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.

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.

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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

14 Mortgage Lenders Serving Black Communities

Nerd Wallet

The article 14 Mortgage Lenders Serving Black Communities originally appeared on NerdWallet. Banks and credit unions that have Black leadership — based on how their executives or board members identify — tend to serve communities that are majority Black.

Ways to Finance Construction Equipment: Lenders and How to Qualify

Nerd Wallet

Small Business Administration and online lenders offer equipment financing through business loans. The article Ways to Finance Construction Equipment: Lenders and How to Qualify originally appeared on NerdWallet.

New Laws, Lenders Boost Access to Affordable Small Loans

Nerd Wallet

In recent years, however, as more states set restrictions on risky, short-term loans, new lenders offering lower-cost small loans. The article New Laws, Lenders Boost Access to Affordable Small Loans originally appeared on NerdWallet.

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.

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.

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.

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.

Mass. AG, Auto Lender Reach $5.6M Settlement Over Collection Practices

Account Recovery

An auto lender has agreed to pay $5.6 AG, Auto Lender Reach $5.6M million as part of a settlement with the Attorney General of Massachusetts over its debt collection practices, the AG’s office announced on Friday, affecting more than 1,000 borrowers throughout the state.

Collections Economics 101 for Digital Lenders

True Accord

based lender following GAAP accounting, the lender’s net loss rate (or net charge off rate) is the ultimate metric. For lenders, even the largest international banks, loan losses are the largest expense line in the budget so it’s important to prepare for those losses.

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.

Choosing a Mortgage Lender That Aligns With Your Ethics

Nerd Wallet

Finding the right mortgage lender comes with a ton of considerations, including loan types, interest rates and, of course, how much they’ll lend you. The article Choosing a Mortgage Lender That Aligns With Your Ethics originally appeared on NerdWallet.

Smart Money Podcast: Save at Weddings, and Vet Mortgage Lenders

Nerd Wallet

The article Smart Money Podcast: Save at Weddings, and Vet Mortgage Lenders originally appeared on NerdWallet. Welcome to NerdWallet’s Smart Money podcast, where we answer your real-world money questions.

Legislation Proposed to Use CRA to Repeal OCC’s ‘True Lender’ Rule

Account Recovery

Compliance Congressional Review Act Office of the Comptroller of the Currency True Lender Rule

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.

Can a Lender Modify the Terms of a PPP Loan?

Jimerson Firm

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. Lenders have broad discretion to modify PPP loans as they see fit.

Can a Lender Pursue Debt Collection After a Charge Off and 1099-C Issuance?

Jimerson Firm

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. A lender’s defined policy includes both written policies and established business practices.

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.

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.”

Lender 101

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.

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

Lenders to Make More Subprime Loans in 2022, Delinquency Rates Expected to Rise: TransUnion

Account Recovery

Creditors and lenders are going to be a little more aggressive in their risk-taking in 2022, according to data provided by TransUnion, thanks to delinquency and charge-off rates that have remained stable through this year.

Former employee of short-term lender explains how it snared consumers in debt traps

Public Citizen

New Mexico recently enacted a 36% rate cap on consumer loans. Among the remarks that motivated them to do so was the following: Thank you Madam Chair, Members of the Committee. My name is Will Hancock and I’m a student at the University of New Mexico School of Law. I had the displeasure of working briefly for a short-term loan company in Albuquerque. I completed the training and left shortly thereafter because I felt I was actively ruining people’s lives through predatory practices.

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?

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.”.

FTC Returns More Than $3.7 Million To Consumers Harmed by Online Lender Avant

Account Recovery

million to consumers who lost money because of unfair and deceptive loan servicing practices by online lender Avant, LLC. Million To Consumers Harmed by Online Lender Avant appeared first on AccountsRecovery.net. The Federal Trade Commission is returning more than $3.7

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.

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.

CFPB Signals Increased Scrutiny Over Education Lenders

Troutman Sanders

On April 18, the Consumer Financial Protection Bureau (CFPB or Bureau) published a blog post , scrutinizing the practice of withholding transcripts from students with delinquent accounts and who are attending an institute of higher education.

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.

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.,