In this episode of In the Tranches of Structured Finance, Vadim Verkhoglyad breaks down recent credit performance and origination trends across consumer unsecured, subprime auto, and non-QM mortgages.

Tune in for insights on:

• Strong recovery in consumer unsecured performance
• Plateauing trends in subprime auto, with rising loss severity
• Worsening impairments in non-QM despite limited losses
• Minimal credit impact from recent wildfires and hurricanes

Get the latest data-driven view on what’s really happening with borrowers in 2025.

Subscribe to our free research to stay up-to-date on the latest trends. Contact [email protected] to learn how dv01 data can help you understand what's going on in the market, and to better analyze your whole loan portfolio and securitizations.

In the latest podcast episode, Vadim covers notable improvements in consumer unsecured loan performance, recovery patterns in subprime auto, and challenges in the Non-QM mortgage market. He discusses the influence of seasonal trends, regional performance disparities, and how tightening credit standards impact both new and seasoned loans. Tune in to understand the current credit landscape, learn which sectors are thriving, and find out how today’s trends could affect future loan performance.

Subscribe to our free research to stay up-to-date on the latest trends. Contact [email protected] to learn how dv01 data can help you understand what's going on in the market, and to better analyze your whole loan portfolio and securitizations.

Subscribe to our free research to stay up-to-date on the latest trends. Contact [email protected] to learn how dv01 data can help you understand what's going on in the market, and to better analyze your whole loan portfolio and securitizations.

In today's episode, Vadim provides a comprehensive discussion on housing affordability, the impact of rising insurance premiums, and a surprising increase in mortgage counts, despite economic headwinds. Vadim highlights essential insights on LTV and DTI ratios in recent originations, alongside the evolving role of insurance costs on market stability, especially in regions like Florida. As prepayment rates reach near-record lows and delinquency rates hold steady, Vadim unpacks why this might signal a resilient housing market despite recession fears. Tune in to explore the macro trends shaping housing and mortgage behavior today and what they mean for the future.

Subscribe to our free research to stay up-to-date on the latest trends. Contact [email protected] to learn how dv01 data can help you understand what's going on in the market, and to better analyze your whole loan portfolio and securitizations.

In this episode, Vadim dives into the financial condition of U.S. households, exploring the nuances behind household balance sheets, consumer debt, and the surprising resilience of Gen Z and millennials. He unpacks the contrast between media narratives and the actual financial positions of American households, highlighting the significant growth in net worth, especially among lower-income groups. The discussion covers a wide array of topics, including housing costs in the U.S. compared to other developed nations, shifting financial priorities, and evolving spending patterns over the past four decades. Tune in for an insightful look at the current economic landscape and what it means for the future of household wealth in America.

Subscribe to our free research to stay up-to-date on the latest trends. Contact [email protected] to learn how dv01 data can help you understand what's going on in the market, and to better analyze your whole loan portfolio and securitizations.

Vadim examines TransUnion data to discuss YoY trends in credit cards and auto loans. While subprime borrowers continue to drive overall DQ rates and credit card growth, regional analysis reveals significant weaker performance in certain states. In this episode, Vadim dives into a valuable metric, Average Excess Payment ("AEP"), which is an indicator of a consumer's ability to manage debt payment as it represents consumers who do not pay their credit card bills in full yet pay beyond the minimum required payment.

Follow along with dv01's recent report here.

Subscribe to our free research to stay up-to-date on the latest trends. Contact [email protected] to learn how dv01 data can help you understand what's going on in the market, and to better analyze your whole loan portfolio and securitizations.

Vadim dives into housing affordability, focusing on the impact of rising insurance payments—particularly in Florida, the impact of FEMA's updated risk scores on insurance premiums trends,  mortgage volume and the implications of low existing home sales and inventory levels, and overall mortgage performance behavior.

Subscribe to our free research to stay up-to-date on the latest trends. Contact [email protected] to learn how dv01 data can help you understand what's going on in the market, and to better analyze your whole loan portfolio and securitizations.

In this episode, Vadim is joined by Matt Edgar, Founder & CEO of Edgar Matthews & Co, a  full-service, independent investment and merchant bank focused on the middle market.

The pair discuss market observations in asset-backed lending, focusing on the complementary roles of private and public asset-based lending markets, and the increasing interest from insurance investors in asset-based finance. Key points include the robust activity in consumer installment lending and BNPL platforms, the emergence of home equity investments in securitization, and the innovation in financing solutions that combine public and private market elements. The discussion also highlights the growing M&A activity among asset managers and the strategic shift of finance companies towards fund structures to enhance valuations.

Subscribe to our free research to stay up-to-date on the latest trends. Contact [email protected] to learn how dv01 data can help you understand what's going on in the market, and to better analyze your whole loan portfolio and securitizations.

In the latest podcast episode, we explore a novel method of analyzing government debt, highlighting how, despite rising federal debt, the aggregate U.S. debt as a percentage of GDP fell from 2006 to 2019 and only increased in 2020 due to substantial pandemic-related fiscal measures. This holistic perspective also reveals that while U.S. asset values have significantly outpaced debt growth, the debt-to-GDP ratio remains only slightly above its 2006 levels, at 236%. 

We also discuss trends in Consumer Unsecured, Subprime Auto, and Non-QM. Notably, the ongoing challenges with increased impairments and low cure rates in Non-QM, despite rising prepayment rates in 2023, as well as the seasonality trends within Consumer Unsecured and Subprime Auto.

Subscribe to our free research to stay up-to-date on the latest trends. Contact [email protected] to learn how dv01 data can help you understand what's going on in the market, and to better analyze your whole loan portfolio and securitizations.

In this episode, Vadim is joined by Adelina Grozdanova, Co-Founder of Upgrade, to discuss all things consumer credit and the American consumer. Discussion includes, factors behind the dramatic volume declines of unsecured personal loans, how the record-high US credit card rates create opportunity to refinance using installment loans, and how Upgrade is positioning itself as a leading fintech by offering multiple products, including auto.

Subscribe to our free research to stay up-to-date on the latest trends. Contact [email protected] to learn how dv01 data can help you understand what's going on in the market, and to better analyze your whole loan portfolio and securitizations.

dv01's quarterly update on consumer credit performance continues. Vadim looks at data through September 30, 2023 and discusses trends in Consumer Unsecured (outside of credit cards), Autos, and Mortgages.

Cited Research 

• dv01: Non-QM Performance Report, October 2023
• dv01: Consumer Unsecured and Subprime Auto Performance Report, October 2023

Subscribe to our free research to stay up-to-date on the latest trends. Contact [email protected] to learn how dv01 data can help you understand what's going on in the market, and to better analyze your whole loan portfolio and securitizations.