Category Archives: Online Banks

Consumer Financial Protection Bureau Proposes Rules to Regulate Debt Collection Companies

Posted on February 22, 2012 by admin

On February 16, the Consumer Financial Protection Bureau (CFPB) released a proposed expansion of the authority of the nonbank supervision program , whose mission is to ensure that nonbank financial institutions follow federal consumer financial regulations and to investigate potential risks to consumers from financial institutions.  The proposed rule will expand the CFPB’s authority to include supervision of the largest debt collection services and consumer reporting agencies, subjecting these businesses to federal regulation for the first time.  The proposed rule is available for public comment for 60 days after its publication. The CFPB was created under the authority of the Dodd-Frank Wall Street Reform and Consumer Protection Act in response to the 2007 recession.  The Bureau assembles the majority of federal consumer financial protection authority in one place. Its mission is to protect consumers who are in the market for financial products and services and to supervise consumer financial businesses that had not been subjected previously to federal oversight.  The CFPB protects American consumers from abusive, deceptive, and unfair financial practices.  The CFPB has already issued guidelines for revised, easier-to-read credit card agreements . The Bureau is authorized to investigate any type of business that may be violating the law, but it has limited direct supervisory authority.  The Dodd-Frank Act specifies that the CFPB would have the authority to supervise “larger participants” in some nonbank financial markets. However, the Bureau must define what kind of businesses are “larger participants” by a rule, the initial version of which must be issued by July 21, 2012. Approximately 30 million American consumers are the subject of debt collection, with the average amount of debt being $1,400.  The CFPB will regulate three types of debt collection companies: those that collect debts for clients for a fee; those that buy debts and collect the proceeds for themselves, and attorneys that acquire debt payments through litigation.  Many companies use all three methods to collect debt payments. The proposed rule issued on the 16 th would give the CFPB authority over debt collection companies with more than $10 million in annual receipts, an estimated 175 businesses in the debt collection market.  Although they constitute only approximately 4% of the debt collection businesses, the larger providers bring in 63% of the total annual receipts for the industry. The proposed rule would also cover the largest credit reporting companies, including consumer report resellers and specialty consumer reporting companies.  Credit reports and credit scores influence the lives of many American consumers by determining eligibility for mortgages, credit cards, and other types of credit.  The three top credit reporting companies alone hold information about 200 million Americans and the industry issues an estimated 3 billion reports a year. The proposed rule would give the CFPB supervision over consumer reporting agencies with more than $7 million in annual revenue, representing approximately 30 consumer reporting agencies. The affected agencies make up only 7% of the market, but account for an estimated 94% of the market’s annual receipts. Continue reading →

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The Envelope Please – An Easy Way to Get Control of Your Finances

Posted on February 22, 2012 by admin

Setting a budget is an important part of being financially fit, but many people have trouble sticking to their budget once they get it down on paper.  One way to resolve this problem is to use an envelope system.  This system works best for people who only pay cash for items instead of operating with credit or debit cards; however, almost anyone can make the envelope system work for them. How the Envelope System Works The envelope system involves creating an envelope for each of the different categories of spending that are in your budget and that aren’t fixed or automatic expenses.  Essentially, you should create an envelope for expenses other than things like a mortgage, utility, debt payment or savings, all of which should be deducted automatically from your paycheck as soon as it comes in.  For instance, assume you want to spend $400 on groceries each month, $300 on entertainment, $100 on dining out and $20 on clothing.  You would create an envelope for groceries, entertainment, dining out and clothing. Once you have an envelope created for all of your expenses each month, you will put the amount of cash you have allocated for that particular type of spending into that particular envelope. If you plan to spend $400 on groceries each month, you would put $400 into your grocery envelope. Each time you incur an expense in a particular category, you then use that envelope to pay from. This means when you go to the grocery store to pick up your week’s groceries, or a carton of milk or any other item, you would pay cash out of your grocery envelope. Once the money in that envelope is gone and has been spent, you do not spend any more money on that category until the next month when it is time to refill the envelope. This forces you to remain accountable and to stick to your budget so that you do not have any unexpected overages at the end of the month.  It also makes you more aware of how much you are spending, especially when the cash in your envelope starts to get low. Modifying the System to Use Credit Cards and Debit Cards Those who use cash may like the envelope system, but if you are using debit or credit cards, you might wonder how it could be of help to you.  The answer is that you use the system in pretty much the same manner, but you have to be a bit more disciplined about moving the money over. The basic premise is that when you charge the money on your credit card or use your debit card, you move the money from the relevant envelope into a different envelope dedicated to paying your credit card.  When you charge $20 on your debit card for groceries, remove $20 from your grocery envelope.  You can also do this virtually by setting up different sub-accounts on online banking websites. Of course, using this method requires a lot more discipline and is not the ideal way to use the envelope system as it defeats the purpose of physically handling the cash and seeing the cash decline over the course of the month.  Still, for those who simply cannot use cash, a modified envelope system can still be a good way to get control of your finances and ensure you do not overspend. Continue reading →

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Boston Mortgage Rates Survey – Week of February 20, 2012

Posted on February 22, 2012 by admin

According to a recent Primerates.com survey of Boston mortgage rates offered by the largest area banks & credit unions, two Boston institutions offered rates below 4.000% on 30-year fixed-rate conforming loans in the Boston area for well-qualified borrowers. Sovereign Bank ( www.sovereignbank.com ) and Century Bank and Trust ( www.centurybank.com ) offered the lowest rates of the city with 3.99%. Four other institutions offered rates higher than 4.00%. While most lenders will push one of the three products on the list below, there are other options for the borrower.  The 30-year fixed rate loan is the most popular since it offers the lowest monthly payment.  The trade-off is paying a higher interest rate.  For those who have a better cash flow, the 15-year product may be more suitable.  The 15-year fixed rate loan will allow the borrower to pay more toward principal with each payment, and since it has a lower interest rate the overall amount of money that is paid in interest will be much lower.  While many people steer clear of the 5/1 ARM it is beneficial to some borrowers.  For instance, a person with a smaller loan (usually due to refinancing) may have the cash flow to pay off their ARM in 5 years or less.  This person could save an extra 1% in interest payments over the 15-year product and never worry about the rate adjusting later in the life of the loan. Top Boston Area Banks and Credit Unions As of 30 Yr-Rate 30 Yr- APR 15 Yr- Rate 15 Yr- APR 5/1 ARM-IR 5/1 ARM-APR Bank of America 02/17/2012 4.13% 4.31% 3.50% 3.76% 2.88% 3.37% RBS Citizens 02/17/2012 4.13% 4.16% 3.38% 3.44% 2.75% 3.20% Sovereign Bank 02/17/2012 3.99% 4.15% 3.25% 3.53% NA NA Rockland Trust 02/17/2012 4.13% 4.21% 3.38% 3.52% 3.25% 3.44% Century Bank and Trust 02/17/2012 3.99% 4.04% 3.25% 3.34% 3.00% 2.97% Danversbank 02/17/2012 4.00% 4.15% 3.25% 3.51% 2.88% 3.23%   Listed rates from banks, thrifts, and credit unions were listed on their websites on the date indicated for conforming loans with 0 points.  Data is believed accurate at time of collection, can change without notice, and will vary based on an individual’s credit history.  Contact a specific institution for current rates. Continue reading →

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Energy Prices Rise 6.1% in Last Year While Food Prices Up 4.4%

Posted on February 21, 2012 by admin

On February 17 th the Bureau of Labor Statistics ( BLS ) released the Consumer Price Index for January.  The report for January showed an average 0.2% increase in the cost of goods, which was slightly less than the consensus of 0.3%.  The year-on-year index, or the trailing 12 months, shows an increase of 2.9%.  When looking more closely at the categories, the report shows that many of the prices rose by between 2% and 3% with the exception of food and energy.  These two rose by 4.4% and 6.1% respectively As can be seen, the indexes for food and energy prices are very volatile, they can swing because of a good crop year, changes in the weather, or a decision by OPEC.  Since the prices for such goods often change without regard to demand from consumers, they are left out of some of the CPI calculations.  This “core” inflation indicator is what the Fed watches.  As we can see in the latest FOMC Minutes , the Fed is seeking a modest 2% inflation for the year 2012 (average inflation since the BLS started collecting data in 1913 is just over 3%).  When we look at the change for just the core data (items less food and energy) there was a change of 2.3% for the trailing 12 months ending in January 2012.  As long as the Fed can keep things on track, they should have no problem meeting their goal of 2% inflation. This report, which is released every month, follows the prices of a set basket of goods.  The average change of the cost goods is reported in a month-to-month, and a year-to-year change.  This economic indicator is the most widely used indicator to determine inflation.  By looking at the basket of goods (made up of 40% commodities and 60% services), the BLS can see how the costs of living have changed.  The Fed will then use this information to adjust the monetary policy in order to encourage inflation, or encourage deflation. Besides determining how much buying power the dollar has (if the value of the dollar goes down, inflation goes up) the CPI can give investors and consumers a good picture of what the economy is doing.  In the event of rapid inflation there is too much money available, and the costs of good would be rising to meet the demand.  In the event of deflation, as seen in 2009, there is not enough money is available, and consumers are not able to keep buying and keep the economy moving.  In the event of hyperinflation (a very sharp rise in the price of goods) lending institutions would need to rapidly raise their rates to stay profitable, which would discourage borrowing.  In order to maintain order, and to keep the money moving, while keeping the cost of goods growing at a healthy rate, the Fed monitors the CPI and adjusts the money supply and interest rates as needed. Continue reading →

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The Pre-Approval Process: Getting “Preapproved” to Buy a House

Posted on February 20, 2012 by admin

Whether you are buying your first home or you are a seasoned real estate investor, the process of purchasing real estate can be a stressful time filled with lots of legalese and paperwork, especially as banks and mortgage lenders have instituted tighter lending standards.  The best way to navigate your way through the real estate closing process is to be as prepared as possible and to know as much as you can about each step of buying a home.  For most smart homebuyers, this starts with the pre-approval process. What is the Pre-Approval Process? The pre-approval process should be the first step you take when you begin to consider buying a new home.  Essentially, this step involves getting a bank or mortgage lender to give you a preliminary approval for a mortgage loan.  This is different from pre-qualifying, which is a less formal process. When you go through the pre-approval process, you submit your personal information and financial information to a mortgage lender that you are planning to get a final mortgage from.  Before you do this, you may want to speak to several mortgage brokers or lenders to get some idea of the different terms that they are offering and the different types of loans available.  For most buyers, a 30-year conventional mortgage is the best option for a loan, but you do want to find a lender who can offer you the specific type of financing you are looking for. Once you have found a lender you want to work with, you will be asked to submit many of the same forms you will need to ultimately get final approval for a mortgage.  These forms and documents will include your tax returns and/or your pay stubs, a list of your assets and liabilities, and other information that shows your current financial picture. You will also provide your social security number so the lender can check your credit score. Obtaining Pre-Approval Once you have submitted all of your paperwork and documents, the mortgage lender will review your information and determine if you are qualified to borrow and how much you are qualified to borrow.  Typically, at this stage, the pre-qualification is done simply by looking at your income, your debt and your credit score.  Verification of your income and other more in depth investigation of your finances won’t occur until the underwriters approve your final loan.  If you provide accurate information, however, typically you will be able to qualify for the loan that you pre-qualified for. Why Get Pre-Approved? Preapproval should be the first step in the mortgage process for several reasons. First and foremost, it ensures you don’t waste your time looking at houses you cannot afford.  Second, having pre-approval shows your real estate agent as well as any potential sellers that you are actually a serious buyer and able to qualify for homes you are looking at. Most sellers require some type of pre-approval as a condition of accepting an offer, and if you have pre-approval before you begin looking, you will both save time and have the edge over other buyers who might not be able to show their ability to go through with the purchase transaction. Continue reading →

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Disaster Planning – Are You Ready For Job Loss?

Posted on February 19, 2012 by admin

Even as the job market shows signs of improvement, a job loss is still a very real possibility for many Americans as companies continue to downsize, “rightsize”, and otherwise shrink their workforces.  When you lose your job loss, it may be several months before you can find a new position due to high unemployment rates.  Even if you never get laid off, you will benefit from thinking about and preparing for the potential loss of your job.  Getting ready for a job loss becomes especially important when you are seeing signs of trouble at your company or when you are warned that the end of your job is near. General Preparation for a Job Loss A job loss often occurs without any warning, so it is a good idea to take certain steps no matter how secure you feel your position is.  First, have an emergency fund that covers between three and six months of your living expenses. This emergency fund should tide you over and allow you to continue making mortgage or rent payments and paying the cost of other necessary expenses until you are able to find a replacement position. If you are the only breadwinner in your family or if your income covers the bulk of the family expenses, it is best to err on the side of caution and make sure your emergency fund will cover at least six months of income.  When family responsibilities are shared, three month is normally sufficient as it is less likely that you and your spouse or significant other will both lose your jobs at the same time.  If you and your spouse work for the same employer, you need a six-month reserve fund. You should have in the back of your mind that you might some day need to get a job again. Constantly look for opportunities to improve your resume, such as taking continuing education courses or earning new certifications.  Even if you do not lose your job, these things can only help you to advance in your current position. Specific Preparation for a Job Loss When you know that the end is near, preparations for the potential loss of your job become even more important and you will need to get serious about trying to ensure your financial viability after a lay-off. The first thing you should do is check into the rules for unemployment and insurance.  Find out if you are eligible based on your work history and determine how much in income you are likely to receive. This will give you a good idea of whether you can meet your basic expenses.  COBRA allows you to extend your health care coverage up to 18 months after losing your job.  You’ll have to pay the full premium, but you’ll still have health insurance and one less thing to worry about. The next step is to start cutting expenses as drastically as you can, or at least looking for ways to do so.  Cut out any unnecessary costs at this time such as the fancy cable television lineup or lunches and dinners out.  Any money that you were spending on unnecessary expenses can be set aside while you are still working to get you through the lean times after the layoff.  Once you have actually lost your job, slashing expenses will help your savings and unemployment money stretch farther.  You can also call your insurance company and look into whether you can get a reduced insurance rate since you will no longer be driving to work once you have been laid off so your car will not be used as often. Starting to network as soon as you know you are going to be laid off is a good idea as well, so you can hopefully shorten the length of time that you are unemployed.  Polish up your resume and reach out to your network of contacts to let them know you will soon be looking, start browsing job boards and consider joining local professional organizations to make contact with people who can help you to get back on the road to being employed. Continue reading →

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U.S. Housing Market Starts Increase in January

Posted on February 18, 2012 by admin

Although the U.S. housing market has suffered extreme setbacks in the last few years, there is hope for a turnaround this year.  The U.S. Census Bureau, working with the U.S. Department of Commerce and U.S. Department of Housing and Urban Development, released a recent report citing a 1.5 percent increase in housing starts in the month of January 2012.  The economy and its housing market are seemingly moving in the right direction, albeit gradually, because more builders appear to be putting their labor crews to work, according to Barry Rutenberg , chairman of the National Association of Home Builders (NAHB). The recent increase followed December’s 1.9% drop. The increase in housing starts is most correlated with the multifamily component. Areas that increased in housing starts included the South, the West and the Northeast. On the other hand, however, the Midwest portion of the country saw a significant drop. Although this recent increase in housing starts is a positive indication of a healthy economy, analysts concur that housing starts are especially volatile during the winter and monitoring a five-month moving average is a more reliable indicator of the health of the economy. This data in this report is released nearly three weeks after the end of the previous month.  Nonetheless, this statistic is very descriptive of the economy.  Home buyers will not invest in the long process of home construction if they are not confident that they will be able to pay for the home.  This provides an indication of consumer confidence in terms of their financial stability and the current state of the economy. Home builders that have not yet secured a specific buyer will not initiate the project if they feel that the home will not sell. If home builders are building more homes, this indicates that there is a larger demand for homes. If more homes are built, more construction employees are hired and more money is expended for housing materials, home furnishings, appliances and related expenses. When housing starts increase, stocks for construction companies, mortgage lenders and appliance companies often rise in a direct correlation to the increasing number of homes that are being built. As is typical, when stocks increase, bonds decrease. When housing starts increase, bonds tend to decrease in value. Interest rates are also lowered so that investors will continue to invest in mortgages and construction projects. Continue reading →

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Portland, OR Mortgage Rates Survey – Week of February 6, 2012

Posted on February 17, 2012 by admin

According to a recent Primerates.com survey of Portland, OR mortgage rates offered by the largest area banks & credit unions, two Portland, OR institutions offered rates below 4.000% on 30-year fixed-rate conforming loans in the Portland area for well-qualified borrowers.  Wells Fargo Bank ( www.wellsfargo.com ) and Umpqua Bank (www.umpquabank.com ) offered rates at 3.875% and 3.750% respectively. Five other institutions offered rates around 4.000%. While most lenders will push one of the three products on the list below, there are other options for the borrower.  The 30-year fixed rate loan is the most popular since it offers the lowest monthly payment.  The trade-off is paying a higher interest rate.  For those who have a better cash flow, the 15-year product may be more suitable.  The 15-year fixed rate loan will allow the borrower to pay more toward principal with each payment, and since it has a lower interest rate the overall amount of money that is paid in interest will be much lower.  While many people steer clear of the 5/1 ARM it is beneficial to some borrowers.  For instance, a person with a smaller loan (usually due to refinancing) may have the cash flow to pay off their ARM in 5 years or less.  This person could save an extra 1% in interest payments over the 15-year product and never worry about the rate adjusting later in the life of the loan. Top Portland, OR Area Banks and Credit Unions As of 30 Yr-Rate 30 Yr- APR 15 Yr- Rate 15 Yr- APR 5/1 ARM-IR 5/1 ARM-APR Bank of America 02/13/12 4.125% 4.276% 3.500% 3.729% 2.750% 3.293% U.S. Bank 02/13/12 4.000% 4.200% 3.250% 3.596% 2.500% 3.528% Wells Fargo Bank 02/13/12 3.875% 4.054% 3.125% 3.438% 2.250% 3.156% JPMorgan Chase 02/13/12 4.125% 4.219% 3.375% 3.538% 2.250% 3.044% KeyBank National 02/13/12 4.080% 4.135% 3.440% 3.538% 2.750% 3.211% Umpqua Bank 02/13/12 3.750% 3.869% 3.125% 3.334% NA NA Bank of the West 02/13/12 4.125% 4.188% 3.375% 3.485% 3.000% 3.304%   Listed rates from banks, thrifts, and credit unions were listed on their websites on the date indicated for conforming loans with 0 points.  Data is believed accurate at time of collection, can change without notice, and will vary based on an individual’s credit history.  Contact a specific institution for current rates. Continue reading →

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San Antonio Mortgage Rates Survey – Week of February 13, 2012

Posted on February 17, 2012 by admin

According to a recent Primerates.com survey of San Antonio mortgage rates offered by the largest area banks & credit unions, three San Antonio institutions offered rates below 4.000% on 30-year fixed-rate conforming loans in the San Antonio area for well-qualified borrowers.  USAA Federal ( www.usaa.com ) and Wells Fargo ( www.wellsfargo.com ) offered rates at 3.875% while Compass Bank ( www.bbvacompass.com ) offered the lowest rates with 3.750%. The Bank of America ( www.bankofamerica.com ) and the JPMorgan Chase ( www.jpmorganchase.com ) offered 4.125%. While most lenders will push one of the three products on the list below, there are other options for the borrower.  The 30-year fixed rate loan is the most popular since it offers the lowest monthly payment.  The trade-off is paying a higher interest rate.  For those who have a better cash flow, the 15-year product may be more suitable.  The 15-year fixed rate loan will allow the borrower to pay more toward principal with each payment, and since it has a lower interest rate the overall amount of money that is paid in interest will be much lower.  While many people steer clear of the 5/1 ARM it is beneficial to some borrowers.  For instance, a person with a smaller loan (usually due to refinancing) may have the cash flow to pay off their ARM in 5 years or less.  This person could save an extra 1% in interest payments over the 15-year product and never worry about the rate adjusting later in the life of the loan. Top San Antonio Area Banks and Credit Unions As of 30 Yr-Rate 30 Yr- APR 15 Yr- Rate 15 Yr- APR 5/1 ARM-IR 5/1 ARM-APR USAA Federal 02/13/12 3.875% 4.044% 3.000% 3.313% NA NA Bank of America 02/13/12 4.125% 4.276% 3.500% 3.729% 2.750% 3.293% Wells Fargo 02/13/12 3.875% 4.054% 3.125% 3.438% 2.250% 3.156% JPMorgan Chase 02/13/12 4.125% 4.219% 3.375% 3.538% 2.250% 3.044% Compass Bank 02/13/12 3.750% 3.931% 2.875% 3.137% 2.625% 3.248%   Listed rates from banks, thrifts, and credit unions were listed on their websites on the date indicated for conforming loans with 0 points.  Data is believed accurate at time of collection, can change without notice, and will vary based on an individual’s credit history.  Contact a specific institution for current rates. Continue reading →

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Fed Sees US Economy Treading Water

Posted on February 16, 2012 by admin

Recently the Federal Open Market Committee (FOMC) released the minutes from the January 24 th and 25 th meeting.  The bottom line is things are not looking up, nor are they looking down.  The board was split about the overall direction of the US economy, and on what should be done in the short-term in order to influence positive direction in the long-term. The main focus of the latest meeting was a debate on the direction of the economy.  The members were split on the pace of the economic recovery and what should be done to hasten it.  The board agreed that GDP growth will accelerate through 2013, but at the same time unemployment will remain high.  It is no surprise that the announcement also confirmed that the Federal Reserve Rate will remain low through late 2014.  This news has been announced in the past, and comes as no shock to investors.  The FOMC did make as firm of a projection on inflation as they could, targeting 2% inflation in the medium-term.  They feel this number will allow for the most economic growth, while stimulating employers to continue to hire. The housing market is still in turmoil ( falling home prices , record low new home sales , and declining mortgage applications are just a few of the factors in the turmoil) and is providing no clear picture on when it will really start to pick back up.  Combine that with troubles with the European economy, and the FOMC is rightfully skeptical about a quick paced recovery for the US economy.  There was even some debate about a QE3 ( Quantitative Easing 2 was in late 2010), but there was really no substance behind it, nor any reason that another round would do any good to the economy. After the release of the latest minutes, the stock market took a tumble.  The saying “No News is Good News” certainly does not apply to the US economy.  When individuals and companies are putting their money on the line, they want a good clear picture that things are looking up.  When a lack of confidence is displayed by what is supposed to be a committee of the most intelligent economists around, investors pull their money.  Until there is a clear path defined, and a good projection set forth by the FOMC, we can expect a slow, bumpy recovery. Made up of 12 members of the Federal Reserve System, the FOMC meets 8 times per year, or about every six weeks.  Three weeks after each meeting, the minutes are released.  Four times per year the minutes are accompanied by a press release describing the most important aspects of the meeting and discussing the current economic projection (all documents can be viewed here ).  During their meetings they discuss where the economy has been, where it is going, and what needs to be done to keep it on track.  This can mean a multitude of different actions and desired results, but the most anticipated from each meeting is whether or not the Federal Reserve rate will be changed, and how many, if any, treasuries will be bought up. Continue reading →

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