While non-agency loans have recently been securitized without agency backing, planned sales by the government-sponsored enterprises dominated non-agency news.
WinWater Mortgage Loan Trust 2015-3 includes 382 residential loans for $288 million that were originated by 56 mortgage bankers.
All of the mortgages are 30-year, first liens.
Third-party due diligence found a majority of reviewed loans to be compliant. Non-compliant loans had strong compensating factors.
Nearly a tenth of the total was originated by Ditech Mortgage Corp., while Prospect Mortgage LLC was responsible for 8 percent and another 7 percent were closed by LoanDepot.com.
Moody’s Investors Service last month assigned ratings ranging from Aaa to Ba2 to the deal. The primary servicer on the transaction is Cenlar FSB.
Three days earlier, New York-based Moody’s had announced provisional ratings on the transaction.
On Monday, Freddie Mac disclosed its intention, subject to market conditions, to pre-market its
first actual loss Structured Agency Credit Risk offering, STACR 2015-DNA1, beginning on April 13.
Freddie said this STACR offering will differ from similar prior offerings, which utilized fixed severity approaches, because losses on this deal will be allocated based on
actual losses realized on the related reference obligations.
“We think the market of the future, where increasing amounts of credit risk will be transferred to private investors, will be actual loss based and we are excited to begin that transition with the next STACR offering,” Freddie Mac Vice President of Credit Risk Transfer Mike Reynolds said in the announcement.
On March 24, McLean, Va.-based Freddie
announced its second STACR offering of 2015. The transaction, STACR Series 2015-HQ1, is for $860 million.
Freddie said the loan-to-value ratios range from 80 percent to 95 percent.
“Investor demand for the HQ deal was high, and we were able to make a modest up-size of the transaction,” Reynolds said in the statement. “This is a part of Freddie Mac’s strategy to be responsive to the market.”
Secondary rival Fannie Mae said last week that it plans to start offering pools of non-performing single-family mortgages for sale. One deal is in the hopper and expected to close in the near future.
Fannie’s senior vice president, Joy Cianci, noted in the announcement that the transactions are intended to reduce the seriously delinquent portion of the Washington-based company’s investment portfolio.
