Former SoFi CEO Mike Cagney’s blockchain lending startup Figure raises $65 million

Figure Technologies, the blockchain lending startup co-founded by former SoFi CEO Mike Cagney, grew throughout its first year of business last year. And now, the company will have some new funding to continue its expansion as Figure announced this week that it raised $65 million in its Series B equity funding round.
Source: HousingWire Magazine

What's driving these fintech companies' deposit grab?

Aspiration, Wealthfront and SoFi have all begun offering high-yield savings accounts during the past few weeks.
Source: American Banker

HomeStreet Bank finds a buyer for its retail mortgage business: Homebridge

In a deal that will likely make changing the outside signage a little easier, HomeStreet Bank inked a deal to sell its retail mortgage business to Homebridge Financial Services. The deal would likely include HomeStreet’s 72 home loan centers in five states as well as a number of mortgage professionals.
Source: HousingWire Magazine

Guaranteed Rate appoints new chief innovation officer

Guaranteed Rate recently appointed Paul Anastos as chief innovation officer, in a move that is expected to heat up the company’s product and service offerings for industry professionals. Guaranteed Rate CEO and Founder Victor Ciardelli said Anastos wealth of knowledge will be a tremendous asset to the company as they work to bring new, more efficient technologies to the market.
Source: HousingWire Magazine

MBA Servicing: Mortgage borrowers are now your biggest asset

One of the limitations mortgage servicers face is the relatively small margin baked into servicing. You can’t just raise the cost of servicing, so what can you do? You can leverage your unique 30-year relationship with the consumer to expand into different business lines.
Source: HousingWire Magazine

Democrats push bill to end forced arbitration agreements

The effort comes more than a year after Republicans successfully blocked a CFPB rule that would have banned mandatory arbitration clauses in financial contracts.
Source: American Banker

Homeownership rate rises to four-year high as Millennials are finally buying homes

What so many in the housing industry have waited years for appears to be finally happening: Millennials are buying homes. Back in September, after existing home sales fell to a three-year low, it appeared that many younger would-be buyers were turning to renting instead of buying. But things look much different just a few months later.
Source: HousingWire Magazine

First American: Mortgage fraud risk climbs 4.6% in January

In January, declining rates championed an acceleration in defect risk, according to the latest First American Loan Application Defect Index. First American Chief Economist Mark Fleming said January marks the fifth consecutive month that defect risk in purchase transactions has risen.
Source: HousingWire Magazine

Brace for West Coast CRE bubble inflated by tech boom: Bank chief

Bank of Marin CEO Russ Colombo is tightening up pricing and terms, citing soaring real estate prices in markets like San Francisco.
Source: American Banker

Virginia bank sues North Carolina de novo over name

American National Bankshares is trying to force the proposed American Bank & Trust to change its name.
Source: American Banker