Shellpoint Partners LLC today filed a shelf registration statement with the Securities and Exchange Commission to issue private label residential mortgage-backed securities.
Shellpoint plans to increase its non-agency mortgage origination for quality borrowers that do not fit within agency mortgage underwriting guidelines. The new loan originations will back future RMBS pools, rather than sourcing loans to securitize through bulk loan purchases from third-party originators.
The company will originate the loans through its wholly-owned subsidiary, New Penn Financial, LLC, the Plymouth Meeting, PA, based originator of agency, government and prime-quality non-agency residential mortgage loans.
"Shellpoint and New Penn Financial are excited to announce this important step in the non-agency securitization process," said Bruce Williams, Co-CEO of Shellpoint. "As the housing market begins to recover, we intend to be one of the first 're-entrants' into the public non-agency RMBS market in the near future, which has seen only a handful of deals from a few issuers since the onset of the financial crisis.
"The return of private capital through non-agency securitizations - backed by quality loans and implementing the lessons learned from the housing crisis - should provide an enormous boost to the U.S. housing market."