Troutman Sanders

OCTOBER 26, 2020

Notices of foreclosure will only be accepted if the lender or servicer certifies that they notified the borrower of their right to request a forbearance. For more information, click here. On October 16, the Virginia General Assembly voted to amend VA Code § 8.01-512.4

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Jimerson Firm

JANUARY 28, 2021

When a lender obtains a final judgment of foreclosure from the court, the mortgaged property is sold at public auction and, if bought by someone other than the foreclosing lender, the proceeds are applied to the debt owed by the delinquent borrower. Procedure For Getting a Deficiency Judgment. 702.06, Fla. 702.06, Fla. Kelly , 642 So.

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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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Better Credit Blog

APRIL 1, 2022

They recently acquired Alltran Financial Services in 2020. They also might be charging you the full amount in order to make a profit, since credit collection agencies typically buy collection accounts at a discount from the original lender. Making arrest and legal threats such as wage garnishment or property seizure.

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Troutman Sanders

MARCH 11, 2024

On March 4, the Small Business Administration (SBA) announced the next generation of the SBA’s Lender Match tool for small businesses to connect to capital through SBA’s network of approved banks and private lenders. For more information, click here. For more information, click here. On March 1, the U.S.

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True Accord

NOVEMBER 20, 2023

Consumers Prefer Digital Debt Collection By and large, consumers prefer to communicate with their collection agencies digitally—they already predominantly communicate with their banks, creditors, and lenders digitally, so digital collection is a smooth transition when an account moves to collection.

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Collection Industry News

JULY 20, 2020

Sherrod Brown, D-Ohio, has sponsored legislation that prevents debt collectors from engaging in a variety of practices, such as disconnecting utility services or garnishing wages, until 120 days after a major disaster or emergency such as the current coronavirus crisis. All of this has the industry deeply concerned.

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Troutman Sanders

MARCH 4, 2024

On February 29, the Consumer Financial Protection Bureau (CFPB) issued a circular to law enforcement agencies and regulators explaining how companies operating comparison-shopping tools can break the law when they steer consumers to certain products or lenders because of kickbacks. For more information, click here.

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Troutman Sanders

APRIL 18, 2022

The CFPB then relies on its own prior research to argue that consumers rely on servicers to provide information about private student loans, citing specific consumer complaints as evidence that student loan owners, lenders, servicers, and collectors unlawfully collect on private student loans that should have been discharged.

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Troutman Sanders

JANUARY 19, 2021

On January 13, the Small Business Administration reopened the Paycheck Protection Program (PPP) loan portal to PPP-eligible lenders with $1 billion or less in assets for First and Second Draw applications on Friday, January 15, 2021 at 9 a.m. Check out lenders before sharing personal information. For more information, click here.

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Troutman Sanders

JUNE 22, 2021

On June 14, the CFPB released a report analyzing the differences in lending patterns for lenders below and above the 100-loan, closed-end threshold set by the 2020 Home Mortgage Disclosure Act (HDMA). While the CFPB’s analysis is preliminary, the report shows some differences in lending patterns for lenders above and below the threshold.

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Troutman Sanders

NOVEMBER 7, 2023

Small Business Administration (SBA) announced that it has granted three new Small Business Lending Company (SBLC) licenses to lenders focused on historically underserved markets — the first expansion of the SBLC program in more than 40 years. For more information, click here. On November 1, the U.S. For more information, click here.

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