Nomura Corporate Funding is planning a $440.081 million jumbo residential mortgage-backed securitization called NRP Mortgage Trust 2013-1, according to a Kroll Bond Ratings Agency presale report.
NRPMT 2013-1 has the highest geographical concentration of any RMBS deal post-crisis, according to KBRA. Approximately 74% of the mortgages in the collateral pool are on properties located in California and the top three states make up 94.4%.
All 463 loans in the pool are 30-year, fixed-rate mortgages orginated by First Republic Bank. There are no loans with a collateral loan-to-value ratio greater than 80%.
The borrowers in the pool have a weighted average FICO score of 770, which is typical of prime RMBS transactions.
KBRA assigned 'AAA' ratings to the 18 senior tranches, which include exchangable certificates, totalling $406.644 million. It rated the $6.602 million B-1 tranche 'AA'; the $7.041 million B-2 tranche 'A'; the $4.841 million B-3 tranche 'BBB'; and the $8.351 million B-4 tranche 'BB'. It did not rate the 6.602 B-5 tranche.
First Republic, which also provides much of the collateral for RMBS sponsored by Redwood Trust, will be the servicer for all the loans. Wells Fargo will act as the master servicer and custodian.
KBRA also noted that some of the loans are super-sized: the largest is $3.325 million, which represents 0.76% of the total mortgage pool, and 16 loans have unpaid principal balances of over $2 million.