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Jumbo MBS Lull Interrupted

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A recent slump in new issuance of jumbo residential mortgage-backed securities was broken up by a new deal planned by seasoned veteran.

Redwood Residential Acquisition Corp. is issuing its 12th jumbo MBS this year. The transaction consists of fixed-rate loans, most of which are 30-year.

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

Moody’s Investors Service reports that our of all of Redwood’s transactions issued between 2010 and 2012, only two loans have been more than 60 days delinquent — and both of those mortgages have since cured, though one is in bankruptcy and paying.

Sequoia Mortgage Trust 2013-12 is filled with 410 first lien residential loans with an aggregate principal balance of $325 million.

The product was originated by 78 companies including First Republic Bank, which was responsible for 18.5 percent of the loans, and PrimeLending, where 9.2 of the loans were generated.

The 8.35 percent subordination on this transaction is higher than all other Moody’s-rated Sequoia transactions this year because the weight-average FICO score was lower than the other deals and the weighted average loan-to-value ratio was higher. In addition, there is a higher pool concentration in the higher LTV-lower FICO bucket.

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