Verus Finalizes $489.6 Million Non-QM MBS Transaction

NationalMortgageProfessional.com

Sep 06, 2018

Verus Mortgage Capital (VMC) has announced the completion of its sixth rated RMBS (Residential Mortgage-Backed Securities) transaction for $489.6 million. The transaction is the largest in VMC history, and also the largest non-QM MBS transaction in a decade.

The transaction was rated by S&P Global Ratings and includes 853 loans from 59 lenders. More than 80 percent of the loans are non-QM mortgages, with the balance of the loan pool consisting of property-focused investor loans. Nearly 45 percent were bank statement loans.

“This transaction is a milestone for our organization and the non-QM market,” said Dane Smith, President of VMC. “We are proud of the VMC team and all they have done to get us to this point. It’s a great way to underscore the fact that there is demand for quality non-QM and investor loans. We’re committed to building quality partnerships and a vibrant secondary market. We will continue to demonstrate that commitment by purchasing responsible non-QM and investor loans in a timely and consistent manner.”

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Sep 06, 2018

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