Bayview Asset Management is prepping another securitization of mortgages it acquired from CitiFinancial that were once delinquent but are now making timely payments.
The transaction, Bayview Opportunity Master Fund IVb Trust 2016-SPL2, is backed by 274 loans with a total principal balance of $226.4 million.
The portfolio is comprised of 97.9% daily simple interest (DSI) loans and has an average original loan size of $71,355. The loans are approximately 127 months seasoned and all are current, including 0.1% that are in bankruptcy.
Approximately 90.2% have been making timely payments for the past 36 months, under the Mortgage Bankers Association delinquency methods. Approximately 36.7% of the loans have been modified, 99.7% of which happened more than two years ago.
Within the pool, 2,025 mortgages have non-interest-bearing deferred amounts, which are not included in the principal balances of the mortgage loans and will instead be payable to the holders of the Class X Notes. As a result of the seasoning of the collateral, none of the loans are subject to the Consumer Financial Protection Bureau Ability-to-Repay/Qualified Mortgage rules