Garnet Capital is a financial services company specializing in managing loan portfolio sales and providing valuation services.
Banks and credit unions are worried about the potential impact of a required conversion to current and expected credit loss (CECL) accounting from the currently used incurred loss system. But it is not clear whether proposals to modify or delay CECL from the current conversion dates will be successful. Right now, banks will transition on January 1, 2020, and credit unions two years later.<
Non-banks now write the majority of mortgages in the U.S., but the sustainability of their business model in an economic downturn is not proven - and may be questionable. In addition, traditional banks lend to non-banks, and are thus still exposed to any vulnerability they have.
BankUnited of Florida recently received FDIC approval to sell a covered loan portfolio. The sale is expected to take place by the end of this year. Selling covered loans is a complicated process requiring the writing of a case for the FDIC, and FDIC approval. Garnet Capital is experienced in writing these cases and can help interested institutions both write the cases and sell the covered loans on the market.
The forum continues to be the only place where Special Assets, SBA, Credit, Loan Review, Risk Management, Special Servicers & C-level executives can meet to discuss the latest credit and workout issues.
Garnet is proud to once again be an exhibitor at the premier event for the receivables management industry. Debt buyers, originating creditors, collection agencies, law firms, brokers, and affiliates gather for three days of industry education and regulatory updates, networking, and business opportunities.
Garnet Capital is proud to be an exhibitor and a sponsor of this exciting conference, where a meaningful dialogue can be opened to address concerns regarding this dynamic segment of the market.
RMA Magazine Article, November 2018
Small businesses have always had a harder time securing financing than their larger brethren, but these challenges have grown even worse in recent years. As economic conditions have improved, fledgling firms have been seeking additional capital to invest and expand. While demand for credit from this sector is growing, many banks are reluctant to provide them the financing they need. Where else can they turn?
The compliance environment for debt sales has evolved significantly over the years. Focusing on several material components provides a framework for understanding these developments, including how information security, government agencies’ debt sales guidelines and the types of debt involved, have progressed.
“In March and mid-April, loan sale advisory firm Garnet Capital Advisors plans to attend two industry conferences in Florida and New York..."
"Attending the DBA has become the critical kick-off to our year," DiPalma said. "This conference brings important industry participants together and the association focuses on how to promote industry best practices and communication in many ways..."
“To work effectively in the new system, one has to understand the parts of the new regulatory apparatus and how they impact the roles of all parties in the debt sales space…”