Redwood’s seventh 2013 Sequoia jumbo residential mortgage-backed securities transaction is in the pipeline, and it is backed by a fixed-rate loan pool roughly $453.6 million in size that Kroll Bond Ratings said in a presale report has significantly higher loan seller and geographic diversity than past deals.
Loans in the deal, Sequoia Mortgage Trust 2013-7, are primarily 30-year FRMs, but there are eight 20-year loans and three interest-only loans, two for 10 years and one for 11 years.
“The pool is characterized by substantial borrower equity in each mortgaged property, as evidenced by the weighted LTV (66%) and CLTV (67%),” Kroll said.
“The weighted average credit score of the mortgage pool is 770, which is well within the prime mortgage range.”
Kroll assigned its top expected rating of AAA(sf) to four classes, lower investment-grade expected ratings of AA(sf), A(sf) and BBB(sf) to three classes, and a speculative grade rating of BB(sf) to one class.
Relatively significant originators contributing to the deal include
Other originators involved each contributed less than 5% of the loans in the pool.
