SoFi

The deal between San Francisco-based lender and Social Capital Hedosophia Holdings Corp. V is latest example of a closely held firm going public by merging with a special purpose acquisition company.

The former SoFi chief’s latest startup, Figure, has created what it says is a transparent marketplace for buying and selling assets. Some banks have embraced the technology, but other blockchain projects have stalled because lenders don't want rivals to see their data.

If it’s approved, the charter is expected to lower the fintech’s cost of funds and allow for more product offerings. It comes nearly three years after SoFi pulled the plug on an earlier effort to open an industrial bank.

The fixed-rate loans from Earnest involve refinancings to advanced degree professionals who have greater financial means to make payments despite the economic disruption caused by the COVID-19 pandemic.

Unlike other asset-backed issuers in the auto or mortgage sector, SoFi was able to market SoFi Professional Loan Program 2020-C Trust without additional investor protections above what it offered in deals closed before the COVID-19 outbreak.

While LendingClub, Prosper, Avant and SoFi are giving existing borrowers breaks in the short term, they're considering tightening credit as the coronavirus outbreak threatens to drag the economy into a recession.

SoFi Professional Loan Program 2020-B Trust is a $1.06 billion asset-backed offering of bonds secured by a pool of loans made to advanced-degree graduates of medical, dental or legal universities, or MBA recipients.

SoFi Professional Loan Program 2020-A Trust is a $482.3 million bond offering, backed by a pool of approximately $500 million in loans taken out by post-graduate professionals from high-income fields.

The SoFi co-founder said Figure Technologies is working with national banks to employ its distributed ledger tech for loan originations.

The San Francisco fintech company has agreed to pay a $110,000 fine for failing to comply with a 2017 state law that requires mortgage servicers to be licensed.