Collection Industry News

OCTOBER 10, 2022

The Bureau further alleges that servicemembers became “trapped” in MoneyLion’s membership program after taking out their loans, and were unable to cancel their membership – which required the payment of monthly fees – without first paying off their loans. 10 U.S.C. § 987(b), (c), (e)(3); 32 C.F.R. §§ 232.4(b),

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Credit Corp

JUNE 1, 2023

For example, in 2017 there were major changes like how medical bills and public records are reported to the credit bureaus. Although it uses the same five factors, the latest FICO Score 10 has an updated predictive method it uses to provide consumers with a credit score. A perfect credit score is also a moving target.

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Fico Collections

FEBRUARY 10, 2023

Home Blog FICO Consumers Prioritize Mortgage Payments Over Auto What are the drivers behind this mortgage and auto loan payment hierarchy behavioral shift and is it likely to be a lasting trend? Mortgage and home loan accommodations peaked at 9% in June 2020.

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Credit Corp

APRIL 11, 2023

Your credit score will play a major role if you plan to purchase a house or apply for a loan in the future. Key findings: The national average FICO® Score is 716 as of April 2022 ( FICO ) About 10% of the U.S. adults, or 10%, don’t have a credit record and are “credit invisible.” Experian ) Average U.S.

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ABI

JANUARY 19, 2024

(“BMO”) provided a bridge loan (“the Bridge Loan”) to Intermediate Holding. [6] 6] Sun Capital either guaranteed the Bridge Loan or was otherwise obligated to ensure that the Bridge Loan was repaid ("the Sun Capital Guaranty"). [7] 8] BWGS paid the vast majority of the loan by transferring its own property worth $24.8

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ABI

JANUARY 19, 2024

In 2017, Allegiance Bank loaned Burts Construction, Inc. The loan was secured by a lien on “all assets of the debtor, including all accounts.” [1] 10] Allegiance’s lien did not create an interest in the property itself, rather it just created a right to receive money payments for property sales based on its lien on “accounts.”

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Troutman Sanders

SEPTEMBER 14, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. For more information, click here. On September 7, CFPB Acting Director Dave Uejio issued a statement after the U.S.

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ABI

JANUARY 13, 2022

16-CV-62900, 2017 WL 4348897, at *8 (S.D. 29, 2017). [13] The Court concluded that bad faith cannot be inferred from the fact that Pizzo continues to contribute to her retirement plan instead of repaying her loan to Siegan in full). [14] 12]. See also In re Cantu, 553 B.R. at *2 (quoting 11 U.S.C. 1325(b)(1)(B)). [8]

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Troutman Sanders

FEBRUARY 27, 2023

Overall, the report found that credit risks for syndicated loans — large loans originated by multiple banks — were moderate at the end of the review period. While risks to borrowers impacted by COVID-19 have declined, they remain high for leveraged loans, as well as the entertainment, recreation, and transportation services industries.

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Troutman Sanders

MAY 9, 2023

For the first year after the effective date of the proposal, these firms would be subject to an excise tax of 10% of the costs of electricity they use in digital asset mining. billion in revenue over 10 years. The excise tax would then increase to 20% in the second year, and it would reach its maximum of 30% in year three.

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ABI

JANUARY 12, 2022

2] On September 15, 2017, Aerogroup filed a voluntary petition for relief under Chapter 11 of title 11 of the United States Code (the “Bankruptcy Code”) with the Delaware Bankruptcy Court. [3] 10] Because Polk did not have a perfected security interest in the D&O claims, it therefore has no standing to assert them. [11].

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ABI

MARCH 9, 2020

Acis LP”) is a Delaware limited partnership investment adviser and collateralized loan obligation (“CLO”) manager. [4] 7] The Acis trustee rejected the Shared Services Agreement, which as amended on March 17, 2017, did not contain an arbitration clause. [8] 1] 10 Collier on Bankruptcy, ¶ 9019.05 (Alan N. 10] See id.

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Consumer Financial Services Law

JULY 12, 2017

Carrington Mortgage Services, LLLC, 2017 U.S. July 5, 2017), Carrington sent a “Notice of Servicing transfer” to the plaintiff alerting him that his mortgage servicing was being transferred to Carrington. 1692e(10) by failing to disclose that the balance on his debt was increasing due to interest. In Baptiste v. Baptiste at *2.

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Consumer Financial Services Law

MAY 30, 2017

Comments are due on or before July 14, 2017. In order to learn more about how to encourage and promote small businesses, “it is vitally important to fill in the blanks on how small businesses are able to engage with the credit markets.”

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Credit Corp

AUGUST 4, 2021

10 Great Jobs That Pay 40k a Year—or More. of LPN respondents in the National Nursing Workforce Survey 2017 were under the age of 30. Research student loans, government grants, scholarships and other forms of funding to come up with a payment strategy for your schooling. So, do available vacancies match job preferences?

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Student loans Student Loans Law Firms Healthcare 98

Consumer Financial Services Law

OCTOBER 16, 2017

By Zachary Dunn October 16, 2017 The FDCPA, through section 1692d(6), prohibits a debt collector from placing telephone calls to a debtor “without meaningful disclosure of the caller’s identity.” Van Ru Credit , 2017 U.S. 11 2017), the debtor, Berry, defaulted on student loans he had taken out with the US Department of Education.

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Consumer Financial Services Law

MARCH 29, 2017

The CFPB attributes this increase to the updating of its student loan intake form to include complaints after Federal student loan servicing in late February 2016; Student loan complaints showed the greatest month to month decrease after spiking in January 2017.

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Katabat

APRIL 23, 2021

It is rare to have an entire business model come under immediate and intense stress (“10 years of change in 8 weeks”), and it was equally remarkable how the industry emerged through the crucible with rapid business model changes. It was also stunning how rapidly loan loss reserves were built.

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Jimerson Firm

JANUARY 16, 2023

6:15-CV-1951-ORL-40GJK, 2017 WL 10350673, at *3 (M.D. 6:010-CV-226-ORL-31, 2011 WL 1560647, at *10 (M.D. 6:10-CV-226-ORL-31, 2011 WL 1557853 (M.D. In order to recover actual damages under the FDCPA or the FCCPA, the burden is on the plaintiff to prove such damages. See Baumann v. Prober & Raphael , No.

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Collection Industry News

JULY 4, 2022

The Consumer Financial Protection Bureau (CFPB) issued an advisory opinion on June 29, 2022, clarifying its view as to the legality under the Fair Debt Collection Practices Act (FDCPA) of “convenience fees” for optional methods of expedited payment not prescribed in the underlying loan documents, such as payment by phone or on the web.

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Collection Industry News

MARCH 7, 2022

Medical debt, unlike a mortgage or car loan, is often incurred involuntarily. Credit reports and scores are used by lenders to determine if you qualify for a loan, and what interest rate you pay. The federal government estimates that the law will apply to about 10 million out-of-network surprise bills a year.

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Credit Corp

AUGUST 4, 2021

10 Great Jobs That Pay 40k a Year—or More. of LPN respondents in the National Nursing Workforce Survey 2017 were under the age of 30. Research student loans, government grants, scholarships and other forms of funding to come up with a payment strategy for your schooling. So, do available vacancies match job preferences?

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Student loans Student Loans Law Firms Healthcare 52

Credit Corp

DECEMBER 3, 2020

According to CNBC , 1 million children were the victims of identity theft in 2017. When your Social Security number is requested for something like a loan application, be sure that the organization is totally legitimate. Criminals could use a stolen SSN to open up new debt accounts and otherwise defraud you.

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Better Credit Blog

JUNE 1, 2022

In those cases, student loans can be a valuable resource. If you’re looking for a loan to help fund your education, you have plenty of options. Read on to learn which types of student loan might work best for you. Table of Contents: Federal Student Loans. Private Student Loans. Student Loan Refinancing.

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Student loans Student Loans Loans Lender 71

FDCPA Defense

FEBRUARY 1, 2018

2017), petition for cert. 21, 2017) (No. 2017) was subject to the FDCPA, because it was not sent solely to enforce a security interest. n]either the lender’s motives nor the fashion in which the loan is memorialized are dispositive of the inquiry”). Litton Loan Servicing, LP , 2011 WL 635258, at *4 (N.D.

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Fico Collections

AUGUST 19, 2022

A recent estimate from McKinsey shows that FinTech companies providing BNPL products have already siphoned $8 billion to $10 billion in annual revenues from banks. There is opportunity for banks to help these consumers more effectively manage these loans. Niche Neobanks. If you don’t, the market will pass you by. Darryl Knopp.

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Troutman Sanders

JANUARY 20, 2022

On January 13, a coalition of 39 state attorneys general — led by AGs from Pennsylvania, Washington, Illinois, Massachusetts, and California — reached a settlement with student loan servicer Navient over allegedly unfair, deceptive, and abusive student loan origination and servicing practices.

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Collection Industry News

SEPTEMBER 6, 2022

If Navient was your federal loan servicer, your loans have been transferred to Aidvantage. With the federal loan pause ending at the end of the year, you’ll want to know how to log into Aidvantage’s website to view your student loan account. Why did Navient exit the student loan industry? What’s happening.

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Student loans Student Loans Loans Education 40

Fico Collections

APRIL 5, 2017

The option to include this interaction as a nonlinear input feature in an interpretable fashion into a scorecard led to a substantial improvement (~10%) of the lift measure, used to characterize the performance of attrition models. This is an update of a post first published in April 2017. Read FICO’s posts on Responsible AI.

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Collection Industry News

SEPTEMBER 12, 2022

The Biden Administration recently announced a plan to forgive student loan debt for millions of borrowers. Student debt in Wisconsin totals $24 billion, according to a 2017 report from the Consumer Financial Protection Bureau. The loan forgiveness announcement will help students, but it will be very little relief for some.

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Student loans Student Loans Loans Education 40

Credit Corp

APRIL 19, 2021

trillion dollars in home loans with an average interest rate of 4.561%. The average loan size was $285,284 and borrowers paid $4,817 on average for their closing costs. If you look at the average loan amount by application status, the figures shift slightly. The average size of originated loans was $277,853.

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Consumer Financial Services Law

JUNE 11, 2016

The proposed rule includes 355 pages of justification prior to presenting the rule in a concise 10 pages. Taking in account the administrative procedures required, it is unlikely that a final rule will take effect until the second or third quarter of 2017.

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Judgment Financial services Retail Debt Management 40

Troutman Sanders

JANUARY 17, 2024

On January 10, the Securities and Exchange Commission (SEC) approved each pending spot-Bitcoin exchange traded fund (ETF) application on an accelerated basis. On January 5, the Biden administration announced that it is withholding payments to three student loan servicers as part of the U.S. For more information, click here.

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Financial services Student loans Student Loans Trade 52

Public Citizen

MARCH 25, 2021

Here's the post in full: The CFPB is acutely aware of consumer harms in the small dollar lending market, and is particularly concerned with any lender’s business model that is dependent on consumers’ inability to repay their loans. And one-in-five vehicle title loan borrowers ended up having their car or truck seized by the lender.

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Loans Lender 45

Troutman Sanders

MARCH 14, 2023

While many Buy Now, Pay Later borrowers use the product without noticeable indications of financial stress, the report finds that Buy Now, Pay Later borrowers will more likely become active users of other types of credit products like credit cards, personal loans, and student loans. For more information, click here. government.

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Financial services Student loans Student Loans Loans 52

Troutman Sanders

MARCH 6, 2023

While many Buy Now, Pay Later borrowers use the product without noticeable indications of financial stress, the report finds that Buy Now, Pay Later borrowers will more likely become active users of other types of credit products like credit cards, personal loans, and student loans. For more information, click here. government.

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Financial services Student loans Student Loans Loans 52

Credit Corp

MARCH 20, 2023

Loan or lease fraud 197,914 -3.4% Phone or utilities fraud 88,813 -10% Source: Federal Trade Commission Consumer Sentinel Network Data Book 2020 and 2021 Reported frauds in the U.S. 2017 $8.9 $15 19 2020 $10. Credit card fraud 389,737 -.8% 8% Other identity theft 377,102 6.7% Year Losses inside the U.S. (in 2016 $9 $13.8

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