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Wednesday, November 11, 2020
Tuesday, November 10, 2020
Thursday, November 5, 2020
Emails, texts from debt collectors? More repayment reminders could be coming under a new rule
One-third of Americans with a credit report have debt in collections — and they could soon be on the receiving end of texts and emails from collectors eager to track down those overdue payments.
The Consumer Financial Protection Bureau, an agency created after the 2008 financial crisis to protect consumers, has issued a final rule that updates a 43-year-old law that oversees debt collections. ACA International, the trade association for the debt collection industry, says it’s long overdue given that consumers now prefer to communicate via text and email.
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Wednesday, November 4, 2020
Friday, October 30, 2020
BBB Tip: What you need to know about zombie debt
Zombie debt is debt that has been “raised from the dead,” so to speak. It could even be something you never owed at all.
When a person doesn’t pay a debt, the lender will take action – by phone, letter, or even a court case – to collect the money they are owed. In some cases, though, the debtor simply can’t pay or can’t be found. In other cases, the debtor files for bankruptcy and, depending on the kind of debt owed, the debt may be put on hold, renegotiated or discharged completely.
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Wednesday, October 28, 2020
Tuesday, October 27, 2020
Why your credit score might be rising: FICO scores hit all-time high
The average FICO credit score reached a record high of 711 in July despite the financial havoc wreaked by the coronavirus pandemic, according to multiple reports.
That’s up from 708 in April and 706 in July 2019, according to Fair Isaac Corp. data reported in CNBC and the Wall Street Journal.
Ranging from 300 to 850 – higher is better – FICO scores assess the credit risk of individual consumers based on their credit card debt, spending limit, payment record and past loan applications. Lenders often use credit scores to determine whether to extend
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Thursday, October 22, 2020
Smaller Firms Could Escape Scrutiny in CFPB Enforcement Shakeup
The Consumer Financial Protection Bureau’s reorganization of its enforcement and supervision unit could mean less oversight of small firms such as payday lenders and debt collectors
The CFPB’s enforcement office has since its 2011 inception had the power to initiate its own investigations and research matters into financial companies. But a reorganization announced inside the bureau Oct. 14 means that CFPB enforcement attorneys may lose that power and would have to rely on agency supervisors to send them cases.
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Wednesday, October 21, 2020
Tuesday, October 20, 2020
Thursday, October 15, 2020
Mortgage Rates Hit Record Lows but Applications Fell Flat
The volume of mortgage applications dipped slightly last week. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of that volume, was down 0.7 percent on a seasonally adjusted basis during the week ended October 9 and was 1 percent lower on an unadjusted basis.
The Refinance Index slipped 0.3 percent from the previous week and was 44 percent higher than the same week one year ago. The refinance share of mortgage activity increased to 65.6 percent of total applications from 65.4 percent the previous week.
The seasonally adjusted Purchase Index decreased 2 percent from one week earlier and 1 percent unadjusted. The Index was 24 percent higher than the same week one year ago, continuing a string of year-over-year gains that started during the week ended May 22.
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Wednesday, October 7, 2020
Qwestcredit Testimonials
#qwestreview #testimonial #creditrepair #creditscores
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Tuesday, October 6, 2020
Mortgage Rates Under Pressure as Market Volatility Picks Up
Mortgage rates have been spoiled, relatively, by an extraordinarily calm/narrow trading pattern in the bond market. That’s important because the bond market directly affects the day to day changes in mortgage rates. A narrow/calm trading pattern means bond prices aren’t moving. The implication is that mortgage rates wouldn’t need to move much either.
That WOULD be the case were it not for the new adverse market fee being phased in by every lender that offers conventional refinances (pretty much all of them). Additionally, the historically low rates forced lenders to change their pricing based on their capacity at times. In other words, there have been a few solid reasons for mortgage rates to move on any given day/week even though the underlying bond market hasn’t suggested much movement since mid-August at least.
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Thursday, October 1, 2020
The Market That Drives Mortgage Rates Just Had Its Worst Day in Weeks
Mortgage rates don’t just magically appear. Lenders don’t choose them arbitrarily. To sustain the pace and scope of the mortgage market in the US (and indeed of most any debt), the cost of money over time has to be carefully considered before a lender knows where to set its rates. When it comes to something like the money the US government borrows, it’s the Treasury market that determines the cost of money over time. In other words, open trading in financial markets results in the yield (aka rate) on a 10yr Treasury note being at one level while the rate for a 30yr Treasury note is at a different level.
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Wednesday, September 30, 2020
Tuesday, September 29, 2020
More New Homes Bought With Non-Conventional Financing in 2019
Non-conventional lending enjoyed a substantial increase in its share of the market for financing new home purchases in 2019. The National Association of Home Builders (NAHB) says, while conventional loans continued to dominate those purchases, its share shrunk from 71.4 percent of the market in 2018 to 65.0 percent in 2019 while non-conventional mortgages increased accordingly, from 28.6 percent to 35.0 percent.
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Thursday, September 24, 2020
What would a contested US election mean for investors?
London(CNN Business)With fewer than six weeks to go before the US election, investors are starting to get antsy. Recent comments from President Donald Trump aren’t helping.
What’s happening: Trump failed to commit on Wednesday to a peaceful transition of power after Election Day, fueling concerns he may not relinquish his office should he lose in November.
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Wednesday, September 23, 2020
Tuesday, September 22, 2020
U.S. economy may face another recession without fiscal aid, Fed’s Evans says
(Reuters) – The U.S. economy risks a longer, slower recovery, if not another outright recession, if Congress fails to pass a fiscal package to support out-of-work Americans and state and local governments, Chicago Federal Reserve President Charles Evans said on Tuesday.
“Fiscal support is just fundamental,” Evans said at a virtual meeting of the London-based Official Monetary and Financial Institutions Forum. His own forecast for the U.S. unemployment rate to fall to 5.5% by the end of next year assumes not just a vaccine for the coronavirus but also a U.S. fiscal package of at least $500 billion or $1 trillion, he said.
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Thursday, September 17, 2020
Mortgage Securities Are Flooding the Market. Thank the Fed.
People are taking out lots of mortgages. The Fed is gobbling them up.
Low mortgage rates have spurred a boom in home refinancing, which in turn has spurred a boom in the issuance of mortgage-backed securities. The value of single-family mortgage-backed securities issued by Ginnie Mae, Fannie Mae and Freddie Mac totaled almost $322 billion in August, a new monthly record, according to an analysis by industry-research firm Inside Mortgage Finance.
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Wednesday, September 16, 2020
Tuesday, September 15, 2020
Plaintiffs’ lawyer Jay Edelson slams $380 million Equifax deal in amicus brief at 11th Circuit
(Reuters) – Jay Edelson is a class action plaintiffs’ lawyer who specializes in privacy cases. His eponymous firm has had a lead role in some of the biggest cases of the past few years, including a $650 million biometric privacy settlement with Facebook in 2020 and a 2019 jury verdict of more than $900 million in a Telephone Consumer Protection Act case against the telemarketer ViSalus. Edelson has a powerful interest, in other words, in the integrity of the class action system.
He claims that Equifax’s $380.5 million data breach settlement undermines public faith in that system, accusing the judge and class counsel of adding to cynicism about the benefits of class actions.
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Thursday, September 10, 2020
Need Credit Help?
#creditrepair #creditscores #credithelp
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Wednesday, September 9, 2020
Consumer Financial Protection Bureau Sues Debt Collectors and Debt Buyers Encore Capital Group, Midland Funding, Midland Credit Management, and Asset Acceptance Capital Corp.
WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (Bureau) filed a lawsuit against Encore Capital Group, Inc. and its subsidiaries, Midland Funding, LLC; Midland Credit Management, Inc.; and Asset Acceptance Capital Corp. The companies, which are headquartered in San Diego, California, together comprise the largest debt collector and debt buyer in the United States, with annual revenue exceeding $1 billion and annual net income exceeding $75 million. Encore and its subsidiaries are currently subject to a 2015 consent order with the Bureau based on the Bureau’s previous findings that they violated the Consumer Financial Protection Act (CFPA), Fair Debt Collection Practices Act (FDCPA), and Fair Credit Reporting Act. The Bureau alleges that Encore and its subsidiaries have violated the terms of this consent order and again violated the FDCPA and CFPA. The Bureau’s complaint seeks injunctions against them, as well as damages, redress to consumers, disgorgement of ill-gotten gains, and civil money penalties.
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Tuesday, September 8, 2020
6 reasons mortgage rates will decline in fall 2020
Mortgage rates are always in the news — and lately, the news for borrowers has been terrific. In early September, the typical 30-year mortgage was priced at 3.10 percent, according to Bankrate’s national survey of lenders. That’s a record low.
But what about the next few months? Where will rates wind up in the fall? Should we look for steeper interest costs or something lower?
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Thursday, September 3, 2020
Use of OFAC Data in Spotlight: Consumer Reporting Agency Sued Again for False Positive Terrorist Watch List Data in Consumer Reports
The U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) maintains the Specially Designated Nationals (“SDN”) list, which is published to identify suspected terrorists and other bad actors. US persons are generally prohibited from dealing with anyone on the list, so companies and governments regularly run checks against the SDN list and other “terrorist watch list” data to ensure that they are not doing business with such bad actors. Some consumer reporting agencies (“CRAs”) provide these checks to alert users of a possible terrorist in order to prevent prohibited transactions with such individuals. Often these users are legally required to run such checks.
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Wednesday, September 2, 2020
Tuesday, September 1, 2020
Mortgage Rates Today, September 1, 2020 | Rates rise
Several key mortgage rates increased today. The average for a 30-year fixed-rate mortgage cruised higher, but the average rate on a 15-year fixed decreased. The average rate on 5/1 adjustable-rate mortgages, or ARMs, the most popular type of variable rate mortgage, inched up.
Mortgage rates change daily, but they remain much lower overall than they were before the Great Recession. If you’re in the market for a mortgage, it could be a great time to lock in a rate. Just don’t do so without shopping around first.
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Thursday, August 27, 2020
Mortgage rates plunge after refinance fee is put on hold
Mortgage rates have plummeted after a federal agency announced it would postpone a fee on refinance loans that was sprung on lenders a couple of weeks ago.
The coronavirus “adverse market” fee will now take effect Dec. 1, instead of Sept. 1 — and the relief for borrowers has been immediate. Average 30-year rates have sunk to their lowest level since before the new surcharge first became news.
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Wednesday, August 26, 2020
Tuesday, August 25, 2020
TD Bank to pay $122M over ‘deceptive’ overdrafts in CFPB settlement
TD Bank will pay a $25 million fine and $97 million in restitution to more than 1.4 million customers, as a result of a settlement with the Consumer Financial Protection Bureau (CFPB) over “deceptive” overdraft enrollment practices that took place from 2014 to 2018, the bureau said Thursday.
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Thursday, August 20, 2020
MBS Live Day Ahead: Let’s Clarify Mortgage Rates “Reconnection” to Bonds
I talked yesterday about rates “reconnecting with the bond market,” and that’s an assertion that needs some more clarification on several levels. By way of background, the original disconnection refers to rates remaining much higher than MBS or Treasuries suggested they should be in the wake of March’s massive market volatility. At the time, I said mortgages would only slowly return to a healthier spread versus bonds, and that the spread had likely sustained some semi-permanent damage due to covid-related mortgage market issues.
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Mortgage Rates Still Battling Hangover From Last Week’s Drama
Mortgage rates are still coping with the after-effects of last week’s surprise implementation of a new fee on refinances. The fee in question is technically an LLPA (Loan-Leve-Price-Adjustment). LLPAs are a normal part of the mortgage pricing process and they help lenders account for different risk factors (credit score, equity, occupancy, etc.). The new refi LLPA is a bit different in that it’s in a sub-category known as an “adverse market fee.” This is the agencies’ way of collecting extra money to compensate for extra risks–hopefully transitory ones.
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Wednesday, August 19, 2020
Tuesday, August 18, 2020
The average mortgage closing costs, by state
The average closing costs required to buy a home in the US were $5,749 including taxes, and $3,339 excluding taxes in 2019, according to data from mortgage technology company ClosingCorp.
Closing costs are another expense to consider when shopping for a mortgage, or considering buying a house. Your closing costs can add significantly to the amount you need to buy a home, and in an expense that’s separate from your down payment.
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Thursday, August 13, 2020
Wednesday, August 12, 2020
Delaware rolls out financial aid for renters, homeowners late on rent, mortgage payments
Delaware is going to spend $40 million to help residents who are struggling to pay rent or mortgages during the coronavirus pandemic.
Eligible renters and homeowners can get up to $5,000 in aid. The money would be paid directly to the property owner or mortgage servicer.
Gov. John Carney and the Delaware State Housing Authority announced Monday that the state is resurrecting the Delaware Housing Assistance Program to help people who are missing payments because they lost income due to the coronavirus pandemic.
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Thursday, August 6, 2020
Self-Employed Borrowers Now Face More Mortgage Scrutiny
It’s always been a little tougher for self-employed borrowers to get home loans than it is for regular W-2 employees. Now mortgage lenders are hiking income verification standards for self-employed borrowers.
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Pandemic Mortgage Forbearance Falls—But Only For Certain Borrowers
The coronavirus continues to rock the economy, albeit unevenly.
Fewer homeowners overall are seeking mortgage forbearance, which allows borrowers to temporarily pause their monthly mortgage payments if they are facing financial difficulties. Homeowners will eventually have to make up the missed payments, but relief could give them time to improve their finances. As of July 28, some 7.7% of mortgages were in forbearance, a decline of 17,000 from the previous week. Conventional mortgages saw the biggest forbearance decline among home loan types.
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Wednesday, August 5, 2020
Tuesday, August 4, 2020
HSBC profits plunge 96% as loan-loss provisions jump on coronavirus
Make informed decisions with the FT
Keep abreast of significant corporate, financial and political developments around the world. Stay informed and spot emerging risks and opportunities with independent global reporting, expert commentary and analysis you can trust.
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Thursday, July 30, 2020
Credit Scoring Battle Brewing Between Washington Commissioner and Insurer Groups
Insurer groups are taking issue with push by Washington Insurance Commissioner Mike Kreidler to prohibit insurers from including information from consumer credit histories in the insurance scores used to calculate premiums for auto, homeowners, renters and life insurance policies.
Kreidler recently reached out to insurance company CEOs in a letter and urged them to stand behind their recent pledges to end discrimination and racial inequities by supporting his proposal to ban the unfair practice of using credit scoring in setting prices for auto, homeowner’s, renter’s and life insurance.
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Wednesday, July 29, 2020
Tuesday, July 28, 2020
Mortgage Rates Hit the 3% Wall. So Now What?
Two months ago, I wrote a column with the headline “Don’t Expect Mortgage Rates to Drop Much More.” At the time, the average for a 30-year fixed loan was near its record low of 3.23% but still much higher than what might be expected, given the going yield of 0.7% on benchmark 10-year U.S. Treasuries.
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Thursday, July 23, 2020
Wednesday, July 22, 2020
Tuesday, July 21, 2020
Moment of truth: Some homeowners expect struggle to pay mortgage when extra unemployment ends
Simona Roganovic is worried about how she’ll resume paying her mortgage once the extra $600 that Americans get in weekly unemployment benefits expires at the end of July. The enhanced money has given her family a lifeline.
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Thursday, July 16, 2020
CFPB files lawsuit against Chicago-based Townstone Financial for alleged discriminatory lending practices
The Consumer Financial Protection Bureau (CFBP) on Wednesday filed a lawsuit against Townstone Financial Inc., a Chicago-based nonbank retail-mortgage creditor.
CFPB’s complaint alleges that Townstone violated the Equal Credit Opportunity Act (ECOA) and Regulation B by engaging in discriminatory mortgage-lending practices and that those violations also constituted violations of the CFPA, the Consumer Financial Protection Act.
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Wednesday, July 15, 2020
Tuesday, July 14, 2020
Retail Banking in the United States: COVID-19 Impact Snapshot 2020 – ResearchAndMarkets.com
This report focuses on the impact of the Coronavirus outbreak on the economy and the retail banking industry in the US. Based on proprietary datasets, the snapshot provides a detailed comparison between pre-COVID-19 forecasts and revised forecasts of total mortgage, consumer, credit card loan balances as well as deposit balances in terms of value and growth rates. It also offers information on measures taken by the government to combat Coronavirus.
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Thursday, July 9, 2020
Your credit and the CARES Act
If you made accommodations with your lenders or creditors due to financial hardships related to coronavirus, follow these steps to ensure that your credit reports and scores are not negatively impacted.
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Wednesday, July 8, 2020
Tuesday, July 7, 2020
Supreme Court Invalidates Restriction on President’s Power to Remove the CFPB Director
On June 29, 2020, the Supreme Court issued its opinion in Seila Law LLC v. Consumer Financial Protection Bureau, slip op. No. 19-7. The decision resolves a long-disputed issue regarding the constitutionality of the structure of the Consumer Financial Protection Bureau (CFPB or the Bureau)—namely, whether the Dodd-Frank Act’s statutory restriction on removal of the CFPB Director is consistent with the President’s powers in Article II of the Constitution. In a 5-4 decision, the Supreme Court held the restriction unconstitutional and invalidated it. At the same time, the Court rejected the argument that the entire CFPB should be invalidated due to the constitutional defect, and it left other remedial issues, such as the effect of the decision on pending Bureau matters, for lower courts to decide.
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Wednesday, July 1, 2020
Tuesday, June 30, 2020
What a crock of BS
Why credit reporting matters in formulating policy during COVID-19 response and recovery
Two months from now, about 200 million people will be out of jobs due to the economic effects of the coronavirus (COVID-19). The disruption of supply chains and reduction in demand are impacting businesses’ cash flows and profitability—in some cases permanently. To avert a possible credit freeze, regulators across the globe have introduced unprecedented financial measures, such as moratoria on credit repayments and extension of past-due days. Many have also published directives mandating credit providers to stop reporting negative data.
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Thursday, June 25, 2020
Discover Bank gets another Outstanding on CRA assessment
This is all well and good, but what if anything has Discover or Matt Parks done to address the multitude of individuals in these target areas that do not qualify for loans based on credit scoring criteria…nada
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Wednesday, June 24, 2020
Qwest Review
#qwestreview #testimonial #creditrepair #creditscores #mortgage #mortgagecredit
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Qwest Review
#qwestreview #testimonial #creditrepair #creditscores #mortgage #mortgagecredit
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Tuesday, June 23, 2020
CFPB complaints spiked by 31% in first months of 2020 as Americans sought coronavirus relief
Consumer complaints to the Consumer Financial Protection Bureau rose 31% in the first five months of 2020, compared with the same period last year, with many complaints specifically mentioning the coronavirus pandemic.
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Thursday, June 18, 2020
Nationwide caps mortgage lending due to Virus
The Nationwide will lower its ceiling for mortgage lending to new customers in response to the coronavirus crisis.
It said the change, from Thursday, was due to “these unprecedented times and an uncertain mortgage market”. First-time buyers are likely to be the most significantly affected because they often have smaller amounts saved to get on the property ladder.
Nationwide has reduced the proportion of a home’s value that is willing to lend from 95% to 85%.
Here is how the UK Mortgage market is adjusting to the financial impact of COVID-19
#mortgage #ukmortgage #covid19 #impactofcovid
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Wednesday, June 17, 2020
Credit Score Need Help
#creditrepair #creditscores #credithelp #mortgage #mortgagecredit
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Tuesday, June 16, 2020
Mortgage Rates Slightly Higher, But Still Near All-Time Lows
Mortgage rates were slightly higher today for the average lender. Additionally, some lenders bumped rates a bit in the middle of the day in response to weakness in the bond market. That weakness is increasingly tied to broad movement playing out across markets as they respond to coronavirus implications.
With several states seeing rising numbers of cases, stocks and rates (via the bond market) moved lower in unison in pre-market trading. This is what allowed mortgage rates to begin the day relatively close to last week’s all-time lows. As the day progressed, the trend shifted toward modestly higher rates and higher stock prices (i.e. risk tolerance improved after investors began the day cautiously).
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Wednesday, June 10, 2020
Credit Score Outta Shape
#creditrepair #creditscores #credithelp #mortgage #mortgagecredit #realestate
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Tuesday, June 9, 2020
Mortgage Rates Starting Strong This Week
After moving higher at a fairly quick pace last by last Friday, mortgage rates are off to a better start this week. Rates remain noticeably higher versus the best recent levels, seen on June 1st and 2nd, but the average lender offered slightly lower rates this morning and then ended up offering a mid-day price improvement as well.
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Thursday, June 4, 2020
The average mortgage interest rate by state, credit score, year, and loan type
Mortgage interest rates are always changing, and there are a lot of factors that can sway your interest rate. While some of them are personal factors you have control over, and some aren’t, it’s important to know what your interest rate could look like as you start the getting a home loan.
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Wednesday, June 3, 2020
Tuesday, June 2, 2020
Qwest Testimonials
#qwesttestimonial #review #mortgage #creditrepair #creditscores
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Qwest Testimonials
#qwestreview #testimonial #creditrepair #creditscores #kellerwilliams
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Thursday, May 28, 2020
Homebuying surges as mortgage rates and home prices plummet
Homebuyers are coming out of coronavirus isolation and are swarming back into the housing market, lured by falling house prices and some of the lowest mortgage rates ever seen.
A trade group reports that applications for homebuyer mortgages have been rising for weeks and saw a particularly big jump last week.
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Wednesday, May 27, 2020
Credit Score Sick?
#creditrepair#creditscores#credithelp#mortgage#mortgagecredit#realestate
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Tuesday, May 26, 2020
Mortgage Credit Tightens, Creating Drag on Any Economic Recovery
With interest rates falling to the lowest level on record, this should be a banner time for households in search of a new mortgage
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Friday, May 22, 2020
Rates on home loans are dipping below 3% thanks to the Fed and Powell
With help from Chairman Jerome Powell and the Federal Reserve, mortgage rates are starting to fall to levels that would have seemed impossible a few months ago.
#homeloan #mortgage #mortgagepayment #mortgagebroker #federalreserve
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Thursday, May 21, 2020
Another Week, Another Trip to All-Time Lows For Mortgage Rates
Mortgage rates fell again today. Whereas yesterday’s improvements arrived in choppy fashion only after many lenders quoted higher rates in the morning. Today’s improvement was more conclusive and more consistent from lender to lender. While there were a handful of mid-day improvements in response to bond market strength, most lenders were at least as low as they’d ever been to start the day. Many lenders were decidedly lower, bringing the average top tier conventional 30yr fixed quote dangerously close to cracking below the 3.0% barrier.
#mortgage #mortgagerates #covid19 #mortgageratesfell
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Wednesday, May 20, 2020
Credit Score Need Help?
#creditrepair#creditscores#credithelp#mortgage#realestate
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Tuesday, May 19, 2020
Mortgage refinancings set to surge to a 17-year high
If you’re in the mortgage business, fasten your seatbelts. Refinance volume is set to spike to a 17-year high this year as mortgage rates fall to the lowest levels ever recorded, Fannie Mae said.
Even as other parts of the economy tank, lenders will originate $1.5 trillion in refis in 2020, a 51% jump from 2019, according to the forecast. That would be the highest level since 2003 when $2.5 trillion of mortgages were refinanced, according to data from the Mortgage Bankers Association.
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Thursday, May 14, 2020
Fannie, Freddie Announce Mortgage Deferral Program For Homeowners Impacted By COVID-19
#mortgage #mortgagebroker #fannie #freddie #deferralprogram #homeowners
Fannie Mae and Freddie Mac have announced additional relief options for homeowners struggling due to the COVID-19 pandemic.
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Wednesday, May 13, 2020
Credit Score Outta Shape?
#creditrepair #creditscores #credithelp
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Tuesday, May 12, 2020
Financially Impacted by COVID-19
#mortgage #creditrepair #creditors #autolender #studentloan #creditscores #covid19 #covidhelp
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Thursday, May 7, 2020
Under Fed’s new criteria, Equifax, Nasdaq and Tiffany & Co. are ‘Main Street’ companies
Companies with up to $5 billion in annual revenue now qualify for emergency lending program
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Wednesday, May 6, 2020
Bad Credit Score?
#badcreditscore#creditscores#credithelp#mortgage#realestate
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Thursday, April 30, 2020
Many borrowers won’t have to make missed mortgage payments all at once
The Federal Housing Finance Agency affirmed Monday that borrowers who are approved to pause or temporarily reduce their mortgage payments and whose loans are owned by Fannie Mae or Freddie Mac are not required to make a lump-sum payment when the relief period ends. The independent federal agency oversees Fannie Mae and Freddie Mac, government-sponsored entities that purchase mortgage loans from lenders and back more than 40 percent of U.S. mortgages, according to the Urban Institute.
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Wednesday, April 29, 2020
Qwest Review
#creditrepair #creditscores #qwestreview #mortgage
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