In some states, total mortgages outstanding are at all-time highs, but in others hard hit by the financial crisis they remain well below their 2008 peaks, the New York Fed said Tuesday in its quarterly report on household debt.
Social Finance has acquired the engineering and product teams of mortgage startup Clara Lending, bolstering the financial technology company's offerings beyond student-loan refinancing, according to people familiar with the matter.
Mike Cagney’s eventual successor will have to decide whether to continue his focus on rapid growth. Also on the table are strategic decisions about when to go public and whether to pursue a bank charter.
The marketplace lender's application for an industrial bank charter is under fire from small banks and progressives, who say it could violate the barrier between banking and commerce and shut out middle-class and lower-income consumers.