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Small businesses needing loans are increasingly turning to nonbank lenders. Why? Because banks became more risk-adverse about small business loans after 2008. Banks should partner with nonbank originators to reap the rewards of the latter's increased small business lending.
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Banks and FinTechs are increasingly finding synergies in partnerships, rather than competing head to head. The latest is a new subsidiary, ODX, intended to provide online services to small businesses, created by FinTech OnDeck. Given the number of FinTechs searching for partners, though, banks should be careful that they are choosing the right fit from among the available possibilities.
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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.
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Job creation in the U.S. slowed in November, but the unemployment rate is still the lowest seen in half a century. Despite this strength, though, several economic factors are more ominous, such as trade war uncertainty, slowing home sales, and slackening car sales.
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Strong trends in employment and GDP spelled good macroeconomic news in 2018, and the strong trends are expected to continue in 2019. As a result, trends in the consumer credit market should be robust as well.
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