Banking

More than 88% of contracts in the $800 million transaction have terms of less than 40 months; Fitch points to the increased the use of subvention at Toyota dealerships.

Scott Powell, the CEO of Santander Holdings USA, has spent years contending with a host of regulatory problems. He outlined a long-range vision that includes a branch-focused retail push and possible acquisitions.

The agencies had proposed revisions designed to make compliance less complex, but banks have expressed concern that the plan could have the opposite effect.

The LendingClub founder responded to being booted from his company by starting a new one with involvement from former investors — and a loan buyer he had supposedly wronged.

Seth Frotman, whose student lending unit had been gutted in May, said the bureau's current leadership "has abandoned its duty to fairly and robustly enforce the law.”

S&P says extended term loans and "liberal" collection policies are pushing losses and amortization toward the tail end of some lenders' securitizations — making cross-comparing performance between lenders and an issuer's own outstanding vintage deals more difficult.

The 30-day delinquency rate dropped to a low not seen in over a decade in July, but foreclosure starts also increased to a three-month high.

Cheap funding and marketing muscle could give it an advantage over existing lenders, but this corner of the market may not be big enough to move the needle for the bank.

The agency said the market for larger rental investors may not need additional liquidity from Fannie Mae and Freddie Mac.

Several states pledged to compensate for a slowdown in enforcement at the Consumer Financial Protection Bureau under Mick Mulvaney, but their efforts have been complicated by tight budgets and doubts over whether such initiatives are necessary.

New investor appetite for mortgages over $1 million is motivating more nonbank lenders to offer super jumbo loans, often with weaker credit terms than traditional banks.

Similar to the sponsor's prior transaction, however, the collateral includes a large portion of loans underwritten using bank statements to verify borrower income: 49%.

Rep. Emanuel Cleaver, D-Mo., released a survey of lending practices that he said point to practices such as forced arbitration clauses and extracting a customer’s credit score to determine creditworthiness.

MountainView Financial Solutions is brokering a more than $3 billion package of Fannie Mae and government mortgage servicing rights originated primarily through third-party origination channels.

Partly for this reason, Kroll expects losses on the transaction, PMIT 2018-2, to reach just 12.4% over the life of the deal, down from 13.4% for the previous transaction.

The division, created after Sunflower hired lenders away from other banks, will focus on asset-based lending to middle-market companies and investors.

The investors initially won the right to sue as a group in 2015 before an appeals court reversed the ruling; the $13 billion lawsuit can now proceed as a class action.

Westlake increased the size of all eight classes of notes by at least 37% as investor demand surges for subprime ABS paper

Judges say a CashCall loan may have fit the state’s definition of an “unconscionable” interest rate.

It bothered Jeannie Tarkenton, founder of Funding University, that too many kids from lower-income families didn't graduate because they lacked just a few thousand dollars and couldn't get a loan.