Originations Report: Consumer Unsecured, May 2026

May 2026: Consumer Unsecured Originations Hold Near Record High as Credit Mix Softens

dv01’s latest Consumer Unsecured Origination Report shows May originations easing just 1.8% MoM after April’s all-time high. At the same time, credit mix softened across grade, FICO, and income, while pricing gaps widened across both FICO and income ranges.

What the Data Shows:

• Origination volume stayed resilient: Originations held above $5.75 billion for the second straight month, while loan counts rose 7.8% MoM, ahead of 2024 and 2025 averages.
• Credit quality loosened, but not uniformly: Top Grade share fell to 50.4%, FICO dropped to 725, and sub-670 originations hit their highest level since 2023. Still, PTI fell below 9% for the first time in more than three years, suggesting borrower payment burden improved even as headline credit metrics softened.
• Pricing dispersion kept widening: The 760+ vs. sub-670 FICO spread reached another record high, while income-based pricing gaps widened more than FICO gaps for the second consecutive month.

What We’re Watching: Whether Strength at the Top Is Masking Drift at the Bottom

• Whether the sub-670 FICO surge reverses in June, as similar seasonal softness did in 2024 and 2025
• Whether PTI improvement continues despite weaker FICO, income, and grade composition
• Whether income-based pricing dispersion keeps widening after outpacing FICO-based gaps for the second straight month