![]() We believe it is in the best interest of all members of the industry to read these documents. The complaint, settlement and press release announcing the settlement can be found at the following website. Where can I get a copy of the complaint and settlement documentation? Bottom line: This may be the most important regulatory action to impact the ARM industry since the passage of the Fair Debt Collection Practices Act (FDCPA). In addition, I have added my own interpretations based on spending the last six years focused on data compliance and security issues as well as the last two years immersed in the ARM Industry working with Clients in the industry. In compiling this information, we have spoken with a number of ACA and DBA members and the Federal Trade Commission. The following is information regarding the settlement in a question and answer format. Understanding these issues and taking appropriate preventative measures now can reduce the risk of the FTC showing up on your organization’s doorstep. The EMC Mortgage case may provide a roadmap to areas where the FTC will focus when investigating industry members. ![]() So what does a mortgage loan servicing company have to do with debt buyers, issuers and collection agencies? Everything when the FTC defines both Bear Stearns and EMC Mortgage as a debt collector.įTC Division of Financial Practices Associate Director Peggy Twohig was quoted recently stating “recordsetting enforcement activity is on the horizon” for the industry. EMC Mortgage is the mortgage loan servicing unit of Bear Stearns which is now owned by JPMorgan Chase. The recent settlement between the FTC and Bear Stearns/EMC Mortgage appears to have broad implications for the accounts receivable management industry. ![]()
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