Presale reports are out on the first jumbo securitization for FirstKey Mortgage LLC, a new player in the market linked to Cerberus, an investor in pre-downturn jumbo securities market participants such as ResCap.
The chairman of FirstKey's parent company, Keith Tietjen, is chief operating officer of Cerberus Operations and Advisory Co. LLC. He also was chief restructuring officer of GMAC ResCap from 2008 to 2009.
About 400 first-lien 30-year mortgages with an aggregate principal balance of almost $286 million back the securitization, FirstKey Mortgage Trust 2014-1, according to a presale report from Kroll. Fitch also has issued a presale report on the transaction.
The trust will offer approximately $259.6 million of triple-A rated senior notes; $8.15 million of double-A rated securities; $5.3 million of single-A rated securities; $5.1 million of triple-B rated securities and $3.7 million of double-B’ rated securities. All of the notes are structured with a final maturity date of November 2044.
The weighted average credit score of the pool is 767, and the weighted average loan-to-value ratio on the loans is around 70%, with known junior liens comprising a little over 2% of the pool.