While primarily known for mortgages, Rocket has been originating consumer loans since 2016. The loans are originated in partnership with Cross River Bank, providing federal preemption of state laws.
It’s the first auto loan ABS with loans aggregated from multiple credit unions. Alloya is a corporate credit union that provides services to more than 1,300 credit unions and other entities.
Investors are showing strong demand for various types of esoteric ABS, including data center securitizations, whole-business transactions and deals tied to music royalties.