Lending – Freedominst http://freedominst.org/ Tue, 09 Aug 2022 03:24:21 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 http://freedominst.org/wp-content/uploads/2021/03/cropped-favicon-32x32.png Lending – Freedominst http://freedominst.org/ 32 32 JC Penney’s Lenders Say They Are Facing “Economic Terrorism” http://freedominst.org/jc-penneys-lenders-say-they-are-facing-economic-terrorism/ Tue, 23 Mar 2021 05:55:36 +0000 http://freedominst.org/jc-penneys-lenders-say-they-are-facing-economic-terrorism/

Tensions flared in bankruptcy court Monday over JC Penney Co.’s proposed sale to its lenders and owners, with a lawyer arguing that a group of dissenting creditors are conducting “economic terrorism” in search of compensation.

Those creditors, led by Aurelius Capital Management, hold JC Penney term loans and other debt. They filed a competing proposal to buy the retailer’s properties, while allowing shopping center owners Simon Property Group Inc. and Brookfield Property Partners to take over the company’s operations. But the proposal is not feasible and is instead an attempt by those lenders to “draw a prize,” Milbank’s Andrew Leblanc said in a bankruptcy hearing on Monday.

The sales deal “isn’t plug-and-play – you can’t trade a piece of it,” said Leblanc, who represents the other group of lenders. “What stands in our way are the people who seem to be looking for some sort of compensation.”

Aurelius Group argued that the current sale proposal would provide an unfair gain to JC Penney’s bankruptcy lenders, including H / 2 Capital Partners.

lender Violence

“It’s lender versus lender violence, for the most part, that’s what we have here,” said Phil Dublin of Akin Gump Strauss Hauer & Feld on behalf of the Aurelius Group. “It’s greed.”

Under the sale deal that JC Penney was quick to close in recent weeks, bankruptcy lenders would forgive a large chunk of the debt in exchange for the retailer’s assets. The company would then sell its businesses to Simon and Brookfield.

But the group of dissenting creditors argued that the lenders’ so-called credit supply is not high enough, arguing that the deal would lead to bankrupt creditors a 162.4% recovery.

The disagreement boils down to a struggle between creditors that can ultimately be resolved, Josh Sussberg of Kirkland & Ellis said on behalf of JC Penney at the hearing. He said a competing offer would have to exceed $ 2.47 billion in cash to outweigh the current offer, which Aurelius’ offer does not.

The case is JC Penney Company Inc., 20-20182, United States Bankruptcy Court for the Southern District of Texas (Corpus Christi). To view the Bloomberg Law Docket, click here.

Finnov: Premji, Mirae looks at Chinese stake in fintech lender | India business news http://freedominst.org/finnov-premji-mirae-looks-at-chinese-stake-in-fintech-lender-india-business-news/ Tue, 23 Mar 2021 05:55:35 +0000 http://freedominst.org/finnov-premji-mirae-looks-at-chinese-stake-in-fintech-lender-india-business-news/ BENGALURU: billionaire philanthropist Azim PremiSouth Korea’s PremjiInvest and Mirae Asset Venture Investment, along with other investors, are in talks to acquire a significant stake in digital lender Finnov. The e-lender owns platforms such as KrazyBee and KreditBee. The deal includes companies that infuse $ 30-40 million at a valuation of nearly $ 200 million, two sources knowledgeable about the development said.
Furthermore, the new investors they are also in talks to raise a significant amount of shares held by Chinese backers such as Shunwei Capital and Kunlun, which together hold 35-40% of the company’s capital. Other investors include smartphone maker Xiaomi and Chinese lending company Lexin.
The deal comes after increasing restrictions on Chinese investments in India and will be one of the first transactions involving a potential exit of Chinese shareholders. “The due diligence process has begun. The idea is to cleanse investors of China and make it an Indian-owned company, “said one of the sources mentioned earlier.
A spokesperson for Finnov declined to comment. PremiiInvest’s head TK Kurien and Mirae Asset CEO Ashish Dave also declined to comment on the speculations.
PremjiInvest has supported loan companies such as Shubham Housing and Aditya Birla Capital, while Mirae has invested in major startups such as grocery e-tailer BigBasket and major Ola.
The deal is likely to be the largest funding round in a fintech lender to date in 2020, as many players have seen operations stall due to Covid lockdowns and now face potential impaired assets (NPAs). Finnov has raised about $ 50 million to date, and its supporters also include funds based in the United States and Canada, such as Alpine Investors and adventures of quark.
Founded in 2015, the fintech lender started with student loans but now focuses on loans to young professionals for a period of 1-15 months. Its non-bank financial unit, KrazyBee, saw its total income jump nearly fivefold in fiscal 2020 to Rs 797 crore with profits of Rs 130 crore, according to filings with the rating agency ICRA. , making it one of the fastest growing lenders. But the company suffered in the first quarter ended June 2020, with total income of Rs 41 crore and losses of Rs 63 crore.
But investors are betting that the company can revive its growth now as it did last year, when its total assets under management grew nearly 3 times to around Rs 1,606 crore, according to ICRA. “The gross portfolio shrank to Rs 473 crore as of June 30, 2020, from Rs 957 crore as of March 31, 2020 (Rs 245 crore as of March 31, 2019) due to significantly lower incremental outlays in the first quarter of fiscal year 2021…. the group expects to achieve assets under management (AUM) of around Rs 1,300-1,500 crore by March 2021, ”the filing said. ]]>
$ 1 Million in Grants Will Fund Computers and Internet Connections for Students in Six Connecticut School Districts: Hartford Courant http://freedominst.org/1-million-in-grants-will-fund-computers-and-internet-connections-for-students-in-six-connecticut-school-districts-hartford-courant/ Tue, 23 Mar 2021 05:55:35 +0000 http://freedominst.org/1-million-in-grants-will-fund-computers-and-internet-connections-for-students-in-six-connecticut-school-districts-hartford-courant/

About 3,000 elementary students in six districts will start the school year with new Chromebook computers and home Internet connections, thanks to $ 1 million in grants from LEGO, the Hartford Foundation for Public Giving announced Thursday.

The initiative benefits students from kindergarten through fifth grade in Bloomfield, East Hartford, Manchester, Vernon, Windsor and Windsor Locks. Awarded by the Hartford Foundation and made possible through funding from The LEGO Group and The LEGO Foundation, the grants are distributed by First Book, a nonprofit organization focused on equal access to quality education.

“Bridging the electronic divide and providing our children with high-quality devices is an important first step towards access and opportunities,” said Nathan Quesnel, superintendent of East Hartford School. “We are extremely excited to put these devices in the hands of our children and support their learning as we all strive to accelerate the learning agenda.”

“While school districts and teachers have stepped up in extraordinary ways to support their students during this time, leaving children without devices and connectivity is tantamount to locking them out of the school system,” said Kyle Zimmer, CEO and President of First Book. .

In a survey conducted this year by the organization, some 2,600 educators said around 40% of their students lack access to computers and the Internet.

“In recent years, the Hartford Foundation has worked closely with Alliance districts in our region to support efforts to build closer partnerships between families, schools and communities,” said Hartford Foundation President Jay Williams.

Alliance districts, the lowest-performing school districts in the state, have been receiving extra state funding for years.

After schools closed in March, Williams said, Foundation staff contacted district leaders to ensure students and families continue to have the resources they need. One of the main issues raised by district leaders was the lack of computers and Internet access in many families, she said.

“We are grateful for the generosity of The Lego Group and the Lego Foundation for this significant support and for our partnership with First Book,” said Williams. “Thanks to this collaboration, thousands of our students will have access to the computers and Internet they need, even if the schools will not reopen in August as currently planned.”

“At the LEGO Group, we know how critical it is for children to have continuous access to learning, especially in these uncertain times.” said Skip Kodak, president of LEGO Systems, Inc.

Jesse Leavenworth can be reached at jleavenworth@courant.com

#CESEE News | TBI Bank further strengthens its presence in Europe by entering the Lithuanian market http://freedominst.org/cesee-news-tbi-bank-further-strengthens-its-presence-in-europe-by-entering-the-lithuanian-market/ Tue, 23 Mar 2021 05:55:35 +0000 http://freedominst.org/cesee-news-tbi-bank-further-strengthens-its-presence-in-europe-by-entering-the-lithuanian-market/

TBI Bank, the fastest growing phygital lender in the South East Europe region, with main markets in Bulgaria, Romania and banking operations in Germany, Sweden, Denmark and Poland, is now entering the Lithuanian market.

The move is in line with the Bank’s overall business strategy, through which it is expanding its European fingerprint in the Nordic, Baltic and Central Europe. The direction is based on the strong market position of the parent company of TBI 4finance, already recognized as one of the leading digital lending brands in the region.

These stable countries with higher living standards offer TBI Bank the opportunity to diversify its portfolio in terms of credit risk and concentration risk. Therefore, entering the Lithuanian market is a natural next step, benefiting from 4finance’s experience and digital sales channels to acquire customers.

In Lithuania, the Bank will digitally offer consumer loan services without opening a branch. In this way, TBI Bank has the opportunity to diversify its product portfolio, offering clients more financial alternatives and strengthening its position as a provider of international banking services.

“As one of the leading lending champions in South Eastern Europe, we are constantly looking to expand our business and enter new markets, while benefiting from the synergy between TBI Bank and 4finance. Taking a step in Lithuania is a strategic move that will further strengthen our digital footprint in Europe. We look forward to taking on this exciting new challenge that awaits us, ”says Petr Baron, CEO of TBIF (TBI Bank).

Stocks to Watch: Reliance, Infosys, Bharti Infratel, Vodafone Idea, SBI http://freedominst.org/stocks-to-watch-reliance-infosys-bharti-infratel-vodafone-idea-sbi/ Tue, 23 Mar 2021 05:55:35 +0000 http://freedominst.org/stocks-to-watch-reliance-infosys-bharti-infratel-vodafone-idea-sbi/

Here is a list of the top ten headlines that may be in the news on Friday:

Reliance industries: Mukesh Ambani-led company has completed partner induction and fundraising for Reliance Retail Ventures Ltd (RRVL) for the time being. “RRVL has received a cumulative subscription of 47,265 crore from financial partners and awarded them a stake of 10.09% (or 69.27 million shares), “he said.

Bharti Infratel: The merger of Indus Towers Limited and Bharti Infratel Limited was completed. The combined entity, which will be renamed Indus Towers Limited, is listed on the National Stock Exchange and on the BSE.

Vodafone idea: The telecommunications company sold its 11.15% stake in Indus Towers for cash consideration 3,760 crore under the terms of the agreement and the consideration received from Infratel. Additionally, a consortium of investors consisting of Oaktree Capital Management and Varde Partners proposed to invest at least $ 2 billion in cash-strapped companies by purchasing hybrid debt securities.

Infosys: On Thursday, the company arm Simplus said it partnered with Salesforce on a cloud solution for vaccine management. The solution was built on the Salesforce platform to support Salesforce Work.com for vaccines as the covid-19 pandemic continues.

State Bank of India: The country’s largest lender said it has signed a memorandum of understanding (MoU) with the Luxembourg Stock Exchange for the creation of a long-term cooperation mechanism and the promotion of ESG (environmental, social and corporate governance) and green finance.

Bharat Petroleum Corp Ltd: Investors are not showing much interest in the sale of the government’s 53% stake in BPCL, which is expected to reach the center around 45,000 million. The privatization process could therefore be derailed.

Dewan Housing Finance: The State Bank of India, the primary lender of DHFL, asked fellow lenders to persuade all four suitors to the failed home financier to upgrade their offerings as an improvement in the quality of the mortgage lender’s assets made it more precious, two people aware of the development said mint.

accent: The IT firm said its subsidiary Mphasis Consulting acquired UK-based Datalytyx Ltd for up to £ 13.3 million (approx. 130.4 million). The acquisition is expected to provide access to strengthen Mphasis’ next-generation Data GTM strategy and provide a higher-value partnership status with Snowflake and Talend for cloud-based data services, says a regulatory document.

Apollo Hospitals: On Thursday, the chief physician and Tata Medical and Diagnostics Ltd announced a collaboration to introduce the “TataMD CHECK” diagnostic test for covid-19 in the country, which will provide faster results.

International Syngene: The company has signed an agreement with Deerfield Discovery and Development Corporation (3DC) to collaborate for five years to carry out therapeutic discovery projects. The collaboration aims to advance therapeutic discovery projects from target validation through drug proof of concept and preclinical evaluation.

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Guaranteed rate for the purchase of Stearns shares http://freedominst.org/guaranteed-rate-for-the-purchase-of-stearns-shares/ Tue, 23 Mar 2021 05:55:35 +0000 http://freedominst.org/guaranteed-rate-for-the-purchase-of-stearns-shares/

Retail mortgage lender Guaranteed Rate is acquiring Texas-based Stearns Holdings LLC, one of the top 25 national lenders with over $ 20 billion in source volume in 2020.

Stearns was founded in 1989 and operates in all 50 states through retail, joint venture, partnership and wholesaling channels. The acquisition will allow Guaranteed Rate to strengthen retail lending and further expand its JV platform, also developing new multi-channel capabilities.

Stearns Holdings itself has a broad partnership model that includes real estate agents, builder and relocation joint ventures, private label relationships and preferential partnerships of independent mortgage banks. These partnerships include brands such as SoFi and the Home Mortgage Alliance. Guaranteed Rate says the combination of these entities with its existing joint ventures with Reallogy and @properties will create one of the largest partnership platforms in the country. The acquisition also allows Guaranteed Rate to enter the wholesale channel to complete the company’s multi-channel distribution vision.

“We are thrilled to bring Stearns Holdings into the Guaranteed Rate family,” says the President and CEO of Guaranteed Rate Vittorio Ciardelli. “Pairing the incredible talent of the Stearns organization with that of our existing team exemplifies the best of the best in the mortgage industry, producing an even more powerful platform.”

Guaranteed Rate is acquiring the company from Blackstone, who will have an interest in Guaranteed Rate.

In the future, Guaranteed Rate plans to integrate and rename the Stearns Holdings retail operation as Guaranteed Rate. The company’s wholesaling and partnership activities will remain as standalone operations, with current Stearns CEO David Schneider continuing to lead those operations.

Photo: Vittorio Ciardelli

The French agency, Turkish public lender VakıfBank, signs a $ 245 million loan http://freedominst.org/the-french-agency-turkish-public-lender-vakifbank-signs-a-245-million-loan/ Tue, 23 Mar 2021 05:55:35 +0000 http://freedominst.org/the-french-agency-turkish-public-lender-vakifbank-signs-a-245-million-loan/

Turkish state lender VakıfBank and the French Development Agency (AFD) have signed an agreement worth 200 million euros (TL 1.88 billion, $ 245 million) under the “Green Housing Project”, which aims to increase residential energy efficiency in Turkey.

According to a bank statement on Thursday, the amount of money provided under the deal is the highest “green housing” loan in the industry.

“The loan is a concrete indication that we continue to take important steps in the field of sustainability,” said Abdi Serdar Üstünsalih, general manager of VakıfBank.

“In the coming period, we see the potential for greater cooperation with AFD on this common ground and we hope to come together in many other projects to further our cooperation in this field,” he said.

Noting that this is the second loan agreement signed with international development organizations despite being such a difficult year, he said the bank is a pioneer in the Turkish banking sector in terms of sustainable banks.

“In this area, we have successfully completed the first sustainable issue of Eurobonds by deposit banks with an amount of $ 750 million in early December,” he added.

Commenting on the agreement, Olivier Gauvin, French consul general in Istanbul, said green building projects and work to improve the energy consumption of existing buildings are sectors with high growth potential.

“Such projects offer homeowners the opportunity to make a positive contribution to climate change. French institutions and companies have invested heavily in this sector,” he said.

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ICE Mortgage Technology announces the major version of Encompass 20.2 http://freedominst.org/ice-mortgage-technology-announces-the-major-version-of-encompass-20-2/ Tue, 23 Mar 2021 05:55:35 +0000 http://freedominst.org/ice-mortgage-technology-announces-the-major-version-of-encompass-20-2/

PLEASANTON, California, November 16, 2020 / PRNewswire / – Ellie Mae®the leading provider of cloud-based platforms to the mortgage lending industry, and now ICE Mortgage Technology ™, a division of Intercontinental Exchange, Inc. (NYSE: ICE), today announced the Encompass® 20.2 Major release it will include improvements for lenders to increase productivity through loan and investment workflows.

“We are constantly innovating to provide more automation to power digital mortgage on behalf of our lenders,” he said Joe Tyrrell, President, ICE Mortgage Technology. “With this major release of Encompass, we are providing new levels of automated service ordering, efficient and collaborative workflows and the foundation for our hybrid electronic close that we will launch in a few weeks. This is a core mission for lenders, especially when they are experiencing peak volumes, remote workforce, and homebuyers seeking high tech capabilities with human touch availability. “

Advanced condition management: This major improvement gives lenders the flexibility to support an omnichannel approach and the ability to design around the terms of business processes and workflows for a better user experience. These conditions are available in Encompass, Encompass LO Connect® and Encompass TPO Connect®. In particular:

  • The updated functionality provides a more flexible and configurable model by the lender that can support omnichannel business models
  • Offers advanced administrative tools to manage condition templates
  • It supports more granular options for condition management controls
  • Extends APIs to support external workflow engines

Document management reinvented: The new version focuses on reducing the time it takes lenders to save and open loans, as well as how lenders sort and manage documents. The new document viewer with cloud storage capabilities further contributes to increasing document management efficiency. In particular:

  • Improved Performance: The new document viewer leverages the cloud infrastructure and performs automatic document conversation, resulting in up to 5x faster loading and instant page viewing. Lenders no longer have to wait for the entire file to be converted before viewing.
  • New experience and editing options: The new document viewer has no third-party dependencies and offers a modern look, including side-by-side data and document comparison.
  • New Encompass Developer Connect® v3 APIs: The new document management workflow and document viewer leverage the v3 of the Encompass Developer Connect and Folder Attachment APIs. These APIs are backward compatible with Encompass instances and are more efficient, secure, and use cloud storage. The APIs are available today at developer.elliemae.com

“Our pilot lenders who have already utilized these advanced capabilities have provided excellent feedback on their impact, speed and performance,” continued Tyrrell. “They were impressed with the lightning-fast loading speed and display performance improvements, they appreciated the modern look and they appreciated the support of the omnichannel business model for greater flexibility. We look forward to continuing to support our institutes. Encompass credit by providing them with the automation and innovation they need to drive their businesses forward. “

Encompass offers lenders immediate savings and operational improvements as the leading loan origination system (LOS) designed to provide more loans, reduce costs, reduce closing times and make smarter business decisions. For more information on how Encompass can improve ROI, please visit: https://www.elliemae.com/encompass

About Ellie Mae
Ellie Mae, now ICE Mortgage Technology, a division of Intercontinental Exchange, Inc. (NYSE: ICE), is the leading cloud-based platform provider for the mortgage lending industry. Ellie Mae’s technology solutions enable lenders to disburse more loans, reduce origination costs and reduce closure times, all while ensuring the highest levels of compliance, quality and efficiency. Visit EllieMae.com or call (877) 355-4362 to find out more.

© 2020 Ellie Mae, Inc. Ellie Mae®, Incorporate®, AllRegs®, the Ellie Mae logo, and other Ellie Mae, Inc. trademarks or service marks appearing herein are owned by Ellie Mae, Inc. or its subsidiaries. All rights reserved. Other company and product names may be trademarks or copyrights of their respective owners.

SOURCE Ellie Mae

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IRS backlog processing of requests to verify the borrower’s income http://freedominst.org/irs-backlog-processing-of-requests-to-verify-the-borrowers-income/ Tue, 23 Mar 2021 05:55:35 +0000 http://freedominst.org/irs-backlog-processing-of-requests-to-verify-the-borrowers-income/

The IRS starting Monday will begin processing previously submitted requests for quick tax transcripts so lenders can confirm a potential borrower’s income while processing loan applications.

Applications are made under the IRS Income Verification Express Service (IVES) program used by lenders, including mortgage lenders and small business lenders and higher education institutions. The IRS had temporarily suspended the IVES program due to facility closures and staff restrictions due to the coronavirus pandemic.

  • The IVES system allows a handful of such entities to receive accelerated IRS tax transcripts directly, or indirectly through a service provider, such as credit reporting giant Equifax, usually within two to three business days.
  • The IRS in an email notice Monday said it can now start working with its backlog because it will have a limited number of staff who will return to service centers. Even so, processing will be delayed, the agency said.
  • The IRS has recalled approximately 10,000 employees to campuses across the nation, asking them to volunteer for incentives.
  • “We will not accept any new jobs until we have significantly reduced existing inventory,” the agency said in the notice. “A later update will be provided as new works are accepted.”
New Fed Mortgage chooses Total Expert which enables its loan officers to build trust and drive engagement http://freedominst.org/new-fed-mortgage-chooses-total-expert-which-enables-its-loan-officers-to-build-trust-and-drive-engagement/ Tue, 23 Mar 2021 05:55:34 +0000 http://freedominst.org/new-fed-mortgage-chooses-total-expert-which-enables-its-loan-officers-to-build-trust-and-drive-engagement/

“We can provide our lending agents with the digital tools they need to streamline the lending process and deliver automated marketing to their clients.”

New Fed Mortgage Corp, a regional mortgage lender licensed in 13 states, has announced a partnership with Total Expert, the customer experience platform built specifically for lenders.

Faced with a responsibility to help clients overcome financial uncertainty in an increasingly digital environment, New Fed Mortgage understands the dual importance of human connection and intelligent, automated technology within its customer engagement strategy. To deliver timely and relevant communications with customers at scale, the Massachusetts-based lender will leverage the Total Experience Platform to consistently communicate the right message, to the right customer, at the right time.

Total Experience Platform will help New Fed Mortgage unify customer data by linking best technologies through an open API, ultimately creating a single source of truth that loan offers can access for a timely look at unique financial needs of its customers. New Fed Mortgage Lending Officers Will Gain a Holistic View of the Client, Which They Can Use to Maintain and Nurture Highly Personal Relationships

“With Total Expert, we can provide our lending agents with the digital tools they need to streamline the lending process and deliver automated marketing to their clients,” said Brian D’Amico, CEO and president of New Fed Mortgage. “Armed with a unique 360-degree view of their customers, they can customize their reach and become more productive, while affirming their role as a trusted financial partner at every point of contact.”

Total Expert and New Fed Mortgage share the relentless belief that customers are entitled to a personalized experience during every financial transaction. By keeping customers at the center of every interaction, the Total Experience Platform will facilitate personalized communication based on personal preferences and open the door to meaningful relationships throughout life.

“At Total Expert, we believe that every interaction a customer has with their lender creates trust or erodes it,” said Sue Woodard, Total Expert chief customer officer. “The New Fed Mortgage team understands the power of personalized outreach coupled with intelligent marketing automation and we look forward to helping them provide vital guidance in the important moments in their clients’ lives. We are thrilled to welcome them into the Total Expert family. “

About Total Expert

Total Expert is a fintech software company that created the first experience platform specifically created for the modern financial institution. The platform enables sales and marketing teams to leverage data to seamlessly deliver relevant products and services to each customer based on their financial goals. Total Expert focuses on the unique compliance needs of financial services organizations that need to integrate industry-specific data and applications to deliver a consistent experience across the customer lifecycle. For more information, visit totalxpert.com.

About New Fed Mortgage Corporation

New Fed Mortgage has specialized in residential retail mortgage loans since 2001. Licensed in 13 states, the company offers conventional, Jumbo, FHA, VA, USDA and various state housing programs along with access to various portfolio products. Products range from first-time homebuyer programs with little or “0” below, traditional fixed-rate “choose your maturity” products, ARM programs, housing loans, renovation loans of 203,000 and access to tailor-made portfolio programs that can be tailored to meet a borrower’s specific needs. For more information, visit newfed.com.

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