DeVos ups ante with state AGs in battle over student loan servicing
Department of Education Secretary Betsy DeVos says the companies hired by the government to service its own loans should only be subject to federal oversight.
Student loan ABS
CommonBond earns first AAA on student loan bonds from Moody’s, DBRS
Previously, the rating agencies had capped their ratings at double-A, primarily due to CommonBond’s short operating history; it has only been making loans to borrowers with advanced degrees since 2013.
State regulators oppose federal preemption on student loan servicing
The Education Department reportedly has plans to shield student loan servicers from state regulators, but the Conference of State Banking Supervisors isn't ready to cede its authority.
Reports of Libor’s demise have been greatly exaggerated
Timothy Bowler, president of the ICE Benchmark Administration, which has been responsible for calculating the index since mid-2013, argues that there is a strong case for keeping it going.
Will CFPB weigh in on an appropriate Libor replacement?
So far, consumers have not had much voice in the discussion of a suitable replacement for the benchmark rate; lenders and servicers want to limit any harm, and their liability.
Navient readies 1st offering of Earnest refi student loan bonds
The collateral for Navient Private Education Refi 2018-1 is similar to that of Earnest's previous deal, completed in May, but it is rated two notches higher, at, AAA by S&P Global Ratings.
Navient to step up pace of refi student loan securitization
Refi loans that the servicing behemoth is making through Earnest do not require the same amount of seasoning as new in-school loans, and so can be securitized much sooner.
Sallie Mae to pump tax savings into personal loans, credit cards
The nation's largest private student lender plans to use $30 million of its anticipated tax-cut windfall to speed up its diversification plan and strengthen its digital capabilities.
SoFi kicks off year with $720M offering of student loan ABS
The $720.1 million SoFi Professional Loan Program 2018-A is only slightly smaller than its final deal of 2017, which was upsized in response to strong demand.
By
Glen Fest
LendingClub’s big deal, Blackstone’s debut CRE-CLO, PACE about-face : Top stories of 2017
Marketplace lenders bringing securitization in-house seized the top spot in 2017; readers also focused on Blackstone's big entry into an esoteric corner of the CRE market and the PACE industry's embrace of consumer protections.
Top 10 of 2017: FFELP back in investors’ good graces
Navient and Nelnet avoided downgrades on $19.5 billion of bonds with the help of recent technological innovations; this helped restore investor confidence, allowing them to resume issuance.
More evidence hurricanes created (temporary) hardships for student loans
At the end of September, the share of loans in MeasureOne’s private student loan database in forbearance was 2.88% of the outstanding balance, up 26.81% on the year.
Reunion readies $124M legacy private student loan ABS
Risks include a high geographic concentration and a not insignificant exposure to loans that have either been rehabbed or are now delinquent.
House Dems Cleaver, Jayapal urge student loan servicers to improve
The two Democratic lawmakers sent a letter Monday to the four largest servicing companies asking them to address borrower complaints.
This insurer turned student loan servicer in right spot, right time
ReliaMax is an unusual kind of marketplace lender that says it can help regional and community banks take advantage of business opportunities in private student lending.
Nelnet’s next FFELP ABS backed entirely by rehabbed loans
By comparison, rehabilitated loans accounted for just 19.5% of the collateral for the servicer’s July offering and 10% of its May offering.
There’s a gift for student lenders in the education bill
Introducing limits on federally guaranteed loans to graduate students, instead of letting them borrow whatever schools charge, would create a multibillion-dollar opportunity for private lenders.
Forbearance rates on private student loans jump in third quarter
For now, performance continues to improve, but the percentage of borrowers of traditional private student loans seeking temporary payment relief rose to 2.5% from 2.0% as a result of Hurricanes Harvey and Irma.
Medical residency refis may be just what the doctor ordered
Residents' low incomes usually disqualify them for standard student loan refinancings, but SoFi and other lenders describe these borrowers as strong credits with high earnings potential who could offset some of the risks lurking in student loan pools.
DRB plans 10th ABS secured by professional student loan refis
The $300.3 million deal will include both senior and senior-surbordinate notes secured by both floating-rate and fixed-rate loans.
By
Glen Fest
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