Jumbo mortgages originated or acquired by New Penn Financial LLC are part of the second securitization this year from Shellpoint Asset Funding.
The latest residential mortgage-backed security, Shellpoint Asset Funding Trust 2013-2, includes 431 first lien mortgages for nearly $309 million.
The loans were originated or acquired from correspondent originators by New Penn mostly through its Jumbo Advantage Program.
Most of the loans are 30-year, fully amortized, fixed-rate mortgages — though there are a couple 15-year loans and a few interest-only mortgages.
The weighted-average loan-to-value ratio is 65 percent, and the weighted-average FICO score is 773.
Selene Finance LP is acting as the primary servicer, while Wells Fargo Bank, N.A., is the master servicer and Christiana Traus will serve as the trustee.
The transaction was rated both by Kroll Bond Rating Agency and by DBRS.
Earlier this year, Shellpoint Asset Funding Trust 2013-1 was issued. That deal — the first by Shellpoint — included 445 first mortgages for $262 million. It included loans with similar characteristics as 2013-2.
The 2013-1 deal was rated by Fitch Ratings, Kroll and Standard & Poor’s Ratings Services.
Another recent RMBS transaction backed by jumbo mortgages is Agate Bay Mortgage Trust 2013-1. The 549 loans for $434 million were originated by Guaranteed Rate Inc., RPM Mortgage Inc. and Opes Advisors Inc., among other originators.
In addition, Sequoia Mortgage Trust recently closed its 11th RMBS deal this year. That deal included 453 loans for $346 million originated by several companies including PrimeLending and Plaza Home Mortgage.
