The Department of Justice's case against Quicken Loans will be heard in Detroit; in an ongoing case filed in April 2015, the Department of Justice says Quicken Loans used faulty underwriting processes to certify Federal Housing Administration (FHA) loans while disregarding FHA rules; Quicken is a direct endorsement lender for the FHA and the loans in the court case were originated from September 2007 through December 2011. Source
The Women in Consumer Finance Conference is an annual event that actively targets the issue of diversity within the financial services sector. By organising three days of personalised engagement activities attendees are delighted at its impact.
Canadian robo advisor WealthBar now manages over CAD$100 million (USD$75.93 million) in assets under management; the firm was launched in 2014; it currently offers online onboarding, investment management, financial planning and an individual advisor; its services have also expanded to private investment portfolios and registered retirement savings plans. Source
The National Crowdfunding Association of Canada (NCFA) has published a report providing insight on the country's crowdfunding market; identifies a need for regulation that will help support the industry's growth while also setting standards for the market overall; predicts transaction value of $190 million for 2016; says the industry has grown 48% from 2013 to 2015. Source
eOriginal has added Ron Suber, Prosper Marketplace president, to its advisory board; the digital transaction document management company has been steadily expanding its business in the marketplace lending market; Ron Suber will help support the company's growth as an advocate for its unique digital documentation products also advising the company on the marketplace lending market overall; eOriginal is currently growing and expanding, also adding Jon Barlow, founder and former CEO of Eaglewood Capital Management, to its advisory board and raising $26.5 million in a recent funding round. Source
Borrowell, a marketplace lender focused on consumer loans, has been in business for approximately two years in Canada with a lot of growth in the small, developing Canadian P2P industry; Lend Academy interviews Borrowell's CEO and Co-Founder Andrew Graham in their podcast; discussion focuses primarily on Borrowell's business model and the company's announcement of the country's first marketplace lending partnership with a major bank; Borrowell has partnered with CIBC in a co-branded partnership that offers consumer loans to CIBC's customers. Source
Creditas recently closed one of the largest rounds in Latin American history and has originated more than $100mn in loans since 2011; they company offers loans backed by collateral, charging 17 to 25 percent for their home equity loan and 23 to 50 percent for auto equity loans; this is unique as banks typically charge 120 percent APR on unsecured loans and 480 percent APR on revolving credit cards; having a lower cost, more secure loan has seen them keep defaults around 1 percent and grow the company workforce threefold in the past year alone. Source.
The marketplace lending platform has facilitated over $7 million dollars in financing to small businesses in Canada; it currently has over 9,500 investors; Auto-Lend will allow investors to automate investing on the platform through pre-set or customized strategies. Source
