As the ARM industry prepares for 2014, it might help in strategic planning to know which types of debt are attracting the most consumer complaints about debt collection.
The Consumer Financial Protection Bureau (CFPB) is issuing a rule today requiring easier-to-use mortgage disclosure forms that clearly lay out the terms of a mortgage for a homebuyer.
The U.S. Second Circuit Court of Appeals in New York Wednesday took aim at defining what actions taken by a creditor expose it to liability under the Fair Debt Collection Practice Act by reviving an FDCPA class action against a mortgage company and three servicing and debt collection firms. The case could impact liability under first-party or flat-rate collection relationships.
A common theme insideARM has been tracking for the past few years is the shrinking pipeline of consumer debt for the accounts receivable management industry. It’s been easy to point to the massive decline in credit card debt, once the reliable lifeblood of debt collectors, and warn of fewer accounts coming down the pipe from that sector.
The CFPB Tuesday released a bulletin and interim final rule to provide greater clarity to the market concerning mortgage servicing rules that take effect in January 2014. The clarifications address communications with family members after a borrower dies, contact with delinquent borrowers, and treatment of consumers who have filed for bankruptcy or invoked certain protections under the FDCPA.
Consumer delinquencies rose slightly across most loan categories in the second quarter of 2013, but remain significantly below their 15-year average, according to results from the American Bankers Association’s Consumer Credit Delinquency Bulletin.
The average debt held by consumers who are behind in their debt repayments rose 17 percent between 2007 and 2012, according to data released today by FICO
Washington DC’s tax lien sale program – which allows private investors to buy home debt so that the city can recoup unpaid tax dollars – has lead to the foreclosure of nearly 200 homes since 2005, with as many as 1,200 homes still on the chopping block. In addition, the DC tax office created more [...]
According to Equifax’s (NYSE:EFX) latest National Consumer Credit Trends Report, the total balance of bank credit cards increased slightly over the year ending July 2013 (from $533.3 to $536.5 billion), realizing the first year-over-year increase in 5 years.
Many creditors and debt buyers have faced scrutiny over so-called “robo-signing” of affidavits in debt collection lawsuits. Affidavit review procedures employed by ARM industry members have undergone significant enhancements due to FDCPA class action lawsuits over supposed lax policies in having clerks sign hundred of affidavits per day. Lawyers representing creditors have also faced sanctions for participating in “robo-signing” type filings. One case involving a foreclosure attorney recently reached Maryland’s highest court.