Kroll Bond Rating Agency (KBRA) has provided ratings and released more details on Marlette Funding's Marlette Funding Trust 2017-1 (MFT 2017-1) securitization; the transaction is valued at $257.44 million and includes consumer loans from Marlette; the portfolio includes three tranches rated A to BB; the majority of the loans are contained in tranche A which accounts for 80%. Source
Marlette Funding has filed for a new securitization portfolio, Marlette Funding Trust 2017-1; the portfolio details were filed by Marlette Funding Depositor Trust; associated parties include Deutsche Bank Securities, Citigroup Global Markets and Goldman Sachs; the portfolio will contain unsecured consumer loans originated by Marlette. Source
Marlette Funding has announced plans to cut one-fifth of its workforce as the company scraps plans for expansion to new verticals and remains focused on its online unsecured personal loans; the company has reported significant lending growth with over $3 billion in loans originated through its Best Egg brand in the first three years in business; the more conservative strategy follows some signs of increasing defaults, plans for new regulations and slowed capital investments. Source
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