Jimerson Firm

DECEMBER 30, 2020

In the event a borrower is seriously delinquent on making payments under a SBA loan, or the SBA loan is classified in liquidation status, lenders and CDCs must develop a prudent and commercially reasonable strategy to maximize their recovery on the loan. 60 calendar days), the lender/CDC must move forward with liquidating the collateral.

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Jimerson Firm

JANUARY 27, 2021

SBA lenders should understand the appropriate protocols after receiving an offer in compromise from a borrower, including what an offer in compromise is, when it is appropriate, the general requirements, and the process for reviewing, approving and completing a compromise. illness), paying it would cause financial hardship. (4)

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Troutman Sanders

JANUARY 30, 2024

To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week: Federal Activities State Activities Federal Activities: On January 29, Acting Comptroller of the Office of the Comptroller of Currency (OCC) Michael J.

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Jimerson Firm

FEBRUARY 5, 2021

When a SBA loan is in liquidation status, lenders and authorized CDC liquidators are required to perform “Prudent Liquidation.” When Prudent Liquidation is complete, it’s time for the lender or authorized CDC liquidator to submit a wrap-up report to the SBA and have the loan charged-off. 120.535(b). 120.535(b). SOP 50 55.

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Loans Lender Collateral Bankruptcy 89

Jimerson Firm

JULY 30, 2020

In reviewing a loan file after a default by a borrower, lenders should evaluate whether the loan includes an acceleration clause and whether the loan is secured by any personal guaranties. Part 2 of this series analyzed pre-foreclosure loss mitigation options for lenders dealing with hotel/restaurant mortgage defaults.

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Troutman Sanders

APRIL 28, 2023

Colorado just became the latest state to recognize that a borrower’s bankruptcy discharge does not accelerate secured installment debt or trigger the final statute of limitations period to recover the debt. The lender then has six years to enforce the debt before the statute of limitations period runs.

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Jimerson Firm

SEPTEMBER 22, 2020

Parts 1-3 of this series explored alternative pre-foreclosure loss mitigation options for lenders including acceleration and enforcement of personal guarantees. Upon default by the borrower, the lender/mortgagee can enforce the assignment of rents provided the lender/mortgagee makes written demand to the borrower for payment of the rents.

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Jimerson Firm

MAY 19, 2021

Although a lender may have won the battle by obtaining a final judgment of foreclosure from the court, it may not win the war. Although a lender may not be able to avoid this from happening, it should be aware of how and why their final judgment of foreclosure may be set aside. Pursuant to Section 702.07 Pursuant to Section 702.07

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Troutman Sanders

JULY 31, 2023

In April, we discussed how Colorado’s state supreme court issued its highly anticipated decision confirming a borrower’s bankruptcy discharge does not accelerate secured installment debt or trigger the final statute of limitations period to recover the debt. Kurtz and Merritt v. USAA Federal Savings Bank.

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Bankruptcy Collections Lender Banks 52

True Accord

AUGUST 11, 2022

As reported by the Milken Institute , only about 57% of the American population is considered financially literate. Overall, lower levels of financial literacy end up contributing to increased rates of bankruptcy, defaults, and foreclosures.

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Acquisition Debt Recovery Education Student loans 75

Jimerson Firm

AUGUST 7, 2020

This new legislation is likely to be important to lenders and borrowers due to the anticipated higher volume of commercial foreclosures due to economic effects of the current COVID-19 pandemic. What is a Receiver, and Why are They Important? When Can the Court Appoint a Receiver Under the Act? 714.14, Fla. Authors: C. Ryan Maloney, Esq.

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Troutman Sanders

MARCH 1, 2023

In 2017, the Lender moved for summary judgment against Mr. Kessler on its foreclosure complaint. Mr. Kessler cross-moved to dismiss, arguing that the inclusion of the final two paragraphs in his 90-day notice, addressing bankruptcy status and military membership, violated section 1304’s “separate envelope” provision.

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Foreclosure Lender Bankruptcy Judgment 52

Jimerson Firm

FEBRUARY 11, 2022

On July 15, 2021, the SBA issued its procedural notice regarding lender requests to the SBA for guaranty recovery of PPP loans. What should lenders do when borrowers can no longer make payments and associated loans are still outstanding? What Obligations Do Lenders Owe PPP Loan Borrowers?

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Loans Lender Chapter 7 bankruptcy Bankruptcy 52

True Accord

APRIL 5, 2023

Directly impacting creditors and debt collectors, a January ruling from the District Court of Puerto Rico found that sending debt collection communications prior to any knowledge of a debtor’s bankruptcy filing is not a violation of the Fair Debt Collection Practices Act (FDCPA). The final amended rule will go into effect on July 20, 2023.

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Student loans Student Loans Credit Card Debt Loans 119

Better Credit Blog

DECEMBER 30, 2020

Short for Dell Financial Services/Webbank, the entry is probably on your report because you applied for a Dell Preferred Account. Most of the time, a hard inquiry from a lender or service provider is nothing to panic over. WebBank partners with Dell Financial Services, backing their financing plans.

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Lender Financial services Loans Repossession 52

The Kaplan Group

JULY 9, 2024

The monthly rent cost for an office per square foot is the highest in the financial district in San Francisco at $4/SqFt, followed by New York ($3.83) and Boston ($3.5). Keep an eye on lenders’ responses in these high-risk markets. Their actions could signal whether this issue will become a national trend.

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Foreclosure Bankruptcy Loans Financial services 52

Credit Corp

OCTOBER 31, 2023

FICO® Scores are used by 90% of top lenders ¹Credit score calculated based on FICO® Score 8 model. Your lender or insurer may use a different FICO® Score than FICO® Score 8, or another type of credit score altogether. Late payment may negatively impact your credit score. Results may vary. Learn More $2.50

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Collateral Credit Card Debt Banks Lender 104

Consumer Financial Services Law

JANUARY 5, 2021

Court of Appeals for the Ninth Circuit recently held that a mortgage servicer had a permissible purpose for pulling the consumer reports of three borrowers for whom it serviced two mortgages even though the borrowers’ personal liability on the mortgages had been discharged in bankruptcy. Ocwen Servicing, LLC , 978 F.3d

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Foreclosure Bankruptcy Judgment Lender 40

Better Credit Blog

AUGUST 4, 2020

If you’ve come across a hard inquiry from FNB Financial on your credit report, you may be wondering whether or not it’s legit. Short for the First National Bank of Omaha, FNB National is a popular bank for several personal and professional financial services and products, including: Banking. Investment accounts. Home loans.

Banks 52

Banks Lender Loans Student loans 52

Troutman Sanders

JANUARY 20, 2022

for which there was little to no chance for borrowers to discharge in bankruptcy. Beyond the student loan and mortgage context, state attorney generals have advanced this theory in their investigations of auto lenders [4] and debt settlement companies. [5]. DMB Financial, LLC. , Opportunity Financial, LLC , No.

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Student loans Student Loans Loans Lender 52

True Accord

JANUARY 10, 2024

The Consumer Financial Protection Bureau (CFPB) has had its hands full overseeing actors across sectors–from regional and large banks to auto and online lenders to mortgage and credit agencies–in an ongoing effort to protect consumers in an ever-growing landscape of financial product offerings. And currently, approximately 4.7%

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Student loans Student Loans Loans Banks 59

Collection Industry News

JULY 27, 2023

Here are key quotes about the proposal: FINANCIAL SERVICES FORUM CEO KEVIN FROMER “There is no justification for significant increases in capital at the largest U.S. Even larger bank lenders could continue to retreat from mortgage lending or impose sharp increase in fees passed along to borrowers.”

Banks 40

Banks Lender Trade Financial services 40

Better Credit Blog

FEBRUARY 19, 2021

Financial Services. If your loved one passed away while carrying debt in one of the industry’s above, you could be contacted by DCM Services to settle the account. Third-party collections agencies are called in when lenders and service providers are unable to collect payments from consumers. Healthcare.

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Collection Industry News

NOVEMBER 10, 2022

In testimony before the House of Representatives Financial Services Committee, the CEOs touted their financial strength, role in distributing billions of dollars in COVID-19 pandemic-related aid and efforts both to boost lending in poorer communities and diversity within their ranks.

Banks 40

Banks Lender Financial services Collections 40

Troutman Sanders

APRIL 18, 2022

On April 12, the Consumer Financial Protection Bureau (CFPB) released a blog post titled, “ Busting myths about bankruptcy and private student loans.” In the post, the CFPB argues that certain private education loans can be discharged in bankruptcy. For more information, click here.

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Financial services Student loans Student Loans Loans 52

PDC Flow

AUGUST 18, 2020

I started my career representing mortgage lenders and mortgage brokers in the late 1990’s. At the time, my practice focused on helping lenders and brokers comply with the myriad of state and federal laws which regulate their businesses across the country. Owner, Bedard Law Group, P.C. It was really by accident.

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Collections Debt collector Law Firms Trade 98

Troutman Sanders

JANUARY 17, 2023

On January 13, the Federal Reserve Board (Fed) released results of a survey of senior financial officers at banks about their strategies and practices for managing reserve balances. On January 13, the Fed announced preliminary financial information, indicating that the Federal Reserve Banks had estimated net income of $58.4

Financial services 52

Financial services Student loans Student Loans Education 52

Troutman Sanders

MARCH 4, 2024

On February 29, the Consumer Financial Protection Bureau (CFPB) issued a circular to law enforcement agencies and regulators explaining how companies operating comparison-shopping tools can break the law when they steer consumers to certain products or lenders because of kickbacks.

Financial services 52

Financial services Law Firms Acquisition Debt collector 52

Troutman Sanders

JANUARY 23, 2024

According to the FDIC, the entities made misrepresentations about whether they themselves were FDIC-insured and whether the financial products they offered were FDIC-insured. The report presents detailed recommendations to mitigate risks to investors, consumers, market integrity, financial stability, and to combat illicit finance.

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Financial services Credit Unions Credit Unions Financial Institution 52

Qualco

NOVEMBER 4, 2024

This blog covers: The current landscape of consumer lending The primary advantages of LOS How can lenders meet shifting market demands The Consumer Lending Landscape The consumer lending market has shifted significantly with the rise of fintech platforms and marketplace lending.

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Loans Financial Institution Lender Creditworthiness 98

Troutman Sanders

FEBRUARY 13, 2024

On February 8, a New York bankruptcy judge ruled against cryptocurrency exchange Gemini’s claim that it has a secured claim on more than $800 million in Genesis Global Capital assets. She also expressed concern about the risks posed by stablecoins to the financial system. The final settlement required the defendants to pay $10.9

Financial services 52

Financial services Student loans Student Loans Collection Agencies 52

Collection Industry News

APRIL 26, 2024

In a letter disclosed Wednesday, Devin Nunes, CEO of Truth Social owner Trump Media (DJT), alerted the GOP Chairmen of the House Ways and Means, Judiciary, Financial Services and Oversight Committees to the “urgent matter” of “potential manipulation” of the company’s share price. “We

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