Residential Credit Solutions (RCS) has issued a newly created RMBS called Residential Credit Solutions Trust 2011-1 totaling $110.68 million. The offering is backed by both current and delinquent residential loans.
The pool is made up of 46% current mortgage loans and 44% delinquent mortgages or Real Estate Owned properties.
Bank of America Merrill Lynch served as the underwriter on the nonrated senior / subordinated offering. RCS will be the servicer of the underlying mortgage loans.
The firm is a high-touch special servicer that resolves sub-performing and nonperforming mortgages. It is rated as a special servicer by both Standard & Poor's and Fitch Ratings. RCS is approved by the Department of Housing and Urban Development (HUD), Fannie Mae and Freddie Mac.
