Marketplace lending

Credit decisions were a natural place to start with artificial intelligence, but now banks and credit unions are taking the technology to all parts of their businesses.

The bureau issued three policies removing the threat of legal liability for approved companies that test new products.

A year after the major credit bureaus agreed to strip tax liens and civil judgments from consumers' credit files, a new study says it is hampering lenders' credit decisions. But proponents of the move insist it was the right call.

Kristy Kim was an immigrant success story with a degree from Berkeley and a lucrative job — except her lack of credit history precluded her from getting a car loan. She started TomoCredit to help the many young folks who struggle to qualify for a credit card.

Credible Labs, which lets consumers shop for the best rates on student loans, mortgages and other credits, would be part of an evolving digital strategy at Fox after the multibillion-dollar sale of many of its traditional media assets to Disney.

It’s the one consumer loan category where balances continue to fall, and disruption from nimbler fintechs is a big reason why. To win back market share, banks will need to beat the upstarts at their own game.

The bureau wants to further remove the threat of legal liability for firms that test products benefiting consumers, but the attorneys general say the agency cannot provide immunity from state law.

As suspense builds over which firm will be the first to seek the special-purpose charter, a side discussion has emerged over which financial services sector has the most to gain — or lose — from the new option.

Timothy Mayopoulos is back in the mortgage industry, becoming the new president of the digital mortgage technology developer Blend, months after leaving his post as Fannie Mae’s CEO.

An agency report said servicing portfolios have shrunk by nearly half in 10 years as much of the mortgage market has shifted to nonbanks.

Social Finance, the lending and refinancing startup valued at more than $4 billion, is cutting about 7% of its staff, according to a person familiar with the matter.

Minorities are still charged more for mortgages when all other applicable credit factors are equal — both in person and online, according to a new study by the University of California, Berkeley.

Online personal lending pioneer Prosper is developing a home equity line of credit product that it will offer in partnership with banks. The embrace of traditional depositories marks a departure from fintech lenders that typically seek to disrupt and displace legacy institutions.

A new credit score that includes consumers' cash flow alongside their credit score is winning praise for its potential to help expand access to credit, but some worry it gives the credit bureaus even more data that could be compromised.

LendingClub, Marlette and others are looking at additional changes to both their securitization and whole-loan-sale programs that could further broaden their investor bases.

In an interview during his first day on the job, Anthony Noto also spoke about improving the firm's culture and the prospects for an IPO.

The New York bank has begun marketing Marcus loans as a way to pay for home improvements, while also raising the maximum loan size to $40,000.

CMG Financial is offering a new affinity marketing portal on its crowdfunding platform for down payments and positioning it as a way for employers to retain millennials.

Competition between fintech, marketplace and traditional mortgage lenders often focuses on borrower-facing automation and other technology. What gets overlooked is how differences in their funding sources create another area of competition.

Fintech and marketplace lender LendingHome is getting more than $450 million in investment and funding from different channels to help support mortgage production growth and technology improvements.