The residential mortgage-backed securitization includes a portfolio of 606 non-QM loans with a scheduled principal balance of $284.5 million. The loans have a weighted average loan coupon of 4.5%, a weighted average original loan-to-value ratio of 71.3%, and a weighted average original FICO score of 734.
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Before the announced deal, AOMR had started actively buying newly originated loans carrying a weighted average loan coupon of 8.2%, a weighted average original loan-to-value ratio of 72%, and a weighted average original FICO score of 749.
“By leveraging our affiliated loan origination platform to accelerate loan purchase activity, we can compound the impact of the de-risking actions we’ve taken over the previous quarters while driving meaningful net interest income growth,” Prabhu said.
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Source: mpamag.com