Reported about 5 hours ago
Citigroup has invested in fintech Pylon to deepen its involvement in the mortgage market, joining notable investors like Peter Thiel. Pylon automates mortgage origination and provides interim financing, making it easier and cheaper for borrowers. This strategic investment allows Citi to purchase Pylon-originated mortgages and offer Pylon clients access to Citi's financial products. The move comes as high borrowing costs hinder US home sales, with current 30-year mortgage rates at 6.9%.
Source: YAHOO