Links in “Banks”

Since the Home Affordable Modification Program came online in 2009, 1.3 million homeowners have modified their loans through the program. But 70% of those occurred between 2009 and 2011. At this pace, HAMP modifications are expected to be only 10% next year. Here are some thoughts as to why and what lenders can do about it. [9/18/14]

Trade groups unite in their appeal to the CFPB to provide more than oral guidance at webinars when it comes to implementation of the new TILA/RESPA integrated mortgage disclosure rules. Given the complexity of the new rules, they are requesting written, authoritative guidelines. [9/17/14]

Tim Mislansky (chief lending officer at Wright-Pratt Credit Union Inc.) and Tracy Ashfield (CEO of Ashfield and Associates) have observed that adjustable rate mortgages offer better rates to those consumers who do not plan to reside in a property for more than 10 years. The trick, according to Mislansky, is to help the member avoid the "knee-jerk" negative reaction to the offer of an ARM. [9/17/14]

With its launch of Apple Pay, a mobile payments service, did Apple just make itself subject to regulation under the Consumer Financial Protection Act? Some experts think so. [9/17/14]

Research indicates that 75% of mobile apps will fail basic security tests through 2015 and that the focus of breaches will move from desktops to smartphones and tablets by 2017. [9/17/14]

Federal judge rejects the FDIC's $40 million lawsuit against directors and officers of a North Carolina community bank that went under in 2009. The judge found that they had a rational business purpose and acted in good faith in signing off on a group of loans at the height of the housing boom, thus shielding them from liability. [9/17/14]

Tellers at several banks in New York were part of a ring that stole sensitive customer info to gain access to accounts. They made off with more than $850,000 over the years. Four are under arrest, but one teller is still being sought. [9/17/14]

U.S. Bank agrees to waive couple's $11,500 credit card balance and refinance their home after getting into hot water with the Fair Housing Act by declining to recognize their home as sufficient collateral because it was located on a reservation. [9/17/14]

Complaint management used to be so simple. Perhaps your institution looks back fondly on the days when complaints were usually over the phone about a billing issue. But in this day and age, customers, members, and even employees have a cornucopia of complaint outlets, such as Facebook, Yelp, the CFPB's complaint database, or even your own website. That’s why every institution needs an effective response system. Here are five key points to assist financial institutions in accomplishing this task. [9/16/14]

Report says that on top of the overreach that the CFPB's proposed expansion of its consumer complaint database, superior consumer databases already exist, such as Yelp, which have commercial incentives to encourage accurate reviews and to provide a mix of reviews representative of consumers' actual experiences, not just a wall of complaints. [9/16/14]