Question · Q3 2025
William Haraway Ryan asked about LendingClub's future disposition plans across structured certificates, whole loans, and extended seasoning, including strategies for growing the held-for-investment portfolio and balance sheet, and the economics of various disposition channels. He also inquired about the competitive landscape, increased origination volumes, potential credit box expansion by competitors, and any resulting pressure on LendingClub's underwriting standards.
Answer
CFO Drew LaBenne stated that the held-for-investment target for Q4 is roughly $500 million, with other programs remaining consistent and strong demand for structured certificates and rated products. CEO Scott Sanborn clarified that sales economics vary, with insurance-rated transactions now approaching bank prices, and the mix is driven by best execution. Regarding competition, Scott Sanborn noted that LendingClub's growth comes from a low base, maintaining credit discipline, and not seeing increased competition affecting their underwriting standards, emphasizing a long-term focus.