Account Recovery

AUGUST 23, 2022

The Colorado Attorney General’s Consumer Credit Unit last week published new guidance related to the enactment of a law governing remote work for licensed lenders while also noting that the guidance originally enacted at the start of the pandemic in 2020 remains in effect for entities not covered by the new law, including collection agencies, (..)

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Collection Agencies Collections Agency Collections Consumer Credit 246

Fico Collections

JANUARY 6, 2021

As regulators apply greater pressure on lenders to explain every decision, even those made using AI and machine learning, banking leaders worldwide are seeking a more advanced approach to model governance.

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Government Banks Lender 52

UK debt collections

JUNE 23, 2020

A mixed party collaboration of MP’s has written to the Chancellor requesting new legislative measures to reform the government’s debt collection practices. The Bill would see an end to what the MP’s call ‘outdated regulations’ on the government’s debt collection practices.

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Government Collections Fair Debt Collection Debt Management 52

Public Citizen

MARCH 21, 2022

Nydia Remolina of Singapore Management University - Centre for AI & Data Governance  has written  The Role of Financial Regulators in the Governance of Algorithmic Credit Scoring. Here's the abstract: The use of algorithmic credit scoring presents opportunities and challenges for lenders, regulators, and consumers.

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Burr Forman

FEBRUARY 15, 2021

SlideBelts and its president/CEO agreed to resolve the allegations in connection with the PPP loan by paying the government damages and penalties of $100,000. Depending on the nature and extent of the fraud involved, the borrower – and its officers – may also be subject to criminal prosecution by the government.

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Collection Industry News

AUGUST 30, 2022

And now we can add mortgage lender bankruptcies — and the rise (and fall) of “non-qualified mortgages” — to the factors aggravating an already uncertain market. But failures among non-bank lenders could still have a significant impact. But what does the trouble around these NQM mortgages really mean?

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Lender Bankruptcy Loans Creditworthiness 40

Nexa Collect

JUNE 27, 2023

Wage Garnishment : In some cases, especially with federal student loans in the United States, the lender or collection agency can get an administrative garnishment order which allows them to take a certain percentage of the borrower’s wages directly from their employer.

Student loans 100

Student loans Student Loans Loans Garnishment 100

True Accord

MARCH 31, 2022

For many families, government stimulus through child tax credits (which ended in December) was helpful in covering the gaps in income from pandemic losses, but it wasn’t enough to prepare them to take on new expenses and restart all the financial obligations that were temporarily on hold. And lenders are happy to lend.

Lender 58

Lender Personal loans Foreclosure Loans 58

Troutman Sanders

OCTOBER 29, 2020

On October 27, the Office of the Comptroller of the Currency (OCC) issued its final rule on how to determine when a national bank or federal savings association (referred to collectively as a national bank) is the “true lender” in the context of a partnership between a national bank and a third party.

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UK debt collections

FEBRUARY 11, 2024

Lender stress tests have also helped ensure that borrowers are able to keep up with their mortgage payments, even when their interest rate rises above those in place when they first took out their mortgages. Lenders have teams of trained experts ready to help. As an industry we need to work hard to support lenders and borrowers.

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Repossession Lender Government Banks 93

Collection Industry News

NOVEMBER 1, 2021

Consumer Financial Protection Bureau is investigating loan processing issues at fintech lender Enova International Inc, the company said on Thursday. The post Fintech Lender Enova Says CFPB Probing Loan Processing appeared first on Collection Industry News. Source: site. Reuters) – The U.S.

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Consumer Finance

SEPTEMBER 7, 2021

The Consumer Financial Protection Bureau (CFPB) took action today against an income share agreement (ISA) provider for mispresenting its product and failing to comply with federal consumer financial law that governs private student loans.

Student loans 70

Student loans Student Loans Lender Government 70

Troutman Sanders

OCTOBER 12, 2021

Lenders servicing any of the above loan types are encouraged to review the relevant announcements and make any necessary updates to their policies and procedures.

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Loans Government Lender 52

Collection Industry News

MAY 18, 2021

While consumer groups praised the bill for its recourse for consumers harassed by debt collectors, CUNA and NAFCU saw the bill as complicating the legal relationship between consumers, members and lenders. In the letter, Nussle stated, “Lenders rely on complete and accurate credit reports when underwriting loans.

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Nexa Collect

SEPTEMBER 15, 2020

The current COVID-19 pandemic and the drastic measures that governments undertook to slow the disease’s spread have devastated the global economy. The more impaired a loan becomes, the greater the chance that the borrower will default, causing partial or total losses for the lender. The largest lender in the U.S.,

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Collection Industry News

NOVEMBER 16, 2021

This can be attributed to a large degree to the CARES Act support and lender concession. Lenders may be offering more credit to borrowers with lower credit scores after clamping down at the start of the pandemic.

Lender 40

Lender Credit Card Debt Banks Loans 40

Credit Corp

DECEMBER 10, 2020

A conventional loan—also called a conventional mortgage—is one that’s not guaranteed in part or fully by the government. Conventional loans are offered by private lenders and may be secured by Freddie Mac or Fannie Mac. And while those might sound like government entities, they’re actually government-sponsored entities.

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Loans Lender Government Banks 111

Collection Industry News

MAY 3, 2021

Nationwide Equities is a mortgage broker and direct lender that offers and originates reverse mortgage loans, primarily home equity conversion mortgage loans and private jumbo reverse mortgage loans. The post CFPB Takes Action Against Reverse Mortgage Lender For Deceptive Advertising appeared first on Collection Industry News.

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Lender Loans Retail Collections 40

Nerd Wallet

NOVEMBER 18, 2020

A wave of foreclosures will begin in 2021 unless lenders, nonprofits and the federal government coordinate effectively to prevent it. The COVID-19 pandemic will continue to touch every corner of the housing market in 2021. It will keep mortgage rates low and affect who will be able to buy homes. That’s not all. And housing.

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Foreclosure Lender Government 125

Troutman Sanders

FEBRUARY 6, 2024

Lead Bank is a Missouri-chartered bank and the loan agreement provided for Missouri law to govern. Four years later, the plaintiff filed a complaint in the Middle District of Georgia, alleging that Hyphen is the “true lender” and that Hyphen violated the GILA by charging an interest rate higher than the rate allowed under the statute.

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Banks Loans Lender Government 52

Collection Industry News

JUNE 7, 2021

The post CFPB Issues Consent Order Against Auto Lender For Fee And Interest Practices appeared first on Collection Industry News. The order also prohibits the company from charging interest on late payments without disclosing costs, and imposes compliance reporting and recordkeeping requirements.

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Lender Loans Collections Government 40

UK debt collections

FEBRUARY 16, 2021

In total 1.47m loans were issued by Commercial Lenders with a government guarantee. Lobby Group Uk Finance had been heading discussions on a shared solution involving specialist outsourced Debt Collection but this was met with scepticism by some of the lenders. The programme will see recipients start to pay 2.5%

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Loans Collections Lender Bankruptcy 72

Nerd Wallet

DECEMBER 21, 2020

Chuong, 26, from Seattle, refinanced roughly $55,000 in federal student loans with a private lender in February. A month later, the government suspended most federal loan payments interest-free until September. If she could do it over, Vy Chuong says she would. That break has since been extended through January 2021.

Student loans 110

Student loans Student Loans Loans Lender 110

Debt Free Colorado

FEBRUARY 21, 2022

The CFDCPA does not apply to anyone who collects their debts or government personnel in the United States. The Uniform Consumer Credit Code (UCCC) is a Colorado state legislation governing how consumer credit is handled. Consumer credit transactions are governed by the UCCC, which is a code of conduct.

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Debt collector Fair Debt Collection Collection Agencies Collections Agency 98

Troutman Sanders

NOVEMBER 18, 2022

According to the CFPB, greater visibility into market trends would allow lenders and investors to spot emerging opportunities, improve risk management practices, and ultimately expand access to credit and refinancing. Because student loans are largely administered by the federal government, we know more about them too.

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Collections Lender Student loans Student Loans 98

Troutman Sanders

MAY 10, 2022

3d 1 (2021), and retroactively annul lenders’ longstanding right to revoke their option to accelerate mortgage loans after default. The Bill sets out to accomplish this by amending several statutes that govern foreclosures under New York law. Engel , 37 N.Y.3d The next step is to deliver the Bill to Governor Hochul for her signature.

Foreclosure 59

Foreclosure Lender Judgment Loans 59

Troutman Sanders

OCTOBER 20, 2023

Department of Justice (DOJ) reached two more settlements with lenders under its Combatting Redlining Initiative, which began in October 2021. Our Take : Since 2021, the DOJ has entered into 10 redlining settlements with banks and mortgage lenders and secured over $107 million in consumer relief for alleged redlining practices.

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Lender Banks Loans Education 52

Troutman Sanders

JANUARY 10, 2023

The Engel decision allowed lenders and servicers to voluntarily pause the statute of limitations on foreclosures and reserve the right to restart the action again, as long as it was done within six years. Engel , 37 N.Y.3d 3d 1 (2021).

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Foreclosure Lender Judgment Loans 52

Sawin & Shea

OCTOBER 4, 2023

Mortgage lenders understand that people file for bankruptcy for complex reasons. That is why mortgage lenders are often willing to work with you to provide a loan after bankruptcy. Mortgage lenders typically examine your credit reports, credit rating, and bankruptcy discharge details before making loan decisions.

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UK debt collections

DECEMBER 13, 2023

Following a review of business payments and cash flow, the government has found that small and medium-sized enterprises (SMEs) were owed on average £22,000 in late payments in 2022. As a result of these findings, the government has called for greater transparency to help tackle the late payment culture.

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Government Collection Agencies Collections Agency Trade 64

Collection Industry News

DECEMBER 18, 2022

The government said the programme, which was due to close at the end of December, would help buyers “navigate difficult times” It was originally designed to encourage lenders to give home loans to people offering a 5% deposit – a product that was far less available during Covid.

Repossession 40

Repossession Lender Government Loans 40

Nexa Collect

APRIL 27, 2022

Most doctors (and dentists) who do private practice, struggle to cope with never-ending government regulations and mandates, a constant fear of frivolous lawsuits, dealing with insurance companies, and loss due to unpaid patient bills. These include government rules, credit scoring models and even credit bureaus.

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The Creditors Rights

JUNE 7, 2016

Many lenders attempt to render their borrower bankruptcy remote by requiring the borrower to have on its board a director, known as a “blocking director,” whose consent is required for any bankruptcy filing. This harsh lesson was learned by the lender in In re: Lake Michigan Beach Pottawattamie Resort, LLC , 547 B.R. 899 (Bankr.

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Lender Bankruptcy Foreclosure Government 40

Troutman Sanders

JANUARY 19, 2023

Deputy Director Martinez serves as the chair of the FFIEC Appraisal Subcommittee and noted in her remarks that the “challenge [of combatting appraisal bias] requires a whole-of-government response.” The CFPB has warned that lenders that fail to ensure borrowers can seek a reconsideration of their home valuation risk violating federal law.

Financial Institution 52

Financial Institution Lender Government 52

Jimerson Firm

JANUARY 26, 2021

In Florida, lenders typically obtain an “assignment of rents” if the property produces income by collecting rent, such as an apartment complex, rental home, rental space, or office building. An “assignment of rents” allows the lender to collect the rent payments, if the borrower defaults on their loan payments. 697.07 (2). Section 697.07

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Foreclosure Lender Loans Collections 96

Nerd Wallet

NOVEMBER 29, 0002

The SBA guarantee fee is a fee that the SBA charges lenders on the government-guaranteed portion of SBA loans. Lenders usually pass on this fee. In this guide, we’ll explain everything you need to know about the SBA guarantee fee if you’re in the market for an SBA loan. What is the SBA guarantee fee?

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Lender Loans Government 52

Troutman Sanders

MAY 16, 2023

Transcript: CFPB’s Section 1071 Final Rule (Part 2): Deep Dive on Data Collection and Discouragement Stay tuned for Part 3, which focuses on specific areas for consideration, including those especially troublesome for small business lenders.

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