Allison Bisbey

The $597 million AREIT 2018-CRE2 is also slightly less concentrated than the sponsor's inaugural deal, completed in February.

Starting next year, the servicing giant plans to go after some of SLM Corp.'s best borrowers – at least with refinance student loans.

It has obtained a $259 million commercial mortgage from Goldman Sachs for a portfolio of 39 buildings in Dallas/Fort Worth, Houston and San Antonio.

Invitation Homes 2018-SFR4 recycles collateral from Colony American Homes 2015-SFR1 (53.9%) and Colony Starwood Homes 2016-SFR1 (46.1%).

Like recent Federal Education Loan Program securitizations from Nelnet and Navient, it has meaningful exposure to rehabbed loans and loans in income-based repayment plans.

The $310.74 million transaction is also the first backed entirely by loans originated by New Penn that Fitch has rated since 2013.

Rating agencies are sparring over a new feature in a private-label RMBS that upends the relationship between senior and sub bondholders.

The $286.4 million deal is an important test for Upgrade, which has raised $142 million of equity over the past two years but has yet to turn a profit.

The mortgages being reinsured are more seasoned than most other deals rated by Morningstar, which helps offset the risk of lower initial weighed average LTV.

The $462.3 million VMC 2018-FL2 will be backed by 25 properties, two of which will be acquired after the deal closes.

Jamba collateral has been added to the master trust, which will issue $300 million of new notes; proceeds will repay $200 million of existing notes.

The rating agency feels that “late-cycle credit behavior” is allowing less established issuers to rely on the securitization market more heavily for funding.

The REIT is purchasing another $500 million of credit risk transfer notes through Fannie's L Street Securities program; this is its first deal rated by Fitch.

Refinance loans account for just 21% of the collateral, and even among those borrowers, just under half have advanced degrees.

The collateral for the new notes will revolve over a period of two years; during this time, the notes will pay only interest and no principal.

Wells Fargo’s first private-label mortgage securitization since the financial crisis doesn’t break any new ground — and that’s probably the point.

The transaction comes six months after Adams said it was in talks about a possible merger with Fairway Outdoors and REIT conversion.

Wyndham Destinations has increased the level of investor protection on its next offering of bonds backed by timeshare loans to offset the slightly weaker collateral.

A two-year-old lawsuit by the CFPB may be languishing, but nine members of the Teachers Federation of America sued the student loan servicing giant alleging that it misled borrowers in public service professions in order to line its pockets.

FASST 2018-1 has a lower weighted average loan-to-value ratio than prior deals by either the sponsor or rival Nationstar; this lessens the risk of loss, though liquidation timelines may be longer.