The legislature has passed a bill that would allow lenders to make installment loans that, in many cases, would be more costly than payment loans. If Gov. Rick Scott signs it, Florida would become the first state to pass a law designed to blunt the impact of the CFPB’s crackdown on high-cost consumer loans.
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The future secondary mortgage market entities will receive high investment grade ratings, even as there is no clarity on their scope or form, Fitch Ratings said.
April 10
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While the sponsor is borrowing more heavily against the 1,283 properties being rolled over, their values have also increased, resulting in a decline in the combined LTV, to 66.5% from 72%.
April 10
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Upgrade's new product, unveiled Tuesday, is aimed at consumers who are expecting a big expense but may not need to borrow all the money at once. Unlike a home equity line of credit, the loan can be approved in minutes because there is no need for collateral or an appraisal process.
April 10
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The latest transaction is the first to include fees associated with the Take 5 Oil Change brand acquired in 2016; they will rank pari passu with outstanding notes issued in 2015 and 2016.
April 9
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The percentage of 84-month loans has been shaved to 37.5% of the pool in SoFi's consumer loan program 2018-2 issuance, down from 45.4% in its prior transaction in January.
April 8
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The subprime auto lender failed to disclose that it received fees for referring borrowers to CarMax, the used-car dealer, according to California's financial regulator.
April 6
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The LSTA has declared the era of risk retention for open-market CLOs is over, pending an unlikely U.S. Supreme Court intervention. "We believe we can exhale," the trade group said in a statement.
April 6
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But GMF's deeper dive into long-term loans for a pool increasingly dominated by pricier trucks and SUVs caused a slight bump in expected ABS credit losses.
April 5
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The agency’s acting director uses a reply letter to the senator not to answer her questions but to underscore that Congress lacks the ability to compel answers to such questions.
April 5
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The weighted average FICO of 750 is the highest of any post-recession securitization from Hyundai Capital Americal, the joint captive-finance lender for U.S. Hyundai and Kia dealers.
April 5
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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.
April 4
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The $31.7 billion in collateralized loan obligation deals priced year-to-date is the most in a first quarter in the post-crisis era.
April 4
