Ginnie Mae lays out its plan for a digital mortgage pilot
Ginnie Mae is looking for input on its proposed guidelines for electronic promissory notes and other mortgage documents that it plans to test through a digital collateral pilot.
Technology
Freddie Mac extends Servicing Gateway deadline, adds chargeoff rules
Freddie Mac is postponing the date it will make using its Servicing Gateway platform mandatory, and adding new requirements related to chargeoffs and interactions with document custodians.
LendingClub’s new pitch to institutional investors
The company has rolled out an online platform for firms considering marketplace loans as an asset class.
Education needed to boost non-QM lending even with patch’s end
The end of the qualified mortgage patch should further accelerate non-QM origination growth, but is the mortgage industry ready?
Can Freddie Mac’s embrace of AI pull the industry along?
Freddie Mac's test of artificial intelligence to make lending decisions could be a significant turning point in broadening the use of the technology.
Freddie Mac gives lenders access to more merged credit-report vendors
Freddie Mac is increasing the number of companies offering merged reports from the credit bureaus through integrations with its Loan Product Advisor automated underwriting system.
Freddie Mac said to test artificial intelligence underwriting software
Freddie Mac's efforts to improve underwriting could include the use of a technology firm's artificial intelligence-driven consumer-risk modeling software that can expand access to credit, according to the Wall Street Journal.
Freddie Mac launches mortgage data app for lenders
The mortgage industry has put more emphasis on organizing data in a digital manner and presenting it in an easily digestible format.
Kabbage will buy small-business data provider
The acquisition of Radius Intelligence fits with the online lender's existing focus on small commercial borrowers.
Has removing tax lien data from credit records led to more bad loans?
A year after the major credit bureaus agreed to strip tax liens and civil judgments from consumers' credit files, a new study says it is hampering lenders' credit decisions. But proponents of the move insist it was the right call.
CRE meets AI in fintech’s tool for lenders
Blooma has developed a software product that combs databases to create property profiles for commercial real estate lenders. It can drastically cut origination costs and approval times and help banks identify safer loans, the company says.
Pagaya teams with Prosper in third AI-driven ABS deal
The tech-driven asset management firm announced it had closed a $115 million asset-backed securities deal led by Cantor Fitzgerald, with unsecured consumer loans acquired from Prosper Marketplace.
By
Glen Fest
Freddie Mac updates servicing data corrections, modification policies
Freddie Mac is automating a manual form submission process used to correct post-settlement and real estate owned data, and adding policy changes aimed at accommodating electronic signatures on loss mitigation documents.
HSBC USA launches digital lending platform, admits to playing catch-up
The LendingClubs and SoFis of the world have a big head start, but HSBC's U.S. unit says its partnership with the fintech Avant will help it close the gap in online personal loans.
Apple Card: 10 key takeaways
Apple's new credit card isn't just another virtual card in its virtual wallet. It borrows a lot of features from the most successful brands in payments and technology.
Online lenders make case for cash-flow data while acknowledging pitfalls
Though the use of alternative data in lending is seen by some as untested, several fintechs say they couldn't function without it.
Senior House Republican proposes credit reporting changes
A bill by Rep. Patrick McHenry, R-N.C., would give the CFPB authority to oversee cybersecurity efforts at the credit bureaus.
Which fintechs are best positioned to handle a recession?
In a downturn, some fintechs, such as independent lenders, will be more vulnerable to economic forces than those working to service banks' regulatory needs.
Opinion Before they regulate AI, Congress needs to define it
As lawmakers meet this week to discuss artificial intelligence, they should work with regulators to create universal and workable definitions.
Sam Taussig
Kabbage Inc.
Cross River gets onboarding system it coveted in fintech deal
Seed, a San Francisco startup, has developed a platform that lets small businesses quickly open accounts online. That's an important feature for Cross River as it courts more fintech clients.
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