Flagstar Closes Inaugural RMBS Securitization
July 31, 2017
Flagstar Bancorp has announced it has closed its securitization of $444 million of residential mortgage-backed certificates (RMBS) issued by Flagstar Mortgage Trust 2017-1 (FSMT 2017-1). The certificates are supported by 668 jumbo prime (75 percent) and high-balance conforming (25 percent) loans. The pool comprises loans Flagstar originated through its retail, broker and correspondent channels.
"We believe that the RMBS program offers a more efficient way of selling jumbo mortgages into the market, which should help us competitively," said Alessandro P. DiNello, Flagstar's President and Chief Executive Officer. "This competitive advantage should help us, especially with the recent acquisition of Opes Advisors and our continued efforts to recruit top-tier mortgage loan producers. I expect that over time, and if we're successful, we could expect to expand the RMBS program to other residential mortgage loan products."
The collateral pool consists of high-quality 30- and 15-year, fully amortizing high balance conforming and jumbo fixed-rate Safe Harbor Qualified Mortgage loans to borrowers with strong credit profiles and low leverage. The pool has a weighted average FICO score of 771 and an original combined loan-to-value ratio of 63.5 percent. The collateral attributes of the pool are generally consistent with recent prime transactions.
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