The Mortgage Equity Conversion Asset Trust Corporation this week issued a $92m reverse mortgage securitization, according to sources at one of the three servicers on the deal. Bank of America Merrill Lynch is the lead servicer for the private-label reverse mortgage securitization. Bank of America will service the actual loans. The two servicers declined to be named because of their respective agreements with BofA. According to the source, the deal was first shopped around late last month. The bond is supported by 760 home equity conversion mortgages. The trade publication Total Securitization reports it’s the first such deal since the recession began and said the Standard and Poor's rated senior double-A notes come in at a 4.75% yield. Most of the loans are in some form of distress or another. Typically, borrowers do not need to repay HECMs but run afoul when property taxes and insurance dues don't get paid. The deal is a private placement, meaning only large, institutional investors would have been allowed to participate. Write to Jacob Gaffney.