02.08.2020
sofi pool loan
By The $156.5 million Amax Mortgage Loan Trust 2020-B is collateralized by 764 seasoned “re-performing” loans (RPLs), which are mortgages that were previously delinquent, as long as 90 days, but have recently been performing well. The average loan amount per borrower is $32,265, consistent with prior pools. SoFi’s personal loans come with competitive rates that range from 5.99% to 16.19% and terms between two and seven years. KBRA will review the operative agreements and legal opinions for the transaction prior to closing.KBRA is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. The $549.2 million SoFi Consumer Loan Program Trust (SCLP) 2019-3 issuance has a collateral pool of approximately $600.4 million in consumer loan balances from the accounts of high-earning borrowers. SoFi’s personal loans range from two to seven years (with seven-year loans making up 16.34% of the collateral), and are targeted at high-earning borrowers with weighted average annual incomes of $155,896 and FICO scores of 755 in the 2019-3 pool. APR may differ based on loan purpose, amount, term, and credit profile. As of Dec. 31, 2018, SoFi has originated approximately $13.8 billion in consumer loans to approximately 360,000 different borrowers. By Alumni earn a compelling double bottom line return, students receive a lower loan rate than their private or federal options, and both sides benefit from the connections formed.” Kroll Bond Rating Agency Europe Limited is registered with ESMA as a CRA.mpettigrew@kbra.comRosemary Kelley, Senior Managing DirectorKEYWORD: NEW YORK UNITED STATES NORTH AMERICA As of December 31, 2019, SoFi had originated approximately $17.5 billion in personal loans to 450,000 different prime quality borrowers.SoFi finances loans on its balance sheet through its $3.0 billion multi-year warehouse capacity, through whole loan sales.Initial credit enhancement levels are 25.67% for the Class A Notes, 20.37% for the Class B Notes, 12.07% for the Class C Notes and 7.47% for the Class D Notes. KBRA’s consumer loan methodology incorporates an analysis of: (1) the underlying collateral pool, (2) the originator’s historical static pool data, segmented by characteristics including credit quality and product type, (3) the proposed capital structure for the transaction, (4) KBRA’s operational assessment of the originator and servicer and (5) the legal structure, transaction documents, and legal opinions.In applying the methodology, KBRA analyzed SoFi’s static pool data and the underlying collateral pool. Available for a 36-month term only. Super long loan terms. By
SoFi has offered personal loans online since 2011. SoFi’s two previous transactions pooled a combined $1.2 billion.
INDUSTRY KEYWORD: BANKING PROFESSIONAL SERVICES FINANCE consumer loans. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus.
SoFi’s personal loans range from two to seven years (with seven-year loans making up 16.34% of the collateral), and are targeted at high-earning borrowers with weighted average annual incomes of $155,896 and FICO scores of 755 in the 2019-3 pool. Borrowers can apply for fixed and variable-rate personal loans ranging from $5,000 to $100,000. The initial credit enhancement level of 30.46% for the $420 million in Class A notes is down slightly from SoFi’s previous transactions this year (31.46% and 33.45% for SCLP 2019-2 and 2019-1, respectively). As of March 31, it had $2.9 billion of multiyear funding capacity from nine warehouse lenders for its consumer loan program.Morgan Stanley, Citigroup, Deutsche Bank, Goldman Sachs, RBC Capital Markets and Allen & Co. are the underwriters on the transaction.
By contrast, if you got a five-year loan at 35.99%, you’d pay $56,458 in interest charges alone.
This is a signature loan.
The transaction is the 29 th rated deal for SoFi, which has sponsored securitizations of its refi loans since 2015.
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