What exactly happens when a mortgage lender checks my credit? – CFPB

What exactly happens when a mortgage lender checks my credit?   Answer:   The credit check is reported to the credit reporting agencies as an “inquiry.”   Inquiries tell other creditors that you are thinking of taking on new debt. An inquiry typically has a small, but negative, impact on …

Portfolio Lenders Suspend Mortgage Financing for Cannabis Owners

The trickledown effect of U.S. Attorney General Jeff Session’s rescission of the Cole Memo continues to frustrate business owners in the cannabis industry. The Cole Memo was brought forward by the Obama administration, the gist of the memo was that the federal government would only focus certain priorities related to …

More banks serving cannabis sector, but Cole Memo repeal threatens to slow progress

The number of banks and credit unions actively serving the marijuana industry has jumped nearly 30% from a year ago. But U.S. Attorney General Jeff Sessions’ decision to repeal the Cole Memo may prevent further involvement by banking institutions looking to work with cannabis-related businesses. According to the latest report …

Lack of banking opens private-money doors for marijuana properties – The Denver Post

When some banks began calling commercial notes they held on properties leased to marijuana businesses, it opened the doors to private financiers willing to take on the fledgling industry and its associated risks. From hard-money lenders — investors who offer short-term, high-interest loans — to publicly traded real estate investment …

Cannabis banking still unpredictable – Marijuana Business Daily

MJBD: What needs to happen for MJ companies to get the same access to banking that companies in other industries have? Is it going to take an act of Congress? Chris Myklebust: Yes. Specifically, Congress needs to not focus on the Controlled Substances Act per se, because there are international …