Public Citizen

JULY 6, 2020

Today, the Supreme Court held that collecting government debt by robocalling cellphones didn’t deserve special First Amendment treatment. The Federal Government receives a staggering number of complaints about robocalls—3.7 Second, if not, could the debt collection provision be severed? American Assn. American Assn.

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Credit Corp

JUNE 12, 2023

This program offers a flexible framework for loans that helps eligible borrowers to modify their monthly mortgage payments and avoid foreclosure. Modifying the loan terms can make mortgage payments more affordable and sustainable for struggling homeowners. How Do Fannie Mae and Freddie Mac Work? But how does it work?

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Burr Forman

DECEMBER 4, 2020

Financial institutions, servicers, lenders, and debt collectors must stay up-to-date on evolving federal and state laws stemming from the COVID-19 pandemic, as such laws impact all facets of consumer loan servicing and debt collection. This Bulletin serves as an update to that non-exhaustive compilation of information.

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Troutman Sanders

FEBRUARY 13, 2024

Gemini had alleged that Genesis pledged more than 61 million shares of Grayscale to secure loans, then defaulted on the loans. Supreme Court unanimously ruled that government agencies can be sued for violations of the Fair Credit Reporting Act (FCRA). The final settlement required the defendants to pay $10.9 million penalty.

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Troutman Sanders

MAY 16, 2022

On May 9, the Consumer Financial Protection Bureau (CFPB) published an advisory opinion to affirm that the Equal Credit Opportunity Act bars lenders from discriminating against customers after they have received a loan, not just during the application process. For more information, click here. For more information, click here.

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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. In the letter, Nussle stated, “Lenders rely on complete and accurate credit reports when underwriting loans. Require discharge of private student loans due to total and permanent disability.

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Better Credit Blog

FEBRUARY 15, 2021

Are collections accounts weighing heavily on your credit report? If you’ve fallen behind on any of your accounts, you could find Fairway Collections on your credit report. As long as the collections entry stays on your report, it’s hurting your score. About Fairway Collections. Self-pay collections.

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True Accord

MARCH 31, 2022

The four key trends we’re studying are: resumed foreclosure activity, extensive medical bills, the end of child tax credits and historically high inflation. For one, the consumer credit market is looking strong with signs of expansion, specifically, originations for credit cards and personal loans are increasing. million U.S.

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Troutman Sanders

AUGUST 9, 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. s emergency debt collection bill. For more information, click here. For more information, click here.

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Financial services Student loans Student Loans Foreclosure 52

Collection Industry News

AUGUST 17, 2023

Other balances, which include retail cards and other consumer loans, increased by $15 billion. Auto loan balances rose by $20 billion, consistent with the upward trajectory seen since 2011. Student loan balances fell by $35 billion and stood at $1.57 Student Loans Outstanding student loan debt stood at $1.57

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Sawin & Shea

NOVEMBER 24, 2021

Many people worry that bankruptcy will simply delay the inevitable, such as a lawsuit, wage garnishment, or a foreclosure, and that their creditors will still come after them. During an automatic stay, all parties or entities mentioned above are prohibited from collecting on debts you incurred before filing for bankruptcy.

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Sawin & Shea

NOVEMBER 24, 2021

Many people worry that bankruptcy will simply delay the inevitable, such as a lawsuit, wage garnishment, or a foreclosure, and that their creditors will still come after them. During an automatic stay, all parties or entities mentioned above are prohibited from collecting on debts you incurred before filing for bankruptcy.

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Bankruptcy Garnishment Repossession Foreclosure 52

Troutman Sanders

APRIL 12, 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. On April 5, the CFPB proposed a set of rule changes to help prevent foreclosures as the emergency federal foreclosure protections expire.

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Financial services Debt collector Student loans Student Loans 52

Troutman Sanders

AUGUST 14, 2023

On August 8, the Office of the Comptroller of the Currency (OCC) issued a bulletin to provide banks with guidance regarding the applicability of the legal lending limit to purchased loans. Whether a loan purchased by a bank is attributable to the seller under the legal lending limit regulation depends on specific facts and circumstances.

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Financial services Foreclosure Banks Loans 52

Fico Collections

JULY 29, 2020

This all points to the likelihood of a protracted period of economic uncertainty as governments act to contain outbreaks when, and where, they appear. Further assistance was announced in July offering customers a further four month deferral or the option to restructure their loan. This also has implications for the property market.

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Debt Free Colorado

DECEMBER 9, 2021

The United States Bankruptcy Code governs both chapter 7 and chapter 13 bankruptcy. Unlike Chapter 7, Chapter 13 bankruptcy enables you to decrease the interest rate on your vehicle loan and, in certain situations, the total amount owed. Complete protection from creditors – This includes wage garnishment and debt collection.

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Collection Industry News

APRIL 2, 2021

The number of people seeking bankruptcy fell sharply during the pandemic as government aid propped up income and staved off housing and student-loan obligations. Several rounds of government aid padded incomes with direct payments to households and enhanced unemployment benefits. Source: site. The personal saving rate rose.

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Bankruptcy Student loans Student Loans Foreclosure 40

Troutman Sanders

NOVEMBER 7, 2023

On November 1, the OCC issued a bulletin to inform banks about policy guidance that applies to commercial loans to early, expansion, and late-stage companies. Before making any loan, bank management should identify the purpose of the loan and the source of repayment. For more information, click here. On November 1, the U.S.

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Financial services Debt collector Loans Foreclosure 52

Troutman Sanders

JANUARY 19, 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. Department of Education to continue excusing borrowers from making payments on their student loans in light of the COVID-19 pandemic.

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Financial services Garnishment Foreclosure Government 52

Troutman Sanders

MAY 17, 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. 248, which limits a collection agency’s ability to collect on medical debt. Privacy and Cybersecurity Activities.

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Financial services Foreclosure Collection Agencies Collections Agency 52

Collection Industry News

FEBRUARY 5, 2021

million loans were delinquent to some degree, according to Black Knight. That’s a more than 250% increase in loans that are at least 90 days past due from the previous year. The good news, however, is that foreclosure activity hit a record low last year. We can thank the foreclosure moratorium for that. Learn More.

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Debt Free Colorado

APRIL 9, 2020

So far the offers have been vague, the most likely concessions will be for your lenders on your home and cars to allow you to move a monthly payment to the end of the loan and for credit cards to temporarily reduce your interest rate. There are more tools for dealing with your mortgage than any other type of loan. Student Loans.

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Student loans Student Loans Chapter 13 bankruptcy Chapter 7 bankruptcy 82

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. SOP 50 10 5(E), Appendix 2. SOP 50 57 2 ; SOP 50 55.

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Lender Collateral Loans Foreclosure 76

Troutman Sanders

SEPTEMBER 7, 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. For more information, click here. For those interested in reading the full announcement, click here.

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Financial services Student loans Student Loans Foreclosure 52

Collection Industry News

AUGUST 16, 2021

Mortgage lenders often ignored pleas for assistance when borrowers fell behind on their loans. In the summer of 2008, the Neighborhood Assistance Corporation of America staged an event that promised a fast track for struggling borrowers to avoid foreclosure. couple who were able to renegotiate their 11.875 percent loan to a fixed 5.25

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Troutman Sanders

JUNE 1, 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. ” Governments, companies, and other organizations may be developing their products and services. On May 27, U.S.

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Financial services Government Foreclosure Loans 52

Troutman Sanders

OCTOBER 11, 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. The department estimates the waiver will make roughly 22,000 borrowers immediately eligible to have their loans erased automatically.

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Financial services Loans Lender Foreclosure 52

Collection Industry News

APRIL 27, 2021

The proposed amendments would establish a pre-foreclosure review period to provide an opportunity for borrowers affected by the Covid-19 pandemic to be evaluated for loss mitigation before a servicer files for foreclosure. 9056(a)(1)).”.

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Burr Forman

SEPTEMBER 4, 2020

This leads some to fear that, without direct assistance for renters and/or landlords in the form of government funds, an even greater backlog of eviction cases will flood the courts once this CDC Order expires at the end of the year.

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Foreclosure Government Loans Collections 52

Troutman Sanders

OCTOBER 9, 2023

The FTC alleged that the defendants pretended to be affiliated with the Department of Education, charged illegal junk fees, and offered students loan forgiveness promises that were not fulfilled. For more information, click here. 364 et seq. For more information, click here.

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Financial services Student loans Student Loans Third-party Debt Collectors 52

Troutman Sanders

FEBRUARY 22, 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. Borrowers deserve and desperately need relief from their Federal student loan burden, and they need that relief immediately.”

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Financial services Student loans Student Loans Financial Institution 52

Sawin & Shea

AUGUST 4, 2021

For the lender, it’s all about the bottom line, and if they think they can get more money from a foreclosure, they won’t agree to a short sale. Even if the lender does forgive the amount of the loan not paid upon closing, you may be taxed on this money by the IRS. A short sale is a significant negative on your credit score.

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Collection Industry News

JUNE 14, 2021

President Biden’s nominee to lead the CFPB, Federal Trade Commission member Rohit Chopra, was the bureau’s first student loan ombudsman under former CFPB Director Richard Cordray and is expected to return the bureau to its former place at the forefront of consumer protection in financial services.

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Collection Industry News

MARCH 15, 2021

It has taken actions to collect data on a number of new industries, including debt relief and earned wage access providers, and has filed a cease-and-desist order against a student loan debt relief company charging borrowers exorbitant fees for the false promise of getting their student debt wiped.

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Collection Industry News

MARCH 14, 2022

New York SPOC Requirements : As created effective January 2, 2022 , Section 6-o of the New York Banking Law required a lender to provide a single point of contact (“SPOC”) to a borrower who: (a) is 60 or more days delinquent on a “home loan”; and (b) chooses to pursue a loan modification or other foreclosure prevention alternative.

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Troutman Sanders

JANUARY 30, 2023

In 2021, the Office of Comptroller of Currency (OCC) issued Interpretive Letters 1174 and 1179 , governing the permissibility of national banks to issue dollar tokens. On January 20, the CFPB urged mortgage servicers to remind homeowners with sufficient home equity that a traditional sale could provide a better alternative to foreclosure.

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Debt Free Colorado

MARCH 3, 2023

For instance, it may permit the restructuring of debts due to “secured” creditors, or creditors who have an interest in assets like a mortgage or a car loan, but it typically won’t abolish those debts. Are you at risk of falling into foreclosure, being evicted, or having your utilities cut off?

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