Featured keynote speaker Richard Cordray from the US Consumer Financial Protection Bureau (CFPB) discussed the Bureau's fintech initiatives at LendIt USA; a video of the presentation can be found here; in prepared remarks Cordray discussed the Bureau's focus on both providers and consumers with three areas of special interest including: consumer-friendly innovations, consumers' control over their personal financial data and the use of alternative sources of data for underwriting loans; recent fintech innovation activity from the CFPB has primarily been centered around its Project Catalyst; on February 16 the CFPB also issued a request for information on the uses of alternative credit data with an open comment period until May 19. Source
SoFi has partnered with Fannie Mae to help its customers pay down student loan debt using home equity; already focused on student loans, SoFi's new Student Loan Payoff ReFi will allow homeowners to refinance their home and simultaneously pay student loan debt; with home equity, borrowers can combine their mortgage and student loans to make one loan payment on their debt. Source
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A report from Citi Global Perspectives and Solutions, titled "Education: Back to Basics" says student loan default and delinquency rates are down from 14.7% in 2013 yet still high at approximately 11% which is comparable to peak mortgage crisis delinquency rates of 11.5%; report also provides additional comparisons of the current state of the student loan market to the mortgage market crisis; notes that the student loan market overall is $1.41 trillion compared to $8.6 trillion for mortgages, making high student loan defaults less significant than a mortgage market crisis. Source
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