SoFi consumer-loan ABS pool shifts toward shorter-term loans
Social Finance is supplying lower levels of credit enhancement to its third consumer-loan securitization of 2019.
By
Glen Fest
Consumer ABS
After years of downplaying threat, Sallie Mae to take on refi lenders
SLM Corp. wants to "target the people our competitors are targeting and bring on their federal balances" CFO Steven McGarry said during an earnings call.
Conn’s lowers credit enhancement on consumer ABS as losses stabilize
Losses on Conn’s consumer loans are stabilizing, and the electronics and appliance store chain sees an opportunity to reduce the level of credit enhancement for its latest securitization.
Libor switch has tax consequences, too. SFIG is asking for relief
The Structured Finance Industry Group wants Treasury and the IRS to issue a notice that a change from Libor to an alternative index would not be treated as a taxable exchange.
Online used car lender Carvana gets an AAA on inaugural ABS
The company spun out of DriveTime is paying for the privilege, however; it's offering 50.3% credit enhancement on the senior notes of the $338 million deal rated by Kroll.
Tesla’s solar retreat provides opening for Loanpal’s return
Paramount Equity Mortgage sold a solar finance business to SolarCity (now Tesla) in 2013; it has since rebranded itself as Loanpal and is readying its first solar loan securitization.
Nissan, NextGear tap ABS market to finance dealer floorplans
Nissan's is offering fewer investor protections than on its prior four securitizations; NextGear is set to close on its 10th securitization of floorplan receivables of mostly independent used-car dealers.
SFIG Vegas: What ever happened to rush of U.S. handset ABS?
Three years after Verizon issued its first term securitization of device payment plans, it remains the sole issuer; Sprint, T-Mobile and AT&T appear to have other priorities.
By
Glen Fest
Apple, Goldman to test joint credit card: Report
The move, reported by The Wall Street Journal, could be part of a deeper foray into cobranded cards by Goldman, which has been expanding into consumer finance through its Marcus unit.
SoFi’s next consumer loan ABS has more borrowers from lowest credit tier
Tier 7 loans, which have lower limits on free cash flow and allow negative personal income, account for 7.26% of the collateral for the online lender's next transaction, according to Kroll.
Fintech Pagaya places $100M consumer loan ABS managed by AI
The New York and Israel-based investment management startup selected the initial collateral using machine-learning decisions; AI will also be used in determining when to sell consumer loans in the portfolio or buy additional assets.
By
Glen Fest
U.S. Bancorp launches asset-backed securities lending business
The new unit will be based in Charlotte, N.C., and led by Bo Weatherly; it will provide warehouse lines of credit to nonbank consumer and commercial lenders; it will also provide underwriting services.
Prosper contributing collateral to next consumer loan securitization
The remainder of the collateral was contributed by Goldman Sachs, which is also holding onto 5% of the risk in the deal to comply with risk retention rules.
Ford reverts to five-year revolver in $1.1B auto-loan ABS
Ford Motor Credit added a one-time seven-year revolving period to its previous open pool of auto loan receivables.
By
Glen Fest
1st student loan securitization of 2019 is backed by FFELP
The $748 million Navient Student Loan Trust 2019-1 looks a lot like the four FFELP deals the sponsor completed in 2018; it is backed by a mix of rehab (19.6%) and non-rehab (80.4%) loans.
GS2 resecuritiziting more student loan ABS originally issued in 2016
This time, the $98.4 million of underlying collateral was originated by before the financial crisis by Citibank via its former student lending affiliate, the Student Loan Corp.
LendingClub keeps boosting credit quality of prime consumer ABS
This marketplace lender's third securitization of the year again features fewer 60-month loans, slightly higher FICOs and lower coupons.
Honor’s not alone; other subprime auto lenders granting more extensions
It’s a trend that bears watching, particularly for holders of the riskiest securities issued in subprime auto securitizations, according to S&P Global Ratings.
CommonBond’s next student loan ABS includes prefunding account
It's the first time the refinance student lender used this feature to lock in current funding costs, according to Moody's Investors Service.
Nissan’s next auto ABS features less exposure to long-term loans
Loans with terms of more than five years represent around 65% of the pool of collateral, down from 67% and 68% for the two prior transaction – but still higher than exposure in 2017 and 2016 transactions.
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