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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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