Funding

California Mortgage Relief Program Begins Accepting Applications for Homeowners

California_Mortgage_Relief
California’s mortgage relief program for homeowners is now easily accessible as it started releasing and accepting applications online. The program will benefit tens of thousands of struggling homeowners. The program is arranged to repay overlooked mortgage payments or reverse mortgage arrearages during the COVID-19 pandemic. Homeowners can obtain information on eligibility requirements and apply methods at CaMortgageRelief.org.

The California Mortgage Relief Program aims to provide support to forty thousand residents who fell behind housing payments during the pandemic.

Governor Gavin Newsom puts out a statement on this event. He says,

“Californians made incredible sacrifices throughout the pandemic; some falling behind on mortgage payments due to no fault of their own. We stepped in early to prevent foreclosures, but that debt didn’t disappear. Now, California is here to help by keeping families stably housed continues to be a critical public health measure, and with today’s announcement, we are helping them keep roofs over their heads.”

Altogether, California homeowners ranging from low to moderate-income lapsed at least two mortgage payments before the launch of this program. As a result of this, their household income went below 100% of their country’s Area Median Income, which is based on the U.S. Department of Housing and Urban Development’s 2021 Homeowner Assistance Fund Income Limits.

Now applicants under the program must own a single-family home, condo, or permanently affixed manufactured home in California. By introducing the program California has set a series of requirements for residents eligible to receive funds under the program.

After President Biden was elected and Democrats secured control of the House and Senate, I was able to secure $10 billion in the American Rescue Plan to create a national Homeowner Assistance Fund to help homeowners stay stably housed during these difficult times. These funds will help Californians fully reinstate their mortgages and avoid foreclosure to remain stably housed. I am very pleased that California received over $1 billion of this funding and has begun to help homeowners with the launch of its state program today."

Congresswoman Maxine Waters 

Finally, to apply under the program applicants will need to upload documents to determine eligibility. For this, they may include bank statements, mortgage statements, income documentation, and utility bills. Therefore, a high volume of applications is expected for applications.

Spotlight

Tax groups have a meaningful opportunity to enhance the value of their organization’s digital transformation effort. This priority, which involves migrating tax automation to the cloud in tandem with larger enterprise resource planning (ERP) cloud migrations is becoming even more time sensitive. This white paper examines leading

Spotlight

Tax groups have a meaningful opportunity to enhance the value of their organization’s digital transformation effort. This priority, which involves migrating tax automation to the cloud in tandem with larger enterprise resource planning (ERP) cloud migrations is becoming even more time sensitive. This white paper examines leading

Related News

Core Banking

Backbase Enters Into an Agreement With Danske Bank to Enhance Its Digital Customer Experience

Backbase | January 12, 2024

Backbase, the global leader in Engagement Banking, has made an agreement with Danske Bank, a leading Nordic bank based in Copenhagen, Denmark. This agreement provides Danske Bank with access to Backbase's Engagement Banking Platform, which will progressively be implemented across our digital channels in the coming years. This will enable Danske Bank to offer its customers a continuously improved digital customer experience, as the enhanced flexibility allows it to tailor its business operations around customer journeys. Frans Woelders, Chief Operating Officer at Danske Bank, highlights: “This engagement is a testament to our customer focus and our commitment to ensuring the best digital banking experience for the future. A new platform that works across the web, mobile apps, and our adviser tools is one of the ambitions in Danske Bank’s Forward ’28 strategy, and the agreement with Backbase is the next step towards achieving that ambition.” Our Engagement Banking Platform plays a pivotal role in achieving Modernization and simplification of the existing IT landscape by reducing the number of silo-ed channel applications. Mobile-first engagement model, establishing a customer-centric approach, seamlessly guiding customers between automated and expert advice. Unified platform, consolidating data, business logic, and workflows into a single, customer-centric platform for efficient journey orchestration, benefiting both customers and bank employees. Agility and freedom, enhancing flexibility to swiftly implement business capabilities and adapt to evolving market dynamics. Christian Bornfeld, Head of Personal Customers and Financial Crime Risk and Prevention at Danske Bank, says: “This platform will allow us to take our interaction with customers through our digital solutions to the next level and to introduce enhancements at greater speed than ever before. It will thus enable us to provide market-leading convenience and personalization for our customers with great insights, increased proactivity, and easy access to assistance and advice.” Jouk Pleiter, Founder and CEO of Backbase, shares, “We are thrilled to announce the engagement with Danske Bank, a visionary collaboration set to redefine the future of banking. Together, we will execute a bank-wide, digital transformation program and elevate Danske Bank's customer experience to new heights.” About Backbase Backbase is on a mission to re-architect banking around the customer. Backbase created the Backbase Engagement Banking Platform – a unified platform with the customer at the center, empowering banks to accelerate their digital transformation. From customer onboarding to servicing, loyalty, and loan origination, our single platform — open and frictionless, with ready-to-go apps — improves every aspect of the customer experience. Built from the ground up with the customer at the heart, our Engagement Banking Platform easily plugs into existing core banking systems and comes pre-integrated with the latest fintechs so financial institutions can innovate at scale. Industry analysts Forrester, Gartner, Celent, Omdia, and IDC continuously recognize Backbase’s category leadership. Over 120 financials around the world have embraced the Backbase Engagement Banking Platform - including AIB, Banorte, Barclays, BIAT, Bank of the Philippine Islands, BDO, Banque Saudi Fransi, BRD, Citibank, Citizens Bank, Discovery Bank, First National Bank, HDFC, Ila Bank, KeyBank, Lloyds Banking Group, NatWest, Navy Federal Credit Union, OTP Group, PostFinance, Raiffeisen, RBC, Standard Bank, Saudi National Bank, Société Générale, Truist, and TPBank.

Read More

Financial Management

Capchase Launches Collections Tool, Expanding Revenue Services for SaaS Companies

Capchase | December 06, 2023

Capchase, the revenue acceleration platform for Software-as-a-Service (SaaS) companies, today released Capchase Collect, an invoice collections tool for SaaS. Capchase Collect is the company's latest solution as part of its mission to help SaaS companies manage revenue, access non-dilutive capital, and accelerate growth. The tool was announced alongside a brand refresh for Capchase. In the U.S., 49% of the invoices produced by a business for services become overdue, according to a 2022 industry report. The longer the collection process takes, the likelihood of a customer paying the invoice decreases. Capchase also found average days sales outstanding (DSO) for SaaS companies has increased by 20% in 2023, resulting in less working capital for the business to invest in growth. With macroeconomic uncertainty, companies are looking for more ways to increase their cash position and extend runways, making it ever more imperative to collect on invoices in a timely manner. Businesses already experiencing a burden of overdue invoices, or want to enact a system to prevent falling behind, can expect cash flow to increase by a median amount of 34% per month using Capchase Collect. Capchase Collect automates the invoicing process by sending reminders and offering a system for easy re-payment to expedite revenue growth. Effective revenue management is one of the fastest ways companies can strengthen their capital position. Capchase Collect is a transformative solution for SaaS founders, addressing the core challenge of securing revenue from customers in a consistent and efficient way. With Collect, we streamline the entire process - beyond just invoice generation—ensuring timely payments, reducing errors, and facilitating robust collaborations across departments. Our focus is on boosting cash flow predictability and empowering SaaS companies to harness their financial potential with ease. Miguel Fernandez, co-founder and CEO of Capchase The intuitive product, which connects directly into existing Capchase customer dashboards or can be accessed as a standalone tool, and integrates with accounting systems like Quickbooks and Xero, provides the following benefits to users: A holistic and sortable view of accounts receivable balances including, total outstanding, upcoming, and overdue balances for buyers and unpaid invoices. An overview of total aging balances to easily track past due payments. Customizable emails for personalized notices based on customer and invoice status with the ability to automate and edit the frequency of reminders. "Capchase Collect has proven to be a valuable addition to our financial toolkit, enhancing the way we handle our invoicing tasks," said Juan Sebastian Angel, COO at Audiense, an early Collect user. "It offers seamless integration with our existing systems, allowing us to automate and streamline our invoicing like never before. Collect has had a massive impact in unblocking cash sitting on receivables." Capchase Collect joins Capchase Grow and Capchase Pay in the company's suite of tools for SaaS companies. Capchase's flagship product, Grow, has recently reached profitability, which has enabled the company to fund additional innovations to further its mission in accelerating revenue growth for SaaS companies. Capchase Collect is available today for small- to- large size SaaS companies that want to automate their collection process and improve cash flow. To learn more about Capchase's revenue services for SaaS, visit www.capchase.com. About Capchase Capchase empowers B2B SaaS companies to grow faster through non-dilutive capital and revenue acceleration tools. Our capital solution, Grow, has made more than $2B in funding available to the SaaS industry. Our revenue management tools, Pay and Collect, help SaaS vendors sell more and collect cash faster. Founded in 2020 and headquartered in NYC, we've worked with over 5,000 businesses and partners to date. Capchase operates in 10 countries in North America and Europe, and was recognized as one of Fast Company's Most Innovative Companies and Forbes' Next Billion Dollar Startups in 2023. To learn more about Capchase, visit capchase.com.

Read More

Financial Management

BlackRock Agrees to Acquire Global Infrastructure Partners (“GIP”), Creating a World Leading Infrastructure Private Markets Investment Platform

BlackRock, Inc. | January 15, 2024

BlackRock, Inc. and Global Infrastructure Partners a leading independent infrastructure fund manager, jointly announce that they have entered into an agreement for BlackRock to acquire GIP for total consideration of $3 billion of cash and approximately 12 million shares of BlackRock common stock. A $1 trillion market today, infrastructure is forecast to be one of the fastest growing segments of private markets in the years ahead. A number of long-term structural trends support an acceleration in infrastructure investment. These include increasing global demand for upgraded digital infrastructure like fiber broadband, cell towers and data centers; renewed investment in logistical hubs such as airports, railroads and shipping ports as supply chains are rewired; and a movement toward decarbonization and energy security in many parts of the world. Further, large government deficits mean that the mobilization of capital through public-private partnerships will be critical for funding important infrastructure. Finally, as capital has become more scarce in a higher interest rate environment, companies are exploring partnership opportunities for their embedded infrastructure assets to improve their returns on invested capital or to raise capital to reinvest in their core businesses. BlackRock has a broad network of global corporate relationships as a long-term investor in both their debt and equity. These relationships will help us lead critical investments in infrastructure to improve outcomes for communities around the globe and generate long-term investment benefits for clients. The combination of GIP with BlackRock’s highly complementary infrastructure offerings creates a comprehensive global infrastructure franchise with differentiated origination and asset management capabilities. The over $150 billion combined business will seek to deliver clients market-leading, holistic infrastructure expertise across equity, debt and solutions at substantial scale. Marrying the proprietary origination and business improvement capabilities of GIP and BlackRock’s global corporate and sovereign relationships provides a platform for diversified, large-scale sourcing to support deal flow and co-investment opportunities for clients. We believe bringing GIP and BlackRock together will deliver to clients the benefits of broader origination and business improvement capabilities. Founded in 2006, world leading independent infrastructure investor GIP manages over $100 billion in client assets across infrastructure equity and debt, with a focus on energy, transport, water and waste, and digital sectors. GIP’s performance has been driven by proprietary origination, operational improvements, and timely exits. They have successfully scaled their global equity flagship series, with the most recent fully invested flagship fund in 2019 surpassing $22 billion. BlackRock’s over $50 billion of infrastructure client AUM is comprised of infrastructure equity, debt and solutions, and has grown both organically and inorganically since inception in 2011. Top investment talent at BlackRock lead franchises that include Diversified Infrastructure, Infra Debt, Infra Solutions, Climate Infrastructure and Decarbonization Partners. The GIP management team, led by Bayo Ogunlesi and four of its founding partners, will lead the combined infrastructure platform. They will bring with them talented investment, and operationally focused business improvement teams with a strong track-record of building and running high-performing private markets businesses. GIP’s founders and teams remain highly committed to clients, and we expect the integration with BlackRock’s broader platform will generate even greater opportunities. Subject to completion of customary onboarding procedures, BlackRock has also agreed to appoint Bayo Ogunlesi, GIP Founding Partner, Chairman and Chief Executive Officer, to the Board at the next regularly scheduled board meeting following the closing of the transaction. “Infrastructure is one of the most exciting long-term investment opportunities, as a number of structural shifts re-shape the global economy. We believe the expansion of both physical and digital infrastructure will continue to accelerate, as governments prioritize self-sufficiency and security through increased domestic industrial capacity, energy independence, and onshoring or near-shoring of critical sectors. Policymakers are only just beginning to implement once-in-a-generation financial incentives for new infrastructure technologies and projects,” said Laurence D. Fink, BlackRock Chairman and CEO. “I’m delighted for the opportunity to welcome Bayo and the GIP team to BlackRock, and happy to announce our plans to have Bayo join our Board of Directors post-closing. We founded BlackRock 35 years ago based on a unique understanding of investment risk and the factors and forces driving investment returns. GIP’s deep understanding of the factors and forces driving operational efficiency for long-term value creation have made them a global leader in infrastructure investing. Bringing these two firms together will create the infrastructure platform to deliver best-in-class investment opportunities for clients globally, and we couldn’t be more excited about the opportunities ahead of us.” “I’m excited about the power of this combination and the prospect of working with Larry and his talented team. We share with BlackRock a culture of collaboration, client focus, investment partnership, and commitment to excellence. Investors have adopted private infrastructure investing for its ability to provide stable cashflows, less correlated returns, and a hedge against inflation. Global corporates have turned to private infrastructure as a fast innovator and a more commercially agile owner of infrastructure assets that aren't core to their commercial businesses. This platform is set to be the preeminent, one-stop infrastructure solutions provider for global corporates and the public sector, mobilizing long-term private capital through long-standing firm relationships,” said Bayo Ogunlesi, GIP Founding Partner, Chairman, and CEO. “We are convinced that together we can create the world’s premier infrastructure investment firm.” About BlackRock BlackRock’s purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable.

Read More