"In October, the payments made to the five point-of-sale lenders in our analysis were nearly four times what they were in January 2018"

At least 15% of each of the other companies’ borrowers also had loans with the industry giant, Affirm, in Q3'19

bit.ly/2N0Z91j "BNPL sector harmed from reduced availability of funding, higher funding costs and reduced demand as unemployment spiked...face an even harder hit b/c of reliance on young consumers -~40% of Afterpay’s millennial customers are vulnerable to unemployment"

on.ft.com/2WLZ7js

“America’s top 3 lenders — WFC, JPM, BAC — have seen their share of home loan origination fall from 49% in 2010 — 19% in the first half of this year. Quicken became the US’ largest mortgage lender last year. It closed a record $32bn of loans in Q2’19.”

on.ft.com/2mYEReQ “Broader contagion could lead to dislocation in the housing and mortgage markets during periods of stress”

Among the 25 largest players in the $10T market, nonbanks originated and serviced ~50% of mortgage loans, up from a fraction a decade ago

on.wsj.com/2DLxVqC