Troutman Sanders

MARCH 22, 2021

(OppFi) — a Chicago-based platform lender — announced that the Consumer Financial Protection Bureau (CFPB) is investigating its compliance with the Military Lending Act. OppFi is a consumer lending company that works with banks to facilitate loans to consumers who lack access to traditional credit.

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Troutman Sanders

OCTOBER 18, 2022

The Act takes direct aim at, among other things, the Military Lending Act’s (MLA) exceptions for loans obtained to purchase motor vehicles and other forms of personal property. Whether auto loan lenders may finance GAP waivers, GPS tracking systems, or other products that consumer advocates argue are credit-related is an open question.

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Loans Lender Closed-end credit Acquisition 52

Fico Collections

MAY 11, 2021

Credit risk industry veterans who managed consumer loan portfolios through the Great Recession can recall the challenge of responding to swiftly changing borrower payment behavior and the resulting delinquency and default rate volatility during that time.

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Lender Acquisition Loans Collections 52

Fico Collections

MAY 11, 2021

Credit risk industry veterans who managed consumer loan portfolios through the Great Recession can recall the challenge of responding to swiftly changing borrower payment behavior and the resulting delinquency and default rate volatility during that time.

Lender 52

Lender Acquisition Loans Collections 52

Jimerson Firm

OCTOBER 22, 2020

Sometimes, foreclosure of a commercial property is the only option available to lenders and servicers to limit losses as a result of defaults on hotel and restaurant mortgages. Parts 1-4 of this series discussed pre-foreclosure options available to lenders dealing with hotel/restaurant mortgage defaults. 702.015(4) , Fla.

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Hudson Weir

AUGUST 30, 2021

There’s arguably little other legal difference between this type of buyout and other acquisitions. For example, the previous owner may provide a loan, which the new management team pays back with interest over a period of time from company profits during their tenure. Funding using debt financing.

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Fico Collections

DECEMBER 8, 2022

Credit risk management veterans who responsible for consumer loan portfolio risk management through the Great Recession can recall managing the challenge of responding to swiftly changing borrower payment behavior and the resulting portfolio delinquency and default rate volatility during that time.

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Lender Acquisition Financial services Loans 52

Fico Collections

AUGUST 10, 2022

It is one of the biggest challenges lenders face over the next few years. Triggered in part by the US housing market collapse and an unprecedented number of loan defaults, the crisis uncovered a shocking level of unrestrained lending and excessive risk taking. Affordability is top of mind. Increasingly Complex Lending Challenges.

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Lender Banks Loans Acquisition 52

Fico Collections

JANUARY 8, 2021

FICO’s suite of interconnected Acquisition, Origination, and Growth capabilities for Telecommunications helps organizations do exactly that. If you’re interested in making smarter, faster acquisition and retention decisions, we’d love to talk with you. . #2. FICO Loan Origination Solution Awarded Best-In-Class.

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Acquisition Loans Financial Institution Lender 52

Fico Collections

FEBRUARY 1, 2023

Despite many families so far managing to maintain their financial commitments — loans, credit card and mortgage repayments, as well as essential bills like utilities and rent — there are fears that rising inflation and interest rates may see a significant number struggle to make ends meet.

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Lender Credit Bureau Collections Acquisition 52

Collection Industry News

OCTOBER 21, 2022

Year-on-year profits for the third quarter dropped across all the main financial groups on Wall Street due to slower investment banking activity and more provisioning of safety funds to cover potential loan losses, despite the fact that rising interest rates also pushed up their revenue. If the big six released $4.5

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Banks Lender Loans Acquisition 40

Katabat

JANUARY 5, 2021

January 5, 2021, Wilmington, DE – Katabat, a leading global provider of debt management software solutions for lenders, fintechs, and collection agencies, announced today that it has acquired Simplicity Collection Software of Idaho Falls, Idaho. Terms of the transaction were not disclosed.

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Collections Acquisition Collection Agencies Collections Agency 40

Katabat

JANUARY 5, 2021

January 5, 2021, Wilmington, DE – Katabat, a leading global provider of debt management software solutions for lenders, fintechs, and collection agencies, announced today that it has acquired Simplicity Collection Software of Idaho Falls, Idaho. Terms of the transaction were not disclosed.

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Collections Acquisition Collection Agencies Collections Agency 40

Fico Collections

JULY 15, 2022

in 1989, it meant lenders of all sizes could leverage the technology of scoring and open up credit to consumers that they might not have lent to in the past. It means integrating new technologies into lenders workflows and operations. Hundreds of lenders in the U.S. When the FICO® Scores were introduced in the U.S.

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Lender Education Acquisition Financial Institution 52

Collection Industry News

OCTOBER 21, 2022

LONDON, Oct 21 (Reuters) – Owners of Britain’s largest malls, skyscrapers and industrial hubs face hikes in borrowing costs and a recession that could depress prices by up to a fifth, forcing lenders and investors to reassess their appetite for commercial property. HSBC (HSBA.L) But the government’s Sept.

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Retail Lender Loans Acquisition 40

Fico Collections

DECEMBER 8, 2022

Lenders must adopt a similar mindset as they manage the financial health of their consumer lending portfolios to insulate their existing assets from potential portfolio risk volatility. 1 “Delinquency Rate on Consumer Loans, All Commercial Banks.” Of course, credit risk management is only one aspect of portfolio health.

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Lender Acquisition Loans Collections 52

Fico Collections

MARCH 8, 2021

That’s why FICO has been focused on finding new ways to demonstrate responsible financial behavior so that lenders can confidently extend credit to more consumers. . Over the past several years, we’ve helped lenders develop on-ramps to mainstream credit using alternative data for those seeking financial inclusion.

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Lender Credit Bureau Acquisition Financial services 52

Collection Industry News

JULY 6, 2021

Bureau-supervised nonbanks include mortgage companies, private student lenders, and payday lenders, as well as nonbanks the Bureau defines through rulemaking as “larger participants” of other consumer financial markets as defined by Bureau rules. Student loan servicers misled consumers about Public Service Loan Forgiveness.

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Student loans Student Loans Foreclosure Loans 40

Fico Collections

FEBRUARY 12, 2023

Home Blog FICO Top 5 Customer Development Posts of 2022: Digital Banking and Pricing Opti The most popular posts in our Customer Development category dealt with digital banking, optimizing credit line increases, loan pricing and machine learning for credit risk models. Here are extracts from those customer development posts.

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Banks Loans Startups Financial Institution 52

Fico Collections

JUNE 11, 2021

Lenders must adopt a similar mindset as they manage the health of their consumer lending portfolios to insulate their existing book of business from potential risk volatility. Impressively, the Federal Reserve reported Q1 2021 delinquency rates on all consumer loans of 1.74%, the lowest mark in the 30+ years it has been tracked.

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Lender Acquisition Loans Collections 52

Consumer Financial Services Law

MAY 10, 2017

The consumer alleged BoA was a debt collector under the FDCPA because his “loan was in default prior to the transfer from his original lender Countrywide to Bank of America.” The acquisition by merger was a key factor for the court which also relied upon prior Fifth Circuit precedent, Brown v. Bank of America, 2017 U.S.

Debt collector 40

Debt collector Acquisition Financial Institution Foreclosure 40

Troutman Sanders

MAY 5, 2022

Summarized below are those issues identified in the areas of auto servicing, consumer reporting, credit card account management, debt collection, deposits, mortgage origination, prepaid accounts, remittances, and student loan servicing. Student Loan Servicing. Auto Servicing. The CFPB sees wrongful repossessions everywhere.

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Financial Institution Repossession Debt collector Lender 52

Fico Collections

MARCH 17, 2022

Loans That Improve Lives. million loans worth about USD$3.7B These loans are often life-changing, allowing individuals to build businesses, access housing and education. Mibanco’s goal is to expand access to credit for the unbanked or credit invisible,” said Sebastián Valera, risk transformation manager at Mibanco.

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Loans Retail Banks Education 52

Fico Collections

DECEMBER 8, 2022

Building portfolio risk resilience into customer acquisition. During the highly uncertain time of the Great Recession, most lenders shifted management strategies by raising FICO® Score cut-offs significantly to achieve the same overall portfolio risk management profile for accepted applicants. FICO Admin. Thu, 12/19/2019 - 16:29.

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Lender Acquisition Financial services Loans 52

Fico Collections

MAY 25, 2021

During the highly uncertain time of the Great Recession, most lenders raised FICO® Score cut-offs significantly to maintain the same overall risk profile for accepted applicants. The additional insight from FICO® Resilience Index 2 can provide lenders more refined decision-making power, even during benign periods of the economy.

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Lender Acquisition Loans 52

Better Credit Blog

SEPTEMBER 14, 2020

Future lenders are able to see any collection accounts on your credit report and can deny you loans based on your history. They collect debts mainly from automotive lenders, telecommunication providers, utility providers, and healthcare providers.

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Debt collector Collections Acquisition Lender 52

Jimerson Firm

JULY 20, 2020

Therefore, a copy of an electronic promissory note is sufficient to prove the identity of the electronic note’s owner and to provide authorization to the loan servicer to pursue a foreclosure action. The issuer of the electronic record expressly has agreed is a transferable record. Wells Fargo Bank, N.A. , 3d 323 (Fla.

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Better Credit Blog

SEPTEMBER 8, 2020

If you begin to hear from a debt collection agency called Pioneer Credit Recovery, it is likely because you have defaulted on a loan or forgotten to pay a bill. Originally founded in 2001, they collect debt on behalf of federal student loan servicers, county and municipal courts, the IRS, and more.

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Debt collector Collection Agencies Collections Agency Collections 52

Collection Industry News

MAY 9, 2022

Summarized below are those issues identified in the areas of auto servicing, consumer reporting, credit card account management, debt collection, deposits, mortgage origination, prepaid accounts, remittances, and student loan servicing. Student Loan Servicing. Auto Servicing. The CFPB sees wrongful repossessions everywhere.

Financial Institution 40

Financial Institution Repossession Debt collector Student loans 40

Troutman Sanders

SEPTEMBER 21, 2020

Federal Activities: On September 18, 2020, the Federal Reserve Board updated its frequently asked questions (FAQs) to clarify the Board’s and Department of Treasury’s expectations for lenders underwriting the Main Street Lending Program. The sum in July of all net foreign acquisitions of long-term securities, short-term U.S.

Financial services 52

Financial services Banks Government Acquisition 52

Fico Collections

FEBRUARY 16, 2021

It marks the highest fine ever issued to a lender for what it deemed a breach of consumer credit rules. But more tellingly, the penalty related to the mistreatment of business and personal customers who fell behind on credit card and loan payments between 2014 and 2018 – well before many of us had even heard of COVID-19.

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Lender Collections Loans Acquisition 52

Better Credit Blog

AUGUST 7, 2020

Future lenders are able to see any collection accounts on your credit report and can deny you loans based on your history. This includes your name, the balance, and the date of debt acquisition. Not only is USCB America unpleasant to deal with, but their entry on your credit report can hurt your credit score for years to come.

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Debt collector Collection Agencies Collections Agency Fair Debt Collection 52

Better Credit Blog

AUGUST 22, 2020

They can affect your score for up to seven years after you pay the balance of the debt, and they can be viewed by future lenders who can make loan decisions based on your history of nonpayment. Collection entries on your credit report are extraordinarily harmful to your credit score.

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Debt collector Creditors Original Creditor Collection Agencies 53

Better Credit Blog

SEPTEMBER 29, 2020

They can also be viewed by lenders down the line, which means you could be denied loans or credit cards. This means that the amount, the date of acquisition, and the creditor may be incorrectly listed on your collection entry. Debt collectors can cause a lot of problems for your credit score down the line.

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Debt collector Original Creditor Collection Agencies Collections Agency 52

Better Credit Blog

SEPTEMBER 18, 2020

Future lenders can see them and make loan decisions based on the fact that you failed to pay a debt. This is a letter that asks CACH LLC to confirm certain details of the debt, such as the name, date of debt acquisition, and total amount. This can mean trouble for your credit score.

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Debt collector Collections Fair Debt Collection Acquisition 52

Better Credit Blog

AUGUST 31, 2020

Collections accounts stay on your credit report for as long as seven years, which means that any lender or creditor can make decisions based on the fact that you have had debt in collections. This means that you could be denied credit cards, mortgages, and other financial loans down the road.

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Third-party Debt Collectors Debt collector Creditors Original Creditor 52

Better Credit Blog

AUGUST 31, 2020

Future lenders can also see this account and make loan decisions based on the fact that you’ve had a debt move to collections. This is essentially a letter that formally requests that Covington Credit verify specific pieces of information such as the name on the debt, the total amount, and the date of debt acquisition.

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