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Westlake to underwrite mortgages for dealerships

Westlake Technology Holdings is establishing itself as a financier for dealerships “on all levels” with a program to provide commercial real estate loans to auto dealers, Group President Ian Anderson announced in a press release this week. The program, called Westlake Capital Finance, is the Los Angeles-based lender’s newest business venture to become a holistic […]

Westlake likely to take over SNAAC servicing

Westlake Portfolio Management will likely be tapped to handle servicing for Security National Automotive Acceptance Co.’s portfolio, Auto Finance News has learned. SNAAC announced yesterday that it will shutter operations this month. No firm details were given regarding the third-party servicer, but Westlake Portfolio Management has been ramping up business, reaching more than $500 million […]

BREAKING: SNAAC to shut down this month

Security National Automotive Acceptance Co. (SNAAC) will stop purchasing auto contracts and liquidate its portfolio after 30 years in the business, Auto Finance News has learned. The lender will accept applications through Aug. 12 and purchase contracts through Aug. 19, the lender told AFN in an email. "The risk-adjusted returns in today’s market do not […]

KBRA Withdraws Ratings as Honor Finance Securitization Winds Down

Honor Finance’s 2016 securitization has been withdrawn from Kroll Bond Rating Agency’s surveillance after being paid in full, the rating agency announced this week. The transaction had suffered two downgrades since July 2018, a month before the defunct company transferred its servicing to Westlake Portfolio Management. On June 17, servicer Westlake Portfolio Management exercised its […]

Borrowers Granted Extensions Four Times More Likely to Repay Loans, KBRA Finds

Despite Honor Finance’s previous unorthodox loan extension practices, new research by Kroll Bond Rating Agency maintains that loan extensions remain a viable loss-mitigation tool for securitization servicers. "In moderation, extensions are a very useful tool — they maximize cash flow to the ABS trust," Brian Ford, senior director of structured finance research at KBRA, told Auto […]
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