In this week’s PeerIQ Industry Update they cover the drop in unemployment to 3.8 percent and the rise in hourly...
According to a report by Bloomberg, four bonds comprised of online consumer lending loans have reached or are approaching trigger levels; the four bonds include three securitizations by Avant and one by CircleBack Lending; according to one source, two of Avant's securities breached triggers this month for the first time; the four offerings total over $500 million in size. Source
HSBC is following in the footsteps of JPMorgan Chase and Bank of America by adding new branches in the U.S....
Consumer lender Avant filed documents with the SEC for a new unsecured consumer loan portfolio, Avant Loans Funding Trust 2017-A; the ABS deal looks to consist of 41,250 unsecured consumer loans, though the total portfolio pricing has yet to be released; the deal was audited by Deloitte; banks involved in the transaction include J.P. Morgan Securities LLC, Credit Suisse Securities LLC and Morgan Stanley & Co. LLC. Source
The new venture called Spring Labs will use blockchain technology in building a network which will allow lenders, banks and data providers to pay each other for access to consumer information; CEO Adam Jiwan gave insight into the problem they are trying to solve stating, “Utility companies or social-media companies or asset managers do not provide data into the existing credit-bureau system. In the existing ecosystem, financial institutions or lenders give up that information to a centralized party — a credit bureau — only for the financial institutions to buy it back in a synthesized form.”; the firm aims to have Avant, the online lender, be its first strategic partner. Source
The issue of “true lender” has been one that has dogged the marketplace lending industry virtually since its inception. When...
TD Bank announced in March that they will be partnering with Avant’s technology platform called Amount to power their new...
Two of the leading marketplace lending platforms reported some more bad news this week as the industry continues to struggle...
Many people don’t realize that Avant actually operates two lines of business. One, the online lending platform which offers loans...
In an interview on CNBC last week Goldman Sachs CEO Lloyd Blankfein shared some news about their consumer lending platform....