Spanish economy – Disturb Media http://disturbmedia.com/ Tue, 15 Nov 2022 01:00:07 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://disturbmedia.com/wp-content/uploads/2021/10/icon-6-120x120.png Spanish economy – Disturb Media http://disturbmedia.com/ 32 32 IDSPUB#0180259 NOTICE OF TRUSTEES | Legal announcements https://disturbmedia.com/idspub0180259-notice-of-trustees-legal-announcements/ Tue, 15 Nov 2022 01:00:07 +0000 https://disturbmedia.com/idspub0180259-notice-of-trustees-legal-announcements/ IDSPUB#0180259 TRUSTEE SALE NOTICE Pursuant to Revised Washington Code 61.24, et seq.108 1st Ave South, Suite 202 Seattle, WA 98104 Trustee Sale No.: WA-22-937910-BF Title Order No.: 220347254-WA – Trust Deed MSO Reference Number: Instrument No. 200608230467 Parcel Number(s): 01033600003200 Settlor(s) for purposes of registration under RCW 65.04.015: JONATHAN SEIGAL, AND SUSAN GALLINGER-SEIGAL, HUSBAND AND […]]]>

IDSPUB#0180259 TRUSTEE SALE NOTICE Pursuant to Revised Washington Code 61.24, et seq.108 1st Ave South, Suite 202 Seattle, WA 98104 Trustee Sale No.: WA-22-937910-BF Title Order No.: 220347254-WA – Trust Deed MSO Reference Number: Instrument No. 200608230467 Parcel Number(s): 01033600003200 Settlor(s) for purposes of registration under RCW 65.04.015: JONATHAN SEIGAL, AND SUSAN GALLINGER-SEIGAL, HUSBAND AND FEMALE Current Beneficiary of the Deed of Trust and Grantee (for Recording Purposes under RCW 65.04.015): The Bank of New York Mellon FKA The Bank of New York, as Trustee for the certificateholders of the CWABS, Inc., Asset- Backed Certificates, Series 2006-18 Current Indenture Trustee: Quality Loan Service Corporation of Washington Current Indenture Mortgage Agent: Specialized Loan Servicing, LLC I. NOTICE IS HEREBY GIVEN that Quality Loan Service Corp . /16/2022, 9:00 a.m. On the steps outside the north entrance of the Snohomish County Superior Courthouse, located at 3000 Rockefeller Avenue, Everett, WA 98201 Sell by public auction to the highest and highest bidder, payable as offer of credit or offer of cash in the form of cashier’s check or certified checks from federally or state chartered banks, at the time of sale, the real estate described below, located in the county of SNOHOMISH, Washington, namely: LOT 32, ROCKPORT DISH, AS PER DISH REGISTERED AS SNOHOMISH COUNTY AUDITOR’S FILE NUMBER 200507275332, SNOHOMISH COUNTY, WASHINGTON FILE LOCATED IN SNOHOMISH COUNTY, WASHINGTON STATE More commonly referred to as : 3605 158TH PL SE, BOTHELL, WA 98012 Subject to this Deed of Trust dated 08/22/2006, registered 8/23/2006, under Instrument No. 200608230467 and amended in accordance with the registered amending agreement on 09/11/2017 under the Instrument No. 201709110540 and amended pursuant to Amending Agreement registered 3/1/2012 as Instrument No. 20 1201030193 Records of SNOHOMISH County, Washington, of JONATHAN SEIGAL, AND SUSAN GALLINGER-SEIGAL, HUSBAND AND WIFE, as licensor(s), to LANDSAFE TITLE OF WASHINGTON, as original trustee, to secure an obligation in favor of ELECTRONIC MORTGAGE REGISTRATION SYSTEMS, INC. AS A NOMINEE BENEFICIARY TO COUNTRYWIDE HOME LOANS, INC, ITS SUCCESSORS AND ASSIGNEES, as the original beneficiary, whose beneficial interest was subsequently assigned to The Bank of New York Mellon FKA The Bank of New York, as Trustee for the Certificateholders of the CWABS, Inc., Asset-Backed Certificates, Series 2006-18, the Beneficiary, pursuant to an assignment registered under Auditors File Number 201208020131 II. No action by the beneficiary of the trust deed as referenced in RCW 61.21.030(4) is currently pending to obtain satisfaction of the obligation in court by reason of the borrower’s default or of the grantor to the obligation secured by the trust deed. /Mortgage. III. The default(s) for which this foreclosure is made are as follows: Failure to pay when due the following amounts which are now overdue: $49,096.22. IV. The amount due on the obligation secured by the deed of trust is: the principal sum of USD 587,456.89, together with the interest provided for in the note from 6/1/2021, and all other costs, fees and charges due under the indenture. Note, trust deed or other secured instrument, and as provided by law. V. The real estate described above will be sold to satisfy the costs of sale and the obligation secured by the indenture in accordance with the law. Said sale will be made without warranty, express or implied, as to title, possession or encumbrances on 12/16/2022. The defects referred to in paragraph III must be corrected no later than 5/12/2022 (11 days before the date of sale), or on another date authorized in the note or the trust deed, to cause an interruption of the sale. The sale will be halted and terminated if at any time prior to 5/12/2022 (11 days prior to sale), or such other date as may be permitted in the note or indenture, default as set forth in paragraph III is corrected and the trustee’s fees and expenses are paid. Payment must be in cash or with cashiers or certified checks from a state or federally chartered bank. The sale may be terminated at any time after 12/05/2022 (11 days before the sale date) and before the sale, by the Borrower or the Licensor or the holder of any registered junior lien or charge by paying the principal and interest, plus costs, fees and advances, if any, made pursuant to the terms of the bond and/or the indenture, and cure all other breaches. VI. A written Notice of Default has been sent by the Beneficiary or the Trustee to the Borrower(s) and the Grantor(s) by first class and certified mail, proof of which is in the possession of the Trustee; and the Borrower and the Grantor have been personally served, if applicable, with said written notice of default or the written notice of default has been posted in a conspicuous place on the property described in paragraph I below. above, and the trustee is in possession of proof of such service or post. The list of recipients of the Notice of Default is contained in the Notice of Foreclosure provided to the Borrower(s) and Grantor(s). These requirements were met on 06/21/2022. VII. The trustee whose name and address are given below will provide in writing to any person who requests it, a statement of all costs and fees due at any time before the sale. VIII. The effect of the sale will be to deprive the Grantor and all who own by, through or under the Grantor of all interest in the property described above. IX. Anyone who has objections to this sale for any reason will be given an opportunity to have those objections heard if they bring an action in court to prevent the sale pursuant to RCW 61.24.130. Failure to bring such action may result in a waiver of any valid cause to invalidate the Trustee’s sale. X. NOTICE TO OCCUPANTS OR TENANTS – The purchaser at the trustee sale is entitled to possession of the property on the 20th day following the sale, against the settlor under the trust deed (the owner) and of anyone with an interest less than the trust deed, including non-tenant occupants. After the 20th day following the sale, the purchaser has the right to evict non-tenant occupants by way of summary procedure under Chapter 59.12 RCW. For property occupied by a tenant, the buyer must provide the tenant with written notice in accordance with RCW 61.24.060. THIS NOTICE IS THE LAST STEP BEFORE YOUR HOME IS SOLD BY FORECLUSION. You may be eligible for mediation. You have only 20 DAYS from the date of registration of this notice to pursue mediation. DO NOT BE TOO LONG. CONTACT A WASHINGTON LICENSED HOUSING COUNSELOR OR ATTORNEY NOW to assess your situation and refer you to mediation if you are eligible and it may help save your home. See below for reliable sources of help. ASK FOR HELP Housing counselors and legal assistance may be available to you at little or no cost. If you would like help determining your rights and options to keep your home, you can contact: HOME (1-877-894-4663) or website: http://www.dfi.wa.gov/consumers/homeownership/post_purchase_counselors_foreclosure.htm US Department of Housing and Urban Development: Toll Free: 1-800-569-4287 or National Website: http://portal.hud.gov/hudportal/HUD or for local consulting agencies in Washington: http://www.hud.gov/offices/hsg/sfh/hcc/fc/index.cfm?webListAction=search&searchstate=WA&filterSvc=dfc The statewide Civil Legal Aid hotline for help and referrals to other housing counselors and attorneys: Phone: 1-800-606-4819 or website: http://nwjustice.org/what-clear Additional information provided by the trustee: If you have already been released from bankruptcy, you may have been released from personal liability for this loan, in which case this letter is intended to exercise the rights of noteholders against immovable property only . The trustee’s sales number is WA-22-937910-BF. As of: 8/10/2022 Quality Loan Service Corp. of Washington, as Trustee By: Tianah Schrock, Assistant Secretary Address of Trustee: Quality Loan Service Corp. of Washington 108 1 st Ave South, Suite 202, Seattle, WA 98104 For questions, call toll free: (866) 925-0241 Trustee Sales Number: WA-22-937910-BF Sales Line: 800-280-2832 or log in to: http://wa.qualityloan.com IDSPub #0180259 11/15/2022 12/6/2022 Published November 15, 2022 and December 6, 2022 SCN-270803

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5 quick ways to boost your retirement savings https://disturbmedia.com/5-quick-ways-to-boost-your-retirement-savings/ Sat, 12 Nov 2022 17:01:09 +0000 https://disturbmedia.com/5-quick-ways-to-boost-your-retirement-savings/ Subscribe: Apple podcast | Google Podcasts | Spotify | Amazon Music | RadioPublic | embroiderer | RSS Let’s start with a question: do you have enough in your retirement account? According to a recent report by Avant-garde, the average American has about $140,000 saved for retirement. For people aged 65 and over, this average balance […]]]>

Subscribe: Apple podcast | Google Podcasts | Spotify | Amazon Music | RadioPublic | embroiderer | RSS

Let’s start with a question: do you have enough in your retirement account? According to a recent report by Avant-garde, the average American has about $140,000 saved for retirement. For people aged 65 and over, this average balance is about double, or $280,000.

Sounds like a lot, right? But for many people, even with Social Security, that won’t be enough.

If that’s you, let’s fix it. In this podcast, we help you create a plan to boost that retirement savings.

As usual, the host Stacy Johnson is joined by the financial journalist Miranda Marquet. Listening and sometimes contributing is productive Aaron Freeman. This week’s guest is friend of the show, Joe Saul-Sehy from Stack Benjamins.

Remember that even though we sometimes talk about specific money and investments, never take them as recommendations. Before investing in anything or making other money moves, do your own research and make your own decisions.

You can watch this episode below, or if you prefer to listen, you can do so with the player at the top of this article or download the episode wherever you get your podcasts:

do not forget to check out our podcast page for more episodes designed to help you get the most for your money and our YouTube page for more videos.

Are you ready for retirement?

The Employee Benefits Research Institute points out that 7 out of 10 workers are convinced that they can retire comfortably. On this show, we talk about the potential disconnect between what you think is enough and what is actually enough. Here are some articles that may help you.

How to Create a Retirement Plan That’s Right for You

Stacy mentions her book “Life or debtas a good starting point to help you figure out what you want out of life and how to prioritize it. Joe and Miranda also have great ideas for creating a retirement plan you’ll stick to. We also mention our podcast on paying off your mortgage aggressively in order to have more money available in retirement.

Let’s take a look at some great Money Talks News resources on planning for retirement.

Meet this week’s guest, Joe Saul-Sehy

Joe Saul-Sehy/Money Talks News

Joe is a former financial advisor (16 years old) and has represented American Express and Ameriprise Financial in the media. He was the “Money Man” of Detroit television station WXYZ-TV, appearing on the air twice a week. He has appeared in Bride, Best Life, and Child magazines, as well as the Los Angeles Times, Chicago Sun-Times, Detroit News, and Baltimore Sun newspapers. It has also appeared online in over 200 different places, including CNBC.com and WSJ.com.

Don’t listen to podcasts?

A podcast is basically a radio show that you can listen to anywhere and anytime, either by downloading it to your smartphone or listening to it online. They’re great for learning and entertaining while you’re in the car, doing chores, jogging, or riding your bike.

You can listen to our latest podcasts here or download them to your phone from anywhere including Apple, Spotify, RadioPublic, embroiderer and RSS.

If you haven’t listened to our podcast yet, give it a try and subscribe. You’ll be glad you did!

About Hosts

Stacy Johnson founded Money Talks News in 1991. He is a CPA and he has also been licensed in stocks, commodities, principal options, mutual funds, life insurance, stock supervisor securities and real estate.

Miranda Marquit, MBA, is a financial expert, writer and speaker. She has covered personal finance and investment topics for nearly 20 years. When she’s not writing and podcasting, she enjoys travel, reading, and the outdoors.

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Inflection Risk Solutions Checks Incorrect Background $4 Million Class Action Settlement https://disturbmedia.com/inflection-risk-solutions-checks-incorrect-background-4-million-class-action-settlement/ Sat, 29 Oct 2022 06:59:17 +0000 https://disturbmedia.com/inflection-risk-solutions-checks-incorrect-background-4-million-class-action-settlement/ Inflection Risk Solutions agreed to pay $4 million to resolve claims that included inaccurate criminal record information on background checks. The rule benefits two categories: the Deemed Offenses Category and the Characterization of Nationally Inaccurate Offenses Category. The Deemed Offense category is made up of consumers who were the subject of a consumer report published […]]]>

Inflection Risk Solutions agreed to pay $4 million to resolve claims that included inaccurate criminal record information on background checks.

The rule benefits two categories: the Deemed Offenses Category and the Characterization of Nationally Inaccurate Offenses Category.

The Deemed Offense category is made up of consumers who were the subject of a consumer report published by Inflection Risk Solutions between October 12, 2018 and July 13, 2021, and who received a criminal conviction in Minnesota with a conditional sentence, the conviction being considered a misdemeanor but the consumer report indicated that the violation was a felony and did not indicate that the conviction was considered a misdemeanor.

The National Inaccurate Infringement Characterization Class includes consumers who were the subject of a consumer report issued by Inflection Risk Solution between October 12, 2018 and September 29, 2021, in which the report listed a criminal offense and qualified the offense of “Offence Class: Violence” despite the description of the crime not involving a violent act against another person. A list of offenses covered by this criterion can be found on the settlement website.

Inflection Risk Solutions is a California-based background check company. The company analyzes public records to develop reports on applicants and other entities.

According to a class action lawsuit, Inflection Risk Solutions violated the Fair Credit Reporting Act (FCRA) by including false criminal history information. The company would have labeled some criminal convictions as felonies or violent offenses despite not qualifying for that label.

“Minnesota law provides that a defendant who successfully completes his probation without being sentenced to prison will have his conviction considered a misdemeanor, even if the conviction was originally considered a felony,” notes the appeal. FCRA collective.

The plaintiff in the case says he was denied use of the Airbnb app because of this inaccurate credit report.

Inflection Risk Solutions has not admitted any wrongdoing, but has agreed to resolve these allegations with a $4 million class action settlement.

Under the terms of the settlement, class members may receive a cash payment based on their class status. Exact payout amounts will vary depending on the number of participating group members in each group.

The deemed misdemeanors category will receive payments of $747,000 from the settlement fund. Members of the deemed misdemeanors category can receive an estimated cash payout of between $470 and $480.

The National Inaccurate Violation Characterization Class will receive payments of $3.253 million from the Settlement Fund. Members of the National Inaccurate Violation Characterization Class can receive an estimated payout of between $70 and $95.

Group members can receive both types of payments if they are members of both groups. In order to collect both payments, class members meet the claim requirements for the National Inaccurate Infringement Characterization Class.

The exclusion and objection deadline is October 28, 2022.

Inflection Risk Solutions’ final settlement approval hearing is scheduled for November 15, 2022.

In order to receive a settlement payment, Class Members must submit a valid Claim Form by October 28, 2022.

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APOLLO COMMERCIAL REAL ESTATE FINANCE, INC. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Form 10-Q) https://disturbmedia.com/apollo-commercial-real-estate-finance-inc-managements-discussion-and-analysis-of-financial-condition-and-results-of-operations-form-10-q/ Mon, 24 Oct 2022 20:18:10 +0000 https://disturbmedia.com/apollo-commercial-real-estate-finance-inc-managements-discussion-and-analysis-of-financial-condition-and-results-of-operations-form-10-q/ FORWARD-LOOKING INFORMATION We make forward-looking statements herein and will make forward-looking statements in future filings with the Securities and Exchange Commission ("SEC"), press releases or other written or oral communications within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act […]]]>

FORWARD-LOOKING INFORMATION


We make forward-looking statements herein and will make forward-looking
statements in future filings with the Securities and Exchange Commission
("SEC"), press releases or other written or oral communications within the
meaning of Section 27A of the Securities Act of 1933, as amended (the
"Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as
amended (the "Exchange Act"). For these statements, we claim the protections of
the safe harbor for forward-looking statements contained in such Sections.
Forward-looking statements are subject to substantial risks and uncertainties,
many of which are difficult to predict and are generally beyond our control.
These forward-looking statements include information about possible or assumed
future results of our business, financial condition, liquidity, results of
operations, plans and objectives. When we use the words "believe," "expect,"
"anticipate," "estimate," "plan," "continue," "intend," "should," "may" or
similar expressions, it intends to identify forward-looking statements.
Statements regarding the following subjects, among others, may be
forward-looking: the macro- and micro-economic impact of the COVID-19 pandemic,
increasing interest rates and inflation; the severity and duration of the
COVID-19 pandemic, including the emergence and spread of COVID-19 variants;
actions taken by governmental authorities to contain the COVID-19 pandemic or
treat its impact; the efficacy of the vaccines or other remedies and the speed
of their distribution and administration; the impact of the COVID-19 pandemic on
our financial condition, results of operations, liquidity and capital resources;
market trends in our industry, interest rates, real estate values, the debt
securities markets or the general economy; the demand for commercial real estate
loans; our business and investment strategy; our operating results; actions and
initiatives of the U.S. government and governments outside of the United States,
changes to government policies and the execution and impact of these actions,
initiatives and policies; the state of the economy generally or in specific
geographic regions; economic trends and economic recoveries; our ability to
obtain and maintain financing arrangements, including secured debt arrangements
and securitizations; the timing and amount of expected future fundings of
unfunded commitments; the availability of debt financing from traditional
lenders; the volume of short-term loan extensions; the demand for new capital to
replace maturing loans; expected leverage; general volatility of the securities
markets in which we participate; changes in the value of our assets; the scope
of our target assets; interest rate mismatches between our target assets and any
borrowings used to fund such assets; changes in interest rates and the market
value of our target assets; changes in prepayment rates on our target assets;
effects of hedging instruments on our target assets; rates of default or
decreased recovery rates on our target assets; the degree to which hedging
strategies may or may not protect us from interest rate volatility; impact of
and changes in governmental regulations, tax law and rates, accounting, legal or
regulatory issues or guidance and similar matters; our continued maintenance of
our qualification as a real estate investment trust ("REIT") for U.S. federal
income tax purposes; our continued exclusion from registration under the
Investment Company Act of 1940, as amended (the "1940 Act"); the availability of
opportunities to acquire commercial mortgage-related, real estate-related and
other securities; the availability of qualified personnel; estimates relating to
our ability to make distributions to our stockholders in the future; our present
and potential future competition; and unexpected costs or unexpected
liabilities, including those related to litigation.

The forward-looking statements are based on our beliefs, assumptions and
expectations of our future performance, taking into account all information
currently available to us. Forward-looking statements are not predictions of
future events. These beliefs, assumptions and expectations can change as a
result of many possible events or factors, not all of which are known to us.
Refer to "Item 1A. Risk Factors" of this Quarterly Report on Form 10-Q and our
Annual Report. These and other risks, uncertainties and factors, including those
described in the annual, quarterly and current reports that we file with the
SEC, could cause our actual results to differ materially from those included in
any forward-looking statements we make. All forward-looking statements speak
only as of the date they are made. New risks and uncertainties arise over time
and it is not possible to predict those events or how they may affect us. Except
as required by law, we are not obligated to, and do not intend to, update or
revise any forward-looking statements, whether as a result of new information,
future events or otherwise.

Overview

We are a Maryland corporation and have elected to be taxed as a REIT for U.S.
federal income tax purposes. We primarily originate, acquire, invest in and
manage performing commercial first mortgage loans, subordinate financings, and
other commercial real estate-related debt investments. These asset classes are
referred to as our target assets.

We are externally managed and advised by the Manager, an indirect subsidiary of Apollo, a high-growth global alternative asset manager with assets under management of approximately $515.0 billion of the June 30, 2022.


The Manager is led by an experienced team of senior real estate professionals
who have significant expertise in underwriting and structuring commercial real
estate financing transactions. We benefit from Apollo's global infrastructure
and operating platform, through which we are able to source, evaluate and manage
potential investments in our target assets.

Current market conditions

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During the first quarter of 2020, there was a global outbreak of COVID-19, which
was declared by the World Health Organization as a pandemic. The ongoing
COVID-19 pandemic has adversely impacted global economic activity and has
contributed to significant volatility in financial markets. Due to various
uncertainties, including the rise of new variants, the severity of such new
variants, disparities in vaccination rates and vaccine hesitancy, the ultimate
duration of the pandemic, and additional actions that may be taken by
governmental authorities, further business risks could arise. Although more
normalized activities have resumed and there has been improved global economic
activity due to global and domestic vaccination efforts, we are not in a
position to estimate the ultimate impact COVID-19 and its variants will have on
our business and the economy as a whole, including longer-term macroeconomic
effects on supply chains, inflation and labor shortages. For example, in
response to recent inflationary pressure, the U.S. Federal Reserve and other
global central banks have raised interest rates in 2022 and have indicated
likely further interest rate increases. The effects of COVID-19 and its variants
have adversely impacted the value of our assets, business, financial condition,
results of operations and cash flows, and our ability to operate successfully.
Some of the factors that impacted us to date and may continue to affect us are
outlined in Item 1A. "Risk Factors."

Significant Accounting Policies and Use of Estimates


A summary of our critical accounting policies is set forth in our Annual Report
under "Item 7. Management's Discussion and Analysis of Financial Condition and
Results of Operations - Critical Accounting Policies and Use of Estimates."

Real estate owned (and related debts)


From time to time, we may obtain legal title to the collateral from our loans
due to non-performance. This acquisition of real estate is accounted for using
the acquisition method under Accounting Standards Codification ("ASC") Topic
805, "Business Combinations." We recognize and measure identifiable assets
acquired, liabilities assumed and any non-controlling interest in the acquiree,
if applicable, based on their relative fair values. Once real estate assets have
been recorded at fair value they are evaluated for impairment on a quarterly
basis. Please refer to "Note 2 - Summary of Significant Accounting Policies,"
"Note 3 - Fair Value Disclosure," and "Note 5 - Assets and Liabilities Related
to Real Estate Owned" for more information regarding real estate owned and our
valuation methodology.

Real estate assets acquired may include land, building, furniture, fixtures and
equipment ("FF&E"), and intangible assets. The fair value of land is determined
by utilizing the market or sales comparison approach, which compares the
property to similar properties in the marketplace. Although we exercise
significant judgment to identify similar properties, and may also consult
independent third-party valuation experts to assist, our assessment of fair
value is subject to uncertainty and sensitive to our selection of comparable
properties.

We estimate the fair value of any building and FF&E by the cost approach which
measures fair value as the replacement cost of these assets. This approach also
requires significant judgment, and our estimate of replacement cost could vary
from actual replacements costs.

Once real estate assets have been recorded at fair value, they are evaluated for
impairment on a quarterly basis. We consider the following factors when
performing our impairment analysis: (i) Management, having the authority to
approve the action, commits to a plan to sell the asset; (ii) significant
negative industry and economic outlook or trends; (iii) expected material costs
necessary to extend the life or operate the real estate asset; and (iv) our
ability to hold and dispose of the real estate asset in the ordinary course of
business. A real estate asset is considered impaired when the sum of estimated
future undiscounted cash flows to be generated by the real estate asset over the
estimated remaining holding period is less than the carrying value of such real
estate asset. An impairment charge is recorded equal to the excess of the
carrying value of the real estate asset over the fair value. When determining
the fair value of a real estate asset for the purpose of assessing impairment,
we make certain assumptions including, but not limited to: consideration of
projected operating cash flows, intended holding period of the real estate,
comparable selling prices and projected cash flows from the eventual disposition
of the real estate based upon our estimate of a capitalization rate and discount
rate. While we exercise significant judgment in generating our assumptions, the
asset's fair value is subject to uncertainty, as actual operating cash flows and
disposition proceeds could differ from those assumed in our valuations.
Additionally, the output is sensitive to the assumptions used in calculating any
potential impairment.

From time to time, real estate assets are classified as held for sale in the
period in which the six criteria under ASC Topic 360, "Property, Plant, and
Equipment" are met: (1) we commit to a plan and have the authority to sell the
asset; (2) the asset is available for sale in its current condition; (3) we have
initiated an active marketing plan to locate a buyer for the asset; (4) the sale
of the asset is both probable and expected to qualify for full sales recognition
within a period of 12 months; (5) the asset is being actively marketed for sale
at a price that is reflective of its current fair value; and (6) we do not
anticipate changes to our plans to sell the asset. Once a real estate asset is
classified as held for sale, depreciation is no longer recorded, and the asset
is reported at the lower of its carrying value or fair value less cost to sell.


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We determine the fair value of the real estate asset classified as held for sale
using valuation methodologies appropriate to what is included within the
disposal group, such as the market or sales comparison approach for land and the
cost approach for any building and FF&E. Although we exercise significant
judgment in generating the assumptions employed in these methodologies,
ultimately, the real estate asset's fair value is subject to uncertainty, as the
actual sales price of the real estate asset could differ from those assumed in
our valuations. Further, if it is determined that the asset should be reported
at its carrying value, the actual sales price of the real estate asset could
also differ from this amount.

Current Expected Credit Losses (“CECL”)


We measure and record potential expected credit losses related to our loan
portfolio in accordance with the CECL Standard. The CECL Standard requires an
entity to consider historical loss experience, current conditions, and a
reasonable and supportable forecast of the macroeconomic environment. The FASB
recognizes the WARM method as an acceptable approach for computing current
expected credit losses. We have adopted the WARM method to determine the General
CECL Allowance for the majority of loans in our portfolio, applied on a
collective basis by assets with similar risk characteristics. If we determine
that a borrower or sponsor is experiencing financial difficulty, we will record
loan-specific allowances (our Specific CECL Allowance). Refer to "Note 2 -
Summary of Significant Accounting Policies" to our consolidated financial
statements of our most recent annual report on Form 10-K and "Note 4 Commercial
Mortgage Loans, Subordinate Loans and Other Lending Assets, Net" for further
discussion regarding CECL.

General allowance CECL


There are various significant assumptions required to estimate our General CECL
Allowance which include deriving and applying an annual historical loss rate,
forecasting and analyzing the impacts of macroeconomic conditions and the timing
of expected repayments, satisfactions and future fundings.

We derive an annual historical loss rate based on a CMBS database with
historical losses from 1998 through the third quarter of 2022 provided by a
third party, Trepp LLC. We apply various filters to arrive at a CMBS dataset
most analogous to our current portfolio from which to determine an appropriate
historical loss rate. Selecting these filters requires the use of significant
judgment. The historical loss rate, and ultimately General CECL Allowance we
calculated, is sensitive to the CMBS dataset that we select.

We adjust our determined annual historical loss rate based on our outlook of the
macroeconomic environment, for a reasonable and supportable forecast
period-which we have determined to be one year. We determine our expectations
for the macroeconomic environment by analyzing various market factors and assess
the potential impact on our portfolio. This assessment requires the use of
significant judgment in selecting relevant market factors and our expectations
of the future macroeconomic environment. The future macroeconomic environment is
subject to uncertainty as the actual future macroeconomic environment could vary
from our expectations, which will impact our General CECL Allowance.

Additionally, there are assumptions provided to us by the Manager that represent
their best estimate as to expected loan maturity dates, future fundings, and
timing of loan repayments. These assumptions, although made with the most
available information at the time of the estimate, are subjective and actual
activity may not follow the estimated schedule. These assumptions impact the
future balances that the loss rate will be applied to and as such impact our
General CECL Allowance. As we acquire new loans and the Manager monitors loan
and sponsor performance, these estimates may change each period.

Specific CECL allowance


When we determine that a borrower or sponsor is experiencing financial
difficulty, we evaluate the related loan for loan-specific allowances, under the
practical expedient per the guidance. Determining that a borrower or sponsor is
experiencing financial difficulty requires the use of significant judgment and
can be based on several factors subject to uncertainty. These factors can
include, but are not limited to, whether cash from the borrower's operations are
sufficient to cover current and future debt service requirements, the borrower's
ability to potentially refinance the loan, and other circumstances that can
affect the borrower's ability to satisfy their obligations in accordance the
terms of the loan. When utilizing the practical expedient for collateral
dependent loans, the loan loss provision is determined as the difference between
the fair value of the underlying collateral, adjusted for estimated costs to
sell when applicable, and the carrying value of the loan (prior to the loan loss
provision), as repayment or satisfaction of a loan is dependent on a sale of the
underlying collateral. Collateral-dependent loans evaluated for a Specific CECL
Allowance are removed from the General CECL pool.

The fair value of the underlying collateral is determined by using method(s)
such as discounted cash flow, the market approach, or direct capitalization
approach. These methods require the use of key unobservable inputs, which are
inherently uncertain and subjective. Our estimate of fair value is sensitive to
both the valuation methodology selected and inputs used. Determining a suitable
valuation method and selecting the appropriate key unobservable inputs and
assumptions requires significant judgment and consideration of factors specific
to the underlying collateral being assessed. Additionally, the key
                                       36
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unobservable inputs and assumptions used may vary depending on the information
available to us and market conditions as of the valuation date. As such, the
fair value that we derive and use in calculating our Specific CECL Allowance, is
subject to uncertainty and any actual losses, if incurred, could differ
materially from our provision.

Refer to “Note 2 – Summary of Significant Accounting Policies” to our Consolidated Financial Statements in our most recent Annual Report on Form 10-K for a complete listing and description of our significant accounting policies.

Operating results


All non-USD denominated assets and liabilities are translated to USD at the
exchange rate prevailing at the reporting date and income, expenses, gains, and
losses are translated at the prevailing exchange rate on the dates that they
were recorded.

Loan Portfolio Overview

The following table presents certain information regarding our loan portfolio in September 30, 2022 (in thousands of dollars):

                                                                                                    Weighted Average                                                          Equity at
                                                                     Weighted-Average Coupon          All-in Yield            Secured Debt                                    carrying
            Description                      Carrying Value                    (1)                       (1)(2)             Arrangements (3)       Cost of Funds(4)           value(5)
Commercial mortgage loans, net             $     8,013,469                             5.7  %                  6.5  %       $   5,364,119                     4.3  %       $  2,649,350
Subordinate loans and other lending                717,837                             6.5  %                  7.1  %                   -                       -               717,837
assets, net
Total/Weighted-Average                     $     8,731,306                             5.8  %                  6.5  %       $   5,364,119                     4.3  %       $  3,367,187


——-

(1)  Weighted-Average Coupon and Weighted-Average All-in Yield are based on the
applicable benchmark rates as of September 30, 2022 on the floating rate loans.
(2)   Weighted-Average All-in Yield includes the amortization of deferred
origination fees, loan origination costs and accrual of both extension and exit
fees. Weighted-Average All-in Yield excludes the benefit of forward points on
currency hedges relating to loans denominated in currencies other than USD.
(3)  Gross of deferred financing costs of $13.5 million.
(4)  Cost of funds includes weighted average spread and applicable benchmark
rates as of September 30, 2022 on secured debt arrangements.
(5)  Represents loan portfolio at carrying value less secured debt outstanding.

The following table sets out the details of our commercial mortgage portfolio and our portfolio of subordinated loans and other loan assets, on a loan-by-loan basis, at September 30, 2022 (in millions of dollars):

Commercial Mortgage Portfolio

                                                                                                                                   Construction
   #              Property Type              Risk Rating         

Date of origination Amortized cost Unfunded commitment Loan

       3rd Party Subordinate Debt    Fully-extended Maturity            
Location
1        Hotel                                    3                  10/2019                  $304                 $28                                           Y                        08/2024           Various, Spain
2        Hotel                                    3                  11/2021                   186                  20                                           Y                        11/2026           Various, UK/Ireland
3        Hotel                                    3                  05/2022                   178                  25                                           Y                        06/2027           Napa Valley, CA
4        Hotel                                    3                  04/2018                   152                  -                                                                     04/2023           Honolulu, HI
5        Hotel                                    3                  07/2021                   146                  33                                                                    08/2026           Various, US
6        Hotel                                    3                  09/2015                   146                  -                                                                     06/2024           Manhattan, NY
7        Hotel                                    3                  11/2021                   123                  41                  Y                                                 12/2026           St. Thomas, USVI
8        Hotel                                    3                  08/2019                   117                  -                                                                     08/2024           Puglia, Italy
9        Hotel                                    3                  10/2021                   99                   -                                                                     11/2026           New Orleans, LA
10       Hotel(3)(6)                              5                  03/2017                   98                   -                                                                     10/2022           Atlanta, GA
11       Hotel                                    3                  11/2018                   90                   -                                                                     12/2023           Vail, CO
12       Hotel                                    3                  12/2019                   60                   -                                                                     01/2025           Tucson, AZ
13       Hotel                                    3                  05/2021                   59                   2                                            Y                        06/2026           Fort Lauderdale, FL
14       Hotel                                    3                  05/2019                   52                   -                                                                     06/2024           Chicago, IL
15       Hotel                                    3                  12/2015                   42                   -                                                                     08/2024           St. Thomas, USVI
16       Hotel                                    3                  10/2021                   39                   39                                                                    10/2026           Lake Como, Italy
17       Hotel                                    3                  02/2018                   27                   -                                                                     11/2024           Pittsburgh, PA
18       Hotel                                    3                  12/2021                   21                   28                                                                    06/2025           Dublin, Ireland
19       Office                                   3                  01/2020                   224                  66                                           Y                        02/2025           Long Island City, NY
20       Office                                   3                  03/2022                   218                  47                                           Y                        04/2027           Manhattan, NY
21       Office                                   3                  02/2020                   188                  -                                                                     02/2025           London, UK
22       Office                                   3                  06/2019                   183                  13                                                                    08/2026           Berlin, Germany


                                       37
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23     Office                               3         02/2022        144           -                              06/2025    Milan, Italy
24     Office                               3         02/2022        128          384           Y                 02/2027    London, UK
25     Office                               3         11/2017        121           -                              01/2023    Chicago, IL
26     Office(1)                            3         12/2017        103           -                      Y       10/2022    London, UK
27     Office                               3         06/2022        87            -                              06/2025    Rome, Italy
28     Office                               3         03/2018        86            -                      Y       07/2023    Chicago, IL
29     Office                               3         11/2021        33            38           Y                 11/2025    Milan, Italy
30     Retail                               3         04/2022        417           34                             04/2027    Various, UK
31     Retail                               3         10/2021        362           -                              10/2026    Various, UK
32     Retail                               3         08/2019        249           -                      Y       09/2025    Manhattan, NY
33     Retail                               3         05/2022        155           -                              06/2027    Various, US
34     Retail(3)                            5         11/2014        104           -                              09/2023    Cincinnati, OH
35     Residential(4)                       3         08/2022        354           4                              09/2024    Manhattan, NY
36     Residential                          3         12/2021        195           15                             12/2026    Various, UK
37     Residential                          3         12/2018        136           43                     Y       12/2023    Manhattan, NY
38     Residential                          3         12/2021        101           31                             01/2027    Manhattan, NY
39     Residential                          3         05/2022        89            4                              06/2027    Manhattan, NY
40     Residential                          3         05/2021        82            -                      Y       05/2026    Cleveland, OH
41     Residential                          3         12/2019        60            7                      Y       11/2025    Boston, MA
42     Residential                          3         04/2014        59            -                              07/2023    Various
43     Residential                          3         11/2014        50            -                              06/2023    Various, US
44     Residential                          3         12/2021        32            -                      Y       01/2026    Hallandale Beach, FL
45     Healthcare                           3         03/2022        372           -                              03/2027    Various, MA
46     Healthcare                           3         10/2019        180           -                              10/2024    Various, UK
47     Mixed Use                            3         12/2019        281           88           Y         Y       06/2025    London, UK
48     Mixed Use                            3         03/2022        134           42                     Y       03/2027    Brooklyn, NY
49     Mixed Use                            3         06/2022        59            58           Y         Y       06/2026    London, UK
50     Mixed Use                            3         12/2019        39            -                              09/2023    London, UK
51     Parking Garages                      3         05/2021        270           5                              05/2026    Various, US
52     Industrial                           3         03/2021        232           -                              05/2026    Various, Sweden
53     Portfolio(2)                         3         06/2021        207           20                             06/2026    Various, Germany
54     Caravan Parks                        3         02/2021        183           -                              02/2028    Various, UK
55     Urban Predevelopment(3)              5         01/2016        176           -                              09/2023    Miami, FL
       General CECL Allowance                                       (19)
       Subtotal / Weighted-Average
       Commercial Mortgage Loans           3.1                     $8,013        $1,115                          3.1 Years


Portfolio of subordinated loans and other loan assets

   #                 Property Type                 Risk Rating       

Original date Amortized cost Unfunded commitment Construction loan Third-party subordinated debt Maturity fully extended

         Location
1        Residential(4)                                 3                05/2020                $232                    $-                                                 Y                       09/2024          Manhattan, NY
2        Residential(4)                                 3                06/2015                 187                    13                                                 Y                       09/2024          Manhattan, NY
3        Residential(3)(4)                              5                11/2017                 52                     -                                                  Y                       09/2024          Manhattan, NY
4        Office                                         3                01/2019                 100                    -                                                                          12/2025          Manhattan, NY
5        Office                                         3                08/2017                  8                     -                                                                          09/2024          Troy, MI
6        Healthcare(5)                                  3                07/2019                 51                     -                                                  Y                       06/2024          Various, US
7        Hotel                                          3                06/2015                 23                     -                                                                          07/2025          Phoenix, AZ
8        Hotel                                          3                06/2018                 20                     -                                                                          06/2023          Las Vegas, NV
9        Industrial                                     2                05/2013                 32                     -                                                                          05/2023          Various, US
10       Mixed Use                                      3                02/2019                 16                     -                                                                          10/2022          London, UK
         General CECL Allowance                                                                  (3)
         Subtotal / Weighted-Average
         Subordinate Loans and Other Lending
         Assets                                        3.1                                      $718                   $13                                                                        2.0 Years


                                       38
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                   Total / Weighted-Average
                   Loan Portfolio              3.1      $8,731   $1,128         3.0 Years


-------
(1)Includes $22.7 million of a subordinate participation sold accounted for as
secured borrowing.
(2)Includes portfolio of office, industrial, and retail property types.
(3)Amortized cost for these loans is net of the recorded Specific CECL
Allowance.
(4)Loans are secured by the same property.
(5)Single Asset, Single Borrower CMBS.
(6)Loan went into maturity default subsequent to the quarter ended September 30,
2022.


Our average asset and debt balances for the nine months ended September 30, 2022
were (in thousands of dollars):

                                                   Average month-end 

balances for the nine months ended

                                                                    September 30, 2022
Description                                                 Assets                     Related debt
Commercial mortgage loans, net                     $           7,977,494          $         5,039,066
Subordinate loans and other lending assets,
net                                                              786,893                            -
Subordinate loans, held for sale                                     833                            -


Portfolio Management

Due to the impact of COVID-19, including longer-term macroeconomic effects on
supply chains, inflation and labor shortages, some of our borrowers have
experienced challenges which have prevented the execution of their business
plans and in some cases, resulted in temporary closures. As a result, we have
worked with borrowers to execute loan modifications which are typically coupled
with additional equity contributions from borrowers. Loan modifications to date
have included repurposing of reserves, temporary deferrals of interest or
principal, and partial deferral of coupon interest as payment-in-kind interest.


Investment Activity

During the nine months ended September 30, 2022, we committed $3.5 billion of
capital to loans ($2.8 billion was funded at closing). In addition, during the
nine months ended September 30, 2022, we received $1.5 billion in repayments and
funded $0.5 billion for commitments closed prior to 2022.

Net income available to common shareholders


For the nine months ended September 30, 2022 and 2021, our net income available
to common stockholders was $260.0 million, or $1.66 per diluted share of common
stock, and $176.5 million, or $1.18 per diluted share of common stock,
respectively.

Operating results


The following table sets forth information regarding our condensed consolidated
results of operations and certain key operating metrics compared to the most
recently reported period ($ in thousands):
                                       39
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                                                                Three months ended
                                                      September 30,           June 30, 2022           Q3'22 vs. Q2'22
                                                           2022
Net interest income:
Interest income from commercial mortgage loans       $     120,821          $       99,386          $         21,435
Interest income from subordinate loans and other            13,354                  14,530                    (1,176)
lending assets
Interest expense                                           (72,302)                (56,529)                  (15,773)
Net interest income                                         61,873                  57,387                     4,486
Operations related to real estate owned:
Revenue from real estate owned operations                   14,428                  18,630                    (4,202)
Operating expenses related to real estate owned            (13,308)                (13,134)                     (174)

Net income related to real estate owned                      1,120                   5,496                    (4,376)
Operating expenses:
General and administrative expenses                         (7,184)                 (7,130)                      (54)
Management fees to related party                            (9,719)                 (9,632)                      (87)
Total operating expenses                                   (16,903)                (16,762)                     (141)
Other income                                                   285                      68                       217
Realized gain on investments                                43,577                       -                    43,577

Cancellation of loan losses – CECL specific deduction, 53,000

          3,000                    50,000

report

Reversal of (provision for) loan losses - General            2,564                  (2,056)                    4,620
CECL Allowance, net
Gain on foreign currency forward contracts                 129,252                 105,213                    24,039
Foreign currency translation loss                          (92,782)                (84,838)                   (7,944)
Gain on interest rate hedging instruments                    1,044                   3,443                    (2,399)
Net income                                                   $183,030                 $70,951                  $112,079



Net Interest Income

Net interest income increased by $4.5 million during the three months ended
September 30, 2022 compared to the three months ended June 30, 2022. The
increase in interest income was primarily due to higher average index rates in
the current period: average U.S. LIBOR increased by 1.48%, average U.S. SOFR
increased by 1.50%, average Daily SONIA increased by 0.66% from the three months
ended June 30, 2022 to the three months ended September 30, 2022. Average
EURIBOR increased by 0.49% during three months ended September 30, 2022 above
the 0.0% floors taken during the three months ended June 30, 2022. The increase
in interest expense was primarily due to (i) higher average index rates in the
current period, as noted above, and (ii) an increase in the weighted average
balance of our outstanding debt facilities by $135.2 million for the three
months ended September 30, 2022, as compared to three months ended June 30,
2022, which was partially offset by a decrease in interest expense related to
the payoff of the 2022 Notes.

Transactions related to real estate held


In 2017, we originated a $20.0 million junior mezzanine loan which was
subordinate to: (i) a $110.0 million mortgage loan, and (ii) a $24.5 million
senior mezzanine loan, secured by a full-service luxury hotel in Washington,
D.C. On May 24, 2021, we acquired legal title to the hotel through a
deed-in-lieu of foreclosure and the criteria for held-for-sale classification in
ASC Topic 360, "Property, Plant, and Equipment" were not met. The assets and
liabilities related to the hotel were assumed at their estimated fair value at
acquisition and presented net of accumulated depreciation and impairment
charges. As of March 1, 2022, the related assets and liabilities were
transferred to assets and liabilities related to real estate owned, held for
sale, as due to our marketing efforts on the property, as well as other
developments, it now met the criteria for held for sale. Results of operations
from the hotel are comprised of operating revenue, expenses and real estate
asset depreciation. As of March 1, 2022, we ceased recording depreciation on the
building and FF&E on the condensed consolidated statement of operations as the
property was transferred to held for sale at such date.

The hotel operations generated $1.1 million of net income during the three
months ended September 30, 2022 compared to $5.5 million of net income during
the three months ended June 30, 2022. The decrease in net income from hotel
operations primarily relates to the decrease in hotel occupancy and events held
due to seasonality of hotel operations during the three months ended
September 30, 2022 compared to the three months ended June 30, 2022.

Refer to “Note 5 – Assets and liabilities related to owned properties” for more information on our impairment and realized losses on owned properties.

                                       40
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Functionnary costs

General and administrative expenses

General and administrative expenses remained generally the same for the three months ended September 30, 2022 compared to the three months ended June 30, 2022.

Management fees to a related party

Management fees remained generally the same for the three months ended
September 30, 2022 compared to the three months ended June 30, 2022.

Other income

Other income generally remained the same for the three months ended
September 30, 2022 compared to the three months ended June 30, 2022.

Gain realized on investments


During the three months ended September 30, 2022, a $43.6 million realized gain
on investments was recorded in connection with the title acquisition for one of
our first mortgage loans secured by a multifamily development in Brooklyn, NY.
The gain reflects the difference between the fair value of the property and the
carrying value of the loan at the time of acquisition.

Refer to “Note 5 – Assets and liabilities related to properties held” for more information on our realized gains on investments.

Loan loss reversals – CECL specific provision, net


Our Specific CECL Allowance decreased by $53.0 million during the three months
ended September 30, 2022. We reversed $53.0 million of previously recorded
Specific CECL allowance on an urban predevelopment first mortgage loan in Miami,
FL, because the collateral which secures the loan is under contract to be sold
in the near term at a higher value than carrying value of the loan pre-reversal.

During the three months ended June 30, 2022, we reversed $10.0 million of
previously recorded allowance on a loan related to a multifamily development in
Brooklyn, NY, due to market rent growth and value created from development
activities, which was partially offset by a $7.0 million allowance on a loan
secured by a hotel in Atlanta, GA resulting from the hotel having a slower than
expected recovery from the COVID-19 pandemic.

Refer to "Note 2 - Summary of Significant Accounting Policies" and "Note 4 -
Commercial Mortgage Loans, Subordinate Loans and Other Lending Assets, Net" for
additional information related to our Specific CECL Allowance.

Reversal of (provision for) loan losses – CECL general provision, net


Our General CECL Allowance decreased by $2.6 million during the three months
ended September 30, 2022 compared to the three months ended June 30, 2022 due to
portfolio seasoning and sale of unfunded commitments, which was partially offset
by one new loan origination and a more adverse macroeconomic outlook.. The
General CECL Allowance increased by $2.1 million during the three months ended
June 30, 2022 compared to the three months ended March 31, 2022 as a result of
new loan originations and a more adverse macroeconomic outlook.

Refer to "Note 2 - Summary of Significant Accounting Policies" and "Note 4 -
Commercial Mortgage Loans, Subordinate Loans and Other Lending Assets, Net" for
additional information related to our General CECL Allowance.

Foreign exchange loss and gain on derivative instruments


We use forward currency contracts to economically hedge interest and principal
payments due under our loans denominated in currencies other than USD. When
gains and losses on foreign currency translation and derivative instruments are
evaluated on a combined basis, the net impact for the three months ended
September 30, 2022 and June 30, 2022 was a $36.5 million and $20.4 million gain,
respectively.

The increase from the previous quarter represents a timing difference between
the valuation on the foreign currency forward contracts, which are valued using
spot rates, forward point estimates, and discount factors, and the foreign
currency translation calculation which uses only spot rates. Additionally, as
rates fell significantly during the quarter our unrealized gain
                                       41
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from derivative instruments, including derivative instruments related to our
future expected interest cash flow, increased. As derivative instruments related
to our future expected interest cash flow have no offset in foreign currency
(loss) they are accounting for some of the variance noted above.

Gain on rate hedges


During the second quarter of 2020, we entered into a three-year interest rate
cap to cap LIBOR at 0.75%. During the three months ended September 30, 2022 and
June 30, 2022, the interest rate cap had an unrealized gain of $1.0 million and
$3.4 million, respectively. The decrease in the unrealized gain is a result of
the nearing maturity of the cap offset by the current interest rate forward
curve.


Subsequent Events

Refer to “Note 20 – Subsequent Events” to the accompanying condensed consolidated financial statements for information on significant transactions that occurred after September 30, 2022.

Contractual obligations, liquidity and capital resources


Liquidity is a measure of our ability to meet potential cash requirements,
including ongoing commitments to fund and maintain our assets and operations,
repay borrowings, make distributions to our stockholders and other general
business needs. We utilize various sources of cash in order to meet our
liquidity needs in the next twelve months, which is considered the short-term,
and the longer term.

Our current debt obligations consist of $1.5 billion of corporate debt at face
value and $5.4 billion of asset financings. Our corporate debt includes: (i)
$779.3 million of term loan borrowings, (ii) $500.0 million of senior secured
notes, and (iii) $230.0 million of convertible notes. Our asset specific
financings are generally tied to the underlying loans and we anticipate
repayments of $765.0 million of secured debt arrangements in the short term.
Specifics about our secured debt arrangements and corporate debt maturities and
obligations are discussed below.

In addition to our debts, as of September 30, 2022we have had $1.1 billion unfunded loan commitments. We expect approximately
$565.2 million will be financed to existing short-term borrowers.


We have various sources of liquidity that we are able to use to satisfy our
short and long term obligations. As of September 30, 2022, we had $319.3 million
of cash on hand. As of September 30, 2022, we also held approximately $1.1
billion of unencumbered assets, consisting of $517.8 million of senior mortgages
and $534.1 million of mezzanine loans. Depending on market conditions, we may
utilize additional borrowings as a source of cash, which may also include
additional secured debt arrangements as well as other borrowings or conduct
additional public and private debt and equity offerings.

We maintain policies relating to our use of leverage. See “Leverage Policies” below. In the future, we may seek to raise additional equity or debt capital or incur other forms of debt to fund future investments or refinance maturing debt.

We generally intend to hold our assets for investment purposes, although we may sell some of our investments to manage our interest rate risk and liquidity needs, to meet other business objectives, operation and adapt to market conditions.


To maintain our qualification as a REIT under the Internal Revenue Code, we must
distribute annually at least 90% of our REIT taxable income, determined without
regard to the deduction for dividends paid and excluding net capital gain. These
distribution requirements limit our ability to retain earnings and replenish or
increase capital for operations.

We also have interests in two unconsolidated joint ventures, each of which owns
underlying properties that secure one of our first mortgage loans, respectively
and are accounted for as off-balance-sheet arrangements. The unconsolidated
joint ventures were deemed to be Variable Interest Entities ("VIEs"), of which
we are not the primary beneficiary. Accordingly, the VIEs are not consolidated
in our condensed consolidated financial statements as of September 30, 2022. Our
maximum exposure to loss from these commercial mortgage loans is limited to
their carrying value, which as of September 30, 2022 was $227.2 million.
Although there is risk of loss we have no contractual obligation to fund any
additional capital into the joint ventures.

Borrowings under various financing agreements

The table below summarizes the unpaid balances and maturities of our various financings:

                                       42
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                                                     September 30, 2022                                     December 31, 2021
                                           Borrowings                Maturity (2)                Borrowings                 Maturity (2)
                                         Outstanding(1)                                        Outstanding(1)
Secured credit facilities              $      3,648,950              January 2026            $      2,256,646               October 2025
Barclays Private Securitization               1,715,169              January 2026                   1,902,684               August 2024
Total Secured debt arrangements        $      5,364,119                                      $      4,159,330
Senior secured term loans              $        779,250              January 2027            $        785,250               January 2027
Senior secured notes                            500,000                June 2029                      500,000                June 2029
Convertible senior notes                        230,000              October 2023                     575,000              February 2023
Total Borrowings                       $      6,873,369                                      $      6,019,580


-------
(1)Borrowings Outstanding represent principal balances as of the respective
reporting periods.
(2)Maturity dates represent weighted average maturities based on borrowings
outstanding and assumes extensions at our option are exercised with consent of
financing providers, where applicable.

Secured credit facilities


As of September 30, 2022, we had entered into secured debt arrangements with
seven secured credit facilities through wholly-owned subsidiaries. Terms under
various master repurchase agreements vary by secured credit facility.

Refer to “Note 7 – Secured credit arrangements, net” to our condensed consolidated financial statements for additional information regarding our secured credit facilities.

Barclays Private Securitization


In June 2020, through a newly formed entity, we entered into a private
securitization with Barclays Bank plc. As of September 30, 2022, we had £936.9
million, €491.8 million, and kr2.1 billion ($1.7 billion assuming conversion
into USD) of borrowings outstanding under the Barclays Private Securitization
secured by certain of our commercial mortgage loans.

Refer to "Note 7 - Secured Debt Arrangements, Net" of our Condensed Consolidated
Financial Statements for additional disclosure regarding our Barclays Private
Securitization.

Senior Secured Term Loans

In May 2019we entered $500.0 million Term loan 2026 and in March 2021we entered $300.0 million Term Loan 2028 (collectively Term Loans). The outstanding principal balance of term loans at September 30, 2022
and December 31, 2021 has been $779.3 million and $785.3 millionrespectively.


Refer to "Note 8 - Senior Secured Term Loans, Net" of our Condensed Consolidated
Financial Statements for additional disclosure regarding our 2026 Term Loan and
2028 Term Loan."

Senior Secured Notes

In June 2021, we issued $500.0 million of 4.625% Senior Secured Notes due 2029
(the "2029 Notes"), for which we received net proceeds of $495.0 million, after
deducting initial purchasers' discounts and commissions. The 2029 Notes had a
carrying value of $494.6 million and $494.1 million, net of deferred financing
costs of $5.4 million and $5.9 million, as of September 30, 2022 and
December 31, 2021, respectively.

Refer to “Note 9 – Senior Secured Notes, Net” to our condensed consolidated financial statements for additional information regarding our 2029 Notes.

Senior Convertible Bonds


In two separate offerings during 2017, we issued an aggregate principal amount
of $345.0 million of 4.75% Convertible Senior Notes due 2022 (the "2022 Notes"),
for which we received $337.5 million, after deducting the underwriting discount
and offering expenses. During the third quarter of 2022, we repaid the $345.0
million aggregate principal amount of the 2022 Notes.

During the fourth quarter of 2018, we issued $230.0 million of 5.375%
Convertible Senior Notes due 2023, for which we received $223.7 million after
deducting the underwriting discount and offering expenses. At September 30,
2022, the 2023 Notes had a carrying value of $229.2 million and an unamortized
discount of $0.8 million.
                                       43
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Refer to “Note 10 – Convertible Senior Notes, Net” to our condensed consolidated financial statements for additional information regarding our convertible notes.

Rate of endettement

The following table shows our debt ratio:

                                      September 30, 2022      December 31, 2021
          Debt to Equity Ratio(1)            2.8                     2.4


-------
(1)Represents total debt less cash and loan proceeds held by servicer (recorded
with Other Assets, refer to "Note 6 - Other Assets" for more information) to
total stockholders' equity.


Leverage Policies

We use leverage for the sole purpose of financing our portfolio and not for the
purpose of speculating on changes in interest rates. In addition to our secured
debt arrangements and senior secured term loan, we access additional sources of
borrowings. Our charter and bylaws do not limit the amount of indebtedness we
can incur; however, we are subject to and carefully monitor the limits placed on
us by our credit providers and those that assign ratings on our company.

At September 30, 2022, our debt-to-equity ratio was 2.8 and our portfolio was
comprised of $8.0 billion of commercial mortgage loans and $717.8 million of
subordinate loans and other lending assets. In order to achieve our return on
equity, we generally finance our mortgage loans with 2.0 to 3.0 turns of
leverage and generally do not finance our subordinate loans and other lending
assets given built-in inherent structural leverage.

Investment guidelines

Our current investment guidelines, approved by our Board of Directors, include the following:

• no investment will be made that would prevent us from qualifying as a REIT for
WE for federal income tax purposes;

•no investment will be made which would require us to register as an investment company under the 1940 Act;

•the investments will be mainly in our target assets;


•no more than 20% of our net equity (on a consolidated basis) will be invested
in any single investment at the time of the investment; in determining
compliance with the investment guidelines, the amount of the investment is the
net equity in the investment (gross investment less amount of third-party
financing) plus the amount of any recourse on the financing secured by the
investment; and

•until appropriate investments can be identified, the Manager may invest the
proceeds of any offering in interest bearing, short-term investments, including
money market accounts and/or funds, that are consistent with our intention to
qualify as a REIT.

The Board of Directors must approve any modification or waiver of these investment guidelines.


Dividends

We intend to continue to make regular quarterly distributions to holders of our
common stock. U.S. federal income tax law generally requires that a REIT
distribute annually at least 90% of our REIT taxable income, without regard to
the deduction for dividends paid and excluding net capital gains, and that we
pay tax at regular corporate rates to the extent that we annually distribute
less than 100% of our net taxable income. We generally intend over time to pay
dividends to our stockholders in an amount equal to our net taxable income, if
and to the extent authorized by our board of directors. Any distributions we
make are at the discretion of our board of directors and depend upon, among
other things, our actual results of operations. These results and our ability to
pay distributions are affected by various factors, including the net interest
and other income from our portfolio, our operating expenses and any other
expenditures. If our cash available for distribution is less than our net
taxable income, we could be required to sell assets or borrow funds to make cash
distributions or we may make a portion of the required distribution in the form
of a taxable stock distribution or distribution of debt securities.

Of the September 30, 2022and December 31, 2021 we had 6,770,393 Series B-1 Preferred Shares outstanding. The Series B-1 Preferred Shares pay cumulative cash dividends, which are payable quarterly in equal amounts in arrears on the 15th day of each month of January, April, July and October: at a rate of 7.25% per annum from $25.00 liquidation preference per share.

                                       44
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Except under certain limited circumstances, the Series B-1 Preferred Stock is
generally not convertible into or exchangeable for any other property or any
other of our securities at the election of the holders. On and after July 15,
2026, we may, at our option, redeem the shares at a redemption price of $25.00,
plus any accrued unpaid dividends to, but not including, the date of the
redemption.

The following table details our dividend activity:

                                                    Three months ended                                               Nine months ended
Dividends declared per share
of:                                September 30, 2022                September 30, 2021             September 30, 2022                September 30, 2021
Common Stock                             $0.35                             $0.35                          $1.05                             $1.05
Series B Preferred Stock                  N/A                               N/A                            N/A                               1.00
Series B-1 Preferred Stock                0.45                              0.45                           1.35                              0.45



On July 15, 2021, we exchanged all 6,770,393 shares outstanding of our 8.00%
Fixed-to-Floating Series B Cumulative Redeemable Perpetual Preferred Stock, par
value $0.01 per share ("Series B Preferred Stock"), with a liquidation
preference of $25.00 per share, for 6,770,393 shares of 7.25% Series B-1
Cumulative Redeemable Perpetual Preferred Stock, par value $0.01 per share
("Series B-1 Preferred Stock"), with a liquidation preference of $25.00 per
share, pursuant to an exchange agreement with the two existing shareholders.

Non-GAAP Financial Measures

Distributable Earnings

Distributable Earnings, a non-GAAP financial measure, is defined as net income
available to common stockholders, computed in accordance with GAAP, adjusted for
(i) equity-based compensation expense (a portion of which may become cash-based
upon final vesting and settlement of awards should the holder elect net share
settlement to satisfy income tax withholding), (ii) any unrealized gains or
losses or other non-cash items (including depreciation and amortization related
to real estate owned) included in net income available to common stockholders,
(iii) unrealized income from unconsolidated joint ventures, (iv) foreign
currency gains (losses), other than (a) realized gains/(losses) related to
interest income, and (b) forward point gains/(losses) realized on our foreign
currency hedges, (v) the non-cash amortization expense related to the
reclassification of a portion of the Convertible Notes to stockholders' equity
in accordance with GAAP, and (vi) provision for loan losses. Distributable
Earnings may also be adjusted to exclude certain other non-cash items, as
determined by the Manager and approved by a majority of our independent
directors.

For the three and nine months ended September 30, 2022, our Distributable
Earnings were $95.9 million, or $0.67 per share, and $194.8 million, or $1.36
per share, respectively, as compared to $49.2 million, or $0.35 per share, and
$143.6 million, or $1.01 per share, respectively, for the same period in the
prior year.

The weighted-average diluted shares outstanding used for Distributable Earnings
per weighted-average diluted share has been adjusted from weighted-average
diluted shares under GAAP to exclude shares issued from a potential conversion
of the Convertible Notes. Consistent with the treatment of other unrealized
adjustments to Distributable Earnings, these potentially issuable shares are
excluded until a conversion occurs, which we believe is a useful presentation
for investors. We believe that excluding shares issued in connection with a
potential conversion of the Convertible Notes from our computation of
Distributable Earnings per weighted average diluted share is useful to investors
for various reasons, including the following: (i) conversion of Convertible
Notes to shares requires both the holder of a note to elect to convert the
Convertible Note and for us to elect to settle the conversion in the form of
shares (ii) future conversion decisions by note holders will be based on our
stock price in the future, which is presently not determinable; (iii) the
exclusion of shares issued in connection with a potential conversion of the
Convertible Notes from the computation of Distributable Earnings per
weighted-average diluted share is consistent with how we treat other unrealized
items in our computation of Distributable Earnings per weighted-average diluted
share; and (iv) we believe that when evaluating our operating performance,
investors and potential investors consider our Distributable Earnings relative
to our actual distributions, which are based on shares outstanding and not
shares that might be issued in the future.

The table below summarizes the reconciliation between the GAAP weighted average diluted shares and the weighted average diluted shares used for distributable income:

                                       45
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                                                     Three months ended September 30,                                     Nine months ended September 30,
                                                 2022                                  2021                          2022                                  2021
Weighted-Averages                               Shares                                Shares                        Shares                                Shares
Diluted shares - GAAP                         164,350,132                             170,884,172                 169,252,602                             170,836,682
Potential shares issued under                 (21,187,719)                            (28,533,271)                (26,057,847)                          

(28,533,271)

conversion of the Convertible Notes
Unvested RSUs                                           -                                       -                           -                                       -
Diluted shares - Distributable
Earnings                                      143,162,413                             142,350,901                 143,194,755                             142,303,411



As a REIT, U.S. federal income tax law generally requires us to distribute
annually at least 90% of our REIT taxable income, without regard to the
deduction for dividends paid and excluding net capital gains, and that we pay
tax at regular corporate rates to the extent that we annually distribute less
than 100% of our net taxable income. Given these requirements and our belief
that dividends are generally one of the principal reasons stockholders invest in
a REIT, we generally intend over time to pay dividends to our stockholders in an
amount equal to our net taxable income, if and to the extent authorized by our
board of directors. Distributable Earnings is a key factor considered by the
board of directors in setting the dividend and as such we believe Distributable
Earnings is useful to investors.

As discussed in "Note 5 - Assets and Liabilities Related to Real Estate Owned",
during the three and nine months ended September 30, 2022, we recorded a
$43.6 million realized gain on investments reflecting the difference between the
fair value of a multifamily development property located in Brooklyn, NY
acquired through a deed-in-lieu of foreclosure and the amortized cost of the
loan at the time of foreclosure.

As discussed in "Note 5 - Assets and Liabilities Related to Real Estate Owned"
during the three and nine months ended September 30, 2021, we recorded
$20.0 million realized loss on investments reflecting the difference between the
fair value of a hotel acquired through a deed-in-lieu of foreclosure and the
amortized cost of the loan at the time of foreclosure. Additionally, during the
nine months ended September 30, 2021, we recorded an impairment of $0.6 million
on our real estate owned, held for sale due to increased costs to sell.

We also believe it is useful to our investors to present Distributable Earnings
prior to realized gains (losses) and impairments on real estate owned and
investments to reflect our operating results because (i) our operating results
are primarily comprised of earning interest income on our investments net of
borrowing and administrative costs, which comprise our ongoing operations and
(ii) it has been a useful factor related to our dividend per share because it is
one of the considerations when a dividend is determined. We believe that our
investors use Distributable Earnings and Distributable Earnings prior to
realized gains (losses) and impairments on real estate owned and investments, or
a comparable supplemental performance measure, to evaluate and compare the
performance of our company and our peers.

A significant limitation associated with Distributable Earnings as a measure of
our financial performance over any period is that it excludes unrealized gains
(losses) from investments. In addition, our presentation of Distributable
Earnings may not be comparable to similarly-titled measures of other companies,
that use different calculations. As a result, Distributable Earnings should not
be considered as a substitute for our GAAP net income as a measure of our
financial performance or any measure of our liquidity under GAAP. Distributable
Earnings are reduced for realized losses on loans which include losses that
management believes are near certain to be realized.

The table below summarizes the reconciliation from net income available to
common stockholders to Distributable Earnings and Distributable Earnings prior
to realized gains (losses) and impairments on real estate owned and investments
($ in thousands):
                                       46
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                                                            Three months ended September 30,                  Nine months ended September 30,
                                                              2022                      2021                    2022                     2021
Net income available to common stockholders           $          179,962    

$57,266 $260,015 $176,522
Adjustments: stock-based compensation expense

                                  4,518                  4,405                    13,734                 13,149
Gain on foreign currency forwards                               (129,252)               (32,947)                 (257,227)               (39,653)
Foreign currency loss, net                                        92,782                 24,413                   210,138                 27,808
Unrealized loss (gain) on interest rate cap                       (1,044)                    75                   (10,808)                  (171)
Realized gains (losses) relating to interest income                2,908                   (219)                    8,020                 (1,558)
on foreign currency hedges, net
Realized gains relating to forward points on foreign               1,545                     63                     8,168                     75
currency hedges, net
Amortization of the convertible senior notes related                   -                    824                         -                  2,436
to equity reclassification
Depreciation and amortization on real estate owned                     -                  1,096                       704                  1,548

Release of current expected allowance for credit losses, net

                                                              (55,564)                (5,766)                  (37,897)               (36,590)
Realized (gains) losses and impairments on real                  (43,577)                     -                   (43,577)                20,550
estate owned and investments
Total adjustments:                                              (127,684)                (8,056)                 (108,745)               (12,406)
Distributable Earnings prior to realized gains
(losses) and impairments on real estate owned and     $           52,278    

$49,210 $151,270 $164,116
investments


Realized gains (losses) and impairments on real       $           43,577          $           -          $         43,577          $     (20,550)

land ownership and investments


Distributable Earnings                                $           95,855    

$49,210 $194,847 $143,566
Diluted distributable earnings per share before realized gains (losses) and write-downs on real dollars

             0.37          $        0.35          $           1.06          $        1.15
estate owned and investments
Diluted Distributable Earnings per share of common    $             0.67          $        0.35          $           1.36          $        1.01

Stock

Weighted-average diluted shares - Distributable              143,162,413            142,350,901               143,194,755            142,303,411
Earnings



Book Value Per Share

The table below calculates our book value per share ($ in thousands, except per
share data):
                                                     September 30, 2022           December 31, 2021
Stockholders' Equity                               $         2,407,685          $         2,294,626

   Series B-1 Preferred Stock (Liquidation
Preference)                                                   (169,260)                    (169,260)
Common Stockholders' Equity                        $         2,238,425          $         2,125,366
Common Stock                                               140,595,995                  139,894,060
Book value per share                               $             15.92          $             15.19

The table below shows the evolution of our book value per share:


                                                                          Book value per share
Book value per share at December 31, 2021                               $               15.19

General CECL Allowance                                                                   0.28

Book value per share at December 31, 2021 before CECL general provision and depreciation and amortization

                             $               15.47
Earnings in excess of dividends                                                          0.02
Realized gain on investments                                                             0.31
Net unrealized gain on currency and interest rate hedges                                 0.29
Reversal of Specific CECL Allowance                                                      0.18


                                       47
--------------------------------------------------------------------------------
Vesting and delivery of RSUs                                                       (0.12)
Adoption of ASU 2020-06                                                            (0.02)
Other                                                                              (0.01)

Book value per share at September 30, 2022 before CECL general provision and depreciation and amortization

                             $   

16.12

General CECL Allowance and depreciation and amortization                    

(0.20)

Book value per share at September 30, 2022                              $   

15.92




We believe that presenting book value per share with sub-totals prior to the
CECL Allowances and depreciation and amortization is useful for investors for
various reasons, including, among other things, analyzing our compliance with
financial covenants related to tangible net worth and debt-to-equity under our
secured debt arrangements and senior secured term loan, which permit us to add
the General CECL Allowance to our GAAP stockholders' equity. Given that our
lenders consider book value per share prior to the General CECL Allowance as an
important metric related to our debt covenants, we believe disclosing book value
per share prior to the General CECL Allowance is important to investors such
that they have the same visibility. We further believe that presenting book
value before depreciation and amortization is useful to investors since it is a
non-cash expense included in net income and is not representative of our core
business and ongoing operations.
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© Edgar Online, source Previews

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Consumer Financial Protection Bureau calls on institutional lenders to stop withholding transcripts | Thompson Coburn LLP https://disturbmedia.com/consumer-financial-protection-bureau-calls-on-institutional-lenders-to-stop-withholding-transcripts-thompson-coburn-llp/ Tue, 11 Oct 2022 22:24:20 +0000 https://disturbmedia.com/consumer-financial-protection-bureau-calls-on-institutional-lenders-to-stop-withholding-transcripts-thompson-coburn-llp/ The use of transcripts in higher education institutions as a debt collection tool has recently been the subject of much debate and scrutiny. Since suspending transcripts is one of the few levers institutions have to settle outstanding balances, institutions have long required that students be up to date with their financial obligations to access a […]]]>

The use of transcripts in higher education institutions as a debt collection tool has recently been the subject of much debate and scrutiny. Since suspending transcripts is one of the few levers institutions have to settle outstanding balances, institutions have long required that students be up to date with their financial obligations to access a transcript. Critics of the practice, however, argue that such withholdings can limit former students’ ability to transfer to new institutions, seek employment, or earn more advanced degrees, even for insignificant or minor debts.

At the state level, eight states – California, Colorado, Illinois, Louisiana, Maine, Minnesota, New York, Ohio and Washington – have passed laws prohibiting or restricting the use of transcripts. And several other states are currently considering similar legislation. At the federal level, transcripts have recently been the focus of the Consumer Financial Protection Bureau (the “CFPB”) and the US Department of Education (the “Department”), as noted below.

CFPB finds some transcript withholding policies violate federal law

The Dodd-Frank Wall Street Reform and Financial Consumer Protection Act (the “Act”) gives the CFPB the power to oversee non-banks that offer or provide loans to private education, including institutions of higher education. 12 USC §5514(a)(1)(D). The applicable definition of “private education loan” is found in Section 140 of the Truth in Lending Act or 15 USC §1650.

Using this authority, the CPFB began to examine internal institutional loan programs, including transcript retention practices, in January 2022. In late September, the CFPB issued a report concluding that “institutions have taken unreasonable advantage of the critical importance of official transcripts and institutions’ relationship with consumers”. The report goes on to explain that because transcripts may be necessary to pursue employment or future educational opportunities, “the consequences of withheld transcripts are often disproportionate to the amount of underlying debt.” , and that consumers with little or no bargaining power may be forced to pay miscalculated debts or give up job or education opportunities altogether.

Based on the report, the CFPB determined that the general transcript retention policies as part of a credit extension are “abusive” under the Act, and institutional lenders have been ordered to stop this practice. The report does not define the term “general policy” nor does it provide examples of policies that may meet or conflict with the Act.

For institutions under the authority of the CFPB, an extension of credit by an institution may include offering private education loans, deferred tuition products, or tuition payment plans. Federal student loans issued under Title IV of the Higher Education Act or overdue tuition or fees that are not part of an institutional credit extension are not covered by these guidelines.

Department considering regulatory action

Together with the CFPB, the Department has also recently indicated that it is willing to address the issue of backlogged transcripts. In December 2021, Secretary Cardona cited enrollment and transcripts are long-standing institutional policies that can “block the retention and completion of our most underserved students.”

The Department has given more thought to this issue in its most recent development of negotiated rules. As a member of Summary document on certification procedures, the Department proposed revising 34 CFR §668.14 to prevent institutions from being able to “withhold transcripts or take other adverse action against a student related to a balance owing by the student that results from… fraud or fault of the establishment or its staff.” According to Spring 2022 unified program of regulatory and deregulatory actionsthe Department is expected to publish a notice of proposed rulemaking on certification procedures in April 2023.

Take away food

Institutional loans are subject to a multitude of federal regulations and state laws, including consumer credit and consumer protection laws. Keeping abreast of these federal and state laws and administering an institutional student loan program in accordance with their complex requirements is a tall order. This is especially true when institutions operate campuses in multiple jurisdictions, have students who reside in multiple jurisdictions, or offer a variety of student financing options (eg, loans, payment plans, retail contracts). Compliance is essential, however, as the ramifications of non-compliance can be serious. Federal and state regulators have also made it clear that they intend to aggressively enforce the regulatory framework that applies to student funding opportunities offered by schools.

For an overview of some important federal requirements that higher education institutions should consider when considering an institutional loan program or any other student funding opportunity, institutions are encouraged to consult Thompson Coburn’s white paper: ” Institutional Loan Compliance Considerations.” We encourage institutions considering any form of student funding opportunity (even simple payment plans) to consult with an attorney and other qualified advisors to develop a compliance plan.

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Can you afford your dream home? Calculate your mortgage payment https://disturbmedia.com/can-you-afford-your-dream-home-calculate-your-mortgage-payment/ Wed, 05 Oct 2022 20:58:00 +0000 https://disturbmedia.com/can-you-afford-your-dream-home-calculate-your-mortgage-payment/ Some financial steps require a little advance planning. Among the greatest: becoming an owner. Buying a home is probably one of the most important purchases you will make in your life. First step in the home buying process: know the price of the house you can afford. How much does buying a house cost? Home […]]]>

Some financial steps require a little advance planning. Among the greatest: becoming an owner. Buying a home is probably one of the most important purchases you will make in your life.

First step in the home buying process: know the price of the house you can afford.

How much does buying a house cost?

Home prices have risen 43% since the start of the pandemic. And in the second quarter of 2022, median home prices were $440,300, according to the Fed. Mortgage rates also hit a new record high of 6%. It’s the highest they’ve been since 2008.

Price growth is expected to slow over the next year, but these numbers can still seem daunting to potential buyers, especially when these numbers don’t take into account all of the up-front and hidden costs of buying a home.

3 Upfront Costs to Consider When Buying a Home

The listed price of a house does not tell the whole story. When preparing to buy a house, you will have to cover several costs before getting the keys. And while there are ways to save on these costs, you’ll need to take a close look at your budget early in your search to ensure you have what you need to process and complete your home purchase.

  1. Advance payment: It’s a percentage of the selling price of your home that you don’t finance. Most lenders require you to put down, but knowing exactly how much will depend on the type of mortgage you have. Some government-backed mortgages won’t require you to deposit any money. “Some lenders may require a 20% down payment, while others only require 3% of the purchase price of the home,” says Shelby McDaniels, director of the Corporate Home Lending channel at Chase Bank.
  1. Deposit money: This is an amount paid to the seller as a “good faith” down payment and is a buyer’s way of showing a seller that they are serious about buying the home. In many cases, earnest money deposits can then be used as credit for down payments and closing costs.
  1. Closing costs: Usually 2% to 5% of the listed house price, closing costs cover the processing of your mortgage. This helps cover the cost of lender fees, inspection fees, title insurance, and appraisals. “While there’s no way a buyer can completely avoid paying these fees, there are ways homeowners can save on them,” McDaniels says. “Some banks offer buyers assistance with their closing costs if they use the bank to finance their purchase.”

How much house can you afford?

Once you’ve calculated your upfront costs, knowing how that overall purchase price translates to your monthly mortgage payment will give you a better idea of ​​what you can comfortably manage. Here’s a closer look at some of the key factors lenders assess when determining how much home you can afford and how to work out the numbers yourself.

Get pre-approved: This will tell you how much you are eligible to borrow to buy your home. Lenders will ask you to provide proof of income, employment verification, proof of assets, your credit report and supporting ID to start the pre-approval process.

Once you know how much you are allowed to borrow, you should use that as a benchmark to help you figure out how much you can afford each month. “The best way to make sure you’re buying within your means is to be fully pre-approved before you start your home search,” says Kristen D. Conti, broker and owner at Peacock Premiere Properties. “Today a borrower can be fully underwritten to the point that it is almost as good as cash, making their offer much more competitive.”

Calculate your debt to equity ratio (DTI): This number measures how much you pay each month for your debts compared to your disposable income. Add up all your monthly debt payments, such as your car payment, student loan payment, and credit card payments. Then, divide that total by your gross monthly income to get your DTI.

The lower your DTI, the better your chances of being approved for a loan. Most lenders prefer a DTI below 36% – anything higher could raise concerns about how well you’ll be able to handle new debt. It can also give you a better idea if it’s a good time to buy or if you should wait until you’ve paid down your debt balance before buying a home.

Calculate your front-end ratio: Your monthly housing costs divided by your monthly income is called your initial ratio. Lenders prefer that your monthly housing costs not exceed 28% of your monthly income. However, there are slightly higher thresholds for government guaranteed loans which require your monthly housing costs not to exceed 31% of your monthly income. “It’s important to write down every dollar you spend collectively for 90 days. This exercise can be very tedious, but it is also extremely useful in ensuring that you are fully prepared for home ownership,” says Conti.

Consider your annual income: This includes your salary and any additional income from side businesses or investments.

Check your credit score: Your credit score will play a role in determining your interest rate and loan terms. You can check yours by visiting a free credit scoring site like Credit Karma or Experian. Your credit card issuer may also offer free credit scores when you log into your account online or on your monthly statement.

An example: Housing affordability — in numbers

Here’s what calculating how much house you can afford might look like in practice:

Let’s say Joe wants to buy a house in Austin, Texas, where the median home price is $172,000. He proposes to save 20% of this median price for his down payment. Here is his financial profile:

• Credit score: 705 (range of 700 to 719 in our calculator)

• Annual income: $80,000

• Zip code: 73301

• Average monthly debt payments (utilities, credit cards, etc.): $500

Based on these numbers, Joe could afford to buy a $279,000 home with a 12% down payment, or about $34,000. However, most lenders prefer a down payment equal to 20% of the purchase price of the home, and in some cases some loans may require this.

Making a 12% down payment could mean higher monthly mortgage payments or it could potentially lower your chances of approval if the lender feels you’re not in the best financial position to make your payments. If you are approved, you may need to purchase private mortgage insurance to help your lender reduce the risk they take in lending you money if you put less money up front.

Given this, it would be safer for Joe to look for homes under $180,000 so he could afford to put down a bigger down payment up front. You can use the calculator below to see how much house you can afford.

Other costs to consider

Along with the upfront costs and the monthly payment you’ll be responsible for, home ownership comes with a variety of new expenses that you’ll need to budget for when calculating how much you can afford to pay on your mortgage each month.

A few costs you might want to consider budgeting for:

  • HOA fees: Depending on where your home is located, you may have to pay a monthly fee to your homeowners association for community maintenance.
  • Insurance costs: Home insurance is often required by lenders and is an ongoing cost if you hope to protect your home in an emergency.
  • Property taxes: Each homeowner is responsible for paying taxes on their property based on the value of their home and the tax rate of the county where the home is located.

“You should give yourself a large affordability cushion because there are many hidden costs and unforeseen repairs with owning a home,” says Ruth Shin, founder and CEO of PropertyNest. She suggests factoring in the costs of unexpected repairs, monthly utilities, improvements you plan to make, landscaping, and year-round maintenance.

The take-out sale

When it comes to home ownership, half the battle is getting your bank account ready to make the purchase. Once you’ve figured out how much you’ll need to cover your costs until closing day, knowing how much you can afford to pay for your monthly mortgage will ensure that becoming a homeowner doesn’t hurt your ability to achieve the rest of your life. your financial goals.

EDITORIAL DISCLOSURE: Any advice, opinions, or rankings contained in this article are solely those of Fortune Recommends™ editorial team. This content has not been reviewed or endorsed by any of our affiliate partners or other third parties.

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Keep an eye on your title https://disturbmedia.com/keep-an-eye-on-your-title/ Fri, 23 Sep 2022 23:27:19 +0000 https://disturbmedia.com/keep-an-eye-on-your-title/ Identity theft is no longer about protecting your mail, credit cards and bank account. Bad actors evolved in their betrayal and moved on to property theft through title fraud. With a few forged documents, scammers can meet County Recorder requirements, altering title and effectively stealing property rights. You may be wondering how this type of […]]]>

Identity theft is no longer about protecting your mail, credit cards and bank account. Bad actors evolved in their betrayal and moved on to property theft through title fraud. With a few forged documents, scammers can meet County Recorder requirements, altering title and effectively stealing property rights.

You may be wondering how this type of fraud was possible. Fraudsters create forged title deeds and file them with the county registrar’s office. Until recently, many of these crimes went undiscovered until the homeowner had a reason to check the title when refinancing or selling their home.

The District Attorney’s Office combats this type of fraud with a dedicated team of prosecutors and investigators who work in conjunction with the Assessor/Records Officer/County Clerk’s Office to bring fraudsters to justice. However, often the harm to the victims has already been done.

The San Diego County Assessor/Recorder/Clerk has launched a system that will protect property owners through a registration notification service, free to all members of the public. Consumers can register online to receive an email alert within 48 hours whenever a document is registered at a registered property. Owners can register up to five names and five Assessor Package Numbers (APNs). This service will allow consumers to get ahead of fraudsters before they have had a chance to cause actual damage to a property.

Until recently, there was no system in place to notify the rightful owner that the title had been stolen. This has given scammers valuable time to secure loans using the property as collateral or when the property is vacant, set up tenants and even sell the house to an unsuspecting buyer.

Consumers can register online by visiting the San Diego County Assessor/Recorder/County Clerk website at: https://arccprn.sandiegocounty.gov/ Here are some tips for avoiding title fraud:

  • Sign up for the registration notification system
  • Search the county’s official index for documents previously recorded under your name and ownership.
  • Be careful with online signing apps such as Docusign – read the entire document to make sure it’s the correct contract and keep a copy of the signed version.
  • If you have a vacant second home or home, check it regularly to make sure there are no squatters, unwanted tenants or fraudsters trying to occupy the home – it can be as simple as install an internet webcam at home.
  • Make sure your property tax bill is paid on time and in your name.
  • Make sure all your utilities are paid on time and are in your name.
  • Continue to take steps to protect yourself against basic identity theft. If you believe you have been the victim of title fraud, report the incident to a local police department or request a real estate fraud complaint form from the San Diego District Attorney at realestatefraudcomplaints@sdcda.org .

For more information, please visit our website at https://www.sdcda.org/preventing/real-estate-fraud/. As district attorney, I am committed to increasing communication and accessibility between the district attorney’s office and the public. I hope these safety tips for consumers and the public have been useful to you.

Keep an eye on your title



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Candente Copper appoints Steven Latimer and Jeremy Meynert as administrators and arranges $1 million loan https://disturbmedia.com/candente-copper-appoints-steven-latimer-and-jeremy-meynert-as-administrators-and-arranges-1-million-loan/ Thu, 22 Sep 2022 12:00:00 +0000 https://disturbmedia.com/candente-copper-appoints-steven-latimer-and-jeremy-meynert-as-administrators-and-arranges-1-million-loan/ Candente Copper Corp. VANCOUVER, British Columbia, Sept. 22, 2022 (GLOBE NEWSWIRE) — Candente Copper Corp. (TSX: DNT, BVL: DNT) (“Candente Copper” or the “Company”) is pleased to announce that it has appointed Steven Latimer and Jeremy Meynert as directors of the Company, and has entered into a loan agreement with Nascent Exploration Pty Ltd (“Nascent”), […]]]>

Candente Copper Corp.

VANCOUVER, British Columbia, Sept. 22, 2022 (GLOBE NEWSWIRE) — Candente Copper Corp. (TSX: DNT, BVL: DNT) (“Candente Copper” or the “Company”) is pleased to announce that it has appointed Steven Latimer and Jeremy Meynert as directors of the Company, and has entered into a loan agreement with Nascent Exploration Pty Ltd (“Nascent”), a wholly owned subsidiary of Fortescue Metals Group Limited (“Fortescue”) for a loan (the “Loan”) in the aggregate principal amount of $1,000,000 for a term of 12 months at an interest rate of 10% to be repaid at maturity.

Giulio T. Bonifacio, Executive Chairman of Candente Copper, said, “I am very pleased to announce the appointments of Steven Latimer and Jeremy Meynert to the Candente Copper Board of Directors. Their collective capital markets experience in mining and their track record of value creation will contribute significantly to the future success of Candente Copper. Additionally, the loan from Fortescue, Candente Copper’s largest shareholder, demonstrates its continued support while providing the company with working capital as we evaluate various opportunities to advance the Cañariaco copper project by advancing studies. engineering and environmental studies and drilling more, which will lead to the publication of a feasibility study.”

Steven Latimer

Mr. Latimer is Managing Director and Head of Americas for Bacchus Capital Advisers, an independent investment bank specializing in the natural resources sector, based in London. Mr. Latimer has over 30 years of experience as a leading global M&A advisor and has led numerous financings for mining companies, with a focus on mining and developing copper companies. development operating in the Americas.

Mr. Latimer previously served as Managing Director and Head of Canadian Investment Banking for Jefferies and served as a Director and President of Jefferies Securities, Inc. Prior to Jefferies, Mr. Latimer was responsible for the Investment Banking practice in metals and mining from Credit Suisse.

Mr. Latimer holds the Director designation from the Institute of Corporate Directors (ICD.D), received his MBA from the Kellogg Graduate School of Management at Northwestern University and his HBA from the University of Western Ontario. . In addition, Mr. Latimer is a CFA charter holder.

Jeremy Meynert

Mr. Meynert is responsible for business development at Fortescue. In this role, he is responsible for Fortescue’s transactional business development activities, including managing Fortescue’s investment portfolio of publicly traded mining companies and structuring investment transactions.

Mr. Meynert was previously Head of Business Development and Investor Relations at Resolute Mining Limited, where he was responsible for corporate strategy, transactional business development, financing, external relations and communications. Previously, Meynert was Vice President of Metals and Mining Investment Banking at Citigroup, based in London and Australia.

Mr. Meynert holds a Masters in Mining Engineering (Excellence), a Bachelor of Laws (Distinction), a Bachelor of Commerce (First Class Honours) and is admitted to practice as a lawyer.

A loan

The loan constitutes a “related party transaction” for the purposes of the 61-101 Multilateral Instrument Protection of holders of minority securities in special transactions (“MI 61-101”), as Fortescue (through Nascent) owns more than 10% of the outstanding common shares of the Company. The Company is relying on exemptions from the formal valuation and minority shareholder approval requirements under NI 61-101 in respect of the Loan, relying on Sections 5.5(a) and 5.7(1) (a) of NI 61-101, respectively, since the fair market value of the loan does not exceed 25% of the market capitalization of the Company determined in accordance with NI 61-101. The board of directors of the Company has approved the loan, and no materially contrary views or abstentions have been expressed or expressed by any director of the Company in this regard. The loan remains subject to the approval of the Toronto Stock Exchange.

About Candente Copper
The Company’s flagship project is the Cañariaco copper project, within which Cañariaco Norte is located, on the 10e largest late-stage copper resource in the world and 5e highest in rank (RFC Ambrian, December 2021 and Haywood, December 2021). In addition to Cañariaco Norte, the Cañariaco copper project includes the Cañariaco Sur deposit and the Quebrada Verde prospect, all in a NE-SW direction of 4 km in the prolific mining district of northern Peru.

The Company is very pleased to have Cañariaco Norte included in four research reports that compare various global copper projects. Ambrian RFC: Cañariaco Norte in the top 10 of 23 projects likely to involve third-party mergers and acquisitions (December 2021); Haywood: Cañariaco Norte is one of 18 assets selected as likely to be considered by majors seeking to acquire (December 2021); German Bank: Cañariaco Norte identified as one of three projects needed to close the next gap between copper supply and demand (February 2021); Goldman Sachs: Cañariaco Norte has identified the copper incentive price in the lowest quartile of the 84 major copper projects in the world (October 2018).

Caution Regarding Forward-Looking Statements

This press release contains forward-looking information within the meaning of Canadian securities laws (“forward-looking statements”). Forward-looking statements are generally identified by words such as: believe, expect, anticipate, intend, estimate, plan, assume and similar expressions, or are those which by their nature refer to events future. All statements that are not statements of historical fact are forward-looking statements, including, but not limited to, statements regarding the progress of the Loan and the acceptance thereof by the TSX. These forward-looking statements are made as of the date of this press release. Although the Company believes that the forward-looking statements contained in this press release are reasonable, it cannot guarantee that the expectations and assumptions contained in these statements will prove to be correct. The Company cautions investors that the Company’s forward-looking statements are not guarantees of future results or performance and are subject to risks, uncertainties, assumptions and other factors that could cause events or results differ materially from those expressed or implied by such forward-looking statements. These factors and assumptions include, among others, obtaining regulatory approvals, changes in market conditions; metal prices; other prices and costs; exchange rate; the ability of the Company to obtain all permits, consents or authorizations necessary for its activities; the Company’s ability to access additional financing and to produce minerals from its properties successfully or profitably, to continue its anticipated growth or to be fully able to implement its business strategies. In addition, there are known and unknown risk factors that could cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements.

Known risk factors include risks associated with exploration and project development; the need for additional funding; calculation of mineral resources; operational risks associated with mining and mineral processing; metal price fluctuations; the title matters; government regulations; obtain and renew necessary licenses and permits; environmental liability and insurance; reliance on key personnel; local community opposition; currency fluctuations; labor disputes; competition; dilution; volatility in the price and volume of our common stock; future sales of shares by existing shareholders; and other risk factors described in the Company’s Annual Information Form and in other documents filed with Canadian securities regulators, which may be viewed at www.sedar.com. Although we have attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in the forward-looking statements, there may be other factors that cause actual actions, events or results are not those anticipated, estimated or intended. . There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. We undertake no obligation to update or change any forward-looking statements, except as required by applicable securities laws.

On behalf of the Board of Directors of Candente Copper Corp.

Giulio T. BonifacioExecutive Chairman

For more information, please contact:
Giulio T. Bonifacio
gtbonifacio@candente.com
+1 604 318-6760

info@candentecopper.com
www.candentecopper.com

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Three Reasons to Keep an Eye on Renters (2022) https://disturbmedia.com/three-reasons-to-keep-an-eye-on-renters-2022/ Tue, 20 Sep 2022 13:37:19 +0000 https://disturbmedia.com/three-reasons-to-keep-an-eye-on-renters-2022/ Everyone’s gaming adventure started somewhere. For many players born in the 1990s, this journey was initiated and stimulated by The Sims, Sim City and miscellaneous Magnate securities. Something about being a cat with ultimate fishbowl power spoke to gamers back then and continues to do well in the 2020s. Beyond expectation, the simulation genre still […]]]>

Everyone’s gaming adventure started somewhere. For many players born in the 1990s, this journey was initiated and stimulated by The Sims, Sim City and miscellaneous Magnate securities. Something about being a cat with ultimate fishbowl power spoke to gamers back then and continues to do well in the 2020s. Beyond expectation, the simulation genre still brings new ideas and concepts to players, even when it seems impossible. A quick Google searching reveals titles like “lawn mower simulator“, “grandma simulator“, “goat simulator“, and “house pinball“, further emphasizing the fact that the simulation genre is one where no stone is left unturned.

The tenants is yet another entry in the genre and is a game about being an interior designer, real estate agent, exterminator, therapist, and landlord all rolled into one while receiving no salary. The game is a mix of The Sims in its approach to construction and design, a Magnate game in its approach to managing finances, and City Sim by being constantly on the lookout for natural disasters and the ever-changing needs of tenants. Although The tenants is still an early access title, its core concept is thrilling and engaging, even with a few hiccups along the way.


Let’s turn this house into a house

The first mechanic players will encounter while playing The tenants is something that will make or break the game for many, an interior design system that looks a lot like The Sims in its execution. At the start of the game, interior design jobs are straightforward. Players will take on jobs where tenants want their bathroom redone to fit a particular aesthetic or perhaps want to add an entire room type to their home. Although this system starts out raw, it becomes quite a robust system over time.

As the game progresses and a fuller range of items are unlocked, players can take on jobs with more complex and creative demands that require careful planning and budgeting. There are limitations to the design system in The tenants, however, players never have enough freedom to construct their own buildings and instead must content themselves with adding new walls, doors, and decorations.

However, for everything this system lacks, it makes up for it by tying into the other gameplay mechanics and constantly expanding as players play, making the ever-increasing options well-deserved.


I will need a bank statement and your last three pay checks please

meat and potatoes The tenants, and where the game stands out is in the financial aspect of the gameplay. The basic concept is about as simple as it gets: play the game, earn capital, invest in more properties, and slowly but surely climb the social ladder of homeownership. However, as with real finances, it’s almost never that simple.

Throughout the game, players must balance the need for a high-interest loan from the bank with juggling utilities, brokerage fees, and acquisition costs, among other things. Along with this, there is also a system where tenants and players will constantly renegotiate rent, trying to find the balance between making a profit and being affordable.

The game also has a built-in financial tracker, which is surprisingly deep for “casual” style play and elevates the financial aspects. Using the tracker, players can view detailed reports on the financial health of each of their properties and view the credit score of their tenants. Using this information, players can track changes in property values ​​over time and create a long-term tenant profile.


A homeowner’s job is never done

Aside from the interior design part of the game and financial management, the final core mechanic bringing everything together is enjoyable for people. During the game, tenants will encounter all sorts of problems and problems, from insect and rodent infestations, faulty appliances and burst pipes to natural disasters, such as earthquakes.

In addition to managing and implementing solutions to problems that constantly arise, certain situations require you to stay on top of your tenant’s ever-changing whims. Whether it’s responding to requests for general home upgrades or installing better internet, tenants will always have something for gamers to do.

Constantly managing tenants and keeping them happy adds a lot of variety and excitement to what would otherwise be downtime in the game. None of these tasks are incredibly taxing, but they are entertaining and offer an almost ” mini-gameesque”.

Tasks can be completed in a variety of ways, most often by sending a handy dandy uncle or by spending money and hiring professionals. Whatever solution is implemented, it must happen quickly before unqualified tenants get tired of waiting and tackle the problem themselves, resulting in greater damage and higher costs.


The tenants is, in a word, “unique”, with few other games offering a similar blend of gameplay. The game features some rather complex concepts in a way that never feels overwhelming, and the included financial tracking elevates the game with an educational flare.

Globally The tenants is an engaging, if somewhat unrealistic, landlord simulator and a great way to spend a few hours living the life of a real estate tycoon. It’s worth keeping how much The tenants is still an Early Access title, a status it holds for good reason.

While the basics are solid, there are definite improvements to be made and more than a few creases to iron out. However, if the developers continue to work, The tenants promises to be an excellent economic management simulation game.

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How much are closing costs for a home (and who pays for them)? https://disturbmedia.com/how-much-are-closing-costs-for-a-home-and-who-pays-for-them/ Sun, 18 Sep 2022 01:50:36 +0000 https://disturbmedia.com/how-much-are-closing-costs-for-a-home-and-who-pays-for-them/ When you finance a house With a mortgage, your down payment isn’t the only amount of money you need to put down upfront. You’ll also have to pay closing costs, including loan and attorney fees, and other expenses. If you’re a first-time home buyer, knowing how to get a loan isn’t enough to prepare you […]]]>

When you finance a house With a mortgage, your down payment isn’t the only amount of money you need to put down upfront. You’ll also have to pay closing costs, including loan and attorney fees, and other expenses.

If you’re a first-time home buyer, knowing how to get a loan isn’t enough to prepare you for closing costs, which can be confusing and overwhelming. Here’s what you need to know about closing costs, including how much they cost and who pays them.

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What are closing costs?

Closing costs refer to the various fees that come with buying a home. These can include loan application and origination fees, as well as home appraisal and inspection fees. You will also likely have to pay title and attorney fees and a few months of property taxes and home insurance up front. Your lender will give you an estimate of your closing costs before finalizing the loan.

Homebuyers are responsible for many of these closing costs, but sellers must cover some of them as well. It may be possible to negotiate for the seller to cover a larger proportion of the closing costs, although this is less common in a competitive market.

How much are closing costs?

Closing costs typically range from 3% to 6% of your total mortgage amount. For example, if you borrow a $300,000 mortgage, you can expect to pay between $9,000 and $18,000 in closing costs.

According to ClosingCorp, a provider of residential real estate closing cost data, these states (and Washington, DC) had the highest and lowest average closing costs in 2021. Note that taxes are included.

Top 5 States With The Highest Closing Costs (2021)

Top 5 States With Lowest Closing Costs (2021)

Taxes can make a big difference in these estimates. In Washington, DC, for example, the average closing cost without taxes is just $6,502, more than $23,000 less than the average cost with taxes included.

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What is included in closing costs?

Here are some of the most common mortgage closing costs that come with buying a home.

Registration fees

Some lenders charge borrowers a fee to process their loan application. These fees vary but can be $500 or less. It may include a credit report fee to check your credit score, which is usually around $25.

Assembly costs

Lenders also often charge a fee for preparing documents or working with a notary or attorney. A loan origination fee could cost around 1% of your mortgage amount. So if you borrow $200,000, you can expect to pay an origination fee of $2,000.

Interest paid in advance

Some lenders require you to prepay interest up front to cover fees that accrue between closing and your first monthly mortgage payment. The amount will depend on your interest rate and loan amount.

Points Reduction Rate

If you want to reduce your interest rate, you may be able to pay discount points upfront. Lowering your rate by one point will usually cost you 1% of your loan amount. This means that if you borrow $200,000, it would cost $2,000 to lower your rate by 1%. Whether or not buying Rebate Points is worth it is one of the questions to ask your lender.

Mortgage insurance

If your down payment is less than 20% on a conventional loan, you will need to pay for private mortgage insurance (PMI). PMI is a monthly charge, but you may need to cover the first month’s mortgage insurance premium when you close. Expect to pay around $30-70 per month for every $100,000 you borrow.

USDA, VA, and FHA Loan Fees

Government-sponsored loans can help you buy a home with little (or no) down payment. However, each loan program comes with guarantees or financing fees that you will have to pay at closing.

For a USDA loan, your finance charge will be 1% of your loan amount. Financing fees for VA loans range from 1.4% to 3.6%, depending on the amount of your down payment and if this is your first time using a VA loan. Finally, FHA loans come with a finance charge of 1.75%.

Assessment fees

Before you can close on a home, your lender must send a professional appraiser to determine the value of the property. If the value is less than the agreed purchase price of the home, you will have to renegotiate or cover the difference. Assessment fees vary, but can cost between $300 and $600.

Lawyer’s fees

Some states require you to hire an attorney to close a home. Your lawyer will be present at the closing and will coordinate the documents you need for the transfer of title. Fees vary depending on where you live and the number of hours the real estate attorney works for you, but generally ranges from $500 to $1,500.

Title search fees

Although costs vary, you can also expect to pay between $200 and $400 for a title search, which ensures that the seller truly owns their home and has no liens, bankruptcies or unpaid tax arrears preventing the sale. . The title search can be done by your real estate attorney or a title insurance company.

home insurance

Many lenders require you to purchase homeowners insurance before closing. This insurance protects the property in the event of damage or vandalism. You often have to prepay a year’s worth of insurance premiums, which you can estimate at $35 per month for every $100,000 of home value. So if your home is valued at $300,000, you’ll pay about $1,260 at closing, which will go into an escrow fund.

Property taxes

You may have to pay between two months and a full year of property taxes up front. The cost will vary depending on your location and the value of your home. You can usually find historical property tax information on a real estate listing site.

According to a 2022 analysis by WalletHub based on US Census Bureau data, the average American pays $2,471 in property taxes each year. If you were to cover two months of property taxes up front, that would equate to about $412.

Homeowners Association Transfer Fee

If you are buying a home that is owned by a homeowners association (HOA), you may have to pay a fee to transfer the seller’s membership to you. This amount varies and is sometimes covered by the seller.

Escrow Fund

Some of the closing costs you pay will go into escrow as a reserve fund. Your lender can tap into your escrow account to make payments on your behalf. You will often put a number of months of expenses in escrow at closing to cover property taxes, home insurance, PMI, and other premiums. Escrow fees can cost between $300 and $700 or more and are usually based on your loan amount or purchase price.

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Who pays the closing costs?

Buyers are responsible for most of the closing costs mentioned above, but sellers must also cover certain costs. Here are some closing costs for sellers:

  • Escrow Fees: Sometimes sellers cover half the amount it costs to use an escrow account. As mentioned, these fees often range between $300 and $700, but may be higher depending on the amount of your loan or the purchase price of the home.

  • Realtor commission: If you’re selling a home, you’ll usually pay a commission to your seller’s agent and the buyer’s agent. This often costs between 5% and 6% of the sale of the house.

  • Transfer taxes : Most states charge a tax to transfer property from seller to buyer. These charges are usually based on the purchase price or estimated value and may be covered by the seller, the buyer, or both.

  • Title insurance: This insurance protects the seller and lender against any title issues, such as someone else claiming rights to the property. This could cost 0.5% to 1% of the home loan.

  • Lawyer’s fees: Sellers usually only cover this cost if they hire their own lawyer to close.

If the market is slow, a seller may also offer to help pay some of the buyer’s closing costs. These closing credits, also known as seller’s concessions, will form part of the sales contract.

FAQs

What are closing documents?

Closing a house involves signing many documents. Here are some of the closing documents you will likely encounter at the closing table:

  • Final disclosure: This describes all the terms and conditions of your loan. Lenders are legally required to provide this disclosure at least three business days before closing.

  • Loan estimate: This covers your mortgage terms, payments, interest rate and closing costs.

  • Loan request: You will receive a copy of your initial mortgage application to review and sign. Tell your lender if there have been any significant changes since you first filled it out.

  • Deed of trust: This secures your mortgage with your home as collateral. If you don’t pay off your mortgage, the bank can foreclose on your house.

  • Title documents: These documents guarantee that the property is in order and ready to be sold.

  • Proof of home insurance: Your insurance company must provide your lender with proof of your insurance.

Can closing costs be included in a loan?

While you can build closing costs into your loan when you refinance a mortgage, you usually can’t when buying a new home. However, it may be possible to get the lender to cover closing costs in exchange for a higher interest rate on your mortgage.

Be careful when exercising this option, however, as increasing your interest rate will result in higher monthly payments and interest charges. It may be better to cover closing costs up front than to increase the interest rate on your mortgage.

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At the end of the line

Your specific closing costs will vary depending on your loan amount, the value of your home, and state taxes and laws. In a slow market, you might also be able to negotiate with the seller to cover some of your costs.

Your lender will send you a closing disclosure and loan estimate at least three days before closing so you know what to expect before you sign the paperwork. An experienced and reliable lender can also help the process run smoothly while offering competitive mortgage rates.

If you are just beginning the home buying process, check out our recommendations for the best mortgage lenders.

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This article How much are closing costs for a home (and who pays for them)? originally appeared on FinanceBuzz.

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