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!
Delinquencies for installment and home-related loans fell in last year’s fourth quarter as the economy improved and consumers conscientiously managed their finances, according to results from the American Bankers Association’s Consumer Credit Delinquency Bulletin.
The Federal Reserve Bank of New York recently reported household credit data for the fourth quarter and full year 2013. It showed modest annual growth in most categories with only student and auto loans gaining significant ground.
The CFPB Monday announced that a mortgage lender was assessed a civil monetary penalty of $83,000, arising from illegally splitting real estate settlement fees. The news, though, is that the company self-reported the violation.
The Consumer Financial Protection Bureau (CFPB) Thursday ordered a Missouri mortgage lender, Fidelity Mortgage Corporation, and its former owner and current president, Mark Figert, to pay $81,076 for funneling illegal kickbacks to a bank in exchange for real estate referrals.