Banks Use Fintech Partnerships to Make Home Loans More Efficient and Profitable

JPMorgan Chase, Wells Fargo and now Ally Bank have all outsourced a part of their home lending process to fintech startups; the move will help banks to become more efficient and drive higher profits for a segment that has lagged in recent years; there are still some banks like Bank of America who are building their product in house; Wells Fargo has partnered with Blend, JPMorgan Chase struck a deal with Roostify and Ally Bank recently announced a deal with Better; the banks are trying to capitalize on the fintech technology to make more of the mortgage process automated while still holding some of the loans on their balance sheet and selling others in the marketplace; fintech firms have put pressure on banks in recent years and now banks are trying to capitalize on this pressure by working with these startups to modernize. Source.

Todd is the Chief Product Officer of LendIt Fintech.

He is the host of PitchIt: the fintech startups podcast, a weekly interview show featuring emerging fintech founders and leading venture capitalists.

He is responsible for leading the content team which covers fintech through daily & weekly email newsletters, editorial, virtual events, and in-person conferences.

He has been covering fintech, banking, and venture capital for more than 15 years, including speaking regularly at industry events.

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