Tellus: Senate Banking chair says Tellus App Inc.'s mortgage model raises 'red flags,' requests FDIC probe

Tellus App Inc., the Cupertino-based fintech app for home mortgages, is under scrutiny from U.S. Sen. Sherrod Brown, chairman of the Senate Banking, Housing, and Urban Affairs Committee. Founded in 2016, Tellus claims it can offer yields between 3.85% to 4.5% on its users savings balances by using the money to fund certain single-family-home loans. In letter dated May 2, Sherrod outlined his concerns about the virtual lender to FDIC Chairman Martin Gruenberg. Sherrod had read a profile of Tellus...