Money lender – Condenetint http://condenetint.com/ Wed, 23 Nov 2022 15:10:15 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://condenetint.com/wp-content/uploads/2021/06/cropped-icon-32x32.png Money lender – Condenetint http://condenetint.com/ 32 32 Mortgage report BNC National Bank 2022 https://condenetint.com/mortgage-report-bnc-national-bank-2022/ Wed, 23 Nov 2022 15:10:15 +0000 https://condenetint.com/mortgage-report-bnc-national-bank-2022/

Insider experts choose the best products and services to help you make informed decisions with your money (here’s how). In some cases, we receive a commission from our our partners, however, our opinions are our own. Terms apply to offers listed on this page.

NBC National Bank Mortgages

Types of loans offered

Compliance, FHA, VA, USDA, jumbo, specialty mortgages

BNC National Bank BNC National Bank Mortgages

NBC National Bank Mortgages

Types of loans offered

Compliance, FHA, VA, USDA, jumbo, specialty mortgages

On the BNC National Bank website

Types of loans offered

Compliance, FHA, VA, USDA, jumbo, specialty mortgages

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Overall Lender Rating

Advantages and disadvantages

Mortgage interest rates and fees BNC National Bank

BNC National Bank does not disclose its interest rates or loan fees online, making it difficult for borrowers to get an idea of ​​what they might pay without speaking to a loan officer or submitting their information for prior approval.

Some lenders post sample rates online and even provide tools for potential borrowers to see personalized rates based on their credit and the type of loan they want. Although the rates posted may not exactly match the rate you get, it can help you understand the range of rates offered by the lender.

Compare with other lenders

BNC National Bank vs. Chase

Hunt is part of our favorite mortgage lenders, especially for low-income borrowers, through its DreaMaker mortgage and down payment grants. With the Chase DreaMaker Mortgage, eligible borrowers can get a mortgage with a 3% down payment and reduced PMI costs.

If you need a more specialized type of mortgage, BNC National Bank might be a better option for you, as Chase’s offerings are fairly basic, while BNC offers specialty loans for unique situations.

BNC National Bank versus New American Funding

New US funding is a good choice for FHA Borrowers or borrowers without credit. Additionally, its I CAN mortgage allows borrowers to customize their mortgage with a loan term of between eight and 30 years.

Both of these lenders are solid options for borrowers looking for specialty lending options. It may be a good idea to get pre-approval from both lenders to see who can give you the best deal.

How NBC Mortgages Work National Bank

BNC Banque Nationale grants mortgage loans nationwide. Borrowers near one of its five physical branches in Arizona, Kansas, Illinois or North Dakota can start their mortgage application in person. Otherwise, you can start with this online lender.

BNC offers compliant, FHA, Virginia, USDA, giantand specialty mortgages, including prefab home loans.

To get a conforming mortgage from this lender, you’ll need a credit score of 620 and a down payment of at least 3% if you’re a first-time home buyer. If you are not a first-time home buyer, you will need to deposit at least 5%.

Is BNC Banque Nationale trustworthy?

BNC National Bank currently holds a A+ rating from the Better Business Bureau. The BBB rates companies by looking at responses to customer complaints, honesty in advertising and transparency in business practices. This lender has no recent public scandals.

On their Zillow lender profileBNC Banque Nationale obtained a rating of 4.71 out of 5 stars, based on 2,443 customer reviews.

NBC National Bank FAQs

BNC National Bank is an online direct mortgage lender that offers mortgages in all 50 states. It has branches in Arizona, Kansas, Illinois and North Dakota.

BNC National Bank does not disclose its mortgage rates online. To get an idea of ​​the types of rates offered by this lender, you will need to speak with a loan officer or submit a pre-approval request.

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The New Reality: A Monthly Car Payment of $700 https://condenetint.com/the-new-reality-a-monthly-car-payment-of-700/ Fri, 18 Nov 2022 01:23:05 +0000 https://condenetint.com/the-new-reality-a-monthly-car-payment-of-700/

When average monthly payments for new cars topped $700 in May and car prices hit record highs, many would-be car buyers decided to stay away until the market returned to normal. the normal.

Six months later, normal seems further away than ever. The Federal Reserve continues to raise the federal funds rate, driving interest rates on auto loans to a 20-year high, and the average transaction price for new cars remains above $48,000.

According to data firm Cox Automotive, the average monthly payment for a new car hit a new high of $748 in October. Average used car payments exceeded $550, based on a 70 month term loan and 10% down payment.

Automotive research firm Edmunds reports that the average October auto loan APR is 6.3% for new vehicles and 9.6% for used vehicles. Edmunds senior knowledge manager Ivan Drury says slight improvements in car supplies and prices are negated by the rate increase.

“Even if you save $500 on the purchase price of a car, it could be wiped off the interest rate if you don’t get the exact APR you need,” says Drury.

To illustrate Drury’s point, financing a $46,000 car for six years with an APR of 3.1% would result in a car payment of $700. Reduce the loan amount to $42,000 at 6.3% APR for the same term, and you still have a car payment of $700.

Matt Degen, Editor at Kelley Blue Book, says: “From what we’ve seen so far, it’s even harder to get even a used car. And I don’t know if that will change much. Even if inventory issues ease further, with rising interest rates and tougher lending standards, this could just be another struggle for people to overcome.

High payments for cars affect all car buying segments

During Cox Automotive’s quarterly auto industry call, senior economist Charlie Chesbrough said, “No buyer can escape these higher rates. They are passed on to everyone, which means the monthly payments will be even higher. »

On the same call, chief economist Jonathan Smoke said the “deadly combination” of high car prices and high interest rates were driving low-income, low-credit buyers out of the auto market.

At the other end of the spectrum, Edmunds recently reported that 14.3% of consumers commit to monthly car payments of $1,000 or more when financing a new vehicle. The report pointed to consumer preferences for luxury brands and large trucks and SUVs as one of the factors driving these car payments over $1,000.

Says Drury, “I tell people if a car payment of $1,000 makes sense for you mathematically and for your budget, that’s fine. But we see in our data where someone can pay $1,400 per month for a 72 month term at 10% APR. We are talking about nearly $30,000 in financing costs. What I can’t defend.

When waiting to buy a car is not an option

Twenty-six-year-old Tim Roeder of Westfield, Indiana and his wife had no car payments when 10-year-old Roeder’s car needed expensive repairs. Roeder says they weren’t “super excited” about accepting payment for a car in today’s market, but some planning and job promotion helped them get it done.

Roeder and his wife discussed the budget, used a car loan calculator set a maximum payment amount and trade-in values ​​sought. Roeder took the day off and drove to the dealership with hard numbers in mind, but ready to go. He says: “It helped me to feel comfortable with the decision and to pull the trigger, because I already knew in advance which numbers I was okay with.”

As Roeder discovered, managing the numbers up front puts guardrails around the purchase, giving buyers the power to say yes or no.

Even as interest rates and car payments rise, conventional car buying advice can still be helpful for those who can’t put off buying a car.

In a typical car market, the rule of thumb is to spend less than 10% of your take home pay on car payments. If it’s overkill, try reallocating other expenses. Avoid going for a long-term loan to lower the payment, as you could end up upside down and owe more than the value of the car.

Compare interest rates from different lenders. Many lenders offer pre-qualification, which gives you rate estimates without affecting your credit score. Then apply for a pre-approved loan and take it to the dealership, giving them a rate to beat. If you don’t do your homework and end up with a double-digit interest rate from a dealership, you may still be able to refinance at a lower rate and payment with another lender.

Another long standing tip is to make a down payment of at least 20% on a new car and 10% for used cars. If this is not possible, any down payment may help reduce your payment.

Says Drury, “You can get an older vehicle, and luckily some are good for easily 100,000 miles. I tell people you can buy older and deeper on the used market if you’re trying to save money or just to get a vehicle to hold you over for another year or two.

If you’re buying an older vehicle, look for models known for their longevity, check maintenance records, invest in a pre-purchase inspection, and avoid a long-term loan that could upset you as the car loses value.

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Former LI lawyer defrauded thousands of escrow clients: DA https://condenetint.com/former-li-lawyer-defrauded-thousands-of-escrow-clients-da/ Mon, 14 Nov 2022 18:53:20 +0000 https://condenetint.com/former-li-lawyer-defrauded-thousands-of-escrow-clients-da/

STONY BROOK, NY – A former Long Island attorney went Monday to answer charges related to his clients scamming thousands of funds he was believed to have kept in escrow accounts, and in at least one of cases, he used the money for personal and business expenses, prosecutors say.

Douglas Valente, the director of the Stony Brook-based Valente Law Group, allegedly stole more than $425,000 from two clients, including a senior citizen and a mortgage lender, which were believed to have been held in trust in his attorney’s escrow account at the six-month course in 2020, prosecutors say.

Valente, 56, originally had his law practice in Smithtown but later moved to Stony Brook, a spokeswoman for Suffolk District Attorney Ray Tierney’s office said. Valente now lives in Boca Raton, Florida, she said. It is not known where he previously lived on Long Island.

Between April 14 and May 31, 2020, Valente allegedly stole $181,201 from a 78-year-old woman he was representing in the sale of her home, and the sale proceeds were paid into his escrow account, the authorities said. prosecutors.

Valente only sent the required half of the funds from the sale to the woman, not half to her marriage attorney who was supposed to hold the money in escrow until her divorce was finalized, prosecutors say.

When her divorce was finalized, she was unable to obtain the rest of the proceeds from the sale of her home, prosecutors said.

Between Sept. 28 and Oct. 13, 2020, Valente stole $248,027 from mortgage lender, Guaranteed Rate Inc., after representing the company in a settlement agreement during a home refinance, prosecutors say.

The company transferred money to Valente’s escrow account to be dispersed, but Valente did not send some of the refinanced mortgage proceeds to the previous mortgage company to pay off the existing mortgage , prosecutors said.

Guaranteed Rate Inc. then had to pay off the existing mortgage for $248,027, and Valente allegedly used the funds belonging to the two clients for his own personal and business expenses, prosecutors said.

Tierney described Valente’s actions as breaching “its fiduciary duty to its customers.”

“Following a thorough investigation by my office, the defendant will be held accountable for these deceptive actions,” he said.

Valente was arraigned by Judge Richard Ambro in Riverside on two counts of second-degree grand larceny, a felony.

Valente, who is not eligible for bail under state law, was ordered to surrender his passport and released on his own recognizance. His attorney, John Carman, could not immediately be reached for comment.

Valente is due back in court on December 14.

Tierney’s office is asking anyone who believes they may have been victimized by Valente to call investigators at 631-853-5602.

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Virgin Money appoints Calder as head of secured lending https://condenetint.com/virgin-money-appoints-calder-as-head-of-secured-lending/ Wed, 09 Nov 2022 10:17:37 +0000 https://condenetint.com/virgin-money-appoints-calder-as-head-of-secured-lending/

The lender says industry veteran Calder will be responsible for growing its mortgage business, offered directly and through intermediaries in the residential and rental markets. He takes up his new duties in January.

Calder comes from Barclays, where he worked for nine and a half years, as Head of Mortgage and Intermediary Products, Head of Product Development, as well as Intermediary Relationship Management teams.

Previously he worked at NatWest for just over six years, stepping down as head of mortgages – book before in July 2012, and before that he worked at Alliance and Leicester for three years, leaving as director principal of marketing – mortgages and insurance in June 2006.

Hugh Chater, Commercial Director of Virgin Money, said: “Craig brings significant specialist experience and expertise to the Virgin Money commercial team. I am convinced that he will accelerate the transformation of our mortgage business.

Virgin’s Calder adds that “the lender’s brand strength, market position and future plans provide a great opportunity to help customers at an important time for the mortgage industry.”

Last month, Virgin Money announced it would introduce an eco-friendly rewards program for existing residential and rental customers.

Its Green Reward scheme gives customers a £250 rebate when they take out an additional loan to make green improvements to their homes, encouraging them to make sustainable choices.

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Pune businessman falls into ‘double cash’ trap and gets Rs 40 lakh banknotes | Bombay News https://condenetint.com/pune-businessman-falls-into-double-cash-trap-and-gets-rs-40-lakh-banknotes-bombay-news/ Sat, 05 Nov 2022 23:13:00 +0000 https://condenetint.com/pune-businessman-falls-into-double-cash-trap-and-gets-rs-40-lakh-banknotes-bombay-news/ Bombay: The Matunga Police arrested three people for allegedly cheating on a Businessman from Pune of Rs 20 lakh, and are looking for more defendants.
One of the defendants posed as an income tax officer while others as his associates, and assured the plaintiff to give him Rs 40 lakh if ​​he gave them Rs 20 lakh.
Their money, they told him, is the money that was recovered in the roundups of the Income Tax and Enforcement (ED) directorate. The businessman had taken a loan from a pawnshop to give Rs 20 lakh to the accused.
Among those arrested are Devrao Hivrale, 35, who practices agriculture, Ravikant Hivrale, 36, and Yogesh Hivrale, 32. All three are from Buldhana district. The police also brought in a car that was used in the crime.
Recounting the case, Detection Officer Prashant Kamble said: “The complainant, who previously worked for a bank and is now in the dairy milk business, had approached the police stating that he had met the accused near a hotel in Dadar in mid-October. One of the accused posing as an income tax agent while others as his associates.”
According to the complaint, the accused told the businessman that he had a lot of money that had been recovered during the computer and emergency raids. The accused told the businessman that since the money had been recovered during the raids and his account was kept, they could not use it. They lured him saying they could give him double the money if he paid them a certain amount. They proposed that if the businessman brings Rs 35 lakh, they would give him Rs 70 lakh and if he gave them Rs 1 crore, they would give him Rs 3 crore in return.
The accused has gained the confidence of the businessman. The businessman collected Rs 10 lakh from his house and took a loan of Rs 10 lakh from a pawnbroker to give to the accused. The accused arrived in two plush cars. They gave him a bag which supposedly contained cash and took Rs 20 lakh from the businessman and left, police said.
When the businessman arrived at his hotel in Mumbai Central and checked the bag, he was shocked to see the notes with the words ‘Children Bank of India’. The businessman fell into depression and wanted to commit suicide due to the financial loss. His family and friends advised him and a police complaint was filed.
Senior Inspector Deepak Chavan formed a team consisting of PI Rahul Gaud, Kamble and staff Santosh Pawar, Yeshwant Godse and Hanuman Metkar. They checked CCTV footage and, based on technical intelligence, arrested a driver, Yogesh, on Thursday. On Saturday, the cops caught Devrao and Ravikant. ]]>
Crypto winter ‘will only get worse,’ says blockchain firm’s CEO https://condenetint.com/crypto-winter-will-only-get-worse-says-blockchain-firms-ceo/ Wed, 02 Nov 2022 11:10:19 +0000 https://condenetint.com/crypto-winter-will-only-get-worse-says-blockchain-firms-ceo/

There is something about the latest crypto crash that makes it different from previous downturns.

Arthur Widak | Nurphoto | Getty Images

According to the chief executive of blockchain company Tezos, the ongoing crypto winter will “only get worse” as the industry recalibrates to a world of higher interest rates.

Asked about the falling price of many crypto assets this year, Kathleen Breitman said, “A lot of it was bloated with cheap money, and a lot of it was basically backed by VCs trying to pump.”

“There was a lot of easy money in the system and I think it was artificially fueling a number of different things, primarily the valuations of these companies,” she told CNBC’s Karen Tso on Wednesday at the conference. Web Summit in Lisbon, Portugal.

Breitman cited the OpenSea NFT marketplace, where trading volume grew from $2.9 billion in September 2021 to $349 million in September 2022, according to data from Dune Analytics.

“Obviously there’s a phenomenon that kind of peaked and died out in a lot of these markets, but in the meantime they’re struggling with a $13 billion valuation,” Breitman said.

“So I think there’s a lot of cheap money that’s come in, valuations have skyrocketed, you’ve had people trying to justify those valuations in one form or another, usually through cheap tactics like yield farming, and now that the easy money is gone, all that’s left is that we get communities, hopefully,” she continued.

On whether the pause in Federal Reserve rate hikes that economists expect next year could see crypto markets rally, Breitman said there will always be a shift in crypto and technology valuations based on the anticipated benefits of real user growth; and without the ability to continue using “cheap tactics” to attract “easy-come, easy-go” users.

“Crypto hasn’t been rated by that metric, and neither has technology in the last 10 years where we’ve had low interest rates,” Breitman told CNBC. “That remains to be seen, but fundamentally I think what you’ll discover are the useful things that will thrive.”

“But that’s the small minority of crypto apps, whether people want to admit it or not.”

A quarter of institutional investors continue to buy into crypto

Tezos, which Breitman also co-founded, is a smart contract platform, like the better known Ethereum, but which allows token holders to vote on changes to the platform before they are adopted every day. some months.

Use of the network grew in 2021, Breitman said, driven by demand from the art world, where digital artists mount art on the blockchain and trade it. This use provides one of the only sources of organic growth in the wider industry, she said.

The notion of the end of the era of easy money in crypto is one that analysts discussed in recent months amid the recession.

Some industry figures believe that the recent stabilization in relative prices of assets such as bitcoinswhich has traded between $18,000 and $25,000 for the past four months after experiencing massive volatility, is positive for the industry.

Antoni Trenchev, co-founder of crypto lender Nexo, previously told CNBC Bitcoin’s performance was “a strong sign that the digital asset market has matured and is becoming less fragmented.”

Bitcoin's New Price Stability Could Be Opportunity, Says Forkast's Angie Lau
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Consumer Protection Commission and Tackling Illegal Lending Apps — Nigeria — The Guardian Nigeria News – Nigeria and World News https://condenetint.com/consumer-protection-commission-and-tackling-illegal-lending-apps-nigeria-the-guardian-nigeria-news-nigeria-and-world-news/ Sun, 30 Oct 2022 15:53:00 +0000 https://condenetint.com/consumer-protection-commission-and-tackling-illegal-lending-apps-nigeria-the-guardian-nigeria-news-nigeria-and-world-news/

A customer of an online money lender had taken to social media to accuse the lending app of pronouncing him dead and crafting and circulating his obituary to family and friends.

Shortly after, another client revealed via a Facebook group how she had been similarly treated by a loan app for defaulting on her repayment plan of the N15,000 she had borrowed.

The cases cited above are just two of thousands of similar scenarios involving online money lenders and their customers.

Perhaps the most popular tactic employed by these lenders, commonly referred to as loan sharks, to force loan repayments is to send warning text messages to the mobile contacts of their defaulters describing them as people of questionable character.

They also call contacts of defaulters who ignore their loan transactions with friends, relations or colleagues in an attempt to name and humiliate them or seek information about their whereabouts.

Concerned about the abusive and twisted practice that is prevalent, the Federal Competition and Consumer Protection Commission (FCCCPC), in November 2021, led a collaborative effort to remedy the situation.

Babatunde Irukera, Executive Vice President/General Manager of the FCCPC, said the commission was working closely with the Independent Corrupt Practices Commission (ICPC), the National Information Technology Development Agency and the Bank. central Nigeria.

“Continued complaints of questionable repayment enforcement practices, including public shaming and invasions of privacy, arbitrary, unfair, unreasonable, or abusive interest rates and/or calculations of loan balances, harassment and failure of consumer feedback mechanisms, among others, have led to meaningful and understandable consumers. aggravation and discontent,” he said.

In May, Irukera confirmed that the FCCPC had cracked down on lending apps and other companies violating the rights of Nigerian consumers by freezing 50 accounts belonging to illegal lending app operators.

“We have so far frozen 50 accounts. We have removed 12 apps from the Google Play Store and are currently in discussions with over 10 companies.

“The rate of defamatory messages has dropped by at least 60%. I’m not saying they’ve stopped, but they’ve dropped by at least 60%.

“More than half of the companies currently before us have agreed that they will have to change their behavior, including firing some employees who sent defamatory messages.

“We are developing a regulatory framework that will involve other regulators, and we are currently suing at least one company,” he said.

Three months later, the FCCPC ordered payment system operators, telecommunications companies and mobile network operators (MNOs) to stop providing services that enable the operations of illegal online lenders.

He also said that a limited interim regulatory/registration framework and guidelines for digital lending have been developed and adopted by the Joint Interagency Regulatory and Enforcement Working Group to establish a framework. clear regulations for the sector.

But how did the activities of financial sharks become so popular that they blatantly violate consumer privacy, fair lending terms, and ethical loan collection practices?

Experts have identified economic downturn, desperation, ease of borrowing, and customer greed as some of the main reasons for the proliferation of loan apps.

Michael Familokun, a financial expert, said loan apps were unpopular before the Nigerian economy went into recession in 2016.

“Before 2016, loan apps were in use, but defaults and unethical repayment practices were very rare.

“Gradually, the money sharks started to exploit the difficulties faced by the masses by offering them tempting quick loan options without collateral.

“The situation has gone from bad to worse with the COVID-19 outbreak, when many people’s livelihoods have been hit hard, especially during the lockdown,” he said.

Familokun added that since many people no longer had disposable income, they had to rely on quick loans to deal with emergencies.

“Be careful, emergencies do not inform you that they are going to strike; that is why they are called emergencies.

“So, with no disposable income and in a terrible economy, when a loved one gets sick or there are other demands, what do they do?

“They can’t resist the temptation to open their phone and download an app that promises an instant loan,” he said.

Mike Anyanacho, an ICT expert based in Lagos, said the ease of getting a loan without leaving the comfort zone has increased the number of people being victimized by loan sharks.

“If you want a bank loan, the conditions attached could discourage you. But with online applications, you only need to upload your BVN, credit card number, passport photo, and other personal information.

“They don’t require a salary account or collateral. They don’t even require things like your address and your guarantors.

Anyanacho also said that these loan apps feed on the greed of their victims.

“Some customers simply take out the loan because they were promised an upgrade when settling the previous credit facility.

“I know a lot of people who take quick loans from one loan app to pay off another to get upgraded,” he said.

While commending the FCCPC for its crackdown on illegal loan applications that violate consumer rights, he urged the commission to sensitize Nigerians on responsible ways to access loans.

Indeed, those who take out loans from illegal loan apps cannot be completely exonerated from their guilt. However, some experts say these money sharks are the real bad guys for breaking the laws.

Many illegal loan apps have hidden terms and conditions unknown to their customers until they start the repayment process.

For example, some financial sharks hosted on Google Play Store advertise 60-90 day repayment plans, only for customers to find out when getting a loan that they have 15-30 days to pay off. .

Meanwhile, a play store policy check on the personal loan app indicates that:

“We don’t allow apps that promote personal loans that require full repayment within 60 days or less from the date the loan was issued (short-term personal loans).

“This policy applies to apps that directly offer loans, lead generators, and apps that connect consumers with third-party lenders.”

There have also been reported cases of illegal loan apps defrauding victims by accessing their BVNs, ATM card numbers, and other personal information.

Despite the commendable efforts of the FCCPC, illegal loan applications persist in both their operations and their dehumanizing loan collection practices.

This requires greater collaboration between the commission and other relevant stakeholders to stem the tide of tyranny from many online money lenders.

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Why buying Upstart stock now could be a stroke of genius https://condenetint.com/why-buying-upstart-stock-now-could-be-a-stroke-of-genius/ Tue, 25 Oct 2022 11:15:00 +0000 https://condenetint.com/why-buying-upstart-stock-now-could-be-a-stroke-of-genius/

Whenever consumers apply for a loan, they worry about one thing: their credit score. A few points up or down could make a big difference in the interest rate, which could add up to a lot of money over the life of a loan. Especially for those just starting out, a good credit rating can be hard to achieve, even with a clean record.

To better assess the risk, Reached (UPST -2.70%) created its artificial intelligence (AI)-based model, which it claims assesses creditworthiness better than Just Isaac Corporationit is (FICO 1.52%) FICO score. If you judge the product solely by the company’s stock price, you might think it’s a flop, down almost 95% from its all-time high. However, I think this is a wrong way to judge the company, and its stock may also be undervalued.

A better credit scoring model

Upstart claims it can assess risk better than a traditional FICO model, and it provides this chart to back up its claims:

Image source: Upstart.

You can see that borrowers with excellent FICO scores (700 or higher) with terrible Upstart Risk Level (E-) default on 10.2% of their loans per year. This means that an unsuspecting lender can offer these borrowers the best rate when they should be charging them a premium because of their risk. Overall, Upstart’s model does a much better job of identifying risk than a FICO score.

Upstart was founded in 2012, which means its AI model has yet to experience a high interest rate and recessionary environment. This unknown could spell trouble for the business, as it might incorrectly assess the risk of loans for its customers. If this happens, the business may be terminated.

I think the odds of that happening are low, because Upstart’s AI model uses more information to rate a customer than a FICO score, so defaults probably won’t happen more often than on FICO-based loans.

Additionally, in a move that upset investors, Upstart used its model to take out loans on its balance sheet in the second quarter. Although it does not plan to become a bank (it wants to remain a fintech), the management believes that it has a great opportunity to make money using the capabilities of its platform.

Upstart is optimistic about its abilities, but what happens to the title?

Incredible market valuation

In October 2021, Upstart’s stock nearly eclipsed $400 per share with a valuation of 48 times the sales. That’s an extremely high expectation to live up to, even though the company’s revenue grew at a rate of more than 150% year-over-year for several quarters (Upstart’s revenue grew 1,018 % in the second quarter of 2021 alone).

Eventually the hype exploded causing the stock to plummet. At $21 per share and a valuation of 1.9 times sales, it has undoubtedly lost its high-velocity growth valuation.

However, I think this level is far too low for a company like Upstart. Let’s first look at its closest competitor, Fair Isaac Corporation. It trades at 8.3 times sales, despite revenue growth of 3% in its latest quarter. By comparison, Upstart’s revenue grew 18% year-over-year during the corresponding period.

As another check in favor of Upstart, it trades at 23 times the earnings (compared to Fair Isaac’s 30), even though the business was not profitable in the last quarter. That’s right, despite losing money in the quarter, it still trades at a cheaper valuation than Fair Isaac despite only having three profitable quarters.

Yet using Upstart’s past accomplishments doesn’t tell investors what it will do in the future. In the third quarter, sales are expected to fall by approximately 25% and show a loss of net income approximately $42 million. And analysts expect the company to only see revenue growth of around 6% next year.

So why do I believe in Upstart stocks so much if it looks like the company is slipping? First, I think the AI ​​model is a real difference maker. As more banks and lenders recognize its usefulness, it is expected to gain wider adoption and significantly increase Upstart’s revenue. Second, while the company’s revenue growth isn’t fantastic right now, I think it can get back on track with a wider spread of its model. To top it all off, with the stock price at a measly 1.9 times sales, its price-to-sales ratio is lower than that of a major bank like Bank of America.

Upstart’s stock burned many investors with its fall; while it could take years to regain its previous price (it may never regain those highs too), I think the the future is still bright for the company, and investors may regret not own the stock on the rise.

Bank of America is an advertising partner of The Ascent, a Motley Fool company. Keithen Drury holds positions in Upstart Holdings, Inc. The Motley Fool holds positions and recommends Upstart Holdings, Inc. The Motley Fool recommends Fair Isaac. The Motley Fool has a disclosure policy.

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Kotak Mahindra Bank Q2FY23 Results: Private Lender Reports Strong Numbers; PAT, NII each up 27% YoY – check the highlights https://condenetint.com/kotak-mahindra-bank-q2fy23-results-private-lender-reports-strong-numbers-pat-nii-each-up-27-yoy-check-the-highlights/ Sat, 22 Oct 2022 07:20:49 +0000 https://condenetint.com/kotak-mahindra-bank-q2fy23-results-private-lender-reports-strong-numbers-pat-nii-each-up-27-yoy-check-the-highlights/

Private lender Kotak Mahindra Bank on Saturday reported strong earnings for the second quarter of fiscal 2022-23 (Q2FY23), with double-digit growth in earnings and net interest income (NII), as well as a improvement in asset quality during the quarter.

Profit After Tax (PAT) of Kotak Mahindra Bank increased by 27% year-on-year (YoY) to Rs 2,581 crore in the July-September quarter of FY23 from Rs 2,032 crore in the same quarter a year ago.

While the big bank’s NII also rose nearly 27% year-on-year to Rs 5,099 crore in Q2FY23 from Rs 4,021 crore in the July-September quarter of the prior year.

Image Source: Kotak Mahindra Bank Exchange Repository

The bank’s asset quality improved during the quarter, with gross non-performing assets (NPA) falling to 2.08% in Q2FY23 from 2.24% QoQ, similarly, its net NPA slightly fell to 0.55% from 0.62% sequentially in the quarter.

The bank’s net interest margin as of September 30, 2022 was 5.17% compared to 4.45% in Q2FY22, Kotak Mahindra Bank said in its earnings filing.

The CASA (current account and savings account) ratio as of September 30, 2022 stood at 56.2%, the bank also said in the statement.

Shares of Kotak Bank closed more than 2% higher on Friday at Rs 1,902.9 per share on BSE, compared to a rise of 0.18% in the S&P BSE Sensex at the close.

Kotak Mahindra Group (the Group) offers a wide range of financial services that encompass all spheres of life.

From commercial banking and equity brokerage, to mutual funds, life/general insurance and investment banking, the Group serves the diverse financial needs of individuals and the corporate sector.

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Selling your house yourself? It’s the key to success https://condenetint.com/selling-your-house-yourself-its-the-key-to-success/ Wed, 19 Oct 2022 11:00:40 +0000 https://condenetint.com/selling-your-house-yourself-its-the-key-to-success/

Image source: Getty Images

If you are considering selling by owner, you must read this first.


Key points

  • Real estate agents charge expensive commissions, but you can avoid this by selling your home yourself.
  • If you’re selling yourself, you need to make sure you take great photos for your home listing.

Using a real estate agent when selling a house is very common. Estate agents provide many different types of support during the process, including help with marketing your home and advice on pricing. But this professional service comes at a high price. You will typically pay around 3% commission to your own agent as well as a 3% commission to the buyer’s agent.

You box However, avoid paying your own agent if you are selling your home yourself. You will, however, need to make sure you take the right steps to maximize your selling price if you decide to do so. After all, you want to be sure you have enough money to pay off your mortgage and hopefully walk away with some extra cash to invest in your next home.

So what are the right steps? There are a lot of different things you need to do, including making sure your home is listed on the Multiple Listing Service (MLS) to get it in front of as many potential buyers as possible, as well as making sure the price of your property is fair from start attracting buyers. But, there is one key step that is particularly essential if you want to make a successful sale.

A crucial step to find a buyer ready to pay a fair price

If you want to find a buyer and get a good price for your home when you sell it yourself, the only key step you need to take is to hire a professional photographer.

You see, you’re going to have to include photos with your real estate listing. And those photos are probably all most people will look at when they decide to come see your home. If your photos don’t make the home look its best, many potential buyers will click on it and not even come to see it.

Basically, every homebuyer uses the internet to find homes to view, so these pictures might be the first and maybe the only impression they get of your home. And taking great photos yourself to show off a home’s best features can be really challenging. Professional lighting and a very high quality camera can make a big difference, as can training and experience, so you need to make sure you get quality photos before you put the house on the market.

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How to find a professional photographer

If you want to find a professional photographer to take pictures of your home before listing it, there are a number of resources you can try.

Chances are you’ll have to work with a flat-fee MLS service if you’re selling your home yourself. These services list your property in MLS for you, because only real estate agents can do this. You definitely want your home to be in the MLS as it is the most used resource for buyers looking for properties. If you work with this type of service, they may have a photographer they can recommend.

If you have friends or relatives who have sold their homes, you can also ask them if they know who took the photos. Finally, if all else fails, you can contact your local art school to ask for photographer references or search online for professionals who advertise that they do real estate photography.

By working hard to find the right professional, you can ensure that your home gives the kind of impression it needs to convince buyers to come and see it. As this is a crucial first step to closing a sale, you can’t afford not to go through this process.

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