“Approximately 47% of the pool by unpaid principal balance (60% by loan count) had a prior credit event, including foreclosure, bankruptcy, short sale or deed in lieu of foreclosure.”
COLT 2016-1: Caliber Home Loans Markets First Non-Prime Mortgage Bond
Irving, Texas-based residential mortgage origination and servicing company, Caliber Home Loans, continues to move into new growth territory.
Fitch Ratings announced the first rated non-prime, post crisis private-label securitization is being marketed using Caliber mortgages as collateral.
It’s called COLT 2016-1, which means it’s the first in an intended series of residential mortgage-backed securitizations to come.
The announcement is fairly spectacular as the private mortgage bond market is largely nonexistent, though the once, largest player Redwood Trust is said to be making a comeback following a lengthy hiatus.
At any rate, according to the pre-sale report: “Fitch reviewed Caliber’s and [asset manager] Hudson’s origination and acquisition platforms and found them to have sound underwriting and operational control environments, reflecting industry improvements following the financial crisis that are expected to reduce risk related to misrepresentation and data quality.”
From BUSINESS WIRE