American. Specifically, the branch manager made derogatory comments about black customers in Jenkins’ presence. She regularly used the n—-r word and said things like she “hated working with n—-rs” and “they never pay their bills”. Jenkins reported the racist comments directly to two different managers, but no action was taken to end the harassment. Jenkins also attempted to report the hostile working conditions via the employer’s employee hotline, but the company did not return his calls.

Additionally, according to the EEOC’s complaint, the employer refused to allow Jenkins to return to work after unpaid leave for disability-related surgery because she had to return with crutches or a wheelchair. The company told Jenkins she couldn’t return until she had any restrictions. By refusing to consider reasonable accommodation or allow Jenkins to return to work on crutches or a wheelchair, the employer forced Jenkins to extend his unpaid leave. In the end, rather than accept Jenkins back to work, the company fired her.

Title VII of the Civil Rights Act of 1964 protects employees from discrimination and harassment in the workplace. The EEOC filed an action in the United States District Court for the District of South Carolina (Equal Employment Opportunity Commission v. Community Loans of America and Carolina Title Loans, Inc. Civil Action No.: 6:22-cv-01000- DCC-JDA) after first attempting to reach a pre-litigation settlement through its voluntary conciliation process. The EEOC seeks monetary relief for Jenkins, including compensatory and punitive damages. The EEOC is also seeking an injunction against the company to end any ongoing discrimination based on race or disability and to take steps to prevent such unlawful conduct in the future.

“Employers cannot tolerate a racially hostile work environment, even if the racial slurs are directed at a customer rather than another employee,” said Melinda C. Dugas, Charlotte District Attorney for the EEOC. “Furthermore, an employer cannot impose a 100% cure policy to prevent employees with disabilities from returning to work. An employer has an affirmative duty to engage in an interactive process with the employee with a disability to determine if the employee can return to work with reasonable accommodation.

EEOC District Manager Thomas Colclough said: “All employees deserve and should expect a workplace free from racial harassment and discrimination on the basis of disability. The EEOC will continue to vigorously pursue remedies that ensure racial harassment and discrimination based on disability are eradicated from the workplace.

For more information on racial and color discrimination, please visit https://www.eeoc.gov/racecolor-discrimination. For more information on harassment, please visit https://www.eeoc.gov/harassment.

The EEOC advances opportunity in the workplace by enforcing federal laws prohibiting discrimination in employment. The EEOC’s Charlotte District Office is responsible for enforcing federal employment discrimination laws in North Carolina, South Carolina, and Virginia.

More information is available at www.eeoc.gov.

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How many times can you use a VA loan? https://steveazarlive.com/how-many-times-can-you-use-a-va-loan/ Fri, 04 Feb 2022 20:46:09 +0000 https://steveazarlive.com/how-many-times-can-you-use-a-va-loan/ Understanding VA Loan Entitlement Your VA loan entitlement is the amount the VA is willing to pay your lender if you are unable to repay your loan. This is usually 25% of your loan amount. Your COE has an entitlement code, which shows your lender how you earned your entitlement. It will also show your […]]]>

Understanding VA Loan Entitlement

Your VA loan entitlement is the amount the VA is willing to pay your lender if you are unable to repay your loan. This is usually 25% of your loan amount.

Your COE has an entitlement code, which shows your lender how you earned your entitlement. It will also show your base amount of $36,000. The 25% rule means that if your base amount is $36,000, the VA will guarantee 25% of a loan up to $144,000. This does not mean that your loan amount must be $144,000 or less. It can be higher, and that just means that you will be using your bonus entitlement. (Your lender will have their own qualifications to meet in determining your loan amount! With a few exceptions below, the VA does not set its own loan limits.)

Bonus entitlement begins when your loan exceeds $144,000. If you fully qualify, the VA will cover 25% of your loan amount, even if it exceeds $144,000. If you have a reduced entitlement because you have already used some of it, the VA will guarantee up to 25% of your county’s conforming loan limit. The conforming loan limit is the maximum amount of a mortgage that Fannie Mae or Freddie Mac would guarantee if it were a conforming loan.

Use of your full rights

If you have full usage rights, great! This indicates that you are a first-time VA loan user or have fully repaid a previous VA loan. That means you have this total amount of $36,000. Because there is no limit to the number of times you can use your VA loan benefit, each time you repay a VA loan, that $36,000 is restored.

Use of a partial right

You can always use your partial or reduced entitlement to take out another VA loan. Your entitlement is reduced if you currently have a VA loan that you are still repaying, if you have paid off your loan in full but still own the home that you used a previous VA loan for and have not requested restoration of rights, or if you have defaulted on a previous VA loan. Your COE will indicate your reduced entitlement.

If you have partial entitlement, the VA will guarantee the lesser of the following:

  • 25% of loan amount
  • 25% of county-compliant loan limit less any used entitlement that has not been restored

Using a partial entitlement means that the VA will only guarantee your loan up to the conforming loan limit, minus the entitlement you are using in your current situation. You can always borrow more than you’re entitled to (again, depending on your lender’s qualifications), but you’ll likely have a down payment to make up the difference.

Calculation of your entitlement

Let’s see how to calculate your remaining VA entitlement:

  • Multiply your original loan amount by 0.25. This is equivalent to the entitlement you have already used. For example, let’s say your original loan amount was $300,000.
    Right you used: 300,000 x 0.25 = $75,000
  • Look at your county’s conforming loan limit. The maximum fee is 25% of the county-compliant loan limit. For most of the country, the limit in 2022 is $647,200. It is higher in high cost areas. Let’s say you live in a county where the limit is $647,200.
    Maximum eligibility: 647,200 x 0.25 = $161,800
  • Now, to calculate your remaining VA entitlement, you will take the maximum entitlement and subtract the entitlement you have already used. This will give you the amount the VA will guarantee on your new loan without you having to make a down payment.
    Your remaining entitlement: 161,800-75,000 = $86,800

Now that you have calculated your remaining entitlement, you can calculate the loan amount the VA will guarantee without down payment. You would multiply your remaining entitlement by 4, so with our example numbers, that would be 86,800 x 4 = $347,200. This is the maximum amount you can borrow without a down payment.

We know there’s a lot of math here, so you can always count on our mortgage experts to review your situation.

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Section 241(a) Supplementary Loans: The Strange Man of HUD Loan Programs https://steveazarlive.com/section-241a-supplementary-loans-the-strange-man-of-hud-loan-programs/ Fri, 28 Jan 2022 19:07:30 +0000 https://steveazarlive.com/section-241a-supplementary-loans-the-strange-man-of-hud-loan-programs/ Here’s a fun conversation starter for lenders, borrowers, and attorneys who regularly work with HUD-insured multifamily loans and healthcare facilities: If HUD had a list of ten commandments for getting a HUD-insured loan, what would be the number one commandment? Most professionals in the HUD-insured lending universe would probably place the requirement for “first lien” […]]]>

Here’s a fun conversation starter for lenders, borrowers, and attorneys who regularly work with HUD-insured multifamily loans and healthcare facilities: If HUD had a list of ten commandments for getting a HUD-insured loan, what would be the number one commandment?

Most professionals in the HUD-insured lending universe would probably place the requirement for “first lien” at or near the top of the Ten Commandments list. Simply put, you cannot close a HUD-insured loan unless you can demonstrate that the mortgage on that HUD-insured loan takes priority over any other liens on the property. Title insurance companies provide insurance to help us demonstrate first lien status and fulfill this commandment.

HUD requirements, however, aren’t always set in stone. A notable exception to the first lien requirement is the Supplemental Section 241(a) Loan, which stems from Section 241(a) of the National Housing Act. The 241(a) program is the odd one out among HUD loan programs because, unlike almost all other HUD-insured loans commonly offered, 241(a) loans are junior loans. To qualify as 241(a) (that is to sayadditional), there must be a senior loan, and that senior loan must be a loan guaranteed by HUD or held by HUD.

So why would a multifamily or qualified nursing home owner consider a 241(a) loan? Multi-Family Accelerated Processing (MAP) 2021 from HUD To guide states that a Section 241(a) loan is “intended to maintain the competitiveness of the project, extend its economic life, and finance the replacement of obsolete equipment.” A common way for an owner to make a project more competitive with a 241(a) loan is to expand the project’s footprint. For example, a qualified nursing home owner can use a 241(a) loan to add dedicated support units for Alzheimer’s disease or dementia. Similarly, a multifamily property owner can use an additional HUD-insured 241(a) loan to add an apartment building to an undeveloped building.

The underwriting considerations that go into a 241(a) loan are beyond the scope of this article. The discussion below offers an attorney’s perspective on some salient features of the 241(a) program and outlines some of the nuances of documentation, distinguishing between multifamily and healthcare 241(a) loans where applicable.

Initial and final closings

As mentioned above, supplemental Section 241(a) loans are typically used to finance physical improvements to an existing HUD-insured project. As a result, the 241(a) loan closing process is more akin to the 221(d)(4) program (HUD’s program for multifamily new construction and substantial rehabilitation (NC/SR)) than the 223 program. (f) (HUD Refinancing Program Loan Program), with an initial close for the first drawdown of loan proceeds and a final close for the final drawdown. The typical NC/SR suite (construction contract, construction loan contract, etc.) will apply.

Documentation in general

241(a) transactions require documentation that, while largely adhering to standard HUD templates, includes certain adjustments to reflect the loan’s subordinate status.

For multifamily 241(a) loans, HUD has not released a dedicated set of official documents under Section 241(a). However, the HUD closing attorney assigned to a 241(a) loan should be able to provide some sample 241(a) loan documents upon request. Document revisions required for the 241(a) program are not considered “substantial changes” under the MAP Guide and therefore are generally not subject to the multi-level agency review that would otherwise be required. .

Fortunately, HUD’s Office of Residential Care Facilities (ORCF) has released OMB-approved forms that apply specifically to health care facility supplemental loan transactions. These forms are available here.

Davis Bacon

Whether Davis-Bacon wages apply to physical labor funded by the 241(a) loan depends on the nature of the HUD-insured or HUD-owned senior loan. If the Senior Loan is a New Construction/Substantial Rehabilitation Loan, prevailing wage requirements will apply to the work financed by the Supplemental Loan. In contrast, if the senior loan is insured under 223(f), Davis-Bacon does not apply and salary provisions in effect in the closing documents may be waived in accordance with the MAP guide.

Cross faults – a one-way street

241(a) loan documents must contain cross-default clauses, so that a default on the Senior Loan triggers a default on the Supplemental Loan. Defaults on the Supplemental Loan, however, do not automatically create a Default on the Senior Loan, as the standard HUD loan documents used for first mortgages do not contain cross-default clauses.

mortgage term

With respect to multi-family transactions, the MAP Guide specifies that a Section 241(a) loan must coincide with the Senior Loan if there are 25 or more years remaining in the Senior Loan. If there are less than 25 years remaining in the senior loan, the additional loan can have a maximum duration of 40 years, but not more than 75% of the remaining economic life of the project.

In healthcare, ORCF Handbook 232 has the same general requirement that the junior loan coincides with the senior loan, but it does not offer exceptions to the general requirement based on the number of years remaining on the senior mortgage or the percentage of the remaining economic life of the facility. Instead, the ORCF dictates a minimum 241(a) mortgage term of 10 years (10 years) and allows junior mortgages to have terms longer than the remaining term of the senior loan only when “otherwise approved by HUD.”

Added improvements — Potential complications

When proceeds from the 241(a) loan are used to add improvements to the project, the borrower and lender must consider the impact of the addition on the senior loan. If the addition is within the limits of the legal description of the property contained in the senior loan documents, these documents may not require modification. Improvements should be covered by the broad definition of “mortgaged property” in senior loan documents and therefore form part of the security for that loan.

However, if the addition of the borrower involves the acquisition of property adjoining the parcel currently insured for the senior loan, the parties will need to amend the senior loan documents to include a revised legal description encompassing the original property and the new property. Additionally, when the Section 241(a) transaction proceeds to initial closing, the parties will be required to obtain an updated Senior Loan Title Policy reflecting the expanded legal description and ensuring that the Senior Mortgage remains a first lien on the entire property.

The senior lender may be different from the junior lender

The MAP guide contemplates transactions where the 241(a) lender and primary lender are not the same. To avoid the possibility of default under the first mortgage, the MAP Guide requires the first lender to provide written consent to the 241(a) transaction. It is perhaps unsurprising that this requirement applies even when the first lien lender and the second lien lender are the same.

Refinance a project with a 241(a) mortgage

Refinancing a project subject to a 241(a) mortgage may require special care to maintain the correct lien priority of mortgages. For example, if the owner wanted to pay off his existing senior loan with a 223(a)(7) loan while leaving his subordinated 241(a) loan in place, the parties would need to sign and record a subordination agreement to make the 241(a) lien subordinate to 223(a)(7) lien. HUD does not have a standardized form of subordination agreement for this scenario (multifamily and health care subordination agreement forms require repayment strictly from excess cash, while 241 loans (a ) require regular monthly payments). The parties should therefore work with HUD to create an acceptable alternative subordination document.

Conversely, if the homeowner wished to refinance his 241(a) mortgage with a 223(a)(7) loan without paying off his first mortgage, no changes to the documents for the first loan would be necessary, as these documents normally do not acknowledge the existence of the loan. a subordinated debt. However, if the owner later decides to repay his senior loan with a 223(a)(7) loan, the 241(a) loan documents would have to be amended to change all references to the senior loan, so that the senior loan is identified as the 223(a)(7) loan, not the loan being repaid.

Suffice it to say, it makes the life of the lender’s board much easier when senior and junior loans are repaid with a single 223(a)(7) loan or with two 223(a)(7) loans that close simultaneously.

Conclusion

HUD’s 241(a) program, in departing from the first lien requirement that applies to the rest of HUD’s programs, involves special legal and underwriting considerations that may make the closing of loans under the program more labor intensive than the typical loan insured by HUD. Lenders, borrowers, and the attorneys who represent them are well advised to develop at least a passing familiarity with 241(a), the odd man out among HUD’s lending programs that offers existing HUD projects a unique way to boost marketing.

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Online loans via Ipass launch loan consolidation service https://steveazarlive.com/online-loans-via-ipass-launch-loan-consolidation-service/ Mon, 10 Jan 2022 23:47:19 +0000 https://steveazarlive.com/online-loans-via-ipass-launch-loan-consolidation-service/ Ipass Loans is a website dedicated to reducing the time and frustration of getting a short term loan, even if the borrower has bad credit references. The website contains links to a range of lenders who work with borrowers who may have difficulty securing a traditional loan. Ipass Loans is pleased to announce that its […]]]>

Ipass Loans is a website dedicated to reducing the time and frustration of getting a short term loan, even if the borrower has bad credit references. The website contains links to a range of lenders who work with borrowers who may have difficulty securing a traditional loan.

Ipass Loans is pleased to announce that its updated website contains information on several types of short term loans. The website provides all types of online loans with minimal application time and rapid financing of the loan application. Depending on the time of day, there is even funding available on the same day. People who have been denied credit by traditional lenders will find Ipass’s services easy and convenient to use. Short-term loans include personal loans, payday loans, auto title loans, installment loans, cash advances, and loans for medical emergencies or other types of money-related emergencies.

No matter how carefully a person budgets their income and expenses, urgent cash flow needs can arise. Examples include auto repairs, medical emergencies, and the like. Ipass helps match the specific needs of the borrower with the lender who can best meet those needs. The site brings together loans for people with poor credit and other short-term cash borrowing needs.

The loan amount depends on the type and particular circumstances of the borrower. As little as $ 100 or up to $ 5,000 are available from various lenders. There are types of loans that don’t require collateral or co-signers, and many loans don’t go through credit checks, making them especially attractive to people with disputed credit histories.

More information about the company is available at https://ipass.net/

An Ipass loan is convenient for several reasons. It is done entirely online. There is no need to take time off work or school. There is no need to leave home or office. Approval is quick, often within minutes. The customer service team is courteous and knowledgeable, able to answer questions accurately. The site contains all the information necessary to understand and apply for the type of loan best suited to the borrower’s needs.

About the Site:

Ipass Loans offers payday loans and other types of loans to borrowers with credit problems. Because the application is submitted online, the whole process can be simplified and shortened. Lenders mainly work with these borrowers so the application process is simplified.

Media contact
Company Name: Ipass loans
Contact: Orville L. Bennett
E-mail: Send an email
Call: (+1) 369-258-147
Address:2711 N Haskell Ave # 1800
City: Dallas
State: TX 75204
Country: United States
Website: https://ipass.net/

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Doma Customer AdvantageFirst closes loans up to 30 days faster by leveraging Doma’s instant title commitments https://steveazarlive.com/doma-customer-advantagefirst-closes-loans-up-to-30-days-faster-by-leveraging-domas-instant-title-commitments/ Wed, 05 Jan 2022 14:10:00 +0000 https://steveazarlive.com/doma-customer-advantagefirst-closes-loans-up-to-30-days-faster-by-leveraging-domas-instant-title-commitments/ SAN FRANCISCO–(BUSINESS WIRE)–Doma Holdings, Inc. (NYSE:DOMA), a leading force in disruptive change in the real estate industry, today announced that its technology-driven securities solutions, powered by the Doma platform Intelligence, helps drive growth and significant business results for AdvantageFirst, a company renowned for its commitment to improving the customer experience in all aspects of its […]]]>

SAN FRANCISCO–(BUSINESS WIRE)–Doma Holdings, Inc. (NYSE:DOMA), a leading force in disruptive change in the real estate industry, today announced that its technology-driven securities solutions, powered by the Doma platform Intelligence, helps drive growth and significant business results for AdvantageFirst, a company renowned for its commitment to improving the customer experience in all aspects of its business.

Prior to working with Doma, AdvantageFirst experienced long wait times from title providers, which resulted in increased costs and reduced loan processing capacity. Since it began using Doma’s technology to instantly process refinance title orders, AdvantageFirst’s processing times, which once took up to 10 days, have been dramatically accelerated. In fact, 77% of those orders processed by AdvantageFirst in most states receive a title decision in less than a minute.

“Doma’s communication is day and night compared to what we’ve been used to,” said Jeff Ravenstine, executive vice president of operations at AdvantageFirst. “Between rapid response times and the deployment of instant title technology, we are now finishing up to 30 days faster. We are excited to continue to work and grow our partnership with Doma to further streamline our operations as we expand our East Coast offerings.

With Doma’s technology and dedicated concierge service, AdvantageFirst borrowers can rest assured that their transactions will be completed accurately and quickly, with direct savings of up to $600 per refinance transaction.

“It’s impressive to see firsthand the efficiencies that AdvantageFirst has been able to achieve by implementing Doma’s technology thus far,” said Max Simkoff, CEO of Doma. “We are proud to work with a company that is committed to providing its customers with an instant digital fence experience and we look forward to helping AdvantageFirst continue to exceed customer expectations.”

About Doma

Doma designs the future of real estate transactions. The company uses artificial intelligence and its proprietary technology solutions to transform residential real estate, making closings instant and affordable. Doma and its family of brands – States Title, North American Title Company (NATC) and North American Title Insurance Company (NATIC) – provide solutions for current and prospective owners, lenders, title agents and real estate professionals that dramatically simplify closures and efficiently, reducing costs and increasing customer satisfaction. Doma’s clients include some of the largest bank and non-bank lenders in the United States. To find out more visit doma.com.

About AdvantageFirst

At AdvantageFirst, our team is dedicated to providing our clients with the highest quality financial services possible. We believe that customer education is paramount to a smooth transaction. Customers trust us that we will deliver the rates, costs and products we promised in the time they expect. We hold this promise in the highest regard and are determined to keep it. For more information, visit advantage1st.com.

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