Fitch Ratings has rated the first residential mortgage-backed securitization from Shellpoint Partners, a multi-tranche deal worth $261 million. The agency said almost all the collateral pool is prime.
Shortly after Fitch released its pre-sale, DBRS and Kroll Bond Ratings put out their respective reports on the deal. ASR had reported June 18 that the three agencies were said to be rating the deal.
A $235 million senior A class has a triple-A rating from all three agencies, which also assigned the same scores to the other tranches. These include a B-1 class for $5.23 million (double-A); a B-2 class for $5.10 million (single-A); a B-3 tranche for $5.89 million (triple-B); and a B-4 one for $4.32 million (double-B).
Called Shellpoint Asset Funding Trust 2013-1, the deal has 445 mortgage loans behind it. Nearly all are prime 30-year fixed-rate mortgages originated or acquired by New Penn Financial.
The pool’s original weighted average LTVis 64.6%. The borrowers in the pool have an weighted average original FICO score of 770. This excludes foreign nationals, who have no credit score and account for 4.3% of the loans in the pool. This group, however, has weighted average liquid reserves of over $175,000 as well as weighted average debt-to-income of 20.8%.
Nearly half of the loans originate in California, with another 16.8% coming from New York.