Is an algorithm less racist than a home loan officer?

In 2015, Melany Anderson’s 6-year-old daughter came home from a play date and asked her mother a heartbreaking question: Why did all her friends have their own bedrooms?

Anderson, 41, a pharmaceutical benefits consultant, was recently divorced, living with her parents in West Orange, New Jersey, and sharing a room with her daughter. She longed to buy a home, but the divorce had emptied her bank account and wrecked her credit. She was working hard to improve her financial profile, but she couldn’t imagine submitting herself to the scrutiny of a mortgage broker.

“I found the idea of going to a bank completely intimidating and impossible,” she said. “I was a divorced woman and a Black woman. And also being a contractor — I know it’s frowned upon, because it’s looked at as unstable. There were so many negatives against me.”

Then, last year, Anderson was checking her credit score

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Customers Bancorp Discloses Healthy Credit Quality & Declining Loan Deferrals; Reiterates Financial Guidance

WEST READING, Pa.–(BUSINESS WIRE)–Over the last decade, Customers Bancorp and its principal subsidiary, Customers Bank (the “Bank”), have developed a suite of commercial and retail loan products with one particularly important common denominator: relatively low credit risk assumption. The Bank’s multifamily, mortgage warehouse, and specialty finance lines of business, for example, are characterized by conservative underwriting standards and low loss rates. As a consequence of this emphasis, the Bank’s credit quality to-date has been healthy despite a highly adverse economic environment. Nonperforming assets increased slightly to $92.6 million at August 31, 2020 from $86.4 million at June 30, 2020 and are expected to fall below $80.0 million by quarter-end due to the anticipated sale of an investment CRE loan.

Further, we are pleased to disclose a sharp decline in loan deferrals since financial results for Q2 2020 were released. Excluding PPP loans, active deferments decreased to $439.0 million

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Accurate Group Helps Credit Unions Grow Real Estate Lending Business through Faster Loan Cycle Times, Lower Costs and Innovative Technology

CLEVELAND–(BUSINESS WIRE)–Accurate Group, a leading provider of technology-driven real estate appraisal, title data, analytics and e-closing solutions, today announced the launch of a bundled solution designed to help credit unions accelerate growth and improve efficiency in real estate lending.

Accurate Group provides the digital framework and modernized appraisal, title and closing processes lenders need to remain competitive in today’s real estate lending environment. The COVID-19 pandemic is posing challenges for real estate lenders – giving credit unions a window of opportunity to seize market share from less nimble competitors by investing in innovation and automation.

Property appraisal, title and closing processes are ripe for automation and technology advancement. By creating a one-stop, bundled solution that addresses these areas with proven, market-leading technology and services, Accurate Group is helping credit unions achieve significant gains in efficiency, turn time improvement and member satisfaction. The bundled solution includes appraisal, title and

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More PPP loan questions after companies paid dividends, bought their own stock

Under the Small Business Administration rules, a PPP loan could be used only to meet payroll and pay mortgage interest, leases or utility bills. PPP loan recipients weren’t prohibited from paying investors with other funds, as long as the PPP funds were kept separate.

Still, some advocacy groups believe that companies that had enough cash on hand to pay millions in dividends and stock purchases were unlikely to qualify for the PPP program, which was designed to assist troubled companies in keeping employees on the payroll during weeks when they were unable to do business because of pandemic-related lockdowns.

“The Trump administration wrote the PPP rules and sent billions of dollars to the well-resourced and well-connected rather than actual small businesses struggling during this public health and economic crisis,” said Kyle Herrig, president of an advocacy group called Accountable.US. “The fact that there was little transparency or accountability under this

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Kennedy Funding Closes $3 Million Land Loan for Portion of Former Murdock Village Site in Port Charlotte, Florida

ENGLEWOOD CLIFFS, N.J., Sept. 23, 2020 /PRNewswire/ — A long-promised commercial center in Port Charlotte, Florida, will soon be underway, thanks to Kennedy Funding.

The Englewood Cliffs, New Jersey-based direct private lender today announced the closing of a $3 million loan to Lost Lagoon Development for the acquisition of 101.46 acres of land located at 17512 Toledo Blade Boulevard in Port Charlotte.

Lost Lagoon Development purchased the property for $3.755 million – and Kennedy Funding closed the loan – at 80% of the purchase price.

“A commercial real estate loan at 80% loan-to-cost, particularly on raw land, is quite rare in the hard money space,” said Kevin Wolfer, CEO, Kennedy Funding. “Knowing the contract contained several contingencies for rezoning and site plan approvals significantly increased this property’s value and made this an extremely unusual and attractive arrangement. Once the borrower secured the approvals, we were able to quickly close.”

Arredondo

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Should I get a personal loan for home improvements?

A homeowner’s first instinct may be to get a home equity loan or line of credit when they need money for a home improvement project. But in some cases, a personal loan could be a better choice.



a wooden bench in front of a building: House deck under renovation


© tab62/Shutterstock
House deck under renovation

With a personal loan, you know your total borrowing costs at the time you take out the loan, and you’re borrowing a fixed amount for a certain number of years with a fixed interest rate. To determine whether or not you should get a personal loan for home improvements, consider your priorities when it comes to interest rates, secured versus unsecured borrowing and tax benefits.

Should I get a personal loan for home improvements?

A personal loan can be a great way to finance a small to mid-sized home improvement project, like new windows or a room makeover. Whether or not a personal loan is the right

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More loan money available to rebuild Kenosha businesses

MADISON, Wis. (AP) — The state is making more money available to help small businesses in Kenosha recover from damage during recent unrest over the police shooting of Jacob Blake, officials announced Wednesday.

Gov. Tony Evers and the Wisconsin Economic Development Corporation said another $3 million would be added to the previously-announced $1 million in no-interest loans for small businesses.

Kenosha Fire Chief Charles Leipzig recently told the Police and Fire Commission that damage from the violence that followed Blake’s shooting Aug. 23 has topped $11 million.

The 29-year-old Black man was left partially paralyzed after a white officer shot him seven times in the back as police tried to arrest him.

The shooting, which was recorded on video and seen widely on social media, sparked protests and violence in Kenosha, where roughly two dozen fires were set and numerous businesses were destroyed.

Prosecutors say 17-year-old Kyle Rittenhouse of Antioch,

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Kennedy Funding Closes $3 Million Land Loan for Portion of Former Murdock Village Site in Port Charlotte, Florida | Nachricht

ENGLEWOOD CLIFFS, N.J., Sept. 23, 2020 /PRNewswire/ — A long-promised commercial center in Port Charlotte, Florida, will soon be underway, thanks to Kennedy Funding.

The Englewood Cliffs, New Jersey-based direct private lender today announced the closing of a $3 million loan to Lost Lagoon Development for the acquisition of 101.46 acres of land located at 17512 Toledo Blade Boulevard in Port Charlotte.

Lost Lagoon Development purchased the property for $3.755 million and Kennedy Funding closed the loan at80% of the purchase price.

“A commercial real estate loan at 80% loan-to-cost, particularly on raw land, is quite rare in the hard money space,” said Kevin Wolfer, CEO, Kennedy Funding. “Knowing the contract contained several contingencies for rezoning and site plan approvals significantly increased this property’s value and made this an extremely unusual and attractive arrangement. Once the borrower secured the approvals, we were able to

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Should you take out a personal loan for a home improvement project?

Tackling a home improvement project can be costly but, with competitive rates and terms, a personal loan can give you a house to come home to. (iStock)

Home improvement projects can make a house a home. By updating a bathroom or kitchen, replacing windows, or changing the flooring in the living room, you are putting your signature touch on your home and adding value.

But these improvements can also come with a high price tag, making it difficult for the average person to pay cash for upgrades to their homes. There are many reasons to take out a personal loan, but this is one of the most popular — and can really come in handy.

What is a personal loan?

A personal loan is financed by a financial institution — a bank, credit union, or online lender and can be used for renovations, repairs, and additions to your

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Is an Algorithm Less Racist Than a Loan Officer?

Trevor McIntosh, 35, and Brennan Johnson, 31, secured a mortgage for their Wheat Ridge, Colo., home through Better.com in 2018. “We’re both millennials and we need to immediately go online for anything,” said Mr. Johnson, a data analyst. “It seemed more modern and progressive, especially with the tech behind it.”

Previously, the couple had negative home buying experiences. One homeowner, they said, outright refused to sell to them. A loan officer also dropped a bunch of surprise fees just before closing. The couple wasn’t sure whether prejudice — unconscious or otherwise — was to blame, but they couldn’t rule it out. “Trevor and I have experienced discrimination in a variety of forms in the past, and it becomes ingrained in your psyche when interacting with any institution,” said Mr. Johnson. “So starting with digital, it seemed like fewer obstacles, at least the ones we were afraid of, like human bias.”

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