Credit card defaults increase even as delinquency drops
News from Debtmerica Relief:

The rate at which consumers fell behind on paying down credit card debt continued to generally improve in April, but the charge off rate seen by the nation’s top lenders increased because of an anomaly with one issuer’s schedule.

Due to a quirk with its calendar, Citi had an additional three days in April to write off seriously late credit card payments as uncollectable, and as such, the charge off rate for the nation’s top lenders spiked for the first time this year in April, according to new statistics from Fitch Ratings. In all, the charge off rate for these financial institutions climbed to 5.44 perc…………… continues on Debtmerica Relief

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Student Loans Pass Credit Card Debt; CFPB Observations; Origination Rankings – Look Who’s #3!

On June 15, 1752, Benjamin Franklin performed his famous kite experiment, proving that lightning is a form of electricity. Something that seems to be electrifying originators out there is this week’s comments from Rajeev Date, the Deputy Director of the CFPB. Below is a smattering of the e-mails I received.

Fred R. wrote, “I sat in on a NAMB webinar stating that CFFB is looking to extend its tentacles to Realtors, and at very least those who hold dual licenses as a realtor and as MLO (I think California requires real estate licenses for loan originations). It’s time that NAR wakes up and stands with the mortgage industry for a sensible halt to the excesses, as the two groups have a common goal.”

Brian T. noted, “A CFPB audit wants rate sheets to verify the borrower received the best rate? Since when is the only reason one lender can be selected over another is price?  In that case, why not just eliminate all but the lowest priced lenders right now – there will then be just one provider and we’ll never again have to worry about the ‘lowest price’. Does service, or the difficulty in doing a loan, matter?  So much for the CFPB restoring ‘free markets’.”

Larry O. observed, “In every free market exchange t…………… continues on Mortgage News Daily

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