Ellington Financial Completes $417M Non-QM Loan Securitization

Ellington Financial Inc. (EFI) has closed a $417 million securitization backed by a pool of non-qualified residential mortgage (non-QM) loan, the company said today. 

EFI originally acquired the majority of the non-QM loans from LendSure Mortgage Corp., a mortgage originator in which EFI holds a strategic equity investment.

The securitization was rated by both Fitch and KBRA, with the senior tranche receiving AAA ratings. EFI 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.

Based in Old Greenwich, Conn., Ellington Financial Inc. 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.It is externally managed and advised by Ellington Financial Management LLC, an affiliate of Ellington Management Group, L.L.C.

LendSure, based in San Diego, is a privately held financial services company engaged in the origination of residential mortgage loans, primarily on a wholesale basis. LendSure is led by a team of seasoned mortgage professionals who have many years of experience in the mortgage industry.