GreenPath Financial Wellness receives $300,000 grant from the Texas Veterans Commission

AUSTIN, Texas, June 23, 2016 /PRNewswire-USNewswire/ — GreenPath Financial Wellness, a nationwide non-profit financial counseling and education organization, with eight locations across Texas, has received a $300,000 grant from the Texas Veterans Commission Fund for Veterans’ Assistance. The one-year grant will provide free financial counseling to Texas veterans and their families.

“We thank the Texas Veterans Commission’s Fund for Veterans’ Assistance for this grant, which will expand GreenPath’s opportunity to assist Texas Veterans and their families,” said Kristen Holt, president and CEO, GreenPath Financial Wellness. “We can reduce some of the daily stress they are experiencing, while empowering them to make strong personal finance decisions.”

Veterans may participate in a free GreenPath financial coaching session, in which they will develop short- and long-term financial goals, a personal budget, and a plan for reducing debt, if needed.

“We look forward to continuing to support Texas veterans and their families to resolve financial concerns and achieve financial goals,” said Bill Druliner, GreenPath community engagement manager.

This is the third year that GreenPath has received a grant from the Texas Veterans Commission Fund for Veterans’ Assistance. Last year, thanks to the generosity of the Fund, GreenPath was able to assist more than 1,000 Veterans across Texas.

GreenPath offers in-person counseling at eight Texas locations including: Austin, McKinney, Plano, Corpus Christi, Brownsville, Harlingen, and two locations in San Antonio. They also deliver licensed services throughout the United States over the Internet and telephone.

Texas veterans and their families are encouraged to contact GreenPath for a free counseling session. For more information or to schedule a session, call GreenPath at (866) 648-8122.

About Texas Veterans Commission Fund for Veterans’ Assistance
The Fund for Veterans’ Assistance grant program was established in 2007 by the 80th Legislature and funded in late 2009.  The program awards reimbursement grants in four categories: General Assistance, Housing4TexasHeroes, Veterans Mental Health, and Veterans Treatment Court Grants. These grants offer funding to non-profit and local government organizations which, in turn, provide direct services to Texas Veterans and their families. For more information, visit www.tvc.texas.gov.

About GreenPath Financial Wellness
GreenPath Financial Wellness is a nationwide, non-profit financial counseling and education organization.  GreenPath has been empowering people to lead financially healthy lives since 1961.  Their financial experts partner with consumers to ease financial stress, manage debt, save for the future, make smart financial decisions, and achieve their financial goals.  Headquartered in Farmington Hills, Michigan, GreenPath operates about 60 branch offices in 16 states.  They also deliver licensed services throughout the United States over the Internet and telephone.  GreenPath is a member of the National Foundation for Credit Counseling (NFCC), and is accredited by the Council on Accreditation (COA).  The organization has an A+ rating with the Better Business Bureau.  For more information, visit www.greenpath.org.

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To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/greenpath-financial-wellness-receives-300000-grant-from-the-texas-veterans-commission-300289361.html

SOURCE GreenPath Financial Wellness

Related Links

http://www.greenpath.org

RCI Continues Rebound with 2Q16 EPS at $0.54 GAAP & $0.40 Non-GAAP

Cash Dividend & Share Buy Backs

  • RCI accelerated its share buyback program in FY16, taking advantage of its strong FCF to return capital to shareholders.
  • Through April 30, 2016, the company purchased 566,921 common shares to date in FY16 at a cost of $5.4 million, reducing shares outstanding to 9.889 million from 10.348 million a year ago.
  • RCI yesterday announced a $5.0 million increase in its authorization to repurchase common shares, resulting in a total of $6.2 million available to buy back stock.
  • RCI also announced yesterday the company’s 3Q16 $0.03 dividend will be paid June 27, 2016 to shareholders of record June 10, 2016.

Conference Call

  • A conference call to discuss these results, outlook and related matters will be held today at 4:30 PM ET
  • Dial In: 877-407-9210 (toll free) or 201-689-8049 (domestic or international)
  • Webcast URL: http://www.investorcalendar.com/event/174973

Meet Management Tonight

Eric Langan, President & CEO, invites investors to meet management and tour one of the company’s top clubs.

  • When: Tonight, May 10, 2016, 6:00 PM to 8:00 PM ET
  • Where: Rick’s Cabaret New York, at 50 W. 33rd Street, between Fifth Avenue and Broadway
  • RSVP: With your contact information to gary.fishman@anreder.com

CEO Comment

“We are pleased 2Q16 revenues, margins, profits and free cash flow performed better than our original expectations,” Mr. Langan said.

“This is especially encouraging as we were up against our largest sales quarter ever in the year ago period. Moreover, two clubs were closed in 2Q16 undergoing reformatting and remodeling.

“Our FY16 plan is to continue to grow margins, EPS and FCF on what we expect to be flattish revenues on an annual basis, while adhering to our capital allocation policy.

“Costs as a percentage of revenues are going down. Operating margin has improved two quarters in a row.

“Sales are moving in the right direction. Same store sales were nearly level with the year-ago quarter. 3Q16 should benefit from reopening of the two reformatted clubs, and we anticipate opening the first sports-themed club in Manhattan in 4Q16.

“As a result of our first six months’ performance, we have increased our FY16 free cash flow target to $16-$19 million.

“The company remains committed to our capital allocation policy of using FCF to enhance shareholder value through share repurchases and dividends. As part of this policy, we will continue to evaluate the risk adjusted returns on capital expenditures or acquisitions relative to the after tax yield on free cash flow we can obtain by repurchasing our own shares.

“While opportunities may arise to acquire or open new units or pay down debt ahead of schedule, we generally believe the best allocation of our capital is the risk-adjusted, after-tax, FCF yield of buying our own shares as long as our stock stays at this low valuation relative to RCI’s cash flow generation.”

2Q16 Analysis

Total Revenues

  • Total revenues of $34.4 million increased $0.9 million or 2.8% from 1Q16, reflecting improvements in almost all major categories.
  • High-margin service revenues increased $0.6 million or 4.5% from 1Q16 as club customers began to spend more per visit and new marketing strategies started to prove effective. Food sales increased $0.3 million or 6.3% from 1Q16 due to Bombshells’ growing business.
  • Same store sales of $32.9 million declined only 0.9% year over year, representing a significant increase from our performance in 1Q16 and 4Q15.

Operating Income & Margin

  • Income from operations was $7.6 million, or 22.0% of revenues, up from 17.1% in 1Q16.
  • Excluding non-recurring items, non-GAAP operating income was $7.9 million, or 23.1% of revenues, up from 19.7% in 1Q16.
  • The improvement in operating income as compared to 1Q16 reflects the increase in sales, in particular service revenues, as well as reduced costs as a percentage of revenues.

2Q16 Segment Analysis

Nightclubs

  • Sales of $29.1 million compared to $29.9 in the year ago quarter, with 36 units in operation compared to 40.
  • Operating income was $9.7 million, or 33.5% of revenues, compared to a loss of ($0.8) million, or (2.7%), in 2Q15.
  • Non-GAAP operating income was $9.8 million, or 33.7% of revenues, compared to $9.5 million, or 31.7%, in 2Q15.

Bombshells

  • Sales of $4.6 million compared to $4.4 million in the year ago quarter, with five units in operation in both periods.
  • Operating income was $0.64 million compared to $0.46 million in 2Q15.
  • Operating margin was 13.9% compared to 10.3% in 2Q15.

2Q16 Other Metrics

  • Occupancy Costs: Occupancy costs, which the company measures as a combination of rent plus interest expense, declined to 8.2% of revenues compared to 8.5% in 2Q15. The decline reflects significantly lower rent due to the acquisitions of club real estate in New York City in early 2Q16 and of Miami Gardens in 4Q15.
  • Effective Tax Rate: $1.75 million was deducted from income tax expense, due to the benefit of certain FICA credits not previously claimed. Excluding this deduction, RCI would have paid an effective tax rate of 36.6%.
  • Adjusted EBITDA & Free Cash Flow: RCI’s cash generating power, as reflected by adjusted EBITDA, amounted to $9.7 million compared to $8.2 million in 1Q16. As a result, RCI generated FCF of $6.4 million compared to $3.9 million in 1Q16.
  • Balance Sheet (March 31, 2016 compared to December 31, 2015): Total stockholders’ equity increased to $131.9 million from $128.2 million due to the increase in retained earnings partially offset by share buy backs.

*Non-GAAP Financial Measures

In addition to our financial information presented in accordance with GAAP, management uses certain “non-GAAP financial measures” within the meaning of the SEC Regulation G, to clarify and enhance understanding of past performance and prospects for the future. Generally, a non-GAAP financial measure is a numerical measure of a company’s operating performance, financial position or cash flows that excludes or includes amounts that are included in or excluded from the most directly comparable measure calculated and presented in accordance with GAAP. We monitor non-GAAP financial measures because it describes the operating performance of the company and helps management and investors gauge our ability to generate cash flow, excluding some non-recurring charges that are included in the most directly comparable measures calculated and presented in accordance with GAAP. Relative to each of the non-GAAP financial measures, we further set forth our rationale as follows:

  • Non-GAAP Operating Income and Non-GAAP Operating Margin. We exclude from non-GAAP operating income and non-GAAP operating margin amortization of intangibles, gain on settlement of patron tax case, pre-opening costs, gains and losses from asset sales, gain on settlement of patron tax issue, impairment of assets, pre-opening costs, stock-based compensation charges, litigation and other one-time legal settlements and acquisition costs. We believe that excluding these items assists investors in evaluating period-over-period changes in our operating income and operating margin without the impact of items that are not a result of our day-to-day business and operations. While we were in litigation in the patron tax case, we also included patron taxes as an exclusion, but after settlement of the case, we no longer exclude patron taxes from operating income.
  • Non-GAAP Net Income and Non-GAAP Net Income per Basic Share and per Diluted Share. We exclude from non-GAAP net income and non-GAAP net income per diluted share and per basic share amortization of intangibles, gain on settlement of patron tax case, pre-opening costs, income tax expense, impairment charges, gains and losses from asset sales, stock-based compensation, litigation and other one-time legal settlements, gain on contractual debt reduction and acquisition costs, and include the Non-GAAP provision for income taxes, calculated as the tax-effect at 35% effective tax rate of the pre-tax non-GAAP income before taxes less stock-based compensation, because we believe that excluding such measures helps management and investors better understand our operating activities. While we were in litigation in the patron tax case, we also included patron taxes as an exclusion, but after settlement of the case, we no longer exclude patron taxes from net income.
  • Adjusted EBITDA. We exclude from Adjusted EBITDA depreciation expense, amortization of intangibles, income tax, interest expense, interest income, gains and losses from asset sales, pre-opening costs, acquisition costs, litigation and other one-time legal settlements, gain on settlement of patron tax case, gain on contractual debt reduction and impairment charges because we believe that adjusting for such items helps management and investors better understand operating activities. Adjusted EBITDA provides a core operational performance measurement that compares results without the need to adjust for Federal, state and local taxes which have considerable variation between domestic jurisdictions. Also, we exclude interest cost in our calculation of Adjusted EBITDA. The results are, therefore, without consideration of financing alternatives of capital employed. We use Adjusted EBITDA as one guideline to assess our unleveraged performance return on our investments. Adjusted EBITDA is also the target benchmark for our acquisitions of nightclubs.

Other Notes

  • Starting with 1Q16, total revenues (including prior comparable periods) are being reported net of sales taxes and other revenue related taxes, RCI having chosen to early adopt new revenue accounting standards.
  • Free cash flow is defined as cash flows from operating activities less maintenance capex.
  • Unit counts are at period end.

About RCI Hospitality Holdings, Inc. (Nasdaq: RICK)

With 43 units, RCI Hospitality Holdings, Inc., through its subsidiaries, is the country’s leading company in gentlemen clubs and sports bars/restaurants. Clubs in New York City, Miami, Philadelphia, Charlotte, Dallas/Ft. Worth, Houston, Minneapolis, Indianapolis and other cities operate under brand names, such as “Rick’s Cabaret,” “XTC,” “Club Onyx,” “Vivid Cabaret,” “Jaguars” and “Tootsie’s Cabaret.” Sports bars/restaurants operate under the brand name “Bombshells.” Please visit http://www.rcihospitality.com/

Forward-Looking Statements

This press release may contain forward-looking statements that involve a number of risks and uncertainties that could cause the company’s actual results to differ materially from those indicated in this press release, including the risks and uncertainties associated with operating and managing an adult business, the business climates in cities where it operates, the success or lack thereof in launching and building the company’s businesses, risks and uncertainties related to cybersecurity, conditions relevant to real estate transactions, and numerous other factors such as laws governing the operation of adult entertainment businesses, competition and dependence on key personnel. The company has no obligation to update or revise the forward-looking statements to reflect the occurrence of future events or circumstances.

 

RCI HOSPITALITY HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF INCOME



















FOR THE THREE MONTHS



FOR THE SIX MONTHS


ENDED MARCH 31,

ENDED MARCH 31,

(in thousands, except per share data)


2016



2015



2016



2015



(UNAUDITED)



(UNAUDITED)

Revenues:
















  Sales of alcoholic beverages


$

14,581



$

14,311



$

29,178



$

28,316

  Sales of food and merchandise



4,609




4,837




8,943




9,670

  Service revenues



13,205




13,847




25,846




27,376

  Other



2,001




1,994




3,904




3,832

    Total revenues



34,396




34,989




67,871




69,194

















Operating expenses:
















  Cost of goods sold



5,227




5,381




10,411




10,492

  Salaries and wages



7,917




8,115




16,052




16,147

  Stock compensation



120




120




240




240

  Other general and administrative:
















    Taxes and permits



3,274




3,288




6,501




6,399

    Charge card fees



557




544




1,170




1,091

    Rent



859




1,184




1,807




2,325

    Legal and professional



982




1,064




2,087




2,023

    Advertising and marketing



1,225




1,312




2,530




2,679

    Insurance



907




801




1,781




1,621

    Utilities



694




708




1,404




1,442

    Depreciation and amortization



1,826




1,886




3,643




3,531

    (Gain) loss on sale of property and marketable securities



(127)




(18)




(127)




(18)

    Impairment of assets



-




-




-




1,358

    Settlement of lawsuits and other one-time costs



62




10,303




602




10,550

    Other



3,323




2,917




6,503




5,790

    Total operating expenses



26,846




37,605




54,604




65,670

Operating income (loss)



7,550




(2,616)




13,267




3,524

















Other income (expense):
















  Interest income



1




26




3




39

  Interest expense



(1,965)




(1,783)




(3,878)




(3,402)

  Gain from acquisition of controlling interest in subsidiary



-




-




-




577

Income (loss) before income taxes



5,586




(4,373)




9,392




738

Income taxes (benefit)



293




(1,265)




1,660




581

Net income (loss)



5,293




(3,108)




7,732




157

Less: net loss attributable to noncontrolling interests



212




267




325




362

Net income (loss) attributable to RCI Hospitality Holdings, Inc.


$

5,505



$

(2,841)



$

8,057



$

519

















Basic earnings (loss) per share attributable to RCIHH shareholders:
















  Net income


$

0.55



$

(0.28)



$

0.79



$

0.05

Diluted earnings (loss) per share attributable to RCIHH shareholders:
















  Net income


$

0.54



$

(0.28)



$

0.78



$

0.05

















Weighted average number of common shares outstanding:
















  Basic



10,013




10,275




10,154




10,269

  Diluted



10,215




10,275




10,356




10,273

















Dividends per share


$

0.03



$

-



$

0.03



$

-

 

RCI HOSPITALITY HOLDINGS, INC.

NON-GAAP FINANCIAL MEASURES














FOR THE THREE MONTHS


FOR THE SIX MONTHS


FOR THE THREE MONTHS



ENDED MARCH 31,


ENDED MARCH 31,


ENDED DECEMBER 31,

($ in thousands, except per share data)


2016


2015


2016


2015


2015












Reconciliation of GAAP net income to Adjusted EBITDA 











GAAP net income (loss)


$5,505


($2,841)


$8,057


$519


$2,552

Income tax expense


293


(1,265)


1,660


581


1,367

Interest expense and income and gain on Drink Robust investment


1,964


1,757


3,875


2,786


1,911

Litigation and other one-time legal settlements


62


10,303


602


10,550


540

Pre-opening costs


-


268


-


328


-

Acquisition costs


-


95


-


178


-

Impairment of assets


-


-


-

Florida Bar Foundation Receives $23 Million under Bank of America Mortgage Settlement

The distributions – totaling more than $490 million nationwide – were triggered in December by President Obama’s signing into law an act extending federal tax relief through 2016 to homeowners who otherwise would have incurred income-tax liability from mortgage debt forgiveness they received under consumer-relief provisions of the settlement. The money being distributed to the nonprofit organizations is from a fund established under the settlement to provide federal tax assistance to homeowners in case Congress failed to extend the tax-relief legislation.

With the signing of the legislation, the tax-relief fund became surplus. Under the terms of the settlement, Professor Green is required to distribute 75 percent ($367.62 million) of the fund to eligible legal-assistance organizations in each state and the remaining 25 percent ($122.54 million) to NeighborWorks America.

The settlement provides that in each state, the District of Columbia, and each U.S. territory or possession, to the extent practicable, the legal-assistance organizations are to receive a distribution of $200,000 from the fund, with the remainder to be allocated among the states and other eligible jurisdictions based on poverty population data collected by the U.S. Census Bureau, in the manner used for funding distribution by the Legal Services Corporation. As specified in the settlement, these recipients are state-based Interest on Lawyers Trust Account (IOLTA) organizations or other state bar association affiliated intermediaries that fund legal aid organizations in their jurisdictions.

Co-signatories to the settlement, besides the bank and the Department of Justice, were the Attorneys General of the States of California, Delaware, Illinois, Maryland and New York, and the Commonwealth of Kentucky. Eligible legal-assistance organizations in all six “settling states” have received their distributions, as have organizations in a number of other jurisdictions.

The remaining distributions will be made in the coming days upon completion of appropriate documentation by the recipient organizations.

Professor Green, a Boston-based professional mediator and retired Boston University law professor, was hired as independent Monitor to oversee the tax-relief fund and the bank’s compliance with its ongoing consumer-relief obligations under the settlement.

A full list of recipient organizations and more information about the settlement is available at the Monitor’s website: http://bankofamerica.mortgagesettlementmonitor.com. The Monitor’s mailing address is: Monitor of the Bank of America Mortgage Settlement, P.O. Box 10134, Dublin, OH 43017-3134, and the e-mail address is info@mortgagesettlementmonitor.com.

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/florida-bar-foundation-receives-23-million-under-bank-of-america-mortgage-settlement-300257732.html

SOURCE Monitor Eric D. Green

Pennsylvania Legal-Assistance Group Receives $12.1 Million under Bank of America Mortgage Settlement

The distributions – totaling more than $490 million nationwide – were triggered in December by President Obama’s signing into law an act extending federal tax relief through 2016 to homeowners who otherwise would have incurred income-tax liability from mortgage debt forgiveness they received under consumer-relief provisions of the settlement. The money being distributed to the nonprofit organizations is from a fund established under the settlement to provide federal tax assistance to homeowners in case Congress failed to extend the tax-relief legislation.

With the signing of the legislation, the tax-relief fund became surplus. Under the terms of the settlement, Professor Green is required to distribute 75 percent ($367.62 million) of the fund to eligible legal-assistance organizations in each state and the remaining 25 percent ($122.54 million) to NeighborWorks America.

The settlement provides that in each state, the District of Columbia, and each U.S. territory or possession, to the extent practicable, the legal-assistance organizations are to receive a distribution of $200,000 from the fund, with the remainder to be allocated among the states and other eligible jurisdictions based on poverty population data collected by the U.S. Census Bureau, in the manner used for funding distribution by the Legal Services Corporation. As specified in the settlement, these recipients are state-based Interest on Lawyers Trust Account (IOLTA) organizations or other state bar association affiliated intermediaries that fund legal aid organizations in their jurisdictions.

Co-signatories to the settlement, besides the bank and the Department of Justice, were the Attorneys General of the States of California, Delaware, Illinois, Maryland and New York, and the Commonwealth of Kentucky. Eligible legal-assistance organizations in all six “settling states” have received their distributions, as have organizations in a number of other jurisdictions.

The remaining distributions will be made in the coming days upon completion of appropriate documentation by the recipient organizations.

Professor Green, a Boston-based professional mediator and retired Boston University law professor, was hired as independent Monitor to oversee the tax-relief fund and the bank’s compliance with its ongoing consumer-relief obligations under the settlement.

A full list of recipient organizations and more information about the settlement is available at the Monitor’s website: http://bankofamerica.mortgagesettlementmonitor.com. The Monitor’s mailing address is: Monitor of the Bank of America Mortgage Settlement, P.O. Box 10134, Dublin, OH 43017-3134, and the e-mail address is info@mortgagesettlementmonitor.com.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/pennsylvania-legal-assistance-group-receives-121-million-under-bank-of-america-mortgage-settlement-300257737.html

SOURCE Monitor Eric D. Green

Huron Law Group Welcomes Industry Veteran to Staff

SOUTHFIELD, Mich., March 23, 2016 /PRNewswire/ – Huron Law Group is pleased to announce the newest edition to our leadership team, Kevin St. Pierre.  Kevin has come on board as Manager of Client Services and brings over 25 years of experience in the financial services and collection industry.  Huron Law Group knows Kevin will help us continue delivering best-in class customer service, while building strong creditor relationships.

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Prior to joining Huron Law Group, Kevin most recently served as general manager overseeing operations for one of the largest collection agencies in the world, NCO Financial Systems. It is this experience that gives him the unique ability to see how problems look from both sides of the table. Kevin is deeply committed to ensuring a successful outcome for every client and has a reputation for excellence in client satisfaction.  

“My decision to join the firm was based on my trust in the leadership currently in place, coupled with the ability to advance rapidly through the organization.  I am committed to making a positive impact that contributes to the overall success of the company and feel I have found both professional and personal satisfaction working with Huron Law Group.” – Kevin St. Pierre        

About Huron Law Group 

Huron Law Group is a national law firm focused on providing cost-effective legal representation to the customer.  If you have ever considered a debt reduction program such as credit card refinancing, Huron Law Group’s debt mediation program is typically less expensive and offers piece of mind with our network and debt resolution attorneys.  Huron Law Group’s legal representation levels the playing field for its clients when dealing with banks and debt collectors for a fee that consumers can afford and in a way that provides real savings.

Contact

To learn more about Kevin St. Pierre or Huron Law Group, please contact

Shawn Burdick, Media Relations
26711 Northwestern Hwy. Suite 300
Southfield, MI 48033
Office: 248-809-4982
sburdick@huronlawgroup.com

This content was issued through the press release distribution service at Newswire.com. For more info visit: http://www.newswire.com

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To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/huron-law-group-welcomes-industry-veteran-to-staff-300240484.html

SOURCE Huron Law Group

Where Are The Nation’s Young Homebuyers? Boston, Pittsburgh and DC

CHARLOTTE, N.C., March 17, 2016 /PRNewswire/ – Millennials in Boston, Pittsburgh and Washington D.C. pursue home ownership more than their counterparts in any of the nation’s top 50 cities, according to a new study by LendingTree®, the nation’s leading online loan marketplace. They’re at the forefront of a growing nationwide trend of young buyers returning to the housing market.

LendingTree analyzed mortgage requests for consumers 34 years and under in the past 12 months, along with requests from the total population of mortgage-seekers based on the location of the property to be mortgaged. The city ranking is created from the percentage of all purchase mortgage requests that were submitted by consumers in the millennial generation.

Boston, MA tops the list with 52.5% of all purchase mortgage requests coming from millennials, followed by Pittsburgh, PA (48.96%) and Washington, D.C. (48.17%). Average mortgage loans to young borrowers in those cities are $343,783.11, $161,083.33 and $352,719.90 respectively.

On average, 41.36% of all mortgage requests through LendingTree come from applicants under 35 years old. The average age for a home buyer in that age group is twenty-nine. Their mortgage loans average $220,949.02, and their down payments $32,759.66.

“The under-35 crowd had been, for some years, hesitant to enter the housing market, but we’re seeing that start to shift,” said Doug Lebda, CEO of LendingTree. ”The data all points to the fact that millennials are increasingly eager to own rather than rent, and even the incredibly high real estate prices in some markets don’t necessarily deter them.”

While San Francisco millennials signed on for the highest average mortgage loans in the country ($505,160.60), requiring the biggest average down payments ($162,474.11), the city also sees a relatively large percent of home loan requests coming from millennials (42.32%), underscoring the fact that San Francisco is home to top-earning young professionals well-positioned to afford expensive housing costs.

Mortgage loans made to millennials in Buffalo, New York, meanwhile, are the nation’s lowest at just $131,232.06 (down payments average $21,915.93 for this age group). The city also boasts the overall lowest monthly mortgage payment for young homeowners, at just $747.86, helping explain why the city has seen an upswing in young people moving there.

“Overall, we’ve seen a 28.5% increase in loan requests from millennials this past year over the prior one, evidence that the appeal of home ownership is strong – and growing- for young buyers,” said Lebda.

Rank

City

 % of
Purchase
Requests
from  <35
Yrs

Avg Credit
Score (<35
Yrs)

Avg Age
of buyer
(35 Yrs)

Avg Down
Pmt (<35
Yrs)

Avg Loan Amt
(<35 Yrs)

Avg
Monthly
Pmt (<35
Yrs)

1

Boston MA

52.46%

727

28

$56,947.94

$343,783.11

$1,911.77

2

Pittsburgh PA

48.96%

718

29

$21,787.38

$161,083.33

$929.75

3

Washington DC

48.17%

739

30

$69,348.98

$352,719.90

$2,014.06

4

Des Moines IA

48.15%

708

29

$17,669.19

$136,276.74

$785.78

5

Minneapolis MN

47.34%

715

29

$28,652.93

$198,834.31

$1,140.44

6

Columbus OH

45.57%

717

29

$26,236.45

$170,434.04

$973.06

7

Chicago IL

45.48%

731

30

$44,597.48

$259,863.04

$1,476.97

8

Milwaukee WI

45.12%

714

29

$22,501.73

$166,315.19

$956.53

9

Omaha NE

44.64%

710

28

$21,381.27

$184,036.70

$1,026.89

10

Rochester NY

44.51%

718

30

$24,590.07

$137,213.09

$789.23

METHODOLOGY: LendingTree analyzed mortgage requests for consumers 34 years and under in the past 12 months, along with requests from the total population of mortgage-seekers based on the location of the property to be mortgaged. The city ranking is created from the percentage of all purchase mortgage requests that were submitted by consumers ages 18 to 34.

About LendingTree

LendingTree (NASDAQ: TREE) is the nation’s leading online loan marketplace, empowering consumers as they comparison-shop across a full suite of loan and credit-based offerings.  LendingTree provides an online marketplace which connects consumers with multiple lenders that compete for their business, as well as an array of online tools and information to help consumers find the best loan. Since inception, LendingTree has facilitated more than 55 million loan requests. LendingTree provides free monthly credit scores through My LendingTree and access to its network of over 350 lenders offering home loans, personal loans, credit cards, student loans, business loans, home equity loans/lines of credit, auto loans and more. LendingTree, LLC is a subsidiary of LendingTree, Inc. For more information go to www.lendingtree.com, dial 800-555-TREE, like our Facebook page and/or follow us on Twitter @LendingTree.

MEDIA CONTACT:
Megan Greuling
704-943-8208
Megan.Greuling@LendingTree.com

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SOURCE LendingTree

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Walter Investment Management Corp. Announces Full Year And Fourth Quarter 2015 Highlights And Financial Results

TAMPA, Fla., Feb. 29, 2016 /PRNewswire/ – Walter Investment Management Corp. (NYSE: WAC) (“Walter Investment” or the “Company”) today announced operational highlights and financial results for the full year and quarter ended December 31, 2015.

2015 Operational Highlights and Recent Developments

  • Net loss of $7.00 per share; Adjusted Earnings of $1.98 per share after tax
  • Non-cash goodwill and fair value charges drove $6.36 of the per share net loss
  • 4% growth in the serviced portfolio to $266.6 billion of UPB as compared to 2014; ranked nationally as the 8th largest servicer(1)
  • Servicing segment delivered full-year AEBITDA margin of 16 bps
  • 36% growth in Originations funded volumes to $25.1 billion as compared to 2014; ranked nationally as the 14th largest originator(1)
  • Assisted approximately 53,200 homeowners in obtaining modifications and originated approximately 38,300 HARP loans
  • Recently executed agreements to add approximately $13.4 billion in UPB to our servicing portfolio with minimal capital outlays

2015 Financial Results

GAAP net loss for the year ended December 31, 2015 was ($263.2) million, or ($7.00) per share, as compared to a GAAP net loss of ($110.3) million, or ($2.93) per share for 2014. Included in the 2015 net loss are pre-tax, non-cash charges of  $207.6 million for goodwill impairment, or $4.00 per share after tax(2) and $143.3 million resulting from changes in valuation inputs and other assumptions used in the fair value of assets and liabilities carried at fair value, or $2.36 per share after tax(2). Adjusted Earnings for the year was $74.3 million after tax(2), or $1.98 per share(2), and Adjusted EBITDA (“AEBITDA”) for the full year 2015 was $549.7 million.

The goodwill impairment includes a charge of $151.0 million incurred in the fourth quarter related to the Servicing segment and a charge of $56.6 million incurred in the second quarter related to the Reverse Mortgage segment. The goodwill impairment charge related to the Servicing segment was primarily the result of higher discount rates applied to forecasted cash flows driven by the decline in the Company’s stock price which has been impacted by continued challenges in the Company’s industry, market developments, as well as the impact these factors have had on certain Company specific matters.


(1) Source: Inside Mortgage Finance


(2) This calculation assumes an Effective tax rate of 38% and 39% for 2015 and 2014, respectively.  Note, the goodwill impairment charge in the Servicing segment is tax deductible for GAAP while the goodwill impairment charge recorded by the Reverse segment is not.

The Company reported a GAAP net loss for the fourth quarter of 2015 of ($117.1) million, or ($3.16) per diluted share, as compared to a GAAP net loss of ($44.0) million, or ($1.17) per diluted share, for the fourth quarter of 2014.  The current quarter includes a pre-tax, non-cash charge of $151.0 million, or $2.53 per share after tax(1), for goodwill impairment in the Servicing segment. Adjusted Loss for the fourth quarter of 2015 was ($5.0) million after tax(1), or ($0.14) per share(1), relatively flat as compared to the prior year quarter. Adjusted EBITDA for the quarter was $101.2 million, an increase of approximately 19% when compared to the prior year quarter primarily driven by lower levels of operating expenses. These lower levels of expenses were driven in part, by actions taken throughout 2015 to improve operating efficiency.


(1) This calculation assumes an effective tax rate of 38% and 39% for 2015 and 2014, respectively.  Note, the goodwill impairment charge in the Servicing segment is tax deductible for GAAP while the goodwill impairment charge recorded by the Reverse segment is not.

“We are embarking on a transformation of our businesses to create a best-in-class experience for homeowners. The ambition of this transformation is to make us the partner of choice for homeowners, regulators and other stakeholders. As we undertake this mission, the Company is pleased to have added significant shareholder representation to the Board,” said Denmar J. Dixon, Walter Investment’s Vice Chairman, Chief Executive Officer and President.

Earlier this year, Walter launched a company-wide project to transform processes and identify and deploy technology solutions to drive substantial improvement in costs, revenues and compliance.  Mr. Dixon continued, “Our goal is to improve the overall customer experience dramatically, help us drive down our cash costs of operations and at the same time drive long-term growth in per-share intrinsic value.”

The Company is intently focused on lowering cash costs, and has initiated a comprehensive review of its cost structure and operations. During this process, we are evaluating investments and other uses of cash against return hurdles and opportunity costs, and are planning to repurchase or pay down debt during the year ahead. Improving Walter’s financial strength is a key objective over the near term. Walter’s cash flows, focus on expanding our sub-servicing business and disciplined requirements for new cash investments should lead to a stronger balance sheet. Under the Company’s 2016 debt reduction plan, Walter is targeting a leverage ratio of 3.4X to 3.6X by the end of the year.

The Company is actively pursuing potential business opportunities with the goal of significantly increasing its mix of sub-servicing business. In 2015, the Company grew its Servicing segment’s portfolio by 4% through its originations efforts and opportunistic portfolio purchases without raising capital. The Originations segment capitalized on an attractive rate environment and delivered strong results from both the retention and correspondent channels.

Mr. Dixon noted that the Reverse Mortgage segment encountered significant operational challenges during the year, resulting in a disappointing financial result, “We are taking steps which we believe will drive meaningful improvement in the business in 2016.”

Full Year and Fourth Quarter 2015 Financial and Operating Overview

Total revenue for the year ended December 31, 2015 was $1.3 billion, a decline of $212.9 million or 14% as compared to the year ended December 31, 2014, primarily related to a $107.2 million decline in net servicing revenues and fees driven by a $128.5 million decrease in the fair value of mortgage servicing rights. Additionally, the current year had $60.2 million lower interest income on loans primarily due to the sale of the residual interests in seven of the Residual Trusts and $23.8 million lower insurance revenue driven by the loss of commissions earned on GSE lender-placed policies. Total expense of $1.7 billion for the year ended December 31, 2015 increased $86.7 million or 5% as compared to the year ended December 31, 2014, primarily due to a $125.3 million higher goodwill impairment charge in the current year, partially offset by $29.5 million lower interest expense primarily due to the sale of the residual interests in seven of the Residual Trusts and $5.5 million lower other expenses.

Total revenue for the fourth quarter of 2015 was $331.6 million, a slight increase as compared to the prior year quarter, driven by $56.9 million higher net servicing revenue and fees primarily related to favorable fair value gains on mortgage servicing rights, partially offset by $32.5 million lower fair value gains on reverse loans and liabilities and $20.6 million lower interest income on loans primarily due to the sale of the residual interests in the seven Residual Trusts in April 2015. Total expenses for the fourth quarter of 2015 were $548.3 million, 28% higher as compared to the fourth quarter of 2014. Results reflect a goodwill impairment charge of $151.0 million related to the Servicing business and $11.6 million higher curtailment expense in the Reverse Mortgage business, partially offset by $31.6 million lower accruals for loss contingencies and legal expenses due to legal and regulatory matters outside of the normal course of business, $15.3 million lower Servicing advance loss provisions and $13.5 million lower interest expense primarily due to the sale of the residual interests in seven of the Residual Trusts.

Fourth Quarter 2015 Segment Results

Results for the Company’s segments are presented below.

Servicing

During the fourth quarter of 2015 the Servicing segment added approximately $10.0 of UPB to the serviced book of business through a combination of MSR acquisitions, sub-servicing arrangements, originated MSR and co-issue relationships, ending the quarter with approximately 2.1 million total accounts serviced with a UPB of approximately $246.6 billion. Ditech ended the year ranked as the 8th largest servicer in the nation by UPB. During the quarter, the Company experienced a net disappearance rate of 13.3% which was aided by the retention performance of the Originations segment.

The Servicing segment generated total revenue of $220.4 million in the fourth quarter of 2015, a 20% increase as compared to fourth quarter 2014 revenue of $183.3 million. The increase was primarily comprised of $42.5 million favorable fair value changes on our mortgage servicing rights and $12.5 million higher servicing fees, partially offset by $20.6 million lower interest income on loans resulting primarily from the sale of the residual interests in seven of the Residual Trusts. Servicing revenues for the quarter ended December 31, 2015 included $179.3 million of servicing fees, $23.9 million of incentive and performance-based fees and $28.4 million of ancillary and other fees.The segment recorded a favorable change in fair value resulting from changes in valuation inputs and other assumptions used in the fair value of assets and liabilities carried at fair value of $20.1 million for the quarter.

Expense for the Servicing segment was $369.6 million, an increase of 46% or $116.5 million as compared to the prior year quarter. The change was driven by a $151.0 million goodwill impairment charge partially offset by a $22.2 million decrease in operational expenses including $12.5 million lower accruals for loss contingencies and legal expenses and $15.3 million lower advance loss provisions, as well as $12.2 million lower interest expense primarily as a result of the sale of the residual interests in seven of the Residual Trusts. Expenses also included $11.1 million of depreciation and amortization costs. 

The segment generated AEBITDA of $90.4 million, an increase of 22% as compared to the fourth quarter of 2014, primarily due to lower expenses driven by cost-cutting initiatives implemented throughout 2015. The segment generated Adjusted Earnings of $18.7 million for the fourth quarter of 2015, a decline of 22% as compared to the prior year quarter primarily driven by lower revenues, which include a $23.9 million unfavorable change in the fair value of servicing rights attributable to higher realization of cash flows reflecting the impact of accelerated prepayments, partially offset by lower expenses. 

The Company recently made progress on its goals, executing agreements to add approximately $13.4 billion in UPB to the Servicing segment’s portfolio with minimal capital outlays.

Originations

Total pull-through adjusted locked volume for the fourth quarter increased to $5.5 billion, as compared to $5.1 billion for the fourth quarter of 2014, driven by volume growth in the correspondent lending channel. Funded loans in the current quarter totaled $5.6 billion, an increase of 10.8% from the prior year quarter, with approximately 31% of that volume in the consumer lending channel and approximately 69% generated by the correspondent lending channel. Ditech ended the year ranked as the 14th largest originator in the nation by UPB. The combined direct margin for the current quarter was 63 bps, an overall increase of 13 bps from the prior year quarter, consisting of a weighted average of 97 bps direct margin in the consumer lending channel and 33 bps direct margin in the correspondent lending channel.  The Originations business delivered a recapture rate of 25% for the year.

The Originations segment generated revenue of $102.8 million in the fourth quarter of 2015, a 15% increase as compared to the prior year quarter primarily due to a $9.4 million increase in other revenues driven by higher origination fees and a $3.9 million increase in net gains on sales of loans.  Expenses for the Originations segment of $90.6 million, which include $8.5 million of interest expense and $2.7 million of depreciation and amortization, were relatively flat as compared to the prior year quarter.

The segment generated Adjusted Earnings of $17.0 million and AEBITDA of $20.5 million for the fourth quarter of 2015, an increase of $9.9 million and $10.9 million, respectively as compared to the prior year quarter, driven by the higher origination fee income in the current quarter.

Reverse Mortgage

The Reverse Mortgage business grew its serviced portfolio 11% year over year to $20.1 billion of UPB at December 31, 2015. During the year, the business securitized $1.5 billion of HECM loans ranking it as the third largest issuer of HMBS in the nation by UPB. Additionally, during the first quarter the business entered into a new $100 million GNMA buy-out facility enhancing its liquidity position.

The Reverse Mortgage segment generated revenue of $18.1 million for the quarter, a 66% decline as compared to the prior year quarter reflecting lower net fair value gains on reverse loans and related HMBS obligations of $32.5 million, driven primarily by unfavorable changes in non-cash fair value adjustments due to a higher interest rates at December 31, 2015 as compared to the prior year period. Current quarter revenues included a gain of $8.0 million due to the net impact of HECM loan and related HMBS obligation fair value adjustments, $8.1 million in net servicing revenue and fees and $2.0 million of other revenues. Total expenses for the fourth quarter of $48.6 million were 13% lower as compared to the prior year period, primarily driven by $18.2 million lower expenses related to legal and regulatory matters partially offset by $11.6 million higher curtailment expenses, primarily related to regulatory developments in 2015 which led to additional charges around curtailable events.

The segment reported an Adjusted Loss of ($10.2) million and AEBITDA of ($9.0) million for the fourth quarter of 2015 as compared to Adjusted Earnings of $0.4 million and AEBITDA of $1.5 million in the fourth quarter of 2014 due primarily to lower levels of earnings from the origination, purchase and securitization of HECM loans, a reduction in net servicing revenue and fees and higher expenses primarily driven by normal course of business curtailment charges.

Securitized and funded originations volumes decreased as compared to the prior year quarter as volumes were negatively impacted by the financial assessment rules, operational disruption in the Company’s retail channel and a decision to reduce participation in the correspondent market based on current pricing levels.

Other Non-Reportable Segment

The Other Non-Reportable segment generated revenue of $0.5 million for the fourth quarter of 2015 as compared to revenue of $1.1 million in the prior year quarter. Total expenses in the current quarter were $49.7 million compared to $42.8 million the prior year quarter, and included $35.6 million related to corporate debt.

The Other non-reportable segment generated Adjusted Loss of ($33.6) million and AEBITDA of ($0.7) million for the fourth quarter of 2015 as compared to Adjusted Loss of ($34.9) million and AEBITDA of ($0.4) million in the fourth quarter of 2014.

About Walter Investment Management Corp.

Walter Investment Management Corp. is a diversified mortgage banking firm focused primarily on the servicing and origination of residential loans, including reverse loans. Based in Tampa, Fla., the Company has approximately 5,900 employees and services a diverse loan portfolio.  For more information about Walter Investment Management Corp., please visit the Company’s website at www.walterinvestment.com. The information on our website is not a part of this release.

Conference Call Webcast

Members of the Company’s leadership team will discuss Walter Investment’s full year and fourth quarter results and other general business matters during a conference call and live webcast to be held on Monday, February 29, 2016, at 10 a.m. Eastern Time. To listen to the event live or in an archive, and to access presentation slides (which include supplemental information) which will be available for at least 30 days, visit the Company’s website at www.walterinvestment.com.

This press release and the accompanying reconciliations include non-GAAP financial measures.  For a description of these non-GAAP financial measures, including the reasons management uses each measure, and reconciliations of these non-GAAP financial measures to the most directly comparable financial measures prepared in accordance with GAAP, please see the reconciliations as well as “Non-GAAP Financial Measures” at the end of this press release.

Disclaimer and Cautionary Note Regarding Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Statements that are not historical fact are forward-looking statements. Certain of these forward-looking statements can be identified by the use of words such as “believes,” “anticipates,” “expects,” “intends,” “plans,” “projects,” “estimates,” “assumes,” “may,” “should,” “will,” “targets,” or other similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors, and our actual results, performance or achievements could differ materially from future results, performance or achievements expressed in these forward-looking statements. These forward-looking statements are based on our current beliefs, intentions and expectations. These statements are not guarantees or indicative of future performance. Important assumptions and other important factors that could cause actual results to differ materially from those forward-looking statements include, but are not limited to, those factors, risks and uncertainties described below and in more detail under the caption “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2015 and in our other filings with the SEC.

In particular (but not by way of limitation), the following important factors, risks and uncertainties could affect our future results, performance and achievements and could cause actual results, performance and achievements to differ materially from those expressed in the forward-looking statements:

  • our ability to operate our business in compliance with existing and future rules and regulations affecting our business, including those relating to the origination and servicing of residential loans, the management of third-party assets and the insurance industry (including lender-placed insurance), and changes to, and/or more stringent enforcement of, such rules and regulations;
  • increased scrutiny and potential enforcement actions by federal and state authorities;
  • the substantial resources (including senior management time and attention) we devote to, and the significant compliance costs we incur in connection with, regulatory compliance and regulatory examinations and inquiries, and any consumer redress, fines, penalties or similar payments we make in connection with resolving such matters;
  • uncertainties relating to interest curtailment obligations and any related financial and litigation exposure (including exposure relating to false claims);
  • potential costs and uncertainties, including the effect on future revenues, associated with and arising from litigation, regulatory investigations and other legal proceedings;
  • our dependence on U.S. government-sponsored entities (especially Fannie Mae) and agencies and their residential loan programs and our ability to maintain relationships with, and remain qualified to participate in programs sponsored by, such entities, our ability to satisfy various existing or future GSE, agency and other capital, net worth, liquidity and other financial requirements applicable to our business, and our ability to remain qualified as a GSE approved seller, servicer or component servicer, including the ability to continue to comply with the GSEs’ respective residential loan and selling and servicing guides;
  • uncertainties relating to the status and future role of GSEs, and the effects of any changes to the origination and/or servicing requirements of the GSEs or various regulatory authorities or the servicing compensation structure for mortgage servicers pursuant to programs of GSEs or various regulatory authorities;
  • our ability to maintain our loan servicing, loan origination, insurance agency or collection agency licenses, or any other licenses necessary to operate our businesses, or changes to, or our ability to comply with, our licensing requirements;
  • our ability to comply with the servicing standards required by the National Mortgage Settlement;
  • our ability to comply with the terms of the stipulated order resolving allegations arising from an FTC and CFPB investigation of Ditech Financial;
  • operational risks inherent in the mortgage servicing and mortgage originations businesses, including reputational risk;
  • risks related to our substantial levels of indebtedness, including our ability to comply with covenants contained in our debt agreements, generate sufficient cash to service such indebtedness and refinance such indebtedness on favorable terms, as well as our ability to incur substantially more debt;
  • our ability to renew advance financing facilities or warehouse facilities and maintain borrowing capacity under such facilities;
  • our ability to maintain or grow our servicing business and our residential loan originations business;
  • our ability to achieve our strategic initiatives, particularly our ability to: execute and complete balance sheet management activities; complete the sale of our insurance business; make arrangements with potential capital partners; complete sales of assets to, and enter into other arrangements with, WCO; increase the mix of our fee-for-service business; reduce our debt; and develop new business, including acquisitions of MSRs or entering into new subservicing arrangements;
  • changes in prepayment rates and delinquency rates on the loans we service or sub-service;
  • the ability of our clients and credit owners to transfer or otherwise terminate our servicing or sub-servicing rights;
  • a downgrade of, or other adverse change relating to, our servicer ratings or credit ratings;
  • our ability to collect reimbursements for servicing advances and earn and timely receive incentive payments and ancillary fees on our servicing portfolio;
  • our ability to collect indemnification payments and enforce repurchase obligations relating to mortgage loans we purchase from our correspondent clients and our ability to collect in a timely manner indemnification payments relating to servicing rights we purchase from prior servicers;
  • local, regional, national and global economic trends and developments in general, and local, regional and national real estate and residential mortgage market trends in particular, including the volume and pricing of home sales and uncertainty regarding the levels of mortgage originations and prepayments;
  • uncertainty as to the volume of originations activity we will benefit from prior to, and following, the expiration of HARP, which is scheduled to occur on December 31, 2016, including uncertainty as to the number of “in-the-money” accounts we may be able to refinance;
  • risks associated with the origination, securitization and servicing of reverse mortgages, including changes to reverse mortgage programs operated by FHA, HUD or Ginnie Mae, our ability to accurately estimate interest curtailment liabilities, continued demand for HECM loans and other reverse mortgages, our ability to fund HECM repurchase obligations, our ability to fund principal additions on our HECM loans, and our ability to securitize our HECM loans and tails;
  • our ability to realize all anticipated benefits of past, pending or potential future acquisitions or joint venture investments;
  • the effects of competition on our existing and potential future business, including the impact of competitors with greater financial resources and broader scopes of operation;
  • changes in interest rates and the effectiveness of any hedge we may employ against such changes;
  • risks and potential costs associated with technology and cybersecurity, including: the risks of technology failures and of cyber-attacks against us or our vendors; our ability to adequately respond to actual or alleged cyber-attacks; and our ability to implement adequate internal security measures and protect confidential borrower information;
  • risks and potential costs associated with the implementation of new technology such as MSP,  the use of new vendors or the transfer of our servers or other infrastructure to new data center facilities;
  • our ability to comply with evolving and complex accounting rules, many of which involve significant judgment and assumptions;
  • uncertainties regarding impairment charges relating to our goodwill or other intangible assets;
  • our ability to maintain effective internal controls over financial reporting and disclosure controls and procedures;
  • our ability to manage conflicts of interest relating to our investment in WCO and maintain our relationship with WCO; and
  • risks related to our relationship with Walter Energy and uncertainties arising from or relating to its bankruptcy filings, including potential liability for any taxes, interest and/or penalties owed by the Walter Energy consolidated group for the full or partial tax years during which certain of the Company’s former subsidiaries were a part of such consolidated group and certain other tax risks allocated to us in connection with our spin-off from Walter Energy.

All of the above factors, risks and uncertainties are difficult to predict, contain uncertainties that may materially affect actual results and may be beyond our control. New factors, risks and uncertainties emerge from time to time, and it is not possible for our management to predict all such factors, risks and uncertainties.

Although we believe that the assumptions underlying the forward-looking statements (including those relating to our outlook) contained herein are reasonable, any of the assumptions could be inaccurate, and therefore any of these statements included herein may prove to be inaccurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that the results or conditions described in such statements or our objectives and plans will be achieved. We make no commitment to revise or update any forward-looking statements in order to reflect events or circumstances after the date any such statement is made, except as otherwise required under the federal securities laws. If we were in any particular instance to update or correct a forward-looking statement, investors and others should not conclude that we would make additional updates or corrections thereafter except as otherwise required under the federal securities laws.

Amounts or metrics that relate to future earnings projections are forward-looking and subject to significant business, economic, regulatory and competitive uncertainties, many of which are beyond the control of us and our management, and are based upon assumptions with respect to future decisions, which are subject to change. Actual results will vary and those variations may be material. Nothing in this release should be regarded as a representation by any person that any target will be achieved and we undertake no duty to update any target. Please refer to the disclosures in this press release, in our Annual Report on Form 10-K for the year ended December 31, 2015 and our other filings with the SEC for important information regarding forward-looking statements and the use and limitations of non-GAAP financial measures. Because we do not predict special items that might occur in the future, and our outlook is developed at a level of detail different than that used to prepare GAAP financial measures, we are not providing a reconciliation to GAAP of any forward-looking financial measures presented herein.

In addition, this press release may contain statements of opinion or belief concerning market conditions and similar matters. In certain instances, those opinions and beliefs could be based upon general observations by members of our management, anecdotal evidence and/or our experience in the conduct of our business, without specific investigation or statistical analyses. Therefore, while such statements reflect our view of the industries and markets in which we are involved, they should not be viewed as reflecting verifiable views and such views may not be shared by all who are involved in those industries or markets.

Walter Investment Management Corp. and Subsidiaries
Consolidated Statements of Comprehensive Income (Loss)
(in thousands, except per share data)




For the Years Ended December 31,



2015


2014


2013

REVENUES







Net servicing revenue and fees


$

494,267



$

601,510



$

783,389


Net gains on sales of loans


453,840



462,172



598,974


Interest income on loans


74,365



134,555



144,651


Net fair value gains on reverse loans and related HMBS obligations


98,265



109,972



120,382


Insurance revenue


47,201



71,010



84,478


Other revenues


106,321



107,934



70,625


Total revenues


1,274,259



1,487,153



1,802,499









EXPENSES







Salaries and benefits


576,817



578,627



549,799


General and administrative


574,091



577,506



480,377


Interest expense


273,606



303,103



272,655


Depreciation and amortization


69,128



72,721



71,027


Goodwill impairment


207,557



82,269




Other expenses, net


10,557



10,803



9,395


Total expenses


1,711,756



1,625,029



1,383,253









OTHER GAINS (LOSSES)







Gains (losses) on extinguishments


4,660





(12,489)


Other net fair value gains


7,398



19,280



6,061


Other


21,013



(744)




Total other gains (losses)


33,071



18,536



(6,428)









Income (loss) before income taxes


(404,426)



(119,340)



412,818


Income tax expense (benefit)


(141,236)



(9,012)



159,351


Net income (loss)


$

(263,190)



$

(110,328)



$

253,467









OTHER COMPREHENSIVE INCOME (LOSS) BEFORE TAXES







Change in postretirement benefits liability


193



138



58


Amortization of realized losses on closed hedges




(145)



(127)


Unrealized gain on available-for-sale security in other assets


503



77



75


Other comprehensive income before taxes


696



70



6


Income tax expense for other comprehensive income items


278



173



1


Other comprehensive income (loss)


418



(103)



5


Total comprehensive income (loss)


$

(262,772)



$

(110,431)



$

253,472









Net income (loss)


$

(263,190)



$

(110,328)



$

253,467


Basic earnings (loss) per common and common equivalent share


$

(7.00)



$

(2.93)



$

6.75


Diluted earnings (loss) per common and common equivalent share


(7.00)



(2.93)



6.63


Weighted-average common and common equivalent shares outstanding — 
     basic


37,578



37,631



37,003


Weighted-average common and common equivalent shares outstanding — 
     diluted


37,578



37,631



37,701


 

 

Walter Investment Management Corp. and Subsidiaries
Consolidated Balance Sheets
(in thousands, except share and per share data)




December 31,


Author and Financial Activist Launches Website for Grass Roots Finance Reform

SPRINGFIELD, Ill., Feb. 18, 2016 /PRNewswire/ – Author and financial historian Michael Piontkowski, also known as Piont, has launched a new website portal to serve as the anchor for a grass roots movement to encourage elected officials to enact better finance options for U.S. citizens. 

The site sells no services, and asks for no funds, but instead provides background information in a rolling prose style that is both fun and educational.

The website was inspired by what Piont cites as a constitutional right to interest-free money, first established and used by President Abraham Lincoln, utilizing the United States Constitution, Article One Section Eight Clause Two: “The Congress shall have power … To borrow money on the credit of the United States.” 

With his grass roots effort website called “Interest Free Banking” he hopes to get the word out on how every U.S. citizen can convert all their debt-interest money loans into zero percent, interest-free loans, if such a new finance reform bill was passed.    

“What people don’t know is that President Abraham Lincoln proved that U.S. citizens have a constitutional right to interest-free money,” Piont says. ”If finance reform is enacted, people could save hundreds of thousands of dollars by not having to pay interest on home mortgages, auto and other vehicle loans, personal and business loans, student loans and more.”

“The interest-free money history with President Lincoln is important because it sets legal precedent (stare decisis) for the nationwide return of constitutional interest-free money for us U.S. citizens.” 

Piont proposes that citizens can take action to take back ownership of their Government’s money printing presses by getting “The Abraham Lincoln Banking Act” passed in the U.S. Congress.

“The plan is simple,” explains Piont. ”People spread the name and news of this grass roots effort over their social networks and by word-of-mouth. And they contact their U.S. Congressman/Congresswoman and two U.S. Senators requesting passage of ‘The Abraham Lincoln Banking Act.’” 

Piont makes it quick and easy for people to contact their elected representatives via his website. 

For more information about President Lincoln’s constitutional interest-free money visit: http://www.interestfreebanking.com/

*Website Image for Media: Send2Press.com/mediaboom/16-0217-ifbanking-300dpi.jpg

This release was issued through Send2Press®, a unit of Neotrope®. For more information, visit Send2Press Newswire at https://www.Send2Press.com   

 

SOURCE Michael Piontkowski

RELATED LINKS
http://www.interestfreebanking.com

$8,300,000 Hotel Construction Loan Closed by Hyde Park Commercial Group

CINCINNATI, Feb. 16, 2016 /PRNewswire/ — Hyde Park Commercial Group, a commercial real estate advisory firm is pleased to announce the closing of a $8,300,000 construction loan for a Hampton Inn.  The proposed subject property will feature four stories, 85 rooms, breakfast dining area, indoor pool, indoor whirlpool, an outdoor sundeck, fitness room, lobby workstation, sundries counter, guest laundry room and vending areas.

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Hyde Park CG advised and arranged a bank loan facility with the local economic development fund’s participation. The loan featured a construction to perm amortizing debt facility that provided construction capital, converting to a permanent loan upon completion and stabilization. The debt was structured in two tranches, $6,800,000 conventional and $1,500,000 provided by the local economic development fund. The conventional debt pricing was WSJ Prime +50 basis points during construction, converting to a 25 year amortizing permanent loan at 175 basis points above the Boston Federal Home Loan Classic Rate Option. The local economic development fund provided the second tranche that featured debt pricing at Economic Development Fund Prime rate minus -0.75% or 2.75% floating, with a 138-month term and 20-year amortization. Hyde Park was able to arrange the full request through an east coast bank and local economic development fund.

Hyde Park Commercial Group arranges capital through a broad range of sources from hedge funds, life companies, CMBS, private investors, SBA, to regional and national banks. Hyde Park focuses on debt placement for improved commercial real estate properties, with a specialization in hospitality properties, and business finance transactions nationwide.

For more information, call Daniel Redlinger or Jerry Dehner, Managing Partners at 513-792-2940 or visit: http://www.hydeparkcg.com.

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SOURCE Hyde Park Commercial Group

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Robbins Geller Rudman & Dowd LLP Files Class Action Suit Against Navient Corporation

NEW YORK, Feb. 12, 2016 /PRNewswire/ – Robbins Geller Rudman & Dowd LLP (“Robbins Geller”) (http://www.rgrdlaw.com/cases/navient/) today announced that a class action has been commenced in the United States District Court for the District of Delaware on behalf of purchasers of Navient Corporation (“Navient” or the “Company”) (NASDAQ: NAVI) publicly traded securities during the period between April 17, 2014 and December 28, 2015 (the “Class Period”).

If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from February 11, 2016.  If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, Samuel H. Rudman or David A. Rosenfeld of Robbins Geller at 800/449-4900 or 619/231-1058, or via e-mail at djr@rgrdlaw.com.  If you are a member of this class, you can view a copy of the complaint as filed or join this class action online at http://www.rgrdlaw.com/cases/navient/.  Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.

The complaint charges Navient and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Navient is the nation’s largest loan servicer, servicing more than $300 billion in student loans. Navient holds the largest portfolio of education loans insured or guaranteed under the Federal Family Education Loan Program, as well as the largest portfolio of Private Education Loans.

The complaint alleges that during the Class Period, defendants materially misstated the Company’s business metrics and financial prospects by failing to disclose that: (a) an increased number of higher risk Private Education Loan borrowers were not timely repaying their loans; (b) Navient’s loan loss reserves were materially understated; (c) the Company was engaged in unsound business practices; (d) the Company’s operating structure was bloated; (e) a significant portion of the Company’s low-rate credit facilities were at risk of being reduced or eliminated, which would cause the Company to face higher borrowing costs; and (f) based on the foregoing, defendants lacked a reasonable basis for their positive statements about the Company’s prospects and growth, including its ability to report core earnings of $2.10 per share and $2.20 per share in 2014 and 2015, respectively.  As the truth about the Company’s business and prospects was revealed through a series of partial disclosures, the price of Navient’s publicly traded securities declined precipitously, erasing hundreds of millions of dollars in market capitalization. 

Plaintiff seeks to recover damages on behalf of all purchasers of Navient publicly traded securities during the Class Period (the “Class”).  The plaintiff is represented by Robbins Geller, which has extensive experience in prosecuting investor class actions including actions involving financial fraud.

Robbins Geller, with 200 lawyers in ten offices, represents U.S. and international institutional investors in contingency-based securities and corporate litigation.  The firm has obtained many of the largest securities class action recoveries in history and was ranked first in both the amount and number of shareholder class action recoveries in ISS’s SCAS Top 50 report for 2014.  Please visit http://www.rgrdlaw.com/cases/navient/ for more information.

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SOURCE Robbins Geller Rudman & Dowd LLP

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United Way and the Campaign for Working Families Kick Off Tax Season

PHILADELPHIA, Feb. 1, 2016 /PRNewswire-USNewswire/ – United Way of Greater Philadelphia and Southern New Jersey (UWGPSNJ) and the Campaign for Working Families (CWF) kicked off the 2016 tax season and the Volunteer Income Tax Assistance Program (VITA) by opening nearly 40 free tax preparation sites across the region.

“At United Way, we’re focused on ensuring our local families have access to the resources, assets and education they need to thrive,” said Jim Cawley, president and CEO of UWGPSNJ. “Through programs like VITA, we help put additional dollars back into the pockets of our families living paycheck-to-paycheck, so they are able to pay down debt, save for a home or continue their education. Thanks to our Impact Partners like the Campaign for Working Families, we’re changing lives and strengthening communities – one child, one adult and one family at a time.”

To celebrate the 42nd anniversary of the enactment of the Earned Income Tax Credit (EITC) and recent legislation that made the federal EITC permanent, eligible community members are invited to file their taxes for free at nearly 40 tax sites in Philadelphia, Montgomery and Delaware Counties and southern New Jersey.

According to the IRS, taxpayers are often unaware of the important credits they may be eligible for and leave valuable dollars on the table. The IRS estimates that one in five taxpayers does not claim one of the biggest boosters to family incomes – the EITC, a refundable credit that can return up to $6,269 per qualifying family – simply because they are unaware that they are eligible or do not file their taxes. VITA not only provides assistance for taxes, but also helps residents make connections to other financial resources such as budgeting, credit counseling and financial literacy programs.

“Our goal is to ensure every eligible taxpayer has access to free and accurate tax preparation services, where the tax filer can be assured they receive all eligible credits they are entitled to in an effort to maximize their refund,” says Mary Arthur, executive director of CWF. “We are honored to have the opportunity to continue this work thanks to the significant support and contributions from United Way’s Impact Fund.”

Families earning $54,000 or less, or individuals earning $20,000 or less, will be eligible to receive free tax assistance. Last year, VITA volunteers filed nearly 29,000 tax returns across the region, which returned more $41 million to local communities. For eligibility requirements and a list of VITA tax sites, please visit UnitedForImpact.org/VITA or CWFPhilly.org.

 

SOURCE United Way of Greater Philadelphia and Southern New Jersey

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http://www.UnitedForImpact.org

Acorns Resolves to Help Millennials Gain Financial Confidence, Improve Finances, With Launch of Personal Finance Site, Grow

IRVINE, Calif., Jan. 6, 2016 /PRNewswire/ – Less than one-third of millennials are “very confident” managing their finances and nearly half say they’re treading water financially, or worse, according to a new poll conducted on behalf of Acorns.

Acorns, the fastest-growing investment app with more than 1.3 million users, aims to empower millennials with the knowledge and confidence to take control of and improve their finances in the new year with the launch of the new personal finance site, Grow.  

Grow Equips Millennials to Own Their Financial Future

Grow, a digital magazine that informs and educates millennials who want to be financially successful, is led by award-winning financial journalist and author Jennifer Barrett. The site features original content that helps millennials navigate the small, everyday decisions that can have a big impact on their finances over time.

Every Wednesday, subscribers will receive a newsletter filled with exclusive stories that break down complex financial topics into actionable advice, along with videos, tools, and interviews with money superstars from investor Ashton Kutcher to Vanguard founder John Bogle.

“It’s no surprise that most millennials aren’t very confident managing their money—few of them have been given the knowledge and tools to be financially successful,” said Barrett, vice president of editorial and founding editor of Grow. “Grow is working to close that financial literacy gap by addressing the questions many people have, but don’t know how to answer, and delivering advice in a compelling, digestible format. No finance degree required.”

Explore Grow at grow.acorns.com and read startup investor Ashton’s Kutcher’s advice on what makes a good investment, plus the scariest financial decision he ever made.  You can also find step-by-step instructions on how to build a better budget, pay off your credit card debt faster and successfully negotiate a raise this year, plus stories on a range of other money topics. Sign up to get the weekly newsletter here: https://www.acorns.com/grow/sign-up/.

* SurveyMonkey polled a nationally representative sample of 1,020 millennials about their financial health and goals in a December 2015 survey conducted on behalf of Acorns.

About Acorns
Acorns is the fastest growing savings and investment app. It allows people to round up their daily purchases and automatically Invest the Change® into a commission-free diversified portfolio of index funds offered by the world’s top asset managers (Vanguard, Blackrock and PIMCO). Founded in Newport Beach, California by father and son team Jeff and Walter Cruttenden, Acorns provides a simple entry-point for anyone to get started using the Acorns app on iPhone or Android. The app and financial engine were built with natural human behavior in mind to help inspire realistic investment strategies that can be held for the long term.  Customers accumulate fractional shares and automatically save and invest into a portfolio constructed by world-renowned Nobel Laureate economist Dr. Harry Markowitz. Acorns’ smart portfolio algorithms automatically work behind the scenes, helping people build wealth naturally, pennies at a time. From Acorns mighty oaks do grow. 

About Grow
Grow is a digital magazine that informs and educates millennials who want to be financially successful. Published by Acorns, the fastest-growing investment app, and led by award-winning financial journalist and author Jennifer Barrett, Grow features exclusive stories that break down complex financial topics into actionable advice, along with videos, tools and interviews with money superstars from investor Ashton Kutcher to Vanguard founder John Bogle. Weekly newsletter sign up is available at grow.acorns.com.

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SOURCE Acorns

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https://www.acorns.com

New Home Equity Loan Product Solves Homeowners’ Needs

IRVINE, Calif., Jan. 6, 2016 /PRNewswire/ — Seven years after home values collapsed, nine out of ten homeowners today now have positive equity,1 with many accessing their newly gained liquidity to address important needs such as home improvements, debt consolidation, education, business loans and more, according to loanDepot, America’s lender.

With home price appreciation on the rise in many housing markets across the country, home equity loans nationwide increased 4.2 percent in the third quarter 2015.2 Home prices are expected to moderate slightly in 2016, rising between 4.3 percent3 and 4.9 percent.4 An additional 5 percent in price appreciation will be enough to move another 800,000 homeowners into positive equity positions and raise the total number of homeowners with equity to 47.3 million.5

“In the last three years median home prices have increased by more than 15 percent6 and nearly 7 percent in last 12 months7 alone, helping millions of homeowners restore equity lost during the housing crisis,” said Anthony Hsieh, chairman and CEO, loanDepot. “Based on current market trends, we expect more residential properties will continue moving into positive equity positions. This will help open up low cost liquidity to millions of newly equitized homeowners, particularly those reluctant to abandon their low fixed-rate first liens.”

Introduced nationwide in September 2015, fundings of loanDepot home equity loan products have nearly doubled every month since launch, with average loan amounts on the rise ranging from approximately $40,000 to nearly $60,000. loanDepot is the first marketplace lender to offer home equity loan products to borrowers across the country, and the only marketplace lender to offer unsecured personal, home purchase, refinance, and home equity loan programs.

“A significant challenge for many homeowners today is that they don’t know if their home has regained equity, and they’re unclear on how to determine the value of their home,” said Hsieh. “As more homeowners become aware of their improved equity positions, our data shows they’ll use their recently gained equity for debt consolidation, home improvement, education, or small business needs, among other uses.”

loanDepot home equity loans enable homeowners to access equity in loan amounts ranging from $25,000 to $250,000. Fixed terms are offered up to 30 years with up to 95 percent loan-to-value available for certain borrowers. Since a home equity loan is a secured debt, the interest rate is typically lower than the average rate changed on a credit card or other form of unsecured debt. Home equity loans also offer potential tax savings as interest payments may be tax deductible. There are no pre-payment penalties so borrowers can pay off principal anytime.

In addition to debt consolidation, many loanDepot home equity borrowers are putting their equity to work to meet major needs for home improvements. The Harvard Joint Center for housing Studies projects annual spending growth for home improvements will accelerate from 2.4 percent between the third-quarter of 2015 to 6.8% in the second quarter of 2016.8

Homeowners considering a home equity loan can easily receive information on how to obtain an estimate of their home’s current value by talking to a licensed loanDepot loan officer. For more information, call 888-983-3240 or go to http://www.loandepot.com/HomeEquity

ABOUT LOANDEPOT, LLC 
loanDepot, America’s lender, matches borrowers through technology and high-touch customer care with the credit they need to fuel their lives. As a fast-growing national marketplace lender, the loanDepot platform is disrupting finance by dissolving the lines between mortgage and nonmortgage credit. The company has funded nearly $60 billion in loans since inception.  loanDepot is passionate about emerging financial technology and dynamic product delivery supported by excellent customer service to empower consumers. Headquartered in Southern California, loanDepot employs 5,000+ people across the country including 1,500+ licensed loan officers, and operates 140+ loan stores nationwide. The company operates under the brand names loanDepot, imortgage, Mortgage Master, LDWholesale and LDEscrow. NMLS # 174457Learn more at loanDepot.com

1  http://www.corelogic.com/about-us/news/corelogic-reports-256,000-us-properties-regained-equity-in-the-third-quarter-of-2015.aspx
2http://www.insidemortgagefinance.com/issues/imfpubs_imf/2015_48/latest_data/Home-Equity-Lending-Up-Slightly-in-3Q15–1000034855-1.html
3http://www.freddiemac.com/finance/pdf/nov_2015_public_outlook.pdf
4 http://fanniemae.com/resources/file/research/emma/pdf/Housing_Forecast_121515.pdf
5http://www.corelogic.com/about-us/researchtrends/homeowner-equity-report.aspx#.VnmDIL3RscM
6 CoreLogic – 2013, 2014 and 2015 HPI price reports – http://www.corelogic.com/research/hpi/corelogic_hpi_october_2015.pdf
http://www.corelogic.com/about-us/news/corelogic-reports-homes-prices-rose-by-5.7-percent-year-over-year-in-january-2015.aspx
http://www.corelogic.com/about-us/news/corelogic-home-price-index-rises-by-almost-10-percent-year-over-year-in-january.aspx
7http://www.corelogic.com/research/hpi/corelogic_hpi_october_2015.pdf
8http://www.jchs.harvard.edu/remodeling-spending-expected-accelerate-2016

Contact:
Julie Reynolds | loanDepot
949.899.0749 | JReynolds@loanDepot.com
Brittney Jennings | Ogilvy Public Relations
312.397.6061 | Brittney.Jennings@ogilvy.com

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SOURCE loanDepot, LLC

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New Financing Company Provides Innovative Funding Programs for Healthcare Industry

DALLAS, Nov. 24, 2015 /PRNewswire/ – Surgical Funds (www.surgicalfunds.com), a firm formed to facilitate creative financing solutions solely for the healthcare industry, has launched and is changing the way healthcare organizations and professionals access cost-effective capital. Surgical Funds, created by trusted, veteran leaders in the healthcare industry, is dedicated to facilitating the highest quality medical financing alternatives for healthcare business owners and professionals, including group practices, ambulatory surgery centers (ASCs), clinical labs, and individual physicians.

By partnering with leading lending institutions, Surgical Funds delivers fast, customized solutions designed to meet the challenges unique to the healthcare industry. Medical financing programs are available for commercial debt consolidation, capital expansion, projects, startup expenses, and more. Surgical Funds’ lending partners, which includes Bankers Healthcare Group, have provided millions of dollars in customized financing programs nationwide.

The firm was founded by two executives with extensive experience in the healthcare, insurance, and financial services industries: Jeff Blankinship, an ASC industry leader who is president and CEO of healthcare IT solutions firm Surgical Notes and co-founder of  Surgical Captive, and the founder of the Surgery Center Network and Randy Bishop, another ASC industry leader who is chief operating officer of Surgical Notes, co-founder of Surgical Captive, and a partner at VisionCap Investments.

“Accessing a line of credit can be a difficult and time-consuming process for healthcare organizations and professionals,” Blankinship said. “Surgical Funds is designed to offer healthcare businesses and professionals an easy way to access an array of medical financing programs with limited funding requirements. By taking advantage of one of the exclusive financing programs through Surgical Funds, providers will be free to focus on what matters most — growing their business and delivering high-quality care to patients.”

To learn more about Surgical Funds and take the first step toward accessing the capital you need, visit www.surgicalfunds.com.

About Surgical Funds
Surgical Funds, created by trusted leaders in the healthcare industry, was formed to facilitate creative financing solutions solely for the healthcare industry. With our partners, we strive to offer fast, hassle-free funding programs designed to meet the unique and changing needs of healthcare professionals and business owners. Medical financing programs are available for commercial debt consolidation, capital expansion, projects, start-up expenses, and more. Surgical Funds’ lending partners are of the highest caliber and have provided millions of dollars in customized financing programs nationwide. Contact us today to learn how Surgical Funds can provide you with the capital you need by visiting www.surgicalfunds.com.

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SOURCE Surgical Funds

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What has consumers stressed this holiday season?

COSTA MESA, Calif., Nov. 23, 2015 /PRNewswire/ – Consumers may not feel so jolly once they head into this year’s holiday shopping season. According to a national survey by Experian, many respondents are concerned about the financial stress of gift buying and adding debt, as well as becoming an identity theft victim.

When it comes to their finances, a majority of survey respondents believe holiday shopping is a strain (60 percent), and almost half feel obligated to spend more than they can afford (41 percent). When asked how they feel about holiday shopping, 29 percent of respondents feel stressed and 21 percent feel overwhelmed. According to respondents, there are several reasons for the seasonal anxiety: It is difficult to stay within budget (38 percent), there is no extra money to buy gifts (35 percent), and 26 percent do not want more credit card debt.

Credit is the key for many consumers’ merry holiday, allowing them to get the gifts they desire. Respondents plan to spend an average of $806 for gifts. Forty-nine percent of surveyed consumers plan to use credit for almost a quarter of their expenditures; in fact, 12 percent of respondents plan to open a new credit card for holiday shopping. Unfortunately, missing payments or opening new cards can damage a consumer’s credit profile – ten percent of respondents say holiday shopping has negatively affected their credit scores.

“The holidays can prove to be a challenging time for many consumers trying to manage their finances,” said Rod Griffin, director of Public Education at Experian. “Credit is a useful tool if it is used wisely, but it’s best to create a budget and determine how much one can afford using credit so there are not overwhelming bills to pay in the New Year.”

Some respondents have taken that insight to heart, based on these credit-related New Year’s resolutions: pay off a credit card (28 percent), pay the full credit card balance each month (25 percent) and pay credit card debt on time (21 percent). Fourteen percent plan to check both their credit report and their credit score more often.

Identity theft is no gift
Identity theft and fraud can also damage a credit report and score. Fifty percent of respondents are concerned about identity theft during this holiday shopping season — almost 60 percent among those concerned are millennials, who have grown up in an age of digital crime.

Consumers surveyed feel the risk is both present while shopping at “brick and mortar” retail locations or online with 55 percent choosing both as equally vulnerable. While 30 percent of respondents cite online shopping as riskier (30 percent), almost half still plan to shop online.

“Consumers understand more than ever before that their identities are at risk no matter how or where they shop,” said Michael Bruemmer, vice president of Experian Consumer Protection. “It’s important that they take steps to protect their information and check financial accounts more frequently during the holiday season so they can catch possible fraud quickly.”

Will consumers be naughty or nice with their spending?

  • Unfortunately, 9 percent of respondents plan to pay off their credit card charges late
  • Only 43 percent of respondents plan to have a budget this year
  • However, more than half of respondents have saved 52 percent of their total shopping budget
  • Almost a quarter of surveyed consumers will use reward points to buy gifts (22 percent)

Consumers will use a mix of payment approaches

  • A majority of respondents will pay cash to purchase gifts (53 percent)
  • Almost half of surveyed consumers will use a major credit card (49 percent)
  • Eighteen percent of respondents will use a store credit card

What precautions will consumers take to protect their identities?

  • Fifty-four percent of respondents anticipate shopping only on personal internet connections or networks
  • Fifty-two percent of respondents will check to see if the site is secure
  • Fifty-one percent of respondents log out of personal accounts after shopping.
  • Forty-eight percent of surveyed consumers will go to websites directly instead of clicking on links

About the survey
The online survey was conducted by Edelman Berland on behalf of Experian from Oct. 28 to Nov. 3, 2015, among 1,035 adults ages 18 and older residing in the United States. This online survey is not based on a probability sample; therefore, no estimate of theoretical sampling error can be calculated. For complete survey methodology, including weighting variables, please contact ann@pitchpublicrelations.com.

About Experian Consumer Services
The Experian Consumer Services division provides credit monitoring and other informational products, such as identity protection, to millions of consumers via the Internet. The organization enables consumers to monitor their credit reports online, check their FICO® scores and protect against identity theft. Its products include Experian Credit TrackerSM and ProtectMyID®.

Experian Consumer Services has established integrated, cobranded relationships with leading online financial destinations that provide consumers with a broad range of comprehensive online financial products and information essential to managing one’s financial life. For more information, visit http://www.experian.com.

About Experian
We are the leading global information services company, providing data and analytical tools to our clients around the world. We help businesses to manage credit risk, prevent fraud, target marketing offers and automate decision making.

We also help people to check their credit report and credit score, and protect against identity theft. In 2015, we were named by Forbes magazine as one of the “World’s Most Innovative Companies.”

We employ approximately 17,000 people in 38 countries and our corporate headquarters are in Dublin, Ireland, with operational headquarters in Nottingham, UK; California, US; and São Paulo, Brazil.

Experian plc is listed on the London Stock Exchange (EXPN) and is a constituent of the FTSE 100 index. Total revenue for the year ended March 31, 2015, was US$4.8 billion.

To find out more about our company, please visit http://www.experianplc.com or watch our documentary, “Inside Experian.”

Experian and the Experian marks used herein are trademarks or registered trademarks of Experian Information Solutions, Inc. Other product and company names mentioned herein are the property of their respective owners.

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SOURCE Experian

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Acquisition of Securities of Cerro Grande Mining Corporation

TORONTO, Nov. 13, 2015 /PRNewswire/ – Mario Hernandez, c/o Spier Business Corp., 380 Los Carreras, Of, 425, La Serena, Chile, announces that pursuant to a debt settlement transaction (the “Transaction“), he has acquired beneficial ownership and control of 45,101,300 common shares (each, a “Common Share“) in the capital of Cerro Grande Mining Corporation (the “Company“), through Spier Business Corp. (the “Offeror“), a company controlled by Mr. Hernandez.

Pursuant to the Transaction, the Company issued 45,101,300 Common Shares to the Offeror in full and final settlement of outstanding indebtedness in the aggregate amount of US$1,682,885 (CDN$2,255,066) owed by the Company to the Offeror (the “Debt“), such indebtedness being made up ofcash advances made to the Company by Offeror. All amounts have been converted at an exchange ratio of US$1.00 to CDN$1.34.

Prior to the issuance of the Common Shares to the Offeror in connection with the Transaction, Mr. Hernandez beneficially owned and/or exercised control or direction over 54,992,201 Common Shares, representing approximately 31.39% of the issued and outstanding Common Shares on an undiluted basis. Mr. Hernandez also beneficially owns and/or exercises control or direction over 11,245,000 warrants (each, a “Warrant“) expiring October 24, 2019, each Warrant entitling the holder to purchase one Common Share at an exercise price of $0.07, and a convertible debenture in the principal amount of $80,105 (the “Debenture“) convertible into Common Shares at a price of $0.10 per Common Share, representing approximately 6.44% of the issued and outstanding Common Shares on an partially diluted basis giving effect to the exercise of the Warrants and the conversion of the principal amount of the Debenture.

After the issuance of the Common Shares under the Transaction, Mr. Hernandez beneficially owned and/or exercised control or direction over 100,023,501 issued and outstanding Common Shares, representing approximately 37.34% of the issued and outstanding Common Shares on a non‑diluted basis. Assuming conversion of the principal amount of the Debenture and exercise of the Warrants, Mr. Hernandez would beneficially own and/or exercise control or direction over 40.04% of the Common Shares on a partially diluted basis giving effect to the exercise of the Warrants and the conversion of the Debenture.

The Common Shares were issued to the Offeror pursuant to the Transaction, which was a private debt settlement transaction that occurred outside of any market or other facility, in settlement of the Debt, representing an issue price of CDN$0.05 per share.

The Offeror acquired the Common Shares pursuant to the Transaction in settlement of the Debt, to provide an immediate source of cash to the Company and to provide financial relief to the Company in a time of financial hardship. The Offeror intends to hold such Common Shares for investment purposes and may, in the future, increase or decrease its ownership of securities of the Company, directly or indirectly, from time to time depending upon the business and prospects of the Company and future market conditions.

The Offeror is relying on section 2.24 of National Instrument 45-106 — Prospectus Exemptions.

An early warning report (the “EWR“) will be filed on SEDAR and will be available for review at www.sedar.com under the Company’s profile. A copy of the EWR can be obtained from the contact below.

SOURCE Mario Hernandez, c/o Spier Business Corp.

LendingTree Announces Commencement of Common Stock Offering

CHARLOTTE, N.C., Nov. 2, 2015 /PRNewswire/ – LendingTree, Inc. (NASDAQ: TREE) (the “Company”), a leading online loan marketplace, announced today that it has commenced, subject to market and other conditions, an underwritten public offering of 850,000 shares of its common stock pursuant to an effective shelf registration statement previously filed with the Securities and Exchange Commission.  The Company proposes to issue and sell 725,000 shares of its common stock and a selling stockholder proposes to offer and sell 125,000 shares in the underwritten public offering.  In connection with the offering, the Company expects to grant the underwriters an option for a period of 30 days to purchase up to an additional 127,500 shares of common stock.

The Company expects to use the net proceeds from the offering for general corporate purposes, including, but not limited to, working capital and potential acquisitions. The Company will receive no proceeds from the offer and sale of shares by the selling stockholder.

BofA Merrill Lynch, RBC Capital Markets, LLC and SunTrust Robinson Humphrey, Inc. will serve as joint book-running managers for the offering.  Guggenheim Securities, Needham & Company and Stephens Inc. are acting as co-managers for the offering.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. 

The offering is being made only by means of a prospectus and related prospectus supplement. Copies of the prospectus and the related preliminary prospectus supplement may be obtained free of charge from the Securities and Exchange Commission’s website at www.sec.gov or by contacting any of the joint book-running managers, including:  BofA Merrill Lynch, 222 Broadway, New York, NY 10038, attention:  Prospectus Department, or e-mail dg.prospectus_requests@baml.com; RBC Capital Markets, Attn: Equity Syndicate, 200 Vesey Street, 8th Floor, New York, NY 10281 or by telephone at 877-822-4089 or by email at equityprospectus@rbccm.com; or SunTrust Robinson Humphrey, Inc., Attn: Prospectus Department, 3333 Peachtree Rd., NE, Atlanta, GA 30326 or by telephone at 404-926-5744 or by e-mail at STRH.Prospectus@SunTrust.com.

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995

The matters contained in the discussion above may be considered to be “forward-looking statements” within the meaning of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995, as amended. Those statements include statements regarding the intent, belief or current expectations or anticipations of the Company and members of its management team. Factors currently known to management that could cause actual results to differ materially from those in forward-looking statements include the following: adverse conditions in the United States or global capital markets; adverse conditions in the primary and secondary mortgage markets and in the economy, particularly interest rates; willingness of lenders to make unsecured personal loans and purchase leads for such products from the Company; seasonality of results; potential liabilities to secondary market purchasers; changes in the Company’s relationships with network lenders; breaches of network security or the misappropriation or misuse of personal consumer information; failure to provide competitive service; failure to maintain brand recognition; ability to attract and retain customers in a cost-effective manner; ability to develop new products and services and enhance existing ones; competition; allegations of failure to comply with existing or changing laws, rules or regulations, or to obtain and maintain required licenses; failure of network lenders or other affiliated parties to comply with regulatory requirements; failure to maintain the integrity of systems and infrastructure; liabilities as a result of privacy regulations; failure to adequately protect intellectual property rights or allegations of infringement of intellectual property rights; and changes in management.  These and additional factors to be considered are set forth under “Risk Factors” in the Company’s Annual Report on Form 10-K for the period ended December 31, 2014, Quarterly Reports on Form 10-Q for the periods ended June 30, 2015 and September 30, 2015  and other filings with the Securities and Exchange Commission. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results or expectations.

About LendingTree, Inc.

LendingTree, Inc. operates a leading online loan marketplace and provides consumers with an array of online tools and information to help them find the best loans for their needs. The Company’s online marketplace connects consumers with multiple lenders that compete for their business, empowering consumers as they comparison-shop across a full suite of loans and credit-based offerings. The Company provides access to lenders offering home loans, home equity loans/lines of credit, reverse mortgages, personal loans, auto loans, small business loans, credit cards, student loans and more.

LendingTree, Inc. is headquartered in Charlotte, NC and maintains operations solely in the United States.

Logo – http://photos.prnewswire.com/prnh/20110518/MM04455LOGO

SOURCE LendingTree, Inc.

Ally Financial Reports Third Quarter 2015 Financial Results

CHARLOTTE, N.C., Oct. 29, 2015 /PRNewswire/ – Ally Financial Inc. (NYSE: ALLY) today reported net income of $268 million. This compares to net income of $182 million in the prior quarter and $423 million for the third quarter of 2014, which included $130 million in income from discontinued operations. The company reported core pre-tax income of $431 million, excluding repositioning items, in the third quarter of 2015, compared to $435 million in the prior quarter and $467 million in the comparable prior year period. Adjusted earnings per diluted common share for the quarter were $0.51, compared to $0.46 in the previous quarter and $0.53 in the prior year period. Ally reported generally accepted accounting principles (GAAP) earnings of $0.47 per common share in the third quarter of 2015.

Improved net financing revenue, excluding original issue discount (OID), continued to drive strong results and totaled $981 million in the third quarter of 2015, up from $936 million a year ago. Revenue from retail auto loan growth more than offset a decline in net lease revenue. Further, Ally continued to reduce its cost of funds, resulting in a quarter-over-quarter 9 basis point increase to net interest margin (NIM), excluding OID, and ended the quarter at 2.67 percent. Credit performance during the quarter was in line with expectations with strong retail auto loan growth primarily driving $211 million of provision expense for the quarter, up from $102 million in the third quarter of 2014. Non-interest expenses declined by $68 million, or 9 percent year-over-year, resulting from continued expense reduction efforts and lower weather-related losses in the insurance operations. The adjusted efficiency ratio improved to 44 percent for the quarter, from 46 percent in the prior quarter and 49 percent in the prior year period.

Consumer auto originations remained robust at $11.1 billion for the quarter, increasing from $10.8 billion last quarter and down from $11.8 billion in the same period last year, with the company on track to exceed its originations target in the high $30 billions for 2015. Gains in the Growth2 and Chrysler channels continued to drive consumer auto originations, and excluding GM lease and subvented, originations increased 36 percent year-over-year. Separate from originations, during the quarter the company also completed a previously announced purchase of $607 million of consumer loans and leases from Mitsubishi Motors Credit of America.

“Ally’s third quarter results demonstrate the ongoing strength of the operations and continued progress on our goals to diversify the business, achieve our financial targets and build upon our leading digital platform,” said Ally Chief Executive Officer Jeffrey Brown. ”Auto originations were strong at $11.1 billion for the quarter and $31.7 billion year-to-date, and we remain on track to surpass our target for the year, despite the shifts in the business. The business is well-positioned in the marketplace, increasingly more diversified and poised to provide consistent returns.”

Brown continued, “Driving greater efficiencies in our capital and funding structure also remains a priority, and our efforts include deposit growth and funding more assets at the bank. In the third quarter, Ally posted retail deposit growth of $1.8 billion quarter-over-quarter and funded 76 percent of its auto originations through Ally Bank. Addressing the remaining Series G securities continues to be a key area of focus in the near term, as well. By concentrating on these legacy capital instruments in the coming months, Ally will be positioned to have a more normalized capital structure to clear the path for more traditional opportunities to return excess capital to shareholders.”

“Building on our strengths in digital financial services, Ally recently crossed two key milestones – we surpassed one million retail deposit customers in September, and we sold our five millionth vehicle on our online auto remarketing platform in October. The continued growth of these platforms is a testament to our capabilities in delivering compelling products online and via mobile applications that resonate with customers.”

“As we look ahead, our opportunities lie in our inherent strengths – a strong culture of agility and innovation, a proven track-record in digital financial services, a respected customer-centric brand, and a foundation of 5.5 million customers. We have taken initial steps in deepening our customer relationships and expect to expand our customer offerings in the year ahead,” he concluded.

Results by Segment

($ millions)







Increase/(Decrease)
vs.


3Q 15

2Q 15

3Q 14


2Q 15

3Q 14

Automotive Finance

$347

$401

$415


$(54)

$(68)

Insurance

40

15

60


25

(20)

Dealer Financial Services

$387

$416

$475


$(29)

$(88)

Mortgage

7

9

(3)


(2)

10

Corporate and Other (ex. OID)1

37

9

(5)


27

42

Core pre-tax income, excluding
  
repositioning items2

$431

$435

$467


$(4)

$(36)

Repositioning items3

(2)

(154)

-


(152)

2

Core pre-tax income2

$428

$281

$467


$148

$(38)

OID amortization expense

11

18

47


(6)

(35)

Income tax expense

144

94

127


50

17

(Loss) / income from discontinued
  
operations4

(5)

13

130


(18)

(135)

Net income

$268

$182

$423


$86

$(155)








Core ROTCE5

9.2%

8.2%

9.1%




Adjusted Efficiency ratio5

44%

46%

49%




GAAP Earnings / (Loss) Per Common Share
(diluted)6

$0.47

$(2.22)

$0.74


$2.69

$(0.27)

Adjusted Earnings Per Common Share6

$0.51

$0.46

$0.53


$0.04

$(0.03)


1. Corporate and Other primarily consists of Ally’s centralized treasury activities, the residual impacts of the company’s corporate funds transfer pricing and asset liability management activities, and the amortization of the discount associated with debt issuances and bond exchanges. Corporate and Other also includes the Corporate Finance business, certain investment portfolio activity and reclassifications, eliminations between the reportable operating segments, and certain unallocated expenses including overhead previously allocated to operations that have since been sold or discontinued.

2. Core pre-tax income, a non-GAAP financial measure, is defined as income from continuing operations before taxes and OID amortization expense primarily from bond exchanges and liability management actions (accelerated OID).

3. Repositioning items for 2Q15 are primarily related to the extinguishment of high-cost legacy debt. Refer to slides 21 and 22 of the Ally Financial Inc. 3Q15 Earnings Review presentation, which is available at www.ally.com/about/investor/events-presentations/ for a reconciliation to GAAP. This presentation will also be furnished on a Form 8-K with the U.S. Securities and Exchange Commission.

4. Includes a non-recurring tax benefit in 3Q14 in connection with completed sales of discontinued operations, in addition to income associated with the former China joint venture.

5. See slide 22 in the Ally Financial Inc. 3Q15 Earnings Review presentation which is available at www.ally.com/about/investor/events-presentations/ for definitions and details. Calculations can be found on page 22 of the 3Q15 Financial Supplement.

6. GAAP Earnings Per Common Share for 2Q15 is inclusive of a per share impact of $2.47 for the partial redemption of Series G and a Series A tender. Adjusted Earnings per Common Share is a non-GAAP financial measure. See slide 5 in the Ally Financial Inc. 3Q15 Earnings Review presentation which is available at www.ally.com/about/investor/events-presentations/ for detail.

Liquidity and Capital
Highlights

  • Maintained strong capital levels in third quarter 2015 with Basel III Common Equity Tier 1 capital ratio3 at 9.6 percent on a fully phased-in basis.
  • Cost of funds, excluding OID, improved by 18 basis points year-over-year.

Ally’s total equity was $14.6 billion at Sept. 30, 2015, up from $14.3 billion at the end of the prior quarter. Ally’s preliminary third quarter 2015 Basel III Common Equity Tier 1 capital ratio was 9.6 percent on a fully phased-in basis, and Ally’s preliminary Tier 1 capital ratio was 11.9 percent on a fully phased-in basis, both improving as a result of continued profitability and deferred tax asset (DTA) utilization.

Ally’s consolidated cash and cash equivalents decreased to $5.2 billion as of Sept. 30, 2015, from $5.9 billion at June 30, 2015, as a result of debt reduction activities in the quarter, which was partially offset by an increase in deposits. Included in this quarter’s cash balance are $2.4 billion at Ally Bank and $1.1 billion at the insurance subsidiary.

Ally continued to execute a diverse funding strategy during the third quarter of 2015. This strategy included strong growth in deposits, which represent approximately 47 percent of Ally’s funding portfolio, and completion of new term U.S. auto securitizations, which totaled approximately $1.6 billion for the quarter, as well as an additional $2.0 billion in auto loan sales in the quarter.  

Ally Bank
Highlights

  • Deposit customer base grew 16 percent year-over-year to more than 1 million customers, adding over 36,000 customers in the quarter.
  • ‘Ally Bank has been named “Best Online Bank” by MONEY® magazine for the 5th straight year’ 2011 – 2015.
  • Retail deposits totaled $53.5 billion for the third quarter, up $5.5 billion year-to-date, and $6.8 billion or 15 percent year-over-year.
  • Approximately 69 percent of Ally’s total assets were funded at Ally Bank at the end of the quarter.
  • Ranked Best in Class in back-to-back reports for customer experience in Forrester’s 2015 CX Index™ survey.
  • Introduced Apple Watch ATM and Cash Locator app for added customer convenience.

For purposes of financial reporting, operating results for Ally Bank, the company’s direct banking subsidiary, are included within Auto Finance, Mortgage and Corporate and Other, based on its underlying business activities.

Deposits
Ally Bank continued to build its deposit base and maintained strong customer loyalty, attracting and retaining customers with its value proposition. Retail deposits at Ally Bank increased to $53.5 billion as of Sept. 30, 2015, compared to $51.8 billion at the end of the prior quarter. Year-over-year, retail deposits increased $6.8 billion, up 15 percent. Retail deposit growth continued to be driven largely by savings products, which represent 57 percent of the retail deposit portfolio. Brokered deposits at Ally Bank totaled approximately $10.2 billion as of Sept. 30, 2015, up slightly compared to the prior quarter. Ally Bank continued strong expansion of its customer base to approximately 1.03 million deposit customers, growing 16 percent year-over-year.

Automotive Finance
Highlights

  • Consumer auto financing originations totaled $11.1 billion for the quarter, with 76 percent of originations now funded through Ally Bank.
  • Consumer originations were up 36 percent year-over-year, excluding GM lease and subvented originations.
  • Strong performance in the Growth channel continued as originations increased 46 percent over prior year period.
  • Strong application volume across all dealer channels, highest quarter in Ally history.
  • Closed a purchase of $607 million of consumer loans and leases from Mitsubishi Motors Credit of America.
  • Solid growth in Chrysler channel with originations up 38 percent year-over-year.
  • Automotive earning assets increased approximately 3 percent or $3.6 billion, year-over-year, despite $4.1 billion in loan sales since Sept. 30, 2014.
  • Surpassed 5 million vehicles sold on SmartAuction, an industry-leading online auction platform.

Auto Finance reported pre-tax income of $347 million for the third quarter of 2015, compared to $415 million in the corresponding prior year period. Results for the quarter were primarily driven by strong net financing revenue due to continued growth in both new and used retail loans, offsetting lower lease and commercial revenue. As a result of strong loan balance growth, provision expense increased, however credit performance remained aligned with expectations for the portfolio.

Earning assets for Auto Finance, which are comprised of consumer and commercial receivables and leases, continued to trend higher with end-of-period earning assets totaling $113.1 billion, despite $2.0 billion in auto loan sales in the quarter. Consumer earning assets totaled $80.8 billion, up 4 percent year-over-year, due to continued strong origination volume. Additionally, the company completed a purchase of $607 million of consumer loans and leases from Mitsubishi Motors Credit of America. End-of-period commercial earning assets were up slightly year-over-year at $32.3 billion for the quarter, primarily resulting from an increase in Growth and Chrysler dealer outstandings.

Consumer financing originations in the third quarter of 2015 were $11.1 billion, compared to $10.8 billion in the prior quarter and $11.8 billion in the corresponding prior year period. Origination levels remained strong, despite reduction in GM subvented and leasing originations. Origination volume was driven by year-over-year growth in the non-subvented new channel, which was up 43 percent, and in the used channel, which was up 23 percent. Growth channel originations comprised 32 percent of total originations. Originations in the quarter were comprised of $6.2 billion of new retail, $3.9 billion of used retail and $1.0 billion of leases. Excluding GM leasing and subvented originations, consumer financing originations increased 36 percent year-over-year. In addition, volume from Growth dealers increased 46 percent year-over-year.

Insurance
Highlights

  • Pre-tax income of $40 million for the third quarter, driven by improved underwriting income.
  • Weather-related losses declined quarter-over-quarter and year-over-year.

Insurance, which focuses on dealer-centric products such as extended vehicle service contracts (VSCs) and dealer inventory insurance, reported pre-tax income from continuing operations of $40 million in the third quarter of 2015, compared to pre-tax income of $60 million in the prior year period. Improved underwriting income resulting from lower weather-related losses were more than offset by a decline in investment income. Total investment income was $9 million in the third quarter of 2015, down from $53 million in the prior year period, driven by a strong equity market in 2014 that did not repeat. Written premiums declined $9 million to $254 million compared to the prior quarter.

Mortgage
During the third quarter of 2015, Mortgage reported core pre-tax income of $7 million, compared to a loss of $3 million in the prior year period. Results were primarily driven by a $9 million gain on the sale of legacy loans in the held-for-sale portfolio. The held-for-investment mortgage portfolio’s net carrying value is approximately $9.7 billion as of Sept. 30, 2015, an increase of $558 million compared to the prior quarter and $2.3 billion year-over-year, as a result of bulk loan purchases comprised of primarily high-quality, jumbo residential mortgages.

Corporate and Other
Highlights

  • Ally’s adjusted efficiency ratio improved to 44 percent, compared to 49 percent a year ago.
  • Ally Corporate Finance announced formation of a team focused on expanding into the venture-backed technology sector.

Corporate and Other primarily consists of Ally’s centralized treasury activities, the residual impacts of the company’s corporate funds transfer pricing, asset liability management activities, and the amortization of the discount associated with debt issuances and bond exchanges. Corporate and Other also includes the Corporate Finance business, certain investment portfolio activity and reclassifications, eliminations between the reportable operating segments, and overhead previously allocated to operations that have since been sold or discontinued.

Corporate and Other reported core pre-tax income (excluding core OID amortization expense and repositioning items) of $37 million, compared to a loss of $5 million in the comparable prior year period. Results were primarily affected by the continued improvement in Ally’s cost of funds. The Corporate Finance segment continued to grow and reported core pre-tax income of $16 million for the quarter.

Core OID amortization expense totaled $11 million, compared to $47 million reported in the corresponding prior year period.

Additional Financial Information

For additional financial information, the third quarter 2015 earnings presentation and financial supplement are available in the Events & Presentations section of Ally’s Investor Relations Website at http://www.ally.com/about/investor/events-presentations/.

About Ally Financial Inc.

Ally Financial Inc. (NYSE: ALLY) is a leading automotive financial services company powered by a top direct banking franchise. Ally’s automotive services business offers a full spectrum of financial products and services, including new and used vehicle inventory and consumer financing, leasing, vehicle service contracts, commercial loans and vehicle remarketing services, as well as a variety of insurance offerings, including inventory insurance, insurance consultative services for dealers and other ancillary products. Ally Bank, the company’s direct banking subsidiary and member FDIC, offers an array of deposit products, including certificates of deposit, savings accounts, money market accounts, IRA deposit products and interest checking. Ally’s Corporate Finance unit provides financing to middle-market companies across a broad range of industries.

With approximately $156.1 billion in assets as of Sept. 30, 2015, Ally operates as a financial holding company. For more information, visit the Ally media site at http://media.ally.com or follow Ally on Twitter: @Ally.

Forward-Looking Statements
In this earnings release and in comments by Ally Financial Inc. (“Ally”) management, the use of the words “expect,” “anticipate,” “estimate,” “forecast,” “initiative,” “objective,” “plan,” “goal,” “project,” “outlook,” “priorities,” “target,” “explore,” “positions,” “intend,” “evaluate,” “pursue,” “seek,” “may,” “would,” “could,” “should,” “believe,” “potential,” “continue,” or the negative of any of those words or similar expressions is intended to identify forward-looking statements. All statements herein and in related charts and management comments, other than statements of historical fact, including without limitation, statements about future events and financial performance, are forward-looking statements that involve certain risks and uncertainties.

While these statements represent our current judgment on what the future may hold, and we believe these judgments are reasonable, these statements are not guarantees of any events or financial results, and Ally’s actual results may differ materially due to numerous important factors that are described in the most recent reports on SEC Forms 10-K and 10-Q for Ally, each of which may be revised or supplemented in subsequent reports filed with the SEC. Such factors include, among others, the following: maintaining the mutually beneficial relationship between Ally and General Motors, and Ally and Chrysler, and our ability to further diversify our business; our ability to maintain relationships with automotive dealers; the significant regulation and restrictions that we are subject to as a bank holding company and financial holding company; the potential for deterioration in the residual value of off-lease vehicles; disruptions in the market in which we fund our operations, with resulting negative impact on our liquidity; changes in our accounting assumptions that may require or that result from changes in the accounting rules or their application, which could result in an impact on earnings; changes in our credit ratings; changes in economic conditions, currency exchange rates or political stability in the markets in which we operate; and changes in the existing or the adoption of new laws, regulations, policies or other activities of governments, agencies and similar organizations (including as a result of the Dodd-Frank Act and Basel III).

Investors are cautioned not to place undue reliance on forward-looking statements. Ally undertakes no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events or other such factors that affect the subject of these statements, except where expressly required by law.

Contacts:

Gina Proia
646-781-2692
gina.proia@ally.com

Sarah Comstock
313-656-6954
sarah.n.comstock@ally.com

_________________________

1 Adjusted EPS and Core Pre-Tax Income are each non-GAAP financial measures. Refer to the Results by Segment table in this press release for details.

2 Originations from non-GM/Chrysler dealers.

3 Ally’s preliminary Basel III Common Equity Tier 1 capital ratio, reflective of transition provisions, is 10.0%. Common Equity Tier 1 is a non-GAAP financial measure. See page 16 of the 3Q15 Financial Supplement for details.

 

SOURCE Ally Financial

RELATED LINKS
http://www.ally.com

Beverly Hills Tax Solutions: The Way To Financial Freedom

LOS ANGELES, Oct. 23, 2015 /PRNewswire/ – Beverly Hills Tax Solutions is one of Los Angeles’ most prestigious full-service income tax preparation companies. Launched in 2007, Beverly Hills Tax Solutions was created with the purpose of helping individuals along with businesses obtain relief and resolution from their IRS problems. This Beverly Hills based company focuses on resolving client’s IRS complications such as wage garnishments, bank levies, IRS tax liens, and unfiled back taxes. With our team of highly skilled professionals, well-qualified tax attorneys, enrolled agents, and certified public accountants we perform at the highest standard of excellence.

Beverly Hills Tax Solutions is pleased to welcome Marc Phelps to our team. Marc is our Certified Public Accountant. Marc is a member of the AICPA and he brings with him 24 years of extensive experience in auditing, reporting, and compliance requirements for small businesses, affordable housing, and non-profit agencies. Mr. Phelps is dedicated and committed to providing you cost effective and high-quality service. You will get financial information in a timely and accurate manner.

Beverly Hills Tax Solutions would also like to welcome Steven Yonan to our company. Steven Yonan is our attorney and we are happy to have his wealth of experience in law practice. Mr. Yonan is a member of the American Bar Association (Tax Section), the State Bar of California (Tax Section), and the San Diego County Bar Association (Tax Section). He is admitted to practice before the United States District Court for the Southern District of California, and the Supreme Court of the State of California. If you are overwhelmed with your tax debt, please contact Beverly Hills Tax Solution. We are the best solution for you.

About Us:
Beverly Hills Tax Group offers various services to people and businesses dealing with tax problems such as wage garnishments, bank levies, IRS tax liens, and unfiled back taxes. Beverly Hills Tax Solutions has a team of experienced attorneys and certified public accountants working in union to negotiate the best offer for you. We are committed to getting you the lowest possible IRS payment that is allowed by law. We will not let you retain our services unless you are a legitimate candidate for tax relief. The IRS has strict guidelines regarding eligibility so therefore we tell our clients what tax options are available to them. Beverly Hills Tax Solutions has resolved tax problems for individuals and businesses for many years. 877.212.2118

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SOURCE Beverly Hills Tax Solutions

RELATED LINKS
http://bhtaxsolutions.com

Complete Credit Repair Only $1,499.00 by Credit Restoration Consultants

FORT LAUDERDALE, FL — Experts are talking recession and families are wondering how to protect their financial security. With the foreclosure epidemic, unemployment at an all time high, and Congress scrambling to bail out the financial industry, many consumers are experiencing severe stress as it relates to their economic stability and general well being. Although gasoline prices have fallen into the low $2.30 range, the economy is struggling with food prices and professional services that have increased at alarming rates. As a result, many families have scaled back on their spending to include only the necessities. 

In an ever worsening economy your good name and reputation within the community is becoming more important. Creditors have tightened their guidelines effectively barring millions of Americans from borrowing money. Even those with excellent credit are experiencing reduced credit limits and closed equity lines. Mortgage lenders, auto finance companies, credit card issuers and banks have all raised the bar. Borrowers with low credit scores can expect to be denied or to pay significantly higher interest rates than those with excellent credit. Long gone are the days of obtaining credit, goods, benefits, services and/or employment with a 620 credit score. In more instances than not, a consumer will be denied if they maintain a credit score lower than 720. 

The terms credit repair, credit restoration and/or credit rehabilitation are somewhat synomous. Those with bad credit cannot afford to ignore the potential benefits of credit repair. In today’s society, credit repair is more important than ever. Approximately 78% of credit profiles contain some sort of error or omission materially impacting credit worthiness. As such, one would be wise to at least explore retaining a reputable credit service organization in the restoration of their own good name and reputation within the community. With that said, Credit Restoration Consultants may be that credit service organization. 

Credit Restoration Consultants is a credit service organization specializing in the restoration of consumer credit worthiness as well as identity theft. We assist consumers in achieving a favorable financial credit profile. Everything we do is legal utilizing laws enacted by Congress to dispute negative, erroneous, obsolete, and/or fraudulent information contained within your consumer credit profile.

Utilizing the Fair Credit Reporting Act, the Fair Debt Collection Practices Act, the Fair Credit Billing Act, and the Fair and Accurate Credit Transactions Act, Credit Restoration Consultants will assist a consumer in the submission of disputes electronically, verbally and in writing to the Equifax, Experian and Trans Union consumer reporting agencies in addition to creditors, collection agencies, third-party record providers and state/federal/private regulatory authorities. Keep in mind that anything Credit Restoration Consultants can do – you can do yourself. Where Credit Restoration Consultants has the edge is the fact that we possess the education, knowledge and a source proven method which yields results.
 
Unlike most credit service organizations that submit the same written dispute letters monthly, Credit Restoration Consultants has devised a strategy whereby disputes are submitted electronically, verbally and in writing over a six month period to the credit reporting agencies, creditors, collectors, and third-party record providers reporting negative, inaccurate, obsolete and/or erroneous information. Utilizing the Fair Credit Reporting Act, the Fair Debt Collection Practices Act, the Fair Credit Billing Act, the Fair and Accurate Credit Transactions Act, in addition to laws applicable to a particular state, Credit Restoration Consultants has obtained thousands of deletions and updates for its clients. Credit Restoration Consultants can help remove erroneous and/or inaccurate judgments, liens, bankruptcies, student loans, inquiries, derogatory tradelines, personal identifiers and more! While the credit restoration process can take anywhere from 30 days to six months, most clients see dramatic results in 45-60 days.
 
Credit repair, credit restoration and/or credit rehabilitation is as legal as pleading “not guilty” in a court of law. With that said, one must understand that as a credit service organization Credit Restoration Consultants is not a law firm and that none of its employees is an attorney licensed to practice law in the state of Florida. As such, Credit Restoration Consultants cannot provide legal advice nor represent any individual before any court or in any legal proceeding. In the event that legal representation is required, Credit Restoration Consultants may provide an appropriate attorney referral for consultation. 

Still not convinced as to the benefit of utilizing Credit Restoration Consultants in the restoration of your good name and reputation within the community? You should tune into the Credit Restoration Consultants Hour with credit repair expert Bill Lewis. Bill can be heard weekday’s on the 9′s – both 9:00 a.m. and 9:00 p.m. eastern time – on AM 1470 WWNN in south Florida. For those listening online, streaming audio can be accessed at www.WWNNRadio.com by clicking on the listen live link.
 
For more information on Credit Restoration Consultants or to discuss the $1,499.00 Internet special, please contact us at (954) 581-5050 or online at www.TalkAboutCredit.com.

Milestone: 100 Million Consumer Accounts Now Get Access to FICO® Scores for Free

SAN JOSE, Calif., Oct. 20, 2015 /PRNewswire/ — Holders of 100 million consumer accounts in the U.S. now have regular access to FICO® Scores for free. FICO (NYSE: FICO) announced the major milestone today, less than two years after the FICO® Score Open Access program launched.

“The more consumers know about their own credit health, the better it is for everyone,” said Jim Wehmann, executive vice president, Scores, at FICO. “Just two years ago we launched FICO Score Open Access with the holders of 8 million consumer accounts able to receive their FICO Scores for free, and today we have surpassed 100 million, thanks to the nation’s lenders that share our commitment to consumer financial empowerment. Because the process of obtaining credit can be confusing, there’s no better place for people to start than with the actual credit scores their lenders are using.”

FICO® Score Open Access, the program that allows lenders to provide FICO® Scores to consumers for free, has proven beneficial for both consumers and lenders, as described in a new report published by the Federal Reserve Bank of Philadelphia’s Payment Card Center and based on data from Barclaycard, a participant in the FICO program.1

The report summarizes Barclaycard’s experience providing cardholders with regular, free access to their FICO® Scores through the FICO® Score Open Access program. Among Barclaycard’s findings:

  • 84 percent of enrolled cardholders check their FICO Scores every month
  • Credit card utilization by the riskiest cardholders generally declines after they enroll in the program
  • Delinquency rates of the people enrolled in the program remain below those of their nonparticipating peers for up to nine months after enrollment

“The program aligns with our overall business philosophy of being fair and transparent,” said Paul Wilmore, Managing Director of Barclaycard. “We are pleased that the preliminary data shows that cardmembers actively accessing this information are becoming better consumers of credit.”

The success of the FICO program extends beyond the holders of 100 million consumer accounts. FICO® Score Open Access for Credit & Financial Counseling, launched to help the estimated one million consumers annually who are in need of credit and financial guidance, has signed on more than 30 non-profit credit counseling providers just six months after launching. The program has enabled qualified counselors, like those at New York Legal Assistance Group, to share FICO Scores along with additional credit education materials, so they can have deeper conversations with their clients and help provide a more sustainable path to rebuilding their financial health.

“This tool has provided an unprecedented opportunity for our counseling program, and the low-income, vulnerable populations we serve,” said Doug Ostrov, director of financial counseling at the New York Legal Assistance Group. “By accessing individual FICO Scores, these consumers and their financial counselors can have a fruitful conversation about what these scores mean and how they can be improved to enhance a person’s overall economic stability. Our clients are eagerly attending workshops where we share FICO Scores. It provides a teaching moment, where clients see for themselves what the problems are and how, together, we can make a plan to fix them. In just a few short months, NYLAG has disclosed FICO Scores to more than 500 clients – and we look forward to working with hundreds more as the program unfolds.”

Eligible organizations interested in participating in the FICO® Score Open Access for Credit & Financial Counseling program may visit the FICO Community for credit and financial counseling.

The FICO® Score Open Access program is available to all financial services providers in the U.S. who use FICO® Scores to manage consumer credit. Institutions can visit http://subscribe.fico.com/open-access for further information and details.

About FICO
FICO (NYSE: FICO) is a leading analytics software company, helping businesses in 90+ countries make better decisions that drive higher levels of growth, profitability and customer satisfaction. The company’s groundbreaking use of Big Data and mathematical algorithms to predict consumer behavior has transformed entire industries. FICO provides analytics software and tools used across multiple industries to manage risk, fight fraud, build more profitable customer relationships, optimize operations and meet strict government regulations. Many of our products reach industry-wide adoption. These include the FICO® Score, the standard measure of consumer credit risk in the United States. FICO solutions leverage open-source standards and cloud computing to maximize flexibility, speed deployment and reduce costs. The company also helps millions of people manage their personal credit health.

FICO: Make every decision count. Learn more at www.fico.com.

For FICO news and media resources, visit www.fico.com/news.

FICO and “Make every decision count” are trademarks or registered trademarks of Fair Isaac Corporation in the United States and in other countries.

About Barclaycard:
Headquartered in Wilmington, Del., Barclaycard US is the fastest growing top 10 credit card issuer in the nation.  The company creates customized, co-branded credit card programs for some of the country’s most successful travel, entertainment, retail, affinity and financial institutions. The business also issues its own Barclaycard branded credit cards: Barclaycard Ring, Barclaycard Rewards, and the award winning Barclaycard Arrival product series.  Additional information on Barclaycard can be found at BarclaycardUS.com.

Stay up to date on Twitter: @barclaycardus  | YouTube: youtube.com/BarclaycardUS | Travel Community: barclaycardtravel.com | Facebook: facebook.com/BarclaycardUS  | Instagram: instagram.com/barclaycardus

1Nothing in the text should be construed as an endorsement by the Payment Cards Center or the Federal Reserve Bank of Philadelphia of any organization, its products, and/or services.

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SOURCE FICO

RELATED LINKS
http://www.fico.com

Your Good Name and Credit Reputation are Important in Tough Economic Times

FORT LAUDERDALE, FLORIDA — In an ever worsening economy your good name and reputation within the community is becoming more important. Creditors have tightened their guidelines effectively barring millions of Americans from borrowing money. Even those with excellent credit are experiencing reduced credit limits and closed equity lines. Mortgage lenders, auto finance companies, credit card issuers and banks have all raised the bar. Borrowers with low credit scores can expect to be denied or to pay significantly higher interest rates than those with excellent credit. Long gone are the days of obtaining credit, goods, benefits, services and/or employment with a 620 credit score. In more instances than not, a consumer will be denied if they maintain a credit score lower than 720.

The terms credit repair, credit restoration and/or credit rehabilitation are somewhat synomous. Those with bad credit cannot afford to ignore the potential benefits of credit repair. In today’s society, credit repair is more important than ever. Approximately 78% of credit profiles contain some sort of error or omission materially impacting credit worthiness. As such, one would be wise to at least explore retaining a reputable credit service organization in the restoration of their own good name and reputation within the community. With that said, Credit Restoration Consultants may be that credit service organization.

Credit Restoration Consultants is a credit service organization specializing in the restoration of consumer credit worthiness as well as identity theft. We assist consumers in achieving a favorable financial credit profile. Everything we do is legal utilizing laws enacted by Congress to dispute negative, erroneous, obsolete, and/or fraudulent information contained within your consumer credit profile.

Utilizing the Fair Credit Reporting Act, the Fair Debt Collection Practices Act, the Fair Credit Billing Act, and the Fair and Accurate Credit Transactions Act, Credit Restoration Consultants will assist a consumer in the submission of disputes electronically, verbally and in writing to the Equifax, Experian and Trans Union consumer reporting agencies in addition to creditors, collection agencies, third-party record providers and state/federal/private regulatory authorities. Keep in mind that anything Credit Restoration Consultants can do – you can do yourself. Where Credit Restoration Consultants has the edge is the fact that we possess the education, knowledge and a source proven method which yields results.

Unlike most credit service organizations that submit the same written dispute letters monthly, Credit Restoration Consultants has devised a strategy whereby disputes are submitted electronically, verbally and in writing over a six month period to the credit reporting agencies, creditors, collectors, and third-party record providers reporting negative, inaccurate, obsolete and/or erroneous information. Utilizing the Fair Credit Reporting Act, the Fair Debt Collection Practices Act, the Fair Credit Billing Act, the Fair and Accurate Credit Transactions Act, in addition to laws applicable to a particular state, Credit Restoration Consultants has obtained thousands of deletions and updates for its clients. Credit Restoration Consultants can help remove erroneous and/or inaccurate judgments, liens, bankruptcies, student loans, inquiries, derogatory tradelines, personal identifiers and more! While the credit restoration process can take anywhere from 30 days to six months, most clients see dramatic results in 45-60 days.

Still not convinced as to the benefit of utilizing Credit Restoration Consultants in the restoration of your good name and reputation within the community? You should tune into “The Credit Report with Bill Lewis.” As a nationally known credit repair expert, Bill can be heard weekday’s on the 9′s – both 9:00 a.m. and 9:00 p.m. eastern time – on AM 1470 WWNN in south Florida. For those listening online, streaming audio can be accessed at www.wwnnradio.com/ by clicking on the listen live link.

For more information on Credit Restoration Consultants or to discuss existing special offers, please contact us at (954) 581-5050 or online at www.talkaboutcredit.com

CAN Capital Named to Inc. 5000 List for Third Consecutive Year

NEW YORK, Aug. 19, 2015 /PRNewswire/ – CAN Capital, the market share leader in alternative small business finance, has made the Inc. 5000 list of the fastest-growing private companies in America for the third year in a row. With 17 years in business, the company continues to see significant yearly growth and profitability while remaining committed to its core business of providing small businesses with fast, efficient access to working capital.

“We’re honored to be recognized as part of the Inc. 5000 once again,” said Daniel DeMeo, Chief Executive Officer, CAN Capital. “This year, we hit the milestone of providing small businesses with access to more than $5 billion of working capital, more than any other company in the space. This speaks to the power of our extensive experience, our unique proprietary data-driven models and our customer-focused technologies, all of which are used to meet the larger goal of helping small businesses succeed.”  

This past year, CAN Capital announced a number of significant achievements. In April, the company secured a $650 million credit facility from a dozen leading lenders to expand and accelerate the growth of its small business finance programs. CAN Capital also closed its first capital markets asset-backed notes offering in a $200 million securitization transaction, selling $191 million of fixed rate notes, $171 million of which were rated “A” by both DBRS and Standard & Poor’s.  In addition, the company’s CAN Connect™ suite of Application Program Interfaces (APIs) that enable third parties to offer their small business customers access to working capital, continues to expand with announced partnerships with Yodlee and Worldpay.

To date, CAN Capital has facilitated over 160,000 small business fundings in more than 540 unique industries. CAN Capital’s customer base continues to expand and its digital business grew 600 percent in 2014. During the past five years, CAN Capital has experienced significant growth, including a 29% originations CAGR and a 24% revenue CAGR, with commensurate growth in earnings.

“It’s an exciting time to be in the alternative finance industry with new attention being paid to the space. Ever since it was started 17 years ago by a small business owner, CAN Capital has been the innovator in the industry and we’re committed to maintaining our spot as market-share leader,” added DeMeo.

Inc. has been celebrating the fastest-growing private companies in America with its annual list for the past 33 years.

About Inc.
Founded in 1979 and acquired in 2005 by Mansueto Ventures, Inc. is the only major brand dedicated exclusively to owners and managers of growing private companies, with the aim to deliver real solutions for today’s innovative company builders.  Total monthly audience reach for the brand has grown significantly from 2,000,000 in 2010 to over 6,000,000 today.  For more information, visit www.inc.com.

About CAN Capital
CAN Capital, Inc., established in 1998, is the pioneer and market share leader in alternative small business finance, having provided access to $5.0 billion in capital for thousands of small businesses in a wide range of locations and different business types.

As a technology-powered financial services provider, CAN Capital uses innovative and proprietary risk models combined with daily performance data to evaluate business performance and facilitate access to capital for entrepreneurs in a fast and efficient way.  

CAN Capital, an Inc. 5000 fastest-growing company, makes capital available to businesses through its subsidiaries: Merchant Cash Advances by CAN Capital Merchant Services, Inc., and business loans through CAN Capital Asset Servicing, Inc. (CCAS). Business loans obtained through CCAS are made by WebBank, a Utah-chartered Industrial Bank, member FDIC.

For more information, please visit: www.cancapital.com. Follow CAN Capital on Twitter and Facebook.

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SOURCE CAN Capital, Inc.

RELATED LINKS
http://www.cancapital.com

Complete Credit Repair Only $1,499.00 by Credit Restoration Consultants

FORT LAUDERDALE, FL — Experts are talking recession and families are wondering how to protect their financial security. With the foreclosure epidemic, unemployment at an all time high, and Congress scrambling to bail out the financial industry, many consumers are experiencing severe stress as it relates to their economic stability and general well being. Although gasoline prices have fallen into the low $2.30 range, the economy is struggling with food prices and professional services that have increased at alarming rates. As a result, many families have scaled back on their spending to include only the necessities. 

In an ever worsening economy your good name and reputation within the community is becoming more important. Creditors have tightened their guidelines effectively barring millions of Americans from borrowing money. Even those with excellent credit are experiencing reduced credit limits and closed equity lines. Mortgage lenders, auto finance companies, credit card issuers and banks have all raised the bar. Borrowers with low credit scores can expect to be denied or to pay significantly higher interest rates than those with excellent credit. Long gone are the days of obtaining credit, goods, benefits, services and/or employment with a 620 credit score. In more instances than not, a consumer will be denied if they maintain a credit score lower than 720. 

The terms credit repair, credit restoration and/or credit rehabilitation are somewhat synomous. Those with bad credit cannot afford to ignore the potential benefits of credit repair. In today’s society, credit repair is more important than ever. Approximately 78% of credit profiles contain some sort of error or omission materially impacting credit worthiness. As such, one would be wise to at least explore retaining a reputable credit service organization in the restoration of their own good name and reputation within the community. With that said, Credit Restoration Consultants may be that credit service organization. 

Credit Restoration Consultants is a credit service organization specializing in the restoration of consumer credit worthiness as well as identity theft. We assist consumers in achieving a favorable financial credit profile. Everything we do is legal utilizing laws enacted by Congress to dispute negative, erroneous, obsolete, and/or fraudulent information contained within your consumer credit profile.

Utilizing the Fair Credit Reporting Act, the Fair Debt Collection Practices Act, the Fair Credit Billing Act, and the Fair and Accurate Credit Transactions Act, Credit Restoration Consultants will assist a consumer in the submission of disputes electronically, verbally and in writing to the Equifax, Experian and Trans Union consumer reporting agencies in addition to creditors, collection agencies, third-party record providers and state/federal/private regulatory authorities. Keep in mind that anything Credit Restoration Consultants can do – you can do yourself. Where Credit Restoration Consultants has the edge is the fact that we possess the education, knowledge and a source proven method which yields results.
 
Unlike most credit service organizations that submit the same written dispute letters monthly, Credit Restoration Consultants has devised a strategy whereby disputes are submitted electronically, verbally and in writing over a six month period to the credit reporting agencies, creditors, collectors, and third-party record providers reporting negative, inaccurate, obsolete and/or erroneous information. Utilizing the Fair Credit Reporting Act, the Fair Debt Collection Practices Act, the Fair Credit Billing Act, the Fair and Accurate Credit Transactions Act, in addition to laws applicable to a particular state, Credit Restoration Consultants has obtained thousands of deletions and updates for its clients. Credit Restoration Consultants can help remove erroneous and/or inaccurate judgments, liens, bankruptcies, student loans, inquiries, derogatory tradelines, personal identifiers and more! While the credit restoration process can take anywhere from 30 days to six months, most clients see dramatic results in 45-60 days.
 
Credit repair, credit restoration and/or credit rehabilitation is as legal as pleading “not guilty” in a court of law. With that said, one must understand that as a credit service organization Credit Restoration Consultants is not a law firm and that none of its employees is an attorney licensed to practice law in the state of Florida. As such, Credit Restoration Consultants cannot provide legal advice nor represent any individual before any court or in any legal proceeding. In the event that legal representation is required, Credit Restoration Consultants may provide an appropriate attorney referral for consultation. 

Still not convinced as to the benefit of utilizing Credit Restoration Consultants in the restoration of your good name and reputation within the community? You should tune into the Credit Restoration Consultants Hour with credit repair expert Bill Lewis. Bill can be heard weekday’s on the 9′s – both 9:00 a.m. and 9:00 p.m. eastern time – on AM 1470 WWNN in south Florida. For those listening online, streaming audio can be accessed at www.WWNNRadio.com by clicking on the listen live link.
 
For more information on Credit Restoration Consultants or to discuss the $1,499.00 Internet special, please contact us at (954) 581-5050 or online at www.TalkAboutCredit.com.

Is a College Education Worth the Cost? American Sentiment is on the Rise

BLOOMINGTON, Ill., Aug. 4, 2015 /PRNewswire/ – After six years of increasing negativity, Americans are feeling more optimistic about investing in a college education according to the latest COUNTRY Financial Security Index.

With the economy and financial sentiment rebounding in 2015, this is the first time Americans’ thoughts on investing in a college education have moved positively in the last seven years. Fifty-two percent of Americans currently believe a college education is a good financial investment, up from 48 percent in 2014. However, Americans are still far from reaching the pre-financial crisis levels of optimism. In 2008, 81 percent of Americans felt strongly about investing in education.

“The vast majority of college graduates (83 percent) are glad they invested in a college education,” says Joe Buhrmann, manager of financial security at COUNTRY Financial. “While this might not be consolation for soon-to-be college students weighing the costs of higher education, there are ways to help lower the near-term financial burdens and maximize the long-term benefits a college education provides.”

Cutting back on campus life

To help decrease the burden of higher education expenses, the majority of college graduates sacrificed some of their free time to work during college. Among four-year college graduates, at least three out of four respondents (77 percent) reported working during college to cover their expenses as students.

Americans, however, are split on what is a better investment: a part-time job to pay the bills or an unpaid internship that may pay dividends in future careers. Fifty-four percent of Americans would advise a college freshman to take a part-time job to help pay for college, while 44 percent recommend an unpaid internship to gain career experience.

Students are also proactively looking for ways to save money while earning a degree. Along with tuition, housing can be one of the most expensive college costs, but students are taking measures to reduce or eliminate this expense.

  • Recent grads aren’t the only ones moving home after school to save money. More than a third (34 percent) of Americans with college degrees lived at home while they were in school to cut back on housing expenses.
  • To manage housing costs during college, 42 percent of college graduates report living with at least one roommate and 40 percent lived in campus housing.

The smaller costs add up too – 71 percent of Americans with a college degree felt that the cost of education played a role in their ability to participate in extracurricular activities, and may have opted not to join organizations such as Greek life or club sports due to cost.

“College leads to additional responsibilities like managing new expenses. It’s important to control these costs during your time on campus to avoid making additional sacrifices and accumulating debt that could add to the burden of student loans,” adds Buhrmann.

To help manage costs during time on campus consider these simple tips:

  1. Be aware of the amount of student loan debt you will accumulate and have a plan in place for after graduation. Millennials report they are more than twice as likely as older college graduates to delay major life events such as: getting married, buying a house or having a baby, due to the burden of their student loan debt.
  2. Be sure to explore all financial aid options before enrolling. This includes completing your FAFSA and applying for local and national scholarships.
  3. Compare the cost-of-living for different campuses before enrollment. Be sure to seek alternatives like a Residence Assistant program and student housing options.
  4. Seek employment opportunities – both on and off campus. Working part-time while earning your degree will provide extra spending money for necessities. Many campuses offer work-study programs as an option as well.
  5. Consider money saving options for supplies and materials. For example, rent textbooks instead of purchasing them.

The COUNTRY Financial Security Index®

Since 2007, the COUNTRY Financial Security Index has measured Americans’ sentiments of their personal financial security. The Index also delves deeper into individual personal finance topics to better inform Americans about the issues impacting their finances. Survey data, videos and analysis are available at www.countryfinancialsecurityblog.com and on Twitter at @FinanceSecure.

The COUNTRY Financial Security Index was created by COUNTRY Financial and is compiled by GfK, an independent research firm. Surveys were conducted using GfK’s KnowledgePanel®, a national, probability-based panel designed to be representative of the general population and includes responses from approximately 1,000 U.S. adults for national surveys, plus a sample of approximately 1000 adults with a College Graduate (4+) degree for this survey. The margin of sampling error for a survey based on this many interviews is approximately +/- 3 percentage points with a 95 percent level of confidence.

Figures cited from 2008 were compiled by Rasmussen Reports, LLC, an independent research firm, based on a national telephone and online survey of at least 3,000 Americans. The margin of sampling error for the 2008 survey based on this many interviews was approximately +/- 2 percentage points with a 95 percent level of confidence.

About COUNTRY Financial
The COUNTRY Financial group (www.countryfinancial.com) serves about one million households and businesses throughout the United States. It offers a full range of financial products and services from auto, home, business and life insurance to retirement planning services, investment management and annuities.

Contact
Jordan Fisher
Edelman
(312) 240-2951
Jordan.Fisher@Edelman.com

 

SOURCE COUNTRY Financial

Related Links

http://www.countryfinancial.com