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First Securitization of loanDepot Mortgages

The first issuance of residential mortgage-backed securities solely backed by loans that were originated by loanDepot LLC is in the works.

Mello Mortgage Capital Acceptance 2018-MTG1 consist of 453 residential loans with a collective unpaid principle balance of $300 million.

All of the mortgages, which are primarily 30-year, first-lien loans, were originated by Foothill, Ranch, California-based loanDepot.

Moody’s Investors Service announced Tuesday that it provided provisional ratings for the RMBS that range from
Aaa to B2.

The loans will be serviced by Cenlar FSB, and Wells Fargo Bank, N.A., will be the master servicer.

All of the loans, which have been underwritten to government-sponsored enterprise guidelines, are designated as qualified mortgages either under the QM safe harbor or the GSE temporary exemption under the Ability-to- Repay rules.

Forty-one percent of the loans are
GSE-eligible high balance mortgages, and 59 percent are prime jumbo loans.

On a weighted-average basis, the seasoning is 2.1 months, the original FICO score is 772, and the combined loan-to-value ratio is 72.4 percent.

“Two third-party review firms, Clayton Services LLC and Opus Capital Markets Consultants LLC, verified the accuracy of the loan-level information that the sponsor gave us,” Moody’s stated. “These firms conducted detailed credit, collateral, and regulatory reviews on 100 percent of the mortgage pool. The third-party review results indicated compliance with the originators’ underwriting guidelines for the vast majority of loans, no material compliance issues, and no material appraisal defects.”

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