The industries we serve weren't shy to change in 2013. In fact, some of the most notable changes in the industry’s history occurred this past year. While some of these changes made it easier for industry professionals to get the job done, others made the process more difficult. To help ring in 2014, we've compiled the top news events of 2013 for the biggest industries we serve.

TCPA Implements Changes Affecting Mortgage and Debt Industries

In October 2013, the Telephone Consumer Protection Act added more restrictions to telemarketing calls -- including those calls from the mortgage and debt industry. The new rules that went into effect October 16, 2013 (which we blogged about here) require written consent before any autodial or robot call or text is used to contact a consumer. The TCPA also stipulated that if the consumer and the company have a business relationship, the company could use autodials or robot calls to communicate. The rule clearly states that the consent must be unambiguous, which means the consumer must agree after receiving a clear disclosure from the company. The advertiser must keep records of this consent, because if the consumer files a lawsuit, they will be required to furnish such proof.

 The Consumer Financial Protection Bureau [CFPB] Makes Big Changes

In 2013, the Consumer Financial Protection Bureau made a few significant changes for the mortgage industry which we blogged about this past summer here Some of the most notable included:

• Updates to the Truth in Lending or Regulation Z. Including full disclosure of applicable fees, real estate settlement procedures, and a final ruling on the Escrows Rule.
• Regulations for how debts will be collected, including mortgage debts, in the United States.
• Requirements for appraisals for higher-priced mortgage loans.

 Rising Rates Impact the Mortgage Industry

Everyone can see by now mortgage rates are on the rise. We gave you a heads up back in July! Although they dipped a little the first week in January, Mortgage buyer Freddie Mac said January 9, that the average for the 30-year loan slipped to 4.51% from 4.53% last week. The rate for the 15-year loan edged up to 3.56% from 3.55%. While they won’t skyrocket as they did before the market crash, this slow incline has significantly reduced the number of mortgage applications. Since there has been a decline in mortgage applications, more companies and professionals are leaving the industry. Those companies that are staying in business and continuing to work, even though the decline, are looking for savvier ways to attract new customers -- such as new lead generation tactics like buying fresh leads and more content marketing.

Federal Tapering Begins in 2013

The Federal Open Market Committee announced in 2013 that they would start tapering their purchases of mortgage-backed securities by $10 billion. Instead, they will be adding longer-term securities. The zero interest rates won’t change with the tapering, but this act alone will start to show its significant impact to the industry in 2014. Read more about tapering and how it effects mortgages here.

 Lenders Make Lending Impossible

Because of the housing market crash, lenders have tightened the strings on approvals, but for 2013, they took it even further. Lenders are now announcing the increased credit score expectations and only offering premium interest rates to those with exceptional credit scores -- something the majority of U.S. consumers don’t have. The process for approval has become stingier and takes longer. Even with preapproval, U.S. consumers are noticing a higher rate of rejection when they actually go to apply for their new home loan. This situation and the rising mortgage rates have begun discouraging consumers from applying or even shopping for homes

The Biggest Challenges of the Debt Industry in 2013

The debt industry has seen a lot of changes over the past decade. With the federal government tightening the ropes and making the process of managing and collecting debts even harder, it seems things are only going to get more difficult in 2014. We saw a lot of debt lead clients move into student loan consolidation, so we are helping to service them and grow by adding student loan leads to our offerings for 2014.

 Creditors and CFPB Debt Collection Rules

The Consumer Financial Protection Bureau or CFPB has issued new rules that creditors must start adjusting to in 2013, because compliance is mandatory in 2014. Even those creditors excused from the Fair Debt Collection Practices Act now must comply with the new rule. The CFPB is currently seeking information about collection practices, including feedback, comments, and data from creditors and consumers. Essentially the CFPB plans to have a single set of rules for collectors and creditors when it comes to debt collection, which is expected to hit in 2014.

 Debt Collection and Illegal Practices

While there are reputable debt collectors out there, the industry has taken a significant hit to its reputation because of illegal practices by others. These companies refuse to follow the rules outlined by the Fair Debt Collection Practices Act, including debt verifications. Harassment has also become a big concern for the federal government, especially after handling over 180,000 U.S. consumer complaints in 2012. Because of these issues, the federal government is working on a new reform that will end robo-signing, increase documentation requirements, require collectors to provide details when filing lawsuits, require collectors to provide more detailed information to consumers, and establish a sell-by date (to help reduce the back and forth with old debts being sold over and over again). The CFPB website describes a big win for the consumers here.

National Credit Default Rates Aren’t Budging

The U.S. has only seen a slight decrease in default rates, from 1.38 to 1.37. While this is a good thing (considering it’s not moving upward), the fact that default rates are the same, mean collectors and creditors will continue to struggle keeping up with collection efforts.

The debt industry will certainly see some significant changes in 2014. As the federal government reforms collection practices, it may be more difficult in the future for collection agencies and creditors to get money for defaulted debts. The new laws will certainly benefit the consumer and protect the consumers’ rights. While this is certainly important, these new rules and regulations can make it more costly for a company to pursue collection than to write off a debt, which won’t help the U.S. economy recover much in 2014.

The Biggest Advancements in Solar for 2013

The United States and the world are warming up to the idea of solar energy. In 2013, the industry saw significant improvements -- including historical advancements -- that will forever change how consumers get energy. 2014 will certainly see some more changes, including Ford’s recent announcement to debut a solar-powered vehicle

Government and State Incentives Stay Strong

The federal and local governments want consumers to invest in solar power, which is why incentives stayed strong in 2013. The amount of state incentives varied, but most offered up to 40 percent of the cost to install a new solar system. Federal tax credits included a 30 percent investment tax credit on the total cost of the solar-powered system according to SolarCity

 2013 Was a Record-Shattering Year

In the United States, consumers installed more solar-powered systems and even beat out the industry leader, Germany. Residential installations were up by 45 percent and there is now a total of 10,250 megawatts -- which can power over 1.7 million homes in the U.S according to an article by VentureBeat. This amount is significant, because it can reduce the amount of greenhouse gasses emitted by U.S. to the equivalent of planting over 200 billion trees and removing 2.1 million cars from the roads.

Storage Technology Just Got Better

Solar power is now getting closer to battery storage. If this technology is successful, those with solar installations could unplug from the electricity companies for good -- living solely off solar power. Hawaii is especially working hard to find a way to store solar power in battery form, so homes and businesses can remain fully powered. The technology is still in process, but significant headway was made in 2013, making the idea of solar technology more appealing to consumers.

India Reaches a Solar Technology Milestone

International Business Times tells us that India is quickly becoming a contender in solar technology. They announced in 2013 that they will create 60 solar cities across the country that will be powered by only solar technology. Sanctions are also being put in place for other cities to switch to solar technology. India hopes by switching to solar they can provide sustainable growth to their economy and help combat the constant climate changes of the region.

Japan Takes Solar Out of This World

Japan announced in 2013 that they plan to set up a belt of solar panels around the equator of the moon. This lunar solar concept could offer an inexhaustible source of energy for the country and possibly the world. They don’t expect the belt to actually be in place until 2035, but they’re already starting on the project. This continuing source of clean energy could revolutionize solar technology for good. Japan also reached a milestone in 2013 by creating a large solar plant that produced enough electricity to power over 20,000 homes. They plan to increase the size of the plant in 2014 so that they can power over 100,000 homes. Germany is still the world leader in solar as of December 2012.

The changes to solar technology in 2013 are exciting and 2014 is sure to bring just as much, if not more. The technology is quickly evolving and with more consumers worldwide embracing solar technology, the industry is expected to see significant growth from here on out.

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Our clients have had their hands full in 2013! Between new restrictions, increased regulations, and government incentives lenders and servicers have had to quickly adjust their businesses to these new mortgage environments to face extinction or grow in the coming year. There have been some great advancements and bright new restructures in the debt settlement industry as well as in solar.

We want to hear from you! How are you keeping up with the times in your lending, settlement and solar businesses and how can we better serve you in 2014?