EverBank, which recently issued its first jumbo mortgage-backed security, plans to become a regular issuer and is close to another deal, said executive vice president of lending Tom Wind
Wind told ASR sister publication, National Mortgage News, that the company is planning to issue deals that, like its first, would be in the $300 million to $400 million range.
He said how often deals would be done would depend on its rate of loan accumulation for the product it securitizes. The bank, which specializes in serving affluent clients and has a presence on both coasts, is securitizing its jumbo fixed-rate mortgages but also originates jumbo adjustable-rate mortgages that it keeps in portfolio.
Wind said the jumbo non-agency market is “really starting to come back.” When asked if the economics are attractive to issuers, he said that although there has been some fluctuation in spreads it is a “very competitive product” and prices have been tightening in comparison to the agency market.
“Credit quality is fantastic,” he said. “Investors really are differentiating and…quality will really matter.”
EverBank is primarily a retail originator and has been building out that channel the last two years. It strategically continues to hire loan officers and also has a correspondent channel.