Jimerson Firm

JANUARY 19, 2021

In traditional lending and loan servicing, it is commonplace for loans to be assumed, assigned, or sold. Most lenders are likely familiar with these servicing actions, and many lenders have their own requirements and procedures for handling each of them. Assumption of SBA Loan.

Loans 98

Loans Collateral Lender Financial services 98

Jimerson Firm

JANUARY 27, 2021

If the borrower is unable to pay the full amount owed on an SBA loan after all of the collateral has been liquidated, the borrower may submit an “offer in compromise.” An offer in comprise allows borrowers to settle their debt on the SBA loan for less than the full amount owed. illness), paying it would cause financial hardship. (4)

Loans 96

Loans Lender Collateral Creditors 96

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. & Loan Ass’n, 214 So.2d Subordinate Liens.

Lender 97

Lender Foreclosure Judgment Collateral 97

Jimerson Firm

NOVEMBER 13, 2020

When a small business association (“SBA”) loan is converted to liquidation status, the lender must begin liquidating the collateral. If the collateral is real property, the lender must liquidate all parcels of real property that has a Recoverable Value over $10,000. Is the Recoverable Value of the Property Over $10,000?

Loans 98

Loans Collateral Foreclosure Lender 98

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.

Judgment 98

Judgment Lender Loans Debtor 98

Jimerson Firm

NOVEMBER 11, 2020

Conducting site visits are an important aspect of servicing SBA loans. Site visits allow lenders and CDCs to gain a first-hand impression of the borrower’s business operations, evaluate risks, and inventory the collateral. Within fifteen (15) days of the occurrence of an adverse event (i.e. SOP 50 57 2 ; SOP 50 55.

Collateral 98

Collateral Loans Lender Repossession 98

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. What is a Workout Agreement? SOP 50 57 ; SOP 50 55.

Loans 98

Loans Collateral Lender Foreclosure 98

Jimerson Firm

NOVEMBER 23, 2020

When a small business association (“SBA”) loan is converted to liquidation status, the lender must begin liquidating the collateral. Lenders must liquidate all personal property that has a Recoverable Value over $5,000. In Florida, the lender can choose from the following methods: UCC Sale. Liquidation Methods.

Collateral 98

Collateral Loans Secured Creditor Lender 98

Jimerson Firm

MARCH 19, 2021

When a lender holds a defaulted loan there are several issues that need to be considered before initiating a foreclosure. Lenders must ensure compliance with all relevant State and Federal laws and regulations to preserve their remedies for recovery. Florida State Laws. Foreclosures are a state law proceeding first and foremost.

Loans 98

Loans Foreclosure Lender Accrued Interest 98

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).

Loans 89

Loans Lender Collateral Bankruptcy 89

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.

Lender 96

Lender Foreclosure Banks Judgment 96

Jimerson Firm

MARCH 10, 2021

Oftentimes, individuals or businesses borrow money from a bank or lender, and unfortunately, are unable to pay the loan payments. In this event, the borrower may try to shift the blame of their inability to pay on the bank or lender, by filing a claim for negligent loan processing or underwriting, and/or breach of fiduciary duty.

Banks 98

Banks Loans Lender Financial services 98

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 145

Lender Loans Financial services 145

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

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. As a result, a loan that is charged off is written off and deemed a loss of principal and interest. See Caplinger v. 1099-C Issuance. 1.6050P-1(b)(2)(i).

Lender 98

Lender Credit Unions Credit Unions Collections 98

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

Better Credit Blog

APRIL 2, 2022

Whether you’re making a big purchase or just refinancing some existing debt, a personal loan could help. But comparing loan options could take days — unless you use an online marketplace like Fiona which lets you compare personal loan offers side by side within minutes. How Fiona Loans Work. Fiona Loan Fees.

Personal loans 80

Personal loans Loans Student Loans Student loans 80

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

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

NOVEMBER 14, 2023

The Consumer Financial Protection Bureau (CFPB) today ordered online lender Enova International Inc. to pay a $15 million penalty for widespread illegal conduct including withdrawing funds from customers’ bank accounts without their permission, making deceptive statements about loans, and cancelling loan extensions.

Lender 135

Lender Loans Banks Financial services 135

UK debt collections

OCTOBER 4, 2021

Over a third (35 per cent) of small- and medium-sized enterprises (SMEs) are concerned about their ability to start repaying Covid support loans, research has found.

Loans 83

Loans Financial services Lender Government 83

Jimerson Firm

JULY 1, 2020

When lenders take life insurance policies as collateral for loans, they need to be aware of what needs to occur to place a claim in the event their borrower dies. Therefore, it is critical for lenders to confirm that no prior assignment exists on life insurance collateral prior to taking the collateral on as security for a loan.

Collateral 98

Collateral Loans Lender Secured Creditor 98

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.

Lender 62

Lender Collections Debt Recovery Collection Agencies 62

Troutman Sanders

APRIL 20, 2021

Pritzker signed the Illinois Predatory Loan Prevention Act (Act) into immediate effect on March 23. The Act imposes sweeping changes and contains broad language, leaving the state’s lenders and borrowers with an uncertain future. Illinois Governor J.B. This Act shall be construed as a consumer protection law for all purposes.

Lender 52

Lender Loans Credit Unions Credit Unions 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

Jimerson Firm

MARCH 24, 2021

These unexpected issues can sometimes derail the process and disrupt the lender’s ability to promptly and fully recover the loan balance, such as: The foreclosure is contested by the borrower. The lender didn’t recover the full balance of the debt from the foreclosure sale. There is a tenant in the foreclosed property.

Foreclosure 52

Foreclosure Financial services Banks Financial Institution 52

Nexa Collect

DECEMBER 12, 2021

DeFi refers to Decentralized Finance; peer-to-peer financial services on a public decentralized blockchain network, particularly Ethereum. A system that interacts buyers, sellers, borrowers, or lenders with peer-to-peer technology to access financial products or financial services bypassing middlemen such as financial institutions.

Collateral 130

Collateral Banks Financial services Financial Institution 130

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

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. The loan documents also typically include one or more personal guaranties. Acceleration of the Loan. 2d 1113, 1114 (Fla.

Lender 98

Lender Foreclosure Loans Banks 98

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

Fico Collections

JUNE 30, 2023

Origination is just the initial phase of the long and complex mortgage lifecycle, which begins with a lender qualifying a borrower and then providing the funds used to purchase a new property or refinance an existing property. The lender then holds the mortgage on its balance sheet or sells the mortgage on the secondary market to investors.

Lender 96

Lender Loans Banks Creditworthiness 96

Troutman Sanders

MARCH 11, 2024

The blog post posited that closing costs significantly impact a borrower’s financial commitment and, potentially, monthly payments and identified a “noticeable increase” in closing costs, with median total loan expenses on home purchase loans increasing by 21.8% between 2021 and 2022. For more information, click here.

Financial services 52

Financial services Garnishment Lender Banks 52

Jimerson Firm

JANUARY 22, 2021

This series has provided a high-level overview of various options and considerations available to lenders during the current uncertainty surrounding lending in the hospitality industry. The first-half of this series evaluated considerations for lenders faced with borrowers who were unable to meet their mortgage and loan obligations.

Foreclosure 98

Foreclosure Lender Loans Collateral 98

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

DECEMBER 12, 2022

On December 7, the Consumer Financial Protection Bureau (CFPB) released research, revealing that Reserve and National Guard members called to active duty are paying an extra $9 million in interest every year because they are not always receiving the benefit of their right-to-rate reductions under the Servicemembers Civil Relief Act (SCRA).

Financial services 52

Financial services Financial Institution Banks Lender 52