National Bank of the Virgin Islands’ Post

Do you have a dream you're saving for down the road? With a Certificate of Deposit (CD), you can keep your money protected and earn interest! This type of savings account gives you a fixed interest rate for a specified period of time. Typically, during this time, you cannot withdraw money without paying a penalty fee. For this reason, CDs are best used if you want to set aside money for a future purchase or investment and aren't planning on touching that money in the interim. A CD with FFBKC is high-interest-earning with no fees and automatic renewal options. Learn more or get started today: https://lnkd.in/g_GZ4ZFN #ffbkc #certificateofdeposit #cd #saving #savingstip #savingsaccount #investing

Found a great value add property but the bank is telling you need more money down due to under market rents? At CGM we have options for less than 1:1 DSCR and no DSCR. Let's have a conversation to weigh all of your options! #Commerciallending #GGM #Multifamily

When applying for a loan, your credit score is one of the factors that will determine your interest rate. A poor score can cost you thousands of dollars. Another reason to check your score is to look for errors on your credit report. You can do both of these, and so much more, by signing up for Credit Score at https://bit.ly/3y9tQvP. This is another free benefit that PFCU provides to all its members. #mypfcu

Share certificates (CDs) are termed accounts that help members maximize their savings! Keep your deposit in a 9-month CD for the full duration, and earn 4.75% APR and 4.85% APY! - *APY is Annual Percentage Yield. APR is Annual Percentage Rate. $500.00 minimum balance to open. The deposit must be in cash or come from a different financial institution. Rates effective as of 7/25/2024 and subject to change at any time. Penalties apply for early withdrawal. Fees can reduce the earnings on the account. - #OCFCU #oswegony #credituniondifference #sharecertificates #bettermoneyhabits

The ease of securing loans and credit through RCBC has significantly accelerated access to empowering financial tools for many. Today, financial inclusion has democratized opportunities, allowing anyone to benefit. With Pasado Loans, the approval process takes only minutes instead of days. https://lnkd.in/g9KWDHfP RCBC RCBC DiskarTech #GoForMore #digitallending

An interesting read.. Whether undertakings made by a SRA in a Resolution Plan to pay the stakeholders of the CD in CIRP be equated with a financial debt u/s 5(8) of the Code? In the case of ICICI Prudential Real Estate AIF v. Nandi Vardhan Infrastructure Ltd, the CD who is SRA, failed to make payments by the terms agreed in the resolution plan and the FC initiated CIRP against it. CD submitted that disbursement is an indispensable requirement to constitute a financial debt, since there is no disbursement for the time value of money, there is no debt. The FC contended that the definition of financial debt is inclusive, very wide, and even if there is no time value of money, such debt is a financial debt. It was held that an undertaking or promise made by SRA under the resolution plan, if not fulfilled is not a default of a financial debt nor the so-called obligation to pay to FCs by SRA be treated as a financial debt u/s 5(8). It held that SRA has to either pay the creditor or infuse money in CD for its revival and hence such obligation cannot be equated as Financial debt, so Sec 7 cannot be initiated. Case No: CP(IB) 276 MB 2023 Important Para: ¶23, ¶24 Attaching copy for reference.  #ibc #financialdebt #sra #resolutionplan #fc #cirp 

HMDA requires that financial institutions report the Action Taken Date on their HMDA-LAR. So, for example, the date the loan was originated, the date the application was denied, etc. While that seems pretty clear and likely difficult to mess up, there are certain instances where a financial institution could get this wrong. For instance, the Regulation allows some flexibility in that either the loan closing date or the date of initial disbursement (for a rescindable loan) may be used. Our recommendation is to always us the loan closing date and here’s why: The Commentary to §1003.4(a)(8)(ii) #5 states…Notwithstanding this flexibility regarding the use of the closing or account opening date in connection with reporting the date action was taken, the institution must report the origination as occurring in the year in which the origination goes to closing or the account is opened. In other words, if your institution opts to use the disbursement date that’s perfectly acceptable; however, if you have a loan that closes in one year and the funds are disbursed in another year, you MUST use the date the loan closed. While these instances may be few and far between, always using the loan closing date will ensure you report the correct date. David Dickinson explains more in the video. Ready to learn more? JOIN US on May 14, 2024, for our webinar, “HMDA Action Taken”. Register here - https://lnkd.in/eTXA9z-X Featured topics include: • HMDA vs. ECOA: Things Are Not Always As They Appear! • What are Customary Commitment or Closing Conditions? • What are Underwriting or Creditworthiness Conditions? • The Differences Between Approved Not Accepted, Denied, Withdrawn & Closed for Incompleteness • Purchased Loans & Preapprovals • Action Taken Dates • Your Questions, Plain English Answers & Much More! #HMDA #ECOA #Lending #Bankers #CreditUnions https://bit.ly/4cUbUVI

For the quarter ended December 31st, 2023, First Citizens Group Financial Holdings (FCGFH):- 1. Recorded an 18.8% increase in profit after tax 2. NII and Other Income improved by 22.9% and 6.2% respectively 3. At the price of $49.00, FCGFH's trailing P/E is 15.2 times 4. JMMB maintains its rating on FCGFH at MARKETPERFORM with a revised target price of $55.16. 5. The target price is based on the positive financial performance for the Group as consumer lending shows signs of recovery.

As long as I've been in this industry, there has been a presumption that Brokered loans are inherently riskier. And there are real-life implications based on this assumption. FHFA has a 15 BPS surcharge for every TPO loan. Brokers do not have access to most State-level DPA programs, to name a few. ...but is it true? We wanted to find out. So, we commissioned an independent 3rd party data company to dig through HMDA data and discover the truth of the matter. Over the next 6 weeks, we will be releasing the results of this study, and here is a blurred version of the first one. Want to see an unblurred version? Head over to the BAC FB group to check it out. https://lnkd.in/eKuQq-_U Katie Sweeney

Our special Leap Year CD rates start Thursday, February 29 and are valid only through March 2, 2024. Use our calculator to find out how much interest you can earn at www.mct.bank/cd ➡️ 5 Months: 4.75% APY*†, no new money required, $5,000 minimum deposit required. OR ➡️ 5 Months: 5.00% APY*††, $10,000 new money required. See image or visit www.mct.bank/cd for details. These promotional rates are valid only from February 29 through March 2, 2024. * APY = Annual Percentage Yield. † Minimum of $5,000.00 is required to obtain the APY. †† New Money is defined as funds not currently on deposit at MCT. Minimum of $10,000.00 in new money is required to obtain the APY. A penalty may be imposed for early withdrawal. Mauch Chunk Trust Company, Member FDIC. #LeapYear2024 #LeapYear