CFPB’s student loan ombudsman resigns in scathing letter to Mulvaney
Seth Frotman, whose student lending unit had been gutted in May, said the bureau's current leadership "has abandoned its duty to fairly and robustly enforce the law.”
Student loan ABS
Wells Fargo can upend student refis, but will it?
Cheap funding and marketing muscle could give it an advantage over existing lenders, but this corner of the market may not be big enough to move the needle for the bank.
Nelnet ups exposure to rehabbed loans in next FFELP securitization
Borrowers who were once delinquent but are now making timely payments account for a quarter of the collateral, more than the student loan servicer's past two deals.
Refi lenders took smaller bite out of Sallie Mae in 2nd quarter
The amount of loans cherry picked by the likes of SoFi and CommonBond fell by 3%, to $221 million; just as well, since Sallie Mae's grad school loans are off to a slow start.
Next generation of esoteric asset-backeds
Evan as the broader securitization market takes a breather, unusual deals from off-the-run asset classes continue provide diversification – and the opportunity to pick up yield.
Fewer advanced degrees in Navient’s next refi student loan securitization
Just 66% of the collateral Navient Private Education Refi Loan Trust 2018-C consists of loans to borrowers with graduate, medical, law or other advanced degrees, down from 72% in a similar transaction in February.
‘Opportunistic’ deals demonstrate renewed appeal of legacy private student loans
Private student loans made before the financial crisis were once considered a toxic asset. A recent $414 million securitization by FirstKey, an affiliate of Cerberus Capital Management, shows how much things have changed.
Kentucky’s next offering student loan bonds backed primarily by refis
That's a departure from the state student loan authority's previous offering, completed in 2017, which was backed by a mix of private and federally guaranteed student loans, and was rated one notch lower by S&P Global Ratings.
Rhode Island’s next offering of student loan bonds backed exclusively by refis
The $35 million offering of fixed-rate bonds comes from a new mater trust and will be taxable; previously, the state student loan authority has funded refinance loans with the same tax-free bonds used to fund in-school lending.
Fewer rehabbed loans in Nelnet’s next FFELP securitization
Just 16% of the collateral for the $522 million Nelnet Student Loan Trust 2018-2 consist of “rehabbed” Federal Family Education Loan Program loans.
New risk in New Jersey student loan ABS: Repayment plan
Qualifying borrowers have their maximum monthly payment reduced to 15% of the total of the household income, but the maximum dollar amount that can be extended is capped at $4 million.
Homework on student loan refis pays off for SouthEast Bank
The Tennessee community bank garnered a triple-A from two credit rating agencies for its inaugural securitization this month of loans refinancing the debt of borrowers with advanced degrees and high-paying jobs.
Rhode Island pays up, slightly, for AA on latest student loan bonds
Proceeds from the $75 million issuance, the 10th from a master trust created in 2009, will fund new loans and repay the remaining outstanding notes issued from a 2008 master trust.
Lender plans debut bond issuance backed by student-loan refis
Southeast Bank's Education Loan Finance division joins SoFi, Navient and Laurel Road in originating and securitizing the refinanced student loans of advanced-degree professionals.
By
Glen Fest
Laurel Road finds a novel solution to a uniquely bank problem
Explosive growth in student lending was putting pressure on the capital ratios of the company, formerly Darien Rowayton Bank; a securitization got a big chunk of servicing strips off its books.
Podcast College students pay for spring break with student loans
Are American college students using their student loan dollars wisely? A LendEDU study explored how those funds are spent.
In a 1st, Laurel Road securitizes student loan excess servicing strips
DBRS has assigned a BBB rating to a single tranche of certificates issued in what may be the first-ever rated securitization of servicing fees left over after subcontracting payment collections.
SoFi prices 1st student loan ABS with medical residency refis
Medical residents are considered to be good credits but have less free cash flow than fully practicing doctors; the loans did not have a big impact on overall credit metrics of the $900 million deal.
Navient returns with 2nd FFELP securitization in 2 months
Moody’s expects net losses over the life of NAVSL 2018-2 to be about 0.95%; that's up slightly from 0.9% for Navient's prevous deal, NAVSL 2018-1 due to the longer remaining terms of the collateral.
By
Glen Fest
CommonBond takes AAA credit rating straight to the bank
The fintech lender's latest offering of $234 million bonds were priced at a 27-basis-point improvement from its previous deal; cheaper funding will allow it to better compete for borrowers in a rising rate environment.
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