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Jumbo RMBS Coming to Market

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Nearly $0.3 billion in jumbo mortgages are being securitized in one of the few private-label issuances since the financial crisis began.

The issuance of non-agency residential mortgage-backed securities ground to a halt after the financial crisis peaked in September 2008.

But one company has managed to eke out a few jumbo securitizations: Redwood Residential Acquisition Corp.

Through Sequoia Mortgage Trust, Redwood has securitized 1,842 jumbo loans since 2010, and none of the loans has become 60 days delinquent as of this month, according to Moody’s Investors Service.

Now, the Mill Valley, Calif.-based company is issuing Sequoia Mortgage Trust 2012-3.

The $272 million RMBS includes 331 first-lien, fixed-rate, 30-year, residential loans with an aggregate unpaid principal balance of $294 million.

Borrowers on the loans have high FICO scores, significant liquid cash reserves and substantial equity in the properties.

First Republic Bank originated 38 percent of the loans, while PrimeLending was responsible for 17 percent, United Shore Financial Servicers generated 10 percent and Flagstar Capital Markets Corp. originated 9 percent. The remaining loans were originated by 14 originators — each which was responsible for no more than 5 percent of the total.

Moody’s has rated all four classes of the RMBS at Aaa.

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