The bank is focusing on pre-seed companies that specialize in fintech or other forms of technology and have diverse founders.

"If this technology goes wrong, it can go quite wrong." Leaders call for government regulation of powerful tech tools.

The tools are there to create a faster loan process, but fear of noncompliance and reliance on old habits still prevail, industry technology leaders said at the Fintech Nexus USA conference this week.

The Consumer Financial Protection Bureau alerted staff this week that text messages had been sent to employee personal phone numbers claiming to be from Director Rohit Chopra.

New products that have come to market since the start of 2023 include one that aims to ensure TRID compliance and another that handles image processing for appraisals.

Lenders used the firm's software in nearly a quarter of originations in the second half of last year, up from 14% over the same period in 2021.

The incident affecting the information of 1,361 customers is a rare disclosure of a data breach from a top mortgage lender and servicer.

Both tools are currently in use by eligible customers with waitlists open to others who are interested.

Earnings dipped for both companies coming in at $236 million and $328.2 million, respectively.

The servicer didn't disclose how many customers were affected by the incident.

The neobank expects to turn a profit by the end of the year, but faces challenges as it copes with the government's pause on federal student loan repayment and with the difficulty of selling technology services to other businesses.

The parties responded to the Federal Trade Commission's court filing that sought an injunction to halt their merger pending an internal adjudication.

The company also has plans to bring on board $37 billion in subservicing contracts in line with its acquisition of Rushmore Loan Management Services.

Researchers at the Federal Reserve Bank of Philadelphia have come up with a plan for letting banks innovate with artificial intelligence and widening access to credit at the same time.

An interagency statement warned that automated systems have the potential to perpetuate discrimination and that such systems should be developed and used "in a manner consistent with federal laws."

The transaction is the second of its kind in the past six months and comes as the mortgage leaders take steps to develop document standardization that would ease electronic closings and trading of the home equity loans.

A Consumer Financial Protection Bureau case against the lender involved is still pending and could have broader implications for compliance issues.

Letting consumers share their VantageScore data with crypto lenders is expected to help them get a better deal on crypto loans. 

Mortgage lender's brokerage spinoff launches with more than 50 carriers.

Investment in software that reduces costs and improves efficiency has slowed but innovation continues.