A marketplace home lender that is operating out of Northern California has pulled off its first securitization of jumbo residential mortgages.
The transaction involved residential mortgage-backed securities issued on 270 jumbo loans with an aggregate principal balance of $169 million.
All of the loans are fixed rate. More than 78 percent of the mortgages have 30-year terms, and the remaining 22 percent have 15-year terms.
The transaction,
SoFi Mortgage Trust Series 2016-1, was rated by Kroll Bond Rating Agency, which announced the transaction Monday.
On a weighted-average basis, the original credit score is 777, the original loan-to-value ratio is 56.5 percent, and the combined LTV ratio is 57.0 percent.
The transaction
was the inaugural prime jumbo RMBS securitization for San Francisco-based SoFi Lending Corp.
