Upstart Network seeks third ABS offering in less than a year
The California fintech plans to issue $80.7 billion in securities backed by consumer installment loans made in conjunction with banks.
By
John Hintze
Technology
CFPB sets stage for long fight on data-sharing rule
As it attempts to craft policy on access to consumers’ financial account information, the agency is wading into a battle between those who want data to flow more freely and those who prioritize security.
Startup Dext launches debut medical-equipment ABS deal
The firm, based in the Portland, Ore. area, will market $123.7 million in notes secured by mission-critical equipment such as MRI machines it finances for hospitals and medical offices.
By
Glen Fest
OCC clarifies who is ‘true lender’ in bank-nonbank partnerships
The agency finalized a rule to determine which party in a loan sale is subject to regulatory requirements. Advocates charged that the move will help predatory lenders.
Pagaya plans first publicly rated securitization of marketplace loans
Pagaya Investments, which purchases loans from MPL platforms using AI-driven technology, is sponsoring a $423.9 million transaction, according to a ratings agency presale report.
By
Glen Fest
Non-QM RMBS loan performance improving after impairment spike: dv01
The recent decrease in the rate at which current loans became impaired could further encourage the cautious return of the non-QM market currently underway.
End of an era: LendingClub to drop P2P platform
The San Francisco fintech, which is buying Radius Bancorp, will discontinue peer-to-peer lending and instead offer new products, like high-yield savings accounts, to its retail investors.
Opinion States are well equipped to regulate fintechs
The OCC is trying to seize jurisdiction by arguing that current supervision is haphazard. But states are already working together to streamline regulation while continuing to enforce consumer protections and encourage innovation.
John Ryan
Conference of State Bank Supervisors
Growing e-note use catches FHFA watchdog’s attention
Electronic notes did come in handy this year given the mortgage industry's need to operate remotely, but they also increase the government-sponsored enterprises' responsibility for monitoring the risk of multiple counterparties.
Freddie Mac adding more features to digital servicing platform
The government-sponsored enterprise’s seller/servicer guide is now integrated into the online portal. Freddie also improved the readability of loan-level reporting it provides, and has further changes in the works.
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
Servicers intensify retention efforts as the rate of success declines
Only 18% of refinance borrowers returned to the same lender in the second quarter, the second lowest rate since 2005.
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.
CFPB’s latest underwriting revamp seen as boon to fintechs, GSEs
The agency’s plan to extend the "qualified mortgage" stamp of approval to more loans could help lenders that rely on alternative data and cushion the blow of other QM changes for Fannie Mae and Freddie Mac.
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.
Online lenders reach landmark settlement with Colorado
Under the agreement, fintechs and their bank partners will have a safe legal harbor to offer loans, as long as their interest rates do not exceed 36% and they meet various other standards.
Amex in advanced talks to buy Kabbage
The card giant could pay $850 million in cash for the online small-business lender, according to a person familiar with the talks.
Banks, consumers groups to CFPB: Don’t rush overhaul of redlining law
The agency sought feedback on potential changes to the Equal Credit Opportunity Act. But a coalition of industry and advocacy groups want a longer comment period to afford “a greater opportunity for thoughtful public participation.”
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
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