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  "documentTitle": "Pathward Financial | Investor Presentation Deck | 24 slides",
  "authorId": "pathward-financial",
  "authorName": "Meta Financial Group",
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  "presentationDate": "2022-02-01 00:00:00",
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  "notes": "The slide uses two distinct waterfall diagrams to explain credit risk protection.",
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      "kind": "diagram",
      "text": "Warehouse Finance Waterfall: All Loan/Collateral Cash Flows -> Admin Fees -> First-Out Tranche ($55MM), Junior Tranche ($35MM), Equity Tranche ($10MM)",
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      "text": "Consumer Credit Waterfall: Consumer Payments -> Collection Account -> Principal Repayment, Principal Losses, Servicing -> Meta's Agreed upon interest return -> Remaining Excess Spread -> Reserve release",
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      "text": "Warehouse Finance: Asset-backed warehouse lines of credit used to support strategic initiatives. Lines are primarily secured by consumer receivables, whereby Meta is in a senior, secured position as the first out participant. Have never had a charge off or loss. Agreements trigger waterfall protection for the \"First Out\" participant.",
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      "text": "Consumer Credit Program: Consumer credit programs with marketplace lenders offer Meta a risk adjusted return, protected by certain layers of credit support and balance sheet flexibility. Programs are offered to strategic partners with payments distribution potential. Agreements typically provide for “excess spread” build-up and protection through a priority of payment within a waterfall",
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      "text": "CREDIT CONTROLS LIMIT THE RISK IN CONSUMER AND WAREHOUSE PROGRAMS",
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