Origination

Late-payment rates are rising at nonbanks that lend to people with lower credit scores. "We're probably entering a stretch where you're going to see a separation between those that are relatively good underwriters and those that are not," one analyst said.

Waning mortgage activity slashed net income 72% in the second quarter to $58.3 million.

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.

But the overall employment picture was bright in July, returning to a level last seen before the pandemic, the Bureau of Labor Statistics data found.

The company is withdrawing from consumer-direct lending and making other reductions given that widening spreads failed to offset savings from aggressive layoffs and gains in servicing advisory services.

More cost reduction is on the way in the third quarter, but management says it will not layoff staffers, despite having some excess capacity.

Even with the cooling housing market, the percentage of equity-rich properties will keep increasing.

NMN rounds up the latest technology launches and partnerships between fintechs and lenders.

The agency acknowledged that loan performance in the sector has been strong, but cited several reasons to think that might change, including rising interest rates, the effects of inflation and uncertainty about the future of work and commerce.