SAN FRANCISCO, April 2, 2018 /PRNewswire/ -- SoFi announced today that it completed $2.6 billion in loan securitizations in the first quarter of 2018, a 35% increase over the prior-year period and its largest-ever quarterly ABS issuance volume.
In Q1 2018, SoFi completed a total of three securitization transactions: two student loan ABS offerings ($960 million SOFI 2018-A Notes and $869 million SOFI 2018-B Notes) and one consumer loan ABS offering ($774 million SCLP 2018-1 Notes). The SoFi 2018-B Notes marked the first time SoFi included medical residency loans as a part of the collateral.
With this strong quarterly performance SoFi continues to be a top-ten ABS sponsor, ranking seventh among all sponsors as of March 31, 2018, behind Sprint, Ford, General Motors, Ally Financial, Santander and Citibank, and first among all online lenders.
SoFi's securitizations had 74 unique ABS investors during the quarter, 14 of which were new investors to the program.
Ashish Jain, SVP of Capital Markets at SoFi, said: "Volatility returned to the credit markets this quarter, but investors continued to show a strong appetite for our securitizations, which allowed us to compete several large transactions. We are especially pleased that our investor base has continued to expand as more institutions recognize the strength of SoFi as a top ABS issuer of prime consumer credit."
SoFi's new student loan ABS issues were aided by favorable credit developments from the major rating agencies last year. Moody's reduced their net loss assumptions from 5% to 2%, and S&P from 4% to 2.25%, reflecting the continued strong performance of SoFI's student loans and their consistent credit quality.
In Q1 2018, SoFi originated $3.6 billion in loans across its personal loan, student loan and mortgage products, a 27% increase compared to the first quarter of 2017.
SoFi continues to expand its membership community, adding over 220,000 members since Q1 2017, bringing the total to nearly half a million members as of March 31, 2018.
SoFi is a new kind of finance company taking a radical approach to lending, wealth management and insurance. From unprecedented products and tools to faster service and open conversations, we're all about helping our members get ahead and find success. Whether they're looking to buy a home, save money on student loans, ascend in their careers, or invest in the future, the SoFi community works to empower our members to accomplish the goals they set and achieve financial greatness as a result. For more information, visit SoFi.com.