When a bank subscriber to Sure Profile pulls a credit report on an applicant for a loan or account, Experian will check to see if the identity data matches a real person.

The sale completes First Choice affiliate Berkshire Hills Bancorp's exit from the mortgage origination business.

The move is part of an effort by CFPB Director Kathy Kraninger to help smaller lenders by significantly raising loan thresholds for collecting and reporting mortgage data.

By helping borrowers now, banks hope customers can quickly catch up on payments once the coronavirus pandemic ends. If they can’t, interest income will remain low and charge-offs could pile up if the crisis drags on.

The Cincinnati company will hire about 950 workers to meet heightened demand for loan deferrals and other forms of relief clients are seeking to weather the economic fallout of the coronavirus outbreak.

Digital banks outscored brick-and-mortar banks in a recent J.D. Power study of customer satisfaction. However, the survey pointed to shortcomings in call center services, which are in high demand during the COVID-19 pandemic.

Commercial real estate lenders have to consider not only how they’ll weather the COVID-19 downturn, but whether worker and consumer habits have changed for good.

The regulation issued late on Tuesday directs state-regulated financial institutions to give mortgage borrowers at least 90 days of forbearance if they can show financial hardship resulting from the coronavirus pandemic. It also requires banks and credit unions to provide relief on ATM fees and credit card late payment fees.

Facebook and other social media platforms are a powerful way to connect members and loan officers, but lenders must ensure they first have a culture of compliance.

The North Carolina company will hold onto the loans after the Fed's decision to slash interest rates.