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 57 2.

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Loans Lender Collateral Bankruptcy 89

Jimerson Firm

NOVEMBER 2, 2020

Lenders are responsible for servicing and liquidating all of the 7(a) loans in their portfolio. CDC’s are responsible for servicing 504 loans in their portfolio, but they will only be responsible for liquidating the loan based on its designation. Performance Standards. 120.535(a). 120.535(b). 120.535(c).

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Nexa Collect

DECEMBER 12, 2021

DeFi refers to Decentralized Finance; peer-to-peer financial services on a public decentralized blockchain network, particularly Ethereum. A system that interacts buyers, sellers, borrowers, or lenders with peer-to-peer technology to access financial products or financial services bypassing middlemen such as financial institutions.

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Jimerson Firm

OCTOBER 28, 2020

“Recoverable Expenses” are defined as SBA approved, necessary, reasonable, and customary costs incurred to collect and enforce the terms of the Loan Documents, or to preserve or dispose of collateral. Recoverable Expenses can be added to the principal balance of the loan. See SOP 50 51 3. lien searches; Title reports; and.

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Jimerson Firm

NOVEMBER 5, 2020

If a borrower is experiencing difficulties making payments on their SBA loan, they may seek relief with the lender or CDC by requesting a loan modification or deferment. What is a Loan Modification? What is a Loan Modification? Re-amortization of loan payments. 7(a) Loan Modifications.

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Lender Loans Accrued Interest Collateral 78

Better Credit Blog

APRIL 2, 2022

Whether you’re making a big purchase or just refinancing some existing debt, a personal loan could help. But comparing loan options could take days — unless you use an online marketplace like Fiona which lets you compare personal loan offers side by side within minutes. How Fiona Loans Work. Fiona Loan Fees.

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Personal loans Loans Student loans Student Loans 80

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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Jimerson Firm

MAY 24, 2021

How Do Property Taxes Result in Loss of Collateral? If the borrower is delinquent in paying its property taxes, a tax certificate may be sold for the past-due taxes, which could lead to a tax deed sale of the collateral. Continued reading: Defaulted Loans: Florida State Laws, Federal Laws and Federal Regulations.

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Troutman Sanders

DECEMBER 12, 2022

On December 7, the Consumer Financial Protection Bureau (CFPB) released research, revealing that Reserve and National Guard members called to active duty are paying an extra $9 million in interest every year because they are not always receiving the benefit of their right-to-rate reductions under the Servicemembers Civil Relief Act (SCRA).

Financial services 52

Financial services Financial Institution Banks Lender 52

Troutman Sanders

DECEMBER 20, 2022

On December 13, the CFPB and the Federal Housing Finance Agency published updated loan-level data for public use through the National Survey of Mortgage Originations. d/b/a Premier Student Loan Center, a student-loan debt-relief company. For more information, click here. For more information, click here.

Financial services 52

Financial services Student Loans Student loans Loans 52

Jimerson Firm

FEBRUARY 2, 2021

If a borrower defaults on a SBA loan, the lender or CDC must assess the environmental risk of contamination before conducting any liquidation action that could result in a loss, or otherwise increase the risk of loss, due to the actual or alleged presence of contamination. What Are Environmental Risks? SOP 50 57 2 ; SOP 50 55.

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Lender Collateral Loans Foreclosure 76

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. For more information, click here. For more information, click here.

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Financial services Financial Institution Debt collector Trade 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. 2d DCA 2012) , the loan was secured by two mortgages: one in Pinellas County and the other in Hillsborough County. This is typically referred to as the “local action rule.” 3d 452 (Fla.

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Jimerson Firm

JANUARY 22, 2021

The first-half of this series evaluated considerations for lenders faced with borrowers who were unable to meet their mortgage and loan obligations. Opportunities to Gain Concessions in Loan Workouts with Existing Borrowers. to include an assignment of rents provision). Avoiding Lender Liability.

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Jimerson Firm

APRIL 2, 2021

& Loan Ass’n, 214 So.2d If lenders want to ensure a clean foreclosure proceeding and marketable title, they must join junior lien holders and persons holding encumbrances over the collateral as parties to the litigation. Continued reading: Defaulted Loans: Florida State Laws, Federal Laws and Federal Regulations.

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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. The PPP loan program has offered billions of dollars in assistance to small businesses across the country. However, many PPP borrowers have since begun defaulting on their loans.

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Loans Lender Chapter 7 bankruptcy Bankruptcy 52

Jimerson Firm

FEBRUARY 3, 2021

Lenders will usually be faced with two situations: (1) the mobile home existed at the time of the mortgage, and is identified in the mortgage documents as collateral; or (2) the mobile home did not exist at the time of the mortgage, and is not identified in the mortgage documents as collateral. (1)

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Credit Corp

SEPTEMBER 13, 2023

Basically, credit scoring models want to see that you can manage different types of financing, most notably revolving accounts, such as a credit card, and installment accounts, such as a mortgage or auto loan. You are not required to pay the loan in full each month. Depending on the reason, they often do not require collateral.

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Credit Unions Credit Unions Student loans Student Loans 97

The Kaplan Group

MAY 30, 2024

We’ve collected a list of business credit and loan resources for LGBTQIA+ business owners to help get you up and running. Qualifications for Loans/Credit for LGBTQIA+-Owned Businesses Each business loan or credit option we’ll talk about has its own list of qualifications. There are a few avenues worth exploring.

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Loans Startups Education Lender 52

Troutman Sanders

MARCH 23, 2023

On March 29, the New Mexico Financial Institutions Division of the Regulation and Licensing Department’s (NM FID) new rule on the New Mexico-Annual Percentage Rate (NM-APR) becomes effective. This new rule addresses the types of charges excluded from the 36% NM-APR cap. The rule is available at N.M.

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Collateral Financial Institution Loans Lender 52

Jimerson Firm

MAY 26, 2021

Therefore, if the foreclosing lender buys the collateral at the foreclosure sale, it should obtain title insurance because it is possible that the sale could be invalidated and the collateral returned to the borrower’s ownership. 702.036(2). When Can the Foreclosure Sale Be Invalidated? 90 CWELT-2008 LLC v. Conclusion.

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Consumer Financial Services Law

JANUARY 31, 2020

Joy Denby-Peterson purchased a 2008 Corvette in July 2016, and several months later the vehicle was repossessed when Denby Peterson failed to make all of the required loan payments. Circuits in holding that a secured creditor does not have an affirmative obligation to return a debtor’s collateral immediately upon notice of the bankruptcy.

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Collateral Repossession Bankruptcy Chapter 13 bankruptcy 40

Jimerson Firm

DECEMBER 15, 2020

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. & Loan Ass’n, 516 So. One of those options is the appointment of a receiver. Carolina Portland Cement Co. Baumgartner, 128 So.

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Fico Collections

APRIL 12, 2023

These assets can include loans, leases, and receivables—from aircraft leases to solar projects, but most frequently are commercial or residential mortgages (e.g., mortgage-backed securities), auto loans, and credit card balances. Cash flows are derived from the interest and the principal payments made by the borrowers on the loans.

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Lender Financial Institution Collateral Loans 52

Consumer Financial Services Law

OCTOBER 25, 2017

Each business received a loan from Mercantile Bank Mortgage Company (“Mercantile”) through one loan officer, Pat Julien, in 2000 and 2006, respectively. Each loan was subsequently refinanced at least once through Julien. When Julien left Mercantile in 2006, the Guy’s accounts were transferred to a different loan officer.

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Loans Collateral Garnishment Judgment 40

Jimerson Firm

OCTOBER 22, 2020

& Loan Ass’n of Panama City, 516 So. 2d 344, 345 (Fla. 1st DCA 1987) (identifying guidelines for a court to consider when determining whether to appoint a receiver).

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Fico Collections

JANUARY 8, 2021

Zeynep Salman pointed out that in financial services, it has brought about new appreciation for technology as well. The primary lesson from financial companies’ response to COVID-19 market trends is that financial challenges cannot be tackled in isolation. FICO Loan Origination Solution Awarded Best-In-Class.

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Acquisition Loans Financial Institution Lender 52

Jimerson Firm

JULY 20, 2020

1st DCA 2016) (“Appellant’s attorney, as the agent of appellant, was entitled under the statute to certify that appellant was in possession of the original note based on counsel’s review of the collateral file, which contained the original note and was provided to counsel in connection with legal proceedings to enforce the note.”).

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Collection Industry News

MAY 18, 2021

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. Prohibit certain abusive collection practices directed at service members, including threats to reduce rank or revoke security clearance.

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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. Report: 2022 Trends for Financial Services. Here are extracts from those posts. Filling the US$3.4

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Banks Lender Financial services Financial Institution 52

Jimerson Firm

MAY 17, 2021

Aurora Loan Services, LLC, 163 So. The original assignor of a mortgage that has been collaterally assigned cannot bring a foreclosure action without the knowledge and consent of the assignee. 3d 639, 642 (2015). A non-holder in possession of the original note who has the rights of a holder. Servedio v. US Bank Nat.

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Consumer Financial Services Law

DECEMBER 29, 2016

Also, on an auto loan, there could be more than one missed payment, followed by a repossession, followed by a sale of the collateral and establishment of a deficiency balance. For example, on a credit card account, there could be several defaults, followed by charge-off, followed by additional payments.

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Collections Judgment Enforcement Creditor's Rights Creditors 40

Jimerson Firm

JULY 1, 2020

When lenders take life insurance policies as collateral for loans, they need to be aware of what needs to occur to place a claim in the event their borrower dies. Therefore, it is critical for lenders to confirm that no prior assignment exists on life insurance collateral prior to taking the collateral on as security for a loan.

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Jimerson Firm

JANUARY 25, 2021

When underwriting and servicing SBA loans, it is important for lenders and CDCs to ensure appropriate insurance coverages are in place to protect the collateral. The SBA does require some types of insurance coverages to be in place on all loans. Hazard Insurance. 13 CFR § 120.160 ; SOP 50 10 5(K). Real Estate Insurance.

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Loans Collateral Lender Construction 98

Troutman Sanders

JUNE 14, 2023

On June 7, the CFPB released a blog discussing the fact that the pause on federal student loan interest, payments, and collections is now scheduled to end 60 days after June 30, which means borrowers will have to start making payments soon. For more information, click here. For more information, click here. For more information, click here.

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Financial services Financial Institution Trade Student Loans 52

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. Assumption of SBA Loan. SOP 50 57 2 ; SOP 50 55.

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Loans Collateral Lender Financial services 98

Troutman Sanders

MAY 2, 2023

PACE loans, secured by a property tax lien on the borrower’s home, are often promoted as a way to finance clean energy improvements, such as solar panels. However, due to partisanship in the Senate, Senator Lummis believes her bill is unlikely to pass before the House Financial Service Committee’s bill is introduced.

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Financial services Trade Government Consumer Credit 52