In the Money

Built raises $21 million, aims to revolutionize construction lending

Plans to use money to expand in residential and commercial construction
Built, a provider of construction lending automation software and a 2017 HW Tech100 honoree as one of the top technology companies in the housing industry, announced this week that it raised $21 million that it plans to use to “transform” the construction lending industry.
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Goldman Sachs forgives $71 million in mortgage debt

Part of $1.8 billion consumer relief obligation in $5 billion settlement
Goldman Sachs forgave nearly $71 million in mortgage debt over the last several months, as the company works to meet its $1.8 billion consumer relief obligation that is part of the company’s $5 billion settlement reached in April 2016 over toxic mortgage bonds, the settlement’s monitor said in a new report.
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Trump administration reportedly considering Mohamed El-Erian for Fed Vice Chair

Chief economic advisor for Allianz on White House’s list to replace Stanley Fischer
Last month, Mohamed El-Erian told the crowd at the Mortgage Bankers Association Annual Convention in Denver that it didn’t matter who President Donald Trump chose as the next chair and vice chair of the Federal Reserve, because the path for the central bank’s future was already laid out. As it turns out, it could be El-Erian himself taking over for the departed Stanley Fischer as the next Fed vice chair.
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The Capital Corps, Commerce Home Mortgage partner to lend to “non-traditional prime borrowers”

Newly founded Capital Corps led by former Banc of California execs
The Capital Corps, a newly founded financial institution that focuses on providing access to capital to “diverse homeowners and small businesses,” and Commerce Home Mortgage, a California-based mortgage banking company, announced a partnership that will see the organizations offer mortgages to “non-traditional prime borrowers.”
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Flagstar expanding in California with new acquisitions

Buying 8 Desert Community Bank branches
Earlier this year, the company acquired Stearns Lending’s delegated correspondent lending business and Opes Advisors, a full-service mortgage bank and financial advisory firm. The Opes Advisors acquisition positioned Flagstar to grow its lending business in the Western part of the U.S., and now, the company is making another move to grow its business on the west coast.
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Monday Morning Cup of Coffee: Is Equifax using “creative” accounting to justify executive bonuses?

Wipes away breach costs in recent earnings statement
Is Equifax playing some accounting games to try to make its business look better in the aftermath of the massive data breach? Some people seem to think so. Plus, is one of the mortgage business' top startups backed by Russia's biggest bank? All that, and more, in your Monday Morning Cup of Coffee.
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How bad is it for Equifax? Company reveals full fallout from data breach

How much has it cost? Plus what else is credit reporting agency facing
It’s been just over two months since Equifax disclosed that it had been the victim of a “cybersecurity incident” that exposed the personal information of 145.5 million U.S. consumers. Since then, the fallout from the data breach has been extensive, to say the least. But now, for the first time, the company is detailing the full fallout from the breach - and it's more than extensive.
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Nationstar in talks with California, New York to settle regulatory issues

SEC filing reveals ongoing settlement negotiations
Earlier this year, the Consumer Financial Protection Bureau hit Nationstar Mortgage, the nonbank also known as Mr. Cooper, with a $1.75 million fine for the company’s alleged failure to comply with the reporting requirements of the Home Mortgage Disclosure Act. But it looks like that wasn’t the only regulatory issue the company is dealing with this year.
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Real estate tech company Compass raises $100 million, plans massive expansion

Capital raise values company at $1.8 billion
Last year, Compass raised $75 million in a round of funding that turned the company into real estate’s newest billion-dollar startup company. Now, one year later, the company’s valuation is nearly double that, thanks to another significant capital raise. And the company plans use this new funding to launch a massive expansion.
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