Like other technology-based lenders, Konfio uses a combination of data from social media and online payments to more traditional data to make real-time approvals of loans.
As an innovative, nonbank lender technology, customer service, and common sense are our daily best practices.
The company has decided instead to license its technology directly to lenders and brokers, like J. P. Morgan Mortgage Capital. Bruce Weissberg, chief executive of RealtyIQ.com, which once planned to become a center of online real estate services, has also scaled back his ambitions.
Lender Processing Services, a provider of technology support to mortgage lenders, is in advanced talks to sell itself to its former parent, Fidelity National Financial, and the buyout firm THL Partners for about $2.9 billion, a person briefed on the matter said Wednesday.
LendUp, in contrast, is positioning itself as a direct lender, using technology and Big Data to allow consumers with poor or no credit to get access to small-dollar, short-term loans (of up to $250 for 30 days) and build their credit while doing so.
Fidelity National and THL Partners Said to Be in Talks for Loan Processing Firm | Lender Processing Services, a provider of technology support to mortgage lenders, is in advanced talks to sell itself to its former parent, Fidelity National Financial, and the buyout firm THL Partners for about $2.9 billion, a person briefed on the matter said on Wednesday.
Adopting technology solutions will allow lenders to reduce processing costs and provide borrowers with cheaper access to credit.
This would not be possible without innovative companies providing the underlying technology to help traditional lenders replace manual processes with data-driven workflows and automation.
Original Tech was founded by Heang Chan, Sean Li and Chris Blaser, all of whom are former employees of Blend, a B2B fintech company focused on providing technology solutions to mortgage lenders.
During the conversation, I asked the banker — the head of small business lending at a major US retail bank— whether he saw the emergence of technology-enabled alternative lenders as a threat to his business unit.
