Items Tagged with 'SoFi'

ARTICLES

  • FTC warns lenders: Do not lie in loan refinancing ads

    SoFi might not be the only one
    In the wake of taking action against SoFi for allegedly lying in its ads about how much borrowers can save by refinancing their student loans with the online lender, the Federal Trade Commission is also warning other lenders to not engage in similar activity. To that end, the FTC is sending letters to an unknown number of lenders, warning them that they may be subject to a regulatory action should they be found to be engaging in false advertising.
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  • FTC accuses SoFi of lying about loan savings in misleading ads

    Online lender allegedly overinflated savings claims on student loan refinances
    For more than two years, SoFi has been making misleading claims in its television, print, and online advertisements and lying about the amount of savings its loan refinancing programs would bring to borrowers, the Federal Trade Commission said Monday. According to the FTC, SoFi “deceptively advertised inflated figures” about loan refinances, basically claiming that it could save borrowers far more than is actually the case.
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  • SoFi wants to make it easier for borrowers to take out a home improvement loan

    Partners with Kukun to provide homeowners with more info about loan benefits
    SoFi is preparing to arm borrowers with more information to help them decide whether taking out a home improvement loan is the right decision for them. The growing lender announced this week that it is partnering with Kukun to use Kukun’s technology to provide prospective borrowers with new tools that will help them determine how much a home improvement project would cost and how it could affect the value of their home.
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  • SoFi hires former Goldman Sachs head of mortgage securitization as new CFO

    Does Michelle Gill’s hiring mean more mortgage securitizations are coming?
    Over the last few years, SoFi has become a fairly regular issuer of loan securitizations, whether they are backed by mortgages, personal loans, or student loans. Now, it looks like SoFi may be making a bigger move into securitizations by hiring the former head of mortgage securitization at Goldman Sachs as its new chief financial officer.
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  • Silver Lake acquiring $500 million stake in Credit Karma

    Acquisition values Credit Karma at $4 billion
    Silver Lake, a private equity firm that led a $500 million round of funding online lender SoFi last year, is increasing its interest in the personal finance space by acquiring a “significant minority stake” in Credit Karma, the personal finance company. Specifically, Silver Lake plans to invest $500 million in Credit Karma in a deal that values the company at $4 billion.
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  • Former SoFi CEO Mike Cagney founds new lending startup, pivots to blockchain

    Figure will specialize in home equity lending
    After abruptly resigning from SoFi amid a swirling controversy about the workplace culture at the online lender, Mike Cagney has resurfaced… and he’s pivoting to blockchain. Cagney helped found a new lending startup called Figure, which will apparently be specializing in home equity lending with blockchain technology serving as a key component of the company’s business plan.
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  • Growing pains for SoFi? Online lender lays off mortgage staffers

    Cutting 5% of its total staff
    It appears that SoFi is suffering a bit of growing pains as it pushes to expand its mortgage lending operation.Last week, Bloomberg reported that SoFi was buying the engineering and product teams of Clara Lending, a mortgage startup founded in 2010. But as those new staffers come in, other staffers are being let go.
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  • SoFi pushing further into mortgages by acquiring tech teams from startup Clara Lending

    Bloomberg reports that SoFi wants to hire 100 engineers
    It’s been a little more than three years since SoFi expanded into mortgage lending, and while the company has since grown into one of the largest online residential mortgage retailers, it seems that’s not enough for SoFi. SoFi appears to be planning a larger push into mortgages, going so far as to buy some of the technology expertise of another mortgage lending startup.
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  • SoFi officially taps Twitter exec Anthony Noto to be new CEO

    Replaces Mike Cagney, who stepped down last year amid controversy
    SoFi has found its new leader. The online lender announced Tuesday morning that it selected Twitter Chief Operating Officer Anthony Noto to be the company’s new CEO. Noto replaces Mike Cagney, who abruptly resigned as CEO back in September with the company embroiled in controversy.
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  • SoFi reportedly wants Twitter COO Anthony Noto as its new CEO

    WSJ reports that online lender offered job to former Goldman Sachs banker
    It appears that SoFi thinks that Twitter Chief Operating Officer Anthony Noto is the right person to lead the online lender out of its recent rough patch. SoFi has been on the hunt for a new CEO following Mike Cagney's abrupt resignation back in September amid controversy.
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