Figure Technologies, Homebridge end merger plans
Delays in closing the deal after it was announced in August resulted in the parties' decision to remain separate, although they will still work together.
Home equity loans
Small-business bankruptcy program adds new risk to home equity loans
Mortgages taken out to fund business operations can now be modified in bankruptcy. That’s a relief to borrowers — particularly with business failures expected to increase as the pandemic drags on — but a possible headache for banks and investors that hold the loans.
How the coronavirus is changing the HELOC lending market
Is JPMorgan Chase an outlier or the canary in the coal mine when it comes to home equity lending during the coronavirus spread?
Securitized FHA loans for seniors ebb as private products grow
New securitizations backed by Home Equity Conversion Mortgages fell 14% in 2019 as interest in originating proprietary products increased, according to New View Advisors’ analysis of public and private data.
Nationstar launches next inactive HECM deal
Nationstar’s next securitization of defaulted or inactive home equity conversion mortgages will have a higher-than-average exposure to properties with steep leverage, as well as ties to judicial foreclosure states.
By
Glen Fest
FHA cracks down on cash-out refinancing
The Federal Housing Administration is aiming to limit the share of borrowers who have been withdrawing money from the value of their homes.
CFPB extends comment period for HMDA proposal
The CFPB is giving trade groups and consumer advocates another three months to comment on its proposal to change what data is collected under the Home Mortgage Disclosure Act.
GreenSky, Amex to roll out partnership in five cities
The Atlanta company, which reported fourth-quarter results Tuesday, said that the lending partnership with American Express will launch in Atlanta, Chicago, Dallas, Los Angeles and Dallas within the next 60 days.
Digital lender founded by ex-SoFi CEO raises $65M to fuel expansion
Figure, the startup headed by Mike Cagney, uses blockchain technology to provide home equity loans in as little as five days. It intends to use the newly raised funds to offer other services, including wealth management.
Former SoFi CEO’s startup unveils digital home equity loans
Mike Cagney’s current venture, Figure Technologies, is offering consumers the ability to apply online for home equity loans and get funding in as little as five days.
Fewer consumers falling behind on credit card bills: ABA
Rising wages and savings rates resulted in a decline in past-due payments in the second quarter, the American Bankers Association said in its quarterly report on delinquency trends in consumer lending.
Lenders retreat from subprime consumer credit as losses mount
The post-recession boom in auto loans and credit cards for borrowers with marred credit histories has been winding down in recent months.
Capital One to exit mortgage originations, cut 1,100 jobs
Capital One Financial will stop originating mortgage and home-equity loans after competition made it difficult for the businesses to be profitable.
