Fintech
loanDepot announces accelerated third and fourth quarter 2019 hiring; the Company plans to add almost 1400 new jobs by year’s end
Today, loanDepot Founder and CEO Anthony Hsieh announced plans to add almost 1400 new employees, primarily in sales professional roles, to loanDepot’s roster by year’s end. Dynamic growth will be felt in each of the Company’s sales channels; approximately 1000 loan officers will be added in or near loanDepot’s five Direct Lending national campus locations and another nearly 300 will be added in loanDepot’s local Retail branch locations. Other new hires will be integrated into the Company’s Joint Venture and Wholesale channels or in corporate infrastructure roles.
An important source of many of the Company’s new Direct Lending loan officers will be from its proprietary ACES (Accelerated Career in Effective Sales) training program. ACES is a one-of-its kind, company-provided educational framework, offering entry-level candidates seeking a career in financial services, the opportunity for paid mortgage apprenticeship with the Company. The Company is currently scaling this program and accepting an additional 450 ACES candidates in Orange County, Phoenix, Nashville and Dallas through September 1.
“Thanks to our proprietary technology and fully digital end-to-end mello smartloan loan process, loanDepot is entering a period of unprecedented growth and opportunity,” said TJ Freeborn, loanDepot’s SVP of Customer Experience. “To ensure we can continue to serve our customers exceptionally well during this period of dynamic growth, we are adding top-level talent to our team, and, one of the key ways we will do this is via our ACES program. ACES allows us to give really talented, customer-focused individuals an opportunity to have an exceptionally rewarding career in the exciting world of fintech, even if they have no prior experience, all while helping customers achieve the American dream of homeownership.”
“We believe,” continued Freeborn, “there are bright, talented, capable sales people in this country today who are underpaid or undervalued in their current role – and, via ACES, we give these people opportunities each day to reach their full potential, not only from a compensation standpoint, but, most importantly, from a personal fulfillment standpoint, with a brand that customers know, trust and want to do business with.”
In addition to further scaling the ACES training program, the Company will also expand hiring in the following ways:
- Experienced loan officers are being added in loanDepot’s five Direct Lending national campus locations: Orange County, Scottsdale, Dallas, Detroit and Nashville.
- loanDepot’s DirectFlex program, the first employment model of its kind in the industry, is being widened to include those in locations near the Company’s five Direct Lending national campus sites. The DirectFlex program is designed to bridge the gap between career satisfaction, personal performance and work|life integration. Similar to Uber in philosophy, the DirectFlex model allows sales professionals to instantly connect and work anytime, anywhere, on their own schedule and terms and creates a virtual alternative to traditional brick and mortar financial services employment.
- In addition to the noted Direct Lending hiring, Retail Channel growth is expected as well. As many as 300 experienced Retail loan officers will be added across loanDepot’s 200+ local branch locations before the year is out.
“loanDepot has long been known as an innovator,” said Freeborn. “Experienced sales professionals are certainly the core of our business model and our industry. That being said, our vision of the industry and customer behavior is futuristic and expansive. In order to deliver service at the proper levels, we must think about things differently.”
“DirectFlex is a perfect example of that innovative thinking,” continued Freeborn. “Not everyone can be tied to an office and a 40-hour a week job. But Uber doesn’t have the market cornered on the gig economy – with DirectFlex, we’ve created a model wherein someone can work where and when it makes sense for them, receiving leads and warm transfers each day, while making a great living along the way.”
SOURCE loanDepot
Fintech
Central banks and the FinTech sector unite to change global payments space
The BIS, along with seven leading central banks and a cohort of private financial firms, has embarked on an ambitious venture known as Project Agorá.
Named after the Greek word for “marketplace,” this initiative stands at the forefront of exploring the potential of tokenisation to significantly enhance the operational efficiency of the monetary system worldwide.
Central to this pioneering project are the Bank of France (on behalf of the Eurosystem), the Bank of Japan, the Bank of Korea, the Bank of Mexico, the Swiss National Bank, the Bank of England, and the Federal Reserve Bank of New York. These institutions have joined forces under the banner of Project Agorá, in partnership with an extensive assembly of private financial entities convened by the Institute of International Finance (IIF).
At the heart of Project Agorá is the pursuit of integrating tokenised commercial bank deposits with tokenised wholesale central bank money within a unified, public-private programmable financial platform. By harnessing the advanced capabilities of smart contracts and programmability, the project aspires to unlock new transactional possibilities that were previously infeasible or impractical, thereby fostering novel opportunities that could benefit businesses and consumers alike.
The collaborative effort seeks to address and surmount a variety of structural inefficiencies that currently plague cross-border payments. These challenges include disparate legal, regulatory, and technical standards; varying operating hours and time zones; and the heightened complexity associated with conducting financial integrity checks (such as anti-money laundering and customer verification procedures), which are often redundantly executed across multiple stages of a single transaction due to the involvement of several intermediaries.
As a beacon of experimental and exploratory projects, the BIS Innovation Hub is committed to delivering public goods to the global central banking community through initiatives like Project Agorá. In line with this mission, the BIS will soon issue a call for expressions of interest from private financial institutions eager to contribute to this ground-breaking project. The IIF will facilitate the involvement of private sector participants, extending an invitation to regulated financial institutions representing each of the seven aforementioned currencies to partake in this transformative endeavour.
Source: fintech.globa
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Fintech
TD Bank inks multi-year strategic partnership with Google Cloud
TD Bank has inked a multi-year deal with Google Cloud as it looks to streamline the development and deployment of new products and services.
The deal will see the Canadian banking group integrate the vendor’s cloud services into a wider portion of its technology solutions portfolio, a move which TD expects will enable it “to respond quickly to changing customer expectations by rolling out new features, updates, or entirely new financial products at an accelerated pace”.
This marks an expansion of the already established relationship between TD Bank and Google Cloud after the group previously adopted the vendor’s Google Kubernetes Engine (GKE) for TD Securities Automated Trading (TDSAT), the Chicago-based subsidiary of its investment banking unit, TD Securities.
TDSAT uses GKE for process automation and quantitative modelling across fixed income markets, resulting in the development of a “data-driven research platform” capable of processing large research workloads in trading.
Dan Bosman, SVP and CIO of TD Securities, claims the infrastructure has so far supported TDSAT with “compute-intensive quantitative analysis” while expanding the subsidiary’s “trading volumes and portfolio size”.
TD’s new partnership with Google Cloud will see the group attempt to replicate the same level of success across its entire portfolio.
Source: fintechfutures.com
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Fintech
MAS launches transformative platform to combat money laundering
The MAS has unveiled Cosmic, an acronym for Collaborative Sharing of Money Laundering/Terrorism Financing Information and Cases, a new money laundering platform.
According to Business Times, launched on April 1, Cosmic stands out as the first centralised digital platform dedicated to combating money laundering, terrorism financing, and proliferation financing on a worldwide scale. This move follows the enactment of the Financial Services and Markets (Amendment) Act 2023, which, along with its subsidiary legislation, commenced on the same day to provide a solid legal foundation and safeguards for information sharing among financial institutions (FIs).
Cosmic enables participating FIs to exchange customer information when certain “red flags” indicate potential suspicious activities. The platform’s introduction is a testament to MAS’s commitment to ensuring the integrity of the financial sector, mandating participants to establish stringent policies and operational safeguards to maintain the confidentiality of the shared information. This strategic approach allows for the efficient exchange of intelligence on potential criminal activities while protecting legitimate customers.
Significantly, Cosmic was co-developed by MAS and six leading commercial banks in Singapore—OCBC, UOB, DBS, Citibank, HSBC, and Standard Chartered—which will serve as participant FIs during its initial phase. The initiative emphasizes voluntary information sharing focused on addressing key financial crime risks within the commercial banking sector, such as the misuse of legal persons, trade finance, and proliferation financing.
Loo Siew Yee, assistant managing director for policy, payments, and financial crime at MAS, highlighted that Cosmic enhances the existing collaboration between the industry and law enforcement authorities, fortifying Singapore’s reputation as a well-regulated and trusted financial hub. Similarly, Pua Xiao Wei of Citi Singapore and Loretta Yuen of OCBC have expressed their institutions’ support for Cosmic, noting its potential to ramp up anti-money laundering efforts and its significance as a development in the banking sector’s ability to combat financial crimes efficiently. DBS’ Lam Chee Kin also praised Cosmic as a “game changer,” emphasizing the careful balance between combating financial crime and ensuring legitimate customers’ access to financial services.
Source: fintech.global
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