Closing Complex Loans Faster With a Digitized Client Workflow

Join us for a discussion on changes in market demographics, suppliers and how focusing on customer experience and a few simple steps during the mortgage loan process can close deals 3x faster. event: All eyes on purchase

To help power your business forward, we’re bringing together the smartest minds in purchase mortgage marketing to share the insights, tactics and strategies that set leaders apart.

Home appraisal’s ugly history and uncertain future

This is Part I of a deep dive into the home appraisal industry. Today we explore the origins of the appraisal industry and its current lack of diversity.

The digital journey starts at acquisition

Download this white paper to learn how to build a tech-enabled acquisition strategy that will directly contribute to a lender’s ability to maximize profitability and remain competitive.


SoFi files for FDIC bank charter

Moves closer to being a banking institution

SoFi took another major step toward becoming a bank, filing an application for a new-bank charter.

According to an article in The Wall Street Journal by Peter Rudegeair, the online lender asked the Federal Deposit Insurance Corporation “to grant the company a banking license, one of the most advanced efforts by a financial-technology startup to obtain the power to offer bank products and services in exchange for stricter regulation.”

The article noted that the application was filed June 6 under the name of a Salt Lake City, Utah-based subsidiary called SoFi Bank.

This isn’t the first time SoFi has made a move to become a banking institution. Coming a long way from its foundation as a student refinance lender, SoFi announced back in February of this year that it acquired Zenbanx, a fintech mobile bank, marking its initial steps into the banking world.

The acquisition brought SoFi closer to becoming a bank, as it intended to leverage Zenbanx’s platform and underlying technology to expand SoFi’s growing suite of online personal finance offerings.

Currently, SoFi focuses on student loans, mortgages and personal loans, along with a handful of other offerings.

Ryan Lawler further expanded on the news in a Tech Crunch article and noted that the there will be an open comment period on the application for the next month, which will close July 6.

Lawler received a copy of the application and found:

The company is applying for an industrial loan charter under the name SoFi Bank in Utah, listing a Salt Lake City location as its proposed depositary address. However, the company makes clear in the application that SoFi Bank will operate as an online-only institution, with no branches or deposit-taking ATMs.

According to the filing, SoFi Bank is applying “for the purposes of providing its customers a FDIC insured NOW account and a credit card product. The bank will offer no other products and services.”

However, it won’t be an easy process. The article added that there hasn’t been any new industrial loan company charters approved in about a decade.

Most Popular Articles

Fannie Mae, and the housing market’s inflation problem

Another month of steadily increasing home prices and insatiable demand led Fannie Mae’s Economic and Strategic Research Group to alter many of its 2021 predictions – in particular, its outlook on the symbiotic relationship between the housing market and inflation measures.

Jun 16, 2021 By

Latest Articles

Doug Duncan and the housing market’s supply conundrum

The housing market has suffered due to high material prices, spend-anything buyers & a lack of supply. A return to normalcy will require big changes. HW+ Premium Content

Jun 18, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please