Mortgage insurers’ delinquent inventory shrinking faster than expected
Meanwhile, National MI has been increasing its new insurance written by slightly widening its credit standards.
Consumer lending
Regions buying industrial loan company EnerBank USA
The deal for the Salt Lake City-based home improvement lender, which Home Depot tried to acquire more than a decade ago, is part of a larger effort by Regions Financial to diversify its home lending business.
Jobs, good economy push mortgage delinquency levels to pandemic low
But March's overall late payment rate was 1.3 percentage points higher than one year ago, while the 90-day-plus rate was 2.3 percentage points higher.
Forbearance starts hit lowest weekly total since pandemic’s onset
The four-week high in forbearance exits also helped drive the considerable drop in plans, according to Black Knight.
GCAR prepares another subprime auto securitization
A pool of subprime auto loans, new and used, and approved with a heavily automated, technology driven and multi-step process underpin a $559 million deal.
Mortgage delinquencies should return to pre-COVID levels by year-end
For the first time since the pandemic began, the share of borrowers who are 30 days or more late on their payment is below 5%, Black Knight found.
Carvana marketing bonds in second subprime auto ABS deal of 2021
Carvana Auto Receivables Trust 2021-N2 is the used-car retailer's ninth securitization since 2019, and the third to include a pool exclusively made of non-prime loans.
By
Glen Fest
Debt-relief firm agrees to pay $5.4M in restitution to consumers: CFPB
DMB Financial, a debt-settlement firm near Boston that operates in 24 states, agreed to pay $5.4 million in restitution to consumers for allegedly charging upfront fees before providing any service, the CFPB said.
COVID-19 factors are a lingering risk for Veros subprime auto deal
This week, Moody’s Investors Service projected elevated credit-loss expectations for a new subprime auto-loan securitization from Veros Credit, even though the new deal has several improved credit metrics compared to the company’s prior ABS offering in March 2020.
By
Glen Fest
House bill aims to protect consumers from debt collector harassment
The legislation, which the chamber passed Thursday, would ban collectors from making threatening statements to military service members and prevent credit bureaus from including debt arising from certain medical procedures.
Santander launches potentially its largest-ever subprime auto ABS deal
If the lender's trust opts to upsize its second bond offering of 2021, the $2 billion-plus transaction would be Santander's biggest in the post-crisis era.
By
Glen Fest
Share of mortgage loans in forbearance declines again
The total number of loans in this category dropped 11 basis points from week to week according to the Mortgage Bankers Association. Meanwhile, the amount of unpaid balance in forbearance dropped almost 23% since the start of the year, a separate report from Black Knight found.
Weekly Wrap: CAC launches next subprime auto ABS deal amid major news flurry
Deals, trends and research in structured finance and asset-backed securities for the week of April 30-May 6
By
Glen Fest
How Ally uses AI to approve auto loans
The digital-only bank has adopted machine learning to process loans faster, more accurately and with better fraud detection than in the past.
Richard Cordray’s return is a warning sign for student lenders
Cordray, named this week to lead the Education Department's office of federal student aid, cracked down on banks, student loan servicers and for-profit colleges when he was director of the Consumer Financial Protection Bureau.
What Supreme Court’s FTC ruling means for LendingClub
The online lender was not a party to the lawsuit involving the Federal Trade Commission and a payday lender, but it could emerge as one of the big winners from the Supreme Court’s decision.
Why are complaints about credit bureaus soaring?
Some say Equifax, Experian and TransUnion are too slow to investigate grievances, prompting more complaints to the Consumer Financial Protection Bureau. But the big three say other forces are at work.
Mortgage delinquencies drop sharply, but point to an uneven recovery
The persistently slow reduction in the number of borrowers at risk of default indicates that while loan performance overall is improving, a substantial pool of mortgages will need workouts when forbearance ends.
Subprime auto lender Crédito Real debuts new securitization platform
Crédito Real targets borrowers with little or no credit history as well as bad credit, who are undocumented or were recently discharged from federal bankruptcies.
By
Glen Fest
Ally forecasts an extended run of strong margins in auto lending
Surging used-car prices — brought on by a combination of strong consumer demand and limited new-vehicle supply — are boosting loan yields and profits at the Detroit company.
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