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Jumbo Mortgage News

Bank Recognized as Strong Jumbo Originator

Ratings based on underwriting, loan performance

Dec. 17, 2012

By Mortgage Daily staff

A bank with its headquarters in the state of New York has been recognized by a major ratings agency as a strong originator of jumbo loans that are headed for non-agency residential mortgage-backed securities.

Residential loan originators of jumbo mortgages that are slated for securitization are rated based on their underwriting ability, their ability to accurately and objectively assess property value and their ability to close loans in compliance with laws and regulations. Financial strength and support functions are also considered.

Another big factor is how the loans perform after origination.

Moody's Investors Service has rated EverBank as a "strong" originator of prime jumbo mortgages. The rating is the best of four possible classifications handed out by Moody's.

The ratings agency based its assessment on a review of loans originated by EverBank between Sept. 1, 2010, and Aug. 31, 2012.

Out of around 2,000 jumbo mortgages originated during the review period, none had become 60 days delinquency.

In addition, "EverBank had no investor request for repurchase for any of the 120 +/- loans it originated and sold during the review period."

EverBank received an "above-average" assessment of its originator ability and an "average" rating for its sales and marketing and third party originator management.

The Islandia, N.Y.-based bank received an "above-average" assessment of its originator stability based, in part, on strong management strength and staff quality; legal and regulatory oversight; and technology.

Financial strength at EverBank was rated "below average" compared to its larger and more diverse competitors.

Quality control and audit functions at the bank were rated by Moody's at "above average."

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