OnDeck reports record profit in 2Q, eyes second bank partnership
The online small-business lender was aided by loan growth, wider margins and stable credit trends. Its shares surged by 25% after second-quarter earnings were announced.
Consumer lending
Conn’s ups credit enhancement on latest consumer loan ABS
Conn’s has increased the credit enhancement on its latest consumer loan securitization to account for rising losses on its managed portfolio, according to rating agency presale reports.
Toyota finance arm lines up next CEO
Toyota Financial Services has promoted a company insider to replace Mike Groff, who is retiring at the end of this month.
AmeriCredit boosts credit metics (again) in latest subprime auto ABS
Loans backing the $1.2 billion AmeriCredit Automobile Receivables Trust 2018-2 have the highest weighted average FICO score in the history of the platform.
By
Glen Fest
Neuberger Berman affiliate readies 1st nonprime RMBS
The bulk of the collateral, 59.6%, was acquired from Impac Mortgage Corp., a lender with a long track record; the remainder, 40.4%, from Sprout Mortgage Corp., a relative newcomer.
6 takeaways from Treasury fintech report: National charter, breaches and more
The Trump administration is making more than 80 recommendations to encourage financial innovation within a regulated space, including endorsing the creation of a federal fintech charter.
Legal industry scores victory over CFPB in debt collection battle
A ruling involving a Cleveland law firm casts doubt on CFPB claims that attorneys misrepresent their role to consumers.
Lower loss expectations allow UACC to cut credit enhancement
The credit quality of the initial collateral pool is similar to that of United Auto Credit Corp.'s previous transaction, but the performance of the lender's managed portfolio of subprime loans is improving.
By
Glen Fest
Navient chief to CFPB: ‘Time to move on’
Jack Remondi issued a direct call Wednesday for the agency to drop its lawsuit against the student loan servicer. “You’ve had five years to look for your evidence, you’ve found none,” he said.
2nd rating agency downgrades Honor Finance subprime auto ABS
Kroll Bond Rating Agency says the riskiest notes issued in the 2016 transaction are at “substantial risk of loss,” following on the heels of a similar move by S&P last week. Kroll also put a more senior class of notes under review for a possible downgrade.
All heat, no light: Kraninger gives little sense of CFPB views
The nominee to run the consumer bureau endured tough questioning over the administration’s family-separation policy but appeared to weather the barrage.
Dubious Honor: 1st subprime auto ABS downgrade post-crisis
S&P has cut its credit ratings on a deep subprime loan securitization completed by Honor Finance in 2016, warning that the most subordinate tranche of notes issued in the deal is “at risk of not being repaid.”
OneMain’s next subprime auto ABS features longer revolving period
OneMain can add qualifying loans to the pool of collateral for the first two years of the transaction; by comparison, its two prior deals featured one-year revolving periods.
By
Glen Fest
What 2Q says about the outlook for consumer credit
Bank of America’s consumer loans grew a lot. But its rivals? Not so much. The mixed results raise questions about whether BofA’s performance is a leading or trailing indicator, and if credit quality is going to be more of a problem industrywide.
By
Andy Peters
Santander adding $1B-1.3B to subprime U.S. auto ABS pipeline
The Dallas-based lender's third foray into the deep subprime ABS market in 2018 arrives as recent Santander DRIVE securitizations are performing well with recently lowered loss expectations from S&P Global Ratings.
By
Glen Fest
Called collateral boosts credit metrics of CPS’ next subprime auto ABS
Loans originally securitized in three 2013 transactions account for some 11.4% of the initial collateral for the $230 million CPS Auto Receivables Trust 2018-C, according to S&P Global Ratings.
Insolvent insurer causes headache for Va. bank’s student lending
Virginia National will set aside up to $950,000 to cover losses after ReliaMax, a firm that issues surety bonds for student loans, was placed into liquidation.
Pressure mounts on FDIC, Fed to follow OCC’s small-dollar lead
The Office of the Comptroller of the Currency’s bulletin is seen as just one piece of the regulatory puzzle to coax banks into installment lending.
Student loan servicing giant seeks industrial bank charter
Nelnet’s planned bank would be an online enterprise focused on gathering deposits and making private student loans.
Consumer lender Regional Management taps securitization market for $150M
The notes, which are rated by DBRS, are backed by a mix of products to borrowers with weak credit; the pool of collateral will revolve over the first two years of the transaction.
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