Troutman Sanders

FEBRUARY 16, 2023

Companies operating these digital platforms appear to shoppers as if they provide objective lender comparisons, but may illegally refer people to only those lenders paying referral fees. On February 8, New York Department of Financial Services (DFS) Superintendent Adrienne A. For more information, click here.

Financial services 52

Financial services Lender Banks Education 52

Troutman Sanders

SEPTEMBER 5, 2023

Under California law, reservists called to active duty may defer payments on certain financial obligations, including their mortgage, if they send a written request and copy of their military orders to the lender or other responsible entity. million in disgorgement, prejudgment interest, and a civil penalty.

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Financial services Banks Trade Home Insurance 52

Jimerson Firm

FEBRUARY 12, 2021

The SBA, through the Office of Credit Risk Management (“OCRM”), monitors and oversees the activities of all its lenders and CDCs to ensure it is effectively following loan program requirements and protecting the integrity of the SBA program. There are ten grounds that may trigger an enforcement action against all SBA lenders and CDCs.

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Lender Loans Financial services Banks 93

FFGN COLLECT NY

MAY 24, 2022

Confessions of judgment may no longer be permitted as part of the necessary documents when buying or selling financial services or products to consumers in New York. The proposed bill does not currently apply to commercial lenders. Therefore, it will most likely be “business as usual” for commercial lenders and the like.

Financial services 52

Financial services Judgment Debtor Creditors 52

Troutman Sanders

SEPTEMBER 18, 2023

On September 14, the Consumer Financial Protection Bureau (CFPB) updated its FAQs related to the final Small Business Lending Rule (the Rule). The FAQs are a resource issued by the CFPB to help small business lenders and finance companies understand and comply with the Rule, which implements section 1071 of the Dodd-Frank Act.

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Financial services Trade Banks Credit Unions 52

Troutman Sanders

AUGUST 7, 2023

According to the press release, “[t]he loan program improvements will increase small businesses’ ability to access funding to start up and grow through a broader network of lenders with streamlined lender procedures.” For more information, click here.

Financial services 52

Financial services Financial Institution Manufacturing Loans 52

Troutman Sanders

NOVEMBER 21, 2022

On November 17, the Consumer Financial Protection Bureau (CFPB) announced it is seeking public comment on its proposal to develop a new data set to better monitor the auto loan market. Notable banking institutions and financial services providers will be participating in the pilot project. For more information, click here.

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Financial services Banks Lender Trade 52

Troutman Sanders

DECEMBER 12, 2022

State Activities: On December 8, New York Governor Kathy Hochul announced a report from the Department of Financial Services (DFS), highlighting racial disparities in mortgage lending practices in certain parts of the state. However, DFS continues to investigate the lending practices of other lenders in the state.

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Financial services Financial Institution Banks Lender 52

Better Credit Blog

FEBRUARY 4, 2021

Are you concerned about a collections entry from Delivery Financial Services? Read on to learn more about Delivery Financial Services and how to get them deleted from your report. About Delivery Financial Services. How Delivery Financial Services Works. Ask Lex Law for Help.

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Financial services Debt collector Collection Agencies Collections Agency 69

Better Credit Blog

NOVEMBER 2, 2020

Then you may start to hear from a company called Action Financial Services. Action Financial Services is a debt collection agency that may have been hired by the original owner of your debt. In order to pursue you for the debt, Action Financial Services has to first open up a collections account on your credit report.

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Financial services Debt collector Collection Agencies Collections Agency 74

True Accord

JULY 27, 2020

Banks, lenders, and other financial players are accelerating their digital transformation roadmaps, shortening years’ worth of development into mere months, in an attempt to service consumers at scale while managing the complexities of our new normal and the limitations of outdated infrastructure.

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Financial services Financial Institution Lender Banks 99

Account Recovery

SEPTEMBER 21, 2023

The Consumer Financial Protection Bureau is trying to build more guardrails around how companies in the financial services industry use artificial intelligence, issuing a warning that when sending credit denial letters to consumers, lenders must receive accurate and specific reasons and not just a checklist detailing why a credit request was denied. (..)

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Financial services Lender 147

Jimerson Firm

MARCH 24, 2021

The lender didn’t recover the full balance of the debt from the foreclosure sale. Learn more about how we serve the Banking & Financial Services Industry, and subscribe to our industry legal blog to stay abreast of timely news and updates. The borrower filed for bankruptcy during the foreclosure lawsuit.

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Foreclosure Financial services Banks Financial Institution 52

Troutman Sanders

SEPTEMBER 20, 2021

Justin Balser , an experienced litigator and compliance attorney, has joined Troutman Pepper’s nationally recognized Consumer Financial Services Practice Group as a partner. He previously served as legal counsel and advisor to senior management at Lehman Brothers’ mortgage subsidiary, Aurora Loan Services LLC.

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Financial services Financial Institution Loans Lender 52

Jimerson Firm

OCTOBER 28, 2020

Lenders should be cognizant about what expenses are classified by the SBA as recoverable or non-recoverable. Expenses incurred by a 7(a) Lender or CDC that failed to liquidate the SBA Loan in accordance with Loan Program Requirements, including those pertaining to Liquidation or Litigation Plans. What Expenses are Recoverable. .;

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Jimerson Firm

FEBRUARY 18, 2021

However, there are important aspects of the Construction Lien Law that can directly affect the rights and obligations of lenders in numerous ways. Accordingly, lenders making construction loans or those whose loan will be secured by a mortgage on real property, must be aware of notices of commencement and their requirements under Fla.

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Construction Lender Loans Banks 98

Jimerson Firm

APRIL 2, 2021

Lenders must pay particular attention to subordinate liens and encumbrances prior to initiating any foreclosure action. Lenders can discover whether subordinate liens and encumbrances exist on a property by performing a title examination prior to initiating foreclosure. Subordinate Liens. York, 903 So. 2d 981, 983 (Fla. 2d DCA 2005).

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Lender Foreclosure Judgment Collateral 97

Troutman Sanders

MARCH 28, 2023

Court of Appeals for the Second Circuit held that the Consumer Financial Protection Bureau’s (CFPB) funding structure is constitutional — splitting from the U.S. Court of Appeals for the Fifth Circuit’s decision in Community Financial Services Association of America v. For more information, click here.

Financial services 52

Financial services Student loans Student Loans Financial Institution 52

Troutman Sanders

SEPTEMBER 27, 2022

The top 25 closed-end lenders by loan volume held nearly half of the market share of residential mortgage lending — a trend that has risen each year since 2018. On September 14, the New York Department of Financial Services issued notice of proposed rules, pertaining to the state’s Commercial Finance Disclosure Law (CFDL).

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Financial services Loans Trade Student loans 52

Fico Collections

DECEMBER 9, 2021

For banks, credit unions, and other lenders, the sudden shift to digital-only interactions has introduced a variety of internal and external challenges, as well as some opportunities. This year has taught us a lot about facing adversity and handling the unexpected.

Financial services 52

Financial services Financial Institution Banks Credit Unions 52

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. Borrowers must submit current financial statements, federal income tax returns for the last two years, and any additional supporting documents necessary.

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Lender Loans Accrued Interest Collateral 78

Fico Collections

DECEMBER 20, 2021

It’s the time of year for predictions, and with the insights gained from 2021, I am ready to offer a few public policy forecasts for those in the financial services industry. Perhaps no area in the financial services space has seen more change and attention in the past few months than overdraft practices.

Financial services 52

Financial services Debt collector Banks Fair Debt Collection 52

Troutman Sanders

FEBRUARY 24, 2023

On February 23, the Consumer Financial Protection Bureau (CFPB or Bureau) announced that it has issued orders to nine of the largest auto lenders requesting information about their auto lending portfolios. The Bureau indicated it is interested in the potential correlation between delinquency and geography, credit score, and income.

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Lender Repossession Loans Collections 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

Jimerson Firm

FEBRUARY 10, 2022

When account owners have an account that reflects a negative balance, the lender is faced with a myriad of options and obligations with regard to the pursuit of that debt. Ocwen Loan Servicing, LLC, 8:14-CV-3214-T-35MAP, 2015 WL 12938920, at *1 (M.D. 1099-C Issuance. 1.6050P-1(b)(2)(i). Collecting Debts After 1099-C Issuance.

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Lender Credit Unions Credit Unions Collections 98

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. Servicing and Liquidation Take-Over by SBA. Performance Standards.

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Lender Loans Collateral Creditworthiness 94

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

Jimerson Firm

JUNE 30, 2021

When a borrower defaults on a mortgage, lenders will likely execute their right to foreclose on the property by filing a lawsuit. However, lenders are not always the successful party in the foreclosure and, to the disappointment of the lender, the lawsuit may be dismissed. Key Takeaways for Lenders. 2d 1004 (Fla.

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Lender Foreclosure Banks Judgment 96

Jimerson Firm

AUGUST 12, 2021

Lenders who move for summary judgment under Florida’s new summary judgment standard will likely enjoy more favorable outcomes. The court’s more rigorous review of attempts to withstand summary judgment will change expected litigation outcomes, impact litigation strategy, and largely benefits lenders. appeared first on Jimerson Birr.

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Judgment Lender Loans Debtor 98

Troutman Sanders

MAY 9, 2023

The proposed rule would require lenders to assess a borrower’s ability to repay a PACE loan and would provide a framework for how these loans will be treated under the Truth in Lending Act. 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.

Financial services 52

Financial services Student loans Student Loans Loans 52

Troutman Sanders

MAY 31, 2022

The CFPB published a Consumer Financial Protection Circular to remind the public, including those responsible for enforcing federal consumer financial protection law, of creditors’ adverse action notice requirements under the Equal Credit Opportunity Act. For more information, click here. For more information, click here.

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Financial services Education Creditors Collection Agencies 52

True Accord

FEBRUARY 3, 2022

based lender following GAAP accounting, the lender’s net loss rate (or net charge off rate) is the ultimate metric. What are credit loss provisions and why are they important to financial providers? Lending institutions will inevitably have loans that go into default, and this is planned for in their financial modeling.

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Lender Collections Collection Companies Loans 52

Account Recovery

AUGUST 8, 2023

A District Court judge presiding over a lawsuit filed by the Consumer Financial Protection Bureau and the Attorney General of New York yesterday granted a motion from the defendant to stay the case pending the outcome of a case before the Supreme Court that will determine the constitutionality of the CFPB’s funding structure.

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Lender Financial services 130

Troutman Sanders

SEPTEMBER 14, 2020

On September 9, 2020, the Deputy Superintendent of the New York Department of Financial Services issued guidance to New York state-regulated mortgage lenders and servicers regarding fees paid to register mortgages in default. ” The webinar is available here.

Financial services 52

Financial services Collections Trade Lender 52

Collection Industry News

NOVEMBER 23, 2021

New York has passed a law which will extend its state-level Community Reinvestment Act (NYCRA) to non-depository mortgage lenders, effective November 1, 2022. The post NY Extends State CRA to Non-Depository Mortgage Lenders appeared first on Collection Industry News.

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Lender Financial services Banks Collections 40

Jimerson Firm

FEBRUARY 18, 2022

The PPP loan program is unique in that it provided lenders with very broad authority to issue and service PPP loans with much broader authority than is granted through other SBA loan programs. This article will discuss what terms of a PPP loan a lender may modify without voiding the SBA loan guaranty.

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Lender Loans Financial services Banks 52

Jimerson Firm

JUNE 28, 2021

In Florida, a lender initiates a foreclosure by commencing a lawsuit in the county where the property is located. 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 Lender Was Unsuccessful, Should It Appeal?

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