Multiple issues globalize July 2011 tone July 2011 refimprove February 2009 Refinancing may refer to the replacement of an existing debt obligation with a debt obligation under different terms. The terms and conditions of refinancing may vary widely by country, province, or state, based on several economic factors such as, inherent risk, projected risk, political stability of a nation, currency stability, banking regulations, borrower s credit worthiness, and credit rating of a nation. In many industrialized nations, a common form of refinancing is for a place of primary residency mortgage loan mortgage . If the replacement of debt occurs under financial distress , refinancing might be referred to as debt restructuring . A loan debt might be refinanced for various reasons To take advantage of a better interest rate a reduced monthly payment or a reduced term To consolidate other debt s into one ... cash often for a longer term, contingent on interest rate differential and fees Refinancing for reasons .... In the context of personal as opposed to corporate finance, refinancing multiple debts makes ... period. For home mortgages in the United States, there may be tax advantages available with refinancing ..., as well as closing fees. There will also be transaction fees on the refinancing. These fees must be calculated before embarking on a loan refinancing, as they can wipe out any savings generated through refinancing. If the refinanced loan has lower monthly repayments or consolidates other debts ..., and potentially variable costs of refinancing is an important part of the decision on whether ... mortgages are non recourse debt . Points main Point mortgage Refinancing lenders often require ... Cost Borrowers with this type of refinancing typically pay few if any upfront fees to get the new mortgage .... See also Refinancing risk Refunding References reflist External links http www.hud.gov offices hsg ... http www.homeloans.va.gov IRRRL.htm U.S. Department of Veteran s Affairs Mortgage Refinancing Information ... more details
Orphan date October 2008 Refinancing burnout is a concept related to mortgage industry. The path that Mortgage loan mortgage rates follow on their way to the current level will affect Prepayment of loan prepayments today. The tendency for prepayments to drop when rates fall, rise, and fall again is called refinancing burnout. In other words, when interest rate s keep on dropping, those who can benefit by taking advantages of refinancing will have done so already when rates declined in previous periods and this prepayment behavior is called refinancing burnout. References Collateralized Mortgage Obligations Structures and Analysis by Frank Fabozzi Pricing Mortgage backed securities using prepayment functions and pathwise Monte Carlo Simulation by Osman Acheampong Bond Portfolio Management by Frank Fabozzi Category Mortgage industry of the United States DEFAULTSORT Refinancing Burnout ... more details
unreferenced date May 2008 Financial risk types In banking and finance, refinancing risk is the possibility that a borrower cannot refinance by borrowing to repay existing debt . Many types of commercial lending incorporate balloon payment s at the point of final maturity often, the intention or assumption is that the borrower will take out a new loan to pay the existing lenders. A borrower that cannot refinance their existing debt and does not have sufficient funds on hand to pay their lenders may have a liquidity problem. The borrower may be considered technically insolvency insolvent even though their assets are greater than their liabilities, they cannot raise the liquid funds to pay their creditors. Insolvency may lead to bankruptcy , even when the borrower has a positive net worth . In order to repay the debt at maturity, the borrower that cannot refinance may be forced into a fire sale of assets at a low price, including the borrower s own home and productive assets such as factories and plants. Most large corporations and bank s face this risk to some degree, as they may constantly borrow and repay loans. Refinancing risk increases in periods of rising interest rate s, when the borrower may not have sufficient income to afford the interest rate on a new loan. fact date October 2008 Most commercial banks provide long term loans, and fund this operation by taking shorter term deposits. In general, refinancing risk is only considered to be substantial for banks in cases of financial crisis , when borrowing funds, such as inter bank deposits, may be extremely difficult. Refinancing is also known as rolling over debt of various maturities, and so refinancing risk may be referred to as rollover risk . See also Liquidity risk Financial risk Category Basic financial concepts Category Banking Category Credit ... more details
Orphan date April 2010 Unreferenced date December 2009 Student loans refinancing is an aid needed by students who have some problems paying their Student loan on time. A student may consider refinancing student loans when he she cannot handles payments with multiple loans. Multiple loans can be described as multiple interest rates. By refinancing student loans, students may be able to consolidate their multiple loan payments into one low interest rate. That is why, student may save thousands of dollar by refinancing their loans. Keep in your mind that many lenders will ask for credit report when someone applying for student loans refinancing. A student will be able to qualify if he she has a good and valid credit report. Student can submit the application through banks or credit lenders. See also Student debt Student loan Category Education finance ... more details
Cash out refinancing in the case of real property occurs when a loan is taken out on property already owned, and the loan amount is above and beyond the cost of transaction, payoff of existing lien s, and related expenses. Definition Strictly speaking all refinancing of debt is cash out , when funds retrieved are utilized for anything other than repaying an existing lien. In the case of common usage of the term, cash out refinancing refers to when equity is liquidate d from a property above and beyond sum of the payoff of existing loans held in lien on the property, loan fees, costs associated with the loan, tax es, insurance , tax reserves, insurance reserves, and in the past any other non lien debt held in the name of the owner being paid by loan proceeds. Example of Cash Out Refinancing A homeowner who owes 80,000 on a home valued at 200,000 has 120,000 in equity. That equity can be liquidated with a cash out refinance loan providing the loan is larger than 80,000. The total amount of equity that can be withdrawn with a cash out refinance is dependent on the mortgage lender, the cash out refinance program, and other relative factors, such as the value of the home. Related topics The opposite, Rate and term refinancing occurs when a better note rate, better loan terms, or both become available to an owner which restructures their debt portfolio as it relates to liens held against a subject property. Consolidating multiple loans into one loan without extracting cash is also a rate and term. Loan to value limits, and other factors in loan approval determine how much cash can be taken out from the equity of any one property. See also Prop. 13 California Proposition 13 1978 , United States U.S. Real estate bubble Inflation Home equity External links http www.fha.com refinance.cfm FHA Cash Out Refinance Fact Sheet Category Mortgage economics stub ... more details
Image FDR in 1933.jpg thumb right Franklin D. Roosevelt in 1933 The Homeowners Refinancing Act also known as the Home Owners Loan Act of 1933 and the Home Owners Loan Corporation Act was an Act of Congress of the United States passed as part of Franklin Delano Roosevelt Franklin Delano Roosevelt s New Deal during the Great Depression to help those in danger of losing their homes. ref http books.google.com books?id jJ2Z6Bv4CSAC&pg PA133&lpg PA133&dq 22Homeowners Refinancing Act&source web&ots ce22Z6wBZP&sig ViOEhCMiWKEN92LKTQu8j3svv 8&hl en&sa X&oi book result&resnum 8&ct result PPA133,M1 ref The act, which went into effect on June 13, 1933, provided mortgage assistance to homeowners or would be homeowners by providing them money or refinancing mortgages. ref http beatl.barnard.columbia.edu amciv NewDealTLine.htm ref ref http www3.telus.net EKaminski rooseveltnotes.htm ref ref http apusnotes.nfshost.com timeline presidents ref Sponsored by Senate Majority leader Joe Robinson of Arkansas, it also created the Home Owners Loan Corporation HOLC , building off of Herbert Hoover Herbert Hoover s Federal Loan Bank Board . The Corporation lent low interest money to families in danger of losing their homes to foreclosure. By the mid 1930s, the HOLC had refinanced nearly 20 of urban homes in the country. ref http books.google.com books?id vzKfAUlWdFQC&pg PA295&dq Homeowners Refinancing Act&ei W5DiSNv8JpW0yQSyz5zkBA&sig ACfU3U1pnbRt5WrShTTE t3goSafYZLAbA ref ref http books.google.com books?id jm8dwXL6cLkC&pg PA280&dq Homeowners Refinancing Act&ei W5DiSNv8JpW0yQSyz5zkBA&sig ACfU3U2hriUpwKh7AwRtsBfg10YTWSp23A PPA280,M1 ref History New Deal main New Deal Refimprove section date May 2011 Having won a decisive victory in the United States presidential election, 1932 United States presidential election of 1932 , and with his party having decisively swept Congressional elections across the nation, Roosevelt entered office with unprecedented political capital . Americans of all political ... more details
FHA Secure is a Federal Housing Administration refinancing program to help borrowers avoid foreclosure . It is similar to other FHA loan . ref http www.hud.gov news release.cfm?content pr07 123.cfm HUD News Release 07 123 Bot generated title ref FHASecure is a refinancing option that gives homeowners with non FHA adjustable rate mortgages ARMs , current or delinquent and regardless of reset status, the ability to refinance into a FHA insured mortgage. With FHASecure, the lender will not automatically disqualify you because you are delinquent on your loan, and the lender may offer you a second mortgage to make up the difference between the value of your property and what you owe. Eligible So long as you are current on your mortgage and have sufficient income to make the mortgage payment, you are eligible for an FHASecure refinance. If you are delinquent, the default must have been due to the payment shock of an interest rate reset or, in the case of an Option ARM, the recasting of the mortgage to fully amortizing. By refinancing into a FHA insured mortgage, you can expect to pay lower monthly mortgage payments. FHASecure can improve the quality of life for many communities by helping to reduce the number of mortgage defaults and bringing greater stability to local housing markets. Information on FHASecure is online at http portal.hud.gov portal page? pageid 33,717446& dad portal& schema PORTAL References reflist Category Mortgage industry of the United States Category Federal assistance in the United States ... more details
Orphan date February 2009 Paid Outside Closing or POC is a term used to describe fees or payments rendered outside of normal title insurance and underwriting fees due at the time of closing a loan. When acquiring a Mortgage loan mortgage or refinancing , a lender or broker may show that an appraisal fee is POC because the fee is usually due at the time of service, prior to closing. For a 0 closing cost loan, this is often refunded to the borrower at the time of closing. Category Debt finance stub ... more details
Gross loan is the total amount of issued credits given to banks during the accounting period . Liquidity of the bank can be judged upon the amount of its gross loans. Liquidity of the credit institutions is directly related to the refinancing needs. Gross loan is the total amount of loans, refinanced by credit institutions subject to the Central Bank . The Central Bank, as the lender of last resort , provides loans credits to commercial banks and other credit institutions, when the banks themselves have completely depleted their internal resources and are unable to maintain their solvency through other means. The Central Bank gives loans to commercial banks at the refinancing interest rate, which is minimal and may vary, depending on the type of services the given bank provides. See also Gross domestic product Gross national product Gross profit Gross income External links http grossloan.com gross loan.html Gross loan website dedicated to the term Gross loan . Category Economics terminology Category Economics and finance stubs Category National accounts Category Econometrics stubs ... more details
Unreferenced stub auto yes date December 2009 Orphan date February 2009 Refunding occurs when an entity that has issued callable bond s calls those debt security finance securities from the debt holders with the express purpose of reissuing new debt at a lower coupon bond coupon interest rate rate . In essence, the issue of new, lower interest debt allows the company to prematurely refund the older, higher interest debt. On the contrary, NonRefundable Bonds may be callable but they cannot be re issued with a lower coupon rate. i.e. They cannot be refunded. See also Refinancing Category Bonds Finance stub ... more details
Onaolapo Soleye is Nigerian scholar, an ally and adviser of President Obasanjo and a former minister for finance during the regime of General Buhari . He was also a former commissioner for Finance and Industry in Ogun State . He currently sits on the board of the Nigerian National Petroleum Corporation and the Obasanjo Presidential Library . Dr Soleye attended the famed Baptist Boys High School, Abeokuta, one of the earliest secondary school established in Nigeria. Major Policy Actions During Finance Tenure Did not drastically devalue the Naira Refinancing of trade debt arrears insured by international organizations Supported the rationalization and restriction of imports Did not stop the trend of budget deficit financing Creating new notes to halt currency smuggling References Obasanjo Farms Withdraws From Okitipupa Oil Palm Board , Daily Trust, January 21, 2002 Persondata Metadata see Wikipedia Persondata . NAME Soleye, Onaolapo ALTERNATIVE NAMES SHORT DESCRIPTION DATE OF BIRTH PLACE OF BIRTH DATE OF DEATH PLACE OF DEATH DEFAULTSORT Soleye, Onaolapo Category Living people Nigeria politician stub ... more details
The HUD 1 Settlement Statement is a standard form in use in the United States of America which is used to itemize services and fees charged to the borrower by the lender or broker when applying for a loan for the purpose of purchasing or refinancing real estate. The borrower has the right to inspect the HUD 1 one day prior or day of settlement. The form is filled out by the settlement agent who will conduct the settlement. Since 2010, the HUD 1 settlement statement also contains what is referred to as a Good Faith Estimate or GFE. This additional set of figures specifies estimated settlement figures provided by the lender upon application of the loan. Borrowers may compare their Good Faith Estimate to the HUD 1 Settlement Statement and ask their lender or broker about any changes. References http www.hud.gov offices hsg sfh res respa hm.cfm RESPA Real Estate Settlement Procedures Act http www.thelegalassistant.com blog understanding the hud 1 settlement statement Simple guide to the HUD 1 Settlement Statement Category Real property law Category United States government forms Category United States Department of Housing and Urban Development US law stub ... more details
Unreferenced stub date December 2009 A remortgage also known as refinancing is the process of paying off one Mortgage loan mortgage with the proceeds from a new mortgage using the same property as security. The term is mainly used commercially in the Anglo Saxon countries such as the United Kingdom and the United States , though what it describes is not unique to any one country. Often the purpose of switching is to secure a more favorable interest rate from a different lender. The process of remortgaging does not usually involve moving home or taking out a second mortgage on the property it is in effect the transfer of a mortgage from one lender to another. Homeowners may choose to remortgage for various reasons, usually to reduce the overall monthly mortgage payment amounts. However other reasons may include to reduce the size of repayments, to pay off a mortgage earlier, to raise capital, or to consolidate other more expensive short term debts. Homeowners often mis use the expression remortgage when they are simply switching from one product to another with the same lender this is not a remortgage which involves the removal of one legal charge over a property and its substitution with another in favour of a new lender. The ability to remortgage is very much based on an individuals circumstances and as the costs involved can be very large it is always best to take advice from a suitably qualified individual. THIS IS NOT THE PLACE TO ADVERTISE YOUR BUSINESS Econ theory stub Category Mortgage ... more details
A deficiency judgment is an unsecured money judgment against a borrower whose Mortgage law mortgage foreclosure sale did not produce sufficient funds to pay the underlying promissory note , or loan, in full. ref See also Ballentine s Law Dictionary, p. 133. ref The availability of a deficiency judgment depends on whether the lender has a recourse or nonrecourse loan , which is largely a matter of state law. In some jurisdictions, the original loan s obtained to purchase property is are non recourse, but subsequent refinancing of a first mortgage and or acquisition of a 2nd 3rd., etc. are recourse loans. In short, many jurisdictions hold that the loans obtained at the acquisition of a property purchase money are non recourse, and most if not all subsequent loans are. States that follow the title trust deed theory of mortgages typically allow non judicial foreclosure procedures, which are fast, but do not allow deficiency judgments. States that follow the lien theory of mortgages require judiciary foreclosure procedures, but allow deficiency judgments against the debtor. It is important to note that there is a difference between a deficiency and a deficiency judgement. A deficiency is the difference between the amount owed on a loan and the total amount received collected at the closing of a loan. A deficiency judgment is a court judgment that is a public record of the amount owed and by whom. References references See also Bankruptcy Foreclosure Mortgage law Real estate Category Judgment law Category Bankruptcy Category Judicial remedies Category Property law US law stub ja ... more details
Orphan date February 2009 Sale and rent back is a form of property transaction involving the expeditious sale of an owner occupier s residence to a landlord or property company and renting it back from the new owner. Sale and rent back in the UK In the United Kingdom UK , the residence is sold and rented back to the previous owner usually, but not always, on an Assured Shorthold Tenancy . The purchase price is generally below market value. Advantages of this arrangement The value of ones property can be released in a shorter time scale than that needed for a residential sale no chain etc. . In addition, the rent back option negates the need to move house. Disadvantages of this arrangement The downsides are that the rent back tenancy is that in some circumstances the tenant is only provided with a limited tenure tenancy, in some cases for as little as 6 to 12 months after which the landlord may seek possession of the property with only two months notice. In addition subsequent refinancing can see a new owner taking control, which adds to the uncertainty of tenure. In recent years, the market for this option has swelled but the openness or longevity of the companies operating in it can be questionable. In addition to short tenancy, the future of rent charged can be unknown. Such companies advertise in the same media as sub prime lenders, supplementing this with door to door leaflet drops. This method is NOW regulated by the UK Financial Services Authority FSA . Interim Regulation was introduced on the 1st July 2009. Full Regulation will be introduced on 1 July 2010. See also Leaseback Category Sales de Sale and Rent Back ... more details
Infobox Company name Vasanta Group company logo type foundation 2007 location city Sheffield location country England locations key people area served United Kingdom, Europe industry Office supplies products services revenue 573 million operating income net income assets equity num employees 1400 divisions VOW br ISA br Supplies Team subsid slogan homepage http www.vasantagroup.com vasantagroup.com footnotes intl yes Vasanta Group is the United Kingdom UK s largest office supplies company, head quartered in Sheffield . Formed in 2007 after the management buyout of Kingfield Heath, the company then merged with ISA and Supplies Team to form Vasanta Group. It is listed on the Top Track 100 of the UK s 100 largest private companies. Now the UK s largest offices supplies company, it distributes office supplies on a UK wide basis, and computer supplies on a European basis. In July 2009 Vasanta announced a refinancing deal with Endless. ref http www.privateequitywire.co.uk articles detail.jsp?content id 343849 Endless to refinance office supplier Vasanta Group , Private Equity Wire ref See also Office Depot Staples Inc. References reflist External links http www.vasantagroup.com Group website Category Companies based in Sheffield Category Companies established in 2007 Category Office supply companies of the United Kingdom Category Private equity portfolio companies UK service company stub ... more details
Simon Coleman is a British anthropologist who serves as a Chancellor Jackman Chaired Professor in the Department for the Study of Religion at the University of Toronto . He has taught at Durham University and Sussex University , as well. He has also served as the editor of The Journal of the Royal Anthropological Institute . ref name ut cite web title Simon Coleman url http www.religion.utoronto.ca people faculty simon coleman work University of Toronto Study of Religion publisher University of Toronto accessdate December 6, 2011 ref He has published studies of Charismatic Christianity and Prosperity theology , ref citation last Grau first Marion title Of divine economy refinancing redemption year 2004 publisher Continuum International Publishing Group isbn 978 0 567 02730 6 page 28 ref particularly focusing on the Word of Faith movement in Europe. ref citation last Hocken first Peter title The challenges of the Pentecostal, Charismatic, and Messianic Jewish movements the tensions of the spirit year 2009 publisher Ashgate Publishing isbn 978 0 7546 6746 9 page 48 ref Coleman attended Cambridge University , where he received a PhD. ref name ut References reflist Persondata Metadata see Wikipedia Persondata . NAME Coleman, Simon ALTERNATIVE NAMES SHORT DESCRIPTION British anthropologist DATE OF BIRTH PLACE OF BIRTH DATE OF DEATH PLACE OF DEATH DEFAULTSORT Coleman, Simon Category Living people Category British anthropologists Category Alumni of the University of Cambridge Category University of Toronto faculty anthropologist stub ... more details
File Federal Home Loan Bank Board Building.jpg thumb The former federal headquarters of the Home Owners Loan Corporation ref name Grimberg cite web url http www.grimberg.com leed holc.cfm title Renovation of the Home Owners Loan Corporation HOLC Building publisher John C. Grimberg Company accessdate December 23, 2010 ref The Home Owners Loan Corporation HOLC was a New Deal agency established in 1933 by the Homeowners Refinancing Act Home Owners Loan Corporation Act under President Franklin D. Roosevelt . ref http fraser.stlouisfed.org publications holc issue 3007 download 40590 1933 annualrpt.pdf First Annual Report of the Federal Home Loan Bank Board ref Its purpose was to refinance home mortgages currently in default to prevent foreclosure . This was accomplished by selling bonds to lenders in exchange for the home mortgages. ref name Harriss cite book last1 Harriss first1 C. Lowell title History and Policies of the Home Owners Loan Corporation publisher National Bureau of Economic Research year 1951 edition 1st page 1 isbn url http www.nber.org books harr51 1 accessdate location New York ref It was used to extend loans from shorter loans to fully amortization business amortized , longer term loans typically 20 25 years . Through its work it granted long term mortgages to over a million people facing the loss of their homes. The HOLC stopped lending c. 1935, once all the available capital had been spent, and began the process of liquidating its assets. ref name ikl http www.uncg.edu bae econ seminars 2010 Rose.pdf ref HOLC officially ceased operations in 1951, when its last assets were sold to private lenders. ref name ikl HOLC was only applicable to nonfarm homes, worth less than 20,000. HOLC also assisted mortgage lenders by refinancing problematic loans and increasing the institutions liquidity. When its last assets were sold in 1951, HOLC turned a small profit. ref http bellwether.metapress.com content h128812346540080 Crossney and Bartelt 2005 Urban Geography ... more details
sold the property or refinanced the loan by the end of the loan term. This may mean that there is a refinancing .... The distinction is that a balloon payment may require refinancing or repayment at the end of the period ... more details
cost could nullify much of the benefit of refinancing, so the homeowner could be effectively prohibited from refinancing. ref cite web last Lerner first Michele url http financialedge.investopedia.com ... more details
MRO may refer to Operations maintenance, repair, and operations also known as Maintenance, Repair and Overhaul or Maintenance and Repair Organization s Companies MRO Software , a software company best known for its Maximo maintenance management system, purchased by IBM in August 2006 Marathon Oil Corporation Hokuriku Broadcasting Company , a broadcasting station in Ishikawa Prefecture, Japan Locations Any of several cities named Marlborough disambiguation Marlborough The IATA airport code for Hood Aerodrome near Masterton, New Zealand Magdalena Ridge Observatory , a multi use astronomical observatory near Socorro, NM. Organizations Midwest Reliability Organization The Mountains and Rivers Order of Zen Buddhism, an organization of Zen Buddhist temples, practice centers and sitting groups whose main house is the Zen Mountain Monastery in Mt. Tremper, New York Oriental Revolutionary Movement Movimiento Revolucionario Oriental , a left wing political movement in Uruguay http theultimatexmen.proboards.com index.cgi Mutant Revolution Online , an online RPG based in the world of the X Men by Marvel. Other The Mro people Mro People , an indigenous people of Bangladesh. Mars Reconnaissance Orbiter a NASA Mars probe Medical Review Officer , or Medical Review Office , a term for a position or department at an organization that mandates drug test Urine drug screen drug testing ref http www.acoem.org medicalreviewofficer.aspx ref The ISO 4217 code for the Mauritanian ouguiya , the currency of Mauritania Mini Racing Online , an arcade style, online multiplayer racing game Multidrug resistant organism, a bacterium or other pathogenic organism resisting treatment by several antimicrobial agents, such as antibiotics C3 linearization Method Resolution Order in computing Main refinancing operations , a technique used by the European Central Bank to control the money supply References reflist disambig ca MRO de MRO eo MRO fa MRO fr MRO ko MRO it MRO lv MRO hu MRO egy rtelm s t lap ja ... more details
About a type of financial transaction other uses Rollover disambiguation Unreferenced date December 2009 See also Refinancing In foreign exchange trading FX a rollover is the action taking place at end of day, where all open positions with value date equals SPOT, will be rolled over to the next business day. This happens since in FX trading the trader doesn t want to actually buy the traded currencies but to continue to trade until position is closed. For example, on Monday all position with value date of Wednesday in case of T 1 will be rollover and the value date will be updated for Thursday. Position with value date of Friday will be updated with value date of next Monday. Trading platform offer the rollover process but it involved rollover interest fee which is calculated according to the difference between the traded currencies interest rates. On the long position, the trader get the interest rate and on short position he needs to pay the interest rate. In case of weekends and holidays, the rollover is multiplied by the number of days of rollover. Rollover is also a process whereby a financial instrument such as a CD is reinvested at maturity. It may also refer to the transfer of the balance of a 401k or Individual Retirement Account IRA into another 401k or IRA account i.e. rolling over a conventional IRA into a Roth IRA or a 401k from a former employer into a conventional IRA . When talking about payday loan s, a roll over can be referred to as what happens when a borrower does not have enough money to pay back the loan when it is due. The borrower then borrows more money and the same rules apply i.e. interest . Sources http thismatter.com money forex rollovers.htm thismatter.com money forex rollovers.htm http www.dbfx.com forex trading forex rollovers DEFAULTSORT Rollover Finance Category Finance Econ stub ... more details
Unreferenced date December 2009 Orphan date December 2009 Home Federal Savings and Loan Association was a federal stock savings and loan association operating in Fayetteville, North Carolina , Lumberton, North Carolina , and Spring Lake, North Carolina with consolidated assets of 155.6 million, as of July 31, 1997. The Institution was wholly owned by Green Street Financial Corporation , Fayetteville, North Carolina, a unitary nondiversified holding company. The Institution had a main office at 241 Green Street in downtown Fayetteville, one branch on Raeford Road in Fayetteville, one branch in Spring Lake, and one branch in Lumberton. Home Federal s staff consisted of 30 full time employees and two part time employees as of July 31, 1997. Home Federal operated as a traditional thrift originating adjustable and fixed rate mortgage s for the construction, purchase, and refinancing of single family dwellings. In addition, Home Federal offered home equity loans. The Institution also offered share loans, as well as loans secured by unimproved lots. Home Federal did not sell loans in the secondary market , but retained them in its own portfolio. Between January 1, 1995, and June 30, 1997, Home Federal originated 693 loans totaling 53.7 million. This represents an average loan amount of 78,000. A review of the OTS s Thrift Financial Report for Home Federal disclosed that as of June 30, 1997, residential permanent mortgages totaled 111.9 million, and nonresidential mortgages totaled 14.3 million, or 68.2 percent and 9.2 percent of total assets, respectively. As of that date, cash and investments totaled 26.5 million, or 17.1 percent of total assets. Home Federal Savings and Loan Association was purchased by New South Bank New South Bank Company of Washington, North Carolina , and the subsequent company assumed the name First South Bank . DEFAULTSORT Home Federal Savings And Loan Association Category Banks based in North Carolina ... more details
refimprove date March 2011 A PIK payment in kind loan is a type of loan which typically does not provide for any cash flows from borrower to lender between the drawdown date and the maturity finance maturity or refinancing date, not even interest finance interest or parts thereof see mezzanine loan , thus making it an expensive, high risk financing instrument. PIK is to be interpreted as interest accruing until maturity or refinancing. PIK loans are typically unsecured i.e. not backed by a pledging of assets or with a deeply subordinated security structure e.g., third lien . Maturities usually exceed five years and in a standard offer, the loan carries a detachable warrant finance warrant the right to purchase a certain number of shares of stock or bonds at a given price for a certain period of time or a similar mechanism to allow the lender to share in the future success of the business, making it a hybrid security . Return and Interest PIK lenders, typically special funds, look for a certain minimum internal rate of return , which can come from three major sources arrangement fee, PIK, and warrants. There are also minor sources, like a ticking fee . The arrangement fee, usually payable up front, contributes the least return and is more aimed to cover administrative costs. PIK is interest accruing period after period, thus increasing the underlying principal i.e., compound interest . The achieved selling price of the shares acquired under the warrant is also a part of the total return of the lender. Typically, refinancing of a PIK loan in the first years is either completely restricted or comes at a high premium i.e. prepayment protection to suit internal requirements of investing funds. Interest on PIK loans is substantially higher than debt of higher priority, thus making the compound interest the dominating part of the repayable principle. In addition, PIK loans typically carry substantial refinancing risk , meaning that the cash flow of the borrower in the repa ... more details
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