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Image of article 'RHB partners Finology to develop online approval of mortgage applications'

RHB partners Finology to develop online approval of mortgage applications

KUALA LUMPUR: RHB Banking Group (RHB) is partnering with Finology Sdn.Bhd to enable instant online approval for mortgage loan applications through Loanplus.

RHB head of group retail banking Rakesh Kaul said with Loanplus, RHB could speed up pre-approval mortgage and the processing times in real estate purchase transactions, while empowering homeowners across digital channels within the RHB Homeowners Ecosystem "The collaboration with Finology allows RHB to enhance the customisation and personalisation of services to the customers, and offer them added flexibility, especially in light of social distancing requirements due to the COVID-19 pandemic,” he added.

In a statement today, he said about 6,400 applications for mortgages, lodged for the first six months ended 30 June 2020, were received from RHB MyHome App with more than RM700 million worth of mortgage applications approved and accepted by close to 1,700 applicants.

Besides the end-to-end mortgage application solution, the MyHome website of RHB links homeowners on a single forum with leading service providers, providing unique products and exclusive incentives for various stages of homeownership.

Image of article 'Mortgage Rates Will Drop Further In Coming Weeks'

Mortgage Rates Will Drop Further In Coming Weeks

The spread between 30-year fixed rate mortgages and 10-year treasuries is now 2.33, and it should come down to at least 2.00.

These refinance candidates could also reduce their 30-year interest rate by at least 0.75% through a refinance, with an average savings of $289 per month and an aggregate savings of more than $4.5B per month if each of those homeowners were to refinance their mortgage.”

Black Knight recently reported, “As of July 23, with the 30-year rate at 3.01%, there were still 15.6M refinance candidates that met broad-based underwriting criteria, which included being current on their mortgage, having a credit score of 720 or higher, and having at least 20% equity in their homes.

To see how much further mortgage rates will drop, we need to understand why the spread rose so high.

The spread is often as low as 1.5 percentage points, which could pull the mortgage rate down close to 2.0%.

Image of article 'Average US mortgage rates fall to a record low'

Average US mortgage rates fall to a record low

The government reported Thursday that nearly 1.2 million laid-off Americans applied for state unemployment benefits last week, evidence that the pandemic keeps forcing companies to slash jobs just as a critical $600 weekly federal jobless payment has expired.

The average rate on the 15-year fixed-rate mortgage fell to 2.44% from 2.51% last week.

By contrast, the rate averaged 3.60% a year ago.

Mortgage buyer Freddie Mac reported Thursday that the average rate on the 30-year home loan dropped to 2.88% from 2.99% last week.

Associated Press WASHINGTON — U.S. average rates on long-term mortgages fell this week, pushing the key 30-year loan to a record low for the eighth time this year.

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Housing Crash 2020: Don’t Miss This Once-in-a-Lifetime Chance

The residential leaning REIT was a decent enough growth stock before the crash.

CMHC issued a warning to first-time buyers about the price drop and putting just 5% down for their property, saying the speed at which prices are dropping might make a small down payment worthless, eroding their equity in the property.

The housing market in Canada grew at a whopping 29 times the rate of the U.S. housing market.

Even the last recession that crushed the housing market across the border didn’t put enough pressure on the brakes here.

The Canadian housing market saw an unprecedented growth pace in the past few decades.

published mortgages regional business

1 TSX Residential Lender Just Reported a Great Quarter and Pays a 6.8% Dividend

First National reported a dividend of $0.1625 for July, taking its forward payout to $1.95 for the year, a forward dividend yield of 6.8%.

The pandemic did affect the company with net interest revenue earned on securitized mortgages dropping 39% to $21 million and mortgage investment income decreasing 22% to $17 million due to a lower interest rate environment because of COVID-19.

Other major reported numbers that went up are placement fees that increased 47% to $88.7 million, mortgage servicing income rose 5% to $41 million, and gains on deferred placement fee revenue increased 124% to $6.5 million.

First National Financial Corporation (TSX:FN) is Canada’s largest non-bank originator and underwriter of mortgages lender that focuses mainly on the residential space.

The Motley Fool Canada » Bank Stocks » 1 TSX Residential Lender Just Reported a Great Quarter and Pays a 6.8% Dividend Residential mortgages are generally a good bet.

Image of article 'Banco de Sabadell, S.A. (BNDSF) CEO Jaime Guardiola on Q2 2020 Results     -     Earnings Call Transcript'

Banco de Sabadell, S.A. (BNDSF) CEO Jaime Guardiola on Q2 2020 Results - Earnings Call Transcript

As shown in the graph on the upper left-hand side, new mortgage lending in June was almost back to the pre-COVID levels.

Looking at the right-hand side of the slide, we can see how the recovery of our lending to individuals in terms of both consumer loans and mortgages, has taken hold in the second quarter.

Around 60% of new SME loans recorded in the second quarter are ICO-guaranteed loans, the public guarantees program for lending for SMEs.

The corporate and SME segments were the strongest drivers of growth in the quarter, mainly due to the new production of ICO-guaranteed loans.

Fiscal support, with subsidies, payment holidays as well as government-backed business loans, have been vital in supporting the economy in both Spain and the UK.

Image of article 'Best financial gifts for your sister this Raksha Bandhan'

Best financial gifts for your sister this Raksha Bandhan

Here is a list of the top financial products that you can consider gifting your sister on the joyous festival of brother and sister.

And what could be a better day than Raksha Bandhan to start or adding more to her financial independence.

The best gift a brother can give his sister is financial freedom.

You can choose the product according to your and your sister's comfort.

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Image of article 'Good News Surrounds The Quicken Loans IPO (Pending:RKT'

Good News Surrounds The Quicken Loans IPO (Pending:RKT

Investors should hope that Rocket Companies becomes more profitable down the future, but it is highly profitable compared to most IPOs.

Low interest rates will attract home buyers and those wanting to refinance, and Rocket Companies has the size, history, and numbers to keep growing.

Rocket states that this particular increase is due to "generally favorable market conditions and the low interest rate environment which led to increased demand for mortgages and capacity constraints in the industry," which touches upon the above observation that conditions are favorable for the company.

Now Rocket Companies (NYSE:RKT), the parent company of Quicken Loans, seems set to follow that pattern with the largest non-SPAC IPO this year.

Rocket Companies is a company which stands to benefit from trends created by the coronavirus such as continued low interest rates and a greater emphasis on online business.

Image of article 'Fauci tells : ‘I am not going to restaurants right now'

Fauci tells : ‘I am not going to restaurants right now

See full story.

Pharma stocks fall as Trump targets drug prices with executive orders As President Donald Trump on Friday afternoon says he’s signing four executive orders aiming to lower drug prices, pharmaceutical companies’ shares close with losses.

This index tracks economic uncertainty — and it’s pretty clear about what’s in store for stocks through Election Day Visibility is difficult right now, and investors don’t like not knowing what’s ahead, writes Mark Hulbert.

Intel stock savaged as next-gen chip delay expected to be ‘increasingly painful’ to chip maker Intel Corp.’s stock logs one of its worst days in 20 years Friday after the chip giant divulges that its next generation of chips will be delayed and that it may seek a third-party manufacturer to make them, handing a huge win to smaller rival Advanced Micro Devices Inc.

When they do purchase homes, they are more likely to be offered more expensive mortgages.

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Number of mortgages in forbearance holds steady in past week: Black Knight

Black Knight reports minimal overall change in the number of active forbearance cases this week, up only 2K, to 4.119M loans as of July 21, according to its McDash Flash data set.

That number, however, has declined from 4.68M at June 23.

Share of loans in forbearance stands at 7.8% (vs. 8.8% at June 23); the share of Fannie and Freddie-backed mortgages in forbearance is 5.8%; FHA & VA mortgages at 11.7% and other mortgages at 8.3%.

Unpaid balance of loans in forbearance comes to $890B.

Estimated monthly principal and interest advances on active forbearance plans is $5.0B and estimated monthly tax and insurance advances on active forbearance plans is $1.8B.

Credit Sesame just laid off 14% of its 160-member staff as the downturn squeezes its consumer credit-management business

It also said that restrictions from credit suppliers amid the pandemic had squeezed its credit business, which allows customers to monitor credit scores.

The credit- and loan-management startup Credit Sesame laid off nearly 14% of its workforce on Wednesday as some fintech startups begin to stumble amid the coronavirus pandemic.

The Mountain View, California, fintech startup helps customers raise their credit scores, compare loan rates, and gives recommendations for refinancing home mortgages.

Credit Sesame laid off nearly 14% of its workforce on Wednesday, Business Insider has learned.

"Due to restrictions by our credit suppliers as a result of COVID-19 and the effect it has had on our credit business, we made the decision to say goodbye to 22 of our 160 employees," a statement from Credit Sesame said.

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Image of article 'The Insecurity Machine'

The Insecurity Machine

Contrary to the landlord’s insistence that the devices were a “cool upgrade” that would keep keys out of the hands of the “wrong people,” residents saw them as an unwelcome and unwanted intrusion—and one inextricably linked to a long and troubling history of racism, policing, and gentrification.

Opaque systems of information collection and predictive analytics facilitate new forms of discrimination and redlining, marking certain populations as criminal threats or directing them into subprime financial services, predatory mortgages, and exploitative rental markets, increasing housing insecurity.

In the summer of 2019, the residents of Atlantic Plaza Towers, a 718-unit apartment building in Brownsville, Brooklyn, got word that their landlord had plans to install a security system equipped with facial recognition.

On a deeper level, the tenants identified and resisted one of capitalism’s central dynamics: the fact that security for some is predicated on the insecurity of others.

During the long and varied period called the enclosure movement, beginning in the twelfth century, wealthy landlords uprooted the peasantry in order to privatize once communal fields and forests, denying them their customary rights to the commons.

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Image of article 'Everything you've wanted to learn about money in one cheap course'

Everything you've wanted to learn about money in one cheap course

The Complete Stock Market Investing Guide for Beginners: Get a step-by-step guide to getting started with stock market investing, from opening an account to buying your first winning stock.

The Complete Financial Analyst Training & Investing Course: Join over 158,000 students in a 4.5-star course that shows you how to pick stocks, build financial models, manage a portfolio, use technical analysis, and get hired and promoted as a financial analyst.

Real Estate Investing Basics: Get a crash course on the basic tactics you must know to survive in the real estate business, from selecting a property manager to financing options.

There are courses in everything from beginner stock market investing to generating passive income with dividend investing.

LifePower: Credit, Debt, Saving, Investing, and Buying a Home: Understanding things like credit scores, loans, mortgages, index funds, mutual funds, stocks, and bonds are all critical ingredients for a successful, financially stable life – and this two-hour course covers it all.

published finance (general) technology

Why the Coronavirus Crisis Is Not the Same as the 2008 Financial Crisis

Michael Yaziji, Professor of Strategy and Leadership, International Institute for Management Development (IMD) This article is republished from The Conversation under a Creative Commons license.

By implementing policies which recognise that a state of suspended animation is not the same as a standard recession spiral, everyone can go back to work on a relatively normal Wednesday – in the hopefully not too distant future.

Similarly, we need employees and consumers to avoid default on their rents, mortgages and other bills.

Consumers wouldn’t be able to pay their rents and mortgages, and there would be chain reactions of unpaid bills across the economy.

Indeed, the market closure could go on as long as consumers, employees, and businesses are able to go into a state of “suspended economic animation”.

I’m a founder in my 40s. Peers say I am too old to succeed. Are they right

To submit a question, write to Webb at Another founder recently told me that in order to succeed at running a startup, it would be better if I were younger—and if I wasn’t a parent.

Great companies get started by people of any age group.

That said, we do find that a lot of startups come from a younger demographic for two reasons: When someone is further along in their career, they might have invested several years at a big company, risen the corporate ladder, and find they are pleased with their position.

Startups don’t come with safety nets—or big salaries or great benefits—and that’s a tough scenario for people with families to feed and mortgages to pay.

The truth is most people are safer at a bigger company because most startups fail.

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