Finance

Western Benefits Group initiated contracts with student loan borrowers extracting monthly fees upfront, while claiming to negotiate debt consolidation through a supposed affiliation with the Department of Education, the CFPB said.

The 2024-5 series are secured by a pool of loans purchasing primary residences, with an original, cumulative LTV of 73.9%, and a debt-to-income ratio of 35.5%.

Citing auto sales as a potential leading indicator, observers say the labor market's health might be overstated, while auto ABS assets start to underperform.

An independent third-party company will provide the primary servicing, and the industry and equipment diversification levels are strong in the pool.

The current transaction will sell the most in securitized bonds since the 2022-1 series came to market with $850 million in notes.

Rocket is contributing all 5,455 closed-end loans in the collateral pool, and it is an 'above average' originator. One of the deal's positive highlights is that 27.0% of the assets by unpaid principal balance, were subject to third-party due diligence review.

Pricing guidance suggests the A1+ and F1+ notes are expected to yield 5.5% over the three-month interpolated yield curve, pricing at par. Yields are expected to vary from 5.49% to 5.42% on the AAA notes over three-month, interpolated yield curve.

The so-called core consumer price index climbed 0.3% from March, snapping a streak of three above-forecast readings which spurred concern that inflation was becoming entrenched.

Stakeholders are watching carefully as the 2023 crisis and a capital proposal increase banker wariness of mortgage assets, speakers at Invisso's MBS Forum said.

As of Dec. 31, 2023, according to Moody's, the portfolio's delinquency rate was higher than the rating agency had observed in previous MBFS-sponsored transactions dating back to 2019, but it was still extremely low, at 1.46%.