MBS

Multiple originators outside of Angel Oak contributed to the pool, but none represented more than 16% by percentage of the pool balance.

Together, the deals OBX programs will issue about $850.5 million in prime jumbo and non-prime RMBS paper, and are expected to close on May 10.

Almost the entire deal will issue notes through a senior-subordinate capital structure repaying principal sequentially, instead of on a modified sequence.

With ADFITECH as a held company now, Mortgage Connect says it is well equipped to be a linear provider of credit, compliance and servicing review services.

Lenders financed the properties through first-lien, fixed-rate mortgage loans, most of which were on 30-year terms extended to prime borrowers, many self-employed.

Anticipation of the Federal Reserve’s balance-sheet reduction is weighing on bonds backed by mortgages, but the actual event may make them an attractive alternative to corporate debt.

Higher mortgage rates are adding to pressure on would-be buyers in a market where purchase prices are still skyrocketing two years into the pandemic housing boom.

The loans in the pool, all of which are fixed-rate and first lien, have an average balance of $426,504, and the top five loan balances account for 3.4% of the pool.

Almost all of the underlying loans had been pooled in Ginnie Mae MBS deals, but the loans had been repurchased after they became seriously delinquent.

Only about 1.0% of the mortgage assets in the collateral pool are for the respective borrowers’ personal use, and qualify as mortgages under Regulation Z.