Altisource Portfolio Solutions: A $25 Stock With Projected Earnings Between …

Altisource Portfolio Solutions (NASDAQ:ASPS) is a company that focuses on different aspects of the real estate market and offers services to companies in need of them. Its biggest client is Ocwen Financial Corporation (NYSE:OCN) and a lot of its revenue is tied to Ocwens fortunes as a company. Altisource provides the following services, as seen on their website:

Mortgage Services

  • Default Management: A full range of solutions to manage defaulted loans from valuation and back-office administrative support to processing short sale and deed-in-lieu transactions.
  • REO Asset Management: End-to-end real estate management solutions available through a single vendor platform...
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Truth in Lending Act Rescission of a Home Loan Does Not Require a Lawsuit …

A home-loan borrower has three years to seek to rescind the loan becauseTruth In Lending Act(TILA) disclosures were not made, but this does not mean that the borrower must file a lawsuit within that time. The US Supreme Court reached this conclusion last week in its decision inJesinoski v. Countrywide Home Loans, Inc., USS.Ct. No. 13-684 (Jan. 13, 2015). The decision has implications for how mortgage lenders respond to attempted TILA rescissions.Click here to read the decision.

For a typical home refinance loan, the borrower has three days after closing to rescind the loan for any reason, assuming that all disclosures required by TILA were made. After three days without a written rescission...

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Tribal Payday Lenders Get Comeuppance

LAS VEGAS (CN) – Two tribally owned payday lenders agreed to pay $21 million and waive $285 million in uncollected charges to settle a deceptive trade practice complaint from the Federal Trade Commission.
AMG Services and MNE Services are owned by the Miami Tribe of Oklahoma.
In April 2012 the FTC accused the tribal lenders and other defendants of violating the Truth in Lending Act and Electronic Fund Transfer Act by charging undisclosed and inflated fees on payday loans.
Without admitting or denying guilt, the lenders on Jan. 15 agreed to pay $21 million to the FTC and waive $285 million in uncollected charges owed by consumers across the nation. The $21 million is the largest...

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Settlements Cut Into Citigroup, Bank of America Net Earnings for Q4, Full-Year …

Settlements with the federal government for mortgage servicing misconduct led to sharp year-over-year declines for Citigroup and Bank of America in both fourth quarter and full-year net incomes in 2014, according to Q4 2014 and year-end earnings statements for both banks released on Thursday.

Burdened by legal and related expenses and repositioning charges, Citigroup reported fourth quarter 2014 net earnings that were only a fraction of what they were in the same quarter a year earlier. Citigroup reported net earnings of $350 million on $17.8 billion in revenues for Q4 2014, way down from the net earnings of $2.5 billion the bank rolled in for Q4 2013 on the same revenues, $17.8...

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The vehicle tracking industry

Many industries in South Africa are governed by Regulatory bodies; from estate agents to banks, insurance to cash loans and so the list continues. The question is – is the vehicle tracking industry regulated?

The following two incidents need mentioning to explain my frustration (involving two different tracking companies):

A vehicle got stolen and tracking company nr 1 was called WITHIN 2 MINUTES of the incident, (with phone records and CCTV footage as proof), still they were unable to track the vehicle.

In another stolen vehicle incident, tracking company nr 2 was unable to locate the device as it was not in working order. And the outcome – the insurance...

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Bramptonians warned about offers of home equity loan offers


In recent weeks, a rash of posters offering second mortgages to home buyers in Brampton has compelled the Financial Services Commissioner of Ontario (FSCO) to warn consumers against dealing with unlicensed mortgage brokers. Homebuyers are warned that they won’t be protected under the Mortgage Brokerages, Lenders and Administrators Act.
FSCO has listed all licensed brokerages, brokers and agents on its website.
The rise of unlicensed brokers can be traced directly to the rising cost of owning a home. Besides banks have also started tightening their lending guidelines.
Furthermore, homeownership among South Asians is seen as a measure of success and buying that...

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Brokerage shuts its doors after 13 years

Liquidators have been appointed to tend to the closure of a Scottish mortgage brokerage after it agreed to be voluntarily wound up.

Ambassador Financial Services, based at 37 Denholm Terrace, Greenock, PA16 8RN, offered personal loans and cash loans within its decade in the industry.

The members of the company agreed to be voluntarily wound up and as a result the liquidator is authorised to distribute the whole firm or any part of its assets to the shareholder.

Although a business may be solvent, some companies decide to voluntarily wind up its owners they want to retire, step down from a family business or do not want to run the business anymore.

In order to voluntarily...

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Wintrust Financial Corporation Reports Fourth Quarter 2014 Net Income of $38.1 …

Wintrust Financial Corporation Reports Fourth Quarter 2014 Net Income of $38.1 Million, an Increase of 8%, and Record Full Year 2014 Net Income of $151.4 Million, an Increase of 10%

January 15, 2015: 04:01 PM ET

ROSEMONT, Ill., Jan. 15, 2015 (GLOBE NEWSWIRE) — Wintrust Financial Corporation (“Wintrust” or “the Company”) (Nasdaq:WTFC) announced net income of $38.1 million or $0.75 per diluted common share for the fourth quarter of 2014 compared to net income of $40.2 million or $0.79 per diluted common share for the third quarter of 2014 and $35.3 million or $0.70 per diluted common share for the fourth quarter of 2013. The Company recorded...

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A reverse mortgage should always be in both spouses’ names

A reverse mortgage is a loan for homeowners 62 and older that uses the homes equity as collateral. What makes it different from conventional loans is that there are generally no payments and it doesnt have to be repaid until the last surviving homeowner permanently moves out of the property or dies.

A lot of seniors are attracted to a reverse mortgage, also known as a Home Equity Conversion Mortgage (HECM), because it allows them to stop making payments, and instead actually makes a monthly payment to them or provides a lump sum of cash.

Its also easier to get than a conventional loan. Credit scores, for example, arent a factor, making it attractive to seniors who have a spotty...

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Tax time lessons: Know what you’re signing


Customers of a Shreveport tax preparation office say their taxes were filed without their knowledge or permission, and they want their money back.

They wont be getting it, however, because the actions of the business are not illegal.

It all started when customers took out cash loans from Tax Pros before the holidays. They say they didnt know their income tax refunds would be used to repay those loans.

As a result, dozens of frustrated customers stood outside the Tax Pros office Friday in Shreveport.

We got families and people too, and all theyre worried about is getting their money from us, and its not right, said customer...

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