Kudos to the government officials who last week ended a nationwide debt collection scam. However, if these ruthless attacks against consumers are ever going to stop, the clients who place or sell accounts without conducting thorough due diligence also need to be investigated.
Credit grantors and third party ARM firms alike are taking a closer look at their compliance procedures and systems. And with good reason. Though an already tight regulatory environment, the increased oversight from the CFPB makes compliance even more critical.
On October 20th, shortly after the release of our last mortgage blog, FHFA Director Mel Watt announced that mortgage-finance companies Fannie Mae and Freddie Mac would start backing loans with down payments as low as 3%. This announcement has received mixed reviews to say the least.
We just celebrated our nation’s veterans this week, but we should really focus on making sure they are appreciated every day.
Before you get caught up with the holidays, be sure to remember those who you work with and who you work for — your clients.
Section 1692g of the FDCPA says collectors must provide a notice to consumers within five days of initial communication stating the amount of the debt, the name of the current creditor, and explaining the consumer’s right to dispute the debt and to obtain verification. You might assume that a collector can comply with that section by simply copying the language from the statute into their initial notice to consumers. Not exactly.
Every business is saleable provided the owner is flexible with price, deal terms and the time it takes to sell.
We’ve arrived at the most intolerable phase of any election cycle: the immediate aftermath, in which members of the media and pundits try to guess what will happen next. Most of it is filler and grandstanding. But with the result on Tuesday, we are guaranteed to see some real change in governance.
At a recent industry conference, I sat in on a really straightforward and well-organized presentation covering the main components of a solid Compliance Management System (CMS).
Owners have many different reasons for selling, or not selling, their business. Irrespective of the individual reasons, collectively there is one question that is inevitably on the mind of every business owner. What is the buyer thinking?