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News RoundupNorth AmericaOnline LendingUSA
·Nov. 17, 2016

Small Business Lender DealStruck Stops Originating Loans

DealStruck, an online lender for small and medium-sized businesses, has stopped originating loans; the industry environment and slowdown in investor capital has affected the company; the firm's CEO Ethan Senturia said, "Although we are not currently originating new loans, we are continuing to provide our clients with the high-level of service they have come to expect from us."; he also noted, "we’ll be looking for strategic options to allow us to continue delivering on our mission to provide unique, appropriate and affordable financing to small businesses nationwide."  Source

 

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News RoundupNorth AmericaOnline LendingUSA
·Nov. 17, 2016

Prosper’s October 2016 Performance Update

Prosper released its October 2016 performance report with the month's estimated return of 7.12% just below the estimate of 7.17% for the third quarter; in October, vintage prepayment rates continued to trend higher; delinquencies and loss patterns since 2013 are below levels in 2012; cumulative gross charge-offs appear to be a factor trending higher; average FICO of the portfolio was 714.1 in October.  Source

 

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News RoundupNorth AmericaOnline LendingUSA
·Nov. 17, 2016

Quicken Loans Court Case on Trial in Detroit

The Department of Justice's case against Quicken Loans will be heard in Detroit; in an ongoing case filed in April 2015, the Department of Justice says Quicken Loans used faulty underwriting processes to certify Federal Housing Administration (FHA) loans while disregarding FHA rules; Quicken is a direct endorsement lender for the FHA and the loans in the court case were originated from September 2007 through December 2011.  Source

 

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News RoundupNorth AmericaOnline LendingUSA
·Nov. 16, 2016

Renaud Laplanche Launches Credify with Old Lending Club Execs

According to the Wall Street Journal, former Lending Club CEO Renaud Laplanche has started a new online lender called Credify; the company has setup offices in the financial district of San Francisco and was incorporated less than a month after leaving Lending Club; former Lending Club executives Jeff Bogan and Adelina Grozdanova have also joined the new company; it plans to make its first loans in 2017.  Source

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FinanceNews RoundupNorth AmericaOnline LendingUSA
·Nov. 16, 2016

Peerform to Merge with Versara Lending

Marketplace lender, Peerform, has been acquired by Versara Lending; Versara is a New York City-based consumer lender seeking to expand its lending business in consumer loans; Peerform will enhance the lending capabilities for Versara and Peerform Founder Mikael Rapaport will join Versara Lending as a senior vice president.  Source

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News RoundupNorth AmericaOnline LendingUSA
·Nov. 16, 2016

SoFi and Protective Launch Life Insurance Offering

In a press release this week, marketplace lender, SoFi, provided more details on its partnership with Protective and announced the launch of a new term life insurance offering for millennials; product provides life insurance for up to $1 million and features a 20 minute application and approval process.  Source

 

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News RoundupNorth AmericaOnline LendingReal EstateUSA
·Nov. 16, 2016

LendingHome Funds $750mn in Mortgage Loans

Marketplace lender, LendingHome, has reached a new milestone; firm has funded over $750 million in mortgage loans since its launch in April 2014; claims to be the largest mortgage marketplace lender; firm attributes the rapid growth to a broader range of investors, now including retail investors, and the secured status of the real estate loans; Matt Humphrey, LendingHome CEO, shares additional thoughts in the included Q&A.  Source

 

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News RoundupNorth AmericaOnline LendingUSA
·Nov. 14, 2016

Lend Academy Podcast: Steve Bisbee of eOriginal

Electronic document management is a key aspect of marketplace lending and eOriginal is one of the ecosystem's document management providers; Lend Academy interviews Steve Bisbee of eOriginal in their podcast; eOriginal has been in business since 1996, first focusing on original electronic documents for mortgages, then working with auto financing and expanding into many other areas of lending; in 2012 the company began exploring marketplace lending involvement after the suggestion from an investment bank; eOriginal's first marketplace lending customer was SoFi in 2013 and they have added many more since then; as a well established business, eOriginal also has a good perspective on the regulatory requirements involving data integrity which is also helping industry progression.  Source

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News RoundupNorth AmericaOnline LendingUSA
·Nov. 14, 2016

Kabbage Hires Two New Executives Focused on Technology and Data

Small business, marketplace lender, Kabbage, has announced two new executive hires; the executive hires will focus on technology and data as the company seeks to expand and gain greater market share in online small business lending; Amala Duggirala will join Kabbage as the chief technology officer and Rama Rao will be the chief data officer.  Source

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