Nationstar priced the $144.5 million, triple-A rated class A notes issued under its RMBS deal, Nationstar Mortgage Loan Trust 2013-A, according to a person familiar with the deal.

The class A notes, structured with a weighted average life of 3.15-years, priced at 200 basis points over swaps.  Barclays and BofA Merrill Lynch are joint bookrunners on the deal that is expected to close on Dec. 12.

Interest only and subordinated notes are expected to be offered after the senior notes.  Standard & Poor’s rated the deal. The transaction additional tranches of modifiable and exchangeable certificates are structured with a shifting-interest structure and more than 8% credit enhancement.

There are three senior tranches, including a notional interest-only tranche. Also there are eight subordinate tranches, two of which are notional IO classes.

The majority of NMLT 2013-A's collateral has Alternative-A (Alt-A) characteristics.  S&P said that 43.7% of the pool consists of cash-out refinance loans. The loan pool has a weighted average current loan-to-value ratio below 50%.  

Some loans in the pool have had 30-day delinquencies in the past 12 months, but almost 88% of the loans have been current for 24 months based on Mortgage Bankers Association pay history.  

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.