Banking

Four tranches of rated notes totaling $591 million were issued, resulting in an advance rate of 92% vs 88% for the previous deal; pricing also improved.

The San Francisco firm is the latest U.S. lender to tighten credit standards amid concerns that consumers are shouldering too much debt.

The company increased the concentration of sub-550 Beacon score borrowers to more than 13%, and cut the share of prime 700-plus loans by more than two-thirds from its prior deal.

The San Francisco-based lender still posted losses in its portfolio, although those declined considerably from the year-ago period.

Residents' low incomes usually disqualify them for standard student loan refinancings, but SoFi and other lenders describe these borrowers as strong credits with high earnings potential who could offset some of the risks lurking in student loan pools.

Amid the rise of online lending earlier this decade, banks were derided as being too slow to adapt. But over time it's become clear that banks hold key advantages over lending startups.

GS Bank will take the name of Goldman's nascent consumer-lending business, Marcus.

To compensate for weakening used car prices, Hyundai has lowered the base residual value, or the amount it expects to be recovered when cars come off lease and are resold.

The Consumer Financial Protection Bureau said 42% of car loans issued in the last year had a repayment term of six years or more, a huge leap over the 26% with such terms in 2009.

A GAO determination has effectively nullified a 2013 leveraged lending guidance. But that leaves the future uncertain about what, if anything, regulators will devise to replace it — and how banks should treat such loans in the meantime.

The delinquency rate for U.S. commercial real estate loans in CMBS is now 5.21%, a decrease of 19 basis points from the September level, according to Trepp. That is the second-largest rate drop measured in the last 19 months.

Initial credit enhancement on the senior notes to be issued has risen to 17.5% from 16.8% for the lender's previous securitization, but the target level is unchanged at 30%.

Calls for less reliance on credit bureaus and Social Security numbers for verification are leading many to envision a future of identity on a distributed ledger.

The Dallas consumer lender says it plans to boost subprime originations again after retooling its portfolio and taking stock of the economy.

The tighter spreads on the fintech student lender's latest securitization should help offset a rise in the underlying benchmark rates, keeping its funding costs low — and helping it compete more effectively.

The deal, known as Bayview Opportunity Master Fund IVb Trust 2017-RT6, pools 2,745 current loans, of which nearly 58% have been clean for at least two years, and 55.2% have been modified.

The hurricanes destroyed hundreds of thousands of cars, and banks are significantly boosting their reserves in anticipation of higher defaults on auto loans. But there is also a silver lining for auto lenders.

The company is lending less and issuing smaller securitizations this year, but investors keep flocking to the subprime lender's paper.

The captive finance arm of General Motors has been pulling back on leasing, but it still expects to be negatively impacted by falling used car prices for the remainder of the year.

As more loans go bad across the credit card industry, the Riverwoods, Ill.-based company boosted its provision for loan losses by 51%.