Articles

A New ‘Fixer Upper’ Mortgage Program Suggests Shifts In Lending Landscape

Mortgages may be on the pivot again. They have made it through a period of tight lending conditions all the way to our current phase where lenders have had to come up with dozens of iterations of low downpayment programs. While the low downpayment trend hasn’t ebbed completely, it may be shifting towards a lending landscape that provides even more cash to buyers—particularly first-time buyers and those who want to age in place.  Freddie Mac announced last week a new CHOICERenovationproduct that joins the other home renovation mortgage options out there which encourage buyers to purchase old housing stock.

OCC Reports Improvement in Mortgage Performance

WASHINGTON —The Office of the Comptroller of the Currency (OCC) reported a slight improvement in the performance of first-lien mortgages in the federal banking system during the first quarter of 2019.   The OCC Mortgage Metrics Report, First Quarter 2019 showed 96.2 percent of mortgages included in the report were current and performing at the end of the quarter, compared to 95.6 percent a year earlier.

Fearful of another recession, Americans are losing sleep over their finances

Some Americans are feeling uneasy. Consumer confidence fell to a two-year low in June, the Conference Board announced this week. It fell to 121.5 this month from a 131.3 in May. That’s the lowest level since September 2017.  “The escalation in trade and tariff tensions earlier this month appears to have shaken consumers’ confidence,” Lynn Franco, senior director at the Conference Board, said in a statement. Continued uncertainty could “diminish” people’s confidence in the economic expansion, she added.

CFPB Extends Comment Period For ANPR on HMDA Data Points

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) announced today that it is extending the comment period on its Advance Notice of Proposed Rulemaking (ANPR) relating to the Home Mortgage Disclosure Act (HMDA). The extension will give interested parties an opportunity to review the Bureau’s annual overview of residential mortgage lending based on the HMDA data financial institutions collected in 2018, as requested by a variety of stakeholders. In late summer, the Federal Financial Institutions Examination Council will release the national loan level dataset and the Bureau will release an overview of that dataset.

KeyBank launches Financial Wellness Review

KeyBank is launching Financial Wellness Review, a new tool aimed at helping customers better understand and address their financial pictures.  The review combines advanced analytics with personalised expertise giving clients deeper insight into their financial behaviours and identifies real solutions.   “We know that each person’s financial wellness journey is unique. Behaviours vary, and needs differ. Personalised banking experiences are truly valuable,” says Dennis Devine, President of Key’s Consumer Bank.

Congress moves to make IRS more customer-friendly by passing Taxpayer First Act

Congress recently took a stab at revamping the Internal Revenue Service to improve customer service and mend its tattered reputation so that deciding between dealing with the agency and having one’s teeth drilled isn’t such a difficult choice.  Key provisions in the Taxpayer First Act —  passed by the House and Senate earlier this month — range from improvements in technology systems and the strengthening of taxpayer rights, to creation of an independent office of appeals and expansion of a program that will let all taxpayers obtain a personal identification number to better guard against tax refund fraud.

Artificial Intelligence Makes Boosting ID Theft Protection Critical, House AI Task Force Chair Warns

Artificial intelligence is making improving identity theft protections imperative, House Financial Services Committee AI Task Force Chair Bill Foster warned Wednesday.  The Congressman said AI has become an increasingly popular tool for crooks to swipe assets and sensitive financial information from consumers.  AI is being used to help steal Social Security numbers, credit card numbers and other personal identity factors can be stolen and sold on the dark web, or used by criminals for quick and easy profit gain, Foster explained.

Early Bird Registration for the Debt Connection Symposium and Expo 2019 Ends July 19!

Debt Connection Symposium and Expo 2019 will be held on September 10-12, 2019 at the Red Rock Hotel in Las Vegas, NV.  There is an early bird rate of $1,295 that will end on July 19, 2019, on July 20, 2019 the rate goes up to $1,395.  Register today to get that early bird rate!

Registration is open to Industry Professionals, both Operational and Marketing, from Creditors, Debt Sellers, Collection Agencies, Collection Attorneys, Debt Buyers, Scoring & Analytics Vendors, Skip/Locate Vendors, Collection/Recovery Software and Hardware Vendors. This conference represents a solid opportunity for substantive interaction between clients and vendors, and a comfortable setting to discuss new opportunities.   Click here to register today: https://debtconnectionsymposium.com/registration.html

For more information on other conference information, please go to https://debtconnectionsymposium.com/

ANNOUNCING THE RETURN OF THE AUTO FINANCE PEER GROUP, MODERATED BY KELLI EDMONDS OF SANTANDER CONSUMER USA AT THE DEBT CONNECTION SYMPOSIUM & EXPO 2019

Auto Finance Peer Group members will want to mark their calendars for September 10th, 1:30 p.m. to 2:50 p.m. for this special peer networking discussion.   The Auto Finance Peer Group break out session provides auto creditors the opportunity to meet with industry peers to discuss auto recovery issues, challenges and best practices. During the break out session, there will be discussions related to the current economic situation, its impact on auto recoveries, and the best practices of industry leaders to manage recovery operations through these challenging times. The session will be an interactive open forum providing attendees the opportunity to share their experiences, thoughts and plans for the future.  Auto Finance Peer Group is a member’s only group.

THE AUDIT BENCHMARKING OVERSIGHT SURVEY FOR CREDITORS AND SERVICERS IS STILL AVAILABLE

Resource Management Services, Inc. supports the concepts of benchmarking and best practices through our continued education and research projects.  We’ve kept these short, but meaningful.  All responses are confidential, and can be anonymous.  All participants can receive a copy of the results by providing their contact information to us.  No individual company information or contact information will be provided in the analysis and results.

Audit oversight survey for creditors
To participate in the Creditor Audit Oversight Survey, please use the link below https://www.surveymonkey.com/r/2019CreditSurvey

Audit oversight survey for agencies, attorneys and specialty vendors
To participate in the Agency Audit Oversight Survey, please use the link below: https://www.surveymonkey.com/r/2019ServicerSurvey