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Fintech Is On A Mission To Change The Consumer Credit and Mo…



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Mortgage Broker Technology

Credit Repair Technology


It’s never been more important to embrace technology in mortgage and consumer lending industry

The pandemic is likely to accelerate the adoption of digital capabilities across the industry. Consumers will engage with digital tools and virtual experiences that they would otherwise have avoided.” — Venkatesh Venkatasubramanian

DALY CITY, CA, UNITED STATES, August 21, 2021 / / — Creditbeans recently spoke with DotUP CEO Venkatesh Venkatasubramanian about the current market outlook and how credit counselors and Mortgage Brokers can focus on efficiency and stay agile in the midst of market shifts.

The last two years in the mortgage industry have certainly been unique. Volatility and dramatic shifts in market activity have forced participants across the mortgage lifecycle to embrace more agile business practices. The mortgage industry has always been driven by face-to-face meetings – the connection that is forged between the broker and the client simply can’t be replicated by a piece of software. However, the last year and a half, amid the COVID-19 pandemic, has served to emphasize the vital role that technology now plays in making our businesses not only more efficient and accessible but, in some cases, even keeping companies afloat.

The pandemic is likely to accelerate the adoption of digital capabilities across the industry. Many consumers will engage with digital tools and virtual experiences that they would otherwise have avoided. Lenders will become comfortable with a remote workforce and begin using collaborative tools that make interactions with customers and fellow employees more seamless. For these reasons, actions should be taken with one eye on the future. Don’t just think of how a solution solves a short-term problem. Rather, think strategically about how solutions might fit within your organization in the longer term.

We can expect technology to drive ever faster and more effective communication channels between lenders and intermediaries. This will be driven by industry integrations, in part underpinned by Open Banking technology – allowing for real-time case tracking and giving more time for BDMs to tackle complex cases.

And we are seeing game-changing improvements to the way our market uses technology. DotUP is a compelling example – helping mortgages move faster using API technology to connect brokers and advisers directly with lenders. Our technological solutions ensure less rekeying, data relayed seamlessly to lenders across US and Canada, and a better, faster mortgage application process for everyone. By automatically populating up to 90% of a Decision-in-Principle and 60% of a full mortgage application, DotUP claims to be able to save approximately 20 minutes per application and cut down on unnecessary work for both borrowers and the mortgage brokers.

Not just in the mortgages industry, we see a huge surge in the Consumer Credit industry as well. The good news is, the average FICO score in the U.S. and Canada has actually increased in the past year, according to a recent report from FICO. This seems like a promising indicator that more Canadians and Americans are improving their chances of qualifying for the best loan rates, the best credit cards, and more favorable terms for their mortgages. The average credit score is in an uptrend in the past decade however technology has played a huge role in helping consumers track their credit scores and make wise decisions about their financial well-being.

Credit scores are calculated by credit bureaus such as Equifax and TransUnion, and are based on credit use and payment history. These factors are distilled into a number between 300 and 900, which is used by lenders and credit providers to determine creditworthiness. DotUP has been building AI technology and Machine learning algorithm for its clients to enable better financial practice. We are delivering solutions to credit coaching and credit repair companies to provide their customers three key features. The first is credit score comparison, which allows users to see where their own scores fall with the rest of Canada. The second notification feature offers important credit updates like new credit inquiry alerts and missed payment warnings, as well as messages to inform users when they are making good financial decisions. Finally, the AI tool provides helpful tips for Canadians to improve their credit scores.

We see a surge in subscriptions by users to get their finances on track and technology is helping them to stay on top of their bills.

Venkatesh Venkatasubramanian
+1 4157894538
email us here
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Are Sallie Mae Student Loans Federal or Private?



When you hear the name Sallie Mae, you probably think of student loans. There’s a good reason for that; Sallie Mae has a long history, during which time it has provided both federal and private student loans.

However, as of 2014, all of Sallie Mae’s student loans are private, and its federal loans have been sold to another servicer. Here’s what to know if you have a Sallie Mae loan or are considering taking one out.

What is Sallie Mae?

Sallie Mae is a company that currently offers private student loans. But it has taken a few forms over the years.

In 1972, Congress first created the Student Loan Marketing Association (SLMA) as a private, for-profit corporation. Congress gave SLMA, commonly called “Sallie Mae,” the status of a government-sponsored enterprise (GSE) to support the company in its mission to provide stability and liquidity to the student loan market as a warehouse for student loans.

However, in 2004, the structure and purpose of the company began to change. SLMA dissolved in late December of that year, and the SLM Corporation, or “Sallie Mae,” was formed in its place as a fully private-sector company without GSE status.

In 2014, the company underwent another big adjustment when Sallie Mae split to form Navient and Sallie Mae. Navient is a federal student loan servicer that manages existing student loan accounts. Meanwhile, Sallie Mae continues to offer private student loans and other financial products to consumers. If you took out a student loan with Sallie Mae prior to 2014, there’s a chance that it was a federal student loan under the now-defunct Federal Family Education Loan Program (FFELP).

At present, Sallie Mae owns 1.4 percent of student loans in the United States. In addition to private student loans, the bank also offers credit cards, personal loans and savings accounts to its customers, many of whom are college students.

What is the difference between private and federal student loans?

When you’re seeking financing to pay for college, you’ll have a big choice to make: federal versus private student loans. Both types of loans offer some benefits and drawbacks.

Federal student loans are educational loans that come from the U.S. government. Under the William D. Ford Federal Direct Loan Program, there are four types of federal student loans available to qualified borrowers.

With federal student loans, you typically do not need a co-signer or even a credit check. The loans also come with numerous benefits, such as the ability to adjust your repayment plan based on your income. You may also be able to pause payments with a forbearance or deferment and perhaps even qualify for some level of student loan forgiveness.

On the negative side, most federal student loans feature borrowing limits, so you might need to find supplemental funding or scholarships if your educational costs exceed federal loan maximums.

Private student loans are educational loans you can access from private lenders, such as banks, credit unions and online lenders. On the plus side, private student loans often feature higher loan amounts than you can access through federal funding. And if you or your co-signer has excellent credit, you may be able to secure a competitive interest rate as well.

As for drawbacks, private student loans don’t offer the valuable benefits that federal student borrowers can enjoy. You may also face higher interest rates or have a harder time qualifying for financing if you have bad credit.

Are Sallie Mae loans better than federal student loans?

In general, federal loans are the best first choice for student borrowers. Federal student loans offer numerous benefits that private loans do not. You’ll generally want to complete the Free Application for Federal Student Aid (FAFSA) and review federal funding options before applying for any type of private student loan — Sallie Mae loans included.

However, private student loans, like those offered by Sallie Mae, do have their place. In some cases, federal student aid, grants, scholarships, work-study programs and savings might not be enough to cover educational expenses. In these situations, private student loans may provide you with another way to pay for college.

If you do need to take out private student loans, Sallie Mae is a lender worth considering. It offers loans for a variety of needs, including undergrad, MBA school, medical school, dental school and law school. Its loans also feature 100 percent coverage, so you can find funding for all of your certified school expenses.

With that said, it’s always best to compare a few lenders before committing. All lenders evaluate income and credit score differently, so it’s possible that another lender could give you lower interest rates or more favorable terms.

The bottom line

Sallie Mae may be a good choice if you’re in the market for private student loans and other financial products. Just be sure to do your research upfront, as you should before you take out any form of financing. Comparing multiple offers always gives you the best chance of saving money.

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Tips to do some fall cleaning on your finances



Wealth manager, Harry Abrahamsen, has five simple ways to stay on top of the big financial picture.

PORTLAND, Maine — Keeping track of our financial stability is something we can all do, whether we have IRAs or 401ks or just a checking account. Harry J. Abrahamsen is the Founder of Abrahamsen Financial Group. He works with clients to create and grow their own wealth. Abrahamsen shares five financial tips, starting with knowing what you have. 

1. Analyze Your Finances Quarterly or Biannually

You want to make sure that your long-term strategy is congruent with your short-term strategy. If the short-term is not working out, you may need to adjust what you are doing to make sure your outcome produces the desired results you are looking to accomplish. It is just like setting sail on a voyage across the Atlantic Ocean. You know where you want to go and plot your course, but there are many factors that need to be considered to actually get you across and across safely. Your finances behave the exact same way. Check your current situation and make sure you are taking into consideration all of the various wealth-eroding factors that can take you completely off course.

With interest rates very low, now might be a good time to consider refinancing student loans or mortgages, or consolidating credit card debt. However, do so only if you need to or if you can create a positive cash flow. To ensure that you are saving the most by doing so, you must look at current payments, excluding taxes and insurance costs. This way you can do an apples-to-apples comparison.

The most important things to look for when reviewing your credit report is accuracy. Make sure the reporting agencies are reporting things actuary. If it doesn’t appear to be reporting correct and accurate information, you should consult with a reputable credit repair company to help you fix the incorrect information.

4. Savings and Retirement Accounts

The most important thing to consider when reviewing your savings and retirement accounts is to make sure the strategies match your short-term and long-term investment objectives. All too often people end up making decisions one at a time, at different times in their lives, with different people, under different circumstances. Having a sound strategy in place will allow you to view your finances with a macro-economic lens vs a micro-economic view. Stay the course and adjust accordingly from a risk and tax standpoint.

RELATED: Financial lessons learned through the pandemic

A great tip for lowering utility bills or car insurance premiums: Simply ask! There may be things you are not aware of that could save you hundreds of dollars every month. You just need to call all of the companies that you do business with to find out about cost-cutting strategies. 

RELATED: Overcome your fear of finances

To learn more about Abrahamsen Financial, click here

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How to Get a Loan Even with Bad Credit



Sana pwedeng mabura ang bad credit history as quickly and easily as paying off your utility bills, ‘no? Unfortunately, it takes time. And bago mo pa maayos ang bad credit mo, more often than not, kailangan mo na namang mag-avail ng panibagong loan. 

Good thing you can still get a loan even with bad credit, kahit na medyo limited ang options. How do you get a loan if you have bad credit? Alamin sa short guide na ito. 

For more finance tips, visit Moneymax.



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