A small portfolio of jumbo mortgages that don’t meet Qualified Mortgage requirements is up for grabs. The loans are hybrid adjustable-rate mortgages.
A large bank that is located in the Midwest is offering the portfolio of non-QM jumbo loans for sale.
More than three-quarters of the mortgages
were used to finance home purchases. Another 15 percent were rate-and-term refinances, and the remaining nine percent were cashout refinances.
The
offering was announced Wednesday by Mortgage Industry Advisory Corp.
The deal involves around 24 five- and seven-year ARMs for less than $17 million.
The weighted-average coupon on the pool is 3.661 percent.
California is where properties backing 42 percent of the loans are located, while 24 percent are in the Virgin Islands and nine percent are in Texas.
MIAC noted that the loans are “lightly seasoned.” The loans were originated by the bank.
“The price expectation is mid 101’s; carve outs available,” the announcement said.
Interested investors should contact Brendan Teeley at
212.233.1250 x281 or [email protected].
