Servicing

Complaints to the CFPB hit an all-time high, with mortgage servicers getting much of the fire; Frank Bisignano details his priorities as Fiserv’s new CEO; lenders worry they could be stuck with billions in Paycheck Protection Program loans; and more from this week’s most-read stories.

Democrats’ latest proposal to back debt collectors, enable loans for nonprofits and provide other relief could help steer negotiations with the Senate on more stimulus.

Democrats’ latest proposal to back debt collectors, enable loans for nonprofits and provide other relief could help steer negotiations with the Senate on more stimulus.

The move is the first time the bank has provided services to digital currency players; the Washington Post and four other heavy hitters want details on PPP and small business disaster loan programs.

The joint site describes potential strategies for both homeowners and renters economically affected by COVID-19.

The agency’s IG says the PPP failed to prioritize borrowers in underserved and rural markets; the firms, which lack deposits to cushion them, are vulnerable to borrowers defaulting on their loans.

Complaints to the bureau hit an all-time high in April. More than one in five said servicers wouldn't grant deferrals, forced borrowers into forbearance or violated other requirements of the coronavirus relief law.

The SBA's long-standing Economic Injury Disaster Loan program has been so overwhelmed with applications that the agency has capped loan sizes; ECB finding few takers for a program in which it pays banks to make business loans.

Lenders that scrambled to grant forbearance as the coronavirus pandemic took hold are unsure about the extent of potential losses.

Some benefits are materializing from Fannie Mae's pledge to limit servicers' exposure to principal-and-interest advances the way Freddie Mac does, but counterparties of both GSEs remain exposed to other concerns.