Skip to main content

Flagstar Closes Inaugural RMBS Securitization

NationalMortgageProfessional.com
Jul 31, 2017
Flagstar Bank has hired Ryan Goldberg, previously Executive Vice President and Head of Priority Banking and Branch Small Business at Regions Bank in Birmingham, Ala., as Executive Vice President and Director of Retail Banking at Flagstar

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.

 
Published
Jul 31, 2017
Planet Home Lending Reports Q3 Gains In Asset Management, Servicing And Originations

The Planet Home Financial Group, LLC, parent company of Planet Home Lending, LLC and Planet Management Group, LLC reported steady growth across its servicing, correspondent and private-client channels.

Industry News
Oct 26, 2021
CFPB, DOJ And OCC Hit Trustmark National Bank For 'Deliberate' Redlining

The Consumer Financial Protection Bureau and U.S. Department of Justice, in conjunction with the Office of the Comptroller of the Currency are taking action against Trustmark National Bank for alleged redlining violations.

Industry News
Oct 25, 2021
Reports: Evergrande Group Makes $83.5M Interest Payment

Faltering Chinese development firm fends off default with payment to international bondholders.

Industry News
Oct 22, 2021
FAR Establishes Borrower Engagement Division

Finance of America Reverse LLC announced its formally established Borrower Engagement Division.

Industry News
Oct 22, 2021
Automating Appraisals No Panacea For Removing Bias

With racism 'grandfathered in' to housing prices in minority neighborhoods, a solution to 'unconscious bias' is difficult to find

Industry News
Oct 21, 2021
Reports: Evergrande Group Arranges Bond Extension

Reuters, REDD say company's billionaire chairman has agreed to provide additional collateral to ensure a construction project tied to a $260M bond is completed.

Industry News
Oct 21, 2021