Springboard Nonprofit Consumer Credit Management, Inc. is expanding services available for home-loan borrowers who need help with recent or upcoming increases on their Home Equity Line of Credit or second mortgage payments.
Borrowers who suffered significant financial hardships in recent years are not completely 'out' when it comes to buying homes again, says Heather Shanahan, a representative with housing counseling agency Springboard.
The CFPB left the grace period open-ended and most in the industry interpreted that to mean that it will last throughout the rest of 2015, at least. Unfortunately, as welcome as that grace period is, TRID remains a costly and complicated fix that has enormous implications for the whole industry..
“Bad letters damage the brand,” Katherine Porter says. “There’s a contagion effect of this. I think bad letters are unjust. They disproportionately harm the borrowers we need to help the most.” Read More