Angel Oak Capital Advisors issued a $328.76 million nonprime mortgage-backed security this week, its biggest so far. Its previous high was a $210.45 million offering in July. DBRS and Fitch Ratings assigned AAA ratings to Angel Oak Mortgage Trust I, LLC 2018-1. The deal included credit enhancement of 35.6 percent on the senior tranche, somewhat lower than previous issuance from Angel Oak. Fitch said Angel Oak has strong underwriting and risk management practices, which ...

The first jumbo mortgage-backed security from loanDepot is set to close April 6. After a span where the nonbank contributed to jumbo MBS issued by other firms, loanDepot set up its own securitization shelf. The $299.83 million Mello Mortgage Capital Acceptance 2018-MTG1 was stocked with non-agency jumbos along with conforming jumbos eligible for sale to the government-sponsored enterprises. The deal received AAA ratings from DBRS and Moody’s Investors Service with ...

JPMorgan Chase is preparing to issue a non-agency mortgage-backed security stocked entirely with loans eligible for sale to the government-sponsored enterprises. While Chase has long included GSE-eligible loans in its non-agency MBS, the deals generally also include non-agency jumbo mortgages. The mortgages in the $313.56 million deal largely look to be conforming jumbos. The loans have an average balance of $527,877. Fitch Ratings noted that the collateral attributes of the pool are ...

Fitch Ratings recently proposed changes to its loss model criteria for non-agency MBS involving servicer quality and the performance of re-performing loans.

A subsidiary of Annaly Capital Management plans to issue a non-agency mortgage-backed security with a mix of seasoned mortgages. The $327.16 million OBX 2018-1 Trust will include loans that have seasoned for an average of four years and mortgages that were called from non-agency MBS issued in 2005. The newer loans have a total unpaid principal balance of $121.86 million. Some 11.4 percent of them include interest-only features. Non-qualified mortgages account for ...

Impac Mortgage Holdings will continue to focus on originating non-qualified mortgages after a change in leadership at the nonbank. Joseph Tomkinson, the longtime chairman and CEO of Impac, is scheduled to step down in July, with George Mangiaracina taking over as CEO. Mangiaracina has been an executive vice president and managing director at Impac since early 2015. Since then, Impac has boosted its non-QM production while focusing on refinances of conforming mortgages ...

JPMorgan Chase is set to issue another non-agency mortgage-backed security mixing jumbo mortgages and loans eligible for sale to the government-sponsored enterprises. DBRS, Moody’s Investors Service and S&P Global Ratings assigned preliminary AAA ratings to the planned $866.07 million JPMorgan Mortgage Trust 2018-3 this week. Some 1,348 loans will be included in the issuance, divided nearly evenly between jumbo mortgages and loans eligible for sale to the government-sponsored ...

Citadel Servicing Corp., which has been working on its first MBS deal backed by non-qualified mortgages for six months, killed the transaction this week, industry sources familiar with the matter told Inside MBS & ABS.

Issuance of non-agency mortgage-backed securities backed by non-qualified mortgages could triple this year, according to Jeremy Schneider, a senior director at S&P Global Ratings. According to Inside Nonconforming Markets, $4.08 billion of expanded credit non-agency MBS was issued in 2017, with non-QMs accounting for a large share of the issuance. Schneider and other industry participants discussed non-QMs at the SFIG Vegas conference produced by Information ...

Issuance of jumbo mortgage-backed securities flourished at the start of the year, prompting projections that volume could double compared with 2017, but the market isn’t expected to grow to anywhere near pre-crisis levels. Baron Silverstein, a managing director at Bank of America Merrill Lynch, said he expects to see more issuers enter the maket and that issuance could hit $20.0 billion this year. He was speaking at the SFIG Vegas conference produced by Information Management Network and ...