Judge Some Facts Before Exchanging The Money

I was always baffled by this question, even in law school and while working with a big time criminal defense lawyer. One thing I did know: if a person gets prosecuted by the federal government, then he or she is caught on a small watercraft on Lake Erie when a storm suddenly hits. (Lake Erie is quite shallow, and churns up dangerously, with rip-tides and all). I’m not sure if the severity of a federal indictment comes from the prestige of the court, the lifetime appointment of judges, or the sentencing guidelines. A federal courthouse, in my opinion, should be visited by every citizen – not only is the building incredibly aesthetically pleasing, but it has a certain grandeur about it that truly cannot be described.

When I attended a seminar on the federal courts (a lawyer has to do various additional tasks to practice in front of each federal court), an assistant U.S attorney from the Northern District of Ohio spoke. He said the first reason, obviously, that some crimes are prosecuted by the federal government is because they are contrary to federal law. The federal government enforces myriad laws, especially ones relating to mail fraud, firearms, taxes and drugs that cross interstate lines. Rarely, however, does a crime fall exclusively within federal jurisdiction (say, mail fraud or filing false federal income tax). More often than not, a crime is both a violation of federal and state law.

For example: a company targeted poor people, often the elderly and Amish, into becoming members of a discount club for $2000. In exchange for the fee, members were promised access to manufacturers directly. The middleman would supposedly be bypassed. As you can imagine, none of the “contacts” to the manufacturers actually existed. Members saved no money, yet could never obtain a refund. After countless complaints to the Better Business Bureau, the matter was brought to the attention of the FBI (they investigate crime generally), who started investigating the company. The OIG (Office of Inspector General) became involved too. The OIG investigates crimes related to mail. Anyway, the salesmen were indicted by the federal government for mail fraud – because they sent false information to consumers that induced them to act.

The fact is, however, that the crime could easily have been prosecuted in state court on a pure fraud theory. After all, the scam took place in Ohio; the consumers were Ohioians. Yet, the defendants were charged federally. Much of this stems from the extreme nature of the crime and that it caused a lot of financial hardship. Additionally, the investigation was complex and more suited to the federal government. Typically, a federal investigation starts on the desk of a federal agent. He or she must establish certain criteria before the case is brought to an assistant US attorney, who then looks at the facts, the law, resources, the nature of the offense and his professional experience in deciding whether the case should go ahead. So, in sum, most cases depend on: federal law (and if the case has facts that can support a federal charge, even tenuously), who investigates it (was it local police, or did the feds get involved?), and factors analyzed by the US Attorneys Office.

Like I mentioned earlier, the federal government doesn’t mess around when it opts to proceed with charges. Some of the very brightest and most talented people work in the US Attorney’s Office. FBI agents and other agents with investigatory duties are highly trained and screened. (Most state detectives have 600 hours in the police academy.) Federal judges possess c.v’s that young lawyers could only dream of. Federal courts have the very best technology. Federal dockets carry far fewer cases than state courts; thus, each case is closely followed. Federal sentencing guidelines have a presumption of incarceration.

Finally, Double Jeopardy is NOT violated when a defendant is prosecuted in federal court and state court. For example: a defendant commits an armed robbery involving interstate commerce. (The federal government can legislate under the Dormant Commerce Clause for crimes that are at first blush within the states’ powers if the activity affects interstate commerce. Well, just about every robbery of a business involves interstate commerce (goods travel across state lines.)) The defendant is convicted and sentenced per the Sentencing Guidelines. After his sentence is served, he is transported to state custody to face state armed robbery charges. This is perfectly constitutional.

Top 6 Advantages Of Student Loans

Student loan has become a ‘necessary evil’ for most of the students, which help them to complete their education. In the present social and economic scenario, the education is a costly affair, of which financial expenses cannot be managed without a financial aid in the form of a scholarship or educational loan. Scholarship is reserved for exceptional students and educational loans will be the only resort for an average student to pursue his student loan. The student loan has the advantage of several relaxations in the terms and conditions than a standard loan. However it is essential that the student loan amount including the prescribed interest have to be repaid. The top 5 ways to help the repayment of the student loans are comprehended from the testimonials of the students, who are successful in student loan repayment.

It is a fact the student loan repayment will not be practically easy in the beginning years of ‘struggle of existence’. The student will get a grace period of 6 months to 9 months for the start of the loan repayment after the course completion, which varies according to the nature of the loan. But in the entry level jobs, it will be pretty hard to find the amount for the loan repayment. Proper financial management is the only possible solution to handle the crisis successfully. But it may not be easy to restrict the expenses in the early days, even though you are aware about the student loan and other liabilities. A budgeting will certainly help you to plan the situation well and it can be a winning strategy, if you have the necessary will power to act accordingly.

The negotiation with your debtors can be the next step. You can contact them directly to avail any adjustments in the repayment schedule or can switch on to a more convenient repayment plan. The repayment period has to be selected according to your capability to spare for the monthly installments. The lenders benefits and offers can be another helping hand to pay off the student loans. Now most of the lenders have put forwarded certain benefits and incentives for the loan repayments. The utilization of the relaxations in the interest rates and total debt is certainly advantageous to pay off the student debts.

If you have multiple debts, the best strategy is to consolidate the different loans to a single consolidation loan. Now, Federal consolidation loan is available, which will help to consolidate all federal loans, with certain pronounced advantages in the rates and terms of the loans. However, it will not consolidate the private loans. You have to seek any of the private consolidation loans to mange the private loans. If the multiple debts cannot be consolidated, then you have to pay off the loan with the higher interest rate. The regular follow up of such a strategy will certainly help to pay off the student loan easily.

In case of defaults in the repayment of the student loan, the rehabilitation programs of the lenders can be utilized as the way, which help to pay the student loan. In brief student loans can be compared to the common saying “slow and steady wins the race”. If you are able to start the repayment during the study using money from the vacation jobs or part time jobs, it will certainly help to pay the student loan early. Also, keep in mind that the extended repayment schedule is not advised in all cases as it will levy more money as interest. Hence a planned and intelligent strategy will be the best way to pay the student loan easily.

Does Social Media Help In Getting An Auto Loan?

Looking for Loan Management Software (LMS)? Here are three things to focus on when selecting one for your business:

1. How much are you willing to pay?

2. Why does your business need a Loan Management Software?

3. What features does your business require in a Loan Management Software?

To help you answer these questions, here is our guide on how to choose the right Loan Management Software for your business.

What is Loan Management Software?

As its name suggests, Loan Management Software was originally designed to help lenders build and maintain relationships with new and existing customers who have borrowed cash. Today, however, Loan Management Software has evolved from a simple contact management system into a robust tool that lets you manage leads, customers, sales, marketing, call centres, scoring, under-writing, payment processing, reconciliation, accounting, backend processing and other types of transactional and operational data, all in one easily accessible solution.

It can also integrate data from other areas of your business without any additional work. A Loan Management software gives lenders and their sales teams all the tools necessary to grow your business in a central hub with the least amount of work possible.

How much does a Loan Management Software cost?

The cost of LMS varies greatly. LMS Providers typically use a transaction-based pricing model, which can depend on a variety of factors, such as the number of active loans and the payment processed.

For the most part, you can expect to pay on a per-transaction, per-month basis or one-time cost depending on the model. You may also come across providers that charge a flat monthly fee but require larger packages or extra fees for support & maintenance. Pricing can range from $1 per transaction per month to hundreds of dollars per month, depending on your business’ unique needs.

Don’t have a budget for LMS software? Or maybe you’re not sure that LMS software is right for your business, but would like to see what it has offer? One option is to schedule a demo of a few LMS Solutions in the market or try a free trial if offered by any of the vendors.

Do you need Loan Management Software?

LMS can make your life as a lender much easier, while also helping your agents and managers get the job done in a more efficient and streamlined way.

If the following statements apply to you, your business needs Loan Management Software:

1. You need a robust Contact management.

At its core, contact management part of the LMS is all about keeping information from various sources organized. If you’re looking for a better way to store and manage customer information, LMS is the best solution for your business. It acts as an entire database for all types of insights on customers, including contact information, loan applications, loan and transaction histories, how customers browse your website, ways and times they’ve applied a loan with your company, demographics, interests, personal preferences and more. You can then use this information to segment customers for marketing purposes or to easily search for customers who fit specific criteria.

2. You’re looking for an automated way to boost sales.

LMS doesn’t just keep your contacts organized – it also offers a bevy of tools to help you boost sales and execute more effective marketing campaigns. These include:

Lead Generation. Find new customers by automatically taking-in leads from various sources like social media, website visitors, lead providers, inbound calls, newsletter sign-ups and more.

Email Marketing. Automatically build email lists, launch email marketing campaigns and measure performance. Loan Management Software can also send email reminders to customers and prospects to drive sales – for instance, by reminding them of abandoned loan applications, suggesting loan products or promotions that they may be interested in and other ways to make up for missed sales opportunities.

3. You’re looking for an automated way to funnel your leads

A robust LMS doesn’t allow you to work on leads, thereby wasting your precious time. It integrates a configurable under-writing engine that does the first level of filtering your quality leads.

Under-writing. Qualify and filter leads automatically with pre-defined set of rules or criteria (Under-writing), so that, you only have to spend of quality leads when they are sent to Credit Bureaus for Scoring.

Scoring. From a lenders perspective, just qualifying leads is not enough to accept the leads because every lead is associated with a certain cost. The leads need to be scored for various criteria before they are accepted. There are various Credit Bureaus in the market that allows the leads to be scored and sometimes, the leads should pass through multiple Bureaus’ Verifications before they are accepted. A good LMS should allow such integrations of multiple Credit Bureaus to score leads and sometimes with an option to define order in which they should pass through each Credit Bureaus

Verification. Now that, we have the quality leads that need to be verified. Only at this point that, your Agents start calling the leads and go through various verification steps of Loan Application. A flexible Loan Management Software lets you define the verification process, call queue, agent allocation to different type of leads, auto originate loans for good leads etc. Any lead that passes this verification is ready for approval upon the customer signing the Electronic Loan Agreement.

4. You’re looking to streamline the Loan Approval Process

Loan Agreement. The Electronic Loan Agreement binds the customers with the lender. Any lender’s choice would be to have multiple loan agreements for different loan types or products and the ability to add or truncate rules based on the lending rules of each state.

E-sign. Any lead that passes this verification is ready for approval upon the customer signing the Electronic Loan Agreement, which is called E-Sign. A good Loan Management Software either has an inbuilt E-Sign mechanism or allows to integrate with E-Sign Services like DocuSign or HelloSign. In-built mechanism obviously reduces the cost while integration allows you to use the service of your choice for E-Sign Process.

Loan Approval. The moment customer signs the E-Sign Document, the Loan Application sent to the Agent’s Manager for Approval. In case of a good lead, if an auto-origination process is defined in the Loan Management Software, the Loan Application is automatically approved and is ready to be funded. Other Loan Applications are approved by the Agent’s Manager and on approval and goes for funding.

5. You’re looking to automate payment processing

Payment Processing. Once the loan is approved, it will be ready for funding. The funding can happen immediately or at the end of each day. An efficient Loan Management Software should be capable of defining when and how the funding should happen every. Usually, the payments are processed through ACH Providers. The Loan Management Software can integrate one or multiple ACH providers based on lender specifics.

Return Processing. Receiving returns from the bank or payment processors and updating them in the LMS can be quite a tedious task. The returned transaction must be charged with an NSF Fee or a Late Fee, which has to be notified to the customer. The LMS you choose should have the ability to automatically process this information.

Collection. Collections are a part of any lending portfolio. Non-performing loans may be handed over to collection agencies by the lenders. This follows a set of rules that varies based on the state and lender. The LMS you choose should have the means to accommodate the rules and should be flexible enough to change at any point of time.

Choosing the right Loan Management Software

Ready to invest in Loan Management software? There are many different types available, so choosing the right one is the key to making it work for your lending business. Here’s what a lender need to ask a potential LMS Provider

1. Is it built for your market and loan types?
2. How easy is it to use? Can I easily train employees?
3. How customizable is the software?
4. What features are available to help me with sales, marketing and other aspects of my business?
5. How easy is it to integrate with third-party providers I already use?
6. What limitations are there to using the software?
7. What engagement models and costing options available? Are there any setup or additional fees? What if I need to expand my portfolio?
8. What type of security features does it have to protect my business’s and customers’ data? What happens if there is an outage? How is my data backed up in the cloud, and can I access it immediately?
9. If I need help, what type of customer service do you offer? Can I reach you any time, or is there a long turnaround period?