LendingLife

ARTICLES

  • A kinder, gentler CFPB? Bureau announces new enforcement rules

    CFPB issues new policies on Civil Investigative Demands
    Kathy Kraninger may be charting a different path as director of the CFPB than that of her immediate predecessor, Mick Mulvaney, but one area where it appears Kraninger’s CFPB will be similar to Mulvaney’s is in the bureau’s friendlier attitude toward the companies it regulates.
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  • Ally Financial partnering with Better.com to launch digital mortgage platform

    Ally now fully back in the mortgage space
    Ally Financial, which all but exited the mortgage business back in 2012, got back into mortgages in earnest in 2016. Now, Ally is taking its mortgage business to the next level by going digital with help from Better.com (formerly known as Better Mortgage). Ally and Better announced Thursday that the companies are partnering to launch a digital mortgage platform for Ally.
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  • Real estate startup Reali acquires online lender Lenda, expands into mortgages

    Launches Reali Loans
    Reali, a flat-fee real estate startup that operates in California, is following the path laid out by other tech-focused real estate companies like Zillow, Redfin, and Opendoor and getting into the mortgage business. Reali announced Wednesday that it acquired Lenda, an online mortgage lender that launched in 2013 and currently operates in 12 states.
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  • Colony Bank buying PFB Mortgage

    Georgia bank expanding mortgage business
    Colony Bank, which operates 27 branches throughout Georgia, is set to grow its mortgage business, as the bank announced this week that it plans to acquire PFB Mortgage, the secondary market mortgage business of Planters First Bank. According to Colony Bank, PFB Mortgage originated more than $100 million in mortgages last year, and the bank expects the addition to help double its mortgage business in the future.
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  • No-income, no-asset mortgages are back (at one lender, at least)

    360 Mortgage Group plans as much as $1 billion in “NINA” loans
    Back in the Wild, Wild West era of mortgage lending before the housing crisis, NINJA loans (loans given to borrowers with no income, no job, and no assets required) became quite the rage. NINJA loans have disappeared from the market, likely never to be seen again, but one lender is about to bring back a similar ghost of the mortgage market’s past: the NINA loan.
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  • Home Point Financial acquires Platinum Mortgage’s wholesale division

    Growth continues for Home Point
    The last few years have been a period of growth for Home Point Financial. It began back in early 2015, when Home Point announced the acquisition of Maverick Funding, with Maverick’s business becoming Home Point’s initial mortgage banking platform. And it appears Home Point has no plans to slow down.
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  • Wells Fargo earnings top expectations weeks after CEO departs

    Biggest bank lender says mortgage pipeline swelled as rates dropped
    Wells Fargo, the biggest U.S. bank originator of mortgages, had its best first quarter in five years without much help from its home-loan business. Look for that to change next quarter, based on the mortgage pipeline Wells Fargo reported. The San Francisco bank said it had $32 billion of unclosed first-lien mortgages that will go on its books in the current quarter, compared with $24 billion it reported for the same period a year earlier.
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