In the latest Tearsheet podcast, the Chief Product Officer of Earnest, David Green, talks about the impact of the pandemic...
The Financial Times reviews company and loan performance at various online lenders; shares that Shanda Group bought more shares of LendingClub after forecasts were adjusted last week; LendingClub also recently stopped making F & G grade loans available to investors; broadly, delinquency rates have increased across online lenders; valuations of other companies such as Earnest and Prosper have also been affected. 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.
Fintech startup Earnest has expanded their product offering to in school loan offerings; David Green, Chief Product Officer, Earnest tells...
PeerIQ's weekly update covers the recent partnership by Acorns and PayPal, household debt in the US and a new Bain survey that shows people are more willing to try fintech products; LendingClub filed its latest securitization deal for $330mn and Kroll upgraded all three classes of the Earnest EARN 2016-B deal; they also took a deep dive on TransUnions recently released fintech study. Source.
Student loan servicer Navient has acquired fintech firm Earnest for $155mn; the motivation behind the deal will pave the way for Navient to enter the lending business; “We’re looking to be the major player in the student loan refi space,” said Navient CEO Jack Remondi in an interview with the WSJ. Source.
Louis Beryl, CEO of marketplace lender, Earnest, speaks with Jim Cramer about the firm's credit evaluation process; Cramer discusses Earnest's lending specialization which focuses on student loan refinancing but also includes personal loans; Beryl primarily talks about Earnest's edge in credit underwriting which considers a borrower's full financial profile including additional details on assets and bank accounts; this is facilitated by direct connection to online banking accounts; Beryl says Earnest has passed the $1 billion lending mark with $300 million saved for clients using the company's online lending technology. Source