Boom times: Presale reports for three expanded-credit MBS were published on Monday. Meanwhile, the second-largest post-crisis deal is in the works and JPMorgan Chase is set to issue another non-QM MBS.
Mortgages eligible for sale to the GSEs will account for 13.1% of the $353.4 million deal, which is more than double the share of GSE-eligible mortgages in the previous expanded-credit MBS from Redwood.
Some of the top expanded-credit MBS issuers – including Invictus Capital Partners, Angel Oak Companies, Lone Star Funds and New Residential Investment – issued one security each in the second quarter after bringing two deals each during 1Q19…
The collateral is largely similar to previous deals from Starwood, though the use of additional lenders helped reduce the average seasoning time and increase the dollar volume.
First Republic’s IO holdings had a weighted average loan-to-value ratio of roughly 56%, based on appraised value at the time of origination. The loans have credit scores averaging 762.