Joseph Otting, Comptroller of the Currency, says that rules on short-term, small-dollar lending should be relaxed so U.S. banks are able to offer loans to cash-strapped consumers. According to Financial Times, strict underwriting rules and the negative publicity surrounding loans with such high annual interest...
New data shows that rising home prices are translating into mortgage loan debt not seen since the housing crisis. According to The Wall Street Journal, new research from mortgage data tracker CoreLogic found that about one in five conventional mortgage loans completed this winter went...
U.S. banks are seeing a surge in the number of loans being taken out by corporate America, with new data showing the biggest increase since the 2016 election. According to the Financial Times, the data published on Friday shows only one month of recovery, but is...
Bank of America has announced the launch of its Digital Mortgage Experience, which aims to guide clients through the mortgage process via the bank’s mobile banking and online platforms. Among the perks of this new service are advanced application prefill capabilities, allowing clients to immediately...
Back in the olden days – circa 1950 and before – a customer who wanted a loan would walk into a bank and sit across a desk from a man in a blue suit with a red tie. It was, says ZestFinance founder and CEO...
Just as SAT scores don’t convey everything about a student, FICO scores don’t convey everything about a loan applicant. They can be one valuable piece of information, but when banks rely solely on scores from the credit bureau to decide which businesses or individuals can...
India’s banking industry could be in trouble after the Narendra Modi government announced that $37 billion in loans have been written off by the country’s public sector banks during the past four years. Quartz, citing a written statement from the minister of state for finance...
Online lending startup Upstart is hoping to raise about $100 million in funding. According to Bloomberg, one source said that the California-based startup is looking to sell shares that would value the business at $500 million to $1 billion. While a spokeswoman for Upstart said...
In a move that could make more than 5 million consumers very happy (and potential lenders very nervous), TransUnion, Equifax and Experian have announced they will be removing tax liens from Americans’ credit reports. The three credit reporting firms said Thursday (March 22) that they...
