Social Finance

Social Finance, Inc. (commonly known as SoFi) is a marketplace lender that provides student loan refinancing, mortgages and other types of loans, such as parent and personal loans. The company is a non-bank alternative focused on offering loans at lower rates than traditional lenders. SoFi’s primary customers are early stage professionals. Some of its products, such as parent loans and mortgages, are popular with a broader demographic.
SoFi was founded in 2011 by Mike Cagney, Dan Macklin, James Finnigan, and Ian Brady, four students who met at the Stanford Graduate School of Business. By leveraging the interest fellow alumni have in seeing graduates of their alma mater be successful, the founders hoped SoFi could provide more affordable options for those taking on debt to fund their education.[1] The company’s inaugural loan program was a $2 million pilot at the founders’ alma mater – the Stanford Graduate School of Business. For this pilot, 40 alumni invested an average of $50,000 to 100 students.
                     

In September 2012, SoFi raised $77.2 million, led by Baseline Ventures, with participation from DCM and Renren.
Mark Cuban passed up on investing in the company.

On October 2, 2013, SoFi announced that it had raised $500 million in debt and equity to fund and refinance student loans. This total funding amount came from $90 million in equity, $151 million in debt, and $200 million in bank participations, with the remaining capital from alumni and community investors.As of September 2013, SoFi had funded $200 million in loans to 2500 borrowers at the company’s 100 eligible schools.In November 2013, SoFi announced a deal with Barclays and Morgan Stanley to create a bond backed by peer-to-peer student loans, and this would create the first securitization of these loans to receive a credit rating.
In April 2014, SoFi raised $80 million in a Series C round led by Discovery Capital Management with participation from Peter Thiel, Wicklow Capital, and existing investors. Money was raised to expand the footprint of the company's student loan refinancing business and to extend into new products like mortgages and personal loans
In February 2015, the company announced a $200 million funding round led by Third Point Management. That same month, the company officially began offering personal loans.
By April, 2015, the company had funded more than $2 billion in loans, including student loan refinancing, mortgages, personal loans and MBA loans. To celebrate its $2 billion milestone, SoFi announced a contest, #2BillionTogether, to pay off one of its members student loans.

In September, 2015, Former SEC Chairman Arthur Levitt was added as an advisor. The firm also raised a $1 billion round of investment from Softbank and said it had funded $4 billion in loans
SoFi originally utilized an alumni-funded lending model that connected students and recent graduates with alumni and institutional investors via school specific student loan funds. Investors received a financial return and borrowers received rates lower than the federal government offered. The company sought to minimize defaults by focusing on low-risk students and graduates.

As SoFi’s product offerings expanded to include mortgages, mortgage refinancing and personal loans, the company moved away from an alumni-funded model to a non-traditional underwriting approach focused on lending to financially responsible individuals. In early 2016, SoFi discontinued using FICO credit score as part of the underwriting process for all of its products.Instead, SoFi says it analyzes forward-looking factors to determine a prospective borrower’s future potential and ability to repay.

In addition to competitive interest rates, SoFi offers 'community' benefits to its borrowers such as career services and startup mentoring.

Genworth Financia

Genworth Financial is a Fortune 500 insurance company. The firm was founded as The Life Insurance Company of Virginia in 1871. In 1986, Life of Virginia was acquired by Combined Insurance, which became Aon plc in 1987. In 1996, Life of Virginia was sold to GE Capital.In May 2004, Genworth Financial was formed out of various insurance businesses of General Electric in the largest IPO of that year.

The Genworth Financial family of companies has three segments: Retirement & Protection, US Mortgage Insurance, and International. Products and services include life and long-term care insurance, mortgage insurance, and annuities. Its legal structure is set up as six separate companies.

On April 1, 2013, Genworth announced the completion of a legal entity reorganization, with the result being the creation of a new ultimate holding company. This restructuring separated the U.S. mortgage insurance subsidiaries from the overall firm.
Company history
A.G. McIlwaine was the company’s first president. Begun by two dozen Petersburg investors, the Life Insurance Company of Virginia offered its first policies to local customers before expanding to Richmond, Virginia. Under general agent F.W. Chamberlayne, the Richmond Department attracted a large number of new clients. Within the first decade, the client base expanded beyond the South.

As the Life Insurance Company of Virginia grew, the headquarters were moved to Richmond, Virginia. By the turn of the twentieth century, the company offered products through different divisions,. The “Ordinary Division” of the company offered whole life annuity options and related products, the “Intermediate Division” offered term life products, endowment policies, and limited payment policies, and an industrial division offered inexpensive products.

Mortgage insurance

Genworth’s offers mortgage insurance, with benefits including homebuyer privileges, which provides rebates to items purchased for the home, and the homeowner assistance program, in which Genworth professionals work with homeowners and lenders to structure a feasible loan repayment program.


Genworth Financial offers a range of products and services, including long-term care insurance and mortgage insurance. In 2016, the company suspended sales of annuities and life insurance, putting the existing books of business in to runoff. In 2012, Genworth’s U.S. companies paid over $3.2 billion in benefits to life insurance, long-term care insurance, and annuity policyholders and beneficiaries.

The company provides individual long-term care insurance, group long-term care insurance for employers offering benefits to employees, and caregiver support services.

Prior to 2016, the company offered several annuities: fixed immediate annuities, traditional fixed deferred annuities, and fixed index annuities.

PNC financial service

PNC Financial Services Group, Inc. (stylized as PNC) is an American financial services corporation, with assets (as of December 31, 2015) of approximately $358 billion.As well as deposits of approximately $249 billion.PNC operations include a regional banking franchise operating primarily in nineteen states and the District of Columbia with more than 2,600 branches, online and mobile services together with 9000 ATMs, specialized financial businesses serving companies and government entities, and asset management and processing businesses.

                       


PNC is the fifth largest bank in the United States (total branches), sixth largest bank by deposits in the United States, ninth largest by total assets, and the third largest bank off-premises ATM provider.PNC Financial Services traces its history to the Pittsburgh Trust and Savings Company which was founded in Pittsburgh, Pennsylvania on April 10, 1845. Due to the long recovery from the Great Fire of Pittsburgh, PNC was not fully operational until January 28, 1852,
On May 23, 2011, PNC unveiled plans for a new $400M corporate headquarters building in downtown Pittsburgh. The new building, known as the Tower at PNC Plaza, will be a 40-story, 800,000-square-foot (74,000 m2) skyscraper approximately 600 feet tall at the intersection of Fifth Avenue and Wood Street. PNC will own the building and occupy all the space except for street-level storefronts which it will lease to retail tenants.

The Tower at PNC Plaza plans to be one of the world's most environmentally friendly skyscrapers. Some of its features will include a double glass facade to reduce cooling costs and promote natural airflow into the building, a high-efficiency climate-control system to heat or cool specific zones of the building as needed, and a pair of living rooftops to collect and channel rainwater and reduce heat gain. Alternative energy sources, such as fuel cells, and solar and geothermal power, are being considered in an effort to reduce carbon emissions.when it opened offices at Liberty Avenue and 12th street. The bank was renamed The Pittsburgh Trust Company in 1853. In 1858, the company located its corporate offices at the corner of Fifth Avenue and Wood Street in Pittsburgh where they remain to this day. The bank changed its name to First National Bank of Pittsburgh in 1863, after it became the first bank in the country to apply for a national charter as part of that year's National Banking Act. It received charter number forty-eight on August 5, 1863, with other later banks receiving charters sooner due to paperwork problems and the fact that the bank was already in business.

By 1959, after a series of mergers, the bank had evolved into the Pittsburgh National Bank, which later became the leading subsidiary of Pittsburgh National Corporation. Another branch of the current bank, the Philadelphia based Provident National Corporation, dates back to the mid-19th century.

In 1982, Pittsburgh National Corporation and Provident National Corporation merged into a new entity named PNC Financial Corporation. It was the largest bank merger in American history at the time. Between 1991 and 1996, PNC purchased more than ten smaller banks and financial institutions that broadened its market base from Kentucky to the Greater New York metropolitan area. In 2005, PNC acquired Washington, D.C. based Riggs Bank. PNC completed the acquisition of Maryland-based Mercantile Bankshares on March 2, 2007. On June 7, 2007, PNC announced the acquisition of Yardville National Bancorp, a small commercial bank centered in central New Jersey and eastern Pennsylvania. The transaction was completed in March 2008. On July 19, 2007, PNC announced the acquisition of Sterling Financial Corporation, a commercial and consumer bank with accounts and branches in central Pennsylvania, northeastern Maryland and Delaware. The transaction was also completed in 2008.

Mortgage loan

A mortgage loan, also referred to as a mortgage, is used by purchasers of real property to raise funds to buy real estate; by existing property owners to raise funds for any purpose while putting a lien on the property being mortgaged. The loan is "secured" on the borrower's property. This means that a legal mechanism is put in place which allows the lender to take possession and sell the secured property ("foreclosure" or "repossession") to pay off the loan in the event that the borrower defaults on the loan or otherwise fails to abide by its terms. The word mortgage is derived from a "Law French" term used by English lawyers in the Middle Ages meaning "death pledge", and refers to the pledge ending (dying) when either the obligation is fulfilled or the property is taken through foreclosure. Mortgage can also be described as "a borrower giving consideration in the form of a collateral for a benefit (loan).


                     

Mortgage borrowers can be individuals mortgaging their home or they can be businesses mortgaging commercial property (for example, their own business premises, residential property let to tenants or an investment portfolio). The lender will typically be a financial institution, such as a bank, credit union or building society, depending on the country concerned, and the loan arrangements can be made either directly or indirectly through intermediaries. Features of mortgage loans such as the size of the loan, maturity of the loan, interest rate, method of paying off the loan, and other characteristics can vary considerably. The lender's rights over the secured property take priority over the borrower's other creditors which means that if the borrower becomes bankrupt or insolvent, the other creditors will only be repaid the debts owed to them from a sale of the secured property if the mortgage lender is repaid in full first.

In many jurisdictions, though not all (Bali, Indonesia being one exception, it is normal for home purchases to be funded by a mortgage loan. Few individuals have enough savings or liquid funds to enable them to purchase property outright. In countries where the demand for home ownership is highest, strong domestic markets for mortgages have developed.

Basic concepts and legal regulation

According to Anglo-American property law, a mortgage occurs when an owner (usually of a fee simple interest in realty) pledges his or her interest (right to the property) as security or collateral for a loan. Therefore, a mortgage is an encumbrance (limitation) on the right to the property just as an easement would be, but because most mortgages occur as a condition for new loan money, the word mortgage has become the generic term for a loan secured by such real property. As with other types of loans, mortgages have an interest rate and are scheduled to amortize over a set period of time, typically 30 years. All types of real property can be, and usually are, secured with a mortgage and bear an interest rate that is supposed to reflect the lender's risk.

Mortgage lending is the primary mechanism used in many countries to finance private ownership of residential and commercial property (see commercial mortgages). Although the terminology and precise forms will differ from country to country, the basic components tend to be similar:

Property: the physical residence being financed. The exact form of ownership will vary from country to country, and may restrict the types of lending that are possible.
Mortgage: the security interest of the lender in the property, which may entail restrictions on the use or disposal of the property. Restrictions may include requirements to purchase home insurance and mortgage insurance, or pay off outstanding debt before selling the property.
Borrower: the person borrowing who either has or is creating an ownership interest in the property.
Lender: any lender, but usually a bank or other financial institution. (In some countries, particularly the United States, Lenders may also be investors who own an interest in the mortgage through a mortgage-backed security. In such a situation, the initial lender is known as the mortgage originator, which then packages and sells the loan to investors. The payments from the borrower are thereafter collected by a loan servicer.
Principal: the original size of the loan, which may or may not include certain other costs; as any principal is repaid, the principal will go down in size.
Interest: a financial charge for use of the lender's money.
Foreclosure or repossession: the possibility that the lender has to foreclose, repossess or seize the property under certain circumstances is essential to a mortgage loan; without this aspect, the loan is arguably no different from any other type of loan.
Completion: legal completion of the mortgage deed, and hence the start of the mortgage.
Redemption: final repayment of the amount outstanding, which may be a "natural redemption" at the end of the scheduled term or a lump sum redemption, typically when the borrower decides to sell the property. A closed mortgage account is said to be "redeemed".
Many other specific characteristics are common to many markets, but the above are the essential features. Governments usually regulate many aspects of mortgage lending, either directly (through legal requirements, for example) or indirectly (through regulation of the participants or the financial markets, such as the banking industry), and often through state intervention (direct lending by the government, by state-owned banks, or sponsorship of various entities). Other aspects that define a specific mortgage market may be regional, historical, or driven by specific characteristics of the legal or financial system.

loan

In finance, a loan is the lending of money from one individual, organization or entity to another individual, organization or entity. A loan is a debt provided by an entity (organization or individual) to another entity at an interest rate, and evidenced by a promissory note which specifies, among other things, the principal amount of money borrowed, the interest rate the lender is charging, and date of repayment. A loan entails the reallocation of the subject asset(s) for a period of time, between the lender and the borrower.

                   

In a loan, the borrower initially receives or borrows an amount of money, called the principal, from the lender, and is obligated to pay back or repay an equal amount of money to the lender at a later time.

The loan is generally provided at a cost, referred to as interest on the debt, which provides an incentive for the lender to engage in the loan. In a legal loan, each of these obligations and restrictions is enforced by contract, which can also place the borrower under additional restrictions known as loan covenants. Although this article focuses on monetary loans, in practice any material object might be lent.

Acting as a provider of loans is one of the principal tasks for financial institutions such as banks and credit card companies. For other institutions, issuing of debt contracts such as bonds is a typical source of funding.