Garnet Capital Advisors Blog

Archived news

Consumer Loan Sales

Our take on the latest trending events:

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While banks have largely maintained or increased their loan-loss reserves, now also might be a good time to improve the books by selling some distressed loans or those with the potential to falter soon.
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The collection of nonperforming accounts has taken on more importance as the economy turns. These collection efforts, however, are regulated by a patchwork of federal and state laws that can be difficult to follow. Unpaid accounts are a drag on earnings and a drain on personnel. Building a compliant collection process is costly and time-consuming and may be a distraction from the front-end loan generation machine. Selling these accounts may be a way to accelerate cash flow and decrease risk.
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With decreased spending opportunities due to the pandemic, consumers have lowered their expenses and continue to pay down debt. Unfortunately, this is making it difficult for banks and credit unions to support loan growth and earnings, which warrants the need to add loan growth through high-quality performing portfolios.
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Some consumer loan products are slowing significantly among credit unions, while mortgages continue to remain a strong segment. Overall, credit union loan balances have gone back to their relatively weak pre-pandemic growth rates.
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There is a growing shift in consumer behavior towards fixed-rate installment loans for purchases, which may be excellent investments for banks and credit unions.
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Consumer loans are performing better than the general economic conditions would predict, which bodes well for high-quality consumer loan portfolios.
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A lack of inventory in the used car industry has caused a spike in prices, giving lenders an advantage thanks to a rise in value in the collateral backing much of the car loan inventory.
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Loans to small businesses are increasingly being treated like consumer loans, prompting lenders to be vigilant when buying or selling these types of loans.
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The Consumer Financial Protection Bureau (CFPB) has been receiving a record number of complaints from consumers regarding banks and lenders, prompting more effort to keep consumers informed about their rights and the programs available to them.
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The American consumer is strong today, thanks to wage growth, job confidence, and low interest rates. Banks are profiting from consumer lending growth, but commercial banks that wish to get into the market might find it difficult without the help of a seasoned loan sale advisor.
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Banks and Credit Unions are seeking out more consumer and C&I loans in an effort to boost lending and beef up their loan portfolios in 2020. Working with a loan sale adviser can help access quality origination sources.
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Certain consumers are overleveraged on their auto loans, mimicking the situation that triggered the housing crisis over a decade ago, albeit on a much smaller scale. This can lead to delinquencies, which paints a bad picture for both consumers and their lenders.
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The student loan space is seeing more movement with the latest transaction involving the sale of First Republic's student loan repayment business to E-Trade.
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Lending is improving for credit unions, particularly when it comes to home, auto, and credit card assets.
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Niche lending can help banks, credit unions and other lenders diversify their products and income streams. But without proper precautions and measures put in place, they may also find adjusting their portfolios problematic.
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Consumer lending has seen growth over the past few months, with higher wages and continued low interest rates fueling spending. Banks and lenders have an opportunity to capitalize on this trend and strengthen their loan portfolios.
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One of the latest announcements from the Trump administration is a proposed cap on student loans and a reduction in repayment options in hopes of countering the dire student loan debt debacle. Read on to find out how this will impact private lenders.
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Millennials, which is now the largest living generation and segment of banking customers, have different preferences than the GenX and Baby Boomer generations. Surveys show that Millennials are not as brand-loyal as other generations, and also give some insight into the features that this group values.
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A new political ad harking back to Apple's iconic "1984" campaign depicts the Consumer Financial Protection Bureau as a Stalinist behemoth bent on denying loans to worthy Americans.
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What happens when a more traditional, geographically-focused financial institution aims to combine with a company that primarily conducts its business online?
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The increased perceived risk around student-loan backed portfolios has already started to play out in the marketplace.
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An investigation by American Banker found that the CFPB's own documents acknowledge that the agency's methods could result in overestimating the amount of racial bias built in to loan ecosystems.
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Radius Bank announced on Sept. 16 that it would offer personal loans on its own website via Prosper Marketplace.
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Whether the Federal Open Market Committee begins tightening benchmark interest rates at its September meeting or it waits for its confabs in October or even December, you can be sure change is coming soon to auto loan portfolios.
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Big news to hit the real estate sector recently is real estate and rental marketplace Zillow's acquisition of dotloop, a digital transaction management firm. While this is exciting for members of the real estate industry, the pairing will actually have a more widespread impact.
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A court ruling could have an impact on marketplace lending.
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Take a drive into town, and the one thing you won't see is a branch of Goldman Sachs. That's because the financial institution has always been about wheeling and dealing on Wall Street, not Main Street.
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While marketplace lending isn't as tightly regulated as traditional lending, some business owners are taking action to reshape this industry.
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Is the traditional target for a refinanced student loan a doctor earning more than $150,000 per year? Or a lawyer several years out of law school? Perhaps not at one time, but more financial institutions are turning to this demographic as they look to grow their customer bases.
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Which company will become the next Uber of banking? If the ride-sharing giant has anything to say about it, it will be them.
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Higher interest rates are going to drown borrowers, right? Rate shock will shock the economic system, right? Poor home equity is going to lead to more delinquent borrowers, no?
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The second-quarter reports for major financial institutions are in, and the results are mixed bag of good news, bad news and optimism.
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The Consumer Financial Protection Bureau has immense oversight powers over a number of many financial industries, including residential financing and payday lending. However, one area where CFPB purview has lagged behind has been in auto lending.
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Overall, online lending has proven to be beneficial for a certain type of borrower, but investors should be aware of the risks involved.
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An opportunity for consumers today could be FICO itself, which has recently announced it is working on a new score that would be catered to underbanked borrowers.
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The mortgage industry has faced substantial criticism following the financial crisis, and many critics and government officials have pounced on the opportunity to disparage this particular sector. While these views have been growing less harsh, those looking to spearhead meaningful reform have encountered numerous challenges, according to American Banker.  
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The banking sector has been benefiting from strong mergers and acquisitions activity, as economic conditions continue to improve and financial institutions look toward consolidation as a means of cutting costs, meeting capital requirements and even diversifying their businesses. 
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While they are frequently identified as being competitors of banks, marketplace lenders have asserted repeatedly that they want to work with these more traditional financial institutions. 
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As many banks consider partnering with marketplace lenders, they must carefully evaluate each particular alliance to get a strong sense of its potential costs and benefits. Marketplace lenders have been rising in importance, growing a strong customer base and in some cases raising significant sums of money by working with receptive investors. 
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Many banks are making major changes as they take steps to comply with the liquidity coverage ratio, including selling off assets and running off deposits that do little to help them meet the requirement.
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Regional banks have been putting significant effort into either raising the threshold for being deemed systemically important - which currently stands at $50 billion - or scrapping the level completely. 
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Recently, the U.S. Supreme Court heard a consolidated lawsuit that involved whether a secondary lien placed on the asset of a debtor can be reduced to the value of the collateral securing the obligation obligation and reduced to zero if there is no asset coverage. The decision could have broad implications, potentially impacting many bankruptcy proceedings that followed the nationwide housing crisis, according to Inman Magazine. 
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A bill designed to help protect Montana bankers recently passed The Treasure State's House and Senate. Senate Bill 280 was introduced after the Montana Supreme Court ruled in 2014 that borrowers can press legal action in lending disputes on the basis of presumed oral agreements, according to American Banker.
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Loan demand has been rising all over the nation, according to figures provided in the Federal Reserve's March Beige Book. The Fed report revealed that most regions have been enjoying promising economic conditions, and banking activity stood out as a strong point in many cases.
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Puerto Rico's banking industry has undergone some seismic shifts in the aftermath of Doral Bank's failure earlier this year. While this troubled bank entered receivership, several competitors benefited from the situation, bolstering their market share by snapping up its branch locations, loans, deposits and mortgage servicing rights.
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Sterling Bancorp, one of the largest lenders doing business in the payroll lending market, recently acquired Damian Services Corporation, which provides payroll-related services to staffing firms. By making this purchase, Sterling will grow its client base, expand its lending capacity and open up new possibilities to earn fees in specialty finance, according to American Banker.
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Non-banks have been gaining an increasingly large share of the market for FHA-backed mortgage lending, according to a recent study conducted by the American Enterprise Institute's International Center on Housing Risk. These financial institutions, which are outside the reach of bank regulations and capital requirements, have been increasing issuance of these home loans as major banks retreat from this market.
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The peer-to-peer lending market recently benefited from a move by the U.S. Securities and Exchange Commission to revise existing regulations, as this decision gave smaller companies greater ability to raise money and investors more flexibility to participate in this particular industry. 
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PacWest Bancorp recently announced an agreement to purchase Square 1 Financial, Inc., a lender that focuses primarily on the technology industry. Pursuant to this deal, Square 1 bank, owned by Square 1 Financial, will merge into Pacific Western Bank, a Los Angeles subsidiary of PacWest Bancorp.
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While lending activity has grown more conservative since the financial crisis, there is reason to believe this sector is once again running into trouble. More specifically, both auto and student loan debt saw their delinquencies track higher in the fourth quarter, and during the same time, household debt increased.
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America's millennials could potentially represent a huge market for alternative banking, according to the results of the most recent FICO survey. Financial institutions looking to stay abreast of the latest shifts in the rapidly changing banking industry might benefit substantially from gathering further detail on these customer preferences. 
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Consumer Financial Protection Bureau Director Richard Cordray took a minute to delve into some of the agency's current concerns, as well as the disagreements its staff are having. 
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Community banks need to either innovate or face extinction in the current environment, according to several industry participants who spoke at the American Bankers Association's National Conference for Community Bankers. 
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Regulators shut down Doral Bank on Friday, Feb. 27, after the financial institution faced a string of challenges including a dispute surrounding a tax refund, government investigations and sharp declines in stock prices. The Office of the Commissioner of Financial Institutions of Puerto Rico announced in a statement Friday that it had appointed the Federal Deposit Insurance Corporation receiver. 
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Federal Reserve Chair Janet Yellen testified before lawmakers on Tuesday, Feb. 24, providing greater clarity on the central bank's timeline for boosting benchmark interest rates. 
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Many banks have been focusing on deposits in the current environment, building up these resources instead of taking on additional credit risk. This approach reflects a more conservative stance, as financial institutions are unsure when the Federal Reserve will opt to push its benchmark interest rates higher. 
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Major banks, already facing a tough environment, have been encountering an additional headwind stemming from the dollar's sharp rally. The currency's recent appreciation, along with proposed capital guidelines, could make US banks seem bigger relative to their European counterparts. 
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Doral Financial's problems only seem to be getting worse. While the Puerto Rico-based holding company was able to improve its financial position late last year by attaining a legal victory, it has been encountering rising pressure from regulators, according to American Banker. 
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Mergers and acquisitions activity involving banks has been increasing, and this momentum has grown to include not only smaller banks in the U.S., but also midsize and international financial institutions. 
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Banks could run into challenges generating revenue growth as their ability to tap into loan-loss reserves deteriorates. 
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Subprime lender Santander Consumer USA Holdings (SCUSA) recently announced a smaller provision for credit losses amid otherwise general concerns that deteriorating lending standards could impact credit quality. The company cut this reserve to $560 million in the fourth quarter of 2014 from $770 million during the prior period.
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Bank of America recently moved a $2.7 billion student loan portfolio to hold-for-sale status, chief financial officer Bruce Thompson told analysts during a conference call in January. 
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While many bemoan the challenges less-experienced borrowers face, San Francisco-based startup Earnest has been using an innovative new approach to assess their creditworthiness.
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BlackRock is planning to securitize loans purchased via internet origination channels. 
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New York Community Bancorp, Inc. has been generating many benefits by selling assets, keeping its balance sheet below the $50 billion mark and improving its financial results in the process. 
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The U.S. economy encountered some challenges during the fourth quarter, as weakness abroad and tepid business spending combined to limit fourth-quarter growth.
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While many banks have bemoaned the industry regulations created by the Consumer Financial Protection Bureau, smaller financial institutions in particular could benefit from the government agency's latest mortgage proposal.
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The recent announcement that Los Angeles-based City National has agreed to be acquired by Royal Bank of Canada could be a game changer for other banks in the region, providing them with stronger opportunities to find clients or buyers.
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Two groups of peer-to-peer consumer loans collectively worth more than $300 million recently obtained ratings from Moody's Investors Service, which represents a first because major credit ratings agencies have never before evaluated P2P securitizations.
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A handful of innovative banking startups have been working on creating lending algorithms that consider more than the traditional variables such as one's credit score. Amid this push, companies are developing risk evaluation methods that account for how much time an applicant spends reading terms and conditions or whether they only use capital letters when filling out forms, The New York Times reported.
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Banks are striving to generate loan growth amid stiff competition and low interest rates. At the same time, analysts and shareholders are pressuring these financial institutions to reign in their expenses where possible, according to American Banker.
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Many banks have been reporting falling interest income in the current environment of low rates and tight competition.
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Banks have had a hard time generating satisfactory earnings growth lately, and this difficulty could easily continue in 2015. Banks both large and small have suffered these challenges, as the major financial institutions and the regional ones have been reporting lackluster earnings so far this year. Legal costs and compressed loan margins are the major drags for the larger banks.  Community banks are also feeling the pinch in generating good quality assets.
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U.S. economic conditions continue to improve at a time when the nation is benefiting from increased growth, falling energy costs and sustained job creation.
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The Consumer Financial Protection Bureau recently proposed a system that would help academic institutions enjoy greater visibility into the products and services that banks are offering students, according to a statement released Jan. 14. 
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U.S. economic conditions have been steadily improving, and this development has helped bolster the performance of major banks such as Wells Fargo, whose executives have been rather vocal about how much faith they have in the nation's recovery. 
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The Swiss National Bank eliminated its cap on the euro-franc exchange rate Jan. 15, at a time when the global currency markets are experiencing sharp volatility and central banks across the world are using increasingly divergent monetary policy.
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While many U.S. consumers have been benefiting significantly from sharply dropping oil prices, they may find they have even more money in their pockets after the Federal Housing Administration's recent decision to reduce its annual premiums. 
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Fintech startup Larky has been taking an innovative approach with its mobile applications, marketing them directly to banks so they can be used to provide consumers with discounts and offers from local stores.
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The Consumer Financial Protection Bureau has been quite active in recent years, and there is no sign that this trend will stop in 2015.
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Non-bank lender Progreso Financiero recently announced plans to change its name to Oportun - based on the Spanish word for opportunity - to reflect the value it provides to underserved Hispanic borrowers.
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The banking industry is encountering various disruptive forces - including stiff regulations, the proliferation of online lending and innovative new lending activities - that bankers should monitor if they want to capitalize on existing opportunities.
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American Banker recently named marketplace lending its Innovation of the Year.
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Billionaire investor George Soros has been laying the foundation so he can back peer-to-peer lending, a burgeoning industry that is making greater use of more traditional funding methods in an effort to reduce lending costs. 
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While headlines have been filled with subjects about the rising cost of college education, the financial challenges of students are becoming less severe, a handful of reports stated recently.
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Many banks have been encountering challenges in their efforts to originate high-quality loans, but have been taking steps to compensate for this situation.
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Ally Financial Inc. reported strong auto lending in the third quarter, and has predicted this success will continue, reducing the money it has set aside for loan losses even amid stiff competition and concerns that used car values will decline in the final quarter of the year.
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Distressed loan sale programs can help out homeowners, taxpayers and government organizations, but to generate these benefits, they must be set up in the right way, Sarah Edelman and Julia Gordon, who work for the Center for American Progress, wrote in a recent American Banker opinion piece.
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The legal fees plaguing major banks continue to climb higher, and nobody knows when these financial institutions will get past these challenges.
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The P2P and internet loan marketplace has become increasingly popular in recent years, and a new analysis suggests bidding activity and pricing for these loans could be at its most competitive yet.
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Sterling Bancorp and Hudson Valley Holding Corp. announced a definitive merger agreement on Nov. 5, which would create a larger combined entity catering to consumers and small - to medium-sized businesses in the New York metropolitan area.
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As auto lending activity strengthens across the country, banks have been viewing it with fresh eyes, looking to this particular activity as an opportunity where they can potentially benefit from low default rates, attractive rates, short duration and significant demand.
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In an effort to generate desired results amid sharp competition, many big banks are focusing on prime auto lending.
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Earlier this fall, prominent members of different interest groups announced the creation of the Wealth Building Home Loan, a mortgage specifically designed to help low - to moderate-income borrowers accumulate equity.
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U.S. Bancorp CEO Richard Davis has been offering some fairly rosy views of the economy, predicting that growth will accelerate sharply next year.
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The revenue banks are generating from customer-account fees has dropped sharply, stemming from changes in consumer behavior and new regulations created to protect account holder interests.
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The Office of the Comptroller of the Currency recently published final risk management and governance guidelines for major financial institutions, giving them different expected timelines for compliance based on their size.
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The value of many assets around the world - including real estate, stocks and bonds - has been rising, and several market participants have warned they have grown inflated and approach bubble status.
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Housing prices remain elevated amid current supply-demand fundamentals. This, along with tighter credit, may be keeping new buyers out of the market and slowing new home sales.
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Banks are on a mission to increase their loan income, and their desire to meet this objective has helped fuel mergers and acquisitions.
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Banks could generate more revenue by adding P2P originations to their branch originations, according to a study recently released by research firm Cognizant.
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Subprime auto lending has recently experienced a sharp uptick, and the robust activity has provoked warnings that a bubble is forming.
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Credit union lending ramped up in May and June, according to recent reports from the Credit Union National Association.
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Fledgling startup companies could one day dominate the banking industry, financial expert Richard Magrann-Wells wrote in a recent American Banker piece.
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The Consumer Financial Protection Bureau recently provided guidance for mortgage brokers that want to operate using a mini-correspondent lender model, outlining the questions it uses to evaluate these industry participants to determine whether they meet the definition of mini-correspondent.
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As a result of hitting a critical point in its development, the market for Federal Family Education Loan Program loan sales may soon enjoy a sharp rise in activity.
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Bank mergers and acquisitions have surged lately, as the industry struggles to overcome numerous headwinds including a challenging compliance environment, higher capital requirements and the proliferation of alternative lending.
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New financial product structures are growing in availability, and a great deal of the finance industry's innovation centers around this trend, former Citigroup chief executive Vikram Pandit recently told American Banker. Amid this situation, Pandit highlighted a key opportunity.
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The Office of the Comptroller of the Currency recently took action to clarify best practices surrounding debt sales when it issued guidelines on Aug. 4.
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Lending Club, a major peer-to-peer lender, recently announced impressive second quarter figures, reporting that it facilitated $1 billion in new credit during the period.
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U.S. auto lending warmed up in the first quarter, as the total loans of banks and thrifts climbed higher and delinquencies declined.
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Concerned that traditional underwriting methods are leaving some would-be borrowers behind, peer-to-peer lender Upstart has responded by developing a unique process to vet credit applicants.
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Loan sales have been picking up steam in the U.S., as the rising interest in home equity loans and non-performing loan securitizations helps increase the value of such transactions.
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Property tax bills are on the rise, and their steady climb has been causing stress for the already-troubled mortgage market.
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In a recent report, the Office of the Comptroller of the Currency warned banks about the credit risk that is steadily accumulating because of their willingness to provide loans easily.
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Certain mortgage lenders have been following more stringent requirements than those created by the Consumer Financial Protection Bureau in an effort to ensure compliance.
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LendingClub Corp., the largest peer-to-peer lender in the U.S., has started preparing for an initial public offering, selecting major investment banks Morgan Stanley and Goldman Sachs Group Inc. to lead the sale, individuals familiar with the situation told The Financial Times.
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Nigel Morris, who co-founded financial services firm Capital One, recently joined the board of Prosper Marketplace, the parent company of peer-to-peer online loan marketplace Prosper.
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San Francisco-based startup Affirm Inc. is harnessing an innovative new approach to lending, which some believe could potentially disrupt loan markets as we know them.
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Many consumers have lackluster feelings about the economy or their household income, according to the results of a recent Fannie Mae poll.
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One new initiative that is making waves in the credit markets is Square Capital, which lets small businesses secure capital in exchange for a claim on their future revenue stream.
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Younger people are more likely to consider alternative banking, according to the results of a recent Accenture survey.
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Regulators have been intensifying their scrutiny of banks, and more specifically the relationships these institutions have with their vendors.
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The federal government recently announced plans to make mortgage lending standards less stringent, hoping that doing so will help jump-start the housing market.
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The Bank Director's 2014 Risk Practices Survey recently provided some insight into the risk management challenges that lending institutions are facing.
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A recent poll sponsored by real estate website Zillow has predicted that home prices will rise more than 4 percent in 2014.
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Financial services industry participants looking to get a fresh view of this particular sector might consider attending the upcoming conference EMERGE: The Forum on Consumer Financial Services Innovation.
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The Federal Deposit Insurance Corp. recently released its Quarterly Banking Profile, and this report contained data indicating that loan origination could increase sharply in the near future.
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The Consumer Financial Protection Bureau recently released a report on its supervision of non-bank activities.
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The auto loan portfolios held by credit unions grew at the fastest pace in 13 years durin?g March, according to data provided in a CUNA Mutual Group report.
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Lenders identified Consumer Financial Protection Bureau mandates as their single greatest compliance challenge in a recent QuestSoft survey.
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Younger Americans have been paying down their debts, gradually lifting the burden off their shoulders in the aftermath of the recession.
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Jobless claims recently fell to their lowest level in seven years, and this development could show the latest progress made by the labor market.
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Household debt rose during the first quarter, according to figures provided in a report from the Federal Reserve Bank of New York.
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Mortgage applications surged during the week ending May 2, according to Mortgage Bankers Association figures.
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Home prices experienced a sharp year-over-year surge in March, according to data contained in a CoreLogic report.
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Many U.S. banks recently reduced their standards for mortgage lending, and this development could boost loan sales by increasing the availability of this type of debt.
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The Consumer Financial Protection Bureau has been pushing U.S. lenders offering auto loans through car dealerships to price this debt using a flat-rate structure, and BMO Harris Bank was the first sizable financial institution to adopt this approach.
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Jonathan Lippman, chief judge of the state of New York, recently proposed reforms to debt collection lawsuits, 100,000 of which are filed against residents of the state each year.
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The volume of weekly mortgage applications dropped to its lowest in almost 14 years during the week ending April 25, according to data from a recent Mortgage Bankers Association survey.
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The Labor Department's April jobs report provided some strong figures, and this development could easily help bolster the sentiment of everyday Americans.
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A growing percentage of Americans are paying their credit card balances in full every month, according to a recent Gallup poll.
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Homes values have been rising in several different metropolitan areas, and now many properties have prices that exceed the conforming loan values set forth by government programs.
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Americans have changed how they harness credit card debt, a financial consulting firm stated recently, and these new practices could potentially constrain loan sales by reducing the supply of available debt.
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The Consumer Financial Protection Bureau recently released a report containing information on how consumers can use electronic methods to complete the paperwork involved in a mortgage closing.
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Lending standards could potentially weaken as housing prices continue to increase, Lindsey Piegza, chief economist for privately-owned brokerage Sterne Agee, stated recently.
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The total value of automobile loans outstanding rose in March, and the increased supply of this type of debt could bolster loan sales.
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Pending home sales surged in March, and this development could affect loan sales by increasing the supply of available mortgage debt.
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U.S. economic growth seems to be picking up, and this development could affect both loan origination and loan sales by bolstering the sentiment of consumers and the demand for credit.
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Various measures of consumer confidence have shown strength lately, and the continued improvement in this sentiment could fuel more robust loan origination by increasing the demand for credit.
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Strong durable goods order data for March showed the robust nature of the economy, and this continued improvement could help bolster loan origination by making consumers more confident.
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Retail sales surged in March, and the sharp gain could potentially drive up loan origination by supporting demand for credit.
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Economic conditions in Texas are strong and improving, and this situation could help support loan sales by increasing both the supply and demand for credit.
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U.S. consumer defaults plunged in March, and this development could affect loan sales and pricing by lowering the supply of low-quality credit.
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U.S. consumer borrowing surged more than economists had expected in February, and this development could bolster loan sales if banks seek to unload any excess credit they have extended.
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Many participants in a recent industry survey expressed optimistic views of the housing market, and this strong sentiment could foreshadow more robust loan origination.
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Banks across the U.S. have been focusing on the leverage ratio, and complying with this particular requirement could motivate them to make loans that they consider safer or have lower capital requirements.
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Temporary positions in the U.S. have surged lately, and this situation could potentially have a significant impact on credit markets if it is a precursor to the creation of more full-time jobs.
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The U.S. economy has been creating jobs consistently for many months, most recently boosting payrolls in March, and sustained labor market improvement could bolster loan origination by putting more money in the pockets of consumers and making them more optimistic about the future and willing to borrow.
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Consumers have been keeping a lid on their credit balances while issuers continue to hold high underwriting standards, and these issues could limit distressed debt sales by reducing supply.
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Consumers have been keeping a lid on their credit balances while issuers continue to hold high underwriting standards, and these issues could limit distressed debt sales by reducing supply.
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Millennials are facing myriad challenges, and these difficulties could constrict their demand for credit and undermine loan origination.
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A recent surge in consumer spending could indicate that these individuals are becoming more confident, which could result in them seeking more credit.
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