Jimerson Firm

FEBRUARY 18, 2021

However, there are important aspects of the Construction Lien Law that can directly affect the rights and obligations of lenders in numerous ways. Accordingly, lenders making construction loans or those whose loan will be secured by a mortgage on real property, must be aware of notices of commencement and their requirements under Fla.

Construction 98

Construction Lender Loans Banks 98

Jimerson Firm

APRIL 2, 2021

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. Subordinate Liens. York, 903 So. 2d 981, 983 (Fla. 2d DCA 2005).

Lender 97

Lender Foreclosure Judgment Collateral 97

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. Servicing and Liquidation Take-Over by SBA. Performance Standards.

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Lender Loans Collateral Creditworthiness 94

Better Credit Blog

NOVEMBER 2, 2020

Then you may start to hear from a company called Action Financial Services. Action Financial Services is a debt collection agency that may have been hired by the original owner of your debt. In order to pursue you for the debt, Action Financial Services has to first open up a collections account on your credit report.

Financial services 74

Financial services Debt collector Collection Agencies Collections Agency 74

Account Recovery

OCTOBER 9, 2023

The Consumer Financial Protection Bureau has filed a motion in federal court to compel a company to comply with a Civil Investigative Demand it has received from the Bureau, but the company is seeking to stay the proceedings until after the Supreme Court issues its ruling in CFPB v. Community Financial Services Association.

Lender 130

Lender Financial services Loans 130

Jimerson Firm

JUNE 30, 2021

When a borrower defaults on a mortgage, lenders will likely execute their right to foreclose on the property by filing a lawsuit. However, lenders are not always the successful party in the foreclosure and, to the disappointment of the lender, the lawsuit may be dismissed. Key Takeaways for Lenders. 2d 1004 (Fla.

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Lender Foreclosure Banks Judgment 96

Jimerson Firm

AUGUST 12, 2021

Lenders who move for summary judgment under Florida’s new summary judgment standard will likely enjoy more favorable outcomes. The court’s more rigorous review of attempts to withstand summary judgment will change expected litigation outcomes, impact litigation strategy, and largely benefits lenders. appeared first on Jimerson Birr.

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Judgment Lender Loans Debtor 98

Consumer Finance

FEBRUARY 23, 2024

The Consumer Financial Protection Bureau (CFPB) today published an order establishing supervisory authority over installment lender World Acceptance.

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Lender Financial services 93

Jimerson Firm

FEBRUARY 10, 2022

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. Ocwen Loan Servicing, LLC, 8:14-CV-3214-T-35MAP, 2015 WL 12938920, at *1 (M.D. 1099-C Issuance. 1.6050P-1(b)(2)(i). Collecting Debts After 1099-C Issuance.

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Lender Credit Unions Credit Unions Collections 98

Account Recovery

SEPTEMBER 21, 2023

The Consumer Financial Protection Bureau is trying to build more guardrails around how companies in the financial services industry use artificial intelligence, issuing a warning that when sending credit denial letters to consumers, lenders must receive accurate and specific reasons and not just a checklist detailing why a credit request was denied. (..)

Lender 147

Lender Financial services 147

Better Credit Blog

FEBRUARY 4, 2021

Are you concerned about a collections entry from Delivery Financial Services? Read on to learn more about Delivery Financial Services and how to get them deleted from your report. About Delivery Financial Services. How Delivery Financial Services Works. Ask Lex Law for Help.

Financial services 69

Financial services Debt collector Collection Agencies Collections Agency 69

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. Borrowers must submit current financial statements, federal income tax returns for the last two years, and any additional supporting documents necessary.

Lender 78

Lender Loans Accrued Interest Collateral 78

Account Recovery

AUGUST 5, 2020

August 5, 2020, Wilmington, DE – Katabat, a leading global provider of debt management software solutions for lenders, fintechs, and collection agencies, announced today a strategic growth investment from Tritium Partners, a growth-focused private equity firm with extensive experience investing in fintech and financial services companies, and Terminus (..)

Collection Agencies 147

Collection Agencies Collections Agency Debt Management Lender 147

Jimerson Firm

FEBRUARY 2, 2021

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. SOP 50 10 5(E), Appendix 2. SOP 50 57 2 ; SOP 50 55.

Lender 76

Lender Collateral Loans Foreclosure 76

Troutman Sanders

FEBRUARY 8, 2022

Troutman Pepper announced today that a nationally recognized consumer financial services group has joined the firm from Ballard Spahr in Atlanta, New York, Philadelphia, and Salt Lake City. The industry-leading group includes partners Christopher J. Willis , Mark J. Furletti , Jeremy T. Rosenblum , Stefanie H. Cover , and Anthony C.

Financial services 52

Financial services Government Financial Institution Lender 52

Jimerson Firm

JUNE 28, 2021

In Florida, a lender initiates a foreclosure by commencing a lawsuit in the county where the property is located. If the lender is successful, the lender will receive a final judgment of foreclosure from the court and the property will be sold at a public auction. If the Lender Was Unsuccessful, Should It Appeal?

Foreclosure 90

Foreclosure Lender Judgment Banks 90

True Accord

SEPTEMBER 12, 2024

TrueAccord proved more effective for late-stage collections and better aligned with online lender’s empathetic approach to financial services. For one online lender, providing online personal loans to underserved consumers was not only a core service for their business but also a key part of their company mission.

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Lender Collections Debt Recovery Collection Agencies 64

Jimerson Firm

JANUARY 20, 2021

However, lenders should be aware that judges are still able to refer foreclosure lawsuits to mediation on a case-by-case basis, with or without a referral request to mediation. Although there is no longer a statewide mandatory foreclosure mediation program, lenders must be aware that they may still be required to participate in mediation.

Foreclosure 80

Foreclosure Lender Creditor's Rights Commercial Collection 80

Better Credit Blog

FEBRUARY 5, 2021

If you’re wondering what BCA Financial Services is and why it’s on your credit report, the guide below is for you. With all of life’s financial obligations and the busyness of day to day life, it can be all too easy to let a payment slip through the cracks. About BCA Financial Services. BCA Financial Services, Inc.

Financial services 60

Financial services Collection Agencies Collections Agency Debt collector 60

Account Recovery

AUGUST 8, 2023

A District Court judge presiding over a lawsuit filed by the Consumer Financial Protection Bureau and the Attorney General of New York yesterday granted a motion from the defendant to stay the case pending the outcome of a case before the Supreme Court that will determine the constitutionality of the CFPB’s funding structure.

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Lender Financial services 130

Jimerson Firm

MARCH 24, 2021

The lender didn’t recover the full balance of the debt from the foreclosure sale. Learn more about how we serve the Banking & Financial Services Industry, and subscribe to our industry legal blog to stay abreast of timely news and updates. The borrower filed for bankruptcy during the foreclosure lawsuit.

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Foreclosure Financial services Banks Financial Institution 52

FFGN COLLECT NY

MAY 24, 2022

Confessions of judgment may no longer be permitted as part of the necessary documents when buying or selling financial services or products to consumers in New York. The proposed bill does not currently apply to commercial lenders. Therefore, it will most likely be “business as usual” for commercial lenders and the like.

Financial services 52

Financial services Judgment Debtor Creditors 52

Troutman Sanders

SEPTEMBER 20, 2021

Justin Balser , an experienced litigator and compliance attorney, has joined Troutman Pepper’s nationally recognized Consumer Financial Services Practice Group as a partner. He previously served as legal counsel and advisor to senior management at Lehman Brothers’ mortgage subsidiary, Aurora Loan Services LLC.

Financial services 52

Financial services Financial Institution Loans Lender 52

Troutman Sanders

NOVEMBER 27, 2023

State Activities: On November 20, North Carolina AG Josh Stein secured a court order requiring a lender to permanently shut down its operations, resolving allegations that the lender made false representations to students about job placement, saddled students with unlawful loans, and employed abusive practices to collect debt from student borrowers.

Financial services 52

Financial services Loans Lender Trade 52

Troutman Sanders

OCTOBER 30, 2023

The FTC’s Safeguards Rule requires nonbanking financial institutions, such as mortgage brokers, motor vehicle dealers, and payday lenders, to develop, implement, and maintain a comprehensive security program to keep their customers’ information safe. financial institutions. For more information, click here.

Financial services 52

Financial services Financial Institution Trade Banks 52

Consumer Finance

MAY 21, 2024

The Consumer Financial Protection Bureau (CFPB) today issued an interpretive rule that confirms that Buy Now, Pay Later lenders are credit card providers.

Lender 143

Lender Loans Financial services 143

Troutman Sanders

MARCH 11, 2024

On March 4, the Small Business Administration (SBA) announced the next generation of the SBA’s Lender Match tool for small businesses to connect to capital through SBA’s network of approved banks and private lenders. For more information, click here. For more information, click here. On March 1, the U.S.

Financial services 52

Financial services Garnishment Lender Banks 52

Troutman Sanders

DECEMBER 12, 2022

State Activities: On December 8, New York Governor Kathy Hochul announced a report from the Department of Financial Services (DFS), highlighting racial disparities in mortgage lending practices in certain parts of the state. However, DFS continues to investigate the lending practices of other lenders in the state.

Financial services 52

Financial services Financial Institution Banks Lender 52

True Accord

OCTOBER 22, 2024

Along with taking action against more than a handful of financial services companies in the name of consumer protection, the agency made headway on myriad other issues. Treasury’s request for information on the use of artificial intelligence in the financial services sector.

Student loans 92

Student loans Student Loans Loans Debt collector 92

Fico Collections

DECEMBER 9, 2021

For banks, credit unions, and other lenders, the sudden shift to digital-only interactions has introduced a variety of internal and external challenges, as well as some opportunities. This year has taught us a lot about facing adversity and handling the unexpected.

Financial services 52

Financial services Financial Institution Banks Credit Unions 52

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.

Financial services 52

Financial services Financial Institution Banks Credit Unions 52

Troutman Sanders

MAY 31, 2023

On May 22, Freddie Mac announced enhancements to its ground-breaking automated income assessment tool that allows lenders to assess a homebuyer’s income paid through direct deposit, to also include the borrower’s digital paystub data. On May 16, the U.S. For more information, click here.

Financial services 52

Financial services Financial Institution Banks Trade 52

Troutman Sanders

SEPTEMBER 27, 2022

The top 25 closed-end lenders by loan volume held nearly half of the market share of residential mortgage lending — a trend that has risen each year since 2018. On September 14, the New York Department of Financial Services issued notice of proposed rules, pertaining to the state’s Commercial Finance Disclosure Law (CFDL).

Financial services 52

Financial services Loans Trade Student loans 52

Troutman Sanders

SEPTEMBER 5, 2023

Under California law, reservists called to active duty may defer payments on certain financial obligations, including their mortgage, if they send a written request and copy of their military orders to the lender or other responsible entity. million in disgorgement, prejudgment interest, and a civil penalty.

Financial services 52

Financial services Banks Trade Home Insurance 52

Troutman Sanders

AUGUST 7, 2023

According to the press release, “[t]he loan program improvements will increase small businesses’ ability to access funding to start up and grow through a broader network of lenders with streamlined lender procedures.” For more information, click here.

Financial services 52

Financial services Financial Institution Manufacturing Loans 52

True Accord

FEBRUARY 3, 2022

based lender following GAAP accounting, the lender’s net loss rate (or net charge off rate) is the ultimate metric. What are credit loss provisions and why are they important to financial providers? Lending institutions will inevitably have loans that go into default, and this is planned for in their financial modeling.

Lender 52

Lender Collections Collection Companies Loans 52

Troutman Sanders

MAY 31, 2022

The CFPB published a Consumer Financial Protection Circular to remind the public, including those responsible for enforcing federal consumer financial protection law, of creditors’ adverse action notice requirements under the Equal Credit Opportunity Act. For more information, click here. For more information, click here.

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Financial services Education Creditors Collection Agencies 52