Redwood Trust's second Jumbo RMBS for 2012 under its Sequoia Mortgage Trust 2012-2 or SEMT 2012-2 is currently marketing. The transaction is worth $327.9 million.

The first 2012 securitization happened in January. Here's ASR's coverage of the 2012-1 deal.

According to a Fitch Ratings presale report, the notes are backed by 366 loans with a total balance of roughly $327.9 million as of the cutoff date.

The pool comprises prime fixed-rate mortgages originated by different entities, with 61% of the loans underwritten by First Republic Bank and PHH Mortgage Corp. (PHH). Fitch noted that these two have a solid track record of originating high-quality loans.

The transaction is backed by a pool of fixed-rate mortgages. The loans are mostly fully amortizing, according to the rating agency. However, 10.0% have a 10-year interest-only period.

ASR sister publication National Mortgage News reported in late February that Redwood estimated that it will buy $2 billion of Jumbo loans from 30 to 40 mortgage lenders this year.

The company plans to do at least six securitizations in 2012, including the two it has done so far. 

The REIT also reported that it posted a $3 million loss in 4Q11, compared to a profit of $15 million in the year ago period.

The distributions of principal and interest and loss allocations on the most current transaction are based on the usual senior-subordinate shifting-interest structure, Fitch stated.

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