With two presidential debates, one vice presidential debate behind us and less than a month til voting day, the election season is in full swing! Soon we will going to the polls or sending in our ballots (find out how here). It's hard to say what exactly will change depending on who gets elected in local and national elections, but this got us thinking, what legislation and policies affect our programs and our clients? Many things are up in the air: tax policies, military spending, how to balance the national budget. However, over the past few years there have been great strides in consumer protections and funding for asset building programs. 

 

The Consumer Financial Protections Bureau, just established last winter, has been busy collecting stories from consumers, investigating and charging financial companies and institutions who have made a profit off of consumers in a predatory and illegal way and developing resources for consumers such as the Student Loan Debt Repayment Assistant (which we are a big fan of!). Following the lead of Oregon's new legislation which mandates mediation between a mortgage holder and the mortgage company before a house goes into foreclosure, The CFPB is proposing national regulations that would require mortgage servicing companies to be more transparent, easier to work with and provide more options for mortgage holders who are close to foreclosure. Read more about it here.

 

Assets for Independence Act has supported thousands of savers go back to school, buy a home or start a small business. If you are in school, planning to go back to school or have a loved one who is in that situation- check out our matched savings accounts! We will be enrolling new savers into our IDA matched savings program over the next few months!

 

Also very exciting, the section 8 waiting list will open up for the first time in six years starting November 1-10th. See if you qualify for subsidized housing and find out to how to get on the waiting list here. 

 

Not policy related, but equally awesome, we are offering a new tool to make tracking your spending easier! Tracking spending is one of the hardest barriers to creating a realistic budget. This method is very convenient because it is all text based! Check it out here. 

 

Also, come to our great upcoming seminars on Saving for the Future and Surviving the Holidays Debt Free. This will offer great ideas and resources for planning ahead and entering the new year on top!

 

Happy voting and happy reading,

In the wake of the financial crisis, Congress formed the Consumer Financial Protection Bureau (CFPB) "to make markets for consumer financial products and services work for Americans" by ensuring that the associated costs and risks are clear to the consumer. One of the newest actions of the CFPB has been to propose new mortgage servicing rules. The proposed rules emphasize communication and pre-foreclosure intervention. Here are the highlights:

 

Identification of Mortgage Loan Servicers and Access to Servicer Personnel- Servicers would be responsible for keeping borrowers informed, and records updated, when a loan is transferred to a different servicer.Servicers would also be required to provide "readily available telephone access" to servicing personnel who can assist borrowers who fall behind on their payments!

 

Periodic Statements- Servicers would be required to provide periodic statements. The proposed statements will include servicer contact information, amount due, interest rate, payment due date and the application of past payments.

 

Access to Information and Error Resolution- Servicers would be required to respond to verbal requests for information and to borrower concerns about possible errorswithin certain time frames. 

 

Notice of Upcoming Interest Rate Changes- Servicers would be required to notify consumers of interest rate changes on Adjustable Rate Mortgages (ARM) approximately seven months before the first rate adjustment. 

 

Early Intervention- Servicers would be required to make a "good faith effort" to contact delinquent borrowers in person or by phone. The purpose of the proposed contact is to inform borrowers of overdue payments and advise borrowers of alternatives to foreclosure.

 

Evaluation for Alternatives to Foreclosure- Servicers would be required to review borrower applications to determine whether a borrower qualifies for a loss mitigation option (LMO) in lieu of foreclosure.

 

Prompt Crediting of Payments- Servicers would be required to apply payments on the day received. The proposed rules also clarify the handling of partial payments.

 

The Regulation Room at regulationroom.org is a great resource for information on, and discussion of, the proposed changes The public is invited to weigh in with comments

 

 

The IC$ IDA program offers a 3:1 match for those saving to attend an institution of higher education. Savers must put at least $25 into an account every month, complete financial education requirements and plan to go back to school or already be attending school. Savers can save for themselves or a loved one. 

 

If you are interested in the IDA program, or know someone who may be interested, sign up for an IDA orientation today! The next orientations will be:

• MONDAY, OCTOBER 22ND FROM 5-6PM
• THURSDAY, NOVEMBER 8TH FROM 5-6PM

You only have to attend one.  The orientations will be held in 2010 LLOYD CENTER (on the 3rd floor between the food court and Nordstroms) and people can RSVP that they are coming by calling us at 503-249-5205 or emailing Misha, misha@innovativechanges.org. 

 

For more information about the IDA program visit our website here.

Are You Receiving Your Payment Reminders?

If you chose to receive your payment reminders by email, make sure that they are coming to your inbox and not your junk mail. If you would like to change the way that you receive reminders (by mail, by email, or by phone call) let us know! Call Misha at 503.249-5205.

How to Make Your Loan Payment

 

Are you having trouble making your payment this month, or afraid that it might be a little late? Let us know! We understand that unexpected events and expenses can make it hard to keep your finances on track, and Innovative Changes wants to be there for you in such cases. Innovative Changes is flexible and willing to work with our borrowers to satisfy loan obligations, and in return we ask for honest and timely communication. Remember, if you know your payment is going to be late, let us know ahead of time and we might be able to avoid charging a late fee, or sending out a late notice.