Ellington Financial Inc. Closes $219M Non-QM Loan Securitization

Nov 02, 2020

Director of Events

Ellington Financial Inc. closed a $219.7 million securitization that was backed by a pool of non-qualified residential mortgage loans. The vast majority of the Non-QM loans were acquired from LendSure Mortgage Corp.

"I am very pleased with the execution of this securitization of non-QM loans, our second this year," said JR Herlihy, chief financial officer of Ellington Financial. "Following the challenges of the spring, LendSure has done an extraordinary job restarting its loan production, and the performance of LendSure loans continues to be excellent. The pipeline of high-quality non-QM loans from LendSure continues to be an important driver of earnings for Ellington Financial, and we look forward to continuing to grow this origination business together."

According to a press release, the securitization was rated by Fitch and KBRA with the senior tranche receiving AAA ratings. Additionally, Ellington Financial retained a certain portion of the securitization in order to maintain its compliance with credit risk retention rules. It also retained the option to call the securitization at any time following the optional redemption date, according to the release.

Want more Non-QM News? We've got a newsletter for you!

About the author

Navi Persaud

Director of Events

Navi Persaud is Director of Events at NMP.

Link copied

Published

Nov 02, 2020

Analysis and Data

Mortgage Rates Surpass 7% For First Time This Year

Freddie Mac reported the 30-year fixed-rate mortgage averaged 7.10%.

Freddie Mac today released its Primary Mortgage Market Survey, revealing the 30-year fixed-rate mortgage (FRM) averaged 7.10%, breaching the 7% threshold for the first time this year. “The 30-year fixed-rate mortgage surpassed 7% for the first time this year, jumping from...

Analysis and Data

Existing Home Sales Decline By 4.3% In March

Northeast the only region to see an uptick in sales over prior month, per a new report from the National Association of Realtors

Fewer people bought homes this March than the month before and during March 2023, a new report from the National Association of Realtors (NAR) reveals. Total existing-home sales receded 4.3% from February to a seasonally adjusted annual rate of 4.19 million in March. Year...