These are some of the top alternative lending companies and nonbank lenders in 2019
To obtain a free preview of our Banking Briefing, pleaseNonbanks and alternative lenders have garnered attention in the banking industry due to their ability to partner with legacy banks and utilize technology to make financial transactions more efficient and convenient for users.Consumers are attracted to the idea of completing loan applications and payments digitally, with no initial fees, and at low interest rates.
This alt lender has funded over $165 billion since it launched in 2010, and is the nation's fifth largest retail mortgage originator — taking second place for largest nonbank consumer lender.PennyMac has stayed ahead of its alternative lending competitors by continuously adapting to consumers' digital preferences. Catering to the online user, PennyMac provides digital loan support and allows consumers to submit documents electronically.
With no minimum income required, PennyMac offers a wide variety of loan options ranging from conventional and jumbo loans to U.S. Department of Veterans Affairs and Federal Housing Administration loan and mortgage programs.OnDeck's digital technology services and partnerships with incumbent financial services providers have secured it as a top alternative lending option for small- and medium-sized businesses .
OnDeck partnered with JPMorgan to create a platform allowing SMBs to access up to $200,000 in loans online.In 2018 OnDeck launched ODX to help banks build their own digital small-business lending products. The firm also partnered with JPMorgan in 2014 - and extended the partnership in 2017 - to create a platform allowing SMBs to access up to $200,000 in loans online.Originally focused on student loan refinancing, SoFi now includes mortgage loan refinancing, mortgages, and personal loans.
In addition to the launch of SoFi Invest, the company also partnered with insurtechs Lemonade and Root in 2019 to add three more types of insurance to its product suite.
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