News Topic: Digital mortgages

After years of largely standing on the sidelines, lawmakers are taking a closer look at whether algorithms used by banks and fintechs to make lending decisions could make discrimination worse instead of better. ... Read full article

Sens. Elizabeth Warren, D-Mass., and Doug Jones, D-Ala., cited research that found algorithmic lending can lead to higher interest rates for minority borrowers. ... Read full article

Many community banks have given up on national mortgage platforms as not worth the effort, but organizers of NXG Bank in Maryland say they have a plan to make one work. ... Read full article

Provenance Blockchain, recently spun off from Mike Cagney's Figure Technologies, says it can help lenders trim 70% of mortgage settlement expenses through speedier processing and paperwork reduction. ... Read full article

Gateway Mortgage Group’s dream of being a national, diversified financial services player will hinge on its effort to turn a community bank into an online-only platform. ... Read full article

The digital lender rebranded its mortgage business as SoFi Home Loans about four months after it took a step back from real estate finance to redesign its processes. ... Read full article

AI-driven customer insights, mortgages and small-business loans are among the features in the app, which the bank is rolling out Monday. ... Read full article

Gateway Mortgage Group says its launch of a digital-only bank is scheduled for this summer. ... Read full article

The company will shutter the offices it inherited when it bought EverBank in 2017 and focus on lending to existing customers through digital channels. U.S. Bank will assume the leases on about 25 properties. ... Read full article

The private equity acquisition of fintech vendor Ellie Mae will give it some breathing room in a declining originations market being owned a more patient and strategic investor rather than shareholders as a publicly traded company. ... Read full article

The mortgage loan origination system developer Ellie Mae is going private, agreeing to be acquired by the private equity firm Thoma Bravo in an all-cash transaction valued at $3.7 billion. ... Read full article

SunTrust’s merger with BB&T is the largest bank deal since the financial crisis, and mortgages will play a critical role in the execution of this transaction. ... Read full article

Community banks generally make digital a consumer play, but TransPecos Bank, with its BankMD brand, is focusing on doctor practices, which tend to weather economic downturns well. ... Read full article

CrediFi helps bankers pursuing commercial real estate loan growth minimize the risk in lending to customers they historically haven't served. ... Read full article

As suspense builds over which firm will be the first to seek the special-purpose charter, a side discussion has emerged over which financial services sector has the most to gain — or lose — from the new option. ... Read full article

Timothy Mayopoulos is back in the mortgage industry, becoming the new president of the digital mortgage technology developer Blend, months after leaving his post as Fannie Mae’s CEO. ... Read full article

Banks need to stake out a presence on platforms that have nothing to do with banking. ... Read full article

The alternative is waiting for state and federal regulators to take steps that could disrupt the flow of capital and put some firms out of business. ... Read full article