EFI Completes $426M Non-QM Loan Securitization – NMP Skip to main content

EFI Completes $426M Non-QM Loan Securitization

David Krechevsky
Apr 20, 2022
Ellington Financial Mortgage Trust Logo

The company acquired the majority of the non-QM loans from LendSure Mortgage Corp. and American Heritage Lending.

Ellington Financial Inc. (EFI) said Wednesday it has closed a $426 million securitization backed by a pool of non-qualified residential mortgage, or non-QM, loans. 

The company originally acquired the majority of the non-QM loans from LendSure Mortgage Corp. and American Heritage Lending, LLC, two mortgage originators in which EFI holds strategic equity investments.

The securitization was rated by both Fitch and KBRA, with the senior tranche receiving AAA ratings, EFI said. The company retained certain tranches of the securitization in order to comply with credit risk retention rules, and also retained the option to call the securitization at any time following the optional redemption date.

EFI invests in a diverse array of financial assets, including residential and commercial mortgage loans, residential and commercial mortgage-backed securities, consumer loans, and asset-backed securities backed by consumer loans, collateralized loan obligations, non-mortgage and mortgage-related derivatives, equity investments in loan origination companies, and other strategic investments. The company is externally managed and advised by Ellington Financial Management LLC, an affiliate of Ellington Management Group, L.L.C.

LendSure is a privately held financial services company engaged in originating residential mortgage loans, primarily on a wholesale basis.Founded in March 2015, LendSure is based in San Diego.

American Heritage is a privately held mortgage originator that lends through retail and wholesale channels nationwide. Founded in 2008, it is headquartered in Irvine, Calif.

Published
Apr 20, 2022
More from
Non-QM
Fitch Assigns Expected Ratings To Non-QM Offering

Certificates are supported by 909 loans originated by A&D Mortgage with a balance of approximately $392.11 million.

Non-QM
May 20, 2022
Angel Oak Reports $43.5M Net Loss For 1Q 2022

CEO attributes drop to volatility in interest rates

Non-QM
May 13, 2022
Fitch Assigns Expected Ratings To Angel Oak Non-QM Offering

The certificates are supported by 747 loans with a balance of $394.59 million; of the loans, 66.4% are designated as Non-QM.

Non-QM
May 03, 2022
KBRA Assigns Preliminary Ratings To Non-QM Offering

OBX 2022-NQM4 Trust is a $457.3 million non-prime residential mortgage-backed securities transaction. 

Non-QM
May 02, 2022
The Non-QM Pig Pile

Suddenly, everyone’s in the scrum. Analysts say the odds aren’t great.

Non-QM
Apr 29, 2022
KBRA Assigns Preliminary Ratings To $569.1M Non-QM Offering

The CSMC 2022-NQM3 Trust RMBS offering comprises 1,137 residential mortgages characterized by a significant concentration of loans underwritten using alternative income documentation.

Non-QM
Apr 27, 2022