The Oportun Issuance Trust 2021-C is one of the first deals on the platform to be backed by secured personal loans.

The reception in the market to structured single-family CRTs' return at the government-sponsored enterprise was strong enough for it to plan to follow up this transaction with another one next month.

Federal and state banking agencies released a joint statement calling on financial institutions to conduct the "due diligence necessary" to select a new reference rate benchmark that is suitable for their risk profile.

Borrowers on the underlying loans in PMT Loan Trust 2021-INV1 have a weighted average (WA) original credit score of 778, plus a WA debt-to-income ratio of 34.6%.

Velocity has seven classes of securities divided into 25 subclasses, including 15 that are entitled to principal and interest, seven to only interest, and one to any remaining excess cash.

The current deal uses a capital structure virtually identical to the 2021-NMQ2, with three classes of senior notes with ratings ‘AAA’ to ‘A’, that will pay on a pro rata basis.

The transaction is a $340.0 million interest-only, floating-rate mortgage loan with an initial three-year loan term and two successive one-year extension options.

Changes in the Fed, including the replacement of Jay Powell as chairman, might shift the board back to a dovish economic position.

The size of the current deal stems mostly from the ‘AAA’ piece, which was $210 million, compared to $162 million in the last ABS. Earlier deals hovered around $250 million.

The bank, which acquired General Electric’s health care lending business in 2015, is looking to expand its presence amid a merger boom in the sector.

The drop over the 30-day period was in line with a large number of plan expiration dates, and occurred despite the extension of an initial filing deadline for government loans.

Collateralized loan obligations may have to wait until 2022, because the market is seeking price discovery -- but has little incentive to jump first.