Account Recovery

JANUARY 6, 2021

A group of eight state attorneys general filed suit yesterday in federal court in New York to block a rule that was issued by the Office of the Comptroller of the Currency that aimed to close a gap in the process of banks selling loans to third parties, such as debt buyers, arguing that the … The post States Sue Bank Regulator to Overturn ‘True (..)

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Lender Banks Loans Debt Buying 246

Nerd Wallet

MAY 24, 2022

For many, a payday loan may seem like the only way to get necessary cash. 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.

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Lender Loans Personal loans 85

Account Recovery

SEPTEMBER 8, 2020

A payday lender is appealing an administrative law judge’s ruling that it should repay $132 million in restitution to individuals who were misled regarding the terms of the loans they originated, were wrongfully required to provide access to their bank accounts, and had money taken from those accounts without their approval.

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Lender Banks Loans 195

Account Recovery

FEBRUARY 24, 2023

The lender was accused of making illegal loans to military families, altering documents so that the borrowers would not be identified as servicemembers, and … The post Title Lender to Pay $15M in Penalties for Overcharging Military Families first appeared on AccountsRecovery.net.

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Lender Loans 130

Account Recovery

JANUARY 11, 2024

The Attorney General of Pennsylvania has announced a settlement with a national auto title lending company that will see it pay $2 million back to consumers in the form of restitution and cancel nearly $4 million of existing loans, after it was accused of making loans to residents of the state that had interest rates […]

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Lender Loans 130

Account Recovery

JULY 13, 2021

The Consumer Financial Protection Bureau has entered into a consent order with a fintech company accused of originating loans to consumers without the proper authorization, fining the company $2.5 million and requiring it to cancel or refund up to $9 million in loans.

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Lender Loans 246

Credit Corp

DECEMBER 14, 2020

And her bank wouldn’t give her and her husband Larry a loan to buy a replacement home. Brenda’s still tending her garden, though, thanks to a second-chance loan from the New Hampshire Community Loan Fund-a Community Development Financial Institution (CDFI). Flexible loan amounts. Support beyond the loan.

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Lender Loans Financial Institution Personal loans 98

Account Recovery

FEBRUARY 13, 2023

Online lending company Avant is learning that lesson the hard way, after disclosing in a debt collection license application that it was making small dollar loans. Maybe … The post Application for Debt Collection License Leads to Enforcement Action Against Online Lender first appeared on AccountsRecovery.net.

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Lender Collections Loans 130

Account Recovery

SEPTEMBER 1, 2020

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.

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Lender Collections Loans 246

Account Recovery

AUGUST 12, 2021

A company that services online loans made to consumers has agreed to pay $1.6 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 Fine In Settlement With Mass. Fine In Settlement With Mass.

Lender 246

Lender Collections Loans 246

Nerd Wallet

AUGUST 19, 2021

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

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Lender Loans 109

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. What is a Loan Modification? What is a Loan Modification? Re-amortization of loan payments. 7(a) Loan Modifications.

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Lender Loans Accrued Interest Collateral 78

Jimerson Firm

OCTOBER 28, 2020

Lenders should be cognizant about what expenses are classified by the SBA as recoverable or non-recoverable. 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. See SOP 50 51 3.

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Lender Loans Law Firms Collateral 98

Account Recovery

SEPTEMBER 1, 2020

AG SUES AUTO LENDER FOR VIOLATING STATE COLLECTION CALL LIMITS, AMONG OTHER VIOLATIONS The Attorney General of Massachusetts yesterday announced a lawsuit against Credit Acceptance Corp., AG Sues Auto Lender For Violating State Call Limits; Calif. Legislature Approves State CFPB appeared first on AccountsRecovery.net.

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Lender Loans Collections 246

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. Performance Standards. 120.535(a). 120.535(a). 120.535(b). 120.535(b).

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Lender Loans Collateral Creditworthiness 94

Nexa Collect

JUNE 27, 2023

Recovering unpaid student loans is a systematic process. Just like mortgage recoveries, the steps can vary depending on the jurisdiction and the terms of the loan. Offset Tax Refunds and Government Benefits : For federal student loans in the U.S., This can affect the borrower’s credit score.

Student loans 100

Student loans Student Loans Loans Garnishment 100

Account Recovery

AUGUST 23, 2023

Judge Partially Grants MSJ for Defense in FCRA, FDCPA Case Over Claims Debt was Settled CFPB Sues Lender for ‘Churning’ Borrowers into Repeated Refinancings FTC Sues, Gets TRO to Stop Student Loan Debt Relief Scam 25 Companies Seeking Collection Talent WORTH NOTHING: Questions ahead of the first debate of the 2024 Presidential election cycle … (..)

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Lender Student loans Student Loans Loans 130

Nerd Wallet

JULY 7, 2022

Better BNC National Bank Fast Forward Home Loans First Mortgage Direct GO Mortgage Guaranteed Rate KS Statebank LenderFI loanDepot NBKC New American Funding Northpointe Rocket Mortgage, LLC SoFi Watermark Home Loans. The article Potential Lenders originally appeared on NerdWallet. NerdWallet writes for NerdWallet.

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Lender Loans Banks 70

Jimerson Firm

FEBRUARY 18, 2022

Small Business Administration (“SBA”) is charged with overseeing the PPP loan program. 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. Required Terms for PPP Loans.

Lender 52

Lender Loans Financial services Banks 52

Consumer Finance

MAY 30, 2023

The Consumer Financial Protection Bureau (CFPB) has ordered installment lender OneMain Financial to pay $20 million in redress and penalties for failing to refund interest charged to 25,000 customers who cancelled purchases within a purported “full refund period,” and for deceiving borrowers about needing to purchase add-on products to receive a loan. (..)

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Lender Loans 103

Credit Corp

JUNE 12, 2023

A personal loan is money borrowed from a lender that can be used for almost any purpose, from debt consolidation to home improvement projects. Most people don’t have $5,000+ sitting in their bank accounts—that’s where personal loans come in. What Is a Personal Loan? Why Would I Need a Personal Loan?

Personal loans 97

Personal loans Loans Lender Debt Consolidation 97

Account Recovery

AUGUST 23, 2023

accusing it of unfair and abusive practices by “aggressively” pushing borrowers who were struggling to repay their loans into refinancing the debts, leading the company to earn hundreds of millions of dollars in costs and fees. The Consumer Financial Protection Bureau yesterday filed suit against Heights Finance Holding Co.,

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Lender Loans 130

Nerd Wallet

MAY 25, 2021

Key takeaways You can consolidate federal student loans to get a different servicer; you may get a longer repayment term that decreases your payment but increases total interest. You can refinance your student loans to a private lender and get a lower interest rate and different repayment term. Email: cclark@nerdwallet.com.

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Student loans Student Loans Lender Loans 52

Jimerson Firm

FEBRUARY 8, 2021

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. Do Lenders and CDCs Have to Provide the Auditor With Access to Their Loan Files?

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Lender Loans Banks 98

Troutman Sanders

NOVEMBER 13, 2023

A California state court recently denied a preliminary injunction sought by the California Department of Financial Protection and Innovation (the DFPI) in its long-running litigation against Opportunity Financial (OppFi) contending that OppFi is the “true lender,” and therefore subject to usury limits, on loans originated by OppFi’s bank partner.

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Lender Banks Loans Collections 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

Credit Corp

APRIL 20, 2023

Those with a credit score of over 780 have an average car loan interest rate as low as 4.75 One of the prime examples is when you’re getting a car loan. Here, we’re going to go over the average car loan interest rate by credit score and the other factors that can affect your auto loan.

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Loans Credit Unions Credit Unions Lender 98

Account Recovery

MAY 12, 2021

Senate Passes Bill Repealing ‘True Lender’ Rule; Pa. Ag Recalls $18M in Accounts From Agencies appeared first on AccountsRecovery.net.

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Lender Loans Banks 147

Public Citizen

AUGUST 5, 2022

Insights for a Regulatory Agenda from Analyzing Student Loan Complaints Filed with the CFPB, Dickinson Law Review, Forthcoming 2022. Here's the abstract: This paper looks at consumer complaints about student loan lenders and servicers from the Consumer Financial Protection Bureau’s (CFPB’s) consumer complaint database.

Student loans 45

Student loans Student Loans Lender Loans 45

Troutman Sanders

DECEMBER 28, 2023

McDuffie introduced B 25-0609 , entitled the Protecting Affordable Loans Amendment Act of 2023, that proposes to opt the District of Columbia out of sections 521-523 of the Depository Institutions Deregulation and Monetary Control Act (DIDMCA). Late last month, Councilmember Kenyan R. export” their home state’s interest-rate authority).

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Lender Banks Credit Unions Credit Unions 64

Credit Corp

FEBRUARY 6, 2024

It depends on your financial situation and current market conditions – refinancing could get you a loan with better terms, or it could cost you more than you would save. Most people don’t have $50,000 in cash available, so banks, credit unions, and financing companies originate millions of auto loans each year.

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Loans Lender Credit Unions Credit Unions 52

Credit Corp

MAY 9, 2023

If you’re in that 16%, you’ve probably wondered how to get a car loan with bad credit. Check Your Credit Score Before you start researching car loans in earnest, conduct a soft credit score check to see what you’re working with. Every lender will have different DTI requirements, but it’s generally recommended to stay below 36%.

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Loans Lender Banks Education 98

Nerd Wallet

MARCH 28, 2022

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. And just as you might choose to shop small or buy from Black-owned brands, you can also take your values into account when looking for a home loan. Opting to use.

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Lender Loans 89

Credit Corp

JANUARY 24, 2024

You need decent credit to take out a loan, but you can’t build good credit if you don’t have a credit card , a loan, or another type of credit history in the first place. If you’re ready to build your credit, you could take out a credit builder loan. What Is a Credit Builder Loan? How Do Credit Builder Loans Work?

Loans 52

Loans Credit Unions Credit Unions Personal loans 52

Sawin & Shea

FEBRUARY 28, 2023

One of those methods is through a loan modification. In this blog, we’ll share details about loan modification, who is eligible, how to obtain one to stop foreclosure, and how a lawyer for foreclosure can help. Foreclosure is when a lender exercises its right to seize your mortgaged property if you fail to repay your loan.

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Foreclosure Chapter 13 bankruptcy Loans Bankruptcy 75

Nerd Wallet

DECEMBER 2, 2020

Many lenders won’t let you use a personal loan to pay off student loans. Personal loans typically come with higher interest rates and shorter repayment terms than student loans do. If you’re looking for a loan to consolidate or pay off student debt, refinance into. Ryan Lane is a writer at NerdWallet.

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Student loans Student Loans Personal loans Loans 136

Credit Corp

JANUARY 24, 2024

A personal loan enables you to borrow a lump sum of money and repay it in fixed installments. While personal loans can be a useful tool, there are important factors to consider before taking one out. According to recent statistics , millions of Americans have personal loan debt, with the average loan amount being $16,931.

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Personal loans Loans Debt Consolidation Collateral 52