Accredited Home Lenders, the San Diego-based nonprime mortgage lender, closed its final securitization of first lien mortgage loans last week, a $1 billion securitization that will be its final deal in a year that saw the company shatter its yearly high for securitization volume. Accredited securitized over $3.2 billion in 2004 and Executive Vice President Ray McKewon says his goal for 2005, is to exceed that amount. "We hope to grow [our] portfolio faster than we were able to keep in 2004. [We] hope to secure more in 2005," said McKewon.
McKewon said the increasingly large deals are part of the firm's plan to grow its portfolio through quarterly securitizations and 2004 was the first year Accredited completed deals in all four quarters. Absent a market disruption, added McKewon, Accredited plans to continue its quarterly securitization plan into 2005, and he hopes each of its quarterly deals in 2005 will total the size of the 2004-4 deal.