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Tag Archives: Lending

Ellie Mae’s Velocify Platform Wins LeadsCouncil Leader Award

Pleasanton, California-based Ellie Mae, which provides a cloud-based analytics platform for the mortgage industry, announced that its platform, Velocify, was recognized with a LeadsCouncil LEADER award for outstanding performance and innovation in the lead generation industry. Velocify is the recipient ...

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HUD Secretary to Work on Big Banks’ Lending Practices

Secretary of the U.S. Department of Housing and Urban Development Ben Carson said in a speech on Monday that he promises to help big banks get more comfortable about financing lower-income borrowers, without fear of being penalized from mortgage lending errors.

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Appeals Court Dismisses LA Case v. BofA, Wells

Suits claiming Bank of America and Wells Fargo engaged in discriminatory lending practices in the city of Los Angeles were dismissed this week by an appellate panel in New York. Filed by the city of LA, the suits alleged the two banks targeted minority buyers with more expensive and riskier loans than white borrowers. The appellate panel ultimately sided with the original district court rulings, which stated the city failed to establish a strong enough link between the bank’s policies and any racial disparity in local homeownership.

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Asurity Technologies Announces Integrated Compliance Platform

Asurity Technologies, an enterprise formed to provide the financial services industry with RegTech solutions, announced its formation as an entity bringing together Treliant Solutions, LLC, Risk Management Solutions, Inc., and Mortgage Resources Group, LLC into an integrated compliance platform. According ...

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Homebuilders Report Loosening Credit Standards

Builders and developers have reported that credit conditions for acquisition, development, and single-family construction (AD&C) have been easing in the past few months. Eased lending standards are linked with growth in the volume of residential construction loans held at banks, and by extent, the growth in residential construction as a whole. Sales of brand-new homes are expected to jump 10.7 percent this year as the historically low inventory has been pushing for increased construction.

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Philadelphia: Wells Fargo Violated the FHA

According to the City of Philadelphia, black borrowers of Wells Fargo loans were over twice as likely to receive high-cost or high-risk loans than white borrowers, while Hispanic borrowers were around twice as likely, and home in predominantly minority neighborhoods were 4.7 times more likely to be foreclosed. Two weeks before this case, the Supreme Court had ruled that Miami could sue Bank of America for predatory lending practices that allegedly increased segregation.

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The Financial Sector in Trump’s Presidency

Following the election of Donald Trump, the financial sector, including banks, saw a average earning growth of 16.4 percent, with revenue growing over 9 percent. Bank stocks fell 1.5 percent during the first three months, though have remained high and stable since.

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Texas Capital Completes First eClosing

Thanks to its implementation of DocMagic’s Total eClose platform, Texas Capital Bank has successfully completed and funded it very first eClosing. Now one of the largest warehouse lenders to accept and fund eNotes, Texas Capital has made its first step toward digitization. The bank was praised by DocMagic CEO Dominic Iannitti.

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