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Credit Score is Holding Back Many Millennials

first_img Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Credit Score is Holding Back Many Millennials The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / Credit Score is Holding Back Many Millennials Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save Sign up for DS News Daily Demand Propels Home Prices Upward 2 days ago Tagged with: Credit Scores First-Time Homebuyers Homeownership Millennials The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, News Previous: Counsel’s Corner: Here is What Smaller Title Companies are Up Against Next: DS News Webcast: Tuesday 4/26/2016center_img A common belief about millennials is that they continue to either rent or live with their parents because they are not interested in owning a home.A recent survey conducted by TransUnion, however, indicates that a lack of desire to become a homeowner may not be what is holding back millennials from the housing market. TransUnion found in a survey of 1,843 consumers conducted in March that 32 percent of millennials polled plan to buy a home in the next 12 months—but 43 percent of them have what would be considered a “subprime” credit score (between 300 and 600, according to VantageScore).“Credit scores are a crucial component of the home-buying process, impacting everything from the size of a mortgage payment to the interest rate on a home loan,” said Ken Chaplin, SVP for TransUnion. “People with subprime credit may face financial barriers to homeownership, making it difficult for their dream home to become a reality.”With credit scores that low, those who want to buy a home may not be able to qualify for a mortgage. Credit.com reported last September that borrowers whose mortgages closed in September had an average score of 723, and that was actually down from 732 the previous February. In September, some lenders were rejecting borrowers with scores as high as 694.Out of millennials surveyed by TransUnion, 47 percent of them said they were worried about having a low credit score, 59 percent said they were worried about not having enough money for a down payment, and 56 percent of them said they were concerned about not being able to qualify for a low interest rate.“People with subprime credit may face financial barriers to homeownership, making it difficult for their dream home to become a reality.”Ken Chaplin, SVP, TransUnionAmong other age groups surveyed, 17 percent of consumers ages 35 to 54 said they plan to buy a home within the next 12 months. The same share of that age category, 17 percent, had a super prime credit score, according to TransUnion. Only 6 percent of consumers aged 55 or older said they plan to buy a home in the next 12 months, but a much higher percentage (34 percent) had a super prime credit score.Homeowners of all ages should prepare well for the homebuying process by taking steps such as checking their credit reports at least three months before the process begins, planning early and keeping an eye on their credit score over time, and researching mortgage and interest rates to find a competitive offer.”The homebuying process begins well before you start looking for real estate,” said Chaplin. “A credit score, which significantly impacts the home financing process, is built on good spending habits and a pattern of responsible borrowing established over a lifetime.”  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago April 25, 2016 1,316 Views About Author: Brian Honea Related Articles The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Credit Scores First-Time Homebuyers Homeownership Millennials 2016-04-25 Brian Honea Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribelast_img read more

ADA Compliance: What’s the deal with websites?

first_img 7SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr Hello, compliance friends! The NAFCU Compliance Team has recently noticed an increase in questions related to potential Americans with Disabilities Act (ADA) website requirements. Credit unions are always eager to help their members, and we’ve had many credit unions asking about the status of ADA regulations, especially for websites. Today’s blog post is meant to provide a very high-level overview of the statutory framework, rulemaking and enforcement activity, and potential for litigation with regard to ADA website compliance.How the ADA Applies to Credit UnionsGenerally, the ADA is intended “to provide a clear and comprehensive national mandate for the elimination of discrimination against individuals with disabilities” and “to provide clear, strong, consistent enforceable standards” addressing such discrimination. See, 42 U.S.C. § 12101(b). The ADA is a complex, fact-specific area of law, and some states have their own statutes addressing similar issues, so consulting with counsel may be necessary to fully assess ADA legal issues and risks. One way the ADA applies to credit unions is through Title III of the Act, which sets standards for certain “public accommodations.” Public accommodations include banks and other “service establishments,” so these provisions have been interpreted to apply to credit unions. As a result, the ADA requires credit unions to meet standards for “newly constructed or altered places” and has wide-ranging implications that impact how to communicate with persons with disabilities, which ultimately impacts the issue of website accessibility. continue reading »last_img read more

Active management boosts performance by 16 basis points, study finds

first_imgActive management has helped pension funds outperform the market but only by 16 basis points after costs, according to an in-depth study spanning more than two decades.The survey, conducted by CEM Benchmarking, estimated that there was a gross added value of 58bps for pension funds if they actively managed their assets rather than tracking a benchmark.The survey was backed by figures from Europe’s largest asset owner, the Norwegian Government Pension Fund Global, which claimed a 0.25 percentage point outperformance since inception.The firm based its findings on annual survey results dating back to 1992 that captured the performance of more than 1,000 corporate and public pension funds over its 21-year run, with the 2013 sample of 335 schemes managing $6.5trn (€4.7trn) in assets. Alexander Beath, senior research analyst at the firm and the study’s author, noted that pension investors had been “put under the microscope” by regulators since the onset of the financial crisis.“This requires them to justify their investment costs and practices, and this confirms what those in the industry know,” he said. “Investing in investing has paid off.”However, Beath also acknowledged the “small” outperformance of 16bps once the cost of active management had been taken into account.“While [the outperformance] is great news for our clients who need to justify active investing in the face of efficient market adherents, what is really interesting is finding out why they are able to tilt the table in their favour and add value,” he said.The survey found that pension funds increased their net value by 7.6bps for every tenfold increase in assets, and that there was a 22.1bps increase in net value for pension funds that managed assets internally.“While average value added has been positive, individual fund performance around the average varies significantly, with standard deviations of 267bps gross and 265bps net.”The findings come after Swedish buffer fund AP4 credited active management with a SEK1.4bn (€147m) outperformance in 2014.Similarly, the Norwegian Government Pension Fund recently defended its approach to management after reports in local newspaper Dagens Næringsliv alleged Norges Bank Investment Management failed to achieve an outperformance compared with its benchmark since 1998.In a response to the article, NBIM’s chief risk officer Dag Huse said: “To invest is to make choices. Looking back, we will see that some choices were good, and that some were less fortunate.“What counts is that we as a fund manager improve the trade-off between return and risk in the long run.”NBIM argued that its approach to management had seen a 0.25% outperformance since the fund’s inception in 1998.,WebsitesWe are not responsible for the content of external sitesLink to study by CEM Benchamarkinglast_img read more

French boost for SA wind power

first_img5 March 2008South African state company Eskom has signed an agreement with French development agency Agence Française de Developpement (AFD) for a €100-million loan over 20 years to help finance a new wind farm project.“The 100-megawatt wind farm will be built on the West Coast near the town of Koekenaap, east of Vredendal in the Western Cape and will be operational in early 2010,” the electricity company said in a statement this week.The two companies concluded the deal last week during an official visit to South Africa by French President Nicolas Sarkozy.French companies have taken a keen interest in South Africa’s plans to upgrade its electricity infrastructure, with Alstom recently being awarded a €1.3-billion contract to supply turbines and related infrastructure for a new coal-fired power station in Mpumalanga province, and Areva bidding to build the country’s next generation of nuclear power stations.The state-owned utility spent time evaluating various wind technologies available, as well as issues such as storage systems, costs and performance data at its wind energy demonstration facility near Klipheuwel outside Cape Town.“This project is a first step in applying the information gained from this pilot facility, and forms part of Eskom’s overall renewable energy strategy,” Eskom said.“The signing of the financing framework will initiate what Eskom believes will be a long term partnership between Eskom and the AFD that will support Eskom’s broad climate change strategy and capacity expansion programme.”Darling Wind FarmThe Koekenaap facility will be South Africa’s second commercial wind farm. The first one is busy being established near Darling, a small town north-west of Cape Town.The Darling project is a public-private partnership between the Central Energy Fund, the Development Bank of Southern Africa, the Darling Independent Power Producing Company and the South African and Danish Governments.The farm will use four 1.3-megawatt wind turbines to generate an expected annual 13.2-gigawatt hours of “green electricity”.This will be injected into Eskom’s national grid, transferred to Cape Town’s electricity network and sold onward to buyers prepared to pay a surcharge of around 25c per killowatt-hour for electricity generated through renewable sources.The City of Cape Town agreed in August 2006 to be the first such buyer/supplier, and will purchase electricity from Darling Wind Farm over a period of 20 years.SAinfo reporter Want to use this article in your publication or on your website?See: Using SAinfo materiallast_img read more

Live Webcast of a Building Science Seminar

first_imgNot yet a member of GBA Pro? Sign up now!To enjoy all of the benefits of GBA Pro membership, subscribe to GBA Pro today. More information on the scheduled sessionsWednesday December 5 is “Spray Foam Day” with Joseph Lstiburek. Dr. Lstiburek will present a full-day session on spray foam issues and solutions using information based on field experience and laboratory research. Throughout the day, Joe will call in other industry experts for special cameo appearances and invite other BSC researchers to report on recent work.Thursday December 6 will feature John Straube, who will cover “HVAC for Low-Load Buildings.” Dr. Straube will define low-load and ultra-low-load buildings, and will discuss the enclosures that are needed to get there. Next, the implications of these low load enclosures on heating, ventilation, hot water, and other building systems will be explored. Fossil-fueled, electric, solar and biomass will all be addressed. This session is intended for designers and builders of ultra efficient residential (i.e., Passive House, DOE Challenge Home, and similar) and smaller commercial buildings. A summary of the December 5 sessionTo read a summary of the December 5 presentations, see Allison Bailes’ latest blog: Highlights from Joe Lstiburek’s 2012 Experts’ Session on Spray Foam.center_img GBA has made arrangements to provide live video streaming of an educational seminar by two renowned building science experts, Joseph Lstiburek and John Straube. Dubbed the Building Science Experts’ Session, the seminar is being held on Wednesday December 5 and Thursday December 6, 2012, in Westford, Massachusetts. Sessions begin each morning at 8:00 a.m. Eastern Standard Time.The video stream will be available at no charge to all GBA Pro members. A link to the live video stream will be added to this page on the morning of December 5, 2012.last_img read more