Bank of America issued the first reverse mortgage REMIC via Ginnie Mae, according to The Reverse Mortgage Alert, which is a publication from DealFlow Media.

According to the report, the $130.9 million REMIC trust is backed by two home equity conversion MBS (HMBS) pools for adjustable-rate, Libor-based loans that the bank issued last August and September, according to a Ginnie Mae offering circular supplement.

The HMBS rate is Libor plus 2.94%, the report stated. Loop Capital Markets is co-sponsor in the the REMIC, which closed on Nov. 20, the report said.

Ginnie Mae said that the REMIC structure allows investors to buy securities that better cater to their risk appetite or investment parameters.

According to The Reverse Mortgage Alert, this REMIC is structured into three classes. Class FA is a principal and interest class with a coupon of Libor plus 1.15%. Class FI is interest only with a Libor plus 1.78% coupon. It also includes a Class R representing residual interest in the trust.

The report added that Ginnie Mae posted cloase to $1.24 billion in HMBS issuance in November, a rise of $321 million over the prior month.

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