Detroit the Lending Capitol?

Detroit [meaning metro Detroit here] has long been touted as the Auto Capitol, but can it now think about laying claim to being the Lending Capitol too.

This week saw the announcement of Home Point Capital Inc., becoming Southeast Michigan's newest publicly traded mortgage company, following in the steps of Detroit-based Rocket Companies Inc. in August and Pontiac-based UWM Corp. earlier this month, the No. 1 and No. 2 mortgage lenders in the nation, respectively. Add in Detroit-based Ally Financial [the former GMAC] and we're looking at tens of thousands of jobs and a consequent diversification of our economy.

https://www.crainsdetroit.com/financ...s-public-today

I think fintech capital is more appropriate.

Quote:

---

Originally Posted by Satiricalivory

I think fintech capital is more appropriate.

---

No.

Detroit is arguably the capital for the client-facing / administrative side of lending.

In terms of the innovation/R&D to automate financial services and processes, Detroit is nowhere near the top of the list. It's a laggard when it comes to the talent pool for FinTech, the number of new startups, the presence of lobbyist / regulators and the proportions of transactions handled.

Quicken, Ally, etc. are the biggest fintech companies and employ massive numbers of software engineers, they rose due to online banking platforms. It's a fintech hub no matter how you slice it. Quicken is growing like Amazon due entirely to it's tech edge.