Banking

The online lender founded by Renaud Laplanche contributed half of the collateral for the $226.9 million transaction. It's also retaining a 5% economic interest in the deal.

The installment lender, which bills itself as an alternative to payday lenders, targets underserved communities and operates through a network of retail partners.

Late payments on loans backing commercial mortgage bonds continued falling at the start of the year, due to strong new issuance volume and continued resolutions for precrisis loans by special servicers, according to Fitch Ratings.

GM Financial is front-loading the $1.2 billion deal with early maturities, according to presale reports; Hyundai Capital is also readying a $710 million transaction.

Tier 7 loans, which have lower limits on free cash flow and allow negative personal income, account for 7.26% of the collateral for the online lender's next transaction, according to Kroll.

Chrysler vehicles dominate Santander's latest pool, reflecting increased originations that CEO Scott Powell believes will maintain the lender's captive-finance status.

In a major victory for small-dollar lenders, the agency plans to rescind underwriting requirements that were the centerpiece of the rule drafted by a Democratic appointee.

As the consumer lender announced its seventh consecutive profitable quarter, its CEO bragged that his company is better positioned than the likes of Goldman Sachs and LendingClub.

Executives from Ally Financial and Santander Consumer USA gave rosy outlooks about 2019 consumer trends, while other banks that rely less heavily on car lending offered more cautious appraisals.

Lenders are glad the agency worked swiftly through a backlog of paperwork, but they're worried funds will get cut off if the government closes again.

Both lenders are boosting originations to borrowers with near-prime loans, though the impact on the overall credit quality of the collateral for their deals is slight.

The remainder of the collateral was contributed by Goldman Sachs, which is also holding onto 5% of the risk in the deal to comply with risk retention rules.

Despite a generally positive picture in the Shared National Credit report, regulators warned that underperforming loans in the portfolio remain elevated.

Now that the noncompete has expired, Navient plans to market private student loans to borrowers in school; the servicing giant is also free from restrictions on marketing refinance loans through Earnest.

The company has filed a request with a federal judge in Pennsylvania for a summary judgment in two counts against it, accusing the bureau of failing to provide evidence.

The collateral for the $550 million transaction is slightly weaker than that of its prior deal, but rating agencies expect cumulative net losses to be in the same range.

Executives at Key pushed back against doubts over a deal for Laurel Road Bank’s digital lending platform so late in the credit cycle, arguing that its customers are prime borrowers with high incomes.

Federal regulators should consider applying guidance that is nearly two decades old to end uncertainty about the legality of particular bank partnerships.

Some in the industry worry the Fed may balk at allowing OCC charter recipients into the payments system, but Otting downplayed those concerns.

Citigroup's residential mortgage originations declined 23% and its home-loan revenue dropped by 35% year-over-year in the fourth quarter of 2018, as the company continued to distance itself from home loans.