Investment Research Firm to Buy Rating Agency DBRS

Investment research firm Morningstar Inc. will acquire credit rating agency DBRS for $669 million, according to the companies. The deal is expected to close in the third quarter.    Morningstar has been mostly absent from the public auto-ABS rating space, primarily rating private placement transactions, a company spokeswoman said, without providing details. In the public […]

• Joey Pizzolato
• May 30, 2019
• Risk Management, Update

First Investors Integrates Defi LOS, Reporting Tool

First Investors Financial Services has implemented Defi Solutions' loan-origination system and reporting tools. Rollout of the two cloud-based products took four months, according to a press release. First Investors will use Defi LOS, as the system is called, to support its underwriting processes, including scorecard development, auto decisioning, and deal structuring. It will use Defi Analytics […]

• Bianca Chan
• May 3, 2019
• Innovation & Technology

3 Themes to Watch in April

Last month, compliance and operations stories dominated the ranks as Auto Finance News’ most-read March stories. Below are AFN's top three themes to monitor, as determined by the six most-read stories in March. TCPA Settlements As the auto regulatory environment continues to heat up with stiffer oversight on both state and federal levels, TCPA settlements […]

• Bianca Chan
• April 1, 2019
• Capital Markets, Compliance & Regulation, Innovation & Technology, Risk Management, Sales & Marketing

Sierra Auto Finance Unloads Servicing Portfolio

Sierra Auto Finance transferred servicing of its portfolios to First Investors Financial Services on March 2, seven months after the subprime lender put a pause on new originations due to “unfavorable market conditions.” Sierra, founded in 2012, had $144 million of outstanding receivables at yearend 2018, down from $185 million in July 2018, according to […]

• Joey Pizzolato
• March 19, 2019
• Capital Markets, Risk Management

Appetite for Higher Yields Spurs Boost in Single-B Securitizations

Increasingly risky securitizations are becoming more popular as a looming contraction period has investors hungry for higher yields. Although single-B-rated loan tranches are described as “speculative” and “unlikely to survive even a mild deterioration in economic conditions,” rating stability and upgrades have made investors feel comfortable with this asset class, said Amy Martin, primary credit […]

• Nicole Casperson
• June 18, 2018
• Credit Performance, Features, Risk Management

First Investors Targets New LOS for 2018 After Delay

First Investors Financial Services will introduce a new loan origination system early next year, after an apparent delay in the system’s implementation, according to a recent presale report from Kroll Bond Rating Agency. The company plans to implement a new loan origination system in January 2018, and the introduction of this system is expected to expedite […]

• Emma Sandler
• November 28, 2017
• All Posts, Capital Markets

AutoGravity Adds Real-Time Inventory Amid Financing Milestone

On the heels of reaching a milestone $1 billion of requested financing on AutoGravity, the startup is introducing real-time inventory on new and used cars for partnered dealership groups, the company announced in a press release this morning.   Prior to the integration, consumers were only able to browse through catalog models of the brands, […]

• William Hoffman
• September 27, 2017
• Innovation & Technology, Risk Management

First Investors Aims to Expedite Approvals With New LOS

First Investors Financial Services — in conjunction with one of the primary credit reporting agencies — will debut a new loan origination system this month to expedite the loan approval process,  according to the latest presale report from Kroll Bond Ratings Agency. The new LOS will “minimize loan officer discretion in the decision-making process,” Kroll said in the […]

• Huixin Deng
• July 10, 2017
• Capital Markets, Innovation & Technology, Risk Management