7 Things Lenders Should Know About SBA Audits

Jimerson Firm

The SBA Office of Credit Risk Management (“OCRM”), conducts continuous, risk-based lender oversight on all SBA lenders and CDCs. When preparing for an inevitable on-site audit, lenders and CDCs should be aware of these 7 things. Takeaways for Lenders and CDCs.

How SBA Lenders Can Avoid Enforcement Actions

Jimerson Firm

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. Informal Enforcement Actions Against 7(a) Lender.

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States Sue Bank Regulator to Overturn ‘True Lender’ Rule

Account Recovery

Compliance California Colorado Debt Buying Massachusetts Minnesota New Jersey New York North Carolina Office of the Comptroller of the Currency the District of Columbia True Lender Rule

The Top Five Things Lenders Need to Know About Florida’s Construction Lien Law

Jimerson Firm

However, there are important aspects of the Construction Lien Law that can directly affect the rights and obligations of lenders in numerous ways. If a lender, after having received a notice to owner under Fla. Lender Liability Under Section Fla.

Post-Default Environmental Risk Management for SBA Lenders

Jimerson Firm

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. SBA lenders and CDCs should conduct a post-default Environmental Investigation to obtain adequate information to make a prudent, informed decision regarding the risks of Contamination.

Using a Mortgage Broker vs. a Lender

Nerd Wallet

For example, you can work with a mortgage broker who will take your specific needs and circumstances into account and compare rates from a variety of lenders. You could also research lenders on your own and work.

Best SBA Lenders of 2021

Nerd Wallet

The best lenders have substantial experience with these small-business loans, so you get effective help during the application process and hopefully increase your chances of approval. Here are the best SBA lenders by loan program, as well as tips.

How SBA Lenders Ensure Expense Recovery in Loan Liquidation and Litigation

Jimerson Firm

Lenders should be cognizant about what expenses are classified by the SBA as recoverable or non-recoverable. If a lender is seeking approval of legal expenses, the lender must obtain the SBA’s written approval of a litigation plan and budget prior to proceeding with any non-routine litigation.

What Happens When a Lender Fails to Record a Satisfaction of a Mortgage?

Jimerson Firm

Under Florida law, a mortgage lender is required to release their lien against the property upon satisfaction, giving the owner clear title to their home, absent any other encumbrances. The post What Happens When a Lender Fails to Record a Satisfaction of a Mortgage?

CFPB Sues Pawn Lenders for Cheating Military Families

Consumer Finance

The Consumer Financial Protection Bureau (CFPB) today filed a lawsuit in a Texas federal district court against FirstCash, Inc. and Cash America West, Inc.

The Five Best Mortgage Refinance Lenders

Better Credit Blog

The Most Important Factors For Mortgage Refinance Lenders. The first reason is that it’s possible that interest rates, i.e. the money you pay back to your lender for the principal of your loan, might have dropped since you acquired your original mortgage. Ads by Money.

The Five Best Mortgage Refinance Lenders

Better Credit Blog

The Most Important Factors For Mortgage Refinance Lenders. The first reason is that it’s possible that interest rates, i.e. the money you pay back to your lender for the principal of your loan, might have dropped since you acquired your original mortgage. Ads by Money.

4 Ways Businesses Can Dodge Loan Scams and Predatory Lenders

Nerd Wallet

The article 4 Ways Businesses Can Dodge Loan Scams and Predatory Lenders originally appeared on NerdWallet. “Guaranteed loan approval; receive funds in 24 hours.” “No No credit check; interest rates starting at 0%; only low application fee required.”

Loan Modification and Deferment Requirements for SBA Lenders

Jimerson Firm

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. A certification by the lender that it will make the requested change if SBA approves the repurchase of the loan.

Senate Passes Bill Repealing OCC’s ‘True Lender’ Rule Aimed at Boosting Loan Sales

Account Recovery

The … The post Senate Passes Bill Repealing OCC’s ‘True Lender’ Rule Aimed at Boosting Loan Sales appeared first on AccountsRecovery.net. Compliance Debt Buying Congressional Review Act Office of the Comptroller of the Currency True Lender Rule

Using Forbearance Agreements to Protect Commercial Real Estate Lender Interests During COVID-19

Fraser

Every real estate loan payment missed by a borrower puts lenders in a more precarious financial position. Economic woes are likely to continue, which means that lenders will be forced to deal with more financially distressed borrowers. In many cases, a lender is better off working out a deal that keeps a debtor in the property and running its business, so that it can work through the distress and remain solvent. A forbearance agreement can benefit both a borrower and lender.

What Responsibility and Authority do SBA Lenders Have in Servicing and Liquidating Loans?

Jimerson Firm

Lenders are responsible for servicing and liquidating all of the 7(a) loans in their portfolio. The 7(a) Lenders Servicing and Liquidation Matrix provides a specific list of unilateral actions that require SBA notification. All 7(a) lenders must prepare a post-default Site Visit Report.

What Does Florida’s New Summary Judgment Standard Mean For Lenders in Borrower Default Cases?

Jimerson Firm

Lenders who move for summary judgment under Florida’s new summary judgment standard will likely enjoy more favorable outcomes. This is generally a good thing for banks due to the fact that most cases lenders litigate are, at their core, a simple payment dispute.

TCPA Class-Action Filed Against Lender Accused of Making Collection Calls After Consent Had Been Revoked

Account Recovery

A copy of the complaint in the … The post TCPA Class-Action Filed Against Lender Accused of Making Collection Calls After Consent Had Been Revoked appeared first on AccountsRecovery.net.

Online Lender Discloses CFPB Investigation Into Collection Practices

Account Recovery

Specifically, the … The post Online Lender Discloses CFPB Investigation Into Collection Practices appeared first on AccountsRecovery.net. Opportun Inc., a unit of Opportun Financial Corp.,

Judge Grants Petition from CFPB to Enforce $50M Order Against Payday Lender, CEO

Account Recovery

… The post Judge Grants Petition from CFPB to Enforce $50M Order Against Payday Lender, CEO appeared first on AccountsRecovery.net.

Lenders Beware: Be Sure to Foreclose Subordinate Liens and Encumbrances

Jimerson Firm

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.

CFPB Sues Online Lender for Violations of Military Lending Act

Account Recovery

The Consumer Financial Protection Bureau on Friday announced it had filed a lawsuit against LendUp, an online lender, accusing it of violating the Military Lending Act, as part of a “broader Bureau sweep of investigations of multiple lenders” who might be violating the law.

Payday Lender Appeals $132M Restitution Award

Account Recovery

The Consumer Financial Protection … The post Payday Lender Appeals $132M Restitution Award appeared first on AccountsRecovery.net.

The Lenders Giving Borrowers Second Chance Loans

Credit Corp

All of the institutions that make these loans serve low-income consumers and communities, and as a result may be able to extend credit to those who don’t meet the minimum income requirements of other lenders or those who traditional financing institutions consider “risky.”.

Online Lender to Pay $1.6M Fine In Settlement With Mass. AG Over Alleged Collection Abuses

Account Recovery

The company, Avant, was accused of making excessive telephone calls to individuals with unpaid debts and of failing … The post Online Lender to Pay $1.6M A company that services online loans made to consumers has agreed to pay $1.6

What Is a Preferred Lender List?

Nerd Wallet

Some colleges, aiming to make it easier for borrowers to find help paying for school, provide a list of preferred lenders to their students who need a private student loan to fill a gap in funding. That list is known as the preferred lender list.

CFPB Sues Online Lender for Violating Earlier Consent Order, Allegedly Deceiving Borrowers

Account Recovery

Five years later, the company is essentially still … The post CFPB Sues Online Lender for Violating Earlier Consent Order, Allegedly Deceiving Borrowers appeared first on AccountsRecovery.net.

Recent Decision on Derivative Standing by a Creditors’ Committee to Challenge a Lender’s Liens

PBWT

One way committees try to enhance recoveries is by seeking “derivative standing” to commence adversary proceedings challenging the validity of a secured lender’s pre-petition liens.

CFPB Issues Consent Order; Fintech Lender to Pay $11M in Fines, Refunds to Consumers

Account Recovery

The company, GreenSky, was accused of working with merchants — namely home … The post CFPB Issues Consent Order; Fintech Lender to Pay $11M in Fines, Refunds to Consumers appeared first on AccountsRecovery.net.

Mass. AG Reaches $27M Settlement With Auto Lender, Allegations Included Violating State Call Limits

Account Recovery

AG Reaches $27M Settlement With Auto Lender, Allegations Included Violating State Call Limits appeared first on AccountsRecovery.net.

Colo. AG Reaches $3M Settlement With Auto Lender Over Origination, Collection Issues

Account Recovery

AG Reaches $3M Settlement With Auto Lender Over Origination, Collection Issues appeared first on AccountsRecovery.net.

Mass. AG Sues Auto Lender For Violating State Collection Call Limits, Among Other Accusations

Account Recovery

a subprime auto lender, for knowingly originating loans to individuals even though it knew they would be unable to repay them, and then said the lender “harassed” those individuals by calling them as many as eight times a day in attempting to … The post Mass.

NY Extends State CRA to Non-Depository Mortgage Lenders

Collection Industry News

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 state legislature has now amended the NYCRA to create a similar obligation with respect to non-depository mortgage lenders (who are not covered by the federal Community Reinvestment Act). The post NY Extends State CRA to Non-Depository Mortgage Lenders appeared first on Collection Industry News. Source: site.

Daily Digest – July 13. Emergency Collection Bills Introduced in D.C.; CFPB Issues Consent Order Against Fintech Lender

Account Recovery

CFPB Issues Consent Order Against Fintech Lender appeared first on AccountsRecovery.net. EMERGENCY COLLECTION BILLS INTRODUCED IN DISTRICT OF COLUMBIA A pair of bills have been introduced in Washington, D.C.,