Bid date:  February 26, 2016 5:00 PM EST

The Seller is a large Foreign Bank that through the early/mid 2000s originated a First HELOC loan program via brokerage and retail channels. The average Loan Age is 10 years. The performing population has a GWAC of approximately 2.90%; or 2.99% with updated, current interest rates. The ask is for the largest, best execution carve. With the right bid, the entire pool is for sale.

These loans were historically written to a very high underwriting standard, there were no sub-prime loans in this program. Over the years the majority of the loans have been frozen, the borrower cannot draw additional funds from the account. This leaves the loans as essentially a 1 month ARM, with about 60% as LIBOR and 40% as Prime Indexed loans. The loans have PMI as appropriate.


Type UPB Count % of Pool
Performing $255,525,174 695 79.05%
Reperforming $32,973,217 107 10.20%
Piggy Back Seconds $1,186,184 17 0.37%
Stand Alone Seconds $2,598,745 38 0.80%
Lot Loans $2,103,710 17 0.65%
Non-performing $28,852,473 80 8.93%
Total $323,239,504 954 100%

 

The current, average FICO is 720+, depending upon Performance. The coupons range from 2.5% to north of 5.5%. The Geography is concentrated in CA, FL, OR, WA, AZ and CO. A California concentration is not required in the bid. There are recent BPOs and FICOs available.

The Borrowers were qualified with much higher interest rates than the current rate, yield very low actual DTI’s.

The Average UPB is $330,000.

The Interest Rate is ~2.75% with the only adjust being higher as the market has been at the floor and the interest rate can only increase. The performing population has a GWAC of approximately 2.90%, or 2.99% with updated interest rates. The Reperforming population has a GWAC of 3.254% or 3.430% with January ’16 rates.

The margins are as high 5.0% over the index.

If you will provide your specific box, we will be pleased to provide a carve that fits your request. Upon execution of an NDA a full data tape will be provided. Bids are expected over the second week of February.

 

View Offering Memorandum

 

 

Bids are due on February 26, 2016 5:00 PM EST.  Any questions should be directed to your MIAC Analytics Sales Coverage.

 

Brendan Teeley

Vice President Whole Loan Sales, Trading
Mortgage Industry Advisory Corporation
521 5th Avenue, 9th Floor
New York, NY 10175
212-233-1250 x 281
317-531-5297 Mobile
brendan.teeley@miacanalytics.com

Data contained herein was provided by the seller as of 11/29/2015. Seller has represented that the information is reliable, however this does not constitute a guarantee, representation or warranty, expressed or implied, as to the accuracy or completeness of the information. The data contained is not intended to be a comprehensive summary of the all aspects of the offer of sale. Prospective buyers should conduct their own review and analysis of the data and other information described herein. This presentation of this offering document does not constitute a recommendation of the offering or a determination of its appropriateness for specific purchasers.