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.

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Financial services Student loans Student Loans Loans 52

Troutman Sanders

MAY 2, 2022

The 28,0000 borrowers who enrolled in the schools from 2009 through its closure in February 2016 will receive loan discharges based on borrower defense findings, totaling approximately $238 million. The amendment applies retroactively to judgments unsatisfied at the time the law went into effect. For more information, click here.

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Financial services Judgment Trade Education 52

Better Credit Blog

FEBRUARY 5, 2021

If you’re wondering what BCA Financial Services is and why it’s on your credit report, the guide below is for you. With all of life’s financial obligations and the busyness of day to day life, it can be all too easy to let a payment slip through the cracks. About BCA Financial Services. BCA Financial Services, Inc.

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Financial services Collection Agencies Collections Agency Debt collector 60

Troutman Sanders

FEBRUARY 3, 2023

The court held that the plaintiff could not establish a concrete injury and granted the defendants’ motion for summary judgment. The debt stemmed from a 2014 judgment on a credit card debt for $1,015.20, which included pre-judgment interest of 9% and certain fees and costs. and offering to settle for 65% of the balance.

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Judgment Credit Card Debt Loans Debtor 52

Troutman Sanders

NOVEMBER 2, 2020

In particular, the minimum loan size for three Main Street facilities available to for-profit and nonprofit borrowers was reduced from $250,000 to $100,000, and the fees were adjusted to encourage the provision of these smaller loans. For more information, click here. For more information, click here. For more information, click here.

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Financial services Financial Institution Loans Credit Unions 52

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. For more information, click here. For more information, click here. For more information, click here. On August 3, the Washington, D.C.

Financial services 52

Financial services Student loans Student Loans Foreclosure 52

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.

Financial services 52

Financial services Student loans Student Loans Foreclosure 52

Troutman Sanders

SEPTEMBER 27, 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.

Financial services 52

Financial services Student loans Student Loans Foreclosure 52

Troutman Sanders

APRIL 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. The company was operating without registering as a debt settlement service provider as required by Minnesota law.

Financial services 52

Financial services Student loans Student Loans Financial Institution 52

Jimerson Firm

MARCH 19, 2021

When a lender holds a defaulted loan there are several issues that need to be considered before initiating a foreclosure. Additionally, specific Federal regulations may also apply and provide additional requirements for lenders holding VA loans or FHA loans, or provide protections for service members. Florida State Laws.

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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. However, lenders should only use this option if it maximizes recovery on the SBA loan. draft settlement statement. See SOP 50 57.

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Troutman Sanders

OCTOBER 26, 2020

On October 23, lawmakers in the House of Representatives introduced a bill to exclude Paycheck Protection Program (PPP) loans from regulators’ calculations of the asset size of smaller banks. PPP loans administered by the Small Business Administration would not be excluded from assets on the institutions’ quarterly call reports.

Financial services 52

Financial services Financial Institution Foreclosure Banks 52

Troutman Sanders

JUNE 2, 2023

As any Wall Street litigator knows, in the securities industry, it is typical for brokerage firms to incentivize their employed financial advisers with significant upfront compensation at the beginning of a relationship or even at the beginning of each new financial year. May 1, 2023).

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Judgment Loans Financial services 52

Jimerson Firm

MARCH 10, 2021

Oftentimes, individuals or businesses borrow money from a bank or lender, and unfortunately, are unable to pay the loan payments. In this event, the borrower may try to shift the blame of their inability to pay on the bank or lender, by filing a claim for negligent loan processing or underwriting, and/or breach of fiduciary duty.

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Banks Loans Lender Financial services 98

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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Troutman Sanders

FEBRUARY 6, 2023

The following year, when the plaintiff attempted to obtain a home equity loan the dispute flag on her consumer report caused her application to be denied. The plaintiff filed for summary judgment, and the defendant counter-filed a motion to dismiss or, in the alternative, for summary judgment.

Fair Debt Collection 52

Fair Debt Collection Judgment Debt collector Loans 52

Troutman Sanders

APRIL 13, 2023

As discussed here , in 2016 the Central District of California granted judgment in favor of the Consumer Financial Protection Bureau (CFPB) in its long-running challenge to CashCall, Inc.’s s tribal-lending operation. Accordingly, consumers paid interest and fees to Defendants that they had no legal obligation to pay.”

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Loans Judgment Financial services Lender 52

Jimerson Firm

APRIL 2, 2021

Florida law is clear that the foreclosure of a senior mortgage extinguishes the liens of any subordinate liens listed in the final judgment. & Loan Ass’n, 214 So.2d Thus, when a party holding a subordinate lien is omitted as a party to the foreclosure of a senior mortgage, the junior lienholder is unaffected by the judgment.

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Lender Foreclosure Judgment Collateral 97

Troutman Sanders

APRIL 11, 2023

District Court for the Eastern District of Pennsylvania granted summary judgment in a Fair Credit Reporting Act (FCRA) case where a bank promptly corrected inaccurate mortgage payment information furnished to three national consumer reporting agencies (CRAs). All defendants filed motions for summary judgment, which were granted.

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Judgment Banks Loans Financial services 52

Jimerson Firm

JANUARY 14, 2021

There are essentially two types of orders to show cause afforded under Section 702.10, to wit: 1) an order requiring all defendants to show cause why a final judgment of foreclosure should not be immediately entered (Section 702.10(1)); 1), directs the defendants to show cause why a foreclosure judgment should not be entered.

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Jimerson Firm

MAY 26, 2021

Lenders need to be aware that borrowers and other lienholders can bring an action or proceeding to set aside, invalidate, or challenge the validity of a final judgment of foreclosure of a mortgage, even after the foreclosure sale. Purchasers of Foreclosed Property May be Protected. Nationstar Mortg., Diaz , 227 So. 3d 726, 730 (Fla.

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Burr Forman

MAY 20, 2021

Originally introduced by House Financial Services Chairwoman Maxine Waters, the CDCIA’s primary purpose is to provide additional financial protections for consumers and place restrictions on debt collection activities by amending several consumer finance statutes. On May 13, 2021, the U.S. House of Representatives passed H.R.

Collections 52

Collections Debt collector Student loans Student Loans 52

Troutman Sanders

JULY 28, 2022

The FTC — along with 18 states — announced it had brought its first-ever case, alleging violations of the MLA against Harris Jewelry, while the CFPB touted its actions against businesses that violated the MLA by forcing servicemembers to repay loans by allotment or by charging interest rates that exceeded the 36% MLA maximum.

Loans 52

Loans Trade Education Judgment 52

Jimerson Firm

JUNE 28, 2021

If the lender is successful, the lender will receive a final judgment of foreclosure from the court and the property will be sold at a public auction. If the borrower fails to timely file a motion for rehearing, or a motion for rehearing has been denied, the unsuccessful borrower can appeal the final judgment of foreclosure.

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Jimerson Firm

OCTOBER 22, 2020

Then, if necessary, the parties will conduct discovery and the plaintiff will seek to end the lawsuit by filing a motion for summary judgment or setting the case for trial in the event there are factual issues in dispute. Additionally, lenders/servicers can request the court to appoint a receiver. Lake & River Recreational Props.,

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Burr Forman

JANUARY 29, 2021

Early cases to consider this issue resulted in a grant of summary judgment for the defendant upon a finding that the data was accurately reported according to the CRRG guidelines. Americredit Financial Services, Inc. , 29, 2006), the plaintiff had made multiple late payments on her car loan before paying the loan off entirely.

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Judgment Loans Credit Card Debt Banks 52

Jimerson Firm

JUNE 30, 2021

The trial court entered a summary judgment of foreclosure for the mortgagee, holding that the prior dismissal did not bar relief in the second foreclosure lawsuit. However, if the borrower returns to making timely loan payments after the foreclosure lawsuit is dismissed, the lender will not have a new cause of action for foreclosure.

Lender 96

Lender Foreclosure Banks Judgment 96

Troutman Sanders

SEPTEMBER 25, 2023

On September 20, the Senate Banking, Housing, and Urban Affairs Committee held a hearing on artificial intelligence (AI) in financial services. In his opening statement, Chair Sherrod Brown (D-OH) alleged that AI could cause significant changes in our financial system. For more information, click here. On September 19, the U.S.

Financial services 52

Financial services Loans Banks Debt collector 52

Jimerson Firm

DECEMBER 10, 2021

Broward Bank , a creditor bank hired individuals to repossess a car from a debtor who defaulted on its secured loan with the bank. Pre-Judgment Writs Can Be Used to Recover Personal Property Immediately. When a creditor breaches the peace, the creditor may become liable for any damages arising out of the specialist’s breach.

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Troutman Sanders

JULY 5, 2023

On June 29, the United Kingdom’s cryptocurrency bill — the Financial Services and Markets Act 2023 — was approved by King Charles and ratified into law. The statement includes a section on short-term loan accommodations not included in the previous guidance. For more information, click here. For more information, click here.

Financial services 52

Financial services Financial Institution Credit Unions Credit Unions 52

Troutman Sanders

MARCH 11, 2024

The blog post posited that closing costs significantly impact a borrower’s financial commitment and, potentially, monthly payments and identified a “noticeable increase” in closing costs, with median total loan expenses on home purchase loans increasing by 21.8% between 2021 and 2022. For more information, click here.

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Financial services Garnishment Lender Banks 52

Jimerson Firm

JANUARY 26, 2021

An “assignment of rents” allows the lender to collect the rent payments, if the borrower defaults on their loan payments. Although the lender and borrower may agree to the assignment of rents in the loan documents, the procedure for enforcing the assignment of rent is governed by Section 697.07, Florida Statutes. Authors: Austin B.

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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 information, click here.

Financial services 52

Financial services Law Firms Acquisition Debt collector 52

Troutman Sanders

MARCH 1, 2023

In 2017, the Lender moved for summary judgment against Mr. Kessler on its foreclosure complaint. The decision is an important and welcomed relief for many lenders and servicers within the state.

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Foreclosure Lender Bankruptcy Judgment 52

Troutman Sanders

MARCH 14, 2023

While many Buy Now, Pay Later borrowers use the product without noticeable indications of financial stress, the report finds that Buy Now, Pay Later borrowers will more likely become active users of other types of credit products like credit cards, personal loans, and student loans. For more information, click here. government.

Financial services 52

Financial services Student loans Student Loans Loans 52

Troutman Sanders

MARCH 6, 2023

While many Buy Now, Pay Later borrowers use the product without noticeable indications of financial stress, the report finds that Buy Now, Pay Later borrowers will more likely become active users of other types of credit products like credit cards, personal loans, and student loans. For more information, click here. government.

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Financial services Student loans Student Loans Loans 52

Better Credit Blog

DECEMBER 30, 2020

Short for Dell Financial Services/Webbank, the entry is probably on your report because you applied for a Dell Preferred Account. Most of the time, a hard inquiry from a lender or service provider is nothing to panic over. WebBank partners with Dell Financial Services, backing their financing plans. LendingClub.

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