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Jumbo Issuer's Loans Perform Well

Rating looks at mortgages securitized since 2010

June 13, 2012

By staff

Out of all the jumbo mortgages included in residential mortgage-backed securities issued by Redwood Residential Acquisition Corp. during the last two years, none have become significantly past due.

The Mill Valley, Calif., has securitized 1,842 prime jumbo loans since 2010. The mortgages were originated through third parties -- reducing the staffing level needed to support Redwood's production.

The loans were all issued through Redwood's shelf, Sequoia Mortgage Trust.

A report from Moody's Investors Service indicated than none of the loans backing the securities have become 60 days delinquent.

The strong loan performance prompted Moody's to rate Redwood's aggregator ability as above average.

The New York-based ratings agency said that the assessment was largely based on Redwoods' ability to manage and control loan quality
on its purchases.

"Redwood takes a selective approach
to approving sellers, has conservative program eligibility and underwriting guidelines and properly ensures reliable appraisal reports and regulatory compliance for the loans they acquire," Moody's stated.

Redwood's aggregator stability is above average, as is its legal affairs and oversight. Moody's noted that the level of litigation compared to other large aggregators active during the housing boom is low.

Management strength and staff quality and technology are strong, as is its credit risk management, Moody's said.

But the jumbo issuer's financial strength was rated as below average because of its structure as a monoline mortgage finance company that is vulnerable to market valuation fluctuations.

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