Caliber builds next non-QM RMBS from called collateral

Caliber Home Loans’ second private-label mortgage securitization for the year features large-balance loans previously collateralized on its COLT RMBS platform.

The $152.04 million COLT 2021-2R Mortgage Loan Trust consists of 100% called collateral, according to a presale report from Fitch Ratings.

The deal is similar in size and credit metrics to Caliber’s January bond sale, only with a slightly higher weighted average FICO of 742 (compared to 728 in COLT 2021-1R) and smaller share (12.1%) of so-called “dirty current” loans of formerly delinquent obligations.

Like the first 2021 transaction, COLT 2021-2R has a non-qualified mortgage concentration of just over 60%. Another eight percent are considered higher-priced qualified mortgages, and 29% are safe-harbor under the Consumer Financial Protection Bureau’s ability-to-repay standards.

The average loan size of $658,799 with 25.9 months of seasoning and average interest rates of 5.8%. Nearly all (94.4%) are primary-residence loans.

Credit Suisse serves as lead underwriter.

Glen Fest

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