The seed round was led by Conversion Capital and also includes backing from Blend, Zillow and Figure.

The New York-based startups also undertook large headcount reductions in the spring.

The platform allows homeowners to pay for their mortgage and recommends other home services of value.

The New York-based software provider will provide post-closing quality control and quality assurance reviews.

The New York-based company announced it will use ACES' quality management and control software.

The online lender approved Black applicants at lower rates than non-Hispanic whites, according to a law firm that monitors its artificial intelligence models. Upstart said it's an industry leader in fair lending but acknowledged room for improvement, calling disparities "an industry-wide challenge."

A new group called MoreThanFair aims to establish the lines between fair and unfair lending, to set best practices for the use of AI in lending and to lessen the stigma of fintech lenders.

The Consumer Bankers Association and the Center for Responsible Lending said the Consumer Financial Protection Bureau should renew its efforts to level the regulatory playing field between larger bank and nonbank companies that make installment and other kinds of personal loans.

The San Francisco-based company recently raised $14 million in Series A funding and closed more than $400 million in sales in the first quarter.

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.

The lender and its founder are accused of retaliating against the second-in-command for raising alarm over deceptive financial statements and other concerning behavior.