Jimerson Firm

NOVEMBER 11, 2020

Conducting site visits are an important aspect of servicing SBA loans. Site visits allow lenders and CDCs to gain a first-hand impression of the borrower’s business operations, evaluate risks, and inventory the collateral. Within fifteen (15) days of the occurrence of an adverse event (i.e. SOP 50 57 2 ; SOP 50 55.

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Jimerson Firm

NOVEMBER 23, 2020

When a small business association (“SBA”) loan is converted to liquidation status, the lender must begin liquidating the collateral. Lenders must liquidate all personal property that has a Recoverable Value over $5,000. In Florida, the lender can choose from the following methods: UCC Sale. See SOP 50 57.

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Collection Industry News

MAY 18, 2021

Despite objections from CUNA and NAFCU, the House of Representatives passed the Comprehensive Debt Collection Improvement Act on Thursday. 2547 was sponsored by House Financial Services Committee Chairwoman Rep. In the letter, Nussle stated, “Lenders rely on complete and accurate credit reports when underwriting loans.

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Lender Foreclosure Collections Debt collector 40

Nexa Collect

DECEMBER 12, 2021

DeFi is a collective term for financial products and services that are accessible to anyone who can use Ethereum over the internet. DeFi refers to Decentralized Finance; peer-to-peer financial services on a public decentralized blockchain network, particularly Ethereum. List of contents. What is DeFi? Bottom Line.

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Jimerson Firm

NOVEMBER 13, 2020

When a small business association (“SBA”) loan is converted to liquidation status, the lender must begin liquidating the collateral. If the collateral is real property, the lender must liquidate all parcels of real property that has a Recoverable Value over $10,000. Is the Recoverable Value of the Property Over $10,000?

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Jimerson Firm

DECEMBER 30, 2020

In the event a borrower is seriously delinquent on making payments under a SBA loan, or the SBA loan is classified in liquidation status, lenders and CDCs must develop a prudent and commercially reasonable strategy to maximize their recovery on the loan. 60 calendar days), the lender/CDC must move forward with liquidating the collateral.

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Loans Collateral Lender Foreclosure 98

Jimerson Firm

JANUARY 19, 2021

In traditional lending and loan servicing, it is commonplace for loans to be assumed, assigned, or sold. Most lenders are likely familiar with these servicing actions, and many lenders have their own requirements and procedures for handling each of them. See SOP 50 57 2 ; SOP 50 55.

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Jimerson Firm

FEBRUARY 5, 2021

When a SBA loan is in liquidation status, lenders and authorized CDC liquidators are required to perform “Prudent Liquidation.” When Prudent Liquidation is complete, it’s time for the lender or authorized CDC liquidator to submit a wrap-up report to the SBA and have the loan charged-off. 120.535(b). 120.535(b). SOP 50 55.

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Loans Lender Collateral Bankruptcy 89

Jimerson Firm

JANUARY 27, 2021

If the borrower is unable to pay the full amount owed on an SBA loan after all of the collateral has been liquidated, the borrower may submit an “offer in compromise.” Generally, the compromise amount should be more than $5,000, unless a larger amount would cause financial hardship. illness), paying it would cause financial hardship.

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Jimerson Firm

FEBRUARY 3, 2021

In Florida, lenders may find themselves foreclosing on real property with a mobile home attached to the land. On the other hand, if the mobile home is not retired and the lender has a perfected lien on the mobile home, the lender must use replevin in addition to the foreclosure. Is the Mobile Home Retired?

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Jimerson Firm

MAY 12, 2021

When a borrower dies, lenders are often left wondering what to do. In 2016, the Consumer Financial Protection Bureau (“CFPB”) issued a final rule—referred to as the 2016 Mortgage Servicing Rule —that clarified, revised, and amended several provisions in the 2013 Mortgage Servicing Rules. Who is a “Successor in Interest”?

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Collateral Lender Loans Foreclosure 52

Fico Collections

APRIL 12, 2023

Asset-backed securities are initiated when a financial institution creates securities collateralized or backed by the cash flows generated from the underlying group of assets in the securitized pool. As the credit score used by more than 90% of top lenders in the U.S., These asset-backed securities are then sold to investors.

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Lender Financial Institution Collateral Loans 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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Jimerson Firm

AUGUST 7, 2020

This new legislation is likely to be important to lenders and borrowers due to the anticipated higher volume of commercial foreclosures due to economic effects of the current COVID-19 pandemic. sell, lease, license, exchange, collect, or otherwise dispose of receivership property.” § 714.02(14), of the Act.

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Foreclosure Lender Judgment Creditors 98

Jimerson Firm

DECEMBER 15, 2020

As discussed in parts 1-4 of this series, lenders have several options prior to instituting a commercial foreclosure action. Additionally, as briefly discussed in part 5 of this series, during the foreclosure action, lenders have options to try to preserve the value of the underlying collateral and to minimize further losses.

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Foreclosure Lender Banks Collateral 98

Jimerson Firm

MAY 17, 2021

In order to maintain a foreclosure action against a borrower, lenders must ensure they can establish “standing”. Standing is a fundamental requirement for a foreclosure, as lenders who desire to initiate a foreclosure proceeding are required to have standing. Second, lenders are required to have standing when suit is filed.

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Foreclosure Lender Judgment Banks 52

Troutman Sanders

AUGUST 1, 2023

On July 27, the Financial Innovation and Technology for the 21st Century Act passed the House Committee on Agriculture. The bill previously passed the House Committee on Financial Services on July 26. Per the report, examiners found multiple instances of unfair or abusive acts or practices by servicers.

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Financial services Financial Institution Debt collector Fair Debt Collection 52

Troutman Sanders

JUNE 14, 2023

On June 8, the CFPB acted against a medical debt collector for numerous debt collection and credit reporting violations. In at least thousands of cases, the debt collector continued to attempt to collect on a debt that was not substantiated after a consumer disputed the validity of the debt. collectively, “Coinbase”).

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Financial services Financial Institution Student loans Student Loans 52

Fico Collections

JANUARY 8, 2021

In this category, COVID-19 was a pressing topic but didn’t dominate the discussion as it did in the Debt Collection & Recovery category. Zeynep Salman pointed out that in financial services, it has brought about new appreciation for technology as well. Here are our top 5 posts from 2020. #1. Value of Platform Systems .

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Troutman Sanders

MARCH 23, 2023

Fees paid to a public official relating to the extension of credit, including fees to record liens, are excluded. As to loans of $500 or less, there is also an exclusion for a fee not exceeding five percent of the total principal of the loan if that fee is not imposed on any one borrower more than one time per 12-month period.

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Collateral Financial Institution Loans Lender 52

Jimerson Firm

FEBRUARY 11, 2022

On July 15, 2021, the SBA issued its procedural notice regarding lender requests to the SBA for guaranty recovery of PPP loans. What should lenders do when borrowers can no longer make payments and associated loans are still outstanding? What Obligations Do Lenders Owe PPP Loan Borrowers?

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Fico Collections

MAY 5, 2021

As a result, banks and lenders are acutely reliant on access to the very best data, automation, and technology to help bridge the rapidly widening funding gap. Lenders and banks believe new technologies from artificial intelligence, machine learning and even blockchain could help significantly improve an SME's access to trade finance.

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Fico Collections

JANUARY 27, 2022

The most popular posts in our Customer Development category dealt with credit card payments, open banking, trends for financial services and small business lending — as well as FICO’s listing as a top risk management firm. Source: FICO Benchmarking Service. . Report: 2022 Trends for Financial Services.

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Banks Financial services Lender Financial Institution 52

Jimerson Firm

MARCH 12, 2021

However, lenders often wonder where they should file the foreclosure action if the loan is secured by mortgaged land situated in different counties. The court found that the lender properly filed a foreclosure action on both mortgages in just Pinellas County because both mortgages jointly constituted the collateral for a single loan.

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Foreclosure Lender Collateral Loans 98

Troutman Sanders

DECEMBER 4, 2023

On December 1, the House of Representatives approved a resolution to repeal a Consumer Financial Protection Bureau (CFPB) rule that mandated banks to gather data on loan applications from women-owned, minority-owned, and small businesses to help lenders identify business development needs and opportunities.

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Financial services Collateral Banks Trade 52

Troutman Sanders

MAY 2, 2023

The proposed rule would require lenders to assess a borrower’s ability to repay a PACE loan, as well as provide a framework for how these loans will be treated under the Truth in Lending Act. government securities, cash, and repurchase agreements collateralized by U.S. For more information, click here. Dollar (USD) LIBOR after June 30.

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Financial services Trade Consumer Credit Government 52

Troutman Sanders

JUNE 1, 2021

The proposal would modify the PSR policy to expand access to collateralized capacity, and clarify the terms for accessing and retaining uncollateralized capacity. The CFPB’s report uses new information collected under the Home Mortgage Disclosure Act to shed light on the experiences of these often-overlooked families.

Financial services 52

Financial services Government Foreclosure Loans 52

Troutman Sanders

FEBRUARY 13, 2024

The judge stated that since Genesis never transferred the assets, they cannot be considered as collateral pledged by the debtor. However, the judge found that the contracts between Genesis and Gemini clearly required a transfer for the assets to be pledged as collateral. For more information, click here. They cited a U.S.

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Financial services Student loans Student Loans Collection Agencies 52