Subprime lender People's Choice Financial Corp. is undergoing an audit in preparation for an initial public offering, a spokesman for the company has told MortgageWire.Based in Irvine, Calif., People's Choice is a top-40-ranked subprime funder founded in 1999 by Neil Kornswiet, a former top executive at Aames Financial, Los Angeles. The spokesman said PCFC is "working toward" an IPO, but could not say when the company might file an S-11 form with the Securities and Exchange Commission. In November the lender laid off 100 workers in an effort to cut costs and consolidate operations. In mid-December company executive vice president Reyes Topete retired, agreeing to stay on as a consultant. The company can be found online at http://www.pchl.com.
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According to the Federal Reserve Board's latest financial stability report, persistent inflation and policy uncertainty are the primary worries for banks. Survey respondents expressed heightened anxiety over murky policy outlooks due to geopolitical turmoil and rapidly approaching domestic elections.
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Leaders of ORNL Federal Credit Union are piloting Zest AI's new artificial intelligence-powered assistant to ensure equitable underwriting practices and measure performance against similar institutions.
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McCargo stabilized the agency at a crucial time as she helped navigate it through both a pandemic and subsequent dramatic interest-rate cycle change.
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The quasi-public entity's plan to buy certain closed-end seconds would constitute "unnecessary government encroachment," the Structured Finance Association said.
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The mortgage subsidiary of Hilltop Holdings posted another quarterly loss and volume slipped, but management also sees signs of optimism.
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The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
April 18