An affiliate of Waterfall Asset Management is preparing to issue the first rated mortgage-backed security backed by non-agency reverse mortgages since 2007. Kroll Bond Rating Agency and Morningstar Credit Ratings placed preliminary AAA ratings on Cascade Funding Mortgage Trust 2018-RM2 this week. The deal is backed by 915 active jumbo reverse mortgages with a total unpaid principal balance of $571.8 million. The loans were originated between 2002 and 2008 and subsequently ...