Patch of Land has filed a Form D 506c with the Securities and Exchange Commission; it seeks to raise $3.2 million in debt capital with a minimum investment of $250,000; the company has already raised $1.5 million; the company raised a total of $23.6 million in 2015 and has facilitated over $100 million in loans. Source
Unison offers a unique solution to help homebuyers purchase their home; company provides up to half of the down payment to purchase a home and stands to benefit if the home value increases; product is available in 13 states with 8 lenders and the company is close to one thousand deals completed with an anticipated three thousand additional deals in 2017; chairman and co-CEO Thomas Sponholtz answers other questions about the platform from Crowdfund Insider. Source
Leading digital transaction management firm eOriginal has been selected to manage electronic documentation processes for Fannie Mae; as a government sponsored enterprise (GSE) Fannie Mae works with lenders nationwide; the eOriginal services will help improve all of the GSE's associated mortgage loan transactions providing support for lenders and loan portfolio services for Fannie Mae; in comments on the partnership, Cindy McKissock, vice president of customer digital experience at Fannie Mae said: "We continually look for ways to help lenders who want to deliver an end-to-end digital mortgage experience. In addition to investing in new eVault infrastructure, we are also simplifying eMortgage adoption by transitioning to the MISMO SMART Doc™ Version 3.0 format in 2017. This will reduce complexity and allow lenders and technology solution providers to adopt eMortgage with greater ease." Source
After more than a decade of conferences and content, fintech has evolved past online lending alternatives: Fintech Nexus brides the gap.
Prosper has announced it will be increasing rates on its high-quality loans and lowering the rate on its HR rated loans; as of March 2 rates will increase on loans rated AA, A and B with an increase of 60 bps, 50 bps and 20 bps respectively; interest rates on HR rated loans will decrease by 10 bps. Source
The Federal Reserve increased its federal funds rate by 0.25% following its March Federal Open Market Committee meeting; the rate is now at 0.75% to 1.00%; the Fed also alluded to plans for two more rate increases in 2017. Source
Personal financial management app, Moven, is focusing on helping customers see the bigger picture when it comes to saving; features include savings account balance updates and a wish list timeline which helps keep consumers on track toward their saving goals; other apps such as Digit, Level Money, Chime, Dyme, Qapital and Simple are also providing similar services focused on motivating users to save for longer-term saving goals. Source
Marlette Funding has announced plans to cut one-fifth of its workforce as the company scraps plans for expansion to new verticals and remains focused on its online unsecured personal loans; the company has reported significant lending growth with over $3 billion in loans originated through its Best Egg brand in the first three years in business; the more conservative strategy follows some signs of increasing defaults, plans for new regulations and slowed capital investments. Source
Google Play has created a guide for developers focused on fintech financial health apps; the guide was created in partnership with the Center for Financial Services Innovation and specifically its Financial Solutions Lab; the guide provides best practices for developing financial health focused apps for Android and distributing them through Google Play; Google Play is also featuring a page with financial health apps. Source
Elevate Credit has appointed Tony Leopold as its new general manager for the firm's Rise product; Leopold brings over 20 years of experience in strategy, business development, finance and operations from roles at United Rentals and Bain and Company; Rise is Elevate's flagship product offering unsecured consumer loans of $500 to $5,000. Source