Anthony Noto, CEO of the financial company SoFi, said this week that his company is preparing for a landscape with higher interest rates, and that it favors quality over quantity, according to CNBC. “We have really strong risk controls,” Noto said in an interview with Jim...
Climbing interest rates are taking their toll on the number of consumers in the market for new home mortgages. Mortgage applications for new homes are down 25 percent year over year. They’re also taking their toll on the non-bank mortgage lenders that proliferated in the good...
Student debt in serious delinquency — 90 or more days — rose to 9.1 percent in the third quarter from 8.6 percent in the previous quarter — the biggest jump in seven years. In fact, the total debt held by Americans rose to $13.5 trillion...
The Federal Deposit Insurance Corporation (FDIC) announced that it is has issued a request for public comments related to small-dollar lending by financial institutions. The Request for Information (RFI) aims to gather more information on the consumer demand for small-dollar credit products, as well as...
After a record $56 billion bailout — and interest rates that are now close to 70 percent — loans rates are down in Argentina. According to Bloomberg, President Mauricio Macri’s goal is to pull cash out of circulation, which would curb inflation and boost a...
Wells Fargo said Tuesday (Nov. 6) that an underwriting error internally prompted it to reject home loan modifications, which resulted in the bank foreclosing on more homes than planned. According to a report in Reuters, citing a filing with regulators, Wells Fargo said an expanded...
Moody’s said in its latest reading of the “pulse of the consumer” that in viewing the charge-off rate, growth had slowed among the largest U.S. banks to 10 basis points in the third quarter. That was better than the 18-basis-point increase seen year over year...
HSBC Holdings announced that it is teaming up with online lender Avant to offer unsecured loans to consumers. In the first half of 2019, HSBC’s U.S. arm will utilize Avant’s platform to offer personal loans as high as $30,000 with terms up to five years....
OnDeck Capital has created a unit that will provide technology and services for banks lending to small businesses over the internet. Reuters, citing the company, reported the new company will be called ODX and will expand its business, in which it provides lending software to...
