US National Consumer Credit Trends Weekly Report: Originations

DATA AS OF May 04, 2020 April 26, 2020 © 2020 Equifax Inc. All Rights Reserved US National Consumer Credit Trends Weekly Report: Originations Table of Contents Auto 4 . Auto Leases 13 . Auto Loans 22 Credit Card: Bankcard 31 Credit Card: Private Label 40 First Mortgage 49 Home Equity Lines of Credit 58 Home Equity Installment Loans 67 Consumer Finance 76 . Consumer Finance Installment 85 . Consumer Finance Revolving 94 Student Loans 103 Notes 110 Contact information back cover

Originations through April 26, 2020 reported as of April 28, 2020

Consumer Originations Observations Weekly as of April 26, 2020 Notable weekly originations performance insights: . Declines continue for Accounts and Balances week over week. . Auto continues to experience a decline in Subprime share of Accounts and Balances. The Average Loan Balance declined for Prime and increased for Subprime. . The Bankcard and Private Label card Subprime share increase continued this week as well as for previous weeks as we receive additional data from lenders. We also saw an increase in credit limit for both Prime and Subprime. . Home Equity Installment saw an increase in Subprime share but a decline in both Account and Balance Originations. . Consumer Finance both Revolving and Installment both saw an increase in Subprime share as well as increase in accounts and balances. The shading indicated on the graphs for the last 8 weeks is to indicate that the data could be revised to account for data furnisher lags. The Darker shading indicates less revisions are expected.

Originations through April 26, 2020 reported as of April 28, 2020

16,900 auto loans and leases, totaling $548.5 million, have been originated for the week ending April 26th. 1,900 auto loans and leases have been originated the week ending April 26th to consumers with a VantageScore® 3.0 credit score below 620. These are generally considered subprime accounts. These newly-issued loans have a corresponding total balance of $59.5 million. In the week ending April 26th, 11.2% of auto loans and leases were issued to consumers with a subprime credit score. These subprime accounts totaled 10.8% of balances of all auto loan and leases. The average origination balance for all auto loans and leases issued in the week of April 26th was $32,383. The average subprime auto loan and lease amount was $31,393.

*Origination data subject to revision due to reporting lags. AllOriginations data presented through April here 26, 2020are estimates. reported as of April 28, 2020

300 Thousands 200 100

Jul-072019

Jan-062019 Jan-052020

Oct-062019

Apr-072019 Apr-262020

# AUTO ACCOUNTS ORIGINATED (THOUSANDS)

Rolling 2020 Rolling 2019 WEEKEND 2020 (12 Weeks) 2019 (12 Weeks) The last 8 weeks of weekly Feb-09 2020 426.5 426.5 461.9 461.9 Feb-16 2020 465.7 892.2 493.7 955.6 data is shaded to indicate that Feb-23 2020 483.5 1,375.7 551.7 1,507.3 Mar-01 2020 466.2 1,841.9 651.4 2,158.7 the data is subject to revision Mar-08 2020 468.7 2,310.6 550.0 2,708.7 Mar-15 2020 423.3 2,733.9 582.1 3,290.8 due to reporting lags by data Mar-22 2020 311.6 3,045.4 604.3 3,895.1 Mar-29 2020 193.0 3,238.5 691.8 4,586.8 furnishers. The Darker shade Apr-05 2020 76.7 3,315.2 526.9 5,113.7 indicates less revisions are Apr-12 2020 38.1 3,353.3 532.9 5,646.7 Apr-19 2020 39.8 3,393.1 546.5 6,193.2 expected. Apr-26 2020 16.9 3,410.1 584.8 6,777.9

Source: Equifax Inc. Originations through April 26, 2020 reported as of April 28, 2020

Jul-072019

Jan-062019 Jan-052020

Oct-062019

Apr-072019 Apr-262020

TOTAL AUTO BALANCES ORIGINATED (MILLIONS)

Rolling 2020 Rolling 2019 WEEKEND 2020 (12 Weeks) 2019 (12 Weeks) The last 8 weeks of weekly Feb-09 2020 $9,905.6 $9,905.6 $10,221.4 $10,221.4 Feb-16 2020 $10,871.4 $20,777.0 $11,030.8 $21,252.2 data is shaded to indicate that Feb-23 2020 $11,282.6 $32,059.6 $12,206.9 $33,459.1 Mar-01 2020 $10,375.4 $42,435.0 $13,949.5 $47,408.6 the data is subject to revision Mar-08 2020 $10,542.4 $52,977.4 $11,887.5 $59,296.1 Mar-15 2020 $9,676.7 $62,654.1 $12,827.2 $72,123.3 due to reporting lags by data Mar-22 2020 $7,585.5 $70,239.6 $13,442.2 $85,565.6 Mar-29 2020 $5,195.9 $75,435.5 $15,654.5 $101,220.0 furnishers. The Darker shade Apr-05 2020 $2,257.7 $77,693.2 $11,638.8 $112,858.9 indicates less revisions are Apr-12 2020 $1,288.6 $78,981.8 $11,894.3 $124,753.2 Apr-19 2020 $1,350.2 $80,332.0 $12,320.3 $137,073.4 expected. Apr-26 2020 $548.5 $80,880.5 $13,174.9 $150,248.4

Source: Equifax Inc. Originations through April 26, 2020 reported as of April 28, 2020

7 © 2020 Equifax Inc. All Rights Reserved Auto: Total Subprime Auto Originations: Accounts Number of Accounts in Thousands; NSA Subprime accounts defined as those with borrower’s origination VantageScore® 3.0 credit score less than 620 200 180 160 140 120 100 80

Thousands 60 40 20

Jul-072019

Jan-062019 Jan-052020

Oct-062019

Apr-072019 Apr-262020

# SUBPRIME AUTO ACCOUNTS ORIGINATED (THOUSANDS) Rolling 2020 Rolling 2019 The last 8 weeks of weekly WEEKEND 2020 (12 Weeks) 2019 (12 Weeks) % TOTAL Feb-09 2020 85.8 85.8 97.2 97.2 20.1% data is shaded to indicate that Feb-16 2020 91.2 177.0 101.2 198.4 19.6% Feb-23 2020 93.2 270.3 120.7 319.1 19.3% the data is subject to revision Mar-01 2020 128.0 398.3 176.3 495.4 27.5% Mar-08 2020 118.5 516.8 137.7 633.1 25.3% due to reporting lags by data Mar-15 2020 97.7 614.5 131.8 764.9 23.1% Mar-22 2020 64.0 678.5 130.2 895.0 20.5% furnishers. The Darker shade Mar-29 2020 35.9 714.4 138.1 1,033.1 18.6% Apr-05 2020 12.7 727.1 106.4 1,139.5 16.5% indicated less revisions are Apr-12 2020 5.4 732.5 107.0 1,246.5 14.2% expected Apr-19 2020 5.4 737.9 106.5 1,353.0 13.5% Apr-26 2020 1.9 739.8 111.7 1,464.7 11.2% Source: Equifax Inc. Originations through April 26, 2020 reported as of April 28, 2020

8 © 2020 Equifax Inc. All Rights Reserved Auto: Total Subprime Auto Originations: Balances Total Balances Originated in $Millions; NSA Subprime accounts defined as those with borrower’s origination VantageScore® 3.0 credit score less than 620 3,500

3,000

2,500

2,000

1,500 Millions 1,000

500

Jul-072019

Jan-062019 Jan-052020

Oct-062019

Apr-072019 Apr-262020

TOTAL SUBPRIME AUTO BALANCES ORIGINATED (MILLIONS) Rolling 2020 Rolling 2019 The last 8 weeks of weekly WEEKEND 2020 (12 Weeks) 2019 (12 Weeks) % TOTAL Feb-09 2020 $1,636.8 $1,636.8 $1,788.5 $1,788.5 16.5% data is shaded to indicate that Feb-16 2020 $1,772.8 $3,409.6 $1,890.5 $3,679.1 16.3% Feb-23 2020 $1,826.9 $5,236.5 $2,208.0 $5,887.1 16.2% the data is subject to revision Mar-01 2020 $2,255.3 $7,491.7 $3,035.3 $8,922.4 21.7% Mar-08 2020 $2,130.8 $9,622.5 $2,423.7 $11,346.1 20.2% due to reporting lags by data Mar-15 2020 $1,832.1 $11,454.6 $2,405.3 $13,751.4 18.9% Mar-22 2020 $1,286.4 $12,741.0 $2,420.8 $16,172.2 17.0% furnishers. The Darker shade Mar-29 2020 $780.9 $13,521.9 $2,647.1 $18,819.4 15.0% Apr-05 2020 $305.4 $13,827.2 $1,954.7 $20,774.1 13.5% indicated less revisions are Apr-12 2020 $162.6 $13,989.8 $2,006.5 $22,780.6 12.6% expected Apr-19 2020 $164.5 $14,154.3 $2,018.7 $24,799.3 12.2% Apr-26 2020 $59.5 $14,213.8 $2,139.2 $26,938.4 10.8% Source: Equifax Inc. Originations through April 26, 2020 reported as of April 28, 2020

9 © 2020 Equifax Inc. All Rights Reserved Auto: Total Auto Average Origination Balance Average Origination Balance Over Time; NSA Subprime accounts defined as those with borrower’s origination VantageScore® 3.0 credit score less than 620 $40,000

$35,000

$30,000

$25,000

$20,000

$15,000

$10,000

$5,000

Jul-082018 Jul-072019

Jan-072018 Jan-062019 Jan-052020

Oct-072018 Oct-062019

Apr-082018 Apr-072019 Apr-262020

Auto Origination Loan Amount Subprime Auto Origination Loan Amount

Source: Equifax Inc. Originations through April 26, 2020 reported as of April 28, 2020

10 © 2020 Equifax Inc. All Rights Reserved Auto: Total Auto Originations YTD Total Originations in $Millions; NSA Subprime accounts defined as those with borrower’s origination VantageScore® 3.0 credit score less than 620 $12,411 24% $11,283 $10,871 $10,542 $10,638 $10,375 20% $9,906 $9,677

$8,865 17%

$7,586

$7,092 14%

Millions $5,196

$5,319 10% SubprimeShare

$3,546 7%

$2,258

$1,773 $1,289 $1,350 3% $549

$0 0% Feb-09 Feb-16 Feb-23 Mar-01 Mar-08 Mar-15 Mar-22 Mar-29 Apr-05 Apr-12 Apr-19 Apr-26

Auto Origination Auto Origination Subprime Share

Source: Equifax Inc. Originations through April 26, 2020 reported as of April 28, 2020

300-539 540-579 580-619 620-659 660-699 700-739 740-779 780-850 no score

100% 100%

90% 90%

80% 80%

70% 70%

60% 60%

50% 50%

40% 40%

30% 30%

20% 20%

10% 10%

0% 0% Feb-09 Feb-16 Feb-23 Mar-01 Mar-08 Mar-15 Mar-22 Mar-29 Apr-05 Apr-12 Apr-19 Apr-26

Source: Equifax Inc. Originations through April 26, 2020 reported as of April 28, 2020

2,900 auto leases, totaling $43.5 million, have been originated the week ending April 26th. Auto leases accounted for 17.2% of all auto accounts and 7.9% of all auto balances in the week ending April 26th. Approximately 200 auto leases have been originated in the week ending April 26th to consumers with a VantageScore® 3.0 credit score below 620. These are generally considered subprime accounts. These newly-issued leases have a corresponding total balance of $3.7 million. In the week ending April 26th, 8.4% of auto lease accounts and 8.6% of total balances were issued to consumers with a subprime credit score. The average origination balance for all auto leases issued in the week ending April 26th was $15,024. The average subprime lease amount was $15,308. Note that lease origination values reflect the contract amounts only and exclude expected vehicle residual values.

Originations through April 26, 2020 reported as of April 28, 2020

100

Thousands 40

Jul-072019

Jan-062019 Jan-052020

Oct-062019

Apr-072019 Apr-262020

# AUTO LEASE ACCOUNTS ORIGINATED (THOUSANDS)

Rolling 2020 Rolling 2019 WEEKEND 2020 (12 Weeks) 2019 (12 Weeks) The last 8 weeks of weekly Feb-09 2020 47.7 47.7 54.8 54.8 Feb-16 2020 60.5 108.2 65.8 120.6 data is shaded to indicate that Feb-23 2020 71.9 180.1 80.5 201.1 Mar-01 2020 55.8 235.9 91.6 292.7 the data is subject to revision Mar-08 2020 47.1 283.0 60.8 353.5 Mar-15 2020 47.6 330.6 74.4 427.9 due to reporting lags by data Mar-22 2020 36.8 367.4 81.2 509.0 Mar-29 2020 13.5 380.9 111.1 620.1 furnishers. The Darker shade Apr-05 2020 6.0 386.9 62.6 682.7 indicates less revisions are Apr-12 2020 4.4 391.2 62.7 745.4 Apr-19 2020 5.7 396.9 69.3 814.7 expected. Apr-26 2020 2.9 399.8 81.4 896.1

Source: Equifax Inc. Originations through April 26, 2020 reported as of April 28, 2020

800 Millions 600 400 200

Jul-072019

Jan-062019 Jan-052020

Oct-062019

Apr-072019 Apr-262020

TOTAL AUTO LEASE BALANCES ORIGINATED (MILLIONS)

Rolling 2020 Rolling 2019 WEEKEND 2020 (12 Weeks) 2019 (12 Weeks) The last 8 weeks of weekly Feb-09 2020 $861.4 $861.4 $929.0 $929.0 Feb-16 2020 $1,067.0 $1,928.4 $1,101.5 $2,030.5 data is shaded to indicate that Feb-23 2020 $1,257.0 $3,185.5 $1,321.5 $3,352.0 Mar-01 2020 $991.8 $4,177.2 $1,522.9 $4,874.8 the data is subject to revision Mar-08 2020 $825.0 $5,002.2 $1,025.5 $5,900.4 Mar-15 2020 $830.3 $5,832.4 $1,241.7 $7,142.1 due to reporting lags by data Mar-22 2020 $632.9 $6,465.3 $1,346.6 $8,488.6 Mar-29 2020 $247.4 $6,712.7 $1,852.8 $10,341.4 furnishers. The Darker shade Apr-05 2020 $109.5 $6,822.2 $1,060.9 $11,402.3 indicates less revisions are Apr-12 2020 $74.9 $6,897.1 $1,057.2 $12,459.5 Apr-19 2020 $92.2 $6,989.3 $1,165.4 $13,625.0 expected. Apr-26 2020 $43.5 $7,032.8 $1,367.3 $14,992.2

Source: Equifax Inc. Originations through April 26, 2020 reported as of April 28, 2020

16 © 2020 Equifax Inc. All Rights Reserved Auto: Lease Subprime Auto Lease Originations: Accounts Number of Accounts in Thousands; NSA Subprime accounts defined as those with borrower’s origination VantageScore® 3.0 credit score less than 620 12

Thousands 4

Jul-072019

Jan-062019 Jan-052020

Oct-062019

Apr-072019 Apr-262020

# SUBPRIME AUTO LEASE ACCOUNTS ORIGINATED (THOUSANDS) Rolling 2020 Rolling 2019 The last 8 weeks of weekly WEEKEND 2020 (12 Weeks) 2019 (12 Weeks) % TOTAL Feb-09 2020 4.7 4.7 5.3 5.3 9.8% data is shaded to indicate that Feb-16 2020 5.2 9.9 6.1 11.4 8.6% Feb-23 2020 5.9 15.8 7.4 18.7 8.2% the data is subject to revision Mar-01 2020 6.0 21.8 9.6 28.3 10.7% Mar-08 2020 5.2 27.0 6.5 34.9 11.1% due to reporting lags by data Mar-15 2020 4.9 31.9 7.2 42.0 10.4% Mar-22 2020 3.9 35.8 7.6 49.6 10.5% furnishers. The Darker shade Mar-29 2020 1.7 37.4 9.7 59.3 12.3% Apr-05 2020 0.7 38.1 5.8 65.1 10.9% indicated less revisions are Apr-12 2020 0.4 38.5 5.8 70.9 9.6% expected Apr-19 2020 0.5 39.0 6.0 77.0 8.3% Apr-26 2020 0.2 39.2 6.8 83.7 8.4% Source: Equifax Inc. Originations through April 26, 2020 reported as of April 28, 2020

17 © 2020 Equifax Inc. All Rights Reserved Auto: Lease Subprime Auto Lease Originations: Balances Total Balances Originated in $Thousands; NSA Subprime accounts defined as those with borrower’s origination VantageScore® 3.0 credit score less than 620 180 160 140 120 100 80 Millions 60 40 20

Jul-072019

Jan-062019 Jan-052020

Oct-062019

Apr-072019 Apr-262020

TOTAL SUBPRIME AUTO LEASE BALANCES ORIGINATED (MILLIONS) Rolling 2020 Rolling 2019 The last 8 weeks of weekly WEEKEND 2020 (12 Weeks) 2019 (12 Weeks) % TOTAL Feb-09 2020 $88.1 $88.1 $95.8 $95.8 10.2% data is shaded to indicate that Feb-16 2020 $97.7 $185.9 $107.8 $203.6 9.2% Feb-23 2020 $110.0 $295.9 $127.3 $330.9 8.7% the data is subject to revision Mar-01 2020 $115.6 $411.5 $165.9 $496.8 11.7% Mar-08 2020 $98.4 $509.9 $115.3 $612.1 11.9% due to reporting lags by data Mar-15 2020 $93.4 $603.3 $127.5 $739.6 11.3% Mar-22 2020 $72.8 $676.2 $131.1 $870.7 11.5% furnishers. The Darker shade Mar-29 2020 $33.8 $710.0 $170.1 $1,040.8 13.7% Apr-05 2020 $12.9 $722.9 $103.2 $1,144.0 11.8% indicated less revisions are Apr-12 2020 $7.6 $730.4 $103.5 $1,247.6 10.1% expected Apr-19 2020 $8.0 $738.5 $108.1 $1,355.7 8.7% Apr-26 2020 $3.7 $742.2 $120.4 $1,476.1 8.6% Source: Equifax Inc. Originations through April 26, 2020 reported as of April 28, 2020

18 © 2020 Equifax Inc. All Rights Reserved Auto: Lease Auto Lease Average Origination Balance Average Origination Lease Balance Over Time; NSA Subprime accounts defined as those with borrower’s origination VantageScore® 3.0 credit score less than 620 $25,000

$20,000

$15,000

$10,000

$5,000

Jul-082018 Jul-072019

Jan-072018 Jan-062019 Jan-052020

Oct-072018 Oct-062019

Apr-082018 Apr-072019 Apr-262020

Auto Lease Origination Loan Amount Subprime Auto Lease Origination Loan Amount

Source: Equifax Inc. Originations through April 26, 2020 reported as of April 28, 2020

19 © 2020 Equifax Inc. All Rights Reserved Auto: Lease Auto Lease Originations YTD Total Originations in $Millions; NSA Subprime accounts defined as those with borrower’s origination VantageScore® 3.0 credit score less than 620 $1,383 15% $1,257

$1,185 13% $1,067 $992 $988 11% $861 $825 $830 $790 9%

$633 Millions

$593 6% SubprimeShare

$395 4%

$247

$198 2% $109 $75 $92 $44 $0 0% Feb-09 Feb-16 Feb-23 Mar-01 Mar-08 Mar-15 Mar-22 Mar-29 Apr-05 Apr-12 Apr-19 Apr-26

Auto Lease Origination Auto Lease Origination Subprime Share

Source: Equifax Inc. Originations through April 26, 2020 reported as of April 28, 2020

300-539 540-579 580-619 620-659 660-699 700-739 740-779 780-850 no score

100% 100%

90% 90%

80% 80%

70% 70%

60% 60%

50% 50%

40% 40%

30% 30%

20% 20%

10% 10%

0% 0% Feb-09 Feb-16 Feb-23 Mar-01 Mar-08 Mar-15 Mar-22 Mar-29 Apr-05 Apr-12 Apr-19 Apr-26

Source: Equifax Inc. Originations through April 26, 2020 reported as of April 28, 2020

14,000 auto loans, totaling $505 million, have been originated the week ending April 26th. Auto loans represent 82.8% of all auto account originations and 92.1% of all auto origination balances for the week ending April 26th. An estimated 1,700 auto loans were originated in the week ending April 26th to consumers with a VantageScore® 3.0 credit score below 620. These are generally considered subprime accounts. These newly-issued loans have a corresponding total balance of $55.8 million. In the week ending April 26th, 11.8% of auto loans were issued to consumers with a subprime credit score, accounting for 11.0% of origination balances. In the previous week, the account share was 14.4% and balance share was 12.4%. The average origination loan amount for all auto loans issued in the week ending April 26th was $35,963. The average subprime loan amount was $33,771.

Originations through April 26, 2020 reported as of April 28, 2020

600

500

400

300

Thousands 200

100

Jul-072019

Jan-062019 Jan-052020

Oct-062019

Apr-072019 Apr-262020

# AUTO LOAN ACCOUNTS ORIGINATED (THOUSANDS)

Rolling 2020 Rolling 2019 WEEKEND 2020 (12 Weeks) 2019 (12 Weeks) The last 8 weeks of weekly Feb-09 2020 378.8 378.8 407.1 407.1 Feb-16 2020 405.2 784.0 428.0 835.0 data is shaded to indicate that Feb-23 2020 411.6 1,195.6 471.2 1,306.2 Mar-01 2020 410.4 1,606.0 559.8 1,866.0 the data is subject to revision Mar-08 2020 421.6 2,027.6 489.2 2,355.2 Mar-15 2020 375.7 2,403.3 507.7 2,862.9 due to reporting lags by data Mar-22 2020 274.7 2,678.0 523.1 3,386.0 Mar-29 2020 179.5 2,857.6 580.7 3,966.7 furnishers. The Darker shade Apr-05 2020 70.8 2,928.3 464.3 4,431.0 indicates less revisions are Apr-12 2020 33.7 2,962.1 470.3 4,901.3 Apr-19 2020 34.2 2,996.2 477.2 5,378.5 expected. Apr-26 2020 14.0 3,010.3 503.4 5,881.8

Source: Equifax Inc. Originations through April 26, 2020 reported as of April 28, 2020

Millions 6,000 4,000 2,000

Jul-072019

Jan-062019 Jan-052020

Oct-062019

Apr-072019 Apr-262020

TOTAL AUTO LOAN BALANCES ORIGINATED (MILLIONS)

Rolling 2020 Rolling 2019 WEEKEND 2020 (12 Weeks) 2019 (12 Weeks) The last 8 weeks of weekly Feb-09 2020 $9,044.2 $9,044.2 $9,292.4 $9,292.4 Feb-16 2020 $9,804.4 $18,848.5 $9,929.4 $19,221.7 data is shaded to indicate that Feb-23 2020 $10,025.6 $28,874.1 $10,885.4 $30,107.1 Mar-01 2020 $9,383.6 $38,257.8 $12,426.7 $42,533.8 the data is subject to revision Mar-08 2020 $9,717.4 $47,975.2 $10,862.0 $53,395.8 Mar-15 2020 $8,846.4 $56,821.6 $11,585.5 $64,981.3 due to reporting lags by data Mar-22 2020 $6,952.6 $63,774.3 $12,095.7 $77,076.9 Mar-29 2020 $4,948.5 $68,722.8 $13,801.7 $90,878.6 furnishers. The Darker shade Apr-05 2020 $2,148.2 $70,871.0 $10,577.9 $101,456.5 indicates less revisions are Apr-12 2020 $1,213.7 $72,084.7 $10,837.1 $112,293.6 Apr-19 2020 $1,258.0 $73,342.7 $11,154.8 $123,448.4 expected. Apr-26 2020 $505.0 $73,847.7 $11,807.7 $135,256.1

Source: Equifax Inc. Originations through April 26, 2020 reported as of April 28, 2020

25 © 2020 Equifax Inc. All Rights Reserved Auto: Loan Subprime Auto Loan Originations: Accounts Number of Accounts in Thousands; NSA Subprime accounts defined as those with borrower’s origination VantageScore® 3.0 credit score less than 620 180 160 140 120 100 80

Thousands 60 40 20

Jul-072019

Jan-062019 Jan-052020

Oct-062019

Apr-072019 Apr-262020

# SUBPRIME AUTO LOAN ACCOUNTS ORIGINATED (THOUSANDS) Rolling 2020 Rolling 2019 The last 8 weeks of weekly WEEKEND 2020 (12 Weeks) 2019 (12 Weeks) % TOTAL Feb-09 2020 81.1 81.1 91.9 91.9 21.4% data is shaded to indicate that Feb-16 2020 86.0 167.1 95.1 187.0 21.2% Feb-23 2020 87.3 254.5 113.4 300.4 21.2% the data is subject to revision Mar-01 2020 122.1 376.5 166.7 467.1 29.7% Mar-08 2020 113.3 489.8 131.2 598.2 26.9% due to reporting lags by data Mar-15 2020 92.8 582.6 124.6 722.8 24.7% Mar-22 2020 60.1 642.7 122.6 845.4 21.9% furnishers. The Darker shade Mar-29 2020 34.2 677.0 128.4 973.8 19.1% Apr-05 2020 12.0 689.0 100.6 1,074.4 17.0% indicated less revisions are Apr-12 2020 5.0 694.0 101.2 1,175.6 14.8% expected Apr-19 2020 4.9 698.9 100.5 1,276.1 14.4% Apr-26 2020 1.7 700.6 105.0 1,381.0 11.8% Source: Equifax Inc. Originations through April 26, 2020 reported as of April 28, 2020

26 © 2020 Equifax Inc. All Rights Reserved Auto: Loan Subprime Auto Loan Originations: Balances Total Balances Originated in $Millions; NSA Subprime accounts defined as those with borrower’s origination VantageScore® 3.0 credit score less than 620 3,500

3,000

2,500

2,000

1,500 Millions 1,000

500

Jul-072019

Jan-062019 Jan-052020

Oct-062019

Apr-072019 Apr-262020

TOTAL SUBPRIME AUTO LOAN BALANCES ORIGINATED (MILLIONS) Rolling 2020 Rolling 2019 The last 8 weeks of weekly WEEKEND 2020 (12 Weeks) 2019 (12 Weeks) % TOTAL Feb-09 2020 $1,548.7 $1,548.7 $1,692.7 $1,692.7 17.1% data is shaded to indicate that Feb-16 2020 $1,675.0 $3,223.7 $1,782.8 $3,475.5 17.1% Feb-23 2020 $1,716.9 $4,940.6 $2,080.7 $5,556.2 17.1% the data is subject to revision Mar-01 2020 $2,139.6 $7,080.3 $2,869.4 $8,425.6 22.8% Mar-08 2020 $2,032.4 $9,112.6 $2,308.4 $10,734.0 20.9% due to reporting lags by data Mar-15 2020 $1,738.7 $10,851.3 $2,277.8 $13,011.8 19.7% Mar-22 2020 $1,213.5 $12,064.8 $2,289.7 $15,301.5 17.5% furnishers. The Darker shade Mar-29 2020 $747.0 $12,811.9 $2,477.0 $17,778.5 15.1% Apr-05 2020 $292.5 $13,104.3 $1,851.5 $19,630.0 13.6% indicated less revisions are Apr-12 2020 $155.0 $13,259.3 $1,903.0 $21,533.0 12.8% expected Apr-19 2020 $156.5 $13,415.9 $1,910.6 $23,443.6 12.4% Apr-26 2020 $55.8 $13,471.6 $2,018.7 $25,462.3 11.0% Source: Equifax Inc. Originations through April 26, 2020 reported as of April 28, 2020

27 © 2020 Equifax Inc. All Rights Reserved Auto: Loan Auto Loan Average Origination Balance Average Origination Balance Over Time; NSA Subprime accounts defined as those with borrower’s origination VantageScore® 3.0 credit score less than 620 $40,000

$35,000

$30,000

$25,000

$20,000

$15,000

$10,000

$5,000

Jul-082018 Jul-072019

Jan-072018 Jan-062019 Jan-052020

Oct-072018 Oct-062019

Apr-082018 Apr-072019 Apr-262020

Auto Loan Origination Loan Amount Subprime Auto Loan Origination Loan Amount

Source: Equifax Inc. Originations through April 26, 2020 reported as of April 28, 2020

28 © 2020 Equifax Inc. All Rights Reserved Auto: Loan Auto Loan Originations Year-to-date Total Originations in $Millions; NSA Subprime accounts defined as those with borrower’s origination VantageScore® 3.0 credit score less than 620 $11,028 25% $10,026 $9,804 $9,717 $9,384 $9,453 $9,044 21% $8,846

$7,877 18% $6,953

$6,302 14%

$4,949 Millions

$4,726 11% SubprimeShare

$3,151 7% $2,148

$1,575 $1,214 $1,258 4% $505

$0 0% Feb-09 Feb-16 Feb-23 Mar-01 Mar-08 Mar-15 Mar-22 Mar-29 Apr-05 Apr-12 Apr-19 Apr-26

Auto Loan Origination Auto Loan Origination Subprime Share

Source: Equifax Inc. Originations through April 26, 2020 reported as of April 28, 2020

300-539 540-579 580-619 620-659 660-699 700-739 740-779 780-850 no score

100% 100%

90% 90%

80% 80%

70% 70%

60% 60%

50% 50%

40% 40%

30% 30%

20% 20%

10% 10%

0% 0% Feb-09 Feb-16 Feb-23 Mar-01 Mar-08 Mar-15 Mar-22 Mar-29 Apr-05 Apr-12 Apr-19 Apr-26

Source: Equifax Inc. Originations through April 26, 2020 reported as of April 28, 2020

Around 100,200 bankcards have been originated the week ending April 26th. Total bankcard credit limits originated during the week ending April 26th are $381.8 million. Around 21,900 bankcards have been issued during the week ending April 26th to consumers with a VantageScore® 3.0 credit score below 620. These are generally considered subprime accounts. These newly-issued cards have a corresponding total credit limit of $22.1 million. In the week ending April 26th, 21.9% of new bankcards were issued to consumers with a subprime credit score, with their share of new total credit limits at 5.8%. For the same period last week, the subprime share of new accounts was 29.8% and 6.9% of new credit limits. The average credit limit for all bankcards issued in the week ending April 26th was $3,812. The average credit limit on new subprime cards was $1,010.

Originations through April 26, 2020 reported as of April 28, 2020

Thousands 600 400 200

Jul-072019

Jan-062019 Jan-052020

Oct-062019

Apr-072019 Apr-262020

# BANKCARD ACCOUNTS ORIGINATED (THOUSANDS)

Rolling 2020 Rolling 2019 WEEKEND 2020 (12 Weeks) 2019 (12 Weeks) The last 8 weeks of weekly Feb-09 2020 1,200.8 1,200.8 1,165.0 1,165.0 Feb-16 2020 1,194.4 2,395.2 1,172.2 2,337.2 data is shaded to indicate that Feb-23 2020 1,181.1 3,576.3 1,134.1 3,471.3 Mar-01 2020 1,118.5 4,694.8 1,310.1 4,781.4 the data is subject to revision Mar-08 2020 1,182.7 5,877.5 1,212.1 5,993.5 Mar-15 2020 1,052.3 6,929.7 1,331.5 7,325.0 due to reporting lags by data Mar-22 2020 705.4 7,635.1 1,239.7 8,564.7 Mar-29 2020 496.1 8,131.2 1,221.2 9,786.0 furnishers. The Darker shade Apr-05 2020 365.6 8,496.9 1,304.8 11,090.8 indicates less revisions are Apr-12 2020 293.3 8,790.2 1,268.1 12,358.9 Apr-19 2020 202.6 8,992.7 1,210.1 13,569.0 expected. Apr-26 2020 100.2 9,092.9 1,254.7 14,823.7

Source: Equifax Inc. Originations through April 26, 2020 reported as of April 28, 2020

Millions 3,000 2,000 1,000

Jul-072019

Jan-062019 Jan-052020

Oct-062019

Apr-072019 Apr-262020

TOTAL BANKCARD BALANCES ORIGINATED (MILLIONS)

Rolling 2020 Rolling 2019 WEEKEND 2020 (12 Weeks) 2019 (12 Weeks) The last 8 weeks of weekly Feb-09 2020 $6,547.9 $6,547.9 $6,646.8 $6,646.8 Feb-16 2020 $6,378.1 $12,926.1 $6,456.5 $13,103.4 data is shaded to indicate that Feb-23 2020 $6,167.4 $19,093.5 $6,160.5 $19,263.8 Mar-01 2020 $5,738.1 $24,831.6 $7,423.2 $26,687.1 the data is subject to revision Mar-08 2020 $5,560.7 $30,392.3 $6,763.8 $33,450.9 Mar-15 2020 $4,585.7 $34,978.0 $6,935.0 $40,385.9 due to reporting lags by data Mar-22 2020 $3,089.6 $38,067.7 $6,552.9 $46,938.8 Mar-29 2020 $2,169.7 $40,237.4 $6,669.2 $53,608.0 furnishers. The Darker shade Apr-05 2020 $1,554.5 $41,791.8 $7,071.3 $60,679.3 indicates less revisions are Apr-12 2020 $1,072.6 $42,864.5 $6,520.9 $67,200.1 Apr-19 2020 $688.9 $43,553.4 $6,218.7 $73,418.9 expected. Apr-26 2020 $381.8 $43,935.2 $6,643.8 $80,062.6

Source: Equifax Inc. Originations through April 26, 2020 reported as of April 28, 2020

34 © 2020 Equifax Inc. All Rights Reserved Credit Cards: Bankcard Subprime Bankcard Originations: Accounts Number of Accounts in Thousands; NSA Subprime accounts defined as those with borrower’s origination VantageScore® 3.0 credit score less than 620 400 350 300 250 200

150 Thousands 100 50

Jul-072019

Jan-062019 Jan-052020

Oct-062019

Apr-072019 Apr-262020

# SUBPRIME BANKCARD ACCOUNTS ORIGINATED (THOUSANDS) Rolling 2020 Rolling 2019 The last 8 weeks of weekly WEEKEND 2020 (12 Weeks) 2019 (12 Weeks) % TOTAL Feb-09 2020 245.7 245.7 229.8 229.8 20.5% data is shaded to indicate that Feb-16 2020 247.2 492.9 227.8 457.6 20.7% Feb-23 2020 253.2 746.0 227.6 685.3 21.4% the data is subject to revision Mar-01 2020 222.6 968.6 231.0 916.3 19.9% Mar-08 2020 275.1 1,243.8 239.3 1,155.6 23.3% due to reporting lags by data Mar-15 2020 264.9 1,508.6 267.8 1,423.3 25.2% Mar-22 2020 180.9 1,689.5 264.0 1,687.4 25.6% furnishers. The Darker shade Mar-29 2020 130.6 1,820.1 243.8 1,931.2 26.3% Apr-05 2020 91.4 1,911.6 247.3 2,178.5 25.0% indicated less revisions are Apr-12 2020 79.4 1,991.0 268.9 2,447.3 27.1% expected Apr-19 2020 60.4 2,051.4 250.9 2,698.2 29.8% Apr-26 2020 21.9 2,073.3 244.8 2,943.0 21.9% Source: Equifax Inc. Originations through April 26, 2020 reported as of April 28, 2020

35 © 2020 Equifax Inc. All Rights Reserved Credit Cards: Bankcard Subprime Bankcard Originations: Credit Limits Total Origination Credit Limits in $Millions; NSA Subprime accounts defined as those with borrower’s origination VantageScore® 3.0 credit score less than 620 300

250

200

150

Millions 100

Jul-072019

Jan-062019 Jan-052020

Oct-062019

Apr-072019 Apr-262020

TOTAL SUBPRIME BANKCARD BALANCES ORIGINATED (MILLIONS) Rolling 2020 Rolling 2019 The last 8 weeks of weekly WEEKEND 2020 (12 Weeks) 2019 (12 Weeks) % TOTAL Feb-09 2020 $209.7 $209.7 $198.1 $198.1 3.2% data is shaded to indicate that Feb-16 2020 $208.8 $418.6 $195.9 $394.0 3.3% Feb-23 2020 $211.4 $630.0 $197.3 $591.3 3.4% the data is subject to revision Mar-01 2020 $198.5 $828.4 $209.2 $800.5 3.5% Mar-08 2020 $214.0 $1,042.5 $201.9 $1,002.4 3.8% due to reporting lags by data Mar-15 2020 $204.4 $1,246.9 $223.1 $1,225.5 4.5% Mar-22 2020 $151.2 $1,398.1 $226.6 $1,452.1 4.9% furnishers. The Darker shade Mar-29 2020 $110.2 $1,508.3 $228.1 $1,680.2 5.1% Apr-05 2020 $71.2 $1,579.4 $209.3 $1,889.6 4.6% indicated less revisions are Apr-12 2020 $60.2 $1,639.7 $219.0 $2,108.6 5.6% expected Apr-19 2020 $47.8 $1,687.4 $210.5 $2,319.1 6.9% Apr-26 2020 $22.1 $1,709.5 $215.7 $2,534.8 5.8% Source: Equifax Inc. Originations through April 26, 2020 reported as of April 28, 2020

36 © 2020 Equifax Inc. All Rights Reserved Credit Cards: Bankcard Bankcard Average Origination Credit Limit Average Origination Credit Limit Over Time; NSA Subprime accounts defined as those with borrower’s origination VantageScore® 3.0 credit score less than 620 $7,000

$6,000

$5,000

$4,000

$3,000

$2,000

$1,000

Jul-082018 Jul-072019

Jan-07 2018 Jan-07 Jan-062019 Jan-052020

Oct-072018 Oct-062019

Apr-082018 Apr-072019 Apr-262020

Bankcard Origination Credit Limit Subprime Bankcard Origination Credit Limit

Source: Equifax Inc. Originations through April 26, 2020 reported as of April 28, 2020

37 © 2020 Equifax Inc. All Rights Reserved Credit Cards: Bankcard YTD Bankcard Origination Credit Limits Year-to-Date Total Credit Limits in $Millions; Subprime Share of Total Origination Credit Limits (%); NSA Subprime accounts defined as those with borrower’s origination VantageScore® 3.0 credit score less than 620 $7,203 7.6% $6,548 $6,378 $6,167 $6,174 6.5% $5,738 $5,561

$5,145 5.4% $4,586

$4,116 4.4%

Millions $3,090

$3,087 3.3% SubprimeShare

$2,170 $2,058 2.2% $1,554

$1,073 $1,029 $689 1.1% $382

$0 0.0% Feb-09 Feb-16 Feb-23 Mar-01 Mar-08 Mar-15 Mar-22 Mar-29 Apr-05 Apr-12 Apr-19 Apr-26

Bankcard Origination Credit Limits Subprime share of Bankcard Origination Credit Limits

Source: Equifax Inc. Originations through April 26, 2020 reported as of April 28, 2020

300-539 540-579 580-619 620-659 660-699 700-739 740-779 780-850 no score

100% 100%

90% 90%

80% 80%

70% 70%

60% 60%

50% 50%

40% 40%

30% 30%

20% 20%

10% 10%

0% 0% Feb-09 Feb-16 Feb-23 Mar-01 Mar-08 Mar-15 Mar-22 Mar-29 Apr-05 Apr-12 Apr-19 Apr-26

Source: Equifax Inc. Originations through April 26, 2020 reported as of April 28, 2020

108,900 private label cards were issued in the week ending April 26th.The total credit limit for private label cards originated in the week ending April 26th is $270.9 million. In the week ending April 26th , approximately 17,600 private label cards have been originated to consumers with a VantageScore® 3.0 credit score below 620. These are generally considered subprime accounts. These newly issued cards have a corresponding credit limit of $12.5 million. In the week ending April 26th, 16.1% of private label cards were issued to consumers with a subprime credit score, representing 4.6% of total new limits. For last week, the shares were 20.4% of accounts and 6.4% of balances. The average credit limit for all private label cards issued in the week ending April 26th was $2,488. The average credit limit on new subprime cards was $713.

Originations through April 26, 2020 reported as of April 28, 2020

1,200

1,000

800

600

Thousands 400

200

Jul-072019

Jan-062019 Jan-052020

Oct-062019

Apr-072019 Apr-262020

# PRIVATE LABEL ACCOUNTS ORIGINATED (THOUSANDS)

Rolling 2020 Rolling 2019 WEEKEND 2020 (12 Weeks) 2019 (12 Weeks) The last 8 weeks of weekly Feb-09 2020 507.7 507.7 537.1 537.1 Feb-16 2020 594.9 1,102.6 598.3 1,135.4 data is shaded to indicate that Feb-23 2020 557.1 1,659.6 559.1 1,694.5 Mar-01 2020 510.0 2,169.6 583.9 2,278.4 the data is subject to revision Mar-08 2020 563.6 2,733.2 603.8 2,882.2 Mar-15 2020 506.4 3,239.6 655.3 3,537.5 due to reporting lags by data Mar-22 2020 283.8 3,523.4 644.5 4,182.1 Mar-29 2020 223.1 3,746.5 655.1 4,837.2 furnishers. The Darker shade Apr-05 2020 213.4 3,959.8 646.9 5,484.1 indicates less revisions are Apr-12 2020 186.8 4,146.6 672.3 6,156.4 Apr-19 2020 167.4 4,314.0 649.3 6,805.6 expected. Apr-26 2020 108.9 4,422.9 676.6 7,482.3

Source: Equifax Inc. Originations through April 26, 2020 reported as of April 28, 2020

2,500

2,000

1,500

Millions 1,000

500

Jul-072019

Jan-062019 Jan-052020

Oct-062019

Apr-072019 Apr-262020

TOTAL PRIVATE LABEL BALANCES ORIGINATED (MILLIONS)

Rolling 2020 Rolling 2019 WEEKEND 2020 (12 Weeks) 2019 (12 Weeks) The last 8 weeks of weekly Feb-09 2020 $1,170.3 $1,170.3 $1,158.2 $1,158.2 Feb-16 2020 $1,387.6 $2,557.9 $1,361.8 $2,520.0 data is shaded to indicate that Feb-23 2020 $1,340.8 $3,898.7 $1,274.6 $3,794.6 Mar-01 2020 $1,147.3 $5,046.0 $1,234.2 $5,028.8 the data is subject to revision Mar-08 2020 $1,265.3 $6,311.3 $1,274.2 $6,303.1 Mar-15 2020 $1,159.6 $7,470.9 $1,431.2 $7,734.3 due to reporting lags by data Mar-22 2020 $660.9 $8,131.8 $1,396.9 $9,131.2 Mar-29 2020 $495.4 $8,627.1 $1,458.8 $10,590.0 furnishers. The Darker shade Apr-05 2020 $454.8 $9,081.9 $1,448.1 $12,038.1 indicates less revisions are Apr-12 2020 $402.0 $9,483.9 $1,504.7 $13,542.8 Apr-19 2020 $384.0 $9,867.9 $1,425.5 $14,968.3 expected. Apr-26 2020 $270.9 $10,138.8 $1,547.7 $16,516.0

Source: Equifax Inc. Originations through April 26, 2020 reported as of April 28, 2020

43 © 2020 Equifax Inc. All Rights Reserved Credit Cards: Private Label Subprime Private Label Originations: Accounts Number of Accounts Originated in Thousands; NSA Subprime accounts defined as those with borrower’s origination VantageScore® 3.0 less than 620 300

250

200

150

Thousands 100

Jul-072019

Jan-062019 Jan-052020

Oct-062019

Apr-072019 Apr-262020

# SUBPRIME PRIVATE LABEL ACCOUNTS ORIGINATED (THOUSANDS) Rolling 2020 Rolling 2019 The last 8 weeks of weekly WEEKEND 2020 (12 Weeks) 2019 (12 Weeks) % TOTAL Feb-09 2020 98.8 98.8 103.3 103.3 19.5% data is shaded to indicate that Feb-16 2020 108.9 207.7 110.1 213.5 18.3% Feb-23 2020 102.0 309.8 105.4 318.8 18.3% the data is subject to revision Mar-01 2020 102.8 412.6 127.8 446.6 20.2% Mar-08 2020 117.0 529.5 125.1 571.7 20.8% due to reporting lags by data Mar-15 2020 107.9 637.4 128.4 700.1 21.3% Mar-22 2020 70.4 707.8 126.1 826.2 24.8% furnishers. The Darker shade Mar-29 2020 59.5 767.3 128.4 954.6 26.7% Apr-05 2020 55.9 823.1 123.9 1,078.5 26.2% indicated less revisions are Apr-12 2020 44.3 867.4 125.0 1,203.6 23.7% expected Apr-19 2020 34.2 901.6 120.6 1,324.2 20.4% Apr-26 2020 17.6 919.2 125.2 1,449.5 16.1% Source: Equifax Inc. Originations through April 26, 2020 reported as of April 28, 2020

44 © 2020 Equifax Inc. All Rights Reserved Credit Cards: Private Label Subprime Private Label Originations: Credit Limits Total Origination Credit Limits in $Milions; NSA Subprime accounts defined as those with borrower’s origination VantageScore® 3.0 less than 620 200 180 160 140 120 100

80 Millions 60 40 20

Jul-072019

Jan-062019 Jan-052020

Oct-062019

Apr-072019 Apr-262020

TOTAL SUBPRIME PRIVATE LABEL BALANCES ORIGINATED (MILLIONS) Rolling 2020 Rolling 2019 The last 8 weeks of weekly WEEKEND 2020 (12 Weeks) 2019 (12 Weeks) % TOTAL Feb-09 2020 $90.3 $90.3 $89.9 $89.9 7.7% data is shaded to indicate that Feb-16 2020 $100.0 $190.3 $98.5 $188.4 7.2% Feb-23 2020 $92.9 $283.2 $94.3 $282.7 6.9% the data is subject to revision Mar-01 2020 $91.3 $374.6 $111.9 $394.6 8.0% Mar-08 2020 $99.9 $474.5 $106.6 $501.2 7.9% due to reporting lags by data Mar-15 2020 $95.2 $569.7 $107.9 $609.1 8.2% Mar-22 2020 $62.9 $632.6 $106.9 $715.9 9.5% furnishers. The Darker shade Mar-29 2020 $47.5 $680.1 $112.0 $827.9 9.6% Apr-05 2020 $39.8 $719.8 $102.7 $930.6 8.7% indicated less revisions are Apr-12 2020 $30.8 $750.6 $103.4 $1,034.1 7.7% expected Apr-19 2020 $24.4 $775.1 $96.9 $1,130.9 6.4% Apr-26 2020 $12.5 $787.6 $105.0 $1,235.9 4.6% Source: Equifax Inc. Originations through April 26, 2020 reported as of April 28, 2020

45 © 2020 Equifax Inc. All Rights Reserved Credit Cards: Private Label Private Label Card Average Origination Credit Limit Average Origination Credit Limit over time; NSA Subprime accounts defined as those with borrower’s origination VantageScore® 3.0 less than 620 $3,000

$2,500

$2,000

$1,500

$1,000

$500

Jul-082018 Jul-072019

Jan-07 2018 Jan-07 Jan-062019 Jan-052020

Oct-072018 Oct-062019

Apr-082018 Apr-072019 Apr-262020

Private Label Origination Credit Limit Subprime Private Label Origination Credit Limit

Source: Equifax Inc. Originations through April 26, 2020 reported as of April 28, 2020

46 © 2020 Equifax Inc. All Rights Reserved Credit Cards: Private Label YTD Private Label Origination Credit Limits Year-to-Date Total Credit Limits in $Millions; Subprime Share of Total Origination Credit Limits (%); NSA Subprime accounts defined as those with borrower’s origination VantageScore® 3.0 less than 620 $1,526 11% $1,388 $1,341 $1,308 $1,265 9%

$1,170 $1,147 $1,160

$1,090 8%

$872 6%

$661 Millions

$654 5% SubprimeShare $495 $455 $436 $402 $384 3%

$271

$218 2%

$0 0% Feb-09 Feb-16 Feb-23 Mar-01 Mar-08 Mar-15 Mar-22 Mar-29 Apr-05 Apr-12 Apr-19 Apr-26

Private Label Origination Credit Limits Subprime share of Private Label Origination Credit Limits

Source: Equifax Inc. Originations through April 26, 2020 reported as of April 28, 2020

47 © 2020 Equifax Inc. All Rights Reserved Credit Cards: Private Label Private Label Credit Cards Origination Risk Year-to-date VantageScore® 3.0 Distribution for Private Label Card Originations by Year (Percent of Accounts)

300-539 540-579 580-619 620-659 660-699 700-739 740-779 780-850 no score

100% 100%

90% 90%

80% 80%

70% 70%

60% 60%

50% 50%

40% 40%

30% 30%

20% 20%

10% 10%

0% 0% Feb-09 Feb-16 Feb-23 Mar-01 Mar-08 Mar-15 Mar-22 Mar-29 Apr-05 Apr-12 Apr-19 Apr-26

Source: Equifax Inc. Originations through April 26, 2020 reported as of April 28, 2020

49 © 2020 Equifax Inc. All Rights Reserved First Mortgage First Mortgage Originations Observations Originations through April 26, 2020 reported as of April 28, 2020 A little over 200 first mortgages were originated in the week ending April 26th. The average loan amount for all first mortgages originated in the week of April 26th was $186,180. The average loan amount on subprime first mortgages originated was $85,735. It is important to note that for the week ending April 26th, there was low weekly volume for first mortgage accounts.

Originations through April 26, 2020 reported as of April 28, 2020

250

200

150

Thousands 100

Jul-072019

Jan-062019 Jan-052020

Oct-062019

Apr-072019 Apr-262020

# FIRST MORTGAGE ACCOUNTS ORIGINATED (THOUSANDS)

Rolling 2020 Rolling 2019 WEEKEND 2020 (12 Weeks) 2019 (12 Weeks) The last 8 weeks of weekly Feb-09 2020 98.3 98.3 80.1 80.1 Feb-16 2020 115.0 213.4 102.3 182.4 data is shaded to indicate that Feb-23 2020 104.3 317.7 97.5 279.9 Mar-01 2020 136.8 454.4 140.8 420.7 the data is subject to revision Mar-08 2020 92.0 546.4 100.2 520.9 Mar-15 2020 101.4 647.9 116.1 637.0 due to reporting lags by data Mar-22 2020 109.4 757.3 116.2 753.2 Mar-29 2020 104.9 862.2 159.4 912.7 furnishers. The Darker shade Apr-05 2020 50.8 913.0 108.2 1,020.9 indicates less revisions are Apr-12 2020 5.2 918.2 119.2 1,140.1 Apr-19 2020 2.1 920.2 132.4 1,272.6 expected. Apr-26 2020 0.2 920.5 158.2 1,430.8

Source: Equifax Inc. Originations through April 26, 2020 reported as of April 28, 2020

Billions 30 20 10

Jul-072019

Jan-062019 Jan-052020

Oct-062019

Apr-072019 Apr-262020

TOTAL FIRST MORTGAGE BALANCES ORIGINATED (BILLIONS)

Rolling 2020 Rolling 2019 WEEKEND 2020 (12 Weeks) 2019 (12 Weeks) The last 8 weeks of weekly Feb-09 2020 $27.6 $27.6 $20.4 $20.4 Feb-16 2020 $32.4 $59.9 $26.1 $46.5 data is shaded to indicate that Feb-23 2020 $29.6 $89.5 $25.6 $72.1 Mar-01 2020 $39.5 $129.0 $36.8 $108.9 the data is subject to revision Mar-08 2020 $26.4 $155.4 $26.3 $135.2 Mar-15 2020 $29.3 $184.7 $30.4 $165.6 due to reporting lags by data Mar-22 2020 $32.0 $216.7 $30.8 $196.5 Mar-29 2020 $30.9 $247.7 $42.1 $238.6 furnishers. The Darker shade Apr-05 2020 $14.9 $262.6 $29.1 $267.7 indicates less revisions are Apr-12 2020 $1.3 $263.9 $31.9 $299.6 Apr-19 2020 $0.4 $264.3 $35.7 $335.3 expected. Apr-26 2020 * $264.4 $43.7 $379.0

Source: Equifax Inc. * indicates low weekly originations volume Originations through April 26, 2020 reported as of April 28, 2020

52 © 2020 Equifax Inc. All Rights Reserved First Mortgage Subprime FM Originations: Accounts Number of Accounts in Thousands; NSA Subprime accounts defined as those with borrower’s origination VantageScore® 3.0 less than 620 14

Thousands 4

Jul-072019

Jan-062019 Jan-052020

Oct-062019

Apr-072019 Apr-262020

# SUBPRIME FIRST MORTGAGE ACCOUNTS ORIGINATED (THOUSANDS) Rolling 2020 Rolling 2019 The last 8 weeks of weekly WEEKEND 2020 (12 Weeks) 2019 (12 Weeks) % TOTAL Feb-09 2020 6.2 6.2 5.4 5.4 6.4% data is shaded to indicate that Feb-16 2020 7.3 13.6 6.5 11.9 6.4% Feb-23 2020 6.4 20.0 6.7 18.6 6.2% the data is subject to revision Mar-01 2020 7.2 27.1 8.6 27.2 5.2% Mar-08 2020 4.7 31.9 6.3 33.5 5.1% due to reporting lags by data Mar-15 2020 5.3 37.2 7.3 40.8 5.3% Mar-22 2020 5.1 42.3 7.7 48.5 4.7% furnishers. The Darker shade Mar-29 2020 4.4 46.8 10.4 58.9 4.2% Apr-05 2020 2.0 48.7 6.4 65.3 3.9% indicated less revisions are Apr-12 2020 0.2 48.9 7.0 72.3 2.9% expected Apr-19 2020 * 49.0 7.5 79.8 2.8% Apr-26 2020 * 49.0 9.0 88.8 1.7% Source: Equifax Inc. * indicates low weekly originations volume Originations through April 26, 2020 reported as of April 28, 2020

53 © 2020 Equifax Inc. All Rights Reserved First Mortgage Subprime FM Originations: Balances Total Origination Balances in $Billions; NSA Subprime accounts defined as those with borrower’s origination VantageScore® 3.0 less than 620 3

2 Billions 1

Jul-072019

Jan-062019 Jan-052020

Oct-062019

Apr-072019 Apr-262020

TOTAL SUBPRIME FIRST MORTGAGE BALANCES ORIGINATED (BILLIONS) Rolling 2020 Rolling 2019 The last 8 weeks of weekly WEEKEND 2020 (12 Weeks) 2019 (12 Weeks) % TOTAL Feb-09 2020 $1.4 $1.4 $1.1 $1.1 5.1% data is shaded to indicate that Feb-16 2020 $1.7 $3.1 $1.3 $2.4 5.2% Feb-23 2020 $1.4 $4.5 $1.4 $3.8 4.9% the data is subject to revision Mar-01 2020 $1.6 $6.1 $1.7 $5.5 4.1% Mar-08 2020 $1.0 $7.2 $1.2 $6.8 4.0% due to reporting lags by data Mar-15 2020 $1.2 $8.4 $1.5 $8.2 4.1% Mar-22 2020 $1.1 $9.5 $1.5 $9.8 3.5% furnishers. The Darker shade Mar-29 2020 $1.0 $10.5 $2.1 $11.9 3.2% Apr-05 2020 $0.4 $10.9 $1.3 $13.2 3.0% indicated less revisions are Apr-12 2020 * $11.0 $1.4 $14.6 1.8% expected Apr-19 2020 * $11.0 $1.6 $16.2 1.9% Apr-26 2020 * $11.0 $1.9 $18.1 0.8% Source: Equifax Inc. * indicates low weekly originations volume Originations through April 26, 2020 reported as of April 28, 2020

54 © 2020 Equifax Inc. All Rights Reserved First Mortgage First Mortgage Average Origination Balance Average Origination Balance Over Time; NSA Subprime accounts defined as those with borrower’s origination VantageScore® 3.0 less than 620 $350,000

$300,000

$250,000

$200,000

$150,000

$100,000

$50,000

Jul-082018 Jul-072019

Jan-072018 Jan-062019 Jan-052020

Oct-072018 Oct-062019

Apr-082018 Apr-072019 Apr-262020

First Mortgage Origination Loan Amount Subprime First Mortgage Origination Loan Amount

Source: Equifax Inc. Originations through April 26, 2020 reported as of April 28, 2020

55 © 2020 Equifax Inc. All Rights Reserved First Mortgage YTD First Mortgage Origination Balances Year-to-Date Total Origination Balances in $Billions; Subprime Share of Total Origination Balances (%); Subprime accounts defined as those with borrower’s origination VantageScore® 3.0 less than 620 $43 5.7% $39

$37 4.9%

$32 $32 $31 $31 $30 $29 4.1% $28 $26

$25 3.2% Billions

$19 2.4% SubprimeShare $15

$12 1.6%

$6 0.8%

$1 $0 $0 $0 0.0% Feb-09 Feb-16 Feb-23 Mar-01 Mar-08 Mar-15 Mar-22 Mar-29 Apr-05 Apr-12 Apr-19 Apr-26

First Mortgage Origination First Mortgage Origination Subprime Share

Source: Equifax Inc. Originations through April 26, 2020 reported as of April 28, 2020

300-539 540-579 580-619 620-659 660-699 700-739 740-779 780-850 no score

100% 100%

90% 90%

80% 80%

70% 70%

60% 60%

50% 50%

40% 40%

30% 30%

20% 20%

10% 10%

0% 0% Feb-09 Feb-16 Feb-23 Mar-01 Mar-08 Mar-15 Mar-22 Mar-29 Apr-05 Apr-12 Apr-19 Apr-26

Source: Equifax Inc. Originations through April 26, 2020 reported as of April 28, 2020

Around 120 HELOCs have been originated in the week ending April 26th. The total credit limit on HELOCs originated in the week ending April 26th is $12.3 million. The average loan amount for all HELOCs originated in the week ending April 26th is $107,108. It is important to note that for the week ending April 26th, there was low weekly volume for HELOC accounts.

Originations through April 26, 2020 reported as of April 28, 2020

300

250

200

150 Hundreds 100

Jul-072019

Jan-062019 Jan-052020

Oct-062019

Apr-072019 Apr-262020

# HELOC ACCOUNTS ORIGINATED (HUNDREDS)

Rolling 2020 Rolling 2019 WEEKEND 2020 (12 Weeks) 2019 (12 Weeks) The last 8 weeks of weekly Feb-09 2020 205.3 205.3 207.1 207.1 Feb-16 2020 214.0 419.3 213.5 420.6 data is shaded to indicate that Feb-23 2020 186.3 605.5 194.4 615.0 Mar-01 2020 207.4 812.9 228.6 843.6 the data is subject to revision Mar-08 2020 204.1 1,016.9 222.3 1,065.9 Mar-15 2020 212.1 1,229.0 233.7 1,299.6 due to reporting lags by data Mar-22 2020 202.7 1,431.7 242.0 1,541.6 Mar-29 2020 159.1 1,590.8 261.8 1,803.4 furnishers. The Darker shade Apr-05 2020 57.8 1,648.6 245.8 2,049.2 indicates less revisions are Apr-12 2020 11.4 1,660.0 260.2 2,309.4 Apr-19 2020 5.0 1,665.0 271.8 2,581.3 expected. Apr-26 2020 1.2 1,666.1 281.8 2,863.1

Source: Equifax Inc. Originations through April 26, 2020 reported as of April 28, 2020

3,000

2,500

2,000

1,500 Millions 1,000

500

Jul-072019

Jan-062019 Jan-052020

Oct-062019

Apr-072019 Apr-262020

TOTAL HELOC BALANCES ORIGINATED (MILLIONS)

Rolling 2020 Rolling 2019 WEEKEND 2020 (12 Weeks) 2019 (12 Weeks) The last 8 weeks of weekly Feb-09 2020 $2,378.0 $2,378.0 $2,290.5 $2,290.5 Feb-16 2020 $2,476.5 $4,854.5 $2,462.9 $4,753.4 data is shaded to indicate that Feb-23 2020 $2,108.0 $6,962.5 $2,217.3 $6,970.7 Mar-01 2020 $2,269.3 $9,231.8 $2,603.5 $9,574.2 the data is subject to revision Mar-08 2020 $2,259.5 $11,491.3 $2,542.6 $12,116.9 Mar-15 2020 $2,342.9 $13,834.2 $2,643.9 $14,760.7 due to reporting lags by data Mar-22 2020 $2,222.9 $16,057.0 $2,713.5 $17,474.2 Mar-29 2020 $1,751.0 $17,808.0 $2,937.9 $20,412.1 furnishers. The Darker shade Apr-05 2020 $602.6 $18,410.6 $2,720.7 $23,132.8 indicates less revisions are Apr-12 2020 $113.8 $18,524.4 $2,858.2 $25,991.0 Apr-19 2020 $48.6 $18,573.0 $2,898.2 $28,889.2 expected. Apr-26 2020 $12.3 $18,585.3 $3,026.3 $31,915.5

Source: Equifax Inc. Originations through April 26, 2020 reported as of April 28, 2020

61 © 2020 Equifax Inc. All Rights Reserved Home Equity: Lines of Credit Subprime HELOC Originations: Accounts Number of Accounts in Hundreds; NSA Subprime accounts defined as those with borrower’s origination VantageScore® 3.0 less than 620 9 8 7 6 5 4

Hundreds 3 2 1

Jul-072019

Jan-062019 Jan-052020

Oct-062019

Apr-072019 Apr-262020

# SUBPRIME HELOC ACCOUNTS ORIGINATED (HUNDREDS) Rolling 2020 Rolling 2019 The last 8 weeks of weekly WEEKEND 2020 (12 Weeks) 2019 (12 Weeks) % TOTAL Feb-09 2020 5.9 5.9 6.6 6.6 2.9% data is shaded to indicate that Feb-16 2020 5.9 11.8 6.2 12.8 2.8% Feb-23 2020 5.3 17.1 5.2 18.0 2.8% the data is subject to revision Mar-01 2020 6.1 23.2 6.2 24.2 2.9% Mar-08 2020 6.0 29.1 6.4 30.5 2.9% due to reporting lags by data Mar-15 2020 5.9 35.0 6.0 36.6 2.8% Mar-22 2020 5.2 40.2 6.3 42.9 2.5% furnishers. The Darker shade Mar-29 2020 4.1 44.3 6.6 49.4 2.6% Apr-05 2020 1.4 45.7 6.3 55.8 2.4% indicated less revisions are Apr-12 2020 0.3 46.0 6.7 62.5 2.5% expected Apr-19 2020 0.1 46.1 6.4 68.9 2.2% Apr-26 2020 * 46.1 6.7 75.6 0.9% Source: Equifax Inc. * indicates low weekly originations volume Originations through April 26, 2020 reported as of April 28, 2020

62 © 2020 Equifax Inc. All Rights Reserved Home Equity: Lines of Credit Subprime HELOC Originations: Total Limits Total Credit Limits in $Millions; NSA Subprime accounts defined as those with borrower’s origination VantageScore® 3.0 less than 620 60

Millions 20

Jul-072019

Jan-062019 Jan-052020

Oct-062019

Apr-072019 Apr-262020

TOTAL SUBPRIME HELOC BALANCES ORIGINATED (MILLIONS) Rolling 2020 Rolling 2019 The last 8 weeks of weekly WEEKEND 2020 (12 Weeks) 2019 (12 Weeks) % TOTAL Feb-09 2020 $42.5 $42.5 $44.8 $44.8 1.8% data is shaded to indicate that Feb-16 2020 $41.5 $84.0 $41.0 $85.8 1.7% Feb-23 2020 $32.9 $116.9 $32.3 $118.2 1.6% the data is subject to revision Mar-01 2020 $36.9 $153.8 $43.0 $161.2 1.6% Mar-08 2020 $38.2 $192.1 $37.3 $198.5 1.7% due to reporting lags by data Mar-15 2020 $36.8 $228.9 $40.5 $239.1 1.6% Mar-22 2020 $31.4 $260.3 $43.2 $282.3 1.4% furnishers. The Darker shade Mar-29 2020 $26.1 $286.4 $42.1 $324.4 1.5% Apr-05 2020 $8.4 $294.8 $42.5 $366.9 1.4% indicated less revisions are Apr-12 2020 $1.9 $296.7 $42.6 $409.5 1.7% expected Apr-19 2020 $0.8 $297.5 $40.4 $450.0 1.7% Apr-26 2020 * $297.5 $43.1 $493.1 0.1% Source: Equifax Inc. * indicates low weekly originations volume Originations through April 26, 2020 reported as of April 28, 2020

63 © 2020 Equifax Inc. All Rights Reserved Home Equity: Lines of Credit HELOC Average Origination Credit Limit Average Origination Credit Limit over time; NSA Subprime accounts defined as those with borrower’s origination VantageScore® 3.0 less than 620 $140,000

$120,000

$100,000

$80,000

$60,000

$40,000

$20,000

Jul-082018 Jul-072019

Jan-072018 Jan-062019 Jan-052020

Oct-072018 Oct-062019

Apr-082018 Apr-072019 Apr-262020

HELOC Origination Loan Amount Subprime HELOC Origination Loan Amount

Source: Equifax Inc. Originations through April 26, 2020 reported as of April 28, 2020

64 © 2020 Equifax Inc. All Rights Reserved Home Equity: Lines of Credit YTD HELOC Origination Credit Limits Year-to-Date Total Credit Limits in $Millions; Subprime Share of Total Origination Credit Limits (%); NSA Subprime accounts defined as those with borrower’s origination VantageScore® 3.0 less than 620 $2,724 2.0% $2,477 $2,378 $2,343 $2,269 $2,335 $2,259 $2,223 1.7% $2,108

$1,946 1.4% $1,751

$1,557 1.1% Millions

$1,167 0.8% SubprimeShare

$778 0.6% $603

$389 0.3%

$114 $49 $12 $0 0.0% Feb-09 Feb-16 Feb-23 Mar-01 Mar-08 Mar-15 Mar-22 Mar-29 Apr-05 Apr-12 Apr-19 Apr-26

HELOC Origination HELOC Origination Subprime Share

Source: Equifax Inc. Originations through April 26, 2020 reported as of April 28, 2020

300-539 540-579 580-619 620-659 660-699 700-739 740-779 780-850 no score

100% 100%

90% 90%

80% 80%

70% 70%

60% 60%

50% 50%

40% 40%

30% 30%

20% 20%

10% 10%

0% 0% Feb-09 Feb-16 Feb-23 Mar-01 Mar-08 Mar-15 Mar-22 Mar-29 Apr-05 Apr-12 Apr-19 Apr-26

Source: Equifax Inc. Originations through April 26, 2020 reported as of April 28, 2020

Around 100 HE Installment loans have been originated in the week ending April 26th. The total dollar amount of HE loans originated the week ending April 26th is $4.8 million. The average loan amount for all HE loans originated in the week ending April 26th was $47,563. The average loan amount on new subprime HE loans was $71,228. It is important to note that for the week ending April 26th, there was low weekly volume for HE Installment accounts.

Originations through April 26, 2020 reported as of April 28, 2020

200

150

100 Hundreds

Jul-072019

Jan-062019 Jan-052020

Oct-062019

Apr-072019 Apr-262020

# HOME EQUITY LOANS ACCOUNTS ORIGINATED (HUNDREDS)

Rolling 2020 Rolling 2019 WEEKEND 2020 (12 Weeks) 2019 (12 Weeks) The last 8 weeks of weekly Feb-09 2020 115.9 115.9 144.8 144.8 Feb-16 2020 122.5 238.4 154.7 299.5 data is shaded to indicate that Feb-23 2020 116.5 354.9 145.9 445.3 Mar-01 2020 130.0 484.9 170.8 616.1 the data is subject to revision Mar-08 2020 123.7 608.6 159.7 775.8 Mar-15 2020 126.8 735.4 172.8 948.5 due to reporting lags by data Mar-22 2020 122.1 857.5 182.9 1,131.4 Mar-29 2020 84.9 942.4 201.5 1,332.9 furnishers. The Darker shade Apr-05 2020 32.7 975.1 186.5 1,519.4 indicates less revisions are Apr-12 2020 4.4 979.5 194.6 1,714.0 Apr-19 2020 2.3 981.7 197.7 1,911.7 expected. Apr-26 2020 1.0 982.7 199.1 2,110.7

Source: Equifax Inc. Originations through April 26, 2020 reported as of April 28, 2020

400 Millions 300 200 100

Jul-072019

Jan-062019 Jan-052020

Oct-062019

Apr-072019 Apr-262020 TOTAL HOME EQUITY LOANS BALANCES ORIGINATED (MILLIONS) Rolling 2020 Rolling 2019 WEEKEND 2020 (12 Weeks) 2019 (12 Weeks) The last 8 weeks of weekly Feb-09 2020 $508.8 $508.8 $552.8 $552.8 Feb-16 2020 $555.9 $1,064.8 $593.9 $1,146.7 data is shaded to indicate that Feb-23 2020 $517.3 $1,582.1 $554.0 $1,700.7 Mar-01 2020 $623.3 $2,205.4 $642.9 $2,343.6 the data is subject to revision Mar-08 2020 $544.3 $2,749.7 $587.4 $2,931.0 Mar-15 2020 $564.4 $3,314.1 $638.2 $3,569.2 due to reporting lags by data Mar-22 2020 $548.5 $3,862.6 $686.4 $4,255.5 Mar-29 2020 $452.6 $4,315.2 $746.5 $5,002.1 furnishers. The Darker shade Apr-05 2020 $162.4 $4,477.6 $657.0 $5,659.1 indicates less revisions are Apr-12 2020 $27.0 $4,504.5 $692.3 $6,351.4 Apr-19 2020 $12.3 $4,516.9 $708.6 $7,060.0 expected. Apr-26 2020 $4.8 $4,521.7 $725.2 $7,785.2

Source: Equifax Inc. Originations through April 26, 2020 reported as of April 28, 2020

70 © 2020 Equifax Inc. All Rights Reserved Home Equity: Installment Loans Subprime HE Loan Originations: Accounts Number of Accounts in Hundreds; NSA Subprime accounts defined as those with borrower’s origination VantageScore® 3.0 less than 620 30

Hundreds 10

Jul-072019

Jan-062019 Jan-052020

Oct-062019

Apr-072019 Apr-262020

# SUBPRIME HOME EQUITY LOANS ACCOUNTS ORIGINATED (HUNDREDS) Rolling 2020 Rolling 2019 The last 8 weeks of weekly WEEKEND 2020 (12 Weeks) 2019 (12 Weeks) % TOTAL Feb-09 2020 17.3 17.3 17.6 17.6 14.9% data is shaded to indicate that Feb-16 2020 16.1 33.4 17.7 35.4 13.1% Feb-23 2020 15.0 48.4 18.7 54.0 12.9% the data is subject to revision Mar-01 2020 17.5 66.0 20.7 74.7 13.5% Mar-08 2020 18.4 84.3 20.0 94.7 14.9% due to reporting lags by data Mar-15 2020 16.8 101.2 20.8 115.5 13.3% Mar-22 2020 15.6 116.7 22.2 137.7 12.8% furnishers. The Darker shade Mar-29 2020 10.6 127.3 23.0 160.7 12.5% Apr-05 2020 4.2 131.6 23.3 184.0 12.9% indicated less revisions are Apr-12 2020 0.6 132.1 21.8 205.8 12.6% expected Apr-19 2020 0.3 132.4 22.7 228.5 12.0% Apr-26 2020 * 132.5 22.3 250.8 6.9% Source: Equifax Inc. * indicates low weekly originations volume Originations through April 26, 2020 reported as of April 28, 2020

71 © 2020 Equifax Inc. All Rights Reserved Home Equity: Installment Loans Subprime HE Loan Originations: Balances Total Balances in $Millions; NSA Subprime accounts defined as those with borrower’s origination VantageScore® 3.0 less than 620 80 70 60 50 40

Millions 30 20 10

Jul-072019

Jan-062019 Jan-052020

Oct-062019

Apr-072019 Apr-262020 TOTAL SUBPRIME HOME EQUITY LOANS BALANCES ORIGINATED (MILLIONS) Rolling 2020 Rolling 2019 The last 8 weeks of weekly WEEKEND 2020 (12 Weeks) 2019 (12 Weeks) % TOTAL Feb-09 2020 $51.3 $51.3 $49.0 $49.0 10.1% data is shaded to indicate that Feb-16 2020 $53.8 $105.1 $53.0 $102.0 9.7% Feb-23 2020 $46.0 $151.1 $51.3 $153.3 8.9% the data is subject to revision Mar-01 2020 $58.6 $209.7 $54.7 $208.1 9.4% Mar-08 2020 $57.1 $266.9 $54.2 $262.3 10.5% due to reporting lags by data Mar-15 2020 $51.4 $318.2 $58.9 $321.2 9.1% Mar-22 2020 $48.8 $367.0 $60.2 $381.5 8.9% furnishers. The Darker shade Mar-29 2020 $33.6 $400.6 $62.6 $444.1 7.4% Apr-05 2020 $10.3 $410.9 $61.2 $505.3 6.4% indicated less revisions are Apr-12 2020 $0.9 $411.8 $63.1 $568.4 3.2% expected Apr-19 2020 $0.5 $412.3 $62.4 $630.8 3.9% Apr-26 2020 $0.5 $412.8 $62.0 $692.8 10.4% Source: Equifax Inc. Originations through April 26, 2020 reported as of April 28, 2020

72 © 2020 Equifax Inc. All Rights Reserved Home Equity: Installment Loans Home Equity Loan Average Origination Balance Average Origination Balance Over Time; NSA Subprime accounts defined as those with borrower’s origination VantageScore® 3.0 credit score less than 620 $80,000

$70,000

$60,000

$50,000

$40,000

$30,000

$20,000

$10,000

Jul-082018 Jul-072019

Jan-072018 Jan-062019 Jan-052020

Oct-072018 Oct-062019

Apr-082018 Apr-072019 Apr-262020

Home Equity Loans Origination Loan Amount Subprime Home Equity Loans Origination Loan Amount

Source: Equifax Inc. Originations through April 26, 2020 reported as of April 28, 2020

73 © 2020 Equifax Inc. All Rights Reserved Home Equity: Installment Loans YTD Home Equity Loan Origination Balances Year-to-Date Total Balances in $Millions; Subprime Share of Total Origination Balances (%); NSA Subprime accounts defined as those with borrower’s origination VantageScore® 3.0 less than 620 $686 12% $623

$588 $556 $564 10% $544 $549 $509 $517 $490 8% $453

$392 7% Millions

$294 5% SubprimeShare

$196 3% $162

$98 2%

$27 $12 $5 $0 0% Feb-09 Feb-16 Feb-23 Mar-01 Mar-08 Mar-15 Mar-22 Mar-29 Apr-05 Apr-12 Apr-19 Apr-26

Home Equity Loans Origination Home Equity Loans Origination Subprime Share

Source: Equifax Inc. Originations through April 26, 2020 reported as of April 28, 2020

74 © 2020 Equifax Inc. All Rights Reserved Home Equity: Installment Loans Home Equity Loan Origination Risk Year-to-date VantageScore® 3.0 Distribution for Home Equity Installment Loan Originations by Year (Percent of Accounts)

300-539 540-579 580-619 620-659 660-699 700-739 740-779 780-850 no score

100% 100%

90% 90%

80% 80%

70% 70%

60% 60%

50% 50%

40% 40%

30% 30%

20% 20%

10% 10%

0% 0% Feb-09 Feb-16 Feb-23 Mar-01 Mar-08 Mar-15 Mar-22 Mar-29 Apr-05 Apr-12 Apr-19 Apr-26

Source: Equifax Inc. Originations through April 26, 2020 reported as of April 28, 2020

89,200 consumer finance loans were originated in the week ending April 26th. The total dollar amount of consumer finance loans originated the week ending of April 26th is $343.4 million. Around 11,800 consumer finance loans have been issued the week ending April 26th to consumers with a VantageScore® 3.0 credit score below 620. These are generally considered subprime accounts. These newly issued loans have a corresponding total origination amount of $18.9 million. In the week ending April 26th, 13.2% of all consumer finance loans were issued to consumers with a subprime credit score. Origination credit limits on subprime consumer finance loans represent 5.5% of the total. The average loan amount for all consumer finance loans originated in the week ending of April 26th was $3,849. The average loan amount on new subprime consumer finance loans was $1,606.

Originations through April 26, 2020 reported as of April 28, 2020

Thousands 300 200 100

Jul-072019

Jan-062019 Jan-052020

Oct-062019

Apr-072019 Apr-262020

# CONSUMER FINANCE ACCOUNTS ORIGINATED (THOUSANDS)

Rolling 2020 Rolling 2019 WEEKEND 2020 (12 Weeks) 2019 (12 Weeks) The last 8 weeks of weekly Feb-09 2020 480.8 480.8 476.5 476.5 Feb-16 2020 506.8 987.6 489.8 966.2 data is shaded to indicate that Feb-23 2020 545.4 1,533.0 494.9 1,461.2 Mar-01 2020 472.7 2,005.7 491.6 1,952.8 the data is subject to revision Mar-08 2020 508.3 2,514.0 493.6 2,446.4 Mar-15 2020 479.4 2,993.4 517.6 2,964.0 due to reporting lags by data Mar-22 2020 386.8 3,380.1 717.5 3,681.5 Mar-29 2020 286.7 3,666.9 573.1 4,254.6 furnishers. The Darker shade Apr-05 2020 161.0 3,827.9 615.3 4,869.9 indicates less revisions are Apr-12 2020 94.7 3,922.6 585.4 5,455.3 Apr-19 2020 105.8 4,028.4 578.3 6,033.7 expected. Apr-26 2020 89.2 4,117.6 583.9 6,617.6 . Source: Equifax Inc. Originations through April 26, 2020 reported as of April 28, 2020

3,000

2,500

2,000

1,500 Millions 1,000

500

Jul-072019

Jan-062019 Jan-052020

Oct-062019

Apr-072019 Apr-262020

TOTAL CONSUMER FINANCE BALANCES ORIGINATED (MILLIONS)

Rolling 2020 Rolling 2019 WEEKEND 2020 (12 Weeks) 2019 (12 Weeks) The last 8 weeks of weekly Feb-09 2020 $1,996.0 $1,996.0 $1,885.5 $1,885.5 Feb-16 2020 $2,222.2 $4,218.3 $2,025.9 $3,911.5 data is shaded to indicate that Feb-23 2020 $2,432.7 $6,651.0 $2,120.8 $6,032.3 Mar-01 2020 $2,110.8 $8,761.8 $2,006.7 $8,038.9 the data is subject to revision Mar-08 2020 $2,158.9 $10,920.7 $2,020.2 $10,059.1 Mar-15 2020 $2,083.1 $13,003.8 $2,162.1 $12,221.2 due to reporting lags by data Mar-22 2020 $1,584.5 $14,588.3 $3,061.6 $15,282.9 Mar-29 2020 $1,100.9 $15,689.2 $2,407.7 $17,690.6 furnishers. The Darker shade Apr-05 2020 $608.9 $16,298.0 $2,465.1 $20,155.7 indicates less revisions are Apr-12 2020 $357.6 $16,655.6 $2,443.3 $22,599.0 Apr-19 2020 $401.9 $17,057.5 $2,410.7 $25,009.6 expected. Apr-26 2020 $343.4 $17,400.9 $2,473.1 $27,482.7

Source: Equifax Inc. Originations through April 26, 2020 reported as of April 28, 2020

79 © 2020 Equifax Inc. All Rights Reserved Consumer Finance: Total Subprime Consumer Finance Originations: Accounts Number of Accounts in Thousands; NSA Subprime accounts defined as those with borrower’s origination VantageScore® 3.0 less than 620 300

250

200

150

Thousands 100

Jul-072019

Jan-062019 Jan-052020

Oct-062019

Apr-072019 Apr-262020

# SUBPRIME CONSUMER FINANCE ACCOUNTS ORIGINATED (THOUSANDS) Rolling 2020 Rolling 2019 The last 8 weeks of weekly WEEKEND 2020 (12 Weeks) 2019 (12 Weeks) % TOTAL Feb-09 2020 168.3 168.3 166.1 166.1 35.0% data is shaded to indicate that Feb-16 2020 163.7 332.0 159.2 325.3 32.3% Feb-23 2020 155.4 487.4 150.4 475.8 28.5% the data is subject to revision Mar-01 2020 152.0 639.4 166.4 642.2 32.2% Mar-08 2020 168.3 807.8 162.3 804.5 33.1% due to reporting lags by data Mar-15 2020 162.2 970.0 166.5 970.9 33.8% Mar-22 2020 140.4 1,110.4 181.9 1,152.8 36.3% furnishers. The Darker shade Mar-29 2020 106.3 1,216.7 197.4 1,350.2 37.1% Apr-05 2020 44.5 1,261.2 208.8 1,558.9 27.6% indicated less revisions are Apr-12 2020 11.2 1,272.4 195.6 1,754.5 11.8% expected Apr-19 2020 12.7 1,285.1 197.6 1,952.2 12.0% Apr-26 2020 11.8 1,296.9 197.0 2,149.2 13.2% Source: Equifax Inc. Originations through April 26, 2020 reported as of April 28, 2020

80 © 2020 Equifax Inc. All Rights Reserved Consumer Finance: Total Subprime Consumer Fin. Originations: Credit Limits Total Balances in $Millions; NSA Subprime accounts defined as those with borrower’s origination VantageScore® 3.0 less than 620 800 700 600 500 400

Millions 300 200 100

Jul-072019

Jan-062019 Jan-052020

Oct-062019

Apr-072019 Apr-262020 TOTAL SUBPRIME CONSUMER FINANCE BALANCES ORIGINATED (MILLIONS) Rolling 2020 Rolling 2019 The last 8 weeks of weekly WEEKEND 2020 (12 Weeks) 2019 (12 Weeks) % TOTAL Feb-09 2020 $385.2 $385.2 $360.9 $360.9 19.3% data is shaded to indicate that Feb-16 2020 $385.8 $771.0 $354.1 $715.0 17.4% Feb-23 2020 $378.5 $1,149.5 $353.7 $1,068.7 15.6% the data is subject to revision Mar-01 2020 $385.2 $1,534.7 $382.7 $1,451.4 18.2% Mar-08 2020 $392.9 $1,927.6 $372.1 $1,823.5 18.2% due to reporting lags by data Mar-15 2020 $388.9 $2,316.4 $390.5 $2,214.0 18.7% Mar-22 2020 $335.1 $2,651.6 $435.8 $2,649.8 21.2% furnishers. The Darker shade Mar-29 2020 $243.2 $2,894.8 $465.0 $3,114.8 22.1% Apr-05 2020 $98.8 $2,993.6 $450.4 $3,565.1 16.2% indicated less revisions are Apr-12 2020 $16.3 $3,009.9 $449.1 $4,014.2 4.6% expected Apr-19 2020 $18.8 $3,028.8 $462.1 $4,476.3 4.7% Apr-26 2020 $18.9 $3,047.7 $466.5 $4,942.8 5.5% Source: Equifax Inc. Originations through April 26, 2020 reported as of April 28, 2020

81 © 2020 Equifax Inc. All Rights Reserved Consumer Finance: Total Consumer Finance Average Origination Credit Limit Average Origination Loan Credit Limit Over Time; NSA Subprime accounts defined as those with borrower’s origination VantageScore® 3.0 credit score less than 620 $5,000

$4,500

$4,000

$3,500

$3,000

$2,500

$2,000

$1,500

$1,000

$500

Jul-082018 Jul-072019

Jan-07 2018 Jan-07 Jan-062019 Jan-052020

Oct-072018 Oct-062019

Apr-082018 Apr-072019 Apr-262020

Consumer Finance Origination Loan Amount Subprime Consumer Finance Origination Loan Amount

Source: Equifax Inc. Originations through April 26, 2020 reported as of April 28, 2020

82 © 2020 Equifax Inc. All Rights Reserved Consumer Finance: Total YTD Consumer Finance Origination Credit Limits Year-to-Date Total Balances in $Millions; Subprime Share of Total Origination Credit Limits (%); NSA Subprime accounts defined as those with borrower’s origination VantageScore® 3.0 less than 620 $2,676 24% $2,433

$2,294 $2,222 21% $2,159 $2,111 $2,083 $1,996 $1,911 17%

$1,584

$1,529 14% Millions

$1,147 $1,101 10% SubprimeShare

$765 7% $609

$402 $358 $343 $382 3%

$0 0% Feb-09 Feb-16 Feb-23 Mar-01 Mar-08 Mar-15 Mar-22 Mar-29 Apr-05 Apr-12 Apr-19 Apr-26

Consumer Finance Origination Consumer Finance Origination Subprime Share

Source: Equifax Inc. Originations through April 26, 2020 reported as of April 28, 2020

83 © 2020 Equifax Inc. All Rights Reserved Consumer Finance: Total Consumer Finance Loan Origination Risk Year-to-date VantageScore® 3.0 Distribution for Consumer Finance Loan Originations by Year (Percent of Accounts)

300-539 540-579 580-619 620-659 660-699 700-739 740-779 780-850 no score

100% 100%

90% 90%

80% 80%

70% 70%

60% 60%

50% 50%

40% 40%

30% 30%

20% 20%

10% 10%

0% 0% Feb-09 Feb-16 Feb-23 Mar-01 Mar-08 Mar-15 Mar-22 Mar-29 Apr-05 Apr-12 Apr-19 Apr-26

Source: Equifax Inc. Originations through April 26, 2020 reported as of April 28, 2020

Around 100 consumer finance (CF) installment loans were originated in the week ending April 26th . The total dollar amount of CF installment loans originated in the week ending April 26th is $800K. The average loan amount for CF installment loans issued in the week ending April 26th was $7,232. The average loan amount on new subprime CF installment loans was $4,053. It is important to note that for the week ending April 26th, there was low weekly volume for consumer finance installment subprime accounts.

Originations through April 26, 2020 reported as of April 28, 2020

450 400 350 300 250 200

Thousands 150 100 50

Jul-072019

Jan-062019 Jan-052020

Oct-062019

Apr-072019 Apr-262020 # CONSUMER FINANCE INSTALLMENT ACCOUNTS ORIGINATED (THOUSANDS) Rolling 2020 Rolling 2019 WEEKEND 2020 (12 Weeks) 2019 (12 Weeks) The last 8 weeks of weekly Feb-09 2020 252.2 252.2 258.4 258.4 Feb-16 2020 243.4 495.6 246.0 504.3 data is shaded to indicate that Feb-23 2020 229.8 725.5 232.1 736.4 Mar-01 2020 223.1 948.6 257.8 994.2 the data is subject to revision Mar-08 2020 237.7 1,186.3 248.8 1,243.0 Mar-15 2020 233.9 1,420.1 262.2 1,505.3 due to reporting lags by data Mar-22 2020 206.9 1,627.1 284.4 1,789.7 Mar-29 2020 147.4 1,774.5 305.6 2,095.3 furnishers. The Darker shade Apr-05 2020 48.1 1,822.6 334.0 2,429.3 indicates less revisions are Apr-12 2020 0.4 1,823.0 319.1 2,748.4 Apr-19 2020 0.3 1,823.3 322.0 3,070.4 expected. Apr-26 2020 0.1 1,823.4 318.0 3,388.4

Source: Equifax Inc. Originations through April 26, 2020 reported as of April 28, 2020

1,800 1,600 1,400 1,200 1,000 800 Millions 600 400 200

Jul-072019

Jan-062019 Jan-052020

Oct-062019

Apr-072019 Apr-262020 TOTAL CONSUMER FINANCE INSTALLMENT BALANCES ORIGINATED (MILLIONS) Rolling 2020 Rolling 2019 WEEKEND 2020 (12 Weeks) 2019 (12 Weeks) The last 8 weeks of weekly Feb-09 2020 $964.7 $964.7 $953.3 $953.3 Feb-16 2020 $985.3 $1,950.0 $952.5 $1,905.8 data is shaded to indicate that Feb-23 2020 $971.8 $2,921.8 $949.0 $2,854.8 Mar-01 2020 $990.9 $3,912.8 $1,012.2 $3,867.1 the data is subject to revision Mar-08 2020 $998.9 $4,911.7 $996.5 $4,863.5 Mar-15 2020 $1,017.3 $5,928.9 $1,059.6 $5,923.1 due to reporting lags by data Mar-22 2020 $814.3 $6,743.2 $1,148.5 $7,071.6 Mar-29 2020 $557.4 $7,300.6 $1,216.7 $8,288.3 furnishers. The Darker shade Apr-05 2020 $176.3 $7,476.9 $1,215.9 $9,504.2 indicates less revisions are Apr-12 2020 $1.5 $7,478.4 $1,254.4 $10,758.6 Apr-19 2020 $1.7 $7,480.1 $1,277.7 $12,036.3 expected. Apr-26 2020 $0.8 $7,480.9 $1,264.3 $13,300.7

Source: Equifax Inc. Originations through April 26, 2020 reported as of April 28, 2020

88 © 2020 Equifax Inc. All Rights Reserved Consumer Finance: Installment Subprime Consumer Fin. Installment Loan Originations: Accounts Number of Accounts in Thousands; NSA Subprime accounts defined as those with borrower’s origination VantageScore® 3.0 less than 620 300

250

200

150

Thousands 100

Jul-072019

Jan-062019 Jan-052020

Oct-062019

Apr-072019 Apr-262020 # SUBPRIME CONSUMER FINANCE INSTALLMENT ACCOUNTS ORIGINATED (THOUSANDS) Rolling 2020 Rolling 2019 The last 8 weeks of weekly WEEKEND 2020 (12 Weeks) 2019 (12 Weeks) % TOTAL Feb-09 2020 141.5 141.5 142.2 142.2 56.1% data is shaded to indicate that Feb-16 2020 135.1 276.6 133.9 276.2 55.5% Feb-23 2020 125.1 401.8 124.9 401.1 54.5% the data is subject to revision Mar-01 2020 121.3 523.0 140.6 541.7 54.4% Mar-08 2020 132.3 655.3 134.0 675.7 55.6% due to reporting lags by data Mar-15 2020 129.4 784.7 139.6 815.3 55.4% Mar-22 2020 116.7 901.5 153.7 969.0 56.4% furnishers. The Darker shade Mar-29 2020 85.7 987.1 168.6 1,137.6 58.1% Apr-05 2020 30.0 1,017.1 182.0 1,319.6 62.3% indicated less revisions are Apr-12 2020 0.2 1,017.3 168.4 1,488.0 52.6% expected Apr-19 2020 * 1,017.4 171.1 1,659.0 31.3% Apr-26 2020 * 1,017.4 170.8 1,829.9 25.0% Source: Equifax Inc. * indicates low weekly originations volume Originations through April 26, 2020 reported as of April 28, 2020

89 © 2020 Equifax Inc. All Rights Reserved Consumer Finance: Installment Subprime Consumer Fin. Installment Originations: Balances Total Balances in $Millions; NSA Subprime accounts defined as those with borrower’s origination VantageScore® 3.0 less than 620 800 700 600 500 400

Millions 300 200 100

Jul-072019

Jan-062019 Jan-052020

Oct-062019

Apr-072019 Apr-262020 TOTAL SUBPRIME CONSUMER FINANCE INSTALLMENT BALANCES ORIGINATED (MILLIONS) Rolling 2020 Rolling 2019 The last 8 weeks of weekly WEEKEND 2020 (12 Weeks) 2019 (12 Weeks) % TOTAL Feb-09 2020 $342.0 $342.0 $323.3 $323.3 35.5% data is shaded to indicate that Feb-16 2020 $337.0 $679.0 $311.5 $634.8 34.2% Feb-23 2020 $325.5 $1,004.5 $309.2 $944.0 33.5% the data is subject to revision Mar-01 2020 $334.1 $1,338.6 $338.8 $1,282.8 33.7% Mar-08 2020 $338.5 $1,677.1 $327.6 $1,610.4 33.9% due to reporting lags by data Mar-15 2020 $337.8 $2,014.9 $346.2 $1,956.6 33.2% Mar-22 2020 $294.3 $2,309.3 $384.8 $2,341.4 36.1% furnishers. The Darker shade Mar-29 2020 $210.9 $2,520.2 $414.3 $2,755.7 37.8% Apr-05 2020 $75.9 $2,596.1 $405.8 $3,161.5 43.1% indicated less revisions are Apr-12 2020 $0.3 $2,596.5 $405.5 $3,566.9 23.2% expected Apr-19 2020 $0.3 $2,596.8 $419.1 $3,986.0 17.3% Apr-26 2020 $0.1 $2,596.9 $421.4 $4,407.4 14.0% Source: Equifax Inc. Originations through April 26, 2020 reported as of April 28, 2020

90 © 2020 Equifax Inc. All Rights Reserved Consumer Finance: Installment CF Installment Loan Average Origination Balance Average Origination Balance Over Time; NSA Subprime accounts defined as those with borrower’s origination VantageScore® 3.0 credit score less than 620 $8,000

$7,000

$6,000

$5,000

$4,000

$3,000

$2,000

$1,000

Jul-082018 Jul-072019

Jan-07 2018 Jan-07 Jan-062019 Jan-052020

Oct-072018 Oct-062019

Apr-082018 Apr-072019 Apr-262020

Consumer Finance Installment Origination Loan Amount Subprime Consumer Finance Installment Origination Loan Amount

Source: Equifax Inc. Originations through April 26, 2020 reported as of April 28, 2020

91 © 2020 Equifax Inc. All Rights Reserved Consumer Finance: Installment YTD Consumer Finance Installment Origination Balances Year-to-Date Total Balances in $Millions; Subprime Share of Total Origination Balances (%); NSA Subprime accounts defined as those with borrower’s origination VantageScore® 3.0 less than 620

$1,119 47% $1,017 $985 $991 $999 $965 $972 $959 41%

$814 $799 34%

$639 27%

$557 Millions

$480 20% SubprimeShare

$320 14%

$176 $160 7%

$2 $2 $1 $0 0% Feb-09 Feb-16 Feb-23 Mar-01 Mar-08 Mar-15 Mar-22 Mar-29 Apr-05 Apr-12 Apr-19 Apr-26

Consumer Finance Installment Origination Consumer Finance Installment Origination Subprime Share

Source: Equifax Inc. Originations through April 26, 2020 reported as of April 28, 2020

92 © 2020 Equifax Inc. All Rights Reserved Consumer Finance: Installment Consumer Finance Installment Loan Origination Risk Year-to-date VantageScore® 3.0 Distribution for Consumer Finance Loan Originations by Year (Percent of Accounts)

300-539 540-579 580-619 620-659 660-699 700-739 740-779 780-850 no score

100% 100%

90% 90%

80% 80%

70% 70%

60% 60%

50% 50%

40% 40%

30% 30%

20% 20%

10% 10%

0% 0% Feb-09 Feb-16 Feb-23 Mar-01 Mar-08 Mar-15 Mar-22 Mar-29 Apr-05 Apr-12 Apr-19 Apr-26

Source: Equifax Inc. Originations through April 26, 2020 reported as of April 28, 2020

89,100 consumer finance (CF) revolving loans were originated in the week ending April 26th. The total dollar amount of CF revolving loans originated in the week ending April 12th was $342.6 million. Around 11,800 CF revolving loans have been issued in the week ending April 12th to consumers with a VantageScore® 3.0 credit score below 620. These are generally considered subprime accounts. These newly issued loans have a corresponding total origination amount of $18.8 million. In the week ending April 26th, 13.2% of all CF revolving loans were issued to consumers with a subprime credit score. Origination balances on subprime CF revolving loans represent 5.5% of the total. The average loan amount for all CF revolving loans originated the week ending April 12th is $3,849. The average loan amount on new subprime CF revolving loans was $1,606.

Originations through April 26, 2020 reported as of April 28, 2020

500 450 400 350 300 250 200

Thousands 150 100 50

Jul-072019

Jan-062019 Jan-052020

Oct-062019

Apr-072019 Apr-262020 # CONSUMER FINANCE REVOLVING ACCOUNTS ORIGINATED (THOUSANDS) Rolling 2020 Rolling 2019 WEEKEND 2020 (12 Weeks) 2019 (12 Weeks) The last 8 weeks of weekly Feb-09 2020 228.6 228.6 218.1 218.1 Feb-16 2020 263.3 491.9 243.8 461.9 data is shaded to indicate that Feb-23 2020 315.6 807.6 262.8 724.7 Mar-01 2020 249.5 1,057.1 233.9 958.6 the data is subject to revision Mar-08 2020 270.6 1,327.7 244.8 1,203.4 Mar-15 2020 245.5 1,573.2 255.4 1,458.8 due to reporting lags by data Mar-22 2020 179.8 1,753.1 433.1 1,891.8 Mar-29 2020 139.3 1,892.4 267.5 2,159.3 furnishers. The Darker shade Apr-05 2020 112.9 2,005.3 281.3 2,440.6 indicates less revisions are Apr-12 2020 94.4 2,099.6 266.3 2,706.9 Apr-19 2020 105.5 2,205.2 256.3 2,963.3 expected. Apr-26 2020 89.1 2,294.3 265.9 3,229.2

Source: Equifax Inc. Originations through April 26, 2020 reported as of April 28, 2020

2,500

2,000

1,500

1,000 Millions

500

Jul-072019

Jan-062019 Jan-052020

Oct-062019

Apr-072019 Apr-262020 TOTAL CONSUMER FINANCE REVOLVING BALANCES ORIGINATED (MILLIONS) Rolling 2020 Rolling 2019 WEEKEND 2020 (12 Weeks) 2019 (12 Weeks) The last 8 weeks of weekly Feb-09 2020 $1,031.3 $1,031.3 $932.2 $932.2 Feb-16 2020 $1,237.0 $2,268.3 $1,073.5 $2,005.6 data is shaded to indicate that Feb-23 2020 $1,460.8 $3,729.1 $1,171.8 $3,177.5 Mar-01 2020 $1,119.9 $4,849.0 $994.4 $4,171.9 the data is subject to revision Mar-08 2020 $1,160.0 $6,009.1 $1,023.7 $5,195.6 Mar-15 2020 $1,065.8 $7,074.9 $1,102.5 $6,298.1 due to reporting lags by data Mar-22 2020 $770.2 $7,845.1 $1,913.1 $8,211.2 Mar-29 2020 $543.5 $8,388.6 $1,191.0 $9,402.3 furnishers. The Darker shade Apr-05 2020 $432.6 $8,821.2 $1,249.3 $10,651.5 indicates less revisions are Apr-12 2020 $356.1 $9,177.2 $1,188.8 $11,840.3 Apr-19 2020 $400.2 $9,577.4 $1,133.0 $12,973.3 expected. Apr-26 2020 $342.6 $9,920.0 $1,208.8 $14,182.1

Source: Equifax Inc. Originations through April 26, 2020 reported as of April 28, 2020

97 © 2020 Equifax Inc. All Rights Reserved Consumer Finance: Revolving Subprime Consumer Finance Revolving Loan Originations: Accounts Number of Accounts in Thousands; NSA Subprime accounts defined as those with borrower’s origination VantageScore® 3.0 less than 620 40 35 30 25 20

15 Thousands 10 5

Jul-072019

Jan-062019 Jan-052020

Oct-062019

Apr-072019 Apr-262020 # SUBPRIME CONSUMER FINANCE REVOLVING ACCOUNTS ORIGINATED (THOUSANDS) Rolling 2020 Rolling 2019 The last 8 weeks of weekly WEEKEND 2020 (12 Weeks) 2019 (12 Weeks) % TOTAL Feb-09 2020 26.8 26.8 23.9 23.9 11.7% data is shaded to indicate that Feb-16 2020 28.6 55.4 25.2 49.1 10.9% Feb-23 2020 30.2 85.6 25.6 74.7 9.6% the data is subject to revision Mar-01 2020 30.8 116.4 25.7 100.5 12.3% Mar-08 2020 36.1 152.4 28.3 128.8 13.3% due to reporting lags by data Mar-15 2020 32.8 185.2 26.9 155.7 13.3% Mar-22 2020 23.7 208.9 28.1 183.8 13.2% furnishers. The Darker shade Mar-29 2020 20.7 229.6 28.8 212.6 14.8% Apr-05 2020 14.5 244.0 26.7 239.3 12.8% indicated less revisions are Apr-12 2020 11.0 255.1 27.2 266.5 11.7% expected Apr-19 2020 12.7 267.7 26.6 293.1 12.0% Apr-26 2020 11.8 279.5 26.2 319.3 13.2% Source: Equifax Inc. Originations through April 26, 2020 reported as of April 28, 2020

98 © 2020 Equifax Inc. All Rights Reserved Consumer Finance: Revolving Subprime Consumer Finance Revolving Originations: Limits Total Credit Limits in $Millions; NSA Subprime accounts defined as those with borrower’s origination VantageScore® 3.0 less than 620 70

30 Millions 20

Jul-072019

Jan-062019 Jan-052020

Oct-062019

Apr-072019 Apr-262020 TOTAL SUBPRIME CONSUMER FINANCE REVOLVING BALANCES ORIGINATED (MILLIONS) Rolling 2020 Rolling 2019 The last 8 weeks of weekly WEEKEND 2020 (12 Weeks) 2019 (12 Weeks) % TOTAL Feb-09 2020 $43.2 $43.2 $37.6 $37.6 4.2% data is shaded to indicate that Feb-16 2020 $48.8 $92.0 $42.6 $80.2 3.9% Feb-23 2020 $53.0 $145.0 $44.5 $124.7 3.6% the data is subject to revision Mar-01 2020 $51.1 $196.1 $43.9 $168.6 4.6% Mar-08 2020 $54.3 $250.4 $44.5 $213.1 4.7% due to reporting lags by data Mar-15 2020 $51.0 $301.5 $44.3 $257.4 4.8% Mar-22 2020 $40.8 $342.3 $51.0 $308.4 5.3% furnishers. The Darker shade Mar-29 2020 $32.3 $374.6 $50.7 $359.1 5.9% Apr-05 2020 $22.8 $397.5 $44.6 $403.7 5.3% indicated less revisions are Apr-12 2020 $16.0 $413.5 $43.6 $447.3 4.5% expected Apr-19 2020 $18.5 $432.0 $43.0 $490.3 4.6% Apr-26 2020 $18.8 $450.8 $45.1 $535.4 5.5% Source: Equifax Inc. Originations through April 26, 2020 reported as of April 28, 2020

99 © 2020 Equifax Inc. All Rights Reserved Consumer Finance: Revolving CF Revolving Average Origination Credit Limit Average Origination Loan Credit Limit Over Time; NSA Subprime accounts defined as those with borrower’s origination VantageScore® 3.0 credit score less than 620 $6,000

$5,000

$4,000

$3,000

$2,000

$1,000

Jul-082018 Jul-072019

Jan-07 2018 Jan-07 Jan-062019 Jan-052020

Oct-072018 Oct-062019

Apr-082018 Apr-072019 Apr-262020

Consumer Finance Revolving Origination Loan Amount Subprime Consumer Finance Revolving Origination Loan Amount

Source: Equifax Inc. Originations through April 26, 2020 reported as of April 28, 2020

100 © 2020 Equifax Inc. All Rights Reserved Consumer Finance: Revolving YTD Consumer Finance Revolving Origination Credit Limits Year-to-Date Total Balances in $Millions; Subprime Share of Total Origination Credit Limits (%); NSA Subprime accounts defined as those with borrower’s origination VantageScore® 3.0 less than 620

$1,607 6.5% $1,461

$1,377 5.6% $1,237 $1,160 $1,148 $1,120 4.7% $1,066 $1,031

$918 3.7%

$770 Millions

$689 2.8% SubprimeShare $543

$433 $459 $400 1.9% $356 $343

$230 0.9%

$0 0.0% Feb-09 Feb-16 Feb-23 Mar-01 Mar-08 Mar-15 Mar-22 Mar-29 Apr-05 Apr-12 Apr-19 Apr-26

Consumer Finance Revolving Origination Consumer Finance Revolving Origination Subprime Share

Source: Equifax Inc. Originations through April 26, 2020 reported as of April 28, 2020

101 © 2020 Equifax Inc. All Rights Reserved Consumer Finance: Revolving Consumer Finance Revolving Loan Origination Risk Year-to-date VantageScore® 3.0 Distribution for Consumer Finance Loan Originations by Year (Percent of Accounts)

300-539 540-579 580-619 620-659 660-699 700-739 740-779 780-850 no score

100% 100%

90% 90%

80% 80%

70% 70%

60% 60%

50% 50%

40% 40%

30% 30%

20% 20%

10% 10%

0% 0% Feb-09 Feb-16 Feb-23 Mar-01 Mar-08 Mar-15 Mar-22 Mar-29 Apr-05 Apr-12 Apr-19 Apr-26

Source: Equifax Inc. Originations through April 26, 2020 reported as of April 28, 2020

It is important to note that for the week ending April 26th, there was low weekly volume for student loan accounts. We will continue to monitor on a weekly basis.

Originations through April 26, 2020 reported as of April 28, 2020

600 Thousands 400 200

Jul-072019

Jan-062019 Jan-052020

Oct-062019

Apr-072019 Apr-262020

# STUDENT LOAN ACCOUNTS ORIGINATED (THOUSANDS)

Rolling 2020 Rolling 2019 WEEKEND 2020 (12 Weeks) 2019 (12 Weeks) The last 8 weeks of weekly Feb-09 2020 207.0 207.0 212.2 212.2 Feb-16 2020 179.5 386.5 189.0 401.2 data is shaded to indicate that Feb-23 2020 138.6 525.0 154.7 555.9 Mar-01 2020 130.0 655.0 120.9 676.8 the data is subject to revision Mar-08 2020 118.1 773.0 129.5 806.3 Mar-15 2020 107.3 880.3 110.1 916.3 due to reporting lags by data Mar-22 2020 99.2 979.5 110.2 1,026.5 Mar-29 2020 82.2 1,061.7 120.6 1,147.1 furnishers. The Darker shade Apr-05 2020 22.1 1,083.8 106.9 1,254.0 indicates less revisions are Apr-12 2020 0.7 1,084.5 123.6 1,377.6 Apr-19 2020 0.3 1,084.8 93.2 1,470.7 expected. Apr-26 2020 * 1,084.8 106.8 1,577.5

Source: Equifax Inc. * indicates low weekly originations volume Originations through April 26, 2020 reported as of April 28, 2020

105 © 2020 Equifax Inc. All Rights Reserved Student Loans Student Loan Originations: Balances Total Origination Balances in $Millions; NSA 9,000 8,000 7,000 6,000 5,000 4,000 Millions 3,000 2,000 1,000

Jul-072019

Jan-062019 Jan-052020

Oct-062019

Apr-072019 Apr-262020

TOTAL STUDENT LOAN BALANCES ORIGINATED (MILLIONS)

Rolling 2020 Rolling 2019 WEEKEND 2020 (12 Weeks) 2019 (12 Weeks) The last 8 weeks of weekly Feb-09 2020 $1,886.9 $1,886.9 $1,994.1 $1,994.1 Feb-16 2020 $1,799.9 $3,686.8 $1,608.4 $3,602.6 data is shaded to indicate that Feb-23 2020 $1,407.3 $5,094.1 $1,425.3 $5,027.9 Mar-01 2020 $1,520.1 $6,614.2 $1,178.4 $6,206.3 the data is subject to revision Mar-08 2020 $1,464.5 $8,078.8 $1,557.7 $7,764.0 Mar-15 2020 $1,515.8 $9,594.6 $1,555.0 $9,319.1 due to reporting lags by data Mar-22 2020 $1,477.4 $11,072.0 $1,425.3 $10,744.3 Mar-29 2020 $1,212.3 $12,284.2 $1,404.0 $12,148.3 furnishers. The Darker shade Apr-05 2020 $347.6 $12,631.8 $1,389.8 $13,538.2 indicates less revisions are Apr-12 2020 $6.7 $12,638.5 $1,420.4 $14,958.6 Apr-19 2020 $2.4 $12,640.9 $1,310.7 $16,269.3 expected. Apr-26 2020 $0.2 $12,641.1 $1,188.0 $17,457.3

Source: Equifax Inc. Originations through April 26, 2020 reported as of April 28, 2020

106 © 2020 Equifax Inc. All Rights Reserved Student Loans Subprime Student Loan Originations: Accounts Number of Accounts in Thousands; NSA Subprime accounts defined as those with borrower’s origination VantageScore® 3.0 less than 620 400 350 300 250 200

150 Thousands 100 50

Jul-072019

Jan-062019 Jan-052020

Oct-062019

Apr-072019 Apr-262020

# SUBPRIME STUDENT LOAN ACCOUNTS ORIGINATED (THOUSANDS) Rolling 2020 Rolling 2019 The last 8 weeks of weekly WEEKEND 2020 (12 Weeks) 2019 (12 Weeks) % TOTAL Feb-09 2020 92.6 92.6 93.9 93.9 44.7% data is shaded to indicate that Feb-16 2020 82.3 174.9 88.5 182.4 45.8% Feb-23 2020 62.3 237.2 72.0 254.4 45.0% the data is subject to revision Mar-01 2020 60.8 297.9 56.2 310.5 46.8% Mar-08 2020 54.8 352.8 61.1 371.6 46.4% due to reporting lags by data Mar-15 2020 51.3 404.1 52.5 424.1 47.9% Mar-22 2020 48.5 452.6 54.6 478.6 48.9% furnishers. The Darker shade Mar-29 2020 38.0 490.6 55.0 533.6 46.2% Apr-05 2020 10.9 501.4 48.9 582.5 49.2% indicated less revisions are Apr-12 2020 * 501.5 62.0 644.5 13.4% expected Apr-19 2020 * 501.5 43.2 687.8 13.0% Apr-26 2020 * 501.6 45.8 733.6 26.7% Source: Equifax Inc. * indicates low weekly originations volume Originations through April 26, 2020 reported as of April 28, 2020

107 © 2020 Equifax Inc. All Rights Reserved Student Loans Subprime Student Loan Originations: Balances Total Balances in $Millions; NSA Subprime accounts defined as those with borrower’s origination VantageScore® 3.0 less than 620 2,000 1,800 1,600 1,400 1,200 1,000

800 Millions 600 400 200

Jul-072019

Jan-062019 Jan-052020

Oct-062019

Apr-072019 Apr-262020

TOTAL SUBPRIME STUDENT LOAN BALANCES ORIGINATED (MILLIONS) Rolling 2020 Rolling 2019 The last 8 weeks of weekly WEEKEND 2020 (12 Weeks) 2019 (12 Weeks) % TOTAL Feb-09 2020 $624.9 $624.9 $749.5 $749.5 33.1% data is shaded to indicate that Feb-16 2020 $638.8 $1,263.7 $626.0 $1,375.4 35.5% Feb-23 2020 $468.7 $1,732.4 $551.8 $1,927.2 33.3% the data is subject to revision Mar-01 2020 $501.4 $2,233.8 $427.5 $2,354.7 33.0% Mar-08 2020 $505.0 $2,738.8 $639.7 $2,994.5 34.5% due to reporting lags by data Mar-15 2020 $531.6 $3,270.4 $653.3 $3,647.7 35.1% Mar-22 2020 $503.2 $3,773.6 $597.0 $4,244.8 34.1% furnishers. The Darker shade Mar-29 2020 $462.3 $4,235.9 $573.1 $4,817.8 38.1% Apr-05 2020 $133.1 $4,369.0 $557.5 $5,375.3 38.3% indicated less revisions are Apr-12 2020 $0.7 $4,369.7 $590.9 $5,966.3 10.6% expected Apr-19 2020 $0.3 $4,370.0 $536.4 $6,502.6 13.6% Apr-26 2020 * $4,370.0 $423.0 $6,925.7 16.5% Source: Equifax Inc. * indicates low weekly originations volume Originations through April 26, 2020 reported as of April 28, 2020

108 © 2020 Equifax Inc. All Rights Reserved Student Loans Student Loan Average Origination Balance Average Origination Balance Over Time; NSA Subprime accounts defined as those with borrower’s origination VantageScore® 3.0 credit score less than 620 $2,076 42% $1,887 $1,800 $1,779 36%

$1,520 $1,516 $1,465 $1,477 $1,483 $1,407 30%

$1,212

$1,186 24% Millions

$890 18% SubprimeShare

$593 12%

$348 $297 6%

$7 $2 $0 $0 0% Feb-09 Feb-16 Feb-23 Mar-01 Mar-08 Mar-15 Mar-22 Mar-29 Apr-05 Apr-12 Apr-19 Apr-26

Student Loan Origination Student Loan Origination Subprime Share

Source: Equifax Inc. Originations through April 26, 2020 reported as of April 28, 2020

Data are not seasonally adjusted. Due to changes in data reported to Equifax, previously reported data December change. Data are sourced from Equifax’s U.S. Consumer Credit database of over 220 million consumers. . Equifax Credit Trends is the primary source for the data in this report; for more information on this database please visit www.equifax.com/business/credit-trends . These data are population level – not a sample. . Jointly held accounts are represented by a randomly selected borrower on the account. Tradelines are only counted once. . Exclusions for data quality are applied, such as timely reporting of the establishment of the trade (≤12 months); completeness of the tradeline record including type, credit limit, balance outstanding and status; and other similar filters (e.g., exclude if borrower’s death reported). Definitions: Account Type . Auto – Total: all accounts from banks and finance companies for loans or leases on light vehicles. . Auto – Lease: a long-term contract lease of the light vehicle that terminates with the return of the car or a balloon payment of the rest of the balance due. Lease amounts reported to Equifax reflect the contract amount only, excluding the expected residual value of the vehicle at lease end. . Auto – Loan: traditional amortizing installment loans on a light vehicle.

. Credit Cards – Bankcard: general purpose credit cardsOriginations. through April 26, 2020 reported as of April 28, 2020

Definitions: Account Type, continued . Credit Cards – Private Label: credit cards issued for use at particular retailers. Sometimes called retail cards or store cards. . First Mortgage: loans with first lien position on a residential property. . Home Equity Installment Loan: loans in second lien position on a residential property. These loans are amortizing for the full term of the loan and do not have a draw feature. . Home Equity Revolving Lines of Credit: loans usually in second lien position on a residential property. These loans commonly require only interest payments during the draw period and then are recast into amortizing payments at the end of the draw. During the draw period the borrower June take advances from the line of credit. . Total Consumer Finance: installment or revolving loans opened with a sales financing company or a personal finance company. These are typically unsecured finance trades. . Consumer Finance Installment: consumer finance loans that are amortizing for the full term of the loan and do not have a draw feature. . Consumer Finance Revolving: consumer finance loans with a line of credit from which the borrower can draw funds. . Student Loan: loan funded for the purpose of financing post-secondary educational study

Originations through April 26, 2020 reported as of April 28, 2020

Definitions: Other . Credit limit: the maximum amount the borrower can access on the account. On installment accounts this is the original loan amount. On revolving accounts this is also known as the credit line or high credit. . Subprime: a loan characterized by a combination of factors that make it not-prime-credit quality, meaning that these loans will typically have higher default rates and higher loss rates on average than prime-quality loans from the same vintage. Within this report these are defined as loans extended to borrowers who at the time the loan was originated had a VantageScore® 3.0 credit score below 620. Data on new tradeline originations are subject to revision for up to 12 months due to lags in lenders and servicers reporting to Equifax. . First Mortgage tradelines could be most affected by delays as servicing rights as well as the loans themselves are frequently sold after origination. . With the exception of first mortgage and home equity installment loans, at least 90% of expected new tradelines will have been recorded for the most recent month included in this report (e.g., October 2017 origination data in the October 2018 report). . Note that in January 2017 we permanently moved accounts that were previously identified incorrectly as home equity installment loans to consumer finance installment loans, affecting values after April 2014.

Originations through April 26, 2020 reported as of April 28, 2020

VantageScore . VantageScore is a trademark of VantageScore Solutions, LLC . More information can be found at www.vantagescore.com Equifax and the Equifax logo are registered trademarks of Equifax Inc., Atlanta, GA

The information presented herein is for general informational use only. Neither Equifax nor any of its affiliates make any express or implied representation or warranty as to the accuracy or completeness of the information contained herein. Equifax and its affiliates expressly disclaim any and all liability which June be based in whole or in part on such information, errors therein or omissions therefrom. This information is qualified in its entirety by the footnotes, assumptions and other qualifying statements contained herein. This information should not be relied upon in making any financial decision or otherwise. Such information is presented as of the date hereof only and is subject to change without notice. Equifax undertakes no responsibility to update or supplement the information contained herein.

Originations through April 26, 2020 reported as of April 28, 2020

CONTACTS

Peter Oburu Ph.D Chris Walker VP, USIS Data Leader Product Manager 470.373.1012 770.740.4772 [email protected] [email protected]

Visit us online today at www.equifax.com/business/credit-trends