Marketplace lender, Peerform, has been acquired by Versara Lending; Versara is a New York City-based consumer lender seeking to expand its lending business in consumer loans; Peerform will enhance the lending capabilities for Versara and Peerform Founder Mikael Rapaport will join Versara Lending as a senior vice president. Source
The recent PeerIQ weekly newsletter discusses the departure of Mike Cagney from SoFi, the Goldman & Mosaic deal and provides an analysis of recent SoFi (SCLP 2017-5) and Lending Club (CLUB 2017-P1) securitizations. Source
The market has reported the first securitization of Lending Club prime loans, the Arcadia Receivables Credit Trust (ARCT 2017-1); the portfolio has been priced by Jefferies and is backed by $220 million of Lending Club prime loans as collateral; the loans come from Cirrix Capital's marketplace lending fund which is overseen by Arcadia; the securitization has two tranches which have both received a rating from Kroll Bond Rating Agency; tranche A includes the majority of the loans with $176.9 million in collateral and a BBB rating; tranche B includes $36.75 million in loans with a BB- rating; PeerIQ provides further analysis on the portfolio and how it compares to other similar securitization deals. Source
Leading home solar financed Mosaic has partnered with PeerIQ on latest securitization; Mosaic used the PeerIQ platform to allow potential ABS buyers to have insight into their complete set of loan-level data; the partnership will allow for more transparency, streamline diligence and execution. Source.
The fundraising round was led by TransUnion, Hearst, and Macquarie with participation from existing investors Uprising and John Mack; firm plans to use the funding for expansion of its data analytics platform services; it will also extend its services to the traditional lending market; following the deal, Steve Chaouki, executive vice president and head of TransUnion's financial services business unit, will join the PeerIQ board along with Shea Wallon, managing director of Hearst's Financial Venture Fund. Source
Highlights partnerships announced by Wells Fargo and Blend, and Walmart and Google Express; reports on economists' comments at the Jackson Hole Economic Policy Symposium discussing post-crisis market regulations and areas for further improvement; also mentions Jamie Dimon's annual letter and the role for third party risk infrastructure. Source
PeerIQ’s weekly update includes a look at recent testimony on capitol hill by Equifax and Janet Yellen’s remarks at an event on reducing regulatory burdens on smaller banks; they also take a deep dive into the recent Navient acquisition of Earnest and how the servicer stacks up to SoFi. Source.
Online lending data and analytics platform PeerIQ announced their latest offering, a consumer credit suite backed by TransUnion data; the suite includes TransUnion’s depersonalized consumer credit data from the year 2000 to present day; users of the suite can see credit trends, vintage analysis, benchmarking analysis and more. Source.
PeerIQ’s weekly newsletter discusses the big banks which reported Q4 2018 earnings last week; volatility had an effect on trading...
PeerIQ provides their perspective on the jobs report from last week which they believe pegs true unemployment in the 18-20%...