Financial regulators extend comment period on AI policies to July 1
Financial institutions said they needed more time to weigh in on issues such as how they use artificial intelligence for fraud prevention and underwriting.
Technology
How Ally uses AI to approve auto loans
The digital-only bank has adopted machine learning to process loans faster, more accurately and with better fraud detection than in the past.
Why are complaints about credit bureaus soaring?
Some say Equifax, Experian and TransUnion are too slow to investigate grievances, prompting more complaints to the Consumer Financial Protection Bureau. But the big three say other forces are at work.
Redwood Trust’s Liquid Mortgage investment fuels blockchain’s momentum
The mortgage real estate investment trust has been a first-mover regarding innovations in the private securitized market, and others tend to follow its lead.
Distressed borrower communication rules on track for now: CFPB
The Consumer Financial Protection Bureau’s acting director has said he could rethink the pending Fair Debt Collection Practices Act rules, but a report released Monday indicated they’re moving ahead for the time being.
Mortgage applications require more time due to Fannie, Freddie change
The expansion of borrower data collected in the new URLA upends an industry standard and lenders are experiencing some growing pains.
Data-center operator marks debut securitization in $657.9M ABS deal
DataBank, sponsored by an affiliate of Colony Capital, is pooling ownership and leasehold stakes in 15 data centers in six cities, including the Salt Lake City market that is in high demand with West Coast companies diversifying and expanding data-center operations.
By
Glen Fest
Former SoFi CEO starting blank-check company to raise $250 million
Mike Cagney’s blockchain lending startup Figure Technologies plans to raise $250 million through a new blank-check company, according to an SEC filing.
OppFi is the latest fintech to go public via SPAC
Opportunity Financial, which offers consumer installment loans in partnership with banks, is merging with FG New America Acquisition Corp., a special-purpose acquisition corporation. The deal is expected to close in the second quarter.
CoreLogic acquired by Stone Point, Insight Partners for $6 billion
The deal definitively ends a monthslong war of words between the data provider and stakeholders who attempted a hostile takeover.
Ginnie Mae’s first eNote securitization encourages more adoption
The transaction consisting of $24 million in securitized Ginnie pools followed a 265% jump in broader industry eNote registrations last year.
Homeowners association identifier tool aims to mitigate lender risk
Black Knight’s product is designed to assist mortgage lenders in performing due diligence while also preventing heightened risk of foreclosure losses.
Affirm shares double after $1.2 billion IPO
The online installment lender is the latest consumer-focused tech company to see its stock price soar on the first day of trading.
Agencies may issue information request on AI adoption, Fed official says
Federal Reserve Gov. Lael Brainard said regulators are seeking to "understand the potential benefits and risks" from utilizing artificial intelligence in the financial services sector.
MISMO flags potential snag for lenders in rollout of new GSE loan app
When the Uniform Residential Loan Application transition deadline hits on March 1, a data set within Fannie Mae’s Desktop Underwriter Program, which many lenders have used for a host of functions, will no longer be supported and unprepared lenders could later experience disruption.
OCC, not CFPB, should grant fintech charters, Brooks says
Acting Comptroller of the Currency Brian Brooks pushed back on a recommendation from a task force — appointed by Consumer Financial Protection Bureau — suggesting that Congress should give the CFPB the authority to charter and regulate fintechs.
Oportun’s bid for bank charter meets resistance
Several consumer advocacy organizations have urged the Office of the Comptroller of the Currency to deny the online lender's application for a national bank charter, citing concerns about its lending and debt-collection practices.
10 outrageous 2021 predictions for the mortgage industry
Industry watchers make their wildest guesses (more or less) about developments in real estate finance that could rock the industry in the upcoming months.
Fresh off IPO, Upstart aims to push boundaries of AI-based lending
The online lender, which raised $240 million, wants to take its artificial intelligence technology for evaluating borrowers to the next level and expand its partnerships with banks, its CEO says.
S&P to buy IHS Markit for $39B in union of large financial data providers
S&P Global has agreed to buy IHS Markit for about $39 billion in stock, a deal that accelerates the wave of consolidation among the finance industry's biggest data providers.
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