Wilmington-based MC Mortgage Group announced this week that it has joined UMortgage, a nationwide platform that provides sales and organizational support for its member firms. The new relationship will free him from spending much of his time on day-to-day operations, MC Mortgage Group President Patrick Stoy said in a news release, allowing him “the opportunity to ...

The banking world might be said to operate on the principle Ronald Reagan made famous: “Trust, but verify.” A handshake agreement is often backed up by a ream of financial bona fides from a borrower. But what if trust is lacking on the part of either the lender or the borrower? Lending institutions have a history of being wary of women and minority business ...

Cloud-based banking software company nCino has formed a strategic partnership with Zest AI, a provider of automated underwriting. Zest AI will integrate its product into nCino’s Consumer Banking Solution, enabling lenders “to help make efficient, accurate decisions about borrower risk,” according to a news release. This ability is important as market a ...

nCino continued its path to profitability in the first quarter of its 2024 fiscal year. During the quarter, which ended April 30, nCino earned revenues of $113.7 million, a 21% increase from $94.2 million in the first quarter of fiscal 2023. Subscription revenues for the first quarter were $97.3 million, up from $79.2 million one year ago, an increase of 23%. The quarte ...

In late April, the N.C. House passed House Bill 410, legislation that would relax restrictions for credit unions in the state with regard to membership, geographic boundaries and even investments. The bill now goes to the Senate, where observers expect it to run into some opposition. The bill, sponsored by Rep. Julie Howard (R-Davie) and House Majority Leader John Bell ...

Like many banking companies across the U.S., Wilmington-based Live Oak Bancshares experienced some stormy weather during the first quarter of 2023. The difficulties of navigating through a landscape marked by two bank failures and a subsequent loss of public confidence in the industry were reflected in some officials’ comments Wednesday as the company announced it ...

While the Wilmington area’s 13 First Citizens branches don’t look any bigger, the bank they represent is emerging from its acquisition of Silicon Valley Bank holdings with a lot more muscle and reach.   “We have ample liquidity and capital in this marketplace, and we are working with the FDIC and we both agree we have the strength and stability to ...

A Wilmington-based financial technology firm has announced the expansion of its subscription-based digital consumer loan products.  NewLine.ai has added home equity and home equity line of credit software to its portfolio, client services manager Jason Marone said recently.  NewLine.ai has been around for about seven years, but its focus has changed signifi ...

Many financial indicators of nCino’s operations have been up, according to the company’s fourth-quarter and year-end earnings report Tuesday. Those indicators include expenses as well as income. “We are pleased that in Q4, we once again exceeded expectations,” nCino’s chairman and CEO Pierre Naudé said during the earnings call Tuesda ...

The assets and some liabilities of Silicon Valley Bank, which failed March 10, now belong to Raleigh-based First Citizens Bank. Late Sunday, First Citizens emerged as the winner in the FDIC’s competitive bidding process and entered into an agreement with the FDIC. On Monday morning, all 17 branches of Silicon Valley Bridge Bank opened as branches of First Citizens ...