In this episode of In the Tranches of Structured Finance, Vadim revisits the standout questions from dv01’s recent consumer credit webinar with Jefferies, Upgrade, and Prosper—digging deeper into the state of the consumer, credit performance trends, origination behavior, and refinancing dynamics.

Vadim also introduces dv01’s new Closed-End Seconds Benchmark, spotlighting its relevance in today’s housing affordability environment. Tune in for insights on:

• The correlation between origination volumes and credit performance
• The role of housing equity across income cohorts
• Trends in consumer unsecured refinancing and BNPL/home improvement lending
• Why second liens are seeing renewed investor interest post-GFC
• Early performance signals in dv01’s Closed-End Seconds Benchmark

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 takes a data-rich dive into the state of the U.S. housing market through the lens of dv01’s housing affordability and mortgage performance reports, which examines data from Black Knight, Fannie Mae, Philadelphia Fed, Census Bureau, and the FHFA.  The conversation centers on regional affordability, borrower behavior, and what rising mortgage counts reveal about demand.

📌 Highlights include:

• Florida’s insurance crisis: How a surge and recent decline in Citizens Insurance enrollment reflect shifting affordability conditions.
• Affordability's impact on prepayments: How high-cost regions are driving faster refis and shaping loan durations.
• Mortgage growth defies the odds: Despite high rates, mortgage counts are rising—pointing to strong first-time homebuyer activity.
• Home prices and inventory: The hidden floor under housing values, supported by equity, stable underwriting, and constrained supply.
• First-time buyers take the lead: Why new entrants are driving today’s market—and how their credit profiles are holding up.

Read the full reports referenced in this episode on dv01.

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 takes a deep dive into dv01’s latest insights on the housing market, with a focus on affordability metrics and what they signal for both borrowers and investors. Vadim breaks down:

• How dv01’s unique affordability metric—covering over 2,900 U.S. counties—captures real-time changes in mortgage costs, taxes, and insurance.
• Why Florida’s affordability improved despite an ongoing insurance crisis, and what that reveals about regional volatility.
• The powerful link between affordability ratios and prepayment behavior, including how unaffordable regions see faster prepayments even after controlling for rate incentives.
• A surprising trend in mortgage growth: first-time homebuyers are driving a rise in mortgage counts despite high rates, tightening inventory, and affordability headwinds.
• Why tracking the number of mortgages outstanding may be the most underappreciated signal in today’s housing market.

Whether you're an investor looking to understand prepayment risk or just trying to get a handle on what’s really happening in U.S. housing, this episode offers an essential, data-rich perspective.

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 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.