Bayview Asset Management, a long-time investor in non-performing and re-performing mortgages, is debuting an expanded-prime jumbo securitization since expanding into acquiring high-balance, non-agency residential loans last year.
The $385.9 million Oceanview Mortgage Trust 2021-1 marks Bayview’s initial securitization (through an affiliate) of third-party jumbo mortgages that its affiliates began purchasing last June from originators such as George Mason Mortgage, CrossCountry Mortgage and Premier Mortgage Resources.
The inaugural securitization includes 447 30-year loans with average balances of $863,206. The pool consists entirely of fixed-rate mortgages that also meet qualified mortgage standards under the Consumer Financial Protection Bureau’s ability-to-repay standards.
The largest concentration of loans is in Washington, D.C. (13.8% of the pool) followed by Seattle, Wash. (5.8%) and Denver, Col. (5.6%).
The high-earning borrowers of the loans have median household incomes of $295,617, with weighted-average debt-to-income ratios of 29.8% and liquid reserves of $419,448.
Moody’s Investors Service has assigned preliminary triple-A ratings to 25 classes of senior notes in the deal, while Kroll Bond Rating Agency assigned its early AAA to four of the senior tranches.
Bayview's Oceanview affiliates previously included prime-jumbo loans in an
