A report from Citi Global Perspectives and Solutions, titled "Education: Back to Basics" says student loan default and delinquency rates are down from 14.7% in 2013 yet still high at approximately 11% which is comparable to peak mortgage crisis delinquency rates of 11.5%; report also provides additional comparisons of the current state of the student loan market to the mortgage market crisis; notes that the student loan market overall is $1.41 trillion compared to $8.6 trillion for mortgages, making high student loan defaults less significant than a mortgage market crisis. Source
Citizens Bank has entered into a partnership with Fundation to extend capital to small businesses; Citizens Bank will offer a digital solution so small businesses can apply and get a loan through one process; businesses who don't meet Citizens' credit profile will then be underwritten by Fundation; this is the second fintech partnership for Citizens Bank as they recently entered into a partnership with digital wealth management service SigFig. Source
Online lending alternative credit data solutions provider Clarity Services has announced the release of Temporary Account Record, a solution for mitigating loan stacking; primarily focused on providing alternative credit data for the online lending market, the firm also began developing Temporary Account Record in 2013 to address the issue of loan stacking fraud; Temporary Account Record will complement the firm's data services by providing increased transparency on current loans and pending loan transactions. Source
Clarity Services is a leading alternative credit data provider; the firm has published a new report titled, "2017 Subprime Lending Trends Insights into Consumers and the Industry" which analyzes alternative credit data from the firm's database of approximately 60 million unique consumer identities; provides details on consumer trends and the financial behavior of this market group. Source
Climb Credit is integrating earnings potential into its credit underwriting models for student loans; firm offers student loans for individuals and through partnerships with educational institutions; its credit underwriting process for a student loan includes multi-factor data on the earnings potential of the loan's borrower in addition to the individual borrower's credit score. Source
According to a report by AltFi, P2P Global Investments (P2PGI) is continuing their share buybacks; P2PGI has purchased shares on 14 days in the past two months with buybacks ranging from 3,400 to 50,000; the fund currently trades at a 25.3% discount to net asset value; contributing factors to recent performance have been cash drag from currency hedging, level of defaults and volatility surrounding Brexit. Source
Leading cloud based loan and leasing software provider Cloud Lending Solutions launches a new product offering for banking clients, CL Portal™; the new product will allow a lender to integrate loan product workflows and document management for a seamless customized experience; Snehal Fulzele, CEO of Cloud Lending Solutions, explains: "Every day, more and more banks are asking for an integrated loan portal that allows them to configure a highly personal, customer-centric experience. CL Portal™ allows banks to build that interaction with an origination platform in months, rather than years." Source
Cloud Lending Solutions has closed a new financing round led by Cota Capital; firm plans to further develop its products and expand globally; currently offers product solutions for origination, underwriting, servicing and collections in over 23 countries with approximately 2,800 lending users. Source
CloudMyBiz has announced a one platform solution for alternative lending which includes services for origination, underwriting, servicing and client relationship management; the platform is built on Salesforce.com; CloudMyBiz is active in providing cloud solutions for alternative lending; it specializes in Salesforce implementation, migration, integration, development, third party applications and custom app development, helping clients to streamline processes for increased business efficiency. Source
Cloudvirga has raised $15 million in a Series B funding round for its automated, cloud-based intelligent Mortgage Platform (iMP); the service can easily integrate with lenders to streamline, automate and manage the compliance of mortgage lending, also offering significantly reduced processing times and costs; the iMP service was launched in 2016 and has processed over $15 billion in loans. Source