Sylvain Raynes, the new lead of the structured finance practice at Egan-Jones Ratings Company, warned that MBS and ABS investors are losing money if they’re relying on fairly static ratings from other firms.

Bank ABS holdings rose in the first quarter thanks to sizable gains in securities backed by consumer and auto loans. TD Bank accounted for much of the increase. (Includes two data tables.)

The new partnership adds a new funding channel for Upstart’s growing unsecured consumer loan originations.