Economy

Medallion Financial, trying to diversify beyond its traditional business of financing taxi drivers, plans to issue loans on behalf of web-based lenders. But that new strategy faces some potential pitfalls.

WASHINGTON — A federal appeals court has scheduled oral arguments in a case that could have profound implications for the government's ability to designate nonbanks as systemically risky.

The Bancorp in Wilmington, Del., has sold a loan portfolio as part of its effort to reduce the size of its discontinued commercial loan book.

Discussions around reinstating the Depression-era law are headline-grabbing, but Glass-Steagall has no merit in our current financial environment.

Fundation Group, a New York-based online small-business lender, announced Tuesday that it has secured a $100 million credit facility from Goldman Sachs.

Artificial intelligence has gotten good enough to do some of the more mundane tasks people perform at banks every day. Whether the trend will kill certain job categories entirely or make a lot of dull work more interesting, or both, is an open debate.

New specifications for Fannie Mae and Freddie Mac's common mortgage application unveiled Tuesday add data points and remove obsolete questions, as well as include additional capabilities to promote digital mortgage workflows.

Companies like Prosper have revolutionized the front end of the consumer lending experience, but they have not proven able to handle even minor financial bumps without running off the road.

Acquirers and independent sales organizations have long heard a similar refrain: Adjust to the fast pace of technology or perish.

Despite headwinds working against the mortgage insurance industry, this business could be the catalyst for bringing private capital back to the mortgage market.

The promise of faster EMV technology is a welcome reprieve for many ISOs who have grown weary of listening to merchants gripe about the snail's pace of chip card transactions. That reprieve, however, may not be so quick in coming.

The first commercial mortgage-backed security to comply with "skin in the game" requirements was extremely well received. Market participants credit the way the large banks sponsoring the deal retained the risk – a strategy unavailable to nonbank lenders.

Banks have found a novel way to fend off fintech’s plans to take them down: they are funding it. A new report shows corporate venture capital investors, such as those backed by banks, made up nearly a third of funding in the second quarter.

LoanDepot, a Foothill Ranch, Calif.-based company that offers mortgages, home equity loans and personal loans, has raised $150 million in term debt financing.

Like its peers, the San Francisco-based marketplace lender is struggling to manage the fallout of a sharp reversal in the interest of investors.

Arch U.S. MI's acquisition of United Guaranty Corp. will make one of the smallest private mortgage insurers the sector's new market leader. While the move is likely to ease pricing competition among the six remaining players, it's not expected to set off a wave of further consolidation.

The Ohio company is eager to rev up SBA lending in the Windy City now that it has closed on its purchase of FirstMerit. CEO Steve Steinour also credits his company's willingness to make big upfront community commitments for a seamless approval process.

Avant, an online consumer lender based in Chicago, is shoring up its funding base with a pair of new transactions.

Banks and industry representatives are asking whether the proposed long-term liquidity rule properly takes into account the risk profiles of certain assets, the interaction with other liquidity rules, and even whether the regulation is needed at all.

United Community and Wells Fargo are among the banks building platforms to lend to senior-care facilities. Demographics suggest the business should grow significantly in coming years.