Figure Technolgies, the home equity lender founded by the former CEO of SoFi, is seeking a national bank charter so it can offer more products and services while reducing the need for state-by-state licenses.
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.
Closing loans is just one way BMO Harris and other banks are looking to use online notarization. But there are obstacles to overcome before it becomes standard practice.
Wells Fargo tells business clients to consider other banks for emergency loans; JPMorgan Chase is temporarily reducing its exposure to the mortgage market; how TD Bank got a head start on pandemic preparations; and more from this week's most-read stories.
The nation's largest bank is temporarily reducing its exposure to the mortgage market amid rising unemployment and estimates that home prices could drop by 10%.
