In the first six months of 2020, originators of all stripes funded $23.3 billion of EC loans, accounting for 1.5% of total first-lien production. Somewhat surprisingly, lending volume for the sector was up 5.4% compared with the halfway point of 2019...
TD Bank and Charles Schwab continued to dominate the sector, accounting for a combined 45.2% of industry ABS holdings despite pulling back somewhat during the pandemic-stricken second quarter.
Roughly $5 billion worth of expanded-credit loans were stranded, looking for a home but investors wouldn’t bite unless the originator/seller was willing to take a major haircut on the sale. And many did.