According to a New York Federal Reserve report, online mortgage lenders approve loans faster, experience fewer defaults and encourage more refinancing; not surprisingly they are also able to respond to customers as demands shift; the report studied banks and fintechs to better understand the market; lending from fintechs has grown by 30% annually since 2010, from $34 billion to $161 billion, representing 8% of the market. Source
According to the WSJ, SoFi is laying off around 65 employees in its mortgage division; these employees worked out of offices in Healdsburg, California and Cottonwood Heights, Utah; the company has about 1300 employees; according to SoFi, the company “made some changes to staffing to ensure we have the right people in the right roles and locations to power our growth.”; at the same time SoFi is looking to fill 175 jobs. Source
The CEO and Founder of Better Mortgage tells us how his company is revolutionizing the home buying process. Source
The platform aims to provide a better process for both lenders and consumers; Fannie Mae is partnering with various fintechs including Yodlee, FormFree, and Plaid to help build out the platform’s features. Source
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