Weekly Wrap: Another month of declining CMBS delinquencies
Deals, trends and research in structured finance and asset-backed securities for the week of Sept. 25-Oct. 1
By
Glen Fest
Marketplace lending
Weekly Wrap: Fewer college football crowds mean more hotel woes
Deals, trends and research in structured finance and asset-backed securities for the week of Sept. 11-17
By
Glen Fest
Trio of consumer lenders launch first 2020 ABS deals
Liberty Lending, Upstart Network and Regional Management Corp. are looking to price bonds backed by pools of unsecured consumer loans, amid market worries about the sectors' potential challenges during the COVID-19 outbreak.
By
Glen Fest
Fitch: Expiring deferrals may lead to near-term spike in MPL defaults
The ratings agency reports that the MPL industry might reckon with a potential spike in defaults as borrowers are rolled out of two- and three-month COVID-19 hardship programs.
By
Glen Fest
Online loans are holding up better than expected
Fintech lenders that reported a surge in missed payments at the start of the pandemic have seen credit quality rebound substantially since. But credit performance could still deteriorate if high unemployment persists and Congress fails to enact more relief measures.
Mike Cagney launches blockchain for loan trading. Will banks go for it?
The former SoFi chief’s latest startup, Figure, has created what it says is a transparent marketplace for buying and selling assets. Some banks have embraced the technology, but other blockchain projects have stalled because lenders don't want rivals to see their data.
Why Amex is buying Kabbage
American Express isn't acquiring any loans in its deal for the online small-business lender. Here's what it is getting.
A.I.-driven investment manager pools marketplace loans into debut ABS
San Francisco-based Theorem is marketing its first-ever securitization of online, unsecured consumer loans culled from the LendingClub origination platform using machine-learning technology.
By
Glen Fest
State regulator group, others back lawsuit against OCC fintech charter
The Conference of State Bank Supervisors, banking law scholars and consumer advocacy organizations filed amicus briefs siding with the New York State Department of Financial Services in its court battle with the federal regulator.
Kroll affirms ratings on dozens of fintech ABS notes
But several still remain on watch for potential downgrades as the ratings agency assesses the near-term impact on marketplace lenders as federal support for consumers could be nearing an end.
By
Glen Fest
BHG aims to diversify earnings with foray into health care loan ABS
Bankers Healthcare Group, affiliated with Pinnacle Financial, is launching into securitization to branch out from its primary strategy of selling its medical-professional loans to community banks.
By
Glen Fest
SoFi applies to open a national bank
If it’s approved, the charter is expected to lower the fintech’s cost of funds and allow for more product offerings. It comes nearly three years after SoFi pulled the plug on an earlier effort to open an industrial bank.
Santander Group invests $40M in consumer lender Upgrade
Other challenger banks focused on personal loans have struggled since the onset of the coronavirus pandemic.
Report: Kabbage lending hiatus prompts accelerated ABS paydown
The online small-business lender’s temporary halt to loan originations contributed to a breach of a minimum asset level for its Series 2019-1 collateral pool, according to Kroll.
By
Glen Fest
OCC finishes rule meant to sidestep ‘Madden’ ruling
The new regulation is intended as a workaround for banks affected by the 2015 decision that created legal uncertainty for loans sold across state lines.
Online lenders seek to balance the needs of borrowers, investors
While LendingClub, Prosper, Avant and SoFi are giving existing borrowers breaks in the short term, they're considering tightening credit as the coronavirus outbreak threatens to drag the economy into a recession.
LendingClub-Radius deal faces high regulatory hurdles
Compliance, risk management and staffing will likely come under added scrutiny as regulators lay out a framework for future fintech-bank mergers.
Upstart issuing $75.3M in monthly pass-through notes transaction
The loans were aggregated by JUPS, the deal’s sponsor and an affiliate of Jefferies and Jefferies Asset Funding.
By
Glen Fest
Lender Disputes Accusations of Discrimination Based on College
Upstart is disputing an analysis accusing it of discriminating against prospective borrowers based on the college they attended, saying it contains “inaccuracies and misunderstandings.”
LendingClub offers improved borrower credit metrics in new $240.2M ABS pool
The 38.5% concentration of 'A' borrowers is the highest of any prior 11 LendingClub securitizations, according to Moody's.
By
Glen Fest
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