Lending

Accel-KKR acquires fintech veteran Sageworks

Accel-KKR seeks to increase presence with new acquisition
Sageworks, which is one of the country’s first fintech companies, announced it has been acquired by private equity firm Accel-KKR, which primarily invests in software and technology-enabled services businesses.
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Bank of America enlists AI to pay your mortgage

Erica introduced to bank’s mobile clients
Bank of America announced Friday the release of its artificial intelligence-driven virtual assistant to assist mobile customers with their financial services. The virtual assistant, Erica, is still learning and becomes smarter the more she is used.
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Q&A: LoanScoreCard’s Ben Wu on the rise of non-QM lending

Lending outside of the qualified mortgage box
In a Q&A with HousingWire, Ben Wu, executive director of LoanScorecard, discusses the recent surge in non-agency/non-QM mortgage lending, the challenges in that market and how technology can be utilized to help lenders with these challenges. As Wu points out, “With more than 20 million sole proprietors in the U.S., there is pent-up demand for mortgage product that can accept income documentation other than the 'Appendix Q' requirement of QM loans.”
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Notarize raises $20 million, with help from housing giants Lennar and Realogy

Venture arm of National Association of Realtors also took part in funding round
Notarize, a digital platform that allows for legal, online document notarization, announced this week that it raised $20 million in its Series B round of funding. The capital raise nearly doubles the amount of money the company has raised so far. But what’s more interesting than Notarize raising $20 million is where the money is coming from.
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Another scandal: Wells Fargo alters corporate customers’ documents

Could have changed Social Security numbers, dates of birth
Wells Fargo finds itself in the midst of yet another scandal as a new report surfaces, showing the employees in the unit which handles its business banking illegally altered its customers’ documents. And this latest scandal stems from actions taken by employees in 2017 and even early 2018 as they rushed to meet deadlines.
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Arbor Realty Trust closes sale of $25M in senior unsecured notes

Company makes its second play this week for additional cash
Arbor Realty Trust appears to be gearing up for a run of investments, announcing its second money-making move this week. Following the company's Wednesday announcement that its selling 5.5 million shares, Arbor Trust announced on Thursday it closed the sale of $25 million in unsecured senior notes.
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MBA: Mortgage delinquencies down in Q1

Strong economic performance drives down delinquency; foreclosure inventory rate lowest since 2006
According to the Mortgage Bankers Association, the foreclosure rate is up slightly despite delinquencies sitting at pre-housing crisis lows and sliding. A strong economy is minimizing delinquency, and despite the slight uptick in Q1, foreclosures are down significantly year-over-year.
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Are we headed for a housing slowdown this summer?

Will mortgage rates at recent record levels drive down home buying?
Mortgage interest rates just hit the highest level in seven years, but those in the lending trenches already knew that, right? That news shouldn’t come as a surprise to those of you who live and breath the mortgage business. But what about everybody else? Is that sticker shock going to drive some prospective buyers to remain prospective buyers this summer?
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