Shellpoint Partners, the a New York-based specialty finance company formed in 2010 that is chaired by Lewis Ranieri, said its shelf registration initially filed with the US Securities and Exchange Commission last October, was declared effective today.
A spokesperson for the company could not comment on when the company plans to come to market with its debut private label RMBS. Speculation about when the company would bring its first issue to market has mounted since the company announced its shelf registration in 2012. The completion of the registration means that it may now issue public RMBS off of its shelf.
Shellpoint initially funded its shelf with $2 billion of issuance capacity, according to a Shellpoint press release.
“Funding the shelf with substantial capacity shows our commitment to bringing urgently needed private capital back into the housing market,” said co-CEO Saul Sanders. “We intend to be a significant issuer of new issue RMBS and help define the new market standards and practices that will restore a healthy housing market as one of the vital cornerstones of the economy.”
Shellpoint will securitize only loans originated by its wholly-owned subsidiary, New Penn Financial. New Penn Financial, founded in 2008 and based in Plymouth Meeting, PA, offers agency, government-backed and prime-quality non-agency residential mortgage loans to borrowers in 47 states (including the District of Columbia).