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Over $300 Million in HELOCs Sold

Mortgage News

A whole-loan transaction has been executed on the sale of more than $300 million in seasoned home-equity lines of credit.

The deal involves the successful execution of HELOCs with
an aggregate principal balance of approximately $339 million.

It’s the final execution of the first-lien HELOC portfolio. The sale of the first tranche of the portfolio took place early last year.

The transaction was announced Thursday by
Mortgage Industry Advisory Corp., which placed the loans through its whole-loan desk.

“This transaction demonstrates MIAC’s expertise in valuing and transacting in a broad range of whole loans,” MIAC Managing Director Steve Harris said in the statement. “Utilizing MIAC’s proprietary suite of valuation and stress testing tools, CORE non-agency behavioral model and Vision mortgage valuation and stress testing module, we were able to identify value in the marketplace and deliver superior execution to our seller and buyers.”

Harris added that
MIAC’s broker/dealer enables it to extend its valuation and distribution abilities to securities.

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