Banking

However, the number of borrowers who failed to remit payment but were not yet 30 days overdue increased.

Known for giving away its signature canary-hued Converse to employees and clients, this small API-centric fintech is poised to become a significant player in open banking thanks to parent company Mastercard and its vendor status with Fannie Mae and Freddie Mac.

As credit remains tight, Opportunity Financial’s work with consumer financial services Brightside firm aims to offer a wider swath of borrowers access to small loans.

But private mortgage insurers should not see significant impact on business if a 25 basis point reduction were to occur sometime after 2021, according to BTIG.

Bradley Riss is chief commercial officer at Checkout.com, a firm that acts as a payment gateway, acquirer and processor through a single channel, covering cards, passthrough wallets, stored value wallets and alternative payment options such as point of sale credit. It charges a fee based on processing and card payment costs rather than the percentage+ model that most payment API companies charge. The model is designed to make the service customized to different merchants and serve as a base to offer other merchant products.

Complaints to the Consumer Financial Protection Bureau jumped 54% to 542,300 in 2020. Concerns about credit reports have long outnumbered those in other categories and jumped significantly as a share of the total from 2019.

A PIMCO-sponsored HELOC securitzation, as well as a mortgage-insurance linked transaction, are the latest examples of issuers getting a head start on switching to an expected replacement benchmark for Libor.

Like the fintechs SoFi and LendingClub, DLP Real Estate Capital is acquiring a community bank largely to lower the cost of funding loans.

The American Fintech Council and the Financial Technology Association say they’ll promote responsible innovation, fair access to financial services and more. Their dozens of members include some of the biggest names in fintech.

After its three acquisitions since last August, the Philadelphia area-based credit data firm predicts more industry consolidation is on the way.

The bill introduced by Rep. Patrick McHenry, the top Republican on the Financial Services Committee, would expand CFPB authority to the credit reporting industry and require that certain adverse information be removed from a consumer’s credit history.

As an improving job market aided financial stability for borrowers, 2020 ended with drops in delinquent home loans, a CoreLogic report found.

The product being tested would join another on the market from Finicity, which is nearing the final stage of approval for use by Fannie Mae and Freddie Mac.

Already contending with stressed retail, hotel and restaurant loans, bankers are beginning to view office lending — historically a safe bet — as increasingly risky as companies of all types rethink their space needs.

Rohit Chopra, President Biden’s nominee to lead the Consumer Financial Protection Bureau, has not minced words in calling out private companies for wrongdoing. He could get a grilling from Banking Committee Republicans and some opposition on the Senate floor.

Servicers could be dealing with approximately 1.8 million distressed properties when the latest forbearance extension ends in June, Black Knight said.

Acting Director Dave Uejio said Tuesday that the Consumer Financial Protection Bureau will push back implementation of the qualified mortgage rule and may amend or revoke other Trump-era rules that have yet to take effect.

Independent mortgage banker recovery drove the weekly decrease in forbearance share, according to the Mortgage Bankers Association.

Moratorium extensions helped drive a weekly increase in forbearances, according to Black Knight.