Mortgages Rank Third Among Consumer Complaints in Latest CFPB Snapshot

first_img Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Mortgages Rank Third Among Consumer Complaints in Latest CFPB Snapshot Related Articles About Author: Brian Honea Tagged with: CFPB Consumer Complaint Database Credit Reporting Agencies Mortgages  Print This Post Home / Daily Dose / Mortgages Rank Third Among Consumer Complaints in Latest CFPB Snapshot in Daily Dose, Featured, Government, News Subscribe Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. Previous: New Home Sales Bounce Back in July from a Disappointing June Next: Atlanta Fed Launches Online Publication Covering U.S. Economic Issues Sign up for DS News Daily center_img Data Provider Black Knight to Acquire Top of Mind 2 days ago August 25, 2015 1,129 Views The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago CFPB Consumer Complaint Database Credit Reporting Agencies Mortgages 2015-08-25 Brian Honea Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago The Best Markets For Residential Property Investors 2 days ago Mortgages were the third-most complained about financial product nationwide in July, according to the Consumer Financial Protection Bureau (CFPB)’s monthly consumer complaints snapshot for July released Tuesday.As of August 1, 2015, the Bureau has handled 677,200 consumer complaints across all products in slightly more than four years of operation, according to the snapshot.In July 2015, the Bureau handled 26,704 complaints. Approximately 17 percent of those complaints in July were on mortgages (4,498), making it the third-most complained about financial product during the month. The top two categories were debt collection (8,224, or 31 percent) and credit reporting (6,696, or 25 percent). CFPB found that the top three companies receiving the most complaints for a three-month period from March to May 2015 were Equifax, Experian, and Bank of America.Mortgages have been the most complained-about financial product since the Bureau opened in July 2011, accounting for about 28 percent of all complaints (about 189,600 out of 677,200).The Bureau’s July snapshot spotlights credit reporting complaints, which CFPB has been accepting since October 2012. In less than three years, the Bureau has handled approximately 105,000 complaints related to credit reporting. Between June and July 2015, the CFPB found that the number of credit reporting complaints shot up by 56 percent, from 4,289 to 6,969.  The number of credit reporting complaints handled from May 2015 to July 2015 increased by 45 percent from the same period the prior year, according to CFPB.More than three-fourths (77 percent) of the complaints  submitted on credit reporting involved incorrect information on reports such as debts already paid or not yet due that showed up on their report and therefore negatively affected their credit scores, CFPB reported.Out of the top five most complained-about companies, three of them were credit reporting agencies (Equifax, Experian, and Transunion). In fact, 97 percent of credit reporting complaints received from March 2015 to May 2015 were on one of those three nationwide credit reporting agencies, according to CFPB.”Whether a consumer is trying to get a mortgage, apply for a student loan, or buy a car, credit reports are fundamentally important in allowing people to access their financial goals,” CFPB Director Richard Cordray said. “As we see a rise in the number of consumers complaining about this issue, the Bureau will continue to work to ensure that credit reports are fair, accurate, and readily available to all consumers.”The July snapshot highlighted complaints from the Los Angeles, California, metro area, which is the second-largest metro in the United States by population. As of August 1, 2015, the state of California has accounted for about 94,000 (14 percent) of the 677,200 consumer complaints the CFPB has handled since opening its doors in July 2011. Out of those complaints from California, 33,700 (5 percent) have come from the Los Angeles metro area.”Whether a consumer is trying to get a mortgage, apply for a student loan, or buy a car, credit reports are fundamentally important in allowing people to access their financial goal.”The CFPB found that although mortgages have been the most complained-about financial product over the four years of the Bureau’s existence, consumers in Los Angeles have submitted complaints on mortgages at a higher rate than the national average. About 35 percent of complaints the CFPB received from consumers in the Los Angeles area were mortgage-related, compared to a 28 percent nationwide average. The rates at which consumers in Los Angeles complained about credit reporting and debt collection were lower than the national averages, however. Credit reporting complaints accounted for 14 percent of those received by the Bureau from Los Angeles, compared to 16 percent nationwide; for debt collection, it was 22 percent for Los Angeles and 25 percent nationwide.The CFPB launched its consumer complaint database in July 2012. The Bureau caused some controversy when it began publishing complaint narratives in June 2015. The Five Star Institute and Black Knight Financial Services published a study in April adding more context to the consumer complaints.To view the entire CFPB monthly complaint snapshot for July, click here.Editor’s note: The Five Star Institute is the parent company of DS News and DSNews.com. Share Savelast_img read more

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Thought leadership – Faster payments? Or same day ACH?

first_imgSame Day ACH payments are on the way and are expected to have huge impact on how payments are made in today’s environment. Same Day ACH is planned to move payments and payment related information quicker to ensure any ACH payment can reach anyone, anywhere across the country regardless of which credit union or bank is used.On September 23, 2016, phase one of the Same Day ACH 3-year planned roll-out becomes mandatory for financial institutions in the U.S. This means that credit unions and banks (and other third-party financial institutions) will be required to accept credit transactions that are assigned the current day’s effective date, and settle on the same day. Prior to this change, settlement for credit transactions has been 1 to 2 business days. FIs have until Sept 2017 before being required to support same day debit ACH. A fee of 5.2 cents per same day transaction is assessed by the originating FI and passed through to the receiving FI. It is yet to be seen whether the originating FI will pass on these charges to its customers or absorb them as a cost of doing business.Largest CU’s to offer same day originations by end of the yearWhile credit unions and banks must be ready to receive same day ACH, not all will be originating. It is believed that the largest credit unions and banks will offer same day originations by the end of the year, primarily those FIs that offer payroll services or have merchant acquiring portfolios that may want to offer their merchants a speedier settlement to help with cash flow. However, it does require extra effort on the part of the receiving institution. They need to understand the schedules for receiving same day ACH and posting the transactions; their vendors need to be prepared to process those transactions in the required windows. And as volume dictates, some level of automation may be needed to meet the requirements. continue reading » 11SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more

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No Liverpool switch for Real Betis defender

first_imgRead Also: Serie A club AS Roma get new owners- reportsThe 28-year-old joined Los Verdiblancos in 2016 from Reims and has made 141 first-team appearances in the time period since, including 30 outings this season.Mandi is primarily a right-sided central defender and has played in that position in part of a Betis three-man defence at times during his stint in Spain, and also in a central defensive partnership.FacebookTwitterWhatsAppEmail分享 Promoted Content11 Most Immersive Game To Play On Your Table TopWhich Country Is The Most Romantic In The World?What Are The Most Delicious Foods Out There?8 Superfoods For Growing Hair Back And Stimulating Its GrowthYou’ve Only Seen Such Colorful Hairdos In A Handful Of Anime8 Things To Expect If An Asteroid Hits Our PlanetIs This The Most Delicious Food In The World?Real World Archaeological Finds That Would Stump Indiana JonesPlaying Games For Hours Can Do This To Your Body10 Risky Jobs Some Women DoBirds Enjoy Living In A Gallery Space Created For Them8 Best 1980s High Tech Gadgets The Algerian international’s release clause at the Seville-based club is €30m but due to the circumstances, he could be allowed to depart for less than half of that sum. Liverpool transfer news has included links to defender Mandi, with suggestions that he could replace the outgoing Dejan Lovren in Jurgen Klopp’s squad. Real Betis have not received an offer from Liverpool to sign central defender Aissa Mandi, despite reports from Spain and England. That is according to a report in El Mundo Deportivo, which outlines Mandi’s contractual situation expiring next year and Betis are therefore open to cashing-in this summer.Advertisement Loading… last_img read more

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Failure to respect the judicial rulings on the No-confidence Motion will be politically and…

first_imgOn January 31, 2019, the Chief Justice delivered her judgement on the No-confidence Motion issue which was much to the disfavour of the Government – and which is technically now characterised as a fallen Government in light of the learned Chief Justice’ ruling. To give a brief synopsis of the events thereto, after the ruling of the High Court was delivered and as was expected, the Government announced even before the court ruled that they will appeal that ruling all the way up to the Caribbean Court of Justice which is the final court of appeal for Guyana. In the meanwhile, members of Government, including his Excellency David Granger, declared they are not resigning at one of their elections campaign forum.Though appealing this matter is perfectly well in order, it must be done in an extremely expeditious manner to avert a political and constitutional crisis on or before March 21, 2019. If this is not done and the Government continues to hold onto power and impose its dictates that they have no intentions of resigning or even calling General Elections speedily, it is unfortunate to say that after March 21, 2019, the Opposition will effectively not recognise the Government as a legitimate government, the international community based on some public pronouncements already, may also recognise the Government as an illegitimate government in office and these are certainly not good signs for Guyana. These events are almost a replica of the situation in Venezuela recently and Guyana is not even producing oil as yet.Hence, this is a worrying time for Guyana against the aforementioned because there will be a political and economic crisis and even a constitutional crisis if the appeals are not dealt with in a timely manner. What will happen in these circumstances is Guyana will become politically weak and vulnerable; the country’s sovereignty will also become highly vulnerable in light of threats from Venezuela on the controversial border matter surrounding the two countries – in other words, such risks which Guyana is currently faced with in protecting the country’s sovereignty will also be escalated to a high risk of the undesirable at this time.Moreover, on the economic development side, both private and foreign investors are already worried and holding back from getting involved in terms of investing in Guyana – much less signing any contracts with the Government. The manifestation of these events will only hurt the Guyanese people; especially the working class at the expense of politicians fighting for power and clinging to power without any regard for a strong and prudently governed economy in the interest of all its peoples. The economy is at risk of becoming standstill overall, very little or no investment will occur during this period, unemployment will be on the rise, crime will be on the rise and social and economic hardships will be imposed upon the working class especially.It is therefore strongly suggested by this author that if indeed the coalition political party, now a fallen government (until and unless the Appeal Court rules otherwise), are confident as they boldly continue to contend, then do the mature thing like the Opposition did when same was brought against them in the Parliament in 2015, the President at that time did a politically mature thing to dissolve the Parliament and immediately call a snap election, despite losing that election. Now, the tables have turned and the actions of the sitting Government speaks anything but democratic practices and political maturity on their part. In the eyes of the intellectual community, they are only discrediting themselves much to their insolent embarrassment.It is hoped that the international community continue to impose strong pressures upon the political leaders on both sides for there to be national elections as early as possible. It is the only amicable solution to settle this matter on confidence or no confidence. The electorate should determine this outcome and not a court of law within these circumstances – especially since one High Court has already spoken and the Legislature has spoken as well – quite consistently.last_img read more

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SA sees 10 percent increase in visitors

first_img2 November 2012 Travel and tourism in South Africa is booming, with the country recording an increase of 10.5% in the number of arrivals during the first six months of 2012 compared to the same period last year. A total of 4 416 373 visitors arrived in South Africa between January and June this year. This figure represents an increase of 419 613 more visitors than the 3 996 760 tourists who stepped onto South Africa’s shores in the same period last year, Tourism Minister Marthinus van Schalkwyk told the Cape Town Press Club on Thursday. “This local growth figure is double the global growth figure recorded for the same period.”Global tourism outlook optimistic “With regard to overseas markets, tourist arrivals registered a staggering growth of 17.1 percent during the same period under review,” Van Schalkwyk said. China has overtaken France and the Netherlands as South Africa’s fourth biggest sources of visitors, while the United Kingdom remains unsurpassed as the biggest traditional market for South Africa. “This was a growth from 993 364 during the first six months of 2011, to 1 163 4777 during the same period in 2012.” Globally the outlook for tourism and travel was also fairly optimistic, with the United Nation’s World Tourism Organisation indicating an increase of 5% in the number of international tourists worldwide. “This was an increase from 445-million in 2011 to 467-million in 2012. It is estimated that by the end of 2012, total global tourists will surpass 1-billion, recording a growth of between 3 and 4%,” the minister said. However it was anticipated that there might be a slowdown in the last six months of this year. Van Schalkwyk said the World Travel and Tourism Council believed tourism and travel in South Africa directly employed more people in the country than mining, communication services, automotive and chemical manufacturing. “Tourism’s direct and indirect contribution to employment was estimated at 1.2- million jobs in South Africa in 2012.” He said that Africa was the main sources of tourists for South Africa. “Arrivals from the continent from January to June 2012 recorded a growth of 8.3 percent. The growth experience from the continent confirms the importance of this market for long-term sustainability of the South African tourism industry which is a global trend.” Next year’s African Cup of Nations (Afcon) tournament, to be hosted by South Africa, also presented “an opportunity to further position South Africa’s destination brand in the continent”. “In this regard, South African Tourism will run an extensive marketing campaign in the qualifying participating countries,” Van Schalkwyk said. Visitor numbers from other BRICS countries were also up, with Brazil and China showing growth of 68.3% and 21.2% respectively. Source: SANews.gov.zalast_img read more

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Gallery: All-year sunshine in KwaZulu-Natal

first_imgKwaZulu-Natal has it all: a long coastline of beautiful beaches, rolling green midlands inland, a wealth of African culture, the magnificent Drakensberg range of mountains, and game reserves stocked with the Big Five – all to be enjoyed with 320 days of sunshine a year. The Amphitheatre in the Drakensberg Mountains. The uKhahlamba-Drakensberg National Park is a Unesco World Heritage Site. (Image: South African Tourism, CC BY 2.0, via Flickr)Compiled by Mary AlexanderA thriving tourism industry means South Africa is closer to achieving its National Development Plan goals of skills development and creating decent employment through inclusive economic growth.KwaZulu-Natal offers a heady mix of cultural, historical and natural attractions. Durban is a seaside city with Blue Flag beaches, and entertainment and activities of all kinds.The province also has deep and varied cultural heritage – once home to the legendary King Shaka, it has one of the largest Indian communities outside India, and a strong British colonial heritage. You’ll see this rich mix of cultures on the streets of Durban and Pietermaritzburg, KwaZulu-Natal’s major cities.The Durban waterfront at sunset. (Image: South African Tourism, CC BY 2.0, via Flickr)A surfing lesson at Addington Beach in Durban. (Image: South African Tourism, CC BY 2.0, via Flickr)A dolphin performs for tourists at uShaka Sea World, part of the uShaka Marine World development in Durban. (Image: South African Tourism, CC BY 2.0, via Flickr)Rolling sugarcane fields, a signature landscape of KwaZulu-Natal. (Image: Brand South Africa)Moses Mabhida Stadium in Durban was built for the 2010 Fifa World Cup. (Image: South African Tourism, CC BY 2.0, via Flickr)Bungee jumping from the roof of the Moses Mabhida Stadium in Durban. (Image: South African Tourism, CC BY 2.0, via Flickr)The Nelson Mandela Capture Site, outside, commemorates the statesman’s arrest in August 1962 at a roadblock near the KwaZulu-Natal town of Howick. Mandela would spend the next 28 years in jail. He was released in February 1990. (Image: South African Tourism, CC BY 2.0, via Flickr)The Durban yacht basin, with the city’s central business district skyline behind. (Image: South African Tourism, CC BY 2.0, via Flickr)The historic city hall in Pietermaritzburg, the capital of KwaZulu-Natal. (Image: Brand South Africa)Traditional Zulu dancing. (Image: South African Tourism, CC BY 2.0, via Flickr)An Indian spice shop in Durban offers a range of delights. Durban has the country’s largest population of Indian South Africans, making it the largest “Indian” city outside of India itself. (Image: Brand South Africa)Panoramic view of the 18-hole golf course at the Champagne Sports Resort in the Central Drakensberg. (Image: South African Tourism, CC BY 2.0, via Flickr)A colourful mural at the Durban Snake and Reptile Park. (Image: Brand South Africa)A traditional homestead in Zululand. (Image: Brand South Africa)Karkloof Canopy Tours in the KwaZulu-Natal Midlands takes visitors on a zipline adventure through the second-largest indigenous forest in South Africa. (Image: South African Tourism, CC BY 2.0, via Flickr)The beach and lighthouse in Umhlanga, north of Durban. (Image: South African Tourism, CC BY 2.0, via Flickr)Umhlanga pier, north of Durban. (Image: South African Tourism, CC BY 2.0, via Flickr)Schoolchildren get a lesson in the aquarium at uShaka Marine World in Durban. (Image: South African Tourism, CC BY 2.0, via Flickr)Bioluminescent jellyfish in a display tank at the uShaka Marine World aquarium in Durban. (Image: South African Tourism, CC BY 2.0, via Flickr)last_img read more

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Perdue confirmation hearing held

first_imgShare Facebook Twitter Google + LinkedIn Pinterest The Senate Agriculture Committee held a hearing yesterday on the nomination of Sonny Perdue as U.S. Secretary of Agriculture.“Today, Governor Perdue promised to be a ‘strong and tenacious advocate’ for America’s farmers and ranchers and ‘USDA’s chief salesman around the world.’ We could not agree more on the need for strong leadership at USDA, especially when it comes to trade. Governor Perdue pledged to work closely with the rest of the Administration to negotiate strong trade deals that benefit America’s farmers and ranchers. We also appreciate his commitment to a strong Renewable Fuel Standard,” said the National Corn Growers Association in a statement. “USDA has been without a Secretary for more than two months, at a time when there is much work to do. NCGA stands ready to work with Governor Perdue and the rest of the Trump Administration to support strong trade policy, continue investing in renewable fuels, protecting risk management programs, and preparing for the next farm bill. We urge the Senate to confirm him as soon as possible.”last_img read more

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Free Glitch Script for Adobe After Effects

first_imgCreate lo-fi style tech effects with this free After Effects glitch script from CreativeDojo.The glitch effect is a popular design style for text and title treatments in After Effects. We previously featured a paid glitch script, but now we’ll share one better – free. Premiumbeat blog friend VinhSon Nguyen from CreativeDojo has created a really handy script for giving text a glitched out look.In the video, you’ll see how the script makes it quite simple to apply glitch in your AE projects. VinhSon demonstrates an After Effects technique that uses the script to create a glitch transition.Visit CreativeDojo to download the script (it’ll cost you one like on Facebook or follow/tweet on Twitter).last_img

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Nazareth-NU, La Salle-Lipa seal title tiff

first_imgDon’t miss out on the latest news and information. The finals match was ongoing at press time with Hope and Holy Rosary slugging it out for third place.FEATURED STORIESSPORTSWATCH: Drones light up sky in final leg of SEA Games torch runSPORTSSEA Games: Philippines picks up 1st win in men’s water poloSPORTSMalditas save PH from shutout View comments Brace for potentially devastating typhoon approaching PH – NDRRMC Kris Aquino ‘pretty chill about becoming irrelevant’ Stronger peso trims PH debt value to P7.9 trillion Deaf personalities everyone should know PLAY LIST 04:26Deaf personalities everyone should know05:01What the Deaf want the hearing to know00:50Trending Articles01:29Police teams find crossbows, bows in HK university01:35Panelo suggests discounted SEA Games tickets for students02:49Robredo: True leaders perform well despite having ‘uninspiring’ boss02:42PH underwater hockey team aims to make waves in SEA Games01:44Philippines marks anniversary of massacre with calls for justice01:19Fire erupts in Barangay Tatalon in Quezon City Nazareth School of National U clipped Holy Rosary College and silenced the home crowd, scoring a 25-17, 25-13, 25-19 victory to set up a title clash with La Salle-Lipa in the 18-and-under Rebisco Volleyball League at  City of Santa Rosa Multi-Purpose Sports Complex in Laguna late Saturday.But while the NSNU girls kept their unbeaten run going, the Batangas squad needed five sets to ward off Hope Christian High School, 25-16, 25-21, 19-25, 18-25, 15-8.ADVERTISEMENT We go crazy for our hoop team Japan ex-PM Nakasone who boosted ties with US dies at 101 Read Next MOST READ Typhoon Kammuri accelerates, gains strength en route to PH Kammuri turning to super typhoon less likely but possible — Pagasa QC cops nab robbery gang leader, cohort LATEST STORIES CPP denies ‘Ka Diego’ arrest caused ‘mass panic’ among S. Tagalog NPAlast_img read more

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