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The deal is only the third post-crisis securitization of higher-risk manufactured housing assets, following deals in 2019 and 2020 that were sponsored by FirstKey Mortgage.
March 1
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Deals, trends and research in structured finance and asset-backed securities for the week of Feb. 19-25
February 25
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A majority of the loans are also junior-lien obligations, according to a presale report.
February 22
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Ratings agencies describe a "notable" concentration of alternative-income mortgages in the nonforming pool that were underwritten by Ellington-affiliated LendSure.
February 18
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The deal is similar in size and credit metrics to Caliber’s January private-label deal, albeit with a slightly higher borrower WA FICO (742) and smaller share of dirty-current loans.
February 11 -
However, the share of new impairments increased, likely as a result of the high concentration of these loans given to self-employed borrowers.
February 3
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DLJ and Nomura Corporate are sponsoring portfolios of mostly previously modified, well-seasoned mortgages that have at least two years of clean-current payment status.
January 27
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According to a presale report from Moody’s Investors Service, Home Re 2021-1 is the fourth deal by the issuer that will sell floating-rate notes (pegged to one-month Libor) that are backed by a reference pool of mostly prime mortgages.
January 27 -
The weighted average seasoning is 34 months, well above that of prior Invictus-sponsored deals on the Verus shelf that are typically new originations under 10 months.
January 13
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The transaction features a pool of non-qualified mortgages with a higher-than-average delinquency rate driven by COVID-19 relief plans.
January 8
