For the first time ever we had the CEO of Quicken Loans, Jay Farner, on stage at LendIt Fintech USA...
NY based Quontic Bank saw retail deposits grow by 261 percent to $200mn and their retail customer base double in...
JPMorgan Chase, Wells Fargo and now Ally Bank have all outsourced a part of their home lending process to fintech...
The Senate passed a banking bill meant to roll back some of the financial regulations imposed after the crisis, but its fate is uncertain in the House; Republicans in the House want a further rollback of regulations; the bill is intended to help smaller banks avoid burdensome federal oversight and raises the definition of systemically important to $250bn from $50bn; the bill also makes adjustments to parts of the Volcker Rule and eases mortgage rules for smaller lenders. Source.
Blend has signed new bank partnership agreements and announced fundraising of $100 million; the firm will partner with Wells Fargo and US Bancorp, providing its mortgage software to help improve the mortgage application process for the two large banks; concurrently, it has also completed a $100 million fundraising round led by Greylock Partners that will increase its value to approximately $500 million and allow it to potentially expand to other lending markets. Source
While the Federal Reserve has said they will pour virtually unlimited amounts of capital into the mortgage-backed securities market there...
UK base challenger bank OakNorth launched a new mortgage product aimed at individuals who do not have typical sources of...
Figure Technologies recently spun out their technology, Provenance Blockchain, as they aim to cut down 70 percent of closing costs;...
According to HousingWire Amazon is exploring the mortgage lending business and is actively hiring in the new division; the company is already rumored to be looking into offering a checking product. Source
Online mortgage broker Trussle is currently in the early stages of talks with the Financial Conduct Authority (FCA) to potentially overhaul the mortgage application process; the plan that Trussle is pitching to the FCA is to help standardize documents needed in a format that they are needed in; Mr. Mahli told FTAdviser: "There's an unnecessary inefficiency in the way mortgage applications are packaged and submitted, which varies wildly from lender to lender. Uncertainty is the last thing a buyer wants when making what's often the biggest financial decision of their life."; currently the FCA will not comment on talks that are in such a nascent stage. Source