Brookstone Law PC: Massachusetts Lawsuit Against Lenders Has Huge Potential

December 28th, 2011 by Bank Loan | No Comments | Filed in Bank

Newport Beach, CA (PRWEB) December 06, 2011

Progress on legal challenges against the nation’s five biggest mortgage lenders are facing a major legal challenge in Massachusetts is a positive sign for relief-seeking homeowners foreclosed on in Massachusetts during the housing crisis according to Vito Torchia, Jr., managing attorney of Brookstone Law.

According to media coverage, in the first such lawsuit filed by a state, Massachusetts Atty. Gen. Martha Coakley claims that Bank of America Corp., Wells Fargo & Co., JPMorgan Chase & Co., Citigroup Inc. and GMAC Mortgage used fraudulent documentation in the foreclosure processes, took back homes without showing they owned the actual mortgages, and failed to uphold loan modification promises to borrowers in the state.

We applaud the Massachusetts attorney general for finally coming to the aid of foreclosure victims and holding banks accountable for their systematic mismanagement, lack of due diligence and ongoing record of foreclosures without following the rule of law,” said Vito Torchia, Jr.

According to media coverage, the Massachusetts action represents a new challenge against the mortgage industry by increasing pressure on banks to strike a deal with a coalition of Attorneys General seeking relief for consumers allegedly wronged by faulty mortgage servicing practices. The suit could also serve as a blueprint for other individual states to file actions.

This case could have significant repercussions throughout the nation and especially in California, where our Attorney General has just begun to focus on the harm banks have done to homeowners in our state, said Vito Torchia, Jr.

According to media coverage, negotiations for a deal of up to $ 25 billion between the banks, attorneys general and federal agencies was expected to have been reached by now but talks have dragged on for more than a year.

“This is a vitally important legal development that will likely give State Attorneys General who want to go after the banks a blue-print of how to do it,” said Vito Torchia, Jr. “But without proper and expert legal counsel, homeowners will likely not be able to achieve the leverage in their negotiations they need to hold the banks accountable for their unlawful conduct.

In addition to criticism from consumer groups and homeowners nationwide, media coverage includes reports that New York, Delaware, Nevada, Massachusetts, Kentucky and Minnesota all signaled that they were unhappy with the direction of the talks with the banks, following concerns that the banks were being let off too easily.

While many homeowners are being unfairly foreclosed upon, the banks are negotiating a settlement that favors them and hurts consumers, and they cant even do that right. This is an appalling situation that ignores consumers throughout California and the nation who need help now, said Vito Torchia,Jr. Now more than ever is the time for homeowners to have effective legal counsel to take advantage of these developments and at the same time protect homeowners rights.

According to media coverage, California Atty. Gen. Kamala Harris formally walked away from the negotiations after meeting with bank representatives in Washington, concluding that what they were offering was not good enough for residents of the state. Since then, proposals to try to entice her back to the table have been floated, as California is seen as key to forging a strong settlement. Harris has subpoenaed information from Fannie Mae and Freddie Mac as part of an inquiry into lending and foreclosure practices in the state. Her office recently subpoenaed Bank of America and its mortgage arm Countrywide Financial, along with Citi, seeking information on their practices selling mortgaged-backed securities in California.

“Instead of the controversial solution being developed by the banks and the federal government, this lawsuit and the development of actions by so many State Attorneys Generals show that a 50-state settlement is not preferable to the states and most certainly not to consumers, said Vito Torchia, Jr. After the harm they have caused, and continue to cause, banks do not deserve to have these issues solved through a massive and unfair federally-mandated settlement.”

ABOUT BROOKSTONE LAW, PC

Headquartered in Newport Beach, Calif., and with offices in Los Angeles, Calif., and Ft. Lauderdale, Fla., Brookstone Law, PC is a law firm comprised of attorneys with experience and success in business, corporate and personal finance, employment, entertainment and media, art and museum, intellectual property and real estate law. The firm has a network of more than 40 affiliate attorneys nationwide and employs highly trained specialists, paralegals, paraprofessionals and administrative staff dedicated to serving clients. For information, call (800) 946-8655 or visit Brookstone Law.com(http://www.brookstonelaw.com).

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Backoffice Outsourcer Provides Lenders with BPO Solutions to Support their Underbanked or ?Underserved? Customer Relationships

November 22nd, 2011 by Bank Loan | No Comments | Filed in Loans

(PRWEB) November 16, 2011

Clerical-based Business Process Outsourcer MetaSource announced today the launch of its Verification and Customer Assurance Program for Financial Services Solutions Providers in the Underbanked marketplace. The MetaSource suite of services was developed in response to the challenges many of these companies experience fulfilling the opportunity and service needs surrounding the nation?s Underbanked or ?Underserved? customer.

?The inability to rapidly or satisfactorily address a personal loan or service requirement can cost a financial service provider significantly in either lost repeat relationships, revenue or repayment through default,? says Doug Giovanni, Vice President of Sales and Marketing. ?MetaSource developed this program so that solutions providers across the country would have a service option combining fully integrated and industry experienced backoffice capabilities with flexible pricing and minimal startup costs.?

MetaSource?s Verification and Assurance Program provides companies the ability to rapidly deploy highly customizable in/outbound service programs staffed by well trained agents and accounts managers. Company operations are SAS 70 II and PCI I certified and have the ability to rapidly commit significant resources for high capacity client demand. The suite of services also includes FAX/email processing; telesales; loan, order and payment processing by phone as well as fraud research and reporting.

?MetaSource has made significant investment into an infrastructure that supports a diverse and service intensive clientele,? adds Bill Jones, Program Director and Company Vice President of Strategic Initiatives. ?Clients in this space have benefitted from our hands-on experience and ability to streamline their customer care process and reduce acquisition costs resulting in an enriched customer experience.?

About MetaSource

MetaSource is a leading clerical based BPO (Business Process Outsourcer) of back office and content management solutions servicing a national clientele through a SAS 70 certified and PCI compliant mix of four domestic locations and multiple processing centers in Mexico, Canada, India and China. The Company?s experience and reputation for delivering superior quality and accuracy is built upon a scalable business platform that is robust, thoroughly tested, and engineered for high-volume results easily customizable to the most demanding client requirements. For more information contact Doug Giovanni, Vice President of Sales and Marketing at (801) 513-4154 or visit http://www.metasource.com.

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Hard Money Lenders Save Apartment Complex From Bankruptcy

September 1st, 2011 by Bank Loan | No Comments | Filed in Loans

(PRWEB) October 21, 2004

Loan: $ 3,500,000 – Project: 22-unit apartment building – LTV: 64%

One of the most difficult tasks in the construction industry is predicting the ?snags? that might increase the budget or prolong development. A few such snags put a 22-unit apartment building construction project in California over budget and behind schedule. The construction loan, as well as personal funds contributed by developer, was depleted.

With the project approximately 95% complete, contractors had stopped work. Although he had substantial equity in the project, the developer was unable to obtain bank funding and was about to lose the entire project for lack of the last leg of operating capital. An alternative funding source, able to provide creative financing, was needed to see the project through to completion.

Avatar Financial Group developed a funding package of $ 3.5 million dollars. Avatar paid off the construction lender and, by paying contractors, cleared the contractor liens from the property as well. The balance of $ 200,000 provided the operating capital needed to complete the project.

By building an interest reserve into the loan, Avatar?s package provided affordable monthly payments with an accrual of the additional interest due, along with a one-year balloon payment. This enabled the developer to achieve a monthly positive cash flow during the initial rental phase. The project is healthy again and provides much needed housing to the community.

Companies like Avatar Financial Group are known as hard money lenders. Hard money lenders fund where traditional banks and mortgage companies fear to tread. Used for commercial purposes, hard money loans are collateralized by the borrower?s equity in existing real estate. The proceeds of the loan can be used for any commercial purposes. Even private residences can be collateralized to purchase a business in some instances.

While hard money loans cost more than traditional mortgages ? ranging from 12 ? 20+% and 4 ? 15+pts ? they can be lifesavers for developers, rehabbers, business owners, and commercial property owners. Basic personal and corporate financial requirements are far less stringent than traditional banks; credit scores are less important than cash flow on the project and the financial viability of the project and the borrower. Hard money provides foreign nationals’ access to US based real estate opportunities which would otherwise be unobtainable. Speed is also a great advantage of hard money loans: Avatar has a documented ready-to-fund timeframe of two weeks or less.

Based in Seattle, WA, Avatar Financial Group has funded more than $ 50,000,000 in commercial and residential real estate bridge loans in the past months. Information about the company and the projects they fund can be found at http://www.avatarfinancial.com or by calling the company at 888-886-0097.

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LogicEase Launches LendingEase e-University to Provide Dynamic Online Training Solutions for Banks and Mortgage Lenders

July 5th, 2011 by Bank Loan | No Comments | Filed in Loans

San Diego, Calif. (PRWEB) October 12, 2009

LogicEase Solutions Inc. (LogicEase?), the company that has provided the ComplianceEase? suite of industry-leading mortgage compliance and risk-management solutions since 2000, announced today at the Mortgage Bankers Association’s 96th Annual Convention and Expo the launch of LendingEase? e University, a new online solution that delivers dynamic banking and mortgage lending education and training through a centralized platform that also enables financial institutions to manage and track progress towards meeting regulatory and institution-specific requirements.

The banking and mortgage industries’ ongoing reactions to the housing and credit crisis have created new challenges within lending operations as institutions strive to remain competitive in an era of more rigorous underwriting and risk-management requirements. At the same time, from outside their organizations, lenders face unprecedented regulatory compliance challenges as a result of continuing government response to the crisis. To operate efficiently institutions must make sure that staff members are up to date with the latest operational requirements and proficient enough to keep their lending operations competitive. To ensure they steer clear of regulatory violations, lenders must also empower their entire organizations with the knowledge needed to correctly and consistently implement compliant lending practices. With LendingEase e University, financial institutions can meet these challenges by delivering dynamic and informative courses and centrally managing training requirements throughout the enterprise.

The passage of the Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act), part of the landmark Housing and Economic Recovery Act of 2008 (HERA), further cemented the need for centralized management of education by establishing the nation’s first federal standards for mortgage training and education. The Nationwide Mortgage Licensing System (NMLS), created by the Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators (AARMR), is responsible for implementing these requirements and approving course providers. To assist the mortgage industry in fulfilling the new pre-licensing training and continuing education requirements mandated by the SAFE Act, LendingEase e University has been approved as a course provider by NMLS.

“As we designed the LendingEase e University solution we were fortunate to be able to draw on years of experience providing easy to use internet-based risk-management technology to the mortgage industry as well as our team’s mortgage lending compliance and operational expertise,” added Jason Roth, senior vice president at LogicEase. “We are excited to be able to offer lenders dynamic and informative courses, as well as a robust system to manage their training initiatives. Comprehensive training works hand-in-hand with the other technology solutions we provide, empowering the mortgage industry to operate as efficiently as possible, while carefully managing risk.”

LendingEase e University includes a comprehensive and feature-rich learning management system (LMS) that delivers educational content in a variety of formats, from webinars and instructor-led training, to interactive self-paced online e Learning courses. The robust LMS provides cutting-edge risk-based reporting, tracking and analytics to deploy and manage e Learning across an entire financial institution, regardless of its size. Delivering education and training solutions via the Internet provides employees with the flexibility and convenience demanded by today’s busy corporate world. The platform offers students ease of access using only a web browser from wherever their job takes them, eliminating the travel time and costs associated with conventional training programs. The LMS enables interactive learning, collaboration, testing, tracking, administration, reporting, and certification.

Jeff Walton, CEO of National Residential Mortgage, a division of First Arizona Savings, FSB, explained, “In this compliance-intensive lending environment, training is the key to building an efficient and competitive loan origination operation. We are excited to implement LendingEase e University across our entire company for all of our team members. Since 2003, I’ve had nothing but great experiences using ComplianceAnalyzer? from ComplianceEase. Over the years, ComplianceEase has made my life easier at various mortgage companies by keeping us in compliance with all of the various Federal, state, and local laws and regulations. I’m very familiar with the technology and the expertise that goes into their compliance solutions and it’s great to know that LendingEase is built upon the same foundation.”

Developed as a robust SCORM (Sharable Content Object Reference Model) compliant e Learning solution, LendingEase e University’s full-featured LMS offers interactive courses, many with audio and video, for a unique learning experience. The built-in library of over 200 courses covers diverse topics, from safety and soundness of banking operations to consumer lending laws and regulations. The course catalog places a particular focus on training in areas that pose the highest risk to a financial institution’s banking and mortgage lending operations. All of the courses, resources and reference materials delivered as part of the solution feature high-quality content developed by leading industry experts and faculty members. Financial institutions can also easily customize LendingEase e University to meet their unique training needs by adding their own SCORM courseware and tests and opting to have their own branded enterprise portal. The LendingEase e University platform features other informational resources such as a quick reference guide to banking and mortgage regulations and a searchable library of reference materials.

“It’s quite common these days for lenders of all sizes to place a focus on maintaining a compliant operation,” said John Vong, president of LogicEase. “Using computer-based training is the most cost-effective way to educate an entire team and build a compliant lending operation. Combining technology for loan-level compliance audits with an e Learning platform leads to higher-quality loans, more efficient operations and reduced costs – a competitive edge in the marketplace that’s difficult to beat.”

About National Residential Mortgage

National Residential Mortgage, headquartered in Phoenix, Arizona, is a full-service residential mortgage loan origination organization. National Residential Mortgage is a division of First Arizona Savings FSB, Member FDIC.

About LogicEase

LogicEase Solutions Inc., headquartered in the San Francisco Bay Area, is a premier provider of intelligent business solutions to the financial services industry. Its ComplianceEase’s patented platform includes ComplianceAnalyzer? – the mortgage industry’s leading automated compliance solution. ComplianceEase combines industry and regulatory compliance expertise with innovative technology to power beginning-to-end solutions in a fraction of the time and for a fraction of the cost of traditional approaches, while providing high levels of accuracy and integrity. ComplianceEase’s significant and growing client base includes the nation’s top mortgage lenders, and over 400 financial institutions, service providers, attorneys, and regulators. Managed by a team of highly experienced and innovative mortgage professionals, the company is funded by the First American Corporation, the WI Harper Group, and the senior management team. For more information visit LendingEase.com

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2005 Survey Lists Top Ten Ways Mortgage Lenders Overcharge Homeowners

June 22nd, 2011 by Bank Loan | No Comments | Filed in Loans

(PRWEB) May 17, 2005

(PRWEB) May 17, 2005 ? A recently completed survey by the Justice & Integrity Project’s National Mortgage Complaint Center reveals the top ten mortgage fee abuses in 2005.

With interest rates at or near historic low levels, once again the refinancing boom and home sale bonanza is on. The problem: in increasing numbers, mortgage lenders and mortgage brokers are overcharging the average U.S. homeowner. While state and federal agencies proclaim there is consumer protection, there is little to no evidence to support their claim. The Justice & Integrity Project’s National Mortgage Complaint Center discovered the top ten mortgage fee abuses in 2005:

1. Yield Spread Premiums: Yield Spread Premiums were designed to slightly increase the borrower’s interest rate so that the lender/mortgage broker can compensate themselves for origination fees and other normal mortgage fees with little or no out of pocket cost to the borrower. However, many lenders/brokers often charge borrowers normal fees, along with a poorly disclosed “yield spread fee.” The net result is the borrower ends up paying for his/her mortgage origination fees twice (without ever knowing it). While mortgage brokers are required to disclose the yield spread premium to the borrower, for some reason banks and or mortgage bankers have no such requirement (even though they get yield spreads too). Lender liability for poor disclosure of the yield spread premium may lead to millions of individual lawsuits because few homeowners understand what they are or how they impact their monthly interest rate.

2. The Good Faith Estimate: Over 70% of all borrowers do not receive their Good Faith Estimate and or Truth in Lending Statement within three business days after making application to the mortgage lender/broker. Without a Good Faith Estimate or Truth In Lending Statement, the borrower has no real way of knowing what his/her interest rate will be and no way of knowing what the mortgage fees will be.

3. Prepayment Penalties: Prepayment penalties for homeowners are a huge problem as they are rarely disclosed to the homeowner in an understandable way. Prepayment penalties are supposed to be disclosed on the Truth in Lending Statement. Unfortunately most homeowners never receive a Truth in Lending Statement until closing, and at that point it may be too late. Prepayment penalties need to be disclosed to the borrower in a clear form that is understandable to the consumer.

4. Document Preparation Fee: What exactly is a document preparation fee? When it comes to a mortgage transaction, it is an overcharge or a fee associated with doing something that should be covered by the loan origination fee.

5. Administration Fee: Again, like document preparation, an administration fee should be covered by the origination fee.

6. Credit Report Fee: Credit reports for most lenders cost between $ 6.00 and $ 18.00. Yet many credit reports are being charged as high as $ 65.00. It is illegal for a mortgage lender to up-charge third party costs such as appraisals or credit reports.

7. Courier Fee: Courier fees range from $ 40 to $ 100 on most mortgage transactions. Courier fees are the overnight express costs of shipping the closing documents from the actual lender to the escrow company. However, according to the U.S. Postal Service rates, a standard closing package overnight express cost to anywhere in the United States should only be $ 22.

8. Application Fees: “Application Fees” are on roughly half of the mortgage transactions inspected each year. Application fees could be called a “junk mortgage” fee. An application fee should be more than covered by the mortgage origination fee.

9. Mortgage Referral Services: Mortgage referral services sell leads to mortgage companies. The problem is that some of the leads will be sent to the most expensive mortgage lenders in the nation. The net result is that the homeowner gets a much higher interest rate than deserved, higher monthly mortgage payments and higher mortgage fees.

10. Title Insurance Fees: Next to the mortgage industry’s “Yield Spread Premium” scheme, the biggest overcharge in the mortgage process is “Title Insurance.” Title insurance costs run as high as $ 6000 (or more) for a home purchase, for what really amounts to about five minutes of time for a title clerk to check a property title for tax lien, mechanics lien or pending lawsuits. However, basic title insurance costs should be about $ 300 to $ 400 regardless of a home’s value, as the process is no different for any homeowner. It is basically the same as doing an appraisal, or processing a loan application for a typical homeowner.

Much of this news is grim for the mortgage industry and title insurance industry. Banks, mortgage bankers and brokers may now have enormous liability because of these overcharges.

As featured in the May 2005 edition of Money Magazine, the Justice & Integrity Project inspects the mortgage documents of individuals about to finance or refinance their home for a nominal fee. The company’s goal is to try to prevent homeowners or potential homeowners from being overcharged. If a client has already refinanced or financed their home, the company will inspect their documents for signs of possible over charging.

For more information, visit the Web site by typing “Americaswatchdog” into a search engine, or call 866-714-6466 (toll free).

Contact:

M. Thomas Martin

The Justice & Integrity Project

866-714-6466

Americaswatchdog@Aol.Com

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Loan Advances.com Announces Increased Panel Of Payday Loans Lenders.

May 3rd, 2011 by Bank Loan | No Comments | Filed in Loans

Loan Advances.com Announces Increased Panel Of Payday Loans Lenders.











(PRWeb UK) February 10, 2011

LoanAdvances.com has just announced there will be additional, integrated payday lenders within their online payday loans application system. Having additional lenders has significantly increased the conversion rates for United Kingdom payday loan customers and, by having access to and indeed, being successful with lending small payday advance loans, many existing and new LoanAdvances.com loan applicants are now much more likely to be approved for an unsecured payday loan.

Despite the increase in lenders with LoanAdvances.com, the process for accessing a Payday Loan has not changed. The online payday loans application form will request key data, such as National Insurance number and current address. Once this is submitted the panel of lenders will be automatically notified and the best lender subsequently chosen. Payday loans are a form of unsecured lending and can be accessed as long as the loan criteria are met by those people who are in some form of paid employment. LoanAdvances operate 24/7 and this means whatever time of the day or night it is, the option to access funding is there.

The extra lenders that have been integrated into LoanAdvances.com operate their repayment structure in the same way as all other payday loan providers. If you borrow a small cash advance loan at the start of the month, then the loan will need to be repaid at the end of the month; this ties in with a loan applicants payday.

Barbara Hunt, Director is pleased that additional lenders have now joined LoanAdvances.com, “this will now give our U.K loan applications a much higher chance of being approved for a payday loan. We understand that sometimes trying to access an unsecured cash loan can be difficult. We now have the functionality to really help out those who need to source a small cash advance quickly”.

She added, “as we maintain professional working relationships with the UK’s leading payday loans providers we are able to continue to help people who may otherwise be refused credit eslewhere”

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Lenders ‘failing to pass on rate cuts’, says Bank of England

October 19th, 2010 by Bank Loan | No Comments | Filed in Bank

Lenders ‘failing to pass on rate cuts’, says Bank of England

A report has found that high Street banks have failed to pass on base rate cuts in full to household borrowers.

Rates charged on some loans has in fact risen, according to an article in the Bank of England’s quarterly bulletin.

Part of this is due to high borrowing costs encountered by banks themselves – which hasn’t fallen as steeply as base rates – along with more more substantial charges caused by high default risk.

However, it is also apparent that a large part could also be down to banks pricing in larger profit margins.

The Bank of England cut base rates from 5% to 0.5% as a direct response to the credit crunch and recession.

However, rates on secured loans, which including mortgages, have fallen around 2.5% since the middle of 2008, to the current rate of about 3.75%.

The typical rate on unsecured loans such as personal loans and credit card debt increased during the same period from around 8.5% to almost 11%.

These figures show that banks have been charging a much larger mark-up on lending to individuals compared to the Bank’s benchmark policy rate.

The mark-up was partly explained by the rate at which banks can borrow over the longer term.

This “funding rate” has not fallen as fast as base rates, as banks are seen as riskier, and because base rates will rise in the future.

Banks are also charging more as a result of higher losses on loans from higher default rates by borrowers which is particularly bad for unsecured loans where the bank has no collateral to rely on.

However, the difference was also down to an unexplained “residual” factor in the Bank’s number-crunching analysis.

This residual was negative until the middle of 2008, which suggests that banks were so aggressive throughout the credit boom that they were actually lending money to borrowers at an expected loss.

After the financial crisis it turned sharply positive – so banks were chargingan unjustifiable amount by their funding rate together with expected losses on bad loans.

The Bank of England’s report said this could have been down to banks increasing profits in order to build up capital reserves allowing them to meet stricter regulatory requirements; increasing profits on new loans to try to claw back some of the money lost on existing loans; or the fact that banks have been unable to lower deposit rates as much as they would have liked to, because the deposit rate can’t be cut below zero.

UK Price Comparison website http://www.which4u.co.uk Compares Credit Cards, Savings Accounts, Fixed Rate Bonds, Bank Accounts, ISAs, Loans, Mortgages, Insurance, TV & Broadband and Gas/Electric bills to find the best UK deals


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Student Loan Consolidation Rate From Banks and Lenders

October 16th, 2010 by Bank Loan | No Comments | Filed in Bank

Student Loan Consolidation Rate From Banks and Lenders

Student Loan Consolidation Rates from Banks and Lenders.

Student Loan Consolidation Rate through these larger programs is obviously legitimate and will probably make the consolidation process much easier than outside loan programs would. While finding the top Student Loan Consolidation Rates, it is helpful to do your own research. Fortunately for all of us stuck with student loan debts there are federal student loan consolidation programs that tin to cut your student loan payments in half.

It is key to be able to find the lowest Student Loan Consolidation Rate. For nearly all college students even a small savings may make noteworthy difference. When I was a college student, I was forever trying to cut down the interest rate that I had set on my loans and I was able to get accepted for a consolidation loan with the lowest interest rate. If you do not find the most competitive student loan consolidation rate then you are going to be wasting more and more money. I would like to share with you the knowledge and experience that helped me achieve this goal.

Student loan consolidation programs help you to take control of your finances by putting all of your loan payments together into one easier to pay loan.

So how do you obtain a consolidation loan with the best rate? With the help of Internet, anyone can seek out and compare different student loan consolidation programs.

There are several types of loans that you should take into account. Most student loan consolidation program require no application fee

and, in some cases, no credit check.

However, there is specified eligibility criterion that you are required to fulfill and a process that you must adhere to before you can be entitled to Federal debt consolidation of student loans.

Moreover, there are now a lot of student loan consolidation programs that makes obtaining loans and paying for them afterwards much easier for students.

Student loan consolidation programs are in no way identical between lenders having fluctuating grace periods, interest rates, late payments penalties, and loan repayment period.

For example you can apply for a loan with the consolidation fixed loan student rate. Fixed rate means that you will be paying the same interest rate until you pay off the loan.

If the economic indicators change, you nevertheless have the same consolidation interest loan rate. Your rate will not depend on inflation. There will, however, be circumstances when the bank will be permitted to alter your fixed rate. Let’s say, if you default on one or more of your payments, this can initiate the student loan consolidation programs rate to increase.

You are able to also apply for a loan with the changeable student loan consolidation programs rate. This means that your consolidation loan low rate student rate will change depending on the current economic conditions. If average interest rates in the economy increase, so will your rate. On the other hand, if the average rates are going down, your rates will decrease too.

It is up to you to elect which rate variable or fixed will provide you with the consolidation loan lowest rate student interest rate. Different economic circumstances will call for different selections.

It is essential to understand that whether you are applying for the consolidation student loan, quick settlement loan online or other type of loan, you should always focus on reducing the student loan consolidation rate or some other type of interest rate. If you get student loan consolidation rates that are lower than what they were previously, then you can save a lot of money. Fortunately, there are now student loan consolidation programs available to help us.

Vernosha has been involved with finance for many years! With an in-depth knowledge of marketing and advertising and likes to help others get the best from their efforts . Visit www.getit-gotit-good.com


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Lender411.com Launches Marketplace that Connects Borrowers with Qualified Local and National Lenders

October 13th, 2010 by Bank Loan | No Comments | Filed in Loans




Lender411.com – Compare Mortgage Rates


Orange, CA (PRWEB) October 7, 2010

Lender411.com (http://www.lender411.com/), a unique online community that connects homebuyers and homeowners with qualified mortgage professionals, today announced the official launch of its new website along with a wide array of resources for consumers and lenders. Lender411.com provides a single destination where consumers can find the best home loan options through professional consultation and use of intuitive, interactive tools. The site also offers a reliable platform for lenders to promote their services and connect with prospective clients on a local and national level.

For consumers, access to all of Lender411.com’s many features is completely free. Lender411.com enables consumers to tap into a trusted network of mortgage professionals who can offer expert advice. The site also provides useful resources such as lender ratings and reviews, mortgage calculators, financial widgets, historical data, and a wealth of valuable information to help the consumer select the right loan. Central to Lender411.com’s user interface is its innovative LoanDESK dashboard, a dynamic platform that serves as a personalized command center for the shopping consumer.

“Lender411.com delivers a valuable service to consumers who are shopping online for their next mortgage,” said Rocky Foroutan, CEO and founder of Lender411.com. “People are increasingly relying on the web to search for home financing choices, and we have identified an opportunity to empower consumers in this pursuit. Our transparent, interactive community enables consumers to perform research, get educated, and ultimately make smart decisions.”

For lenders, basic membership is free and includes a personalized and customizable profile page on the site. Lenders can customize their profile pages with compelling content such as mortgage interest rates, blogs, videos, testimonials, and interactive forms. Similar to other social networking sites such as Facebook and LinkedIn, Lender411.com’s profile pages expand members’ web presence and bring valuable online exposure and credibility. These profile pages also make an ideal place for lenders to host unbiased third party ratings and reviews.

“We have about 5000 mortgage professionals in our community, and that number is growing every day. We’ve been building mortgage websites since 2003 through our sister company, www.lenderhomepage.com, and our clients have been asking for a credible, unbiased portal such as Lender411.com where they can showcase their services and extend their marketing reach. The positive feedback Lender411.com has generated to date during its Beta period is evidence that we are competently addressing these needs.”

Lender411.com generates its revenue by selling real-time leads, rate-table advertising and premium site memberships to mortgage professionals. Lender411.com also offers brand enhancement opportunities through banner advertising and sponsorships. This business model is similar to the popular Bankrate and Lending Tree systems, but what sets Lender411.com apart is its added transparency, ease-of-use, and communal scope. Lender411.com has already established a significant nationwide presence and continues to grow rapidly.

About Lender411.com

Founded in 2006, Lender411.com is an online community connecting consumers shopping for home financing options with qualified mortgage and real estate professionals. The site provides an open and transparent platform where consumers can tap into a trusted network of mortgage professionals and seek expert advice and assistance in choosing the right loan. Lender411.com’s innovative technology has defined new best practices standards for the online lead generation industry. For more information and an exploration of all services and resources offered, visit www.lender411. com.

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Finding Wholesale Mortgage Lenders

October 13th, 2010 by Bank Loan | No Comments | Filed in News

Finding Wholesale Mortgage Lenders

Some mortgage bankers and portfolio lenders are also wholesale lenders that deal with mortgage brokers, sometimes exclusively.

Most mortgage lenders have both wholesale and retail departments. Mortgage brokers prefer to obtain wholesale rates and then mark up these rates by adding points, presenting the borrowers with quotes that are similar to what borrowers could obtain directly from a retail lender. Mortgage brokers are free to set whatever prices they want, and have different methods for marking up wholesale rates.

Wholesale mortgage lenders generate residential mortgages through a network that includes independent brokers and lenders, offering a wide variety of home financing options: conventional, home equity, government, alternative and jumbo loans. All of these may be purchased from the mortgage professionals, including lenders and brokers, who make up a wholesale mortgage lenders network. The goal of the network is to ensure that both borrowers and lenders benefit from the transaction.

Different types of Wholesale Mortgage Lenders

• Wholesale Mortgage Lenders Network

This is a network of professionals working together in order to find the best deals for those involved in the mortgage process, including homeowners, lenders and even independent mortgage brokers. Professional loan consultants work with the homeowner in order to understand their needs and assist them in choosing the best mortgage program. Even people with less than perfect credit may be able to obtain a mortgage that will help them repair their bad credit, reduce their monthly payments or buy a home.

• Second Wholesale Mortgage Lenders

These mortgage lenders offer a range of second mortgage finance programs to help homeowners choose the right option. A second mortgage lender offers competitive rates for different loans. There are different types of second mortgage programs, like a cash-out second mortgage that can be taken out for debt consolidation and home improvement. It can also be used to consolidate high interest credit card debt. It could mean a re-mortgage and be used to purchase another property.

The lending criteria set by second wholesale mortgage lenders are very strict, though the cost is similar to first mortgages. There are also potential tax consequences as the second home or property could be classified as providing the rental income to the owner.

• Online Wholesale Mortgage Lenders

There usually are no upfront costs or obligations when you apply with an online mortgage lender. It offers flexibility both in applying online as well as in obtaining information about various mortgage programs. Quotes are also available for free and the homebuyer is under no obligation to apply with the lender. Rates and costs are easy to compare, since there are many available materials online to help the home-buying process. For advice on which online lender to choose, a professional mortgage advisor may be of help.

• Sub-Prime Wholesale Mortgage Lenders

These are lenders specializing in loan programs for those with less than perfect credit history. Sub-prime mortgages are usually written at a higher interest rates compared to ordinary mortgages. Because of the high cost, it can help in establishing or re-establishing a good credit record. Sub-prime mortgage lenders help credit-impaired borrowers obtain a mortgage. A sub-prime mortgage is for a short period compared to other programs. In order for a borrower to qualify for a sub-prime mortgage, a significant deposit amount towards the home is expected.

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