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The collateral pools consists of 578 loans , and the trust uses a senior-subordinate, shifting-interest structure that helps maintain a longer subordination period.
The deal also provides a sequential principal distribution to all of the certificates at all times, unlike recent non-prime securitizations.
The deal is only the third post-crisis securitization of higher-risk manufactured housing assets, following deals in 2019 and 2020 that were sponsored by FirstKey Mortgage.
Ratings agencies describe a "notable" concentration of alternative-income mortgages in the nonforming pool that were underwritten by Ellington-affiliated LendSure.
Mortgage Business 11 February 2021 The non-bank lender has announced the pricing of its $1.5-billion RMBS, its largest issuance to date. Columbus Capital (ColCap) has announced the pricing of its $1.5-billion prime residential mortgage-backed security (RMBS), Triton 2021-1. The transaction is the Australian market’s first RMBS in 2021 and represents ColCap’s largest issuance to date. The prime lender said the RMBS had attracted strong local and international demand for the transaction, including from major banks and institutional...