Goldman Sachs is preparing to bring its first post-crisis prime jumbo residential mortgage-backed securities transaction to market, according to a Kroll Bond Ratings Agency presale report.
A loan pool with an outstanding principal balance of almost $283 million backs 18 classes of mortgage pass through securities in the deal, GS Mortgage-Backed Securities Trust 2014-EB1. EverBank is the originator and servicer for the deal. Wells Fargo is the master servicer. California properties back almost 50% of the mortgages.
Fifty-nine 10-year hybrid adjustable-rate mortgages accounting for a little more than 16% of the aggregate pool balance comprise one group of collateral in the transaction. An addition 307 seven-year hybrid ARMs account for the balance of the collateral.
Almost 8% of the mortgages have a 10-year interest-only period. The weighted average loan-to-value and combined LTV ratios of are both roughly 70%. A little more than 5% of the pool has known junior mortgages. The pool’s WA original and current credit scores are 770 and 760.
Morgan Stanley, which re-entered the prime jumbo RMBS market earlier this year, and Nomura, which returned to that market in 2013, are examples of other Wall Street firms that have returned to the business.