A pool of 3,598 first lien seasoned performing loans and reperforming loans, primarily peak-vintage, and almost all of which have a prior modification, will secure $536.8 million in residential mortgage-backed notes.
Resi IA is sponsor of the deal, ATLX 2024-RPL1 Trust, which will issue the notes to investors through about 14 tranches, according to ratings analysts at Fitch Ratings. This includes a risk retention piece. All of the notes have a final maturity date of April 2024, Fitch said. The notes have credit enhancement levels ranging from 32.1% on the AAA, A1 rated notes to 3.5%, not rated, on the B4 notes.
All notes, from A1 through B2 have a stable outlook, the rating agency said. Pricing talk includes yields ranging from 4.9% on the AAA, class A1 notes; 5.7% on the AA, class A2 notes; and 6.2% on the AA M1 notes. All the notes will be priced on the three-month, interpolated yield curve, Fitch said.
Atlas SP Securities is lead underwriter on the deal, the rating agency said. Deutsche Bank National and Computershare Trust Co., are custodians, Fitch said.
Select Portfolio Servicing, NewRez, Selene Finance and Nationstar Mortgage, are servicers on the deal, according to the rating agency.
On average, the loans have a balance of $149,200. On a weighted average (WA) basis the deals have an original loan-to-value ratio of 84.6% and a model FICO score of 655.
About 49.8% of the portfolio assets are considered clean current, while 33.3% are dirty current, the rating agency said.
Almost all the loans, 90.6% have had modifications, while just 36.9% are being used for a purchase and 46.6% of the loans are for a cashout.
Fitch assigns AAA to the A1 notes; AA to the A2 notes; A to the M1 notes; BBB to the M2 and M notes; BB to the B1 notes; and B to the B2 notes, according to Fitch.
