This Mortgage post is now updated

Coventry Building Society, NatWest and Platform are all available through the Lendex pilot, with a further two lenders expected to be live in the near future. Collectively they represent around 32% of mortgages sold in the UK.

Letters of Intent have also been signed by a number of other lenders, including Lloyds Banking Group, which will see that figure rise to over 57% of the market.

Lendex is a free service for brokers which allows them to request and obtain a decision in principle (DIP) and submit full mortgage applications directly to the back-office systems of all participating lenders.

Mortgage Brain says Lendex is fast and easy to use, and provides brokers with a modern process to digitally complete, submit, administer and track applications. It also helps advisers to maintain a compliant audit trail.

A number of mortgage advice firms are actively participating in the pilot with more joining shortly, as part of a planned phased launch over the coming months.

Mortgage Advice Agency, based in Nuneaton, was the first brokerage to place a case using the Lendex system – a buy-to-let remortgage that was successfully placed with Coventry Building Society. Other participants include Affinity Mortgages, Arun Estates, Fluent for Mortgages and Mortgage Advice Brokerage.

George Williamson of Mortgage Advice Brokerage, commented: “Lendex is so easy to use that its benefits can be realised quickly by all.

“It’s very important to be able to request a DIP and submit a full application on the same platform, as this drives improved productivity. It’s a great leap forward and far better than anything else I’ve seen.”

Mark Lofthouse, chief executive officer of Mortgage Brain, said: “We’re really pleased with the way that brokers have adopted Lendex and the positive feedback about its ease of use and how it benefits their business.

“It’s important to have a complete end to end journey from initial enquiry through to application submission and the Mortgage Brain proposition delivers this.

“We know from our conversations with brokers who’ve worked with us throughout the development and piloting of Lendex that it delivers on the promise of obtaining a DIP quickly and the reuse of information already held to efficiently submit and track full applications.

“The lenders already taking part recognise the quality of applications being received and how the mortgage application process is being streamlined for the benefits of brokers, their clients and lenders alike.”

https://www.mortgagefinancegazette.com

This article has been updated

The mortgage delinquency rate is going up. The Mortgage Bankers Association’s most recent survey found 4.36 percent of outstanding loans were delinquent at the end of the first quarter. The number of loans in forbearance is also rising. The association’s latest survey showed nearly 8 percent of loans or almost 4 million homeowners are now in forbearance plans.

The numbers are bad, but they could be worse. The U.S. economy shed 20 million jobs in April and the unemployment rate spiked to its highest level since the Great Depression. And yet not as many homeowners as expected have stopped paying their mortgages or sought forbearance.

“We are not getting enough hysterical calls [from homeowners saying] that ‘I can’t pay my mortgage,’ ” said Marian Siegel of Housing Counseling Services, a Washington-based nonprofit organization that helps homeowners prevent foreclosure in the District, Maryland and Virginia. “We believe that people think that there’s all these programs, so it’s not really a problem. We’re trying to change that message. … This is not the time to sit back and wait. This is really a period to act quickly when you know you are not going to be able to pay your mortgage.”

Part of the problem could be that few homeowners understand what forbearance is, so they are reluctant to ask for it.

“Applying for some of these programs can take 30 to 60 days,” Siegel said. “Waiting to see what happens is not the best advice because we — all the housing counselors in the universe — will be inundated. … We have to flatten the curve of people seeking forbearance.”

Many borrowers won’t have to make missed mortgage payments all at once

What is forbearance?
Forbearance allows a borrower to suspend their mortgage payments temporarily because of a financial hardship. It does not mean those payments are erased. The borrower is required to repay any missed payments in the future. Siegel said too often borrowers are “confusing forgiveness and forbearance. They’re not understanding that [the payment] doesn’t go away.”

https://www.washingtonpost.com/

Question: What is the employee retention credit? How does it work?

Answer: According to Kristin Esposito, AICPA Senior Manager for Tax Policy and Advocacy, the employee retention credit is a new tax credit provided for in the CARES Act. The goal of the credit is to help employers to retain employees during this time of economic uncertainty. A business that pays wages and experiences either a full or partial suspension of their operations due to a government order or has more than a 50% reduction in gross receipts in one or more quarters in 2020 as compared to the same quarter in 2019 is eligible for the credit. The credit is refundable and is applied against the employer portion of Social Security taxes (6.2%). The credit is equal to up to $5,000 for certain employees kept on the payroll by a business.

Example – Business that has a full or partial suspension of operations

A restaurant has ceased its in-room dining due to government order. However, it is still allowed to provide take-out and delivery services. The restaurant would be considered to have a partial suspension of its operations and would qualify for the credit if it paid wages.

Example – Business with greater than 50% decline in gross receipts

A car dealership (let’s say Alfa Romeo since I have one!) is open for business. However, their customers are under stay-at-home orders. In the second quarter or 2020, not many folks bought Alfa Romeos as compared to the second quarter in 2019. The dealership only had $200,000 of gross receipts in the second quarter of 2020 as compared to $1,000,000 in the second quarter of 2019. Since the dealership had a greater than 50% decline in gross receipts in the second quarter of 2020 as compared to the second quarter in 2019, it is eligible for the credit if it paid wages.

https://www.thestreet.com/

Turkey is  a very big fish when it comes to trading crypto…

Turkey’s new rules to regulate the crypto market are likely to focus on licensing and taxation, sector officials say, as the world’s fourth-biggest crypto-trading country seeks to get off an international financial crime watchdog’s “grey list”.

Ankara promised the regulations last month amidst a years-long boom in crypto trading, as soaring inflation and a plunging lira currency drives a demand for alternative assets.

Turkey is also seeking to address concerns raised by Paris-based financial watchdog The Financial Action Task Force (FATF), which placed the country on its so-called grey list of countries at risk of money laundering and other financial crimes in 2021.

“Introducing certain licensing standards will be one of the top priorities in the new regulation,” said Bora Erdamar, director at BlockchainIST Center, a research and development center for blockchain technology, adding it will “prevent abuse of the system”.

Regulations could also include capital adequacy requirements, measures to improve digital security, custody services and proof of reserves, Erdamar added.

Turkey ranked fourth globally in raw crypto transaction volumes, at approximately $170 billion over the last year, behind the United States, India, and the United Kingdom, according to a report by blockchain analytics firm Chainalysis.

It was 12th in the firm’s crypto adoption index, reflecting Turks’ desire to counteract currency devaluation and youths’ interest in new technology, the report said.

In October, Finance Minister Mehmet Simsek said Ankara would bring in new legislation covering crypto-assets as soon as possible to comply with FATF’s last remaining recommendation, which would allow Turkey to ditch its grey-list status, which can affect a country’s investment ratings and reputation.

Grey-listed countries are deemed to be doing too little to combat money laundering and other financial crimes and need to actively work with FATF to correct deficiencies.

In a July report, FATF said Turkey may not be able to properly regulate and identify Virtual Asset Service Providers and their shareholders because it does not require them to be licensed and registered.

It was the last of 40 recommendations in the report that Turkey needed to address to get off the grey list.

MARKET BOOM

“We have been observing that the interest in crypto assets in Turkey is on a continuous rise. There is currently a lack of regulation in this area,” said Mucahit Donmez, chief executive of crypto currency exchange Binance Turkey.

“We think that ensuring the security of users’ assets and setting up certain criteria in terms of minimum capital requirements, listings and custody, and requirements for platforms to obtain operation licenses will contribute positively to the sector.”

Turkey’s digital currency boom was fuelled by years of double-digit inflation, which hit 85% last year and was at 61% last month, and a more than 80% drop in the lira versus the dollar over five years.

According to a survey by Binance Research, the majority of Turkish investors entered the crypto market around two years ago and some 27% of them arrived in the last year, signifying continued interest in the sector.

The government said work on regulation for crypto asset service providers and taxation of digital virtual assets will be on the agenda for 2024.

“Turkey has a great potential in blockchain technology and cryptoassets… A reasonable taxation policy, that will not scare off investors, will strengthen and reinforce trust for the sector,” BlockchainIST Center’s Erdamar said.

In 2021, authorities banned the use of crypto assets for payments after some local exchanges were investigated for fraud.

Users of some smaller cryptocurrency trading platforms also had issues accessing their accounts and withdrawing funds as the firms’ systems broke down and investors filed thousands of criminal complaints to courts.

Onur Altan Tan, board member at Futurance Finance Tech & Fexobit crypto currency platform, said that they are expecting the new regulation to detail out licensing criteria for platforms and bring taxation for users.

“There’s been more than two years of work done on this regulation, including consultation meetings with cryptocurrency exchange firms, so it should be ready to be submitted to the parliament.”

Source: Reuters

Business: What Is BOP Insurance?

Business owners insurance, or BOP, combines liability insurance with property insurance and business interruption insurance into one package, which is widely sold by many insurance agents who handle commercial sales. For convenience and savings, it’s a popular one-stop insurance option for many small businesses and some mid-size businesses. A majority of restaurants, retail stores and contractors have BOP insurance.

If elected, a BOP policy may include crime insurance, auto insurance, flood insurance and other added coverages. If you have a restaurant for instance, you may elect to insure against spoilage of merchandise (food). If you’re a tech company, you may want to insure your computer equipment. Perils you can also insure yourself against include forgery, mechanical breakdown, and more.

Each business is unique, so make sure you’re working with a good insurance agent when electing the appropriate coverages for your specific firm.

This Oil & Gas article has been updated

Global “Oil and Gas Subsea Umbilicals, Risers and Flowlines (SURF) Market” Research Report 2020-2024 is a historical overview and in-depth study on the current and future market of the Oil and Gas Subsea Umbilicals, Risers and Flowlines (SURF) industry. The report represents a basic overview of the Oil and Gas Subsea Umbilicals, Risers and Flowlines (SURF) market size, status, competitor segment with a basic introduction of key vendors, top regions, product types and end industries. This report gives a historical overview of the Oil and Gas Subsea Umbilicals, Risers and Flowlines (SURF) market trends, growth, revenue, capacity, cost structure, and key driver’s analysis.

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The report offers detailed coverage of the Global Oil and Gas Subsea Umbilicals, Risers and Flowlines (SURF) market trends along with industry chain structure, definitions, applications, and classifications. The global Oil and Gas Subsea Umbilicals, Risers and Flowlines (SURF) market analysis is provided for the international markets including development trends, competitive landscape analysis, investment plan, business strategy, opportunity, and key regions development status. Development policies and plans are discussed as well as manufacturing processes and cost structures are also analyzed. This report also states import/export consumption, supply and demand Figures, cost, industry share, policy, price, revenue, and gross margins.

Scope of the Global Oil and Gas Subsea Umbilicals, Risers and Flowlines (SURF) Market Report:

Globally, the Oil and Gas Subsea Umbilicals, Risers and Flowlines (SURF) industry market is concentrated as the manufacturing technology of Oil and Gas Subsea Umbilicals, Risers and Flowlines (SURF) is quite high and held by a few of enterprises. The Oil and Gas Subsea Umbilicals, Risers and Flowlines (SURF) market was worth $ 5363 million in 2015 and is expected to reach $ 6393 million in 2021. In the next five years, the global consumption of Oil and Gas Subsea Umbilicals, Risers and Flowlines (SURF) will maintain an average 6% annual growth rate.
According to our research and analysis, the leading five companies in the market occupies about 65% of the production value shares. Major manufacturers in the market are Aker Solutions, Technip, FMC Technologies, Prysmian Group and Vallourec.
The worldwide market for Oil and Gas Subsea Umbilicals, Risers and Flowlines (SURF) is expected to grow at a CAGR of roughly 4.4% over the next five years, will reach 6700 million USD in 2024, from 5180 million USD in 2019, according to a new study.
This report focuses on the Oil and Gas Subsea Umbilicals, Risers and Flowlines (SURF) in global market, especially in North America, Europe and Asia-Pacific, South America, Middle East and Africa. This report categorizes the market based on manufacturers, regions, type and application.
Oil and Gas Subsea Umbilicals, Risers and Flowlines (SURF) market is split by Type and by Application. For the period 2014-2024, the Oil and Gas Subsea Umbilicals, Risers and Flowlines (SURF) market growth among segments provide accurate calculations and forecasts for sales by Type and by Application in terms of volume and value. This analysis can help you expand your business by targeting qualified niche markets.

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Global Oil and Gas Subsea Umbilicals, Risers and Flowlines (SURF) market competition by TOP MANUFACTURERS, with production, price, revenue (value) and each manufacturer including

Aker Solutions
Technip
FMC Technologies
Prysmian Group
Vallourec
Nexans
JDR
Oceaneering
Among other players domestic and global, Oil and Gas Subsea Umbilicals, Risers and Flowlines (SURF) market share data is available for global, North America, Europe, Asia-Pacific, Middle East and Africa and South America separately. The analysts understand competitive strengths and provide competitive analysis for each competitor separately.

This report studies the top producers and consumers, focuses on product capacity, production, value, consumption, market share and growth opportunity in these key regions, covering

North America (United States, Canada and Mexico)
Europe (Germany, France, UK, Russia and Italy)
Asia-Pacific (China, Japan, Korea, India and Southeast Asia)
South America (Brazil, Argentina, Colombia etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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On the basis of product, this report displays the production, revenue, price, market share and growth rate of each type, primarily split into

Umbilicals
Risers and Flowlines
On the basis of the end users/applications, this report focuses on the status and outlook for major applications/end users, consumption (sales), market share and growth rate for each application, including

Shallow Water Oil and Gas Fields
Deepwater Oil and Gas Fields
Ultra Deepwater Oil and Gas Fields
Global Oil and Gas Subsea Umbilicals, Risers and Flowlines (SURF) Market providing information such as company profiles, product picture and specification, capacity, production, price, cost, revenue and contact information. Upstream raw materials and equipment and downstream demand analysis is also carried out. The Global Oil and Gas Subsea Umbilicals, Risers and Flowlines (SURF) market development trends and marketing channels are analyzed. Finally, the feasibility of new investment projects is assessed and overall research conclusions offered.

With tables and figures helping analyze worldwide Global Oil and Gas Subsea Umbilicals, Risers and Flowlines (SURF) market, this research provides key statistics on the state of the industry and is a valuable source of guidance and direction for companies and individuals interested in the market.

The content of the study subjects, includes a total of 15 chapters:

Chapter 1, to describe Oil and Gas Subsea Umbilicals, Risers and Flowlines (SURF) product scope, market overview, market opportunities, market driving force and market risks.
Chapter 2, to profile the top manufacturers of Oil and Gas Subsea Umbilicals, Risers and Flowlines (SURF), with price, sales, revenue and global market share of Oil and Gas Subsea Umbilicals, Risers and Flowlines (SURF) in 2017 and 2018.
Chapter 3, the Oil and Gas Subsea Umbilicals, Risers and Flowlines (SURF) competitive situation, sales, revenue and global market share of top manufacturers are analyzed emphatically by landscape contrast.
Chapter 4, the Oil and Gas Subsea Umbilicals, Risers and Flowlines (SURF) breakdown data are shown at the regional level, to show the sales, revenue and growth by regions, from 2014 to 2019.
Chapter 5, 6, 7, 8 and 9, to break the sales data at the country level, with sales, revenue and market share for key countries in the world, from 2014 to 2019.
Chapter 10 and 11, to segment the sales by type and application, with sales market share and growth rate by type, application, from 2014 to 2019.
Chapter 12, Oil and Gas Subsea Umbilicals, Risers and Flowlines (SURF) market forecast, by regions, type and application, with sales and revenue, from 2019 to 2024.
Chapter 13, 14 and 15, to describe Oil and Gas Subsea Umbilicals, Risers and Flowlines (SURF) sales channel, distributors, customers, research findings and conclusion, appendix and data source.
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Some of the key questions answered in this report:

What will the market growth rate, growth momentum or acceleration market carries during the forecast period?
Which are the key factors driving the Oil and Gas Subsea Umbilicals, Risers and Flowlines (SURF) market?
What was the size of the emerging Oil and Gas Subsea Umbilicals, Risers and Flowlines (SURF) market by value in 2018?
What will be the size of the emerging Oil and Gas Subsea Umbilicals, Risers and Flowlines (SURF) market in 2024?
Which region is expected to hold the highest market share in the Oil and Gas Subsea Umbilicals, Risers and Flowlines (SURF) market?
What trends, challenges and barriers will impact the development and sizing of the Global Oil and Gas Subsea Umbilicals, Risers and Flowlines (SURF) market?
What are sales volume, revenue, and price analysis of top manufacturers of Oil and Gas Subsea Umbilicals, Risers and Flowlines (SURF) market?
What are the Oil and Gas Subsea Umbilicals, Risers and Flowlines (SURF) market opportunities and threats faced by the vendors in the global Oil and Gas Subsea Umbilicals, Risers and Flowlines (SURF) Industry?

The McLaren Group are in talks to borrow £275 million to get through the coronavirus crisis, by mortgaging both the McLaren Technology Centre in Woking along with some of their classic Formula 1 cars.

The British team are talking with JP Morgan in order to secure the deal, in an effort to raise enough funds to make sure they stay afloat until their road car sales pick up again and Formula 1 gets underway.

Their headquarters is said to be worth up to £200 million, with their classic car collection valued at around £250 million. This collection includes cars from the likes of Aryton Senna and Alain Prost, alongside their very first Formula 1 and Can-Am cars built by their founder Bruce McLaren.

According to various sources, McLaren would be able to raise the required money by issuing new bonds. The funds would then be repaid ‘at the earliest opportunity’ when the crisis is over.

McLaren has had to look at this option more seriously after it was rumoured a loan request to the UK government was denied.

The team supposedly asked for £150 million, and according to Sky News, the team were forced into this move as a result of their supercar sales disappearing overnight due to the virus outbreak.

The request was denied because the team had not shown sufficient evidence that they had exhausted all possible sources of finance, such as what they are now doing.

A McLaren spokesperson said: “Like many other British businesses McLaren has been severely affected by the current pandemic and we are therefore exploring a variety of different funding options to help navigate these short-term business interruptions.”

The team will be hoping that Formula 1 resumes as planned in July as their racing business has also taken a large hit. Mumtalakat, their largest shareholders, injected £300 million of equity into the company in March from Bahrain’s covering wealth fund.

Paul Buddin, McLaren’s chief financial officer, told investors: “We are looking at a number of very credible sources, and that includes all [those we] might be expected to ask, including government, including third parties.”

https://www.gptoday.net/en/news/f1/255529/mclaren-could-mortgage-mtc-and-classic-cars-to-raise-275-million

This article has been updated:

As movers navigate the post-lockdown housing ladder, Halifax said many will be looking for help on what this now looks like and what it means for the next step on the property ladder.

Tom Martin, mortgages director at Halifax, said: “With the housing market slowing right down last month, it left many people at a loose end – whether that involved delaying plans to buy, extending rental agreements, or being required to move in with relatives or friends.

“With the positive news that physical valuations can take place again and estate agents opening. we are seeing an increase in mortgage application calls, but as we enter unchartered waters even experienced purchasers and sellers may not be sure what the right moves are.

“For first time buyers looking to take that initial step, the situation offers new opportunities but with that a lot of questions.”

Mr Martin said Halifax is seeing strong demand for people to get moving as soon as possible.

“However, we would suggest taking time to do the research and seek expert advice before doing so. Finding the right home has never mattered more,” he said.

Six top tips from Halifax on home buying in the current environment:

1. Prepare to be patient: Physical valuations are starting up again and this is positive news for people looking to move or buy. Many estate agents have adapted to offering virtual tours. While these are great, getting the feel of a home and the local area should always be an essential part of the process. However, with several million Brits currently social distancing and some with concerns about the economy, there will likely be strains on all parts of the housing chain. This means the process could be slower than normal. Keep in mind that some third parties such as solicitors and conveyors may have less capacity and the process may be a bit slower than normal.

2. Keep documents up to date: Before speaking to a mortgage adviser, make sure all your income details, bank statements and pay cheques are up to date and you have them prepared before the first meeting. The more accurate information you can provide from the offset, the smoother the process will be.

3. What if I have been furloughed? From a Halifax perspective, our conditions largely remain the same for those applying for mortgages and we recognise furloughed income. Many people have changing circumstances which is why it is important to bring all the latest information with you.

4. Be realistic: For those selling, there will be lots of speculation over the coming weeks about house prices going down, but we should remember we are in unprecedented times. With market activity currently almost at a complete standstill, and therefore a more limited number of transactions, it will take time for the true trend to emerge. Consider looking at a trusted house price website as well as talking to a number of local estate agents who can share local expertise on the area.

5. Go online first: Call centres may be particularly busy over the next few weeks as the housing market reopens. The quickest way to find out how much you can borrow will be on lenders’ websites. For example, the Halifax mortgage finder tool helps to ease the process of research and applying for a new mortgage online. It works by asking people for some simple details of their current mortgage, term and property value followed by what is important in terms of repayments and then detail of future plans. The Halifax online mortgage agreement in principle tool is also worth investigating as it means you can take the first step to buying, moving home or remortgaging your home within ten minutes.

6. Remortgaging: This has been the strongest part of the mortgage market recently, with the majority of current applications being for remortgages. With the current low interest rate environment, it is a good time for homeowners to investigate their options as it could save them hundreds of pounds every year.

We are discussing certain details that will help you to get the right insurance policy for your teen

1.     If you as a parent have the car insurance policy, then you add the name of your 17 year old girl or boy in the ongoing plan as the secondary driver. It will help not to buy a separate policy for the teens. The current premium will increase.

2.     You will get a good deal on the car insurance for a 17 year old female on average if you have lea vehicles as compared to drivers in the family. Some insurance companies will not include the teenager’s name as the optional driver in the policy. It is recommended to share the car.

3.     Undergraduate teenagers with passing marks are seen as safe drivers and are thought to be eligible for car insurance discounts.

Are you thinking that how much is car insurance for 17 year old female? The average car insurance will cost you around $5,512 for the 6-month plan. However, you can decrease the premium cost if you are eligible for the following discounts:

Good student discount- The teen is eligible for the discount if she or he is an average student. You have to maintain good grades in colleges or schools.

Drive few miles- if you assure the insurance companies then the teenagers will not drive more than a limit annually then you can get the premium discount.

Responsible driving training- You will get the cheapest car insurance for a 17 year old male. If the teenage driver has got a safe driving certification, then insurance companies will get a discount.

Away from home discount- if you are staying in a hostel or college campus then you will get the discount. You will get easily the car insurance for a 17 year old female on average.

Pay total premium- You can get an extra discount if you will all premiums at a time.

So, you can easily apply for insurance for your teenage girl or boy.
If you want more information about the above topic you can visit https://www.eviosinsurance.com/car-insurance-for-17-year-…