Leading digital transaction management firm eOriginal has been selected to manage electronic documentation processes for Fannie Mae; as a government sponsored enterprise (GSE) Fannie Mae works with lenders nationwide; the eOriginal services will help improve all of the GSE's associated mortgage loan transactions providing support for lenders and loan portfolio services for Fannie Mae; in comments on the partnership, Cindy McKissock, vice president of customer digital experience at Fannie Mae said: "We continually look for ways to help lenders who want to deliver an end-to-end digital mortgage experience. In addition to investing in new eVault infrastructure, we are also simplifying eMortgage adoption by transitioning to the MISMO SMART Doc™ Version 3.0 format in 2017. This will reduce complexity and allow lenders and technology solution providers to adopt eMortgage with greater ease." Source
The Coalition for Responsible Business Finance (CRBF) has announced it will join the Innovative Lending Platform Association (ILPA) in efforts to more broadly support lending for small businesses; the ILPA's network is primarily led by existing members, OnDeck, Kabbage and CAN Capital; with the merger of the two organizations, the ILPA will gain representation from the National Federation of Independent Business, the National Small Business Association, the Small Business & Entrepreneurship Council, the US Chamber of Commerce and the Association for Enterprise Opportunity; the expanded ILPA will provide even greater resources for advancing online small business lending education, advocacy and best practices; the ILPA is most well known for its work on introducing the SMART Box™ comparison tool for small business lenders; with the merger of the two organizations, the ILPA has also developed an updated industry code of ethics, leveraging the work previously done by the CRBF. Source
Credit reporting agency TransUnion has announced the launch of a new innovation lab with increase support for client data modeling through broader access to proprietary data and analytics experts; the innovation lab will allow clients to test new models and solve business problems with real time data empowering credit data platforms and solutions across the industry; many companies have already reported success in building new models, analyzing new markets and expanding into new products; the innovation lab is also uniquely positioned to integrate with TransUnion's startup lender development program providing support for new market launches. Source
SoFi is one of the US's fastest growing alternative finance companies; the Financial Revolutionist talks with Mike Cagney about the firm's accomplishments, success factors and future objectives; Cagney provides insight on the firm's recent acquisition of Zenbanx and $500 million fundraising; discusses how these deals will drive growth for the firm and the other areas of the business the firm is working to expand. Source
Upstart has been steadily growing its online lending business and has now announced a new fundraising as well as the launch of a white label software as a service (SaaS) product; the fundraising will add $32.5 million in new capital from investors including: Rakuten, a large US-based asset manager, Third Point Ventures, Khosla Ventures and First Round Capital; Upstart has emerged with many significant developments in the online loan business including next-day funding and a robust proprietary credit underwriting platform built on machine learning and modern technology; with the evolution of the business, the firm has developed a new white label SaaS product called by Powered by Upstart which it is launching at LendIt USA; the service is an extension of the firm's proprietary credit underwriting system driven by machine learning and modern data science. Source
Cambridge, Massachusetts-based artificial intelligence (AI) platform Kensho has built a solution that can successfully predict market trading and is receiving significant attention from Wall Street; its AI-powered platform helped the company identify currency trends following Brexit that resulted in substantial gains from trades against the British pounds decreasing value; the company has announced a new partnership with S&P Global and has received investment from Goldman Sachs, JPMorgan Chase, Bank of America Merrill Lynch, Morgan Stanley, Citigroup, Wells Fargo, General Catalyst, Breyer Capital and Google Ventures; the firm is led by Daniel Nadler, a Harvard trained Ph.D; its new partnership with S&P Global Market Intelligence will supply new data feeds to power its AI analysis and support its numerous solutions including the Kensho Global Event Database and Kensho's Knowledge Graph; the business is expected to become integrated with Wall Street's mainstream banks, emerging as one of the market's leading solutions for AI-powered trading. Source
Madden v. Midland has been proceeding since 2015; Judge Cathy Seibal of the US District Court for the Southern District of New York issued a decision in the case on February 27; Manatt, Phelps & Phillips, LLP provides their insight on the court's decision; the central focus of the case is on the inconsistency between the issuing lender (New York) and Midland Funding, the debt collector, (Delaware); the judge ruled in favor of the borrower in default setting a precedent for better alignment between rates of issuing lenders and the loan's affiliated debt collectors. Source
ThreatMetrix is a provider of online fraud prevention services and authentication; using rules based technology they allow clients to customize risk factors for identity authentication and fraud prevention; in 2016 ThreatMetrix helped its clients prevent $1 billion in fraudulent loan applications; Frank talks about the company's systems, their recent $30 million fundraising from Silicon Valley Bank and what they are working on for the future. Source
loanDepot has invested approximately $80 million in technology over the last 18 months and is announcing the launch of its proprietary digital lending platform, mello™; seeking to develop the fintech ecosystem of the future, the platform is beginning with three solutions: an intuitive web-based consumer portal, a state-of-the-art mobile point of sale system and a fully digital mortgage loan application experience; overall mello™ will be one of the fastest and most accurate lending systems in the industry; the firm has also opened a new 65,000 square foot mello™ tech campus in Irvine, CA to support the new platform. Source
Online lending alternative credit data solutions provider Clarity Services has announced the release of Temporary Account Record, a solution for mitigating loan stacking; primarily focused on providing alternative credit data for the online lending market, the firm also began developing Temporary Account Record in 2013 to address the issue of loan stacking fraud; Temporary Account Record will complement the firm's data services by providing increased transparency on current loans and pending loan transactions. Source