Express Financial

By Abbi Rouse

 Following the publication of new white paper on the future of the future regulation of the secured loans industry, the Association of Finance Brokers (AFB) has called upon intermediaries to give their thoughts.

It is calling for responses on a number of secured loans regulation issues by September 20th. Among the proposals included in the paper is the option to remain under regulatory control of the Office of Fair Trading and the Consumer Credit Act, or to concede all regulatory powers to the Financial Services Authority (FSA). The group noted that - against the backdrop of the implementation of the Europe-wide Consumer Credit Directive - it is inevitable that the regulatory landscape of the secured loans industry will undergo substantial transformation.

The AFB was established to promote the views of secured loans brokers operating in the UK and focuses on lobbying delegates in the Treasury, the Office of Fair Trading, as well as the FSA, the government and EU policymakers. In doing so, it aims to promote the interests of the industry in a constructive way that connects regulators and lawmakers with the “front line” of the secured loans market.

Commenting on the new proposals, Robert Sinclair, director of the AFB, urged intermediaries to act in a progressive manner to ensure that new regulatory instruments protect the interest of brokers, loan providers and the consumer. He added that the public need to be put at the heart of any new legislation governing the secured loans market.

“Consumers and consumer groups are likely to see a move to FSA regulation as positive. An improved perception of second-charge lending could lead to increased interest in products, and increased awareness of the sector. Secured lending has a part to play in debt financing but it is vital consumers are treated fairly and well protected. We have already been in discussion with government and the regulators and they are keen for the industry to reach its own conclusions. If not, we will have that power taken from our hands,” Mr Sinclair added.

Furthermore, with the EU directive affecting the entire unsecured loan market, the industry will have to introduce step-change legislation that will fundamentally alter the way that secured loans are promoted and sold, he claimed. Because of this, he reminded stakeholders that there was no time for procrastination and disagreement, both of which could weaken the industry at a time when it needs to take strong action to ensure that the views of all interested parties are fairly represented in the new regulatory framework governing the secured loans market, he concluded.

Opting for a secured loan may be of interest to people who plan on making large purchases, or who intend to carry out structural work on their home. However, a report published by Moneyfacts published in July warned homeowners that they may find their ability to get a secured loan is diminished due to poor market conditions. It noted that seven major secured loans providers have exited the marketplace as the credit crunch tighten its grip on the industry.

Abbi Rouse writes for All About Loans. Our visitors are offered advice and information all about loans, they can also apply online for cheap tenants loans and the best secured loans for any purpose, including self cert loans for the self employed.

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British Tourists - Spend, Spend, Spend!
By Roger Munns

 On the day travel companies reported a surge of people taking an overseas holiday, the Bank of England issued yet another warning that the British economy could be in recession within the next six months.

And in Europe, countries like Germany and France along with other members of the Eurozone, reported that their economies had actually got smaller in the last quarter.

But despite clear warnings of hard times ahead for the next year at least, nothing it would appear seems to stop the British taking their holidays.

A recent report shows that British tourists spent around 64 billion sterling (around 100 billion US dollars) between them last year - pretty impressive for a country with a population of 60 million people.

And at a time when belt tightening is recommended by finacial institutions to weather the storm ahead, around a third of British families spend ten per cent or more of their disposable incomes on holidays, with many explaining that they ‘live for their holidays’ - and the survey proves this to be the case.

A British company who run European travel related internet sites say that ‘In times of gloom, a holiday is something people can look forward to. It reminds them of happier times in the past and of good times to come - we’re not surprised that holidays are regarded as an essential rather than a luxury item when it comes to planning the family budget.’

And while the holidays industry might be relieved to read that British people intend to keep spending their money on holidays, they will need to keep their finger on the pulse of the travelling public as Britain’s economic downturn could shift where they are heading.

Up until recently Spain was a clear winner for British tourists, and the island of Majorca was the most popular destination. This changed in 2008 as the British pound slipped in value against the Euro, and suddenly Turkey - which has her own currency and was still good value for tourists when buying their holiday money - overtook Majorca for the number 1 spot.

There are some areas in the 15 countries that make up the Eurozone though that have done well this summer despite the poor currency exchange rate for the British tourist - Malta is one example.

Low cost flights helped turn Malta’s tourism industry round from being in the doldrums just three years ago to one now that is doing well and is confident of the future.

The former British colony is popular not just because it is in the Mediterranean - like Majorca - but it is easy for the British to adjust as soon as they step out of the airport. The language is English and the cars drive on the same side of the road for example.

Paceville is the nightlife capital of Malta. Most of the venues of Paceville are located on four main streets that spread out from the main square. These streets are Dragonara Road, Wilga Street, St. Georges Road and St. Rita Steps. A police presence is always nearby, keeping the denizens of the clubs safe and orderly. A taxi rank is also located in the main square, for those who need a lift.

St. Paul’s Bay is the ideal vacation spot for tourists who like some variety. Whether they want to take a meandering stroll around the harbour and look at the Mediterranean, to indulge in a coffee and something sweet, or simply to relax and take in some rays, St. Paul’s Bay is a good Malta holidays area and has a range of hotels.

For eating out, St. Paul’s Bay has a good choice of restaurants. The area is well appointed by many tourist-friendly cafes and restaurants. For a taste of more upscale dining there is Old St. Paul’s Bay, where there are generally upmarket eateries, and all around the bay there are many good fish restaurants that serve up some of the best fish that Malta has to offer. For a little window shopping, tourists can take a stroll around the many shops located in the old village.

For a taste of the more modern side of the St. Paul’s Bay region, there is the seafront at Bugibba, the hub of nightlife in the area. Here, there are a selection of trendy boutiques and restaurants. When the sun sets, Malta can go down market as well as up market and there are karaoke bars in Bugibba, but there is also the casino and a cinema.

With more British tourists visiting the island during their economic downturn, they might help the Malta economy through Europe’s recession - the Malta holidays industry will be glad the British regard their holidays as a necessity!

The British love affair with Malta is explained in more detail at yourmalta.com and they include low cost airlines who offer a cheap flight to Malta - Luqa Airport.

Also featured is the good Malta weather and an array of Malta hotels

6 Reasons Why Now is the Best Time for Marketing for FHA Refinances
By Scott Tucker

 With ARM resets and subprime trouble creating greater burdens on homeowners, now is certainly the best time to put your marketing techniques for FHA refinances to good use. You have in your hands an excellent solution to their problems. Play your cards right and they’re sure to sign on the dotted line.

Benefits of FHA Refinances

Homeowners may be eligible to take out a FHA refinance loan even if their existing loan hasn’t been provided by the FHA. When a client agrees to FHA refinancing, let him know that he stands to gain several benefits.

Cash-Out Refinancing

This option is available to clients with new or existing FHA loans. When a client opts for cash-out refinancing, the available cash balance can be equal to ninety-five percent of the total value of his property. He is also given the choice to consolidate his first and second mortgages for easier and more convenient repayment. Other bills may also be consolidated similarly. Requirements on income and credit are easier to comply with and successful applicants can look forward to FHA-regulated closing fees.

Rate and Term Mortgage Refinancing

Now, if your client has an existing loan that hasn’t been provided by the FHA, he can still obtain refinancing with the aid of FHA through rate and term mortgage refinancing. The amount of cash available from the loan is even greater at 97%. Requirements for eligibility are just as easy as they don’t even have to show their FICO score. Furthermore, clients can certainly expect rates to be competitive even for applicants who had faced foreclosure three years ago and those who had faced bankruptcy two years back. Closing costs will also be FHA-regulated.

FHA Streamline Refinance

This option is exclusive to clients with current FHA loans. If you had marketed FHA loans to old clients, now’s the time to send a friendly email and remind them of this crucial offer.

With FHA streamline refinancing, clients are given several no-cost options as to how they wish for the refinancing process to take place. Requirements are once again easy to comply with. If they pass, they can look forward to easy term adjustment, whether they wish for it to be longer or shorter. Amortization can just as easily switched and there are also programs they can take which will allow them to reduce their interest rates.

Indeed, this option is one that best signifies why it’s good for any person to take up a FHA loan.

FHA Secure Refinance

If your client possesses a mortgage late scheduled for an ARM reset, he can apply for a FHA secure refinance loan and be in the position to reverse his fortune. Clients with properties facing foreclosure are still welcomed to apply and when they pass the requirements, they stand to enjoy competitive rates.

Reverse Mortgage

This is arguably the best option for retired or senior individuals who wish to have a more secure outlook of their future. Any individual who’s at least sixty-two years of age and has full or part-ownership of their primary residence can apply for a reverse mortgage. It can be then used to pay off any existing loans and with the available balance to be paid out in either one lump sum or monthly advances. No repayment is expected until the borrower moves, sells the property, or passes away.

With such wonderful alternatives for FHA refinancing, marketing is a breeze and all you really need is the perfect timing when approaching your clients!

Article Source : Article King Pro - Free Reprints and Distribution

Scott Tucker tells you more on his free audio CD, free e-book, free faxed report, & free telephone seminar, all available for the asking, at www.MortgageMarketingGenius.com/newsletter

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