FirstKey Mortgage’s next offering of reperforming mortgage bonds is backed by loans to borrowers with more equity in their properties than the previous three transactions.

Nearly 73% of the collateral for the $1.3 billion Towd Point Mortgage Trust 2017-4 are “clean current”, meaning borrowers have been making timely payments for the last two years, at least. That’s consistent with prior deals. However, the concentration of loans modified due to some sort of performance issue is five percentage points higher in this latest offering, at just over 90%.

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