J.P. Morgan Securities will issue a total of $388 million of securities backed by two pools of jumbo, prime residential mortgages.
Both pools are offered under the same trust, JPMMT 2015-4 and each back a set of senior note certificates rated AAA’ by Kroll Bond Ratings Agency.
The pools are each comprised of 30-year, fixed rate mortgage loans. Pool 1 (which represents 67.8% of the aggregate pool) is characterized by collateral contributions from 15 originators, including EverBank (41.8%), HomeStreet Bank (14.4%) and Bank of Oklahoma (10.4%).
Borrowers within this pool have a weighted average (WA) FICO of 767 and a WA LTV of 73.5%. This sub-pool has a WA loan age of approximately 6 months and WA debt-to-income (DTI) of 32.2% (borrowers have an average annual income of $325,778 and WA liquid reserves of $365,500).
Pool 2 (32.2% of the aggregate pool) is collateralized 100% by loans originated by First Republic Bank (FRB), with borrowers possessing a WA original credit score of 770 and a WA LTV of 61.4%. Borrowers in this pool earn more with an average annual income of $477,211 and WA liquid reserves of $2,930,723. This sub-pool has a WA loan age of approximately 24 months and a WA DTI of 28.4%.
Only 64.5% of the loans in the pool are subject to the ability to repay rule and all are designated as qualified mortgages (QM).
