It has been a long time coming. A trade association has been on the minds of many people in the marketplace lending...
The leading industry trade group, the Marketplace Lending Association (MLA), announced today that they have added 11 new members. The...
Experian is the most recent company to join the Marketplace Lending Association; credit reporting agency Experian has become actively integrated in the marketplace lending ecosystem and is committed to supporting transparent and responsible financial innovation for the marketplace lending industry; Experian's expertise in data and analytics will greatly support the goals of the Marketplace Lending Association. Source
Most lenders like to request tax return information from a borrower during the loan application process. It is the most...
A recent report by the Cleveland Fed on online lending has caused quite the controversy over its content; the Marketplace Lending Association said the Fed should retract the report; even TransUnion, whose data the report relied upon, took issue with how they presented the material; “We have no understanding of how the Federal Reserve Bank of Cleveland could have used our data to reach the conclusions they did,” Ezra Becker, SVP at TransUnion, said to American Banker; the Fed stated the terminology used in the report has caused confusion but have yet to retract the report. Source.
Yesterday, the first ever Marketplace Lending Policy Summit took place in Washington DC. Even though this was not a LendIt...
The Marketplace Lending Association has added eOriginal as its newest member; eOriginal was founded in 1996 and has been actively involved in the integration of electronic documentation throughout the financial services industry; it currently provides solutions for marketplace lenders and its expertise will significantly support the goals of the Marketplace Lending Association. Source
Nathaniel Hoopes, head of the Marketplace Lending Association shares how the Madden v. Midland decision is having an adverse impact on borrowers in an American Banker opinion article. Source
A new bill has been introduced in Congress that would mandate the IRS to make their data available via API; the current process for lenders requires borrowers to fill out a form known as IRS 4506-T: Request for Transcript of Tax Return; Lend Academy provides additional information on the bill with thoughts from Congressman McHenry and Nat Hoopes, Executive Director of the Marketplace Lending Association. Source
A week ago I wrote about the Cleveland Fed report on “p2p lending”. I use that term in quotes because...