Collection Industry News

AUGUST 30, 2022

NQMs use non-traditional methods of income verification and are frequently used by those with unusual income scenarios, are self-employed or have credit issues that make it difficult to get a qualified mortgage loan. Part of what has contributed to the recent popularity of NQMs is the government’s tighter lending rules.

Lender 40

Lender Bankruptcy Loans Creditworthiness 40

Fico Collections

MAY 19, 2023

Prosper also proactively mitigates credit risk and meets the increasing credit demand for creditworthy customers based on their monthly updated FICO® Scores. Managing Lending Risk with FICO Scores Throughout the almost twenty-year history of the Prosper personal loan platform, anticipating macro-economic downturns is a core principle.

Personal loans 52

Personal loans Startups Creditworthiness Education 52

Collection Industry News

JANUARY 10, 2022

Examiners also discovered that some servicers incorrectly disclosed transaction and payment information in borrowers’ online mortgage loan accounts. Similar to past Supervisory Highlights, the Fall 2021 report includes information about recent public enforcement actions that were a result, at least in part, of CFPB’s supervisory work.

Creditworthiness 40

Creditworthiness Lender Financial Institution Loans 40

Collection Industry News

JUNE 1, 2023

The growing complexity of financial products, such as credit cards, mortgages, and student loans, has led to a surge in outstanding debts. Governments and regulatory bodies continually strive to strike a balance between consumer protection and enabling efficient debt recovery.

Collections 40

Collections Collection Agencies Collections Agency Debtor 40

Debt RR

OCTOBER 13, 2019

Even governments use DSCR to determine other countries’ ability to pay for the goods it exports. government’s public debt hit a historic high of $22 trillion in Feb 2019 , according to the U.S. This includes lease payments, sinking-funds, and any other loans, both principal and interest, along with operating expenses.

Debt Recovery 44

Debt Recovery Creditors Lender Loans 44

Troutman Sanders

MAY 9, 2023

On May 4, the White House published technology standard document “United States Government National Standards Strategy for Critical and Emerging Technology.” On May 1, the CFPB proposed a rule to implement a congressional mandate to establish consumer protections for residential property assessed clean energy (PACE) loans.

Financial services 52

Financial services Student loans Student Loans Loans 52

CSA

DECEMBER 7, 2022

The Money and Mental Health Policy Institute (MMHPI) has published a policy paper exploring the impact of the cost-of-living crisis on mental health, in which it sets out a range of measures it believes should be taken by government, regulators and firms to reduce the harm on people’s mental health. The MMHPI paper can be found here.

Government 40

Government Consumer Credit Creditworthiness Financial services 40

Collection Industry News

MAY 18, 2021

In the letter, Nussle stated, “Lenders rely on complete and accurate credit reports when underwriting loans. Restrictions on the reporting or consideration of certain debt prevents lenders from seeing borrowers’ complete debt circumstances and clouds lenders’ ability to fairly assess borrowers’ creditworthiness.

Lender 40

Lender Foreclosure Collections Debt collector 40

Fico Collections

JANUARY 6, 2022

You have an opportunity to adapt the target messages, the target social media outlets and the credit criteria to improve the applicant quality, or to alter your credit criteria to capture what appear to be creditworthy applicants that your original criteria declined. Example: Simulate Different Versions Of A Loan Originations Strategy.

Credit Management 52

Credit Management Creditworthiness Government Banks 52

Collection Industry News

JUNE 10, 2024

In a statement, the CFPB said medical bills “have little to no predictive value when it comes to repaying other loans.“ Medical debt can still have significant financial consequences, though, leaving you with fewer options for housing, loans and credit cards. The following year, they stopped including outstanding balances under $500.

Debt Consolidation 40

Debt Consolidation Healthcare Debt settlement Loans 40

Consumer Finance Watch

MARCH 27, 2020

NY DFS will consider, among other things, the adequacy of the process established by the Regulated Institution, the thoroughness of the review of the application, and the payment history, creditworthiness and financial resources of the borrower, in assessing whether a regulated institution has engaged in an unsafe or unsound practice.

Financial Institution 40

Financial Institution Financial services Loans Banks 40

Fico Collections

APRIL 6, 2021

The government-backed Furlough Scheme has now been extended until the end of September. Despite state-sponsored bounce back loans, huge volumes of hidden debt are still prompting critical questions around the true sustainability of micro-businesses and small to medium-sized enterprises (SMEs). Phased Changes.

Lender 52

Lender Creditworthiness Government Bankruptcy 52

Troutman Sanders

AUGUST 14, 2023

On August 8, the Office of the Comptroller of the Currency (OCC) issued a bulletin to provide banks with guidance regarding the applicability of the legal lending limit to purchased loans. Whether a loan purchased by a bank is attributable to the seller under the legal lending limit regulation depends on specific facts and circumstances.

Financial services 52

Financial services Foreclosure Banks Loans 52

Troutman Sanders

NOVEMBER 20, 2023

Department of Justice (DOJ) discussed in detail the “Combatting Redlining Initiative” led by the DOJ using a “whole of government” approach, the current state of redlining investigations, and the future direction of enforcement. Last week, the annual Community Reinvestment Act & Fair Lending Colloquium took place in Austin, Texas.

Lender 52

Lender Creditworthiness Student loans Student Loans 52

Collection Industry News

APRIL 12, 2021

They assign scores that are then used to assess a person’s creditworthiness. Find: Congress Wants Biden to Virtually Wipe Out Student Loan Debt – Here’s What He’s Doing Instead. Find: What Is Joe Biden Costing You This Week? The three primary reporting agencies analyze consumer borrowing and repayment patterns.

Creditworthiness 74

Creditworthiness Student loans Student Loans Lender 74