The banking agencies issued two guidances to caution depository institutions about risks involved in funding non-deposit
Posted: Tue Mar 08, 2022 9:27 am
The banking agencies issued two guidances to caution depository institutions about risks involved in funding non-depository lenders that engage in predatory lending. Predatory and abusive practices include:
A. High-pressure sales
B. Excessive fees and interest rate including fees for unnecessary products
C. Balloon payments that may never cause foreclosures
D. Excessive refinancing with fees included in the new loan
A. High-pressure sales
B. Excessive fees and interest rate including fees for unnecessary products
C. Balloon payments that may never cause foreclosures
D. Excessive refinancing with fees included in the new loan