Banks Report Unchanged Home Lending Standards

Admin — Thu, 04 Aug 2022 05:34:40 +0000

In the second quarter iteration of the Federal Reserve Board’s Senior Loan Officer Opinion Survey (SLOOS) on Bank Lending Practices, banks reported largely unchanged lending standards across all residential real estate (RRE) loans. Major net shares of banks reported weaker demand for most RRE loans except for home equity lines of credit, for which a significant net share of banks reported stronger demand. The second quarter also saw tighter credit standards for Commercial Real Estate (CRE) loans and Commercial and Industrial (C&I) loans.

The below figure derived from the SLOOS shows that RRE credit standards relative to the first quarter of 2022, tightened by no more than 5.6 percent, except for subprime mortgages for which banks tightened standards by 12.5 percent. Government-issued mortgages, such as FHA and VA loans, were the only category of RRE loans that showed a loosening of credit standards, that too, by a negligible amount of -1.9 percent.

Although major net shares of most banks reported weaker demand for RRE loans, a small fraction of banks reported moderately to substantially stronger demand across all loan categories except subprime residential mortgages. For loans extended to homeowners based on their homes’ market values, a positive net share of 41.1 percent of banks surveyed reported moderately stronger demand for home equity lines of credit and 5.4 percent of banks reported substantially stronger demand.

Meanwhile, banks reported tighter lending standards for all Commercial Real Estate (CRE) loan categories and weaker demand in construction and land development loans and nonfarm nonresidential loans. A modest net share of banks, 6.1 percent, reported stronger demand for loans secured by multifamily residential properties. In Q1 2022, multifamily loans’ demand, on net, was 18.5 percent stronger. In the following quarter’s survey, 4.5 percent of banks reported substantially stronger demand, 18.2 percent indicated moderately stronger, and 60.6 percent of banks reported unchanged demand. The questions were subdivided between large commercial banks and other commercial banks.

In SLOOS’s last category, Commercial and Industrial (C&I) loans, banks reported a tightening of lending standards across all firm sizes, citing unfavorable economic conditions for the tightening. Thirty-three percent of banks reported moderately stronger demand for C&I loans made to large and middle-market firms while 29 percent of banks reported moderately stronger demand for loans made to small firms. Interestingly, the survey asks banks to use only funds disbursed to measure C&I loan demand.

BY LITIC MURAL

The post Banks Report Unchanged Home Lending Standards appeared first on Amplified Nectar LLC.

Airbnb Rental Agreement: Pros and Cons

Admin — Sun, 06 Mar 2022 04:18:35 +0000

By Rowan Clifford

Author of Airbn’b’Smart and Hospitable user

An Airbnb rental agreement is a legal contract between you and your guests, which sits outside of the Airbnb platform, giving you additional legal protection in any guest malpractice event.

But what should you put in the rental agreement? How do you send it to your guests? And what are the downsides?

Let’s find out, shall we!

What to put in your rental agreement?

The information you put in your rental agreement is going to vary from host to host, but there are some basic points that you’ll more than likely want to cover:

Names: For any contract to be legally binding and effective, you must make sure that both parties’ full names engaging in the contract are present.
Location: Address must be included.
Booking details: The contract should outline the booking details; booking duration, dates, number of guests, check-in & check-out times, etc.
Fees: Outline the booking cost and any fees associated, e.g., cleaning fees, maintenance.
Parking: Add parking rules and instructions.
House rules: This is where you want to get specific about the conduct you expect from your guests during their stay, e.g., no parties, no pets, no loud noise after 10 pm, etc.
Landlord responsibilities: Outline the responsibilities and conduct you as a host will adhere to and uphold, e.g., what amenities you’ll provide, your commitment to responding to any problems, etc.

This list is by no means exhaustive, but it’s a good place to start – and obviously, to make your rental agreement legally binding, you’ll want to get it checked off by an expert to make sure it stands up to scrutiny in your jurisdiction.

How to send a rental agreement to your guests

Airbnb stipulates that you must make your guests aware of your rental agreement BEFORE they make their booking. Failure to do this will render them null and void.

This means that you’ll have to provide access to the rental agreement within your listing description.

Once you’ve covered that, and your guests are aware of the agreement they are entering into, you’ll need to send this to them once they’ve booked. This can be done as part of your message flow after a guest confirms their booking.

Hospitable allows you to schedule a message after a new reservation. This is just perfect for sharing your rental agreement with your guests.

The post Airbnb Rental Agreement: Pros and Cons appeared first on Amplified Nectar LLC.

Uncategorized Archives - Amplified Nectar LLC

Banks Report Unchanged Home Lending Standards

Airbnb Rental Agreement: Pros and Cons

What to put in your rental agreement?

How to send a rental agreement to your guests