1/04/2017

TransUnion Equifax OWE YOU Money

Santa Slaps the CREDIT COPS


A day after CFBP announced that TransUnion would have to pay  seventeen million dollars in fines for deceptive advertising, the CFPB announces: now Equifax, another credit reporting agency is also being crushed in the wallet. Richard Cordray is surely paying his own salary here. Not that anyone feels sorry for the credit cops who preyed upon American Consumers touting their services of credit reporting are accurate, fair and useful. Credit cops TransUnion Equifax and others charge huge fees to mortgage lenders and consumers for their mathematical models which are flawed.

It's easy for business to hate The Consumer Financial Protection Bureau (CFPB). It will be near to impossible for Trump to dismantle the strong arm, as they are funded by fining. CFBP is perhaps one of the most profitable entities in Washington D.C. EASIER NOW for consumers to realize the Credit Cops lied, and cheated consumers
TransUnion Equifax and (Experian not yet named) and their subsidiaries and affiliated- those pesky credit karma, free credit report crap that get your credit card and bill consumers until the cows come home. deceiving consumers about the usefulness and actual cost of credit scores they sold to consumers. Credit cops lure consumers into costly recurring payments for credit-related products with lies, misrepresentation and fear. CFPB orders TransUnion and Equifax now advertise the true value of the credit scores they provide and the cost of obtaining those credit scores and other services. Line up for your eleven dollar check from TransUnion and Equifax. Credit cops must pay $17.6 million in restitution to consumers, and fines totaling $5.5 million to the CFPB.
“TransUnion and Equifax deceived consumers about the usefulness of the credit scores they marketed, and lured consumers into expensive recurring payments with false promises,” said CFPB Director Richard Cordray. “Credit scores are central to a consumer’s financial life and people deserve honest and accurate information about them.”
Chicago-based TransUnion and Atlanta-based Equifax  collect credit information, including a borrower's payment history, debts, maximum credit limits, creditors, and other elements of their credit relationships. Information is gathered but often incorrect, erroneous and mistaken. Bits of historical payment records are conglomerated into a giant rubber band ball of numbers. A consumer who tries to correct mis-information about a similar name (those who happen to be a Junior with same name as father) or those who have wrong information find it near to impossible to get right. Credit reports and scores tare provided to subsidiaries for employment checks, loans, and all kinds of "snoopdom". Through subsidiaries, TransUnion Interactive and Equifax Consumer Services, Credit cops advertise and sell credit products to consumers, such as credit scores, credit reports, and credit monitoring. 
TransUnion sells to consumers via VantageScore Solutions, LLC. The big lie is VantageScores are not used for credit decisions by mortgage lenders, car loans and credit card loans. Equifax sold scoring to consumers from Equifax’s own machine: Equifax Credit Score, which is an “educational” useless credit score that also is not used by anyone to make credit decisions.
Furthermore TransUnion and Equifax sold consumers monthly services to check your score or check your credit which are worthless numbers. Both lied to the public. These are violations of Dodd Frank and Consumer Financial Protection Acts. Both TransUnion and Equifax failed to get consumer written authorization to pull these reports millions of times
  •  EVER TRIED TO CANCEL THESE SERVICES? BOTH TransUnion and Equifax hide from consumers to avoid cancellation of monthly charges. They must stop billing recurring charges. They must now advertise and list their phone number, answer the phone and have online cancellation forms, mail to, fax to and submit on line available to cancel services. These credit cops are worse than Match.com and Eharmony for not allowing consumers to cancel and USING their own information to sell as product. It's a wonderful digital world.
TransUnion and Equifax owe you money TransUnion's phone call free and ask for your $100.00 1 (855) 681-3196

 text of the CFPB’s Order against TransUnion is here:http://files.consumerfinance.gov/f/documents/201701_cfpb_Transunion-consent-order.pdf 

Contact:  C G  Barbeau (949) 784-9699

12/27/2016

Loans For Cannabis Business or Employee

Owners and employees of cannabis related businesses can close mortgage home loans. Closing a mortgage loan today is a can of worms. A cannabis grower recently asked me if I am referring to red worms (the type that are great for fertilizing castings) I frowned, no but perhaps in 2017 we may see some Dodd Frank restrictions changed by the new Administration. 

The important thing to know BEFORE you plan to buy a home, or refinance is to prepare in advance. Call and get advice from experts.

The pickle is many marijuana dispensaries, co-ops, growers, and related businesses have struggled with using traditional banks to deposit funds. Also they may have paid themselves or employees in Paypal, cash, bitcoin or other forms of income which aren’t acceptable sources of income. Verified money must be in checking, savings, stock, money market or bond funds in the prior sixty day cycle. Any large deposits over five hundred dollars will not be counted towards down payment, closing costs or reserve funds.

Net income on Federal income taxes for the two prior years are used for income. A start-up company without Federal taxes cannot fit into standard Underwriting Guidelines. Income is averaged with the two taxes and CPA provides year to date profit and or loss, or if Borrower is an employee a year to date pay stub for the past thirty days is used with w-2 forms of two past years. Income is verified through the IRS and employer sources.
Today there are also bank statement loans and debt service ratio loans (DSRL DSR) these can solve some barriers.

There are many ways to structure, let's talk about them BEFORE you make an offer or need to refinance today.

California law opens up a new landscape of legal questions, some of which are being tested by Medical Marijuana businesses. The Medical Marijuana Regulation and Safety Act (MMRSA) began to pave the way for these related businesses but has not answered all the ins and outs of the future for this growing sector. The barrier to using financing tools of federally regulated banks, secondary markets and government loans is that states may have approved; but the Federal government has not. Bankers are not known to be risk takers. FDIC insured big banks are standing away from touching this business sector. New laws will unfold in the court systems. A big ocean of opportunity is ahead. For now there are a few work rounds.

I can assist with your mortgage application. Call and talk about your particular plans. No stodgy bankers, just: kind good advice and direction. In my eyes a farm is a farm and a retail store is just that. 
Caroline Gerardo
NMLS 324982 
29 years mortgage banking

949-- 784-- 9699


12/14/2016

Rate Hike

RATE HIKE





Interest Rates Rising 12/14/2016


 Federal Reserve announced today that it would raise its benchmark interest rate by a quarter of a percentage point.

“In view of realized and expected labor market conditions and inflation, the Committee decided to raise the target range for the federal funds rate to 1/2 to 3/4 percent,” the Fed’s policy-making committee said in a statement. “The stance of monetary policy remains accommodative, thereby supporting some further strengthening in labor market conditions and a return to 2 percent inflation. Merry Christmas”

https://carolinegerardo.eaglehm.com/