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Blooma has developed a software product that combs databases to create property profiles for commercial real estate lenders. It can drastically cut origination costs and approval times and help banks identify safer loans, the company says.
The New Jersey company was reportedly shopping itself around last fall. Fresh off an agreement to buy Gold Coast Bancorp in New York, CEO Kevin Cummings says he is ready to explore other acquisitions.
It’s hard to time the next economic slowdown. But lenders, many with lingering memories of the financial crisis, are taking steps now to limit exposure in commercial real estate, construction and other loan segments.
The Tennessee bank said it has bought Professional Mortgage in Greenville, S.C., which services about $1.1 billion of commercial mortgage loans for 23 correspondent life company lenders.
October 11, 2017
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David Rockefeller, the U.S. banker, philanthropist, presidential adviser and heir to one of history’s most fabled fortunes, has died. At 101, he was the world’s oldest billionaire.