DLJ Mortgage Capital, a Credit Suisse subsidiary, plans to issue $363.6 million of securities backed by fixed rate residential mortgage loans that are secured by single and two-to-four family residences, condominiums, co-ops and planed urban developments to prime borrowers.

The notes are backed by 526 prime residential mortgage loans acquired by DLJ Mortgage Capital. The loans 30-year, mostly fixed ratethat were purchased from Quicken Loans Inc. (33.2%), Fifth Third Mortgage Company (13.1%), First Republic Bank (FRB, 10.7%), Caliber Home Loans (6.1%), Sierra Pacific Mortgage Company (5.1%) and various other originators, each comprising less than 5% of the mortgage loans. 

Approximately 56.25% of the pool is comprised of mortgages that are designated as safe harbor, qualified mortgages, according to a Standard & Poorpresale report.

Credit Suisse is lead manager on the deal.  Both S&P and DBRS have assigned the notes ratings, ranging from ‘AAA’ to ‘BB’.

This is the third transaction to be issued from the CSMC Trust so far this year. It has a higher weighted average loan-to-value (LTV) ratio, at 71.4%; by comparison CSMC 2014-IVR2 and CSMC Trust  2014-IVR1 have LTVs of 69.5% and 66.5%, respectively.

However the borrowers in the pool backing the latest deal have substantially higher credit scores, at a weighted-average 768. Approximately 8.9% of the loans have FICOs lower than 720, and 11.0% have FICOs of 800 or higher.

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