Links in “Lending”

The ability to quickly resolve delinquent loans used to be king when competing for servicing deals with mortgage investors. But now speed has taken a backseat to the ability to adhere to new compliance requirements. [7/29/15]

The Department of Defense has dramatically expanded the scope of the Military Lending Act to extend the 36% interest rate cap and other restrictions to a host of additional products not previously covered. [7/28/15]

Due to a 20% increase in small business lending, the Small Business Association announced that its popular 7(a) small business lending program may reach its statutory limit before the end of the fiscal year.  If this occurs, the SBA would have to suspend lending under the program until the beginning of the new fiscal year on October 1^st. [7/23/15]

The CFPB has released multiple letters to companies cautioning them to take a closer look at their advertisements and practices regarding military lending to ensure compliance. [7/21/15]

A total of 597,589 U.S. properties with foreclosure filings have been reported in the first half of 2015, down 13% from the previous six months and down 3% from the same time period in 2014.  [7/20/15]

"Zombie debts," debts that are paid or discharged, but still show up on a consumer's credit report, continue to haunt millions of consumers years after the height of the financial crisis. A new bill has been introduced that would require creditors to notify reporting agencies when a debt is extinguished. [7/16/15]

ABA says proposed rule on student accounts is overly broad and may cause students to lose access to low-cost bank accounts. [7/7/15]

Five federal regulatory agencies announced approval of a joint final rule modifying regulations that apply to loans secured by properties located in flood hazard areas. The final rule implements provisions of the Homeowner Flood Insurance Affordability Act of 2014 (HFIAA). [6/23/15]

Rather than allowing for a waiver process to obtain exceptions to NCUA’s Member Business Loan Rule’s strict underwriting requirements, the just-issued proposed revisions to Part 723 would allow individual credit union boards of directors to establish underwriting standards within generalized safety and soundness requirements. [6/23/15]

The CFPB has fined PHH Corporation, a New Jersey lender, $109 million for illegally accepting kickbacks in the form of mortgage reinsurance premiums paid by mortgage insurance companies to a PHH subsidiary. RESPA prohibits the payment of kickbacks for the referral of mortgage services. [6/8/15]