OnDeck Capital first quarter results, which were reported Tuesday (May 8), showed better credit metrics and headline numbers that topped the Street on the top and bottom lines. Adjusted earnings came in at eight cents a share, topping the Street by four cents. Gross revenues...
Lending standards for business loans eased at U.S. banks in the first quarter of the year, according to a new report from the Federal Reserve. Consumer lending, though, experienced tightening standards. Loan officers surveyed for the report said they had “eased their standards and terms...
“Machine learning is the answer to the financial inclusion problem.” So said Douglas Merrill, founder of ZestFinance. It’s a bold statement, considering that the lending space is still trying to articulate what, exactly, the financial inclusion problem is — and everyone else is still trying to...
Joseph Otting, Comptroller of the Currency, says that rules on short-term, small-dollar lending should be relaxed so U.S. banks are able to offer loans to cash-strapped consumers. According to Financial Times, strict underwriting rules and the negative publicity surrounding loans with such high annual interest...
New data shows that rising home prices are translating into mortgage loan debt not seen since the housing crisis. According to The Wall Street Journal, new research from mortgage data tracker CoreLogic found that about one in five conventional mortgage loans completed this winter went...
U.S. banks are seeing a surge in the number of loans being taken out by corporate America, with new data showing the biggest increase since the 2016 election. According to the Financial Times, the data published on Friday shows only one month of recovery, but is...
Bank of America has announced the launch of its Digital Mortgage Experience, which aims to guide clients through the mortgage process via the bank’s mobile banking and online platforms. Among the perks of this new service are advanced application prefill capabilities, allowing clients to immediately...
Back in the olden days – circa 1950 and before – a customer who wanted a loan would walk into a bank and sit across a desk from a man in a blue suit with a red tie. It was, says ZestFinance founder and CEO...
Just as SAT scores don’t convey everything about a student, FICO scores don’t convey everything about a loan applicant. They can be one valuable piece of information, but when banks rely solely on scores from the credit bureau to decide which businesses or individuals can...
