December 1, 2016 Alert - SFIG Release: First Edition Green Paper on MPL Best Practices
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December 1, 2016
 

SFIG Release: First Edition Green Paper on Marketplace Lending Best Practices

We are pleased today, December 1st, to release our First Edition Green Paper from SFIG’s Marketplace Lending Committee Best Practices Initiative. The Best Practices effort was established with the primary goal of supporting the responsible growth of securitization in the marketplace lending sector.

Initiated by SFIG in February 2016, the project seeks to identify a framework of market standards and recommended best practices through an open discussion among a broad cross-section of market participants.  The initiative established the following five work streams:

  • Disclosure & Reporting;
  • Representations & Warranties;
  • Regulatory;
  • Operational Considerations; and
  • Enforcement. 

This Green Paper is the first work product to come out of the Disclosure & Reporting work stream. The goal of this work stream is to publish recommended best practices for data disclosure of underlying asset pool collateral. The three components of this scope of work are:

  1. Loan level data disclosure
  2. Pool level data disclosure
  3. Ongoing performance reporting

This First Edition Green Paper includes recommendations for the first of these components, loan level data disclosure.  This recommended disclosure package is specific to securitizations of unsecured consumer loans originated by marketplace lenders.  Future editions of Green Papers will address the other components listed above.

The involvement by membership in SFIG’s Marketplace Lending Committee and the best practices effort is broad. Each working group differs in size, and SFIG’s Marketplace Lending Committee currently includes 250 individuals, representing more than 70 SFIG member institutions.  If you would like to join SFIG’s Marketplace Lending Committee or any of the work steams in the Best Practices Initiative, please contact Jennifer.Wolfe@sfindustry.org. Non-members who would like a digital copy of the First Edition Green Paper, please contact Alyssa.Acevedo@sfindustry.org.

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