Does Fannie Mae support appraisers?

Does Fannie Mae support appraisers?

Here comes Collateral Underwriter

Higher fees proposed for FHA mortgages

MBA: This is far in excess of what the FHA needs

Royal Bank of Scotland pulls petty mortgage stunt

Here's why we shouldn't be surprised
W S
Investments / Servicing

Citigroup and Nationstar team on mortgage bond offering

Nationstar will do most of the servicing

bank
KEYWORDS Bonds / Citi / Mortgage / Nationstar / RMBS
/ Print / Reprints /
| Share More
/ Text Size+

Citigroup [C] bought a bunch of mortgages originated by Nationstar [NSM], Stearns Lending and Freedom Mortgage.

Citi then securitized those loans, with Nationstar doing most of the servicing.

Credit rating agency DBRS expects most of the tranches of the deal, Citigroup Mortgage Loan Trust 2014-J1, will carry a triple-A rating.

For DBRS, a credit enhancement of 6.35% is necessary to garner a triple-A.

The Citi certificates are backed by 285 loans with a total principal balance of $217,985,825.

The loans will be serviced mainly by Nationstar (71.1%). But Fay Servicing, LLC (23.0%), Fifth Third Mortgage Company (Fifth Third, 3.2%) and PennyMac Corp. [PMT] (2.8%) are also involved.

"The transaction employs a senior-subordinate shifting-interest cash flow structure that is enhanced from a pre-crisis structure," DBRS said in its pre-sale report.

"Compared with other recently issued prime jumbo transactions, this portfolio contains a very strong FICO score, and combined loan-to-value and debt-to-income ratios with much less barbelled distributions," DBRS added. "In addition, the pool contains 5.1% 15-year mortgages, and no interest only loans."

Recent Articles by Jacob Gaffney

Comments powered by Disqus