Recently LendIt Fintech held a webinar titled “COVID-19 Planning for Fintech – 5 Ways to Maximize Efficiency with At-Home Agents”;...
Cross River Bank has issued a media alert detailing involvement in a true lender court case with the state of Colorado; the bank has filed a declaratory judgment action against the state of Colorado to protect its rights to extend credit and freely sell loans nationwide; the declaratory judgment action follows a previous court filing in January 2017 by the Colorado Attorney General suing Marlette Funding for issues with its lending process which involves loans made by Cross River Bank and sold to Marlette. Source
Kroll Bond Rating Agency (KBRA) has provided ratings and released more details on Marlette Funding's Marlette Funding Trust 2017-1 (MFT 2017-1) securitization; the transaction is valued at $257.44 million and includes consumer loans from Marlette; the portfolio includes three tranches rated A to BB; the majority of the loans are contained in tranche A which accounts for 80%. Source
Marlette Funding has filed for a new securitization portfolio, Marlette Funding Trust 2017-1; the portfolio details were filed by Marlette Funding Depositor Trust; associated parties include Deutsche Bank Securities, Citigroup Global Markets and Goldman Sachs; the portfolio will contain unsecured consumer loans originated by Marlette. Source
Marlette Funding has announced plans to cut one-fifth of its workforce as the company scraps plans for expansion to new verticals and remains focused on its online unsecured personal loans; the company has reported significant lending growth with over $3 billion in loans originated through its Best Egg brand in the first three years in business; the more conservative strategy follows some signs of increasing defaults, plans for new regulations and slowed capital investments. Source
Another Profitable Year for Marlette Funding as Best Egg Surpasses $7B of Personal Loans Blockchain RegTech Startup TRM Secures $1.7...
In this episode we talk with the new CEO of Best Egg, Paul Ricci. He has only been in the job a few weeks but he is an old hand when it comes to marketplace lending.
The marketplace lending industry began with personal loans and it is still our biggest vertical when it comes to loan...
There is likely no one alive who has witnessed this level of economic disruption in this country in such a...
In PeerIQ’s weekly industry update they cover the IMF’s recent global growth forecast being raised and the recent securitization deals in online lending; while global growth is up the IMF also pointed out that a third of banks by assets might struggle to attain profitability; recent securitization deals from Marlette Funding and SoFi highlight a busy quarter in the sector; the newsletter also takes a deep dive into bank earnings for JP Morgan, Citi, Bank of America and Wells Fargo. Source.