Credit Corp

JULY 31, 2024

In recent years, the rise of digital lenders like SoFi and Ally has transformed the lending landscape, offering borrowers new options for obtaining loans quickly and conveniently. But what sets these digital lenders apart from traditional banks and credit unions?

Lender 52

Lender Loans Student loans Student Loans 52

Account Recovery

JANUARY 5, 2023

The Consumer Financial Protection Bureau and the Attorney General of New York yesterday filed a lawsuit against an auto lender, accusing it of tricking consumers into high-cost loans on used cars that resulted in unaffordable monthly payments, vehicles being repossessed, and customers facing debt collection lawsuits.

Lender 243

Lender Repossession Collections Loans 243

Account Recovery

MARCH 26, 2021

In a sign of what may be to come, two members of Congress have announced plans to use the Congressional Review Act to repeal the Office of the Comptroller of the Currency’s “True Lender” rule, which was put into effect to help facilitate the sale of loans and portfolios from banks to debt buyers, among … The post Legislation (..)

Lender 238

Lender Banks Loans 238

Account Recovery

SEPTEMBER 9, 2021

The Consumer Financial Protection Bureau yesterday filed a lawsuit against LendUp Loans, accusing the company of violating a consent order from 2016 in which it paid $3.6 million in fines and restitution for misleading borrowers about the cost of its loans and the benefits of repeated borrowing.

Lender 244

Lender Loans 244

Account Recovery

JANUARY 6, 2021

A group of eight state attorneys general filed suit yesterday in federal court in New York to block a rule that was issued by the Office of the Comptroller of the Currency that aimed to close a gap in the process of banks selling loans to third parties, such as debt buyers, arguing that the … The post States Sue Bank Regulator to Overturn ‘True (..)

Lender 246

Lender Banks Loans Debt Buying 246

Account Recovery

JANUARY 28, 2022

million to consumers who lost money because of unfair and deceptive loan servicing practices by online lender Avant, LLC. Million To Consumers Harmed by Online Lender Avant appeared first on AccountsRecovery.net. The Federal Trade Commission is returning more than $3.7

Lender 245

Lender Trade Loans 245

Account Recovery

OCTOBER 8, 2024

While this issue of Supervisory Highlights focuses on auto finance, the CFPB does take a deep dive into the collection aspects of auto loans and there are likely tea leaves that can be read by those in the ARM industry for insights and trends, especially related to credit reporting. The big picture: Auto loan debt exceeds $1.6

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Auto Loans collections Loans Repossession Collections 130

Qualco

NOVEMBER 4, 2024

As the financial sector rapidly evolves, driven by technological advancements, loan origination processes are experiencing profound changes. A key development is the growing adoption of Loan Origination Systems (LOS), which have become essential tools for financial institutions. from 2023 to 2033, reaching a market size of US$ 17,505.7

Loans 98

Loans Financial Institution Lender Creditworthiness 98

Account Recovery

SEPTEMBER 8, 2020

A payday lender is appealing an administrative law judge’s ruling that it should repay $132 million in restitution to individuals who were misled regarding the terms of the loans they originated, were wrongfully required to provide access to their bank accounts, and had money taken from those accounts without their approval.

Lender 195

Lender Banks Loans 195

Nerd Wallet

MAY 24, 2022

For many, a payday loan may seem like the only way to get necessary cash. In recent years, however, as more states set restrictions on risky, short-term loans, new lenders offering lower-cost small loans. The article New Laws, Lenders Boost Access to Affordable Small Loans originally appeared on NerdWallet.

Lender 89

Lender Loans Personal loans 89

Account Recovery

JULY 13, 2021

The Consumer Financial Protection Bureau has entered into a consent order with a fintech company accused of originating loans to consumers without the proper authorization, fining the company $2.5 million and requiring it to cancel or refund up to $9 million in loans.

Lender 246

Lender Loans 246

Account Recovery

FEBRUARY 24, 2023

The lender was accused of making illegal loans to military families, altering documents so that the borrowers would not be identified as servicemembers, and … The post Title Lender to Pay $15M in Penalties for Overcharging Military Families first appeared on AccountsRecovery.net.

Lender 130

Lender Loans 130

Credit Corp

DECEMBER 14, 2020

And her bank wouldn’t give her and her husband Larry a loan to buy a replacement home. Brenda’s still tending her garden, though, thanks to a second-chance loan from the New Hampshire Community Loan Fund-a Community Development Financial Institution (CDFI). Flexible loan amounts. Support beyond the loan.

Lender 98

Lender Loans Financial Institution Personal loans 98

Account Recovery

SEPTEMBER 1, 2020

a subprime auto lender, for knowingly originating loans to individuals even though it knew they would be unable to repay them, and then said the lender “harassed” those individuals by calling them as many as eight times a day in attempting to … The post Mass.

Lender 246

Lender Collections Loans 246

Consumer Finance

OCTOBER 6, 2024

The CFPB published a new edition of Supervisory Highlights describing the agency’s supervisory findings related to illegal practices in auto finance, including lenders repossessing consumers’ cars after the borrower made timely payments or received loan extensions.

Repossession 109

Repossession Loans Lender 109

Account Recovery

AUGUST 12, 2021

A company that services online loans made to consumers has agreed to pay $1.6 The company, Avant, was accused of making excessive telephone calls to individuals with unpaid debts and of failing … The post Online Lender to Pay $1.6M Fine In Settlement With Mass. Fine In Settlement With Mass.

Lender 246

Lender Collections Loans 246

Account Recovery

MAY 20, 2024

the Consumer Financial Protection Bureau filed a lawsuit against SoLo Funds, an online lending platform, for allegedly deceiving borrowers about the true cost of its loans. Marketed as a consumer-friendly alternative to high-cost, short-term loans, SoLo Funds has come under scrutiny for […]

Lender 130

Lender Loans 130

Account Recovery

FEBRUARY 13, 2023

Online lending company Avant is learning that lesson the hard way, after disclosing in a debt collection license application that it was making small dollar loans. Maybe … The post Application for Debt Collection License Leads to Enforcement Action Against Online Lender first appeared on AccountsRecovery.net.

Lender 130

Lender Collections Loans 130

Nerd Wallet

AUGUST 19, 2021

“Guaranteed loan approval; receive funds in 24 hours.” “No The article 4 Ways Businesses Can Dodge Loan Scams and Predatory Lenders originally appeared on NerdWallet. No credit check; interest rates starting at 0%; only low application fee required.” Randa Kriss writes for NerdWallet. Randa Kriss writes for NerdWallet.

Lender 113

Lender Loans 113

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. What is a Loan Modification? What is a Loan Modification? Re-amortization of loan payments. 7(a) Loan Modifications.

Lender 78

Lender Loans Accrued Interest Collateral 78

Jimerson Firm

OCTOBER 28, 2020

Lenders should be cognizant about what expenses are classified by the SBA as recoverable or non-recoverable. 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. See SOP 50 51 3.

Lender 98

Lender Loans Law Firms Collateral 98

Account Recovery

SEPTEMBER 1, 2020

AG SUES AUTO LENDER FOR VIOLATING STATE COLLECTION CALL LIMITS, AMONG OTHER VIOLATIONS The Attorney General of Massachusetts yesterday announced a lawsuit against Credit Acceptance Corp., AG Sues Auto Lender For Violating State Call Limits; Calif. Legislature Approves State CFPB appeared first on AccountsRecovery.net.

Lender 246

Lender Loans Collections 246

Account Recovery

JANUARY 11, 2024

The Attorney General of Pennsylvania has announced a settlement with a national auto title lending company that will see it pay $2 million back to consumers in the form of restitution and cancel nearly $4 million of existing loans, after it was accused of making loans to residents of the state that had interest rates […]

Lender 130

Lender Loans 130

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(a). 120.535(b). 120.535(b).

Lender 94

Lender Loans Collateral Creditworthiness 94

Consumer Finance

OCTOBER 16, 2024

Today, the CFPB sued student lender Climb Credit and 1/0 (“one zero”) for misrepresenting the quality of the programs at their partner schools and making false claims about graduates’ outcomes.

Lender 119

Lender Student loans Student Loans Loans 119

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

Credit Corp

MAY 9, 2023

A jumbo loan is a type of mortgage that surpasses the Federal Housing Finance Agency (FHFA) limitations and is used to finance expensive properties. If you’re looking to purchase a property or a home in a more expensive area, it’s important to understand how jumbo loans work. So, what is a jumbo loan, and who requires one?

Loans 98

Loans Lender Banks 98

Nexa Collect

JUNE 27, 2023

Recovering unpaid student loans is a systematic process. Just like mortgage recoveries, the steps can vary depending on the jurisdiction and the terms of the loan. Offset Tax Refunds and Government Benefits : For federal student loans in the U.S., This can affect the borrower’s credit score.

Student loans 100

Student loans Student Loans Loans Garnishment 100

Nerd Wallet

JULY 7, 2022

Better BNC National Bank Fast Forward Home Loans First Mortgage Direct GO Mortgage Guaranteed Rate KS Statebank LenderFI loanDepot NBKC New American Funding Northpointe Rocket Mortgage, LLC SoFi Watermark Home Loans. The article Potential Lenders originally appeared on NerdWallet. NerdWallet writes for NerdWallet.

Lender 74

Lender Loans Banks 74

Jimerson Firm

FEBRUARY 8, 2021

The SBA Office of Credit Risk Management (“OCRM”), conducts continuous, risk-based lender oversight on all SBA lenders and CDCs. When preparing for an inevitable on-site audit, lenders and CDCs should be aware of these 7 things. Do Lenders and CDCs Have to Provide the Auditor With Access to Their Loan Files?

Lender 98

Lender Loans Banks 98

Nerd Wallet

MAY 25, 2021

Key takeaways You can consolidate federal student loans to get a different servicer; you may get a longer repayment term that decreases your payment but increases total interest. You can refinance your student loans to a private lender and get a lower interest rate and different repayment term. Email: cclark@nerdwallet.com.

Student loans 52

Student loans Student Loans Lender Loans 52

Account Recovery

AUGUST 23, 2023

Judge Partially Grants MSJ for Defense in FCRA, FDCPA Case Over Claims Debt was Settled CFPB Sues Lender for ‘Churning’ Borrowers into Repeated Refinancings FTC Sues, Gets TRO to Stop Student Loan Debt Relief Scam 25 Companies Seeking Collection Talent WORTH NOTHING: Questions ahead of the first debate of the 2024 Presidential election cycle … (..)

Lender 130

Lender Student loans Student Loans Loans 130

FFGN COLLECT NY

NOVEMBER 17, 2024

Because Lindell’s companies defaulted on payments, suits were filed in New York alleging MyPillow-related entities and Mike Lindell as a personal guarantor defaulted on the loans. Sometimes businesses that do not qualify for traditional loans look for alternative forms of funding. We will have to wait and see.

Loans 52

Loans Judgment Lender Debtor 52

Jimerson Firm

FEBRUARY 12, 2021

The SBA, through the Office of Credit Risk Management (“OCRM”), monitors and oversees the activities of all its lenders and CDCs to ensure it is effectively following loan program requirements and protecting the integrity of the SBA program. There are ten grounds that may trigger an enforcement action against all SBA lenders and CDCs.

Lender 93

Lender Loans Financial services Banks 93

Taurus Collect

JUNE 16, 2024

Managing compliance and regulations in collections can be challenging for lenders in the UK. This blog post aims to provide clear guidance on what lenders need to know. Understanding these elements can help lenders navigate the complexities of their industry. We’ll cover key regulations and share tips for compliance.

Lender 69

Lender Collections Collections Agency Collection Agencies 69

Credit Corp

JUNE 12, 2023

A personal loan is money borrowed from a lender that can be used for almost any purpose, from debt consolidation to home improvement projects. Most people don’t have $5,000+ sitting in their bank accounts—that’s where personal loans come in. What Is a Personal Loan? Why Would I Need a Personal Loan?

Personal loans 97

Personal loans Loans Lender Debt Consolidation 97

Account Recovery

MAY 12, 2021

Senate Passes Bill Repealing ‘True Lender’ Rule; Pa. Ag Recalls $18M in Accounts From Agencies appeared first on AccountsRecovery.net.

Lender 147

Lender Loans Banks 147