Bank Loan – Left Bank http://left-bank.org/ Fri, 30 Sep 2022 10:06:37 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://left-bank.org/wp-content/uploads/2021/07/icon-2-150x150.png Bank Loan – Left Bank http://left-bank.org/ 32 32 Bulgaria’s central bank increases capital buffer as lending risk remains high https://left-bank.org/bulgarias-central-bank-increases-capital-buffer-as-lending-risk-remains-high/ Fri, 30 Sep 2022 08:26:00 +0000 https://left-bank.org/bulgarias-central-bank-increases-capital-buffer-as-lending-risk-remains-high/ SOFIA, Sept 30 (Reuters) – Bulgarian banks will need to accumulate more capital in 2023 to counter the build-up of systemic risks from still high borrowing levels and heightened economic uncertainty amid war in Ukraine, the central bank said. The National Bank of Bulgaria on Thursday evening set the countercyclical capital buffer rate at 2.0% […]]]>

SOFIA, Sept 30 (Reuters) – Bulgarian banks will need to accumulate more capital in 2023 to counter the build-up of systemic risks from still high borrowing levels and heightened economic uncertainty amid war in Ukraine, the central bank said.

The National Bank of Bulgaria on Thursday evening set the countercyclical capital buffer rate at 2.0% from October 2023, compared to 0.5% currently. Lenders will have to set aside 1.0% from October 1 this year and 1.5% from January 2023.

“Prolonged periods of strong credit growth may lead to higher debt levels, which could reduce the debt-servicing capacity of borrowers,” the bank said in a statement.

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“Strong credit growth could lead to an increase in non-performing loans in the event of an economic downturn and a significant increase in interest rates on loans,” he added.

Energy prices in the European Union have soared since Russia invaded Ukraine in February and the West has responded with sweeping sanctions.

The central bank said high energy prices, potential disruptions to supply chains as well as the side effects of a slowdown in economic activity in Bulgaria’s main trading partners could affect the ability of borrowers to repay their debt.

The global trend of rapidly rising interest rates is also leading to higher debt service payments by borrowers, the bank said.

EU member Bulgaria, which plans to join the eurozone in 2024, has pegged its currency, the lev, to the euro. The country’s main interest rate has been set at zero since 2016.

The gross loan portfolio of Bulgarian banks increased by 1.6% at the end of July on a monthly basis to reach 82.3 billion levs ($41.18 billion), according to central bank data.

The banks, many of which are owned by EU lenders, are well capitalized overall, and the increased cushion should not prompt any of the 18 firms to raise additional capital.

($1 = 1.9985 leva)

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Reporting by Tsvetelia Tsolova Editing by Mark Potter

Our standards: The Thomson Reuters Trust Principles.

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Irvine Man Sentenced to 4 Years in Federal Prison for Obtaining Over $5 Million in COVID Relief Loans for Shell Companies | USAO-CDCA https://left-bank.org/irvine-man-sentenced-to-4-years-in-federal-prison-for-obtaining-over-5-million-in-covid-relief-loans-for-shell-companies-usao-cdca/ Mon, 26 Sep 2022 17:40:25 +0000 https://left-bank.org/irvine-man-sentenced-to-4-years-in-federal-prison-for-obtaining-over-5-million-in-covid-relief-loans-for-shell-companies-usao-cdca/ LOS ANGELES – An Orange County man was sentenced today to 48 months in federal prison for fraudulently obtaining more than $5 million in COVID relief loans for three front companies. Raghavender Reddy Budamala, 36, of Irvine, was sentenced by U.S. District Judge Otis D. Wright II, who also ordered Budamala to pay $5,151,497 in […]]]>

LOS ANGELES – An Orange County man was sentenced today to 48 months in federal prison for fraudulently obtaining more than $5 million in COVID relief loans for three front companies.

Raghavender Reddy Budamala, 36, of Irvine, was sentenced by U.S. District Judge Otis D. Wright II, who also ordered Budamala to pay $5,151,497 in restitution.

Budamala pleaded guilty on June 21 to one count of bank fraud and one count of money laundering. As part of his plea deal, Budamala agreed to confiscate real estate in Orange County, Malibu, and Los Angeles, as well as approximately $4,119,662 in funds from bank and investment and crypto accounts. -change.

From January 2019 to August 2019, Budamala formed or acquired three shell companies without operations – Hayventure LLC, Pioneer LLC and XC International LLC. Following the outbreak of the COVID-19 pandemic and the enactment of federal programs designed to address the resulting economic fallout, Budamala submitted seven applications to the Small Business Administration for pandemic relief loans under the Paycheck Protection Program (PPP) and Economic Disaster Loan. (EIDL).

As part of applications filed from April 2020 to March 2021, Budamala falsely told banks administering COVID relief business loan programs that his businesses employed dozens of people and earned millions of dollars in revenue, and that he needed the payroll money. and business expenses.

Addresses listed for businesses were fake, non-existent, or residential. The states where the Budamala businesses are said to have operated have no record of these businesses paying salaries to employees, and the businesses’ bank records do not reflect any significant business income or operating expenses.

The SBA and the banks funded six of the loans and disbursed a total of $5,151,497. Budamala requested the cancellation of several of the loans and falsely stated that he had used all of the SBA money for payroll.

Once the loans were funded, Budamala used the money to pay for personal expenses, including buying a $1.2 million investment property in Eagle Rock, buying a property for $597,585 in Malibu, the purchase of a personal residence in Irvine, a $970,000 investment in an EB-5 immigrant investor visa program and a deposit of nearly $3 million in Budamala’s TD Ameritrade personal account .

Budamala has been in federal custody since his arrest on February 23, when he attempted to flee from the United States to Mexico through the San Ysidro border crossing. A criminal complaint was filed against him on February 24.

The IRS Criminal Investigation, the FBI, and the Office of the Inspector General of the Small Business Administration investigated this case.

Assistant United States Attorney Gregory D. Bernstein of the Major Fraud Section and Assistant United States Attorney Maxwell K. Coll of the Forfeiture and Asset Recovery Section prosecuted the case.

In May 2021, the Attorney General established the COVID-19 Fraud Enforcement Task Force to mobilize Department of Justice resources in partnership with agencies across government to intensify enforcement efforts. and prevention of pandemic-related fraud. The task force strengthens efforts to investigate and prosecute the most culpable domestic and international criminal actors and assists agencies administering relief programs to prevent fraud, among other methods, by increasing and integrating coordination mechanisms existing ones, identifying resources and techniques to uncover fraudulent actors and their agendas, and sharing and leveraging information and knowledge gained from previous enforcement efforts. For more information about the department’s response to the pandemic, please visit https://www.justice.gov/coronavirus.

Anyone with information about alleged attempted fraud involving COVID-19 can report it by calling the Department of Justice’s National Center for Disaster Fraud (NCDF) hotline at (866) 720-5721 or via the NCDF online complaint form at: https://www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form.

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How to Avoid Student Loan Debt https://left-bank.org/how-to-avoid-student-loan-debt/ Sat, 24 Sep 2022 04:45:00 +0000 https://left-bank.org/how-to-avoid-student-loan-debt/ STEVE ROSEN Content Agency Tribune My stance on President Joe Biden’s plan to wipe the slate clean for borrowers on billions of dollars in federal student loan debt: I don’t like it. I understand why there are many arguments in favor of the White House plan. But, like many readers, I think it’s a slap […]]]>

STEVE ROSEN Content Agency Tribune

My stance on President Joe Biden’s plan to wipe the slate clean for borrowers on billions of dollars in federal student loan debt: I don’t like it.

I understand why there are many arguments in favor of the White House plan. But, like many readers, I think it’s a slap in the face for those who graduated college in debt but made the payments like clockwork — even when it hurt — to forge a positive outcome. They kept their promise to return the money.

Now they are being told to cover the debt of over 20 million people who cannot. At least the president’s plan includes a new repayment program that would reduce student debt repayments in the future, with monthly payments capped at no more than 5% of a borrower’s discretionary income, compared to 10% in the existing income-based programs.

Borrowers who benefit from the president’s plan – assuming he survives the challenges – can hit the box on the road with Uncle Sam there to clean up the mess. It’s the American way, given the huge federal bailouts of years past to automakers, big banks and other corporations deemed too critical to fail. This time ordinary Americans get the straight break.

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But I also understand that there are millions of borrowers whose lives have been shattered because of loans – and all the interest that comes with them. Is there a better way than a bailout to help them?

Of all the statistics and data presented by supporters and critics, I have focused on this one: the level of federal student loan debt – currently $1.6 trillion – will return to today’s levels. within five years of cancellation without facing rising college costs, according to the Committee for a Responsible Federal Budget, a nonprofit that advocates for deficit reduction.

But I digress. Politics and politics aside, what can parents and students do now to avoid falling into the same debt trap?

Here are some ideas for making college more affordable that not only don’t require a presidential prescription, but require little effort — just a dose of common sense.

  • Scholarships. If there’s a high school student in your house, start looking now for scholarships, grants, and other forms of “free” money, which, unlike debt, don’t require repayment. Many nonprofits, businesses, and other private organizations have application deadlines before December 31. There are a number of websites that list a full range of scholarship programs.
  • University credits. Enroll in as many Advanced Placement courses as you can handle. Earning college credits in high school can shave thousands of dollars off the total tab.
  • Community colleges. Community college tuition is usually a fraction of public school tuition. In some states, students can even transfer credits to a four-year public school after two years. Make sure your home state offers credit transfers. Likewise, trade schools may be the way to go for those looking to develop a trade.
  • Schools without loans. More than 50 colleges offer loan-free financial aid programs that include scholarships, grants, and work-study opportunities. Most colleges offering this option tend to be smaller liberal arts institutions, such as Grinnell, Bates, and Amherst. Other no-loan schools include Princeton, Yale, Brown, University of North Carolina, and Virginia.
  • Just say no.” Ideally, look for colleges that meet your child’s academic needs without putting the family in debt. If your teen is considering colleges that will break the bank, just say “no.” Look for schools that will pay you to attend – there are plenty.
  • 529 shots. The most effective way to save for college is to start contributing to a 529 college savings plan, ideally while your child is still carrying sleeping bags and diapers.
  • The intelligence of money. Take a personal finance course in high school. Learn the basics, especially how to avoid accumulating debt of all kinds.

Questions, comments, column ideas? Email sbrosen1030@gmail.com.

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Is China done with the repression of its market? Ask Fosun https://left-bank.org/is-china-done-with-the-repression-of-its-market-ask-fosun/ Thu, 22 Sep 2022 05:14:57 +0000 https://left-bank.org/is-china-done-with-the-repression-of-its-market-ask-fosun/ Global investors these days are wondering if Beijing has moved to ease a year-long regulatory crackdown that cost them more than $1 trillion in losses. After all, China makes up about a third of the emerging market benchmark. It’s just too big to ignore. In the absence of a clear policy statement, asset managers have […]]]>

Global investors these days are wondering if Beijing has moved to ease a year-long regulatory crackdown that cost them more than $1 trillion in losses. After all, China makes up about a third of the emerging market benchmark. It’s just too big to ignore.

In the absence of a clear policy statement, asset managers have resorted to reading tea leaves. For example, a deal that would allow the US securities watchdog to review the audit documents of Chinese companies listed in New York in Hong Kong could be a sign that China is once again keen to attract investors. Foreign investments. Beijing may also attempt to appease capital markets by re-listing Didi Global Inc. and Alibaba Group Holding Ltd.’s fintech subsidiary, Ant Group Co.

So far, the signals are mixed. Take the housing market, where local governments have flip-flopped. Last Thursday, industrial hubs such as Qingdao and Suzhou removed restrictions on buying second-hand homes and non-residents respectively, only to roll back the next morning. These setbacks have prompted investors to conclude that President Xi Jinping’s mantra that housing should be lived in, not speculated upon, remains firmly in place. As such, August’s mini-rally of real estate developer high-yield dollar bonds quickly ran out of steam. Shanghai-based private equity giant Fosun International Ltd. and the French resort group Club Med. Its stocks and bonds have recently seen strong sales as global ratings agencies downgraded the company’s rating, citing refinancing risks.

These risks reflect investors’ concerns about interference from government authorities. Last week, Fosun’s Communist Party internal secretary visited the Beijing branch of Sasac – the State Council’s Public Assets Supervision and Administration Commission – the company said in a statement.

The powerful agency has recently witnessed selling pressures at some of its portfolio companies. In early September, a subsidiary of Fosun pledged a 7.9% stake in Beijing Sanyuan Foods Co. to a brokerage firm. Sanyuan’s main shareholder is a state-owned company directly supervised by the Beijing Sasac.

Fosun said Beijing Sasac has conducted a routine information-gathering investigation with the company, and the agency has already sent such notices to other companies. The two sides held in-depth exchanges on the long-term cooperation between Fosun and Beijing’s state-owned enterprises.

In another era, investors might have simply dismissed Fosun’s Sasac visit. But after a deadly crackdown, where little-known government agencies came out of nowhere to wipe billions of dollars off the market value of companies – think of the cybersecurity watchdog’s hawkish stance that ultimately led to the delisting of the giant Didi from New York – traders are naturally capricious.

If we use the loan-to-value ratio as a measure of financial security, at 39%, Fosun’s balance sheet is healthy for an investment holding company. However, with insufficient liquidity and access to the closed dollar bond market, Fosun must rely on bank loan refinancing and the rapid disposal of assets to meet its short-term obligations. About 53% of its debt will mature within a year, according to S&P Global Ratings. In other words, Fosun’s ability to quickly dispose of its investments is crucial.

With just 117 billion yuan ($17 billion) in debt, Fosun is nowhere near the height of indebted Chinese developers. However, the company is important because it is a key barometer of the high yield corporate bond market. Last year, when property developers collapsed – around a third of the top 100 builders defaulted or sought loan extensions – Fosun became the natural destination for investors to park their money. He has scale, cash – and until recently – a decent credit rating. Fosun has about $4 billion in dollar bonds outstanding, with its smallest issue at a respectable $450 million. It was a BB rated company.

Now, that safe haven may not be so safe. And the high-yield dollar corporate bond market cooled further.

When a company is nearing distress, credit analysts can always point the finger at one metric or another, saying its cash flow management could be better. However, even the best private companies can go awry if the government becomes overzealous or indiscreet.

In the capital markets, the Chinese government does not have the best reputation at the moment. If Beijing still wants foreign capital, it must tell its various agencies to keep a low profile and shut up. Their spontaneous visits with companies scare away investors.

More from Bloomberg Opinion:

• Private equity giants have cash flow problems: Shuli Ren

• The compromise on Chinese stock quotes is a victory for the United States: editorial

• Xi Jinping sends mixed messages to investors: Shuli Ren

This column does not necessarily reflect the opinion of the Editorial Board or of Bloomberg LP and its owners.

Shuli Ren is a Bloomberg Opinion columnist covering Asian markets. A former investment banker, she was a markets reporter for Barron’s. She holds the CFA charter.

More stories like this are available at bloomberg.com/opinion

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CFPB: real estate loan activity moves from refinancing to purchase https://left-bank.org/cfpb-real-estate-loan-activity-moves-from-refinancing-to-purchase/ Mon, 19 Sep 2022 21:07:49 +0000 https://left-bank.org/cfpb-real-estate-loan-activity-moves-from-refinancing-to-purchase/ The Consumer Financial Protection Bureau most recent annual report on residential mortgage lending activity shows a shift from refinance lending in 2020 to home purchase lending in 2021, with a greater share of home purchase lending going to white Asian borrowers , blacks and Hispanics compared to the share of home purchase loans for non-Hispanic […]]]>

The Consumer Financial Protection Bureau most recent annual report on residential mortgage lending activity shows a shift from refinance lending in 2020 to home purchase lending in 2021, with a greater share of home purchase lending going to white Asian borrowers , blacks and Hispanics compared to the share of home purchase loans for non-Hispanic white borrowers, the agency reported today.

Closed mortgages, excluding reverse mortgages, grew 2.4% from 13.4 million in 2020 to 13.7 million in 2021, according to the report. The CFPB had previously reported a 66.8% increase in originations between 2019 and 2020, largely due to refinancings. However, most of the increase from 2020 to 2021 was due to jumbo home purchase loans. The number of refinance loans fell 1.7% year-on-year.

Black borrowers’ share of home purchase loans fell from 7.3% in 2020 to 7.9% in 2021, according to the CFPB. White Hispanic borrowers saw their share of home purchase loans increase from 9.1% to 9.2%, and the share of Asian borrowers increased from 5.5% to 7.1%. The share of home purchase loans by non-Hispanic white borrowers increased from 59.1% to 55.6% over the same period. Overall, black and white Hispanic borrowers continued to enjoy lower median loan amounts, had lower median credit scores, and had higher denial rates than white and non-Hispanic Asian borrowers.

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UDC and Commercial Bank sign Memorandum of Understanding to provide financing facilities to its customers at The Pearl, Gewan Islands https://left-bank.org/udc-and-commercial-bank-sign-memorandum-of-understanding-to-provide-financing-facilities-to-its-customers-at-the-pearl-gewan-islands/ Sat, 17 Sep 2022 17:29:00 +0000 https://left-bank.org/udc-and-commercial-bank-sign-memorandum-of-understanding-to-provide-financing-facilities-to-its-customers-at-the-pearl-gewan-islands/ United Development Company (UDC), a leading Qatari joint-stock company, has signed a Memorandum of Understanding (MoU) with Commercial Bank to provide attractive home loans for UDC properties in its flagship developments, The Pearl and Gewan Islands .In the presence of Ibrahim Jassim al-Othman, CEO and Chairman of UDC and member of the Board of Directors, […]]]>

United Development Company (UDC), a leading Qatari joint-stock company, has signed a Memorandum of Understanding (MoU) with Commercial Bank to provide attractive home loans for UDC properties in its flagship developments, The Pearl and Gewan Islands .
In the presence of Ibrahim Jassim al-Othman, CEO and Chairman of UDC and member of the Board of Directors, and Joseph Abraham, CEO of Commercial Bank Group, the MoU was co-signed by Hussain Akbar al- Baker, Commercial Executive Director of UDC, and Hussein al-Abdulla, Commercial Bank EGM, Chief Marketing Officer and Head of Premium Banking, at a ceremony held at the UDC Tower of The Pearl Island attended by senior representatives of both parties.
As part of the agreement, buyers of UDC properties will be able to apply to the Commercial Bank for a home loan of up to 70% of the property’s value and an occupancy period of up to 20 years, as well as benefit fast loan processing and flexible add-ons. value options and payment plans.
These financial arrangements will appeal to those wishing to live in the property themselves as well as local and international investors, as the Commercial Bank offers mortgage loans to non-residents wishing to facilitate home ownership in Qatar.
Al-Othman said, “We are delighted to partner with Commercial Bank to provide financing facilities to our customers in Qatar and abroad and to complement UDC’s current post-completion payment plan offering. This would mean more choice to take advantage of unparalleled financing solutions, including attractive home loan rates and faster approvals while investing in exquisite, highly sought-after residences in The Pearl and Gewan Islands.
“Furthermore, the agreement is part of UDC’s efforts to provide flexible and convenient services to its customers, which further strengthens UDC’s position as a preferred developer and helps attract more business. investors from local and international markets.”
Abraham added: “We are very pleased to partner with UDC to launch their prestigious ‘Crystal Residence’ and offer a range of mortgage solutions tailored to clients’ needs. This extends the strong partnership between UDC and CB to jointly serve their clients with transparent, market-leading financing options.
As completed units at The Pearl Island continue to be in high demand, Crystal Residence is expected to attract a remarkable number of corporate and individual investors from Qatar and abroad with its amenity-rich, smart and sustainable features in plus the unparalleled location at Gewan Island which promises to be Qatar’s most prestigious and exclusive address.
Crystal Residence consists of 15 luxurious six to seven story mixed-use buildings located in the heart of Gewan Island in a bustling commercial and residential area, arranged around the pedestrian zone and the longest air-conditioned “Crystal Walkway” in the Qatar.
Crystal Residence consists of a total of 586 apartments with sea or Crystal Walkway views, including one- to three-bedroom units ranging from 90 m² to 240 m² and four-bedroom duplexes ranging in size from 365 m² . Residents also have access to exclusive world-class leisure facilities in addition to publicly accessible ground floor retail, entertainment and dining outlets with ample underground parking.

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Boston Realty Advisors secures $53.4 million loan from Cambridge Savings Bank and Barings for 35 Braintree St. : NEREJ https://left-bank.org/boston-realty-advisors-secures-53-4-million-loan-from-cambridge-savings-bank-and-barings-for-35-braintree-st-nerej/ Fri, 16 Sep 2022 05:09:57 +0000 https://left-bank.org/boston-realty-advisors-secures-53-4-million-loan-from-cambridge-savings-bank-and-barings-for-35-braintree-st-nerej/ Allston, MA Boston Realty Advisors arranged debt financing for 35 Braintree St., a 149-unit transit-focused development by Jones Street Investment Partners. Boston Realty Advisors secured a $53.4 million loan from Cambridge Savings Bank (CSB) and Barings for the project, which will provide needed housing in the neighborhood near Boston Landing. The transaction was managed by […]]]>

Allston, MA Boston Realty Advisors arranged debt financing for 35 Braintree St., a 149-unit transit-focused development by Jones Street Investment Partners.

Boston Realty Advisors secured a $53.4 million loan from Cambridge Savings Bank (CSB) and Barings for the project, which will provide needed housing in the neighborhood near Boston Landing. The transaction was managed by Nicholas Herz, Managing Director and Partner of Boston Realty Advisors.

Jones Street Investment Partners was founded by Matt Frazier, CEO, and Matt Ranalli, CIO. Since its inception in 2014, Jones Street has acquired or developed more than 4,500 units in six states.

“It was a pleasure to work alongside such a caliber team at Jones Street Investment Partners and to add to our track record of successful debt executions,” said Herz. “We are committed to helping our customers grow and collaborating with them on all facets of their business.”

BRA also purchased the off-market acquisition on behalf of Jones Street Investment Partners in 2020, allowing the company to acquire the land. Jones Street Investment Partners has since led the project through to completion.

The seven-story building, designed by PCA, Inc., is located near Harvard University’s new School of Engineering and Applied Sciences on the Allston campus. 35 Braintree is also within walking distance of the MBTA Boston Landing commuter rail station on the Worcester line, a catalyst for development in the area, which is underserved by housing. Demand for residencies among young professionals and graduate students is high, given the proximity to local universities, including Harvard.

“The BRA and Cambridge Savings Bank have been great to work with to secure financing for 35 Braintree St., which is located in a dynamic, up-and-coming neighborhood that is severely constrained by supply,” Frazier said. “This exciting project represents a key progress marker for our core development activity, and we look forward to further developing this core competency as we advance our investment strategy.”

Allston’s financial transaction follows two other recent debt offerings by Boston Realty Advisors, now in its 22n/a year of existence.

Boston Realty Advisors recently arranged a $16 million permanent debt financing for Legend Development Group, Inc. at 392 Cambridge St. in Allston, which consists of 32 condominium apartments, structured parking and a restaurant on the ground floor.

And in Marlborough, an $11.150 million loan was secured for the acquisition of Marlboro Village, a community of 102 fully occupied prefab homes. The Broadway Company purchased the residential community for $17.152 million.

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Encapture and Abrigo Announce Partnership to Help Financial Institutions Streamline Loan Origination https://left-bank.org/encapture-and-abrigo-announce-partnership-to-help-financial-institutions-streamline-loan-origination/ Wed, 14 Sep 2022 13:07:35 +0000 https://left-bank.org/encapture-and-abrigo-announce-partnership-to-help-financial-institutions-streamline-loan-origination/ Capturea fast-growing SaaS platform that helps banks like Wells Fargo, Frost Bank and Truist automatically extract important information from documents, today announced a partnership with Shelterthe leader in compliance, credit risk and lending solutions for financial institutions. Both Encapture and Abrigo serve the commercial lending space, each dedicated to bringing efficiency and streamlining the traditionally […]]]>

Capturea fast-growing SaaS platform that helps banks like Wells Fargo, Frost Bank and Truist automatically extract important information from documents, today announced a partnership with Shelterthe leader in compliance, credit risk and lending solutions for financial institutions.

Both Encapture and Abrigo serve the commercial lending space, each dedicated to bringing efficiency and streamlining the traditionally manual processes of financial institutions. Launched 20 years ago in Dallas, Texas, Encapture helps financial institutions save time and money by using machine learning to process large amounts of data. Abrigo helps banks and credit unions with everything from loan application to loan underwriting to loan administration on one platform.

The new partnership will provide users with the ability to seamlessly sync Encapture’s machine learning automation with Abrigo’s lending platform, automating the distribution of all types of tax forms to using machine learning and creating a more consistent and accurate process for entries, providing greater underwriting confidence. treat.

The integration with Encapture will be launched on the Abrigo platform on September 16, 2022.

“By partnering with Encapture, we’re helping bank and credit union staff focus on breakdown and ratio analysis rather than data collection and entry,” said Abrigo’s president, Jay Blandford. “Faster loan decisions mean happier lenders, analysts and borrowers.”

“We are excited to partner with Abrigo to expand their intelligent automation capabilities,” said Will Robinson, CEO of Encapture. “Current market conditions require lenders to act quickly and deliver exceptional digital experiences to both their borrowers and their employees.”

###

About capturing

Capture
is a machine learning platform that accelerates time to funding, improves lending margins, and reduces regulatory risk for banks, credit unions, and fintech lenders. As an omnichannel solution, Encapture easily integrates with any banking or lending process to automatically verify incoming documents, automatically populate business systems with key data points, and automatically request additional documents that may be missing or missing. incorrect. Visit www.encapture.com to learn more.



About Abrigo

Shelter
enables U.S. financial institutions to support their communities with technology that
combats financial crime, increases loans and deposits and optimizes risk. Abrigo’s platform centralizes institution data, creates a digital user experience, ensures compliance, and delivers efficiency for large-scale, profitable growth. Visit www.abrigo.com to find out more. Follow Abrigo on social media using @WeAreAbrigo.



Media Contact:


Capture :

Shelby Janner

[email protected]
512.298.4081 x702



Shelter:

[email protected]
512.536.0929
Twitter: @weareabrigo

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Regional bank executives see more signs of pressure on mortgages https://left-bank.org/regional-bank-executives-see-more-signs-of-pressure-on-mortgages/ Mon, 12 Sep 2022 20:28:22 +0000 https://left-bank.org/regional-bank-executives-see-more-signs-of-pressure-on-mortgages/ (Bloomberg) – Regional bank executives are seeing growing signs of strain in the mortgage business as higher interest rates slow home purchases. “We’re almost at the bottom of our incomes, and you’re starting to see people giving up the ghost,” Bruce Van Saun, chief executive of Citizens Financial Group Inc., said Monday at a financial […]]]>

(Bloomberg) – Regional bank executives are seeing growing signs of strain in the mortgage business as higher interest rates slow home purchases.

“We’re almost at the bottom of our incomes, and you’re starting to see people giving up the ghost,” Bruce Van Saun, chief executive of Citizens Financial Group Inc., said Monday at a financial services conference hosted by Barclays Plc. “People are saying there is too much capacity,” leading to layoffs.

The pandemic inflated home sales, but the Federal Reserve’s aggressive rate hikes faltered the business and led to job cuts across the sector. Mortgage rates hit their highest level since 2008 last week, with the average 30-year loan hitting 5.89%, while the volume of applications has fallen more than 50% this year. U.S. pending home sales in July fell to their lowest level since the pandemic began.

US Bancorp Chief Financial Officer Terry Dolan told the conference that the Minneapolis-based bank expects its mortgage income to decline 30% to 35% this quarter from the previous three months.

The biggest American banks are also reacting. Citigroup Inc. joined the ranks of companies that cut their mortgage workforce earlier this month, eliminating less than 100 positions. JPMorgan Chase & Co. in June cut hundreds of mortgage lending staff and reassigned hundreds more as the housing market cooled, and Wells Fargo & Co. plans to scale back its sprawling mortgage operations.

© 2022 Bloomberg L.P.

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BRAC Bank will provide a loan to teachers listed by MPO for the purchase of a laptop https://left-bank.org/brac-bank-will-provide-a-loan-to-teachers-listed-by-mpo-for-the-purchase-of-a-laptop/ Sat, 10 Sep 2022 13:52:01 +0000 https://left-bank.org/brac-bank-will-provide-a-loan-to-teachers-listed-by-mpo-for-the-purchase-of-a-laptop/ With the help of the Directorate of Secondary and Higher Education (DSHE), BRAC Bank facilitated the purchase of laptops for MPO-listed teachers through its digital personal loan. BRAC Bank recently signed a Memorandum of Understanding (MoU) with DSHE at the latter’s office in Dhaka. According to BRAC Bank, teachers can apply for the loan digitally […]]]>

With the help of the Directorate of Secondary and Higher Education (DSHE), BRAC Bank facilitated the purchase of laptops for MPO-listed teachers through its digital personal loan.

BRAC Bank recently signed a Memorandum of Understanding (MoU) with DSHE at the latter’s office in Dhaka.

According to BRAC Bank, teachers can apply for the loan digitally through the Shadhin platform developed by Shadhin Fintech Solutions Limited.

Their applications will be assessed and the bank will disburse the loans digitally with this end-to-end solution.

Teachers can benefit from up to 80,000 BDT with a 6/9/12/15 month disbursement facility. They will not have to pay a deposit. Walton Digi-tech will supply the laptops at a special discounted price.

A BRAC bank official said the loan will be unsecured and a single-digit interest rate will apply to repayment of the loan.

With this funding facility, teachers could now create digital content for their students. The initiative is an example of financial inclusion and innovation in banking services that will also contribute to the government’s vision of Digital Bangladesh.

Read: IFC and BRAC Bank launch first-ever housing bond in Bangladesh

In the first phase, teachers from educational institutions listed by DFO in Savar and Gazipur regions can avail the loan facility.

Professor Nehal Ahmed, Director General, DSHE; and Selim RF Hussain, Managing Director and CEO of BRAC Bank, signed the agreement in favor of their respective organizations.

All DSHE administrators; Liaquat Ali, Deputy Managing Director, Walton Digi-Tech Industries Limited; Mohammed Shadman, Chairman, Shadhin Fintech Solutions Limited; Md. Mahiul Islam, Head of Retail Banking; Md. Monirul Islam Rony, Retail Lending Manager; SM Ishtiaque, head of digital loan underwriting; Muntasir Rahman, Application Development and Business Systems Manager, BRAC Bank, was also present.

The unique aspect of this loan is that it will be processed and disbursed digitally, which is convenient for teachers.

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