It's company's second non-prime RMBS securitization of the year
Kroll Bond Rating Agency has assigned preliminary ratings to three classes of mortgage pass-through certificates from Deephaven Residential Mortgage Trust.
The securitization, known as DRMT 2017-2 is Deephaven’s second non-prime residential mortgage securitization of 2017 and the third DRMT-shelf non-prime from Deephaven since its first post-crisis non-prime securitization last year, according to a BusinessWire report.
The securitization consists of 651 first-lien mortgage loans with a total principal balance of $250.1 million as of the cut-off date. The weighted average credit score is 685.
Nearly 76% of the underlying loans are mostly hybrid adjustable-rate mortgages, according to BusinessWire. The remainder are fully amortizing 30-year and 25-year fixed-rate mortgages.
