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Crypto Hedge Fund Founders Bought $50M Yacht Before Going Bankrupt
Crypto Hedge Fund Founders Bought $50M Yacht Before Going Bankrupt
Though cryptocurrency is polarizing, there's one thing everyone can agree on: It's volatile. Valuations quickly reach dizzying heights, but can get pulverized into the ground just as fast. Exemplifying that dichotomy is Three Arrows Capital, a Singapore-based hedge fund that filed for bankruptcy on July 1.
Three Arrows Capital was ordered to liquidate its assets by a British Virgin Islands court late last month after it was sued for not repaying its debts. But before the pain inflicted by the onset of crypto winter, as revealed through documents from Singapore's High Court, released on Monday, 3AC founders Su Zhu and Kyle Davies put a down payment on a $50 million yacht.
It was speculated in the filing that the down payment was paid for with borrowed funds. Three Arrows Capital was contacted for comment but did not immediately respond.
The revelation was made through Charles McGarraugh, the chief strategy officer for Blockchain.com, to which court documents reveal 3AC owes $302 million. McGarraugh said in an affidavit he was concerned by Zhu and Davies' extravagant purchases.
"For example, upon information and belief I understand that Messrs. Zhu and Davies reportedly made a down payment on a USD $50 million yacht," he wrote to the Singapore High Court. "It is also my understanding that Mr. Davies intends this yacht to be larger than any yacht owned even by Singapore's richest billionaires."
McGarraugh also pointed to a $35 million home Zhu purchased in Singapore last December.
The overarching revelation from the proceedings has been that 3AC owes $3.5 billion to 27 different crypto creditors. Much of this -- $2.36 billion -- is owed to just one, Genesis. The affidavits were filed on July 7 but made public on Monday by the firm overseeing 3AC's liquidation, Teneo.
Three Arrows Capital was hit hard by the collapse of luna and its associated terraUSD stablecoin. When terraUSD unpegged, it led to $14 billion being wiped from the market. Three Arrows Capital had invested $200 million in terra and couldn't pay back creditors as a result of those losses. Voyager Digital is one of the companies that 3AC owed money to -- Voyager loaned 3AC $650 million in crypto back in March -- and has itself filed for bankruptcy since 3AC's collapse.
Three Arrows Capital managed a fund estimated to be worth $10 billion back in March, reported Fortune
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Apple's M2 Chip Gives New MacBook Air a Speed Boost
Apple's M2 Chip Gives New MacBook Air a Speed Boost
This story is part of WWDC 2022, CNET's complete coverage from and about Apple's annual developers conference.
Apple on Monday debuted the new M2 processor, a chip that improves core processing performance 18% over the M1 without hurting battery life in the company's new MacBook Air and 13-inch MacBook Pro laptops.
The 18% speed boost comes from the M2's redesigned central processing units. The processor has four fast CPU cores and four efficient cores, a hybrid approach drawn from the smartphone world. By redesigning the graphics processing units and increasing their count up to a maximum of 10 instead of eight for the M1, GPU performance is 35% faster. Overall, the new MacBook Air is 20% faster at Photoshop image editing and 38% faster at Final Cut Pro video editing, Apple said.
"We continue to have a relentless focus on power-efficient performance," Johny Srouji, Apple hardware team leader, said at the Worldwide Developers Conference.
Power efficiency is crucial to shrinking laptops since the biggest component is the battery. The new MacBook Airs take up 20% less volume but still have a long, 18-hour battery life, Apple said. The company also is using the M2 in a new 13-inch MacBook Pro.
Apple's M2 processor has large amounts of high-speed cache memory built onto the chip itself and up to 24MB of regular memory included in the chip package, two attributes that should boost performance over Apple's 2020-era M1.
Apple/Screenshots by Stephen Shankland/CNET
The M2 processor also has a significant memory boost, reaching up to 24GB instead of 16GB for the M1. Memory is important, especially as software gets bigger and laptops have years-long lifespans. M series chips build memory directly into the processor package for fast performance, but it's not upgradable.
Apple debuted the M1 at 2020's WWDC and began shipping it later that year in the earlier version of the MacBook Air. The M1, along with beefier successors called the M1 Pro, M1 Max and M1 Ultra, struck an effective balance between performance and battery life and earned strong reviews.
The M2 doubles down on the same balanced approach, offering updated processing cores that are variants of the chips at the heart of newer iPhones. The new chips continue the gradual ejection of Intel processors from the Mac family of personal computers and could enable the last Intel-powered member, the Mac Pro, to switch to Apple chips.
Designing processors is an expensive, difficult undertaking. But with the M series chips, Apple takes advantage of the A series chip design work it already does for its iPhones and iPads, then pays Taiwan Semiconductor Manufacturing Co. to build the chips on its advanced product lines.
The M2 is built on TSMC's 5nm (5 nanometer) manufacturing process, but it's an improved version to the one used for the M1. TSMC is working on a more advanced 3nm process that should let customers squeeze in somewhat more transistors, the core electronics elements that process data on a chip.
The M2 has 20 billion transistors, a 25% increase over the M1, Apple said.
One use of the new transistors is the increased GPU count. Another is an upgraded neural engine -- a chip block used to accelerate artificial intelligence workloads. The new 16-core neural engine can perform 15.8 trillion operations per second, Apple said, a 40% speed boost.
With its own chips, Apple gets more control over the technology foundation of its products -- a principle important to Chief Executive Tim Cook. That includes both the processor itself, with specific features like AI acceleration, video encoding, and security, and the software Apple writes to take advantage of those features.
Apple's M series and A series chips are members of the Arm processor family. UK-based Arm licenses designs that companies can customize to varying degrees. Arm chips from Qualcomm, Apple, MediaTek, Samsung, Google and others power just about every smartphone for sale.
The Apple M2 processor is significantly larger than the M1. That increases manufacturing costs. Apple raised prices for its M2-based MacBook Air laptops.
Apple/Screenshot by Stephen Shankland/CNET
Intel has struggled over most of the last decade with problems advancing its manufacturing. That stalled its progress while Apple, Qualcomm, AMD, Nvidia and other Intel rivals took advantage of TSMC's manufacturing progress.
Because Apple doesn't offer its chips to others, and because the majority of PCs use Intel processors, Intel is somewhat insulated from Apple's shift. Intel is working to modernize its manufacturing, spending tens of billions of dollars on new chipmaking fabs. Intel aims to reclaim its lead over rivals TSMC and Samsung in 2024.
Intel's newest PC processor, code-named Alder Lake, embraces the same mix of high-performance and high-efficiency CPU cores found in smartphone chips and Apple's M series chips. Future products are designed to improve GPU performance, in particular with Intel's renewed focus on high-end graphics that's designed to wean the company from reliance on AMD and Nvidia. That's important for one big market, gaming, where PCs with Intel and AMD processors are much more widely used than Macs.
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Paramount Plus, Showtime Now Available in a Single App with Bundle Discount
Paramount Plus, Showtime Now Available in a Single App with Bundle Discount
Paramount Plus and Showtime have merged their content libraries into a single app experience, Paramount announced on Wednesday. The new launch includes a discount rate for a limited time to US customers.
While you can still have Paramount Plus or Showtime as standalone subscriptions, the bundle is available for $8 per month for the ad-supported Essential Plan and $13 per month for the ad-free Premium Plan. In fall 2021, the streamer introduced the Paramount Plus with Showtime bundle for $12 monthly for the Essential version, and $15 a month its Premium offering.
Previously, both streaming services were available as bundle offerings that required separate logins. During its investor call in February, Paramount shared that both platforms would combine into a single app, giving viewers access to programming from Showtime's premium catalog and everything under the Paramount Plus banner. You can now watch 1883, Billions, The Chi, Yellowjackets, Star Trek: Discovery, live channels and more with one click, if you upgrade your account.
New and existing customers can sign up for the new bundle by Oct. 2 in order to receive the discount. After that, the price increases to $12 for the Essential plan or $15 for a Premium subscription.
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Dell shows off Concept Luna, its vision for a more sustainable laptop
Dell shows off Concept Luna, its vision for a more sustainable laptop
The world is in the middle of a climate crisis, and, for better or worse, major companies are the ones with most influence over the sustainability of our planet. Dell is greeting that challenge with the Concept Luna, a laptop prototype designed to drastically reduce the carbon footprint of production.
Glen Robson, Dell's CTO of client solutions, said in a press release that the concept was the first prototype in Dell's efforts to accelerate "circular design." However, that same press release noted that Luna "was created to test what would be possible, not to be manufactured and sold," so it's best to take it with a grain of salt. Still, if something like Concept Luna ever makes it to production, it looks promising -- at least from a sustainability standpoint.
Concept Luna targets two areas of sustainability: a lower carbon footprint and more reusable parts. By using a smaller motherboard and relocating it to a cooler part of the laptop, Luna minimizes power consumption. And by using materials processed with hydro power, the design also wastes less energy and scrap.
Concept Luna was designed to be put back together easily.
Dell
Perhaps more notably, Concept Luna is designed to be easy to repair and reassemble, minimizing the amount of parts wasted due to broken or outdated pieces. Concept Luna uses just four screws and components designed for easy separation and replacement.
"This concept, and future iterations and others that follow, are how we will ... examine, re-examine and reconsider every step of the product lifestyle, to deliver even more sustainable products in the future," Robson said.
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How to get your new backyard ready for hosting
How to get your new backyard ready for hosting
A new home comes with plenty of new projects indoors, but your outdoor space matters, too. Creating a backyard living space that reflects your personal style is just as important as your interior updates. Here are a few ways you can create a backyard the whole block will flock to.
Make a plan
Before you furnish and organize your backyard, it's important to envision your end goal. Try imagining how you'll use the space. Do backyard barbecues appeal to you? Do you want wide open spaces for pets and children to run around? Would you prefer a peaceful garden for reading books in the shade? Answering the "what" will prepare you to answer the "how" of you backyard's remodel.
No matter what you'll use your space for, take stock of the current condition. Nearly any enjoyable backyard space will need to start with a clean, secure, safe and healthy environment. These basics should be the first things you think about as you get your yard up to snuff.
Lawn area
Your front lawn might catch the eyes of passersby and nosey neighbors, but the lawn in your backyard space is the one you're most likely to really spend time enjoying. Whether it's finding the right lawn care products or simply buying a new lawn mower to take care of overgrowth, your lawn will appreciate some TLC; it is a living thing, after all and the "flooring" of your outdoor living space.
Drawing out a rough sketch of your backyard vision will help you mentally organize the space and decide what parts of your lawn you want to keep, resurface or expand. Be sure to take measurements before you begin. A few sheets of graph paper can really help make sure your plans are in proportion. Be sure to deduct any square footage that might be covered by decking or patio surfaces when calculating the amount of seed, mulch or fertilizer you need.
Pavers and gravel offer a DIY-sensible approach to creating a patio.
Getty Images
Patio structure
With your lawn space accounted for and on the mend, it's time to turn to your other surfaces. This is where you're likely to put furniture, outdoor appliances and other accessories.
If your home came with an existing patio structure like a deck or pergola, it's important to give it a good inspection and check for any rotting boards, popping nailheads or damage that could affect safety. If there are significant issues, repair might be more expensive than removing it and starting over.
If you don't like your current structures, you can usually knock out demo of a wooden structure in a weekend with the help of a friend or two. If it's a concrete patio, you'll probably need to rent a jackhammer or hire skilled labor to get the job done.
Pouring a new patio or building a deck are doable, DIYs, but very labor intensive and should be carefully calculated. If you want (or need) to go the DIY route, laying pavers or filling with gravel could be the easier approach to tackling a new patio on your own.
Fencing
If your home needs fencing for children, pets or privacy, keep that in mind while budgeting for backyard renovations. Most homeowners opt to pay for fence installation by a professional, but you can DIY if you have a few days. Many home improvement stores sell fencing in short sections. Again, some perimeter measuring and math will give you a good idea of how much money this project will cost.
One note on fencing: Before hiring a professional, it's important to make sure you know where you property lines fall. You can find this out by contacting your county assessor or recorder's office. Sometimes, property plat maps are also available online. You may have also received a survey in your paperwork when you purchased your home. This will include lot details.
It's also courteous to discuss your fencing plans with your neighbors. Better to address any concerns before the work is done. Some folks partner with neighbors on the cost and maintenance of fencing, but tread lightly here. It may be a way to cut costs, but like borrowing money from relatives, it can quickly sour an otherwise good relationship should complications arise.
Create living spaces
With your landscaping and basic structures sorted, the next thing to do is focus on creating dedicated living spaces. A backyard should have a floor plan, with spaces for cooking, eating, hanging out and having fun. Consider these major categories and how each one is part of your outdoor living space.
Everyone might not have a backyard large enough for multiple spaces. If you're limited, consider combining spaces. A nice dining set with several chairs allows you to create different seating arrangements. A hammock or higher end folding chairs offer seating that you can store when they're not in use.
A grill and bar cabinet make a great simple outdoor kitchen setup.
Getty Images
Kitchen and grilling
No backyard is complete without a place to grill. You might not need a top-of-the-line outdoor kitchen (although if you can swing it, I highly recommend). Just setting up at "grilling station" of sorts will motivate you to do more cooking outdoors. If you're the host for happy hour, consider an outdoor bar cabinet. Often these have wheels and you can move or store them when you're not using them.
The biggest thing to think about for outdoor grilling is grill placement. You want an area that provides plenty of ventilation, but isn't far from the entrance to your home for quick kitchen access. Grills come in a variety of types, sizes and styles so be sure to take a look at our guide before you get shopping. Other outdoor kitchen considerations include items like coolers, smokers, and pizza ovens.
Outdoor living room
Just like the inside of your home, a welcoming backyard needs a comfy place to kick back. If you have the space, outdoor sofas and chairs are the easiest way to set up dedicated spaces for conversation and relaxing.
Outdoor furniture can be expensive, but second-hand and DIY options exist if you're looking to save some dough. Sectionals, rocking chairs, hammocks and the classic Adirondack style are all great options for seating away from the dinner table.
Be sure to choose furniture made from a material you're willing to maintain. Wood options may need sealing and refinishing in the future. Composite materials or metal will likely require less care.
Yard games are a backyard barbecue hit.
Getty Images
Room for fun
After all your furniture are cooking accessories are in place, you'll still want some room for fun. Think green space for kids and dogs, or an open area for yard games or yoga and meditation.
These fun spaces might be part of the lawn area you mapped out in your original plan or a separate zone with its own special surface. Putting green, anyone?
This is also a great time to think about outdoor entertainment. Speakers, projectors and screens can outfit your space for epic movie nights under the stars. Or you can adorn your outdoor bar with a TV (like Samsung's outdoor model) for a sports bar feel.
String lights add warmth to any outdoor space.
Getty Images
Finishing touches
With all your major pieces in place, it's time to add the details. Outdoor pillows, throws and rugs create a homey feel. Adding textiles softens the look of all the wood, concrete and metal outdoor spaces can be heavy on.
A colorful umbrella adds visual interest and keeps you cool. No magical outdoor dining experience would be complete without twinkling string lights and the warm glow of a fire pit. All of these items can be had for as little or as much money as your budget allows. More expensive isn't always better, so keep an eye on big box stores for well-reviewed deals.
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Apple iPhone 14 vs. iPhone 13: The Next iPhone Could Get a Bigger Leap in Design
Apple iPhone 14 vs. iPhone 13: The Next iPhone Could Get a Bigger Leap in Design
This story is part of Focal Point iPhone 2022, CNET's collection of news, tips and advice around Apple's most popular product.
Apple's new iPhone 14 line is expected to be among the announcements at the company's "Far Out" event on Sept. 7. This is where the 2022 iPhone series is expected to launch, and rumors further point to the iPhone 14 getting a Sept. 16 release date. But of course, nothing is official just yet.
In the meantime we have rumors and questions: How will the iPhone 14 stack up against its predecessor, the iPhone 13? How much better will the cameras get? Will the iPhone 14 get more expensive? And what's the deal with the notch anyway -- is this the year of the no-notch iPhone? We've sorted through the rumors to find some answers or at least form a better idea of what may feature on Apple's 2022 flagship phone. To be clear, none of these specs or features have been confirmed by Apple.
Read more: Apple iPhone 14: Release Date, Price and Every Other Noteworthy Rumor
iPhone 14 design: Bye-bye, notch; hello, cutouts
This one has persisted for years, but one of the biggest rumors is about the notch at the top of the screen. After introducing the notch on the iPhone X back in 2017, Apple could finally ditch it this year -- though apparently only on the Pro models. The company is expected to trade it out for a smaller hole-punch camera in the Pro models, according to noted Apple analyst Ming-Chi Kuo Kuo. A hole-punch design refers to a display with only a small circular cutout for the front camera, as seen on a number of Samsung launches including the Galaxy S22 Ultra and Galaxy Z Flip 4.
However, display analyst Ross Young predicts the iPhone 14 Pro and Pro Max will receive two cutouts: a hole and pill-shaped cutout to accommodate the front-facing camera and Face ID. Right now, the notch is home to the components that make Face ID work, meaning Apple may need to shrink all that tech in order make a notchless iPhone a reality. Whether the next iPhone receives one cut-out or two, the rumors we're following point to members of the iPhone 14 lineup going notchless for the first time in five years.
iPhone 14 selfie camera: Revamped front-facing camera
Apple made major changes to its rear cameras over the years, but the cameras on the front have been overlooked. That may no longer be the case this year. If the notch goes away iPhone 14's front shooter may alter visually with the addition of cutouts, but there's also chatter about the camera system itself receiving a noteworthy upgrade functionally.
In an April tweet, Kuo said the entire iPhone 14 lineup will receive a larger aperture (f/1.9), which should help the device take better pictures at night, and an upgrade to autofocus. All this potentially represents the iPhone's biggest front-facing camera upgrade since 2019.
The iPhone 14 display: Pro models might have an always-on display
One of the biggest iOS 16 features previewed by Apple was its overhauled lock screen. Set to launch in the fall as part of iOS 16, the lock screen will show more information at a glance, including weather, activity progress, battery levels and your calendar. It's a feature that pairs well with an always-on display -- and it makes sense that Apple would launch it via the upcoming iPhone 14.
A June report by 9to5Mac discovered references to backlight management tools as well as hidden flags for engineers that could allow them to test an always-on display on an iPhone 13 Pro. The always-on display is already found on numerous Android phones as well as the Apple Watch. Instead of lighting up your entire display like your lock screen does, an always-on display only activates a portion of the screen to save power.
iPhone 14 price: Pro models might more expensive by $100
Apple didn't make any price changes between the iPhone 12 and iPhone 13 lineup, but Wedbush analyst Dan Ives expects a price hike for iPhone 14 pro models to the tune of $100. Currently, the iPhone 13 Pro starts at $999 and the iPhone 13 Pro Max starts at $1,099.
That's backed up by Kuo, who recently said he expects the average selling price of the iPhone 14 lineup to increase. The macro-economic environment also points to a price hike. Inflation remains persistently high, while Apple continues to grapple with supply chain issues in China -- both of which have been pushing up the price of conducting business.
iPhone 14 size: Same, same but different bezel size for Pro models
Apple's last two iPhone lineups have featured the same 6.1-inch size for the base model, going up to 6.7 inches for the Pro Max. According to a Nikkei Asian Review report, Apple will stick with these sizes for the iPhone 14 series, but eliminate the 5.4-inch Mini. This rumor is corroborated by a March report from 9to5Mac. Reports showed sluggish sales of the iPhone 12 Mini, so it'll be no surprise if Apple ends up retiring the small phone in 2022.
Although the size of the next iPhone is expected to stay the same, the display bezels for the Pro Max are rumored to be 20% smaller compared to previous iPhone generations, according to CAD renders shared by Twitter leaker ShrimpApplePro. This means the screen would be slightly larger. However, it's important to note that this rumor should be taken with a grain of salt since ShrimpApplePro doesn't have an extensive track record to support their speculations.
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Mortgage underwriting: How long it takes and everything else you need to know
Mortgage underwriting: How long it takes and everything else you need to know
When buying a home, mortgage underwriters evaluate your risk level to help a lender decide if your application should be approved. The mortgage underwriting process happens behind the scenes after you submit a mortgage application. The underwriting decision will ultimately determine if you qualify for a home loan, so it's helpful to understand the process, how to prepare and mistakes to avoid.
What is mortgage underwriting?
Mortgage underwriting is the part of the homebuying process when a bank assesses your delinquency risk -- that is, how likely you are to be unable to repay a home loan. During the underwriting process, you'll provide financial documents, including pay stubs, bank statements, W-9s, tax returns and profit/loss statements (for self-employed applicants) -- which will help a lender determine your creditworthiness along with your mortgage application. The more favorable your credit profile, the more likely you are to be approved -- and qualify for a lower interest rate.
What is an underwriter? What do they do?
Underwriters determine an applicant's creditworthiness and ability to pay back the mortgage over a loan's lifetime.
There are two types of underwriters: manual, handled by a real person, and automatic, which is managed by software. In both cases, your delinquency risk is assessed by reviewing your financial information and credit history. Automatic underwriting uses an artificial intelligence-driven computer program to determine your delinquency risk.
Although automated underwriting is faster, it's less flexible than manual underwriting. A manual underwriter can better account for inconsistent income or an error on a credit report. Some lenders use a combination of manual and automated underwriting to streamline this process.
Who pays for underwriting varies among lenders, but in most cases, the borrower (home buyer) is responsible for paying the underwriting costs during the closing process.
Five steps in the mortgage underwriting process
Step 1: Get prequalified
Before you start looking for a house, you can get prequalified to find out how much of a mortgage you're likely to be approved for. To prequalify you for a home, the lender will run a preliminary review of your financial information to determine if you can get approved for a mortgage. Be prepared to provide the following paperwork for prequalification:
Government-issued ID
Bank statements
Pay stubs
Prior two years W2s
Prior two years tax returns
Social security card
Once you're prequalified, it doesn't necessarily guarantee that you'll be approved for a home loan when you apply. Instead, it allows you to shop for a home within a set budget.
Step 2: Complete your mortgage application
Next, it's time to fill out a mortgage application and get preapproved for your home loan. During this step, you'll need all of the financial documents you provided when getting prequalified. The underwriter will perform a hard credit check and validate the financial information you've provided as part of the mortgage verification process.
Once verification is complete, the lender will issue a preapproval decision. If you're found to be a qualified applicant, your lender will issue a preapproval letter. Mortgage preapproval goes a step further than prequalification. When you're preapproved for a mortgage, the lender approves you for a specific loan amount, as long as your financial picture doesn't change.
Step 3: Make an offer on a home
With your preapproval letter in hand, you're ready to shop until you find the right house for your budget and lifestyle. When you do find the right home, you'll make an offer for the sellers to review. Having a preapproval letter can increase your chances of getting an offer approved quickly. It makes you stand out as a serious buyer since you're more likely to lock in financing.
Step 4: Wait for the appraisal and title search
If your offer is accepted, the lender will order an appraisal of the property. The appraisal helps determine the fair market value of a home and ensures the mortgage amount does not exceed the home's value. It's designed primarily to protect the lender, but it can also protect you from overspending on a house.
If the appraisal comes in for less than the asking price, you may need to search for an alternative property. Typically, the lender will not approve a home loan that exceeds the appraisal value. If the home has an asking price of $300,000, for instance, and appraises for $270,000, you would be responsible for making up the $30,000 difference. Sometimes, if a home appraisal comes in low, the seller will lower the asking price. Just be aware that you may have to walk away from a home that doesn't appraise as expected.
If the appraisal is in line with your offer and the loan amount, the lender will authorize a title search. The title company researches the property's history and ensures no claims exist on the property, such as a current mortgage or lien, pending legal action, restrictions or unpaid taxes. After the search, the title company issues a title insurance policy guaranteeing the search accuracy. Two title policies may be issued: one to protect the lender and sometimes, a separate policy to protect the buyer.
Step 5: The underwriting decision
Once all of the above steps are complete and your application is thoroughly reviewed, the underwriter will issue a judgment. Here are the most common underwriting decisions:
Approved: You provided all documentation, there are no title issues, and you are approved to receive financing for the mortgage. The next step is to set a settlement or closing date to sign all paperwork and receive the keys to your new home.
Approved with conditions: The loan is approved, but more documentation is needed. The required documentation could be a gift letter from funds received as down payment, proof of employment verification, letter of explanation or a completed and signed sales contract.
Denied: The underwriter determined it is too risky to lend to you. This might mean your credit history has negative marks, your income is too low to qualify for the loan amount or your debt-to-income ratio is too high to qualify. Your lender should provide you with the reason for your denial, so you can work on improving any factors that impacted their decision.
Suspended: The application has been put on hold because more documentation is needed. Once you supply the requested documents, the underwriting process can resume for a final decision.
How long does the underwriting process take?
The typical underwriting process ranges from a couple of days to several weeks-- though the entire closing process usually takes 45 days. To make sure the process goes smoothly and quickly, respond promptly to any lender requests for information and give a heads up to any references you list (such as an employer) so they will be prepared. Many lenders allow you to check the status of the underwriting process online, so you can be proactive if any documentation is missing.
Mistakes to avoid during the underwriting process:
Applying for new credit accounts. New credit applications and approvals can affect your DTI and change your credit score, which can impact your mortgage application.
Leaving a job. It could make things more complicated if you lose your job (or get a new one) during the homebuying process. If possible, wait until the mortgage process is complete before making any career changes.
Hiding financial information. If the lender finds significant financial information you've hidden or failed to disclose, it can delay the underwriting process or cause a denial.
Tips to streamline the mortgage underwriting process:
Review your credit report: Before you start the mortgage underwriting process, check your credit report to make sure it's accurate and correct any information that is not right. The minimum credit score you'll need varies by the loan type and lender, but generally, you'll need a score of 620 or above to secure financing. A score of 760 or better will help you lock in the best interest rates. Be sure you review the credit requirements for your loan type before applying.
Have your financial documents ready: Gather all the documents needed and submit them with the application. Check the underwriting status frequently so you can provide additional documents requested by the underwriter.
Respond to lender inquiries promptly: If the lender or underwriter reaches out, respond quickly and provide any requested information as soon as possible.
Make a larger down payment: The larger your down payment, the better your chances of getting approved for a mortgage loan. A large down payment increases the loan-to-value (LTV) ratio, making you a less risky applicant from an underwriting standpoint.
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Tesla's Phantom Braking Concerns Spark Federal Investigation
Tesla's Phantom Braking Concerns Spark Federal Investigation
The National Highway Traffic Safety Administration has opened a formal investigation of Tesla over reports of "phantom braking" in 2021-22 Model 3 and Model Y electric vehicles. Some 354 complaints over the last nine months have alleged that these EVs can apply their brakes unexpectedly and without reason when Autopilot is engaged. (Autopilot is not self-driving hardware but Tesla's name for its suite of Advanced Driver Assist Features.)
The probe's filing paperwork, which covers 416,000 examples of the electric sedan and crossover SUV, states:
"The complaints allege that while utilizing the ADAS features including adaptive cruise control, the vehicle unexpectedly applies its brakes while driving at highway speeds. Complainants report that the rapid deceleration can occur without warning, at random, and often repeatedly in a single drive cycle."
Older Model 3 and Model Y EVs are not part of the investigation, but owners have reported similar incidents on both social media and NHTSA's own website.
Roadshow's Editor-in-Chief Tim Stevens has reported experiencing phantom braking on our company's long-term Tesla Model Y many times, even capturing the phenomenon on video. The issue persists despite multiple over-the-air, or OTA, updates to the car's firmware. Other CNET staffers who own Tesla vehicles have also reported the Autopilot braking episodes.
As part of its investigation, the NHTSA will gather evidence and data from owners and Tesla, giving the automaker the opportunity to discuss the matter. The federal agency will then decide to either close the investigation or escalate matters, which could trigger a request for a recall. The NHTSA has the authority to initiate a recall against an automaker's wishes (read: nonvoluntarily), but such scenarios are extremely rare.
Tesla has been under increasing federal scrutiny as of late, including investigations and recalls centered on everything from seatbelt chimes to its Boombox feature and ADAS programming that deliberately and illegally violated stop signs.
Tesla did not immediately respond to Roadshow's request for comment on this story. Unlike other automakers, the company no longer operates a PR department to field media requests.
