Penny Crosman is Executive Editor, Technology at American Banker and its publisher, Arizent. Prior to taking on this role, she was Editor in Chief of Bank Technology News. She has held senior editorial roles at Bank Systems & Technology, Wall Street & Technology, Intelligent Enterprise, Network Magazine and Imaging Magazine.
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Applications can now be made on the bank's app or website, but closings will still be in person. With this move, BofA joins Quicken Loans, Lenda, SoFi and others offering a mostly digital mortgage. The trend is sure to continue.
April 11 -
Some speculate that the banks who do business with credit reporting agencies may be looking for alternatives after mounting concerns about their ability to keep information private. But breaking up is hard to do.
April 4 -
Some fear that the removal of such data from individual credit reports could lead lenders to believe a consumer is a better bet than they really are.
April 2 -
Lenda, launched in 2014, currently makes mortgages start to finish in two weeks. But it's aiming to make it a process that can be finished on a borrower's lunch break.
March 28 -
Many workers in the technology departments across a range of industries describe behavior that may fall short of a legal definition of sexual harassment, but is still disturbing and could contribute to low employee morale and high turnover.
March 12 -
The digital-only Ally Bank has taken several steps to deepen customer relationships through electronic channels, including use of personalized emails and websites that have yielded strong click-through and loyalty rates.
February 26 -
Startups that have developed the technology for real estate finance are starting to conduct a broader array of transactions, including property sales.
January 2 -
Calls for less reliance on credit bureaus and Social Security numbers for verification are leading many to envision a future of identity on a distributed ledger.
October 30 -
A new documentary that aired Tuesday on PBS raises questions about why prosecutors targeted a small bank after the financial crisis and left bigger institutions untouched.
September 12 -
One lawsuit has already been filed against Equifax in the wake of its massive security failure. But that’s the just beginning of the consequences for the credit bureau and the banks that use it.
September 8