June 25, 2024
News

CPS originations decrease by 16%, but collections show improvement

Consumer Portfolio Services‘ loan originations decreased compared to the previous year, however, the subprime lender’s loan portfolio expanded as it obtained additional funding and saw improved originations performance. The company, based in Irvine, California, reported first quarter originations of $346.3 million, representing a 14.7% increase from the previous quarter but a 16.6% decrease from the previous year, according to their earnings release on May 14.

FAQ

1. What factors contributed to Consumer Portfolio Services’ decreased loan originations?

2. How did the subprime lender secure additional capital?

Conclusion

Consumer Portfolio Services experienced a decline in loan originations year over year, however, the company’s loan portfolio grew due to securing additional funding and improving originations performance. It will be important to monitor how these changes impact the company’s overall financial health in the future.

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