Redwood Trust (RWT) filed a prospectus on the first residential mortgage-backed security (RMBS) since 2008 — the forthcoming Sequoia Mortgage Trust 2010-H1. Redwood Trust is named as the seller and sponsor, while Sequoia Residential Funding is the depositor in the filing with the Securities and Exchange Commission (SEC) Thursday. CitiMortgage acts as the originator and servicer, while Wells Fargo Bank is listed as the trustee on the deal. The issuer is planning to issue four classes of senior certificates, including one class of interest-only certificates and two classes of residual certificates, according to the prospectus. The issuer also plans four classes of subordinate securities. The deal is expected to close on or about April 28, and consists of 225 first lien mortgages secured by single-family residential properties, according to a preliminary term sheet filed on Wednesday with the SEC. The filings show 76.5% of the loans are rate and term refinancings, 19.4% are purchase loans and 4.1% are cash-out refinancings. They also illustrate that 73% of the loans are secured by properties with no second liens, while 27% have “silent seconds.” The loans bear approximately $222.38m of principal balance, with an average $932,700 principal balance per loan. The loans bear a weighted average seasoning of eight months, and a weighted average original loan-to-value ratio of 56.57%. The weighted average original credit score for the borrowers is 768. There is no loan level data available in the filing, though the deal is set to be publicly-placed and closed by April 28, and more information may be available then, sources tell HousingWire. Write to Diana Golobay.
Diana Golobay was a reporter with HousingWire through mid-2010, providing wide-ranging coverage of the U.S. financial crisis. She has since moved onto other roles as a writer and editor.see full bio
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Diana Golobay was a reporter with HousingWire through mid-2010, providing wide-ranging coverage of the U.S. financial crisis. She has since moved onto other roles as a writer and editor.see full bio