Spring EQ recently launched operations, focusing on home-equity loans. The nonbank was co-founded by Jerry Schiano, president and CEO of New Penn Financial, a position he will also retain. HEL lending is dominated by banks and credit unions. However, Schiano said Spring EQ aims to compete with other types of lenders. “I want to help underserved borrowers who are currently relying on high-rate personal loans and credit cards or refinancing with large up-front fees,” he said ...