Financial institutions that use complex algorithms in their lending decisions are legally required to provide a specific explanation to consumers who are denied credit, the Consumer Financial Protection Bureau said Thursday.Creditors cannot simply skirt the requirements of the Equal Credit Opportunity Act by saying that artificial intelligence or machine learning technologies were used to evaluate credit applications, CFPB Director Rohit Chopra said in a written statement.“Companies are not a...
Financial institutions that use complex algorithms in their lending decisions are legally required to provide a specific explanation to consumers who are denied credit, the Consumer Financial Protection Bureau said Thursday.Creditors cannot simply skirt the requirements of the Equal Credit Opportunity Act by saying that artificial intelligence or machine learning technologies were used to evaluate credit applications, CFPB Director Rohit Chopra said in a written statement.“Companies are not a...
Copier fees, courier fees and other title insurance extras should be regulated to avoid predatory lending situations.
The post Opinion: Lack of conformity in title fees facilitates predatory lending appeared first on HousingWire.
Copier fees, courier fees and other title insurance extras should be regulated to avoid predatory lending situations.
The post Opinion: Lack of conformity in title fees facilitates predatory lending appeared first on HousingWire.
As Wells Fargo contemplates a smaller footprint in mortgage, the nation's fourth-largest bank named Kleber Santos as chief executive officer of consumer lending.
The post Wells Fargo taps Kleber Santos to lead consumer lending appeared first on HousingWire.
As Wells Fargo contemplates a smaller footprint in mortgage, the nation's fourth-largest bank named Kleber Santos as chief executive officer of consumer lending.
The post Wells Fargo taps Kleber Santos to lead consumer lending appeared first on HousingWire.
Wells Fargo’s head of consumer lending is leaving just two years after being hired by CEO Charlie Scharf.Mike Weinbach, whom Scharf poached from JPMorgan Chase in the early days of his tenure, will leave Wells Fargo in mid-September to help the division transition to its new leader. Kleber Santos, the bank’s head of diverse segments, representation and inclusion, became the consumer lending group’s new chief on Monday.The departure comes as the $1.9 trillion-asset Wells Fargo continues co...
Wells Fargo’s head of consumer lending is leaving just two years after being hired by CEO Charlie Scharf.Mike Weinbach, whom Scharf poached from JPMorgan Chase in the early days of his tenure, will leave Wells Fargo in mid-September to help the division transition to its new leader. Kleber Santos, the bank’s head of diverse segments, representation and inclusion, became the consumer lending group’s new chief on Monday.The departure comes as the $1.9 trillion-asset Wells Fargo continues co...
Boulder-based financial technology company Neat Capital has raised $3 million, drawing investment from Comcast subsidiary Forecast Labs.
Neat Capital will put the Forecast funding to work accelerating its consumer home lending business, Neat Loans, which aims to help individuals compete with cash buyers in the residential real estate market, it said in a press release.
“The traditional mortgage pre-approval is dead, and it’s time to bury it,” said Neat Capital CEO Luke Johnson in the pre...
Boulder-based financial technology company Neat Capital has raised $3 million, drawing investment from Comcast subsidiary Forecast Labs.
Neat Capital will put the Forecast funding to work accelerating its consumer home lending business, Neat Loans, which aims to help individuals compete with cash buyers in the residential real estate market, it said in a press release.
“The traditional mortgage pre-approval is dead, and it’s time to bury it,” said Neat Capital CEO Luke Johnson in the pre...
