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Redwood lines up another jumbo RMBS

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Fitch Ratings said it expects to rate the latest residential mortgage-backed certificates to be issued by Sequoia Mortgage Trust 2011-2. Redwood Trust (RWT), the only company to launch private-label residential mortgage securitizations since the financial crisis began in 2008, is issuing the RMBS. Redwood will bond 473 loans with a total balance of approximately $375 million. All the loans are prime fixed-rate mortgages originated by six originators. The deal is broken down with 53% of the mortgages originated by First Republic Bank. PHH Mortgage Corp. (PHH) makes up another 27%. The rest of the pool was originated by Wells Fargo Home Mortgage (8%) (WFC), SunTrust Mortgage (7%), PrimeLending (4%), and Sterling Savings Bank (1%). Distributions of principal and interest and loss allocations are based on a traditional senior-subordinate shifting-interest structure. Click chart below for breakdown: Redwood Trust successfully closed an earlier $290 million prime jumbo residential mortgage loan securitization, the only private deal of its kind, earlier this year. Further, a new RMBS from Redwood has been in the works for months. The firm said it intends to issue nearly $1 billion in private RMBS. Two Harbors Investment said in May it was partnering with Barclays Capital (BCS) to issue an RMBS worth $250 million. The two firms closed a $100 million mortgage warehouse facility that month to gather prime jumbo loans from select originators. Write to Jacob Gaffney. Follow him on Twitter @jacobgaffney.

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