July 21, 2020
An affiliate of Angelo Gordon and Co. is set to issue a $226.9 million mortgage-backed security with product that has seasoned for an average of five months. About half of the loans are non-qualified mortgages.
The MBS looks similar to previous deals from the firm, save for the now common occurrence of mortgages in forbearance. Some 10.1% of loans are in forbearance and another 1.8% have received deferrals, according to S&P Global Ratings.
As with previous MBS, Angelo Gordon sourced some mortgages from community development financial institutions, a maneuver that can reduce the risk retention required for securitization. Almost 29% of loans were originated by Commerce Home Mortgage and Quontic Bank, two CDFIs. Overall, the mandatory risk retention was reduced to 3.57% from 5%.
LoanStream Mortgage is the top contributor to the deal with a 28.4% share, followed by Arc Home Loan at 28.3%. Servicing will be handled by Shellpoint Mortgage Servicing.
Click here to read the full article.
Disaster Declaration for the State of Nebraska FEMA Notice Date: May 3rd, 2024 On May 3, 2024, the Federal Emergency Management Agency (FEMA) declared that
Disaster Declaration for the State of Oklahoma FEMA Notice Date: May 2nd, 2024 On May 2, 2024, the Federal Emergency Management Agency (FEMA) declared that
Disaster Declaration for the State of Oklahoma FEMA Notice Date: April 30, 2024 On April 30, 2024, the Federal Emergency Management Agency (FEMA) declared that
Get Updates, Specials & More
