October 2, 2014 · Financial Partners · (No comments)

Apple Pay a unique payment system includes the Touch ID and dactylogram sensor. This feature allows the utilizer to pay with their device with any credit or debit card that the utilizer prefers without swiping it. Introduced by Apple, this system is due to be launched next year. As mentioned earlier, PayPal the potential financial partner has been excluded from the list of Apples financial partners. Apple Pay is supported by big names in the financial industry. The company has partnered with major banks and credit card companies that include the Visa, American Express and the MasterCard.

October 2, 2014 · Financial Partners · (No comments)

In trading on Wednesday, shares of Pinnacle Financial Partners
Inc. (Symbol: PNFP) crossed below their 200 day moving average of
$35.52, changing hands as low as $35.28 per share. Pinnacle
Financial Partners Inc. shares are currently trading down about
1.8% on the day. The chart below shows the one year performance of
PNFP shares, versus its 200 day moving average:

October 2, 2014 · Getting A Mortgage · (No comments)

PROPERTY: DONT MISS

October 1, 2014 · Getting A Mortgage · (No comments)

Fear of a loan denial has led some consumers with low credit scores to not bother applying for a mortgage. But, while youll still have to provide proof of your income and assets and an explanation of your low credit score, it is possible to get a mortgage with a low credit score from some lenders.

Your credit score is a piece in the qualification puzzle, but its not the whole puzzle, said Josh Moffitt, president of Silverton Mortgage Specialists in Atlanta.

Fair to poor is considered a low credit score

There arent any hard lines between a good and bad credit score. The scores break down like this:

Credit score

A number, roughly between 500 and 850, that summarizes a consumers creditworthiness.

The higher the score, the more able and willing a consumer is to repay a loan, lenders believe. The best mortgage rates and terms go to borrowers with credit scores of 740 and higher. Generally, a low credit score is in the fair to poor ranges below.

750 and higher = excellent

749 to 700 = good

699 to 650 = fair

649 to 600 = poor

599 or lower = bad

Borrowers credit scores are falling

Lenders in 2014 are approving more loans with lower credit scores. According to mortgage software provider Ellie Mae, 33 percent of closed loans in spring 2014 were for borrowers with a credit score below 700, compared with 27 percent a year earlier.

Borrowers with low credit scores often get FHA loans

Lenders typically are more lenient with credit qualifications for borrowers who opt for government-insured Federal Housing Administration loans, but Clint Madison, senior mortgage adviser for Envoy Mortgage in Walnut Creek, California, said his company approves both FHA and conventional loans for borrowers with credit scores as low as 620.

With the market slowing down, standards are relaxing a little bit because lenders are getting hungry for business, Madison said.

Carrington Mortgage in Santa Ana, California, accepts applications from borrowers with a credit score as low as 550 for FHA loans, with minimum down payments of 10 percent.

Demand is there for low-score borrowers

Theres a huge segment of underserved borrowers today, said Ray Brousseau, executive vice president of the mortgage lending division of Carrington Mortgage Services. In 2005, one out of every seven loans were approved for borrowers who had a credit score under 630. By 2013, one out of every 500 borrowers had a credit score that low.

Getting a mortgage with a low credit score

Lenders are becoming less strict about credit scores.

Some lenders see a difference between irresponsible applicants and those who lost jobs.

Proving a year of on-time rent payments could be helpful.

Brousseau said Carrington is able to offer loans to borrowers with low FICO scores because employees have experience in managing subprime loans.

We invested in people with expertise in manually underwriting loans and making common-sense decisions about borrowers, and theyre joined at the hip with servicers who talk directly to borrowers and help them manage their loans, Brousseau said. Our loans are perfect for the group of people that got caught up in the recession and lost their job or had their hours or pay cut or had to move and take a loss on their home.

Automated, manual underwriting

Two methods lenders use to approve or deny mortgage applications:

Fannie Mae and Freddie Mac have software programs (Desktop Underwriter and Loan Prospector) that can automatically approve loans based on the borrowers credit score, income, total debts and other criteria. That is automated underwriting.

In other cases, the lender may approve loans based on the lenders judgment. That is manual underwriting.

Qualifying for a low-credit mortgage

Moffitt said lenders run loan applications through automated underwriting systems from Fannie Mae or Freddie Mac.

If a loan doesnt make it through the automated system, you can look at it manually and find out why the credit score is low, Moffitt said. Sometimes investors will allow a loan to be approved with a low credit score but with other compensating criteria, such as having six months of cash reserves in the bank or no late payments for the past 12 months.

How to improve the odds of approval

Moffitt said you increase your chances of an approval if you can verify youve paid your rent on time for the past 12 months and you wont have a payment shock on your housing payment.

If youre paying $500 a month in rent, then we wouldnt want your payment to go above $750 if you also have a low credit score, Moffitt said.

Another way to offset the impact of poor credit is to make a bigger down payment, particularly a payment of 20 percent or more. If you can go from 3.5 to 5 percent for your down payment, Moffitt said, youre better off keeping the extra cash in reserve.

Explaining a low score

Madison said borrowers with a lack of credit history and therefore a low score can sometimes overcome their score with nontraditional forms of credit such as utility and rent payments. If you have a long credit history and a low score, youll need to explain it.

You can provide a letter about the circumstances that caused your score to drop, such as a job loss or a death in the family, which could make a difference to a lender, said Madison.

Some of the common issues that can cause your credit score to drop that lenders view as less risky are issues with a late medical bill or student loans, Moffitt said.

October 1, 2014 · Financial Partners · (No comments)

Michelle Scully, Executive Director of Marymount California Universitys Lakeside Campus and Summit co-creator, added, Were excited about the potential for Lake County with the addition of the first four-year college right here in Lucerne and looking forward to more positive opportunities and new beginnings for our community. The Lake Leadership Summit was developed to give our existing businesses some real-time tools to add to their toolboxes and to encourage our residents to embrace who we are.

One goal is to allow participants to see Lake County with new eyes. Those involved can choose between the Pirates BootyCycle Tour of Kelseyville, the Haunted Walking Tour of Lakeport, or the Lake County Scavenger Hunt by bus, in addition to serious matters.

Bottom line: we know that were not Napa, were not Sonoma, and we cant compete with the Bay area, Scully said. Were Lake County, and we want to focus on doing what we can to make Lake County the very best it can be.

The Summits keynote speaker is David Woolson, CEO/President of Walla Walla Valley Chamber of Commerce, whose presentation is entitled How a Sleepy Ag Community Changed Its Rep Became a World-Class Destination for Wine Drinkers.

Other speakers include Robert Freedman, marketing director for Focus Financial Partners, who will present: Google+, Vine, Instagram, Snapchat, Facebook, Etc. Why the Hell They Matter, and Maureen Mo McElroy, Certified Tourism Ambassador for Sonoma County, with the session, More Than an Open Sign: The Art of Customer Service. The OMeara Brothers and Mendo Lake SUP will be featured during the Arranged Marriages portion of the Summit.

The What I Love About Lake County Is chalkboard walls going up around the county and the Summit are just the beginning, promises Rebecca Southwick, Development Public Relations Officer with Sutter Lakeside Hospital and one of the Summits co-creators.

Early next year, we would like to have Peter Kageyama, the author of For the Love of Cities, conduct a community workshop in Lake County to help us recognize all thats great about our community and to form an attainable revitalization plan. We all live here in Lake County on purpose with purpose. The Regional Economic Development Committee wants to ensure that our established businesses have what they need to grow, while also doing everything that we can to be a viable place for new businesses to consider for investment.

The Lake Leadership Summit is sponsored by PGE and St. Helena Clearlake. It is generously supported by Marymount California University, the County of Lake, Sutter Lakeside Hospital, St Helena Hospital Clear Lake, CalRecycle, the Lake County Chamber of Commerce, and the cities of Clearlake and Lakeport. Additional sponsors are welcome.

To register online for the event, go to www.EmbracetheLake.com. Limited seating is available. If you have questions, please call Rebecca at 707-349-8105 or write to EmbracetheLake@gmail.com.

October 1, 2014 · Financial Partners · Comments Off

Netstle Purina Petcareâ??s Emerging Growth Group was one of 21 companies to move into the Cambridge Innovation Center on Monday morning.

The CICâ??s first expansion outside of its Cambridge, Massachusetts-headquarters opened Monday on the second floor of the @4240 building, located in the Cortex innovation district.

The opening is the culmination of a two-year buildup hyping the CIC as one of the big wins for the Cortex district.

Other companies moving into the CIC include: Synek Draft System, Frienedy, Oral Genomics, Stone Carlie, Twain Financial Partners, Azimuth Energy, The Mission Center, IdeaLab, Champio, Elasticity, Polsinelli, OG Systems, CTY.io, Grove Properties, Workgroup Connections, PharmaRen, Lemnatec, Treloar Enterprises, Corrigan-Jones, Cortex and Venture Cafà Foundation.

Purina was added at some point over the weekend. And nearly half of the founding tenants were added in the last month or so as excitement began to build for the CICâ??s opening.

Purina recently inked a deal to become a founding sponsor of the Downtown T-REx incubator, which houses more than 100 startup companies. As a founding sponsor, Purina is committing at least $50,000 per year or $200,000 over five years.

Mark Donavon, Purinaâ??s director of innovation and emerging growth group, said Purina has been looking at engaging with startup companies for several years.

â??We want to be connected to that technology ecosystem that exists here and be a part of it,â? he said.

Leasing space at the CIC will give Purina even more of a pulse on the startup community.

CIC co-founder and Managing Director Dougan Sherwood, said the initial tenant mix is positive for CIC moving forward.

October 1, 2014 · Financial Partners · Comments Off

GRAND ISLAND, Neb. (AP) — A Grand Island flood control project that was set for completion next year is four years behind schedule and $13 million over budget.

The Grand Island City Council was briefed on the Northwest Flood Control Project last week, and the delay was reported two months ago to the Hall County Board of Supervisors, the Grand Island Independent reported (http://bit.ly/1mGi2Wt ). Both are financial partners in the project.

John Petersen, project manager and lead designer with JEO Consulting Group, which designed the project, said its about 60 percent finished.

The project was delayed in part because of the time required to clean up buried explosives from land that once housed an ordnance plant and an insufficient drainage map. The project originally relied on watershed data from the 1980s.

Officials say the project is over budget because of an abnormal jump in construction prices over the projects 10-year development. Grand Island Public Works Director John Collins said the price of earth-moving equipment rose in part because of China buying up American construction material and equipment. Diesel prices also increased.

The cost of moving dirt rose from 75 cents per cubic yard at the start of the project to $2.50 per cubic yard, said Lalit Jha, senior project manager with the consulting firm.

Im really disappointed, Councilwoman Peg Gilbert said of the projects cost increase. This just holds us back a lot.

Grand Island Projects Manager Terry Brown and Regional Planning Director Chad Nabity, who is overseeing the citys flood maps, say the project is more important now than ever before, because flood insurance laws have changed.

Those changes include the 2012 Biggert Waters Act, which modified how flood insurance rates are determined. Jha said it also removed a subsidy on insurance premiums that ultimately caused a cost increase to individual property owners flood insurance.

Another law, the Grimm Waters Act of 2014, was passed to help cushion the financial impact by phasing in the new insurance rates over several years.

The project includes building barriers to hold back water during high rains so creeks dont overflow and spill out across flat land in Hall County. Overall, the flood control project will remove about 1,500 Grand Island homes, 55 businesses and 10,000 acres of Hall County cropland from the flood plain.

___

Information from: The Grand Island Independent, http://www.theindependent.com

October 1, 2014 · Getting A Mortgage · Comments Off

Wells Fargo says people may be over-estimating the challenges of getting a mortgage these days.

September 30, 2014 · Financial Partners · Comments Off

The Credit Union in Woodburn known as Financial Partners Federal Credit Union celebrated their grand-reopening on Tuesday, September 16th with snacks and food for the town.

David Shuey, CEO, stated, “We wanted to modernize the look. It really creates a good feel for our customers.” Offices remained open serving clients in the community while the remodeling took place, starting back in April. “We began thinking about all the changes back in April 2013. Once we got them finalized with Design Collaborative, our architect, we began construction.” said Shuey, who has been CEO for four years now. The work was completed by S2F (Start 2 Finish) out of Fort Wayne and Ehle Electric facilitated the wiring, all members utilized in the remodeling of the facility.

Besides all the new offices, the credit union now features a lower, desk level, teller unit for people with wheelchairs, making it more convenient for all of the 3,700 members they serve.

Originally opening in 1965, BFG Credit Union became Financial Partners in the early 1990’s to show they were open to everyone, not requiring clients to be Goodrich employees.

Years later, the Credit Union has kept up to date with online banking at financialpartnersfcu.org and are on Facebook to like and find the latest news, and information concerning important financial matters.

“We are always trying to meet the rapidly changing needs of our members.” said Shuey. One of those is through technology.  The renovated office in Woodburn is a Wi-Fi location and Grabill will include this feature as well.  Soon FPCU will be upgrading the ATM machines to handle the new EMV chip card technology that is coming out late in 2015.  Many financial institutions are going to the chip technology with their credit and debit cards – instead of using the normal magnetic strip. This will be commonplace in 2016.

FPFCU has offices in both Woodburn and Grabill. If you have any questions visit the website listed above or call 260-632-4245.

September 30, 2014 · Financial Partners · Comments Off

GRAND ISLAND, Neb. (AP) — A Grand Island flood control project that was set for completion next year is four years behind schedule and $13 million over budget.

The Grand Island City Council was briefed on the Northwest Flood Control Project last week, and the delay was reported two months ago to the Hall County Board of Supervisors, the Grand Island Independent reported (http://bit.ly/1mGi2Wt ). Both are financial partners in the project.

John Petersen, project manager and lead designer with JEO Consulting Group, which designed the project, said its about 60 percent finished.

The project was delayed in part because of the time required to clean up buried explosives from land that once housed an ordnance plant and an insufficient drainage map. The project originally relied on watershed data from the 1980s.

Officials say the project is over budget because of an abnormal jump in construction prices over the projects 10-year development. Grand Island Public Works Director John Collins said the price of earth-moving equipment rose in part because of China buying up American construction material and equipment. Diesel prices also increased.

The cost of moving dirt rose from 75 cents per cubic yard at the start of the project to $2.50 per cubic yard, said Lalit Jha, senior project manager with the consulting firm.

Im really disappointed, Councilwoman Peg Gilbert said of the projects cost increase. This just holds us back a lot.

Grand Island Projects Manager Terry Brown and Regional Planning Director Chad Nabity, who is overseeing the citys flood maps, say the project is more important now than ever before, because flood insurance laws have changed.

Those changes include the 2012 Biggert Waters Act, which modified how flood insurance rates are determined. Jha said it also removed a subsidy on insurance premiums that ultimately caused a cost increase to individual property owners flood insurance.

Another law, the Grimm Waters Act of 2014, was passed to help cushion the financial impact by phasing in the new insurance rates over several years.

The project includes building barriers to hold back water during high rains so creeks dont overflow and spill out across flat land in Hall County. Overall, the flood control project will remove about 1,500 Grand Island homes, 55 businesses and 10,000 acres of Hall County cropland from the flood plain.

___

Information from: The Grand Island Independent, http://www.theindependent.com