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Volume 25 - Number 7

March 31, 2014

Payday Lending Regs on the Way After CFPB Issues Critical Report

New regulations on payday lending will be coming from the CFPB at some point, after the bureau issued a report last week that found that 80 percent of all payday loans are rolled over or renewed within 14 days. Further, the bureau found that the majority of such loans are made to borrowers who end up paying more in fees than the amount of money originally borrowed. “One could readily conclude that the business model of the payday industry depends on people becoming stuck in these loans for the long term,” said CFPB Director Richard Cordray in releasing the report.

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With rates higher this year, there has been talk of lenders liberalizing their underwriting standards in an effort to increase volume and make up for lower refis.

Do you think your shop will loosen standards over the coming three months?

Yes, but not by much.
Yes, by a lot.
Yes and, heck, we may even do non-QM lending.
No, not at all.
No and we may even tighten credit.

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