Real estate investment trust Redwood Trust is keeping pace with its monthly issuance goal, setting out on its ninth private-label residential mortgage-backed securitization deal of the year.
The platform Sequoia Mortgage Trust 2013-9 reported a total unpaid principal balance of $463.6 million when assessing the planned transaction. Additionally, a total loan balance of $765 million is expected.
Kroll Bond Ratings pre-rated the Redwood (RWT) deal, giving the majority of the deal’s tranches expected AAA ratings.
Fitch Ratings also pre-rated the deal, with the expected outlook slated as ‘stable,’ giving the deal’s tranches expected AAA ratings.
The platform will contain 606 loans, compared entirely of 30-year fixed-rate mortgages.
PrimeLending mortgages make up 9.8% of the transaction, while ‘other’ originators represent the majority of the deal, or roughly 84.3%.
In addition, the weighted average borrower credit score is 771, in line with recent Redwood deals as well as within the ‘prime’ mortgage range.
For the first time, the geographically diverse pool of the deal is listed as a ‘positive’ for the deal, given that less than half of the properties are located in California.
