MBS

About 87% of the loans in the pool were underwritten to borrowers with less than full documentation and out of that group, about 63.9% were underwritten to a 12- to 24-month bank statement to verify income.

The GSE comes to market with a pool that is less volatile than average Freddie Mac pass-through deals, plus below-average amortization.

Most of the home loans were originated post-COVID and are on owner-occupied properties.

While the collateral is high quality, analysts raised concerns about a number of key parties that they feel lack robust securitization experience and financial strength.

CIM is secured by home loans making the most of second chances, and borrowers retaining their homes throughout several economic dips.

Conforming single-family homes, 65.3%, comprise most of the portfolio, and none of the borrowers in the portfolio had availed themselves of COVID-19 related forbearance.

Sequoia Mortgage Trust is among the first to include a distributed ledger agent in its reporting processes.

The varied portfolio includes loans with strong credit profiles, a WA FICO score of 734 and an original, combined loan-to-value of 68.3%.

A majority of the deal was underwritten to a less-than-full documentation standard, but meets ATR standards. Almost half of the loans are on California homes.

All but 501 of the loans in the pool were assessed following the new general QM rule. Otherwise, the pool is largely comprised of jumbo, prime loans.