Rick Seehausen

Both lenders and customers are likely to welcome upcoming changes to the Credit Contracts and Consumer Finance Act (CCCFA). Phase one includes repealing the CCCFA’s prescriptive affordability regulations altogether. A key thing to note is that repealing the regulations will not affect the overarching responsible lending principles – lenders will still need to make “reasonable inquiries” when assessing customer affordability. Questions about the upcoming changes or your CCCFA obligations? Our Banking and Finance team are here to help. Evelyn Jones, Joshua Jones and Peter K. Read more: https://bit.ly/4dF70fE #bankingandfinance #banking #financialservices

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The U.S. Small Business Administration’s (SBA) Lender Match platform just got a major upgrade, making it easier to secure funding for your business. This free tool connects you with a trusted network of SBA-approved banks and private lenders, increasing your chances of finding the right loan for your business needs. Here's why Lender Match is a valuable resource for small businesses: ✔️Simple and user-friendly: The mobile-first design ensures easy access from any device, allowing you to focus on running your business. ✔️Streamlined process: Lender Match verifies borrowers and screens for fraud, saving you valuable time and effort. ✔️Find the right fit: Easily compare lenders and their offerings to choose the option that best suits your financial goals. Learn more about how Lender Match can benefit your small business! https://lnkd.in/g__P5wx7 #CentralVA #Charlottesville #Entrepreneurship #Funding #LenderMatch #SBA #SOARwithSCORE

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In the ever-evolving landscape of finance, the question of whether lenders should be required to serve all industries, regardless of their expertise, is becoming increasingly relevant. Randell Leach, CEO at Beneficial State Bank, puts it succinctly: "Requiring all banks to lend to all industries — no matter their model, expertise, or customer base — doesn’t make business sense. Corporate lending is complex and nuanced. A bank that specializes in residential lending can’t apply that same expertise to financing tar sands refinement." #TLG #TheLoringGroup #CorporateLending #BankingExpertise #FinancialStability #EconomicGrowth #SpecializedBanking #RiskManagement #BankingRegulations #LendingStrategies #FinancialSystem #BankingSector #EconomicPolicy #RandellLeach #BeneficialStateBank #IndustryExpertise Read the full blog on our website: https://lnkd.in/dxPcuVtg

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SBA Loan Update - August 8, 2020 The World of SBA Lending - 0:46 SBA Lenders are actively approving and closing loans. Everyone's pipelines are flush with loan originations. Underwriting is taking up to three weeks with the loan package sitting in the queue for nearly two of those three weeks. 25 year fixed Interest rates are as low as 2.9% for SBA 7(a) real estate purchases and refinances for qualified applicants. Real estate and working capital projection based loans are still being funded if 100% collateralized by real estate. The World of Conventional Lending - 4:01 The top conventional lenders in the Country are still not lending to new customers and are lending only a limited bases to their existing portfolio. There are still conventional lenders who can approve and fund loans in 30 days. What’s In My Loan Pipeline - 6:41 Owner occupied real estate purchases for manufacturers, distributors, physicians, contractors and residential care facilities also known as residential assisted living facilities. Business Acquisitions for QSR food franchises, in home health care franchises, speciality general contractors not directly tied to new construction and a collision center in the inland empire. I’m also negotiating the full relationship transition including treasury management, factoring, borrowing base and the refinancing of commercial real estate of a local sporting goods manufacturer and distributor. My Greatest Compliment - 9:43 Online Loan Application - 11:09 A Message To My Friends (You Know Who You Are) - 13:15 Listen to more episodes 🎧 ▶ https://mysbaloanpro.com ▶ https://mysba.pro/applepod ▶ https://lnkd.in/gBs7KSdr

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Understanding Loan Rates: Commercial Loans, SBA Loans, and the Wall Street Prime Rate Introduction Navigating the landscape of business financing can be complex, especially when it comes to understanding various loan rates. Whether you're expanding operations, buying new equipment, or simply managing cash flow, knowing the difference between commercial loan rates, SBA loan rates, and the Wall Street prime rate is crucial. Here's a straightforward guide to help you make informed decisions. 1. Commercial Loan Rates Commercial loans are provided by banks, credit unions, and other financial institutions to businesses of all sizes. These loans can be used for a variety of purposes, including expanding business operations or purchasing new equipment. The rates for commercial loans can vary widely based on factors like the creditworthiness of the business, the type and term of the loan, and prevailing economic conditions. Typically, these rates are higher than those for personal loans due to the higher risk involved. 2. SBA Loan Rates SBA loans are small business loans partially guaranteed by the U.S. Small Business Administration, a government agency. This guarantee allows lenders to offer lower interest rates and better terms than most traditional commercial loans, as the risk is mitigated by the SBA’s backing. SBA loan rates are linked to the prime rate but are often adjusted to be more favorable to small businesses. They are ideal for businesses that might not qualify for a commercial loan due to stringent requirements. 3. Wall Street Prime Rate The Wall Street prime rate, commonly known as the prime rate, is the interest rate that banks offer to their most creditworthy customers. It's a baseline rate that dictates interest rates on various consumer and commercial loans. The prime rate is influenced primarily by the Federal Reserve's policies and can fluctuate based on economic conditions. It serves as a reference point for both personal and business loans, including some types of SBA loans. Conclusion Understanding these different rates can significantly impact your financing decisions and ultimately, the growth of your business. By comparing the rates and terms of commercial loans, SBA loans, and understanding how they relate to the Wall Street prime rate, you can better navigate the complex world of business financing. For more detailed insights and personalized advice, consider consulting with a financial advisor who can help align your financial strategies with your business goals.

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The Mortgage Bankers Association's 2023 Annual Production Report showed what the lending industry knows and has felt: Production volume was down 60% from 2021. Costs were also up: IMBs and bank mortgage subsidiaries lost an average of $1056/per loan last year, that's $755 more than 2022. It will take strategy and commitment to forge ahead as we wait for the Fed to cut rates. InGenius data can give you the insight you need! You can check out these strategies for #loanofficer recruiting in this market era here: https://lnkd.in/gdc4wHSh

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KBRA released a report that examines how some #creditunions are turning to the ABS market. Credit unions have traditionally sourced funding through member deposits, wholesale borrowings and, to a lesser extent, through #loanparticipation sales and alternative sources such as repurchase agreements and committed lines of #credit. Read the full report here: https://lnkd.in/euADmnVb | #assetbacked #insightfulresearch

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For the team at Patelco Credit Union, credit is at the core of general wellness. And underserved communities have been impacted most by a lack of credit access. Yazel Pardo, VP, Head of Credit Risk at Patelco Credit Union, discusses how mission alignment, model risk management and model performance made Upstart stand out as an AI lending partner. "With all the technology and data available, it seems pretty archaic to use a [credit] score that was developed over 25 years ago with rudimentary mathematical techniques," says Pardo. Check out our latest testimonial to hear how Patelco is acquiring members, lending deeper into the credit spectrum and deploying capital to meet their returns and expected losses with Upstart.

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📢 Treliant Takeaway: New CFPB Rule for BNPL Lenders Earlier this week, the Consumer Financial Protection Bureau issued an interpretive rule classifying Buy Now, Pay Later lenders as credit card providers, extending key legal protections under TILA Reg Z. As BNPL usage rises alongside consumer complaints and defaults, lenders must now investigate disputes, process refunds, and provide billing statements akin to credit card providers. Sabrina Morrison details what this means for financial institutions, including bank partners and fintechs, and what they should be doing to comply with the enhanced requirements in our latest Treliant Takeaway. Treliant offers expert regulatory compliance consulting to help financial institutions navigate these changes. Stay ahead with Treliant! #RegulatoryCompliance #BNPL #FinancialServices

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Ag lending partners - if you have questions on risk management, regulatory and compliance, new tools and technologies, your secondary lending partner should be your go-to resource. More than just a source of capital, secondary market partners should serve as your agriculture industry experts, partnering with you to help grow your ag loan portfolio and better serve your clients. Click the link below to read our newest article on this topic, "How to Optimize Secondary Market Partnerships," via Bank Director: https://ow.ly/lI2050S7osg

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Debt collections is a complex, resource-intensive, and time consuming process for lenders. But leveraging advancements in technology, industry best practices and expertise can make a lot of difference. This is where Collection as a Service (CaaS) comes across as a game-changing solution that drives efficiencies, streamlines debt recovery processes to – 📲 Elevate borrower experience with personalized communication, multichannel and multilingual outreach 💸 Enhance digital adoption with flexible repayment options 📉 Reduce costs by harnessing the expertise of specialized collections players 📈 Increase efficiency with automation and data-driven strategies 💯 Maximize recovery rates with targeted, compliant approaches Read the blog, ‘Collection as a Service: A Comprehensive Guide’, to understand how CaaS emerges as a valuable tool for lending businesses. https://lnkd.in/dVjrMBcR #CaaS #digitalloancollections #debtrecovery #loancollections #lending #digitallending #bankingtech #financialservices #fintech #finance #banking #bankingindustry #nbfc #banks #bfsi #technology #tech #digitaltransformation #innovation #digital #credgenics

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🔥 Hot off the press! Lender Price launches Bulk Price API, providing lenders and servicers with comprehensive portfolio management and an innovative way to identify new opportunities faster. "This powerful tool provides enhanced marketing capabilities across the portfolio as well as potential refinance opportunities for lenders and servicers. It also enhances the borrower experience by providing them with personalized loan offers. By leveraging data-driven insights, lenders can now deliver value to borrowers in a more efficient and cost-effective manner." - Paul Orlando, Chief Strategy Officer 👉 Read the full press release here: https://hubs.ly/Q02yS01T0 #secondarymarketing #capitalmarkets #mortgagetechnology #mortgageservicing #drivinginnovation

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🚀Attention Lenders and Servicers 🔥 ICYMI: Lender Price launched Bulk Price API, a new solution providing lenders and servicers with a faster way to identify new opportunities inside their portfolio and the ability to personalize offers back to borrowers on a 1:1 level. Key benefits include: ☑️ Comprehensive Portfolio Management for Servicers and Lenders: Easily manage and ingest rate data quickly across the entire loan portfolio, uncovering potential refinance opportunities. ☑️ Personalized Marketing: Drive personalized offers back to borrowers, improving customer engagement and satisfaction. ☑️ Time and Cost Savings: Lenders and servicers can automate current manual processes to save both time and money. 👉 Read more here: https://hubs.ly/Q02C_fs30 👉 Get in touch: https://hubs.ly/Q02C_4BF0 #mortgagetechnology #mortgageservicing #drivinginnovation

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Faster, easier and for the same price... how rental loans with BPL lenders compete with conventional. Hear more from our CEO as he discusses the private lending market in AAPL's State of the Industry. Click here to watch the full broadcast -> https://lnkd.in/dtf-zFJH American Association of Private Lenders

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The SBA's Lender Match platform just got a makeover, making it easier to navigate the path to success for your small business. This free tool connects you with a network of trusted lenders, increasing your chances of securing the funding you need to achieve your dream. Feeling unsure about navigating the loan process? This article can help. 👉https://lnkd.in/g__P5wx7 #CentralVA #CharlottesvilleVA #Funding #LenderMatch #SmallBusiness #SOARwithSCORE

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For lenders, declined customers are an inevitability. While a decline can be disappointing for customers, it presents an opportunity for lenders to show support in other ways. 👐 At Social Credit, we believe in giving people a second chance at affordable credit. One way we do this is by referring eligible Plend | B Corp declined customers for a Social Credit interest-free loan. ♻ In doing this, we're able to support eligible individuals like Babatunde, giving them a second chance at accessing affordable credit and making a real difference in their financial circumstances. 💪

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🌟Small Business Loans vs. Merchant Cash Advances (MCAs)🌟 💰 Small Business Loans: These traditional loans involve borrowing a fixed amount from a lender and repaying it over time with interest. While they offer lower interest rates and predictable payments, the application process can be in-depth, requiring documentation and collateral. Business owners use loans for various purposes, such as launching new products, buying equipment, or hiring staff. 💸 Merchant Cash Advances (MCAs): Unlike loans, MCAs are based on future sales. You receive a lump sum upfront and repay it through a percentage of your daily or weekly credit and debit card sales. While MCAs provide quick access to funds, they come with higher costs due to fees and interest. MCAs are often used for urgent needs, emergency expenses, or cash flow management during seasonal changes. Understanding these differences empowers you to choose the right financing option for your business. Explore more insights in our blog 📚🔍

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In the industry of SBA-backed business acquisition loan transactions, shortcuts just don’t cut it. For a successful handover, buyers, sellers, and even some direct SBA lenders must embrace integrity and transparency. #BusinessBuyers #Entrepreneurship #SBA

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