WinWater Home Mortgage, a new mortgage conduit formed last year, plans to issue $250 million of securities backed by prime jumbo loans.

J.P. Morgan Securities and Bank of America are the lead underwriters on the deal.

Kroll Bond Ratings assigned preliminary ‘AAA’ ratings to $212 million of class A securities issued from the deal, WinWater Mortgage Loan Trust 2014-1.

According to KBRA, the loans backing the deal have a higher weighted average loan-to-value (LTV) ratio than any of the post-crisis, prime jumbo RMBS transactions that it has rated. The loans have a 71.2% weighted average  first-lien loan- to-value ratio and the 71.4% weighted average first- and junior-lien combined LTV (CLTV) ratio. KBRA said in the presale that 52.7% of the mortgages have a CLTV of 75% or greater but none of the loans have a CLTV exceeding 80%.  

The loans were originated by JMAX Lending, RPM Mortgage, Opes Advisors, Guaranteed Rate, Paramount and Prime Lending.

Cenlar FSB and Wells Fargo will service the loans. KBRA notes in the presale report that the servicer has “significant experience servicing prime jumbo mortgages and has been servicing almost all of the mortgage loans in the pool (99.1%) since June 1, 2014.” Wells Fargo also has a proven track record as a servicer with over 15 years of experience.    

The chart below illustrates how the deal tranches were rated by KBRA.

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