Nerd Wallet

NOVEMBER 9, 2020

Baby boomers now owe the most student debt, according to new data from the financial services company Fidelity. Their average outstanding loan balance: $75,000. The research says that’s due in part to federal parent PLUS loans. According to the most recent data from the Department of Education, more than 3.5

Student Loans 145

Student Loans Student loans Loans Education 145

Account Recovery

JULY 18, 2024

Discover Financial Services has agreed to sell its private student loan portfolio to investment firms Carlyle Group and KKR for approximately $10.8 Why it matters: This sale marks a significant step in Discover’s efforts to streamline its operations ahead of its pending $35.3 billion acquisition by Capital One.

Student Loans 130

Student Loans Student loans Loans Acquisition 130

Account Recovery

MARCH 8, 2023

Candidly, a platform that aims to help individuals pay off their student loans while saving and building wealth at the same time, yesterday announced it had raised $20.5 The post Student Loan Debt Repayment Platform Raises $20M appeared first on AccountsRecovery.net. million in a Series B round of financing.

Student Loans 130

Student Loans Student loans Loans Financial services 130

Account Recovery

SEPTEMBER 3, 2020

A number of financial services trade organizations, including ACA International, are calling on the Federal Communications Commission to require that telecom companies notify businesses when their calls are being blocked or labeled as spam.

Student Loans 246

Student Loans Student loans Healthcare Trade 246

Jimerson Firm

JULY 22, 2020

That trend holds true in the financial services industry, despite such lawsuits being more commonly associated with lower paid jobs. Below, we discuss three of the most common wage and hour issues that commonly arise in the financial services industry. Marketing, servicing or promoting the employer’s financial products.

Financial services 94

Financial services Law Firms Judgment Loans 94

Account Recovery

JANUARY 17, 2024

Colorado AG Fines Collector $500k for Collecting on Illegal Loans Judge Rules Maine FCRA Partially Preempted by Federal Law House Financial Services Committee Forms AI Working Group 20 Companies Seeking Collection Talent WORTH NOTING: It’s so cold in some parts of the country, that Teslas won’t charge … Etiquette experts on what to (..)

Loans 147

Loans Collections Financial services 147

Nerd Wallet

OCTOBER 25, 2022

The financial services company Figure is no longer offering new personal loans. Instead, the company is focusing on home lending options like home loans and refinancing and home equity lines of credit. Figure used to offer online personal loans to good-credit borrowers, with loan sizes from $5,000 to $50,000.

Personal loans 94

Personal loans Loans Financial services 94

True Accord

OCTOBER 22, 2024

trillion, auto loans increased by $10 billion to reach $1.63 Delinquency transition rates for credit cards, auto loans and mortgages all increased slightly, with a steeper increase in flow to serious delinquency for credit cards, up more than 2% over last year from 5.08% to 7.18%. Also in August, the CFPB responded to the U.S.

Student Loans 92

Student Loans Student loans Loans Debt collector 92

Consumer Finance

SEPTEMBER 11, 2024

Today, the Consumer Financial Protection Bureau (CFPB) filed a proposed order against the student loan servicer Navient for its years of failures and lawbreaking.

Student Loans 145

Student Loans Student loans Loans Financial services 145

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 Collections Agency Collection Agencies 74

Consumer Finance

MAY 5, 2024

The Consumer Financial Protection Bureau (CFPB) today took action against National Collegiate Student Loan Trusts and Pennsylvania Higher Education Assistance Agency for multi-year servicing failures.

Student Loans 125

Student Loans Student loans Education Loans 125

Account Recovery

JANUARY 20, 2025

The penalty is part of a broader trend of increased scrutiny and enforcement by state financial regulators over cybersecurity practices within the financial services industry. The coordinated enforcement action follows a 2021 data breach impacting 5.8 million consumers. million consumers.

Loans 130

Loans Fair Debt Collection Collections Collections Agency 130

Consumer Finance

AUGUST 6, 2024

The CFPB issued a report finding that some residential solar lenders are misleading homeowners and cramming markup fees into borrowers’ loan balances.

Lender 126

Lender Loans Financial services 126

Account Recovery

JUNE 20, 2024

Getting to Know Zack Ali of Cedar Financial and Remote Scouts Judge Grants MSJ For Defense in FDCPA Case Over Different Debt That Was Disputed Student Loan Debt to Have ‘Major’ Influence on How 30% of Consumers Vote: Survey Chatbots are Transforming Financial Services: Report WORTH NOTING: What we might be able to learn from […]

Student Loans 147

Student Loans Student loans Financial services Loans 147

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

JANUARY 25, 2021

When underwriting and servicing SBA loans, it is important for lenders and CDCs to ensure appropriate insurance coverages are in place to protect the collateral. The SBA does require some types of insurance coverages to be in place on all loans. Hazard Insurance. 13 CFR § 120.160 ; SOP 50 10 5(K). SOP 50 57 2 ; SOP 50 55.

Loans 98

Loans Collateral Lender Construction 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

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. SOP 50 57 2 ; SOP 50 55.

Loans 98

Loans Collateral Lender Financial services 98

Account Recovery

SEPTEMBER 10, 2024

Nasdaq: PRAA), a global leader in acquiring and collecting nonperforming loans, has named Adrian Murphy as its global chief data and analytics officer, effective Sept. “Adrian has played a leading role in driving the development of innovation and transformations at top global financial services institutions. NORFOLK, Va.,

Manufacturing 130

Manufacturing Financial services Financial Institution Banks 130

Consumer Finance

AUGUST 28, 2024

The CFPB took action against repeat offender New Day Financial (NewDay USA) for deceiving active duty servicemembers and veterans seeking cash-out refinance loans.

Loans 115

Loans Financial services 115

Consumer Finance

DECEMBER 16, 2024

CFPB Finalizes Rule to Protect Homeowners on Solar Panel Loans and Other Home Improvement Loans Paid Back Through Property Taxes.

Loans 88

Loans Financial services 88

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. Additionally, specific Federal regulations may also apply and provide additional requirements for lenders holding VA loans or FHA loans, or provide protections for service members. Florida State Laws.

Loans 98

Loans Foreclosure Lender Accrued Interest 98

Jimerson Firm

NOVEMBER 13, 2020

When a small business association (“SBA”) loan is converted to liquidation status, the lender must begin liquidating the collateral. However, lenders should only use this option if it maximizes recovery on the SBA loan. draft settlement statement. See SOP 50 57.

Loans 98

Loans Collateral Foreclosure Lender 98

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 84

Loans Financial services Lender Government 84

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

Jimerson Firm

NOVEMBER 11, 2020

Conducting site visits are an important aspect of servicing SBA loans. a bankruptcy filing, business shutdown, or foreclosure by a prior lienholder) that caused the loan to be classified in liquidation status or sooner if the collateral could be removed, lost, or dissipated. SOP 50 57 2 ; SOP 50 55. See SOP 50 57 2.

Collateral 98

Collateral Loans Lender Repossession 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). SOP 50 57 2. SOP 50 55.

Loans 89

Loans Lender Collateral Bankruptcy 89

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 Collections Agency Collection Agencies Debt collector 60

Jimerson Firm

NOVEMBER 23, 2020

When a small business association (“SBA”) loan is converted to liquidation status, the lender must begin liquidating the collateral. The decision and justification for abandoning the collateral, including the basis for the Recoverable Value estimate, must be documented in the loan file. Liquidation Methods. 679.614(1), Fla.

Collateral 98

Collateral Loans Secured Creditor Lender 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. 9) The signatures of the lender/CDC and all obligors on the loan.

Loans 98

Loans Collateral Lender Foreclosure 98

Jimerson Firm

OCTOBER 28, 2020

“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. Recoverable Expenses can be added to the principal balance of the loan. See SOP 50 51 3. lien searches; Title reports; and.

Lender 98

Lender Loans Law Firms Collateral 98

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(b). 120.535(c).

Lender 94

Lender Loans Collateral Creditworthiness 94

Account Recovery

JUNE 19, 2023

(Nasdaq: PRAA), global leader in nonperforming loans, was honored this week with two Silver Stevie® Awards during the 21st Annual American Business Awards®. The company earned recognition in two categories: “Achievement in Diversity & Inclusion” and “Achievement in Management for Financial Services.”

Financial services 130

Financial services Loans 130

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

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

FEBRUARY 27, 2023

Overall, the report found that credit risks for syndicated loans — large loans originated by multiple banks — were moderate at the end of the review period. While risks to borrowers impacted by COVID-19 have declined, they remain high for leveraged loans, as well as the entertainment, recreation, and transportation services industries.

Financial services 52

Financial services Banks Retail Loans 52

Troutman Sanders

SEPTEMBER 27, 2022

On September 22, the Consumer Financial Protection Bureau (CFPB) announced its request for public input on ways to spur new mortgage products that help households. The CFPB invites insights on ways to improve mortgage refinances for homeowners who would benefit from refinancing, especially for borrowers with smaller loan balances.

Financial services 52

Financial services Loans Trade Student Loans 52