The commission alleged that the company falsely told customers that they would make more money by selling to the company than it would on the open market.

The use of rent data in credit models is allowing people with low credit scores or thin credit files to get loans. But consumer advocates warn the use of that data could harm the very people it’s supposed to help. 

The company’s introduction of other strategic initiatives, including a new technology partnership, will lead to the elimination of 17% of current staff.

The use of rent data in credit models is allowing people with low credit scores or thin credit files to get loans. But consumer advocates warn the use of that data could harm the very people it’s supposed to help. 

Ashley D. Bell and Bernice A. King, respectively the CEO and advisory council chair of Ready Life, are teaming up to help folks with poor credit buy a home by using rent payment history for mortgage underwriting.

The partnership, which is expected to ease lending for bank statement loans, comes as the non-QM sector runs into headwinds.

StellarFi, Lamine Zarrad’s new startup, covers consumers' utility and other bills when they hit a cash-flow crunch. It then reports their repayments to the credit bureaus.

The firm cut staff from junior to senior employees in nearly every department and is left with a 325-worker headcount, a spokesperson confirmed.

The lender also announced its acquisition of Florida-based Hamilton Home Loans, which will operate as a new division within the company.

The company, which has ties to three major credit bureaus, is working with a former Fannie Mae executive in its efforts to reduce consumer costs.