The Consumer Financial Protection Bureau (CFPB) Monday announced that it has taken action against Michigan-based Flagstar Bank for violating the CFPB’s new mortgage servicing rules by illegally blocking borrowers’ attempts to save their homes.
A federal judge last week certified a class action that accuses a mortgage services company of violating the FDCPA by leaving a message on a door hanger for a consumer to call a specific number. The note made no mention of the debt, although it was left specifically for that purpose.
U.S. Representative Maxine Waters (D-Calif.) will propose a bill Wednesday that changes many key provisions of the Fair Credit Reporting Act (FCRA) including a reduction in the time negative information can stay on credit reports and the removal of accounts in collection once paid off.
Last fall, Bank of America entered into a $32 million settlement to resolve a TCPA lawsuit over debt collection calls the bank made within its credit card and mortgage units. It has been called the largest TCPA settlement ever. Late last month, the judge in the case drastically lowered the amount of money the plaintiffs’ attorneys will see for their work in the final settlement approval.
How can ARM companies know where their market opportunities exist in the five to ten year time range? We all know that credit card debt is slowly recovering from recent lows and student loans are growing at a silly rate. But what about everything else?
The CFPB and attorneys general in 49 states and the District of Columbia filed a proposed federal court order requiring SunTrust Mortgage, Inc. to provide $500 million in loss-mitigation relief to underwater borrowers. The order also requires SunTrust to pay $40 million to approximately 48,000 consumers who lost their homes to foreclosure and $10 million to the federal government.
Maryland Governor Martin O’Malley Thursday signed a bill into law that reduces the amount of time debt collectors can pursue mortgage foreclosure debt in court. Under the new law, suits seeking to recover the debt must be filed within three years, compared to 12 years under the old law.
The percentage of Americans with at least one account in the third party debt collection system jumped to 14.3 percent in the first quarter of 2014, according to a report released Tuesday by the Federal Reserve Bank of New York.
The mortgage delinquency rate (the rate of borrowers 60 days or more delinquent on their mortgages) declined for the ninth consecutive quarter to 3.61% at the end of Q1 2014, according to TransUnion’s latest mortgage report.
insideARM.com’s annual Best Places to Work in Collections program, now in its seventh year, is officially open for registration!