COLT 2022-8 aims to raise $297.7M in rezi, mortgage-backed certificates and other news

Published by
Peter Kavinsky

LSRMF3 Acquisitions Investments is preparing to sponsor a $297.7 million residential mortgage certificate deal that will see approximately 553 subprime mortgages support the redemption of certificates issued through the COLT 2022-8 Mortgage Loan Trust.

Several originators have signed mortgage loans as collateral, according to Fitch Ratings’ pre-sale report, with the majority of loans (59.5%) being issued to borrowers who financed primary housing and 36.7% of loans issued to investor property. . In addition, according to the rating agency, about 63.2% of mortgage loans are non-qualifying.

The rating agency notes that its expected loss under ‘AAA’ stress is 25%, mainly due to the presence of non-quality collateral and the significant concentration of investor cash flows in products.

In addition, in a market where mortgage rates are skyrocketing and some housing markets are experiencing a decline in sales, Fitch reports that house prices in the current pool are 10.2% above their long-term sustainable level.

Barclays Capital is the lead underwriter of the deal, while Select Portfolio Servicing and Northpointe Bank will service the bonds.

The average mortgage balance is $538,400 and based on the weighted average (WA) the initial loan to cost ratio is 75.5%, monthly cumulative LTV is 74.8%, FICO model. an estimate of 731, and an initial debt-to-income ratio of 42.9%.

Fitch cautions about another aspect of the deal, in particular the loan documentation. About 81.6% of the loans in the pool were issued with incomplete documentation. In addition, the majority of loans, 50.7%, were under the income proof bank statement program, which is inconsistent with Fitch’s view of the full documentation program.

However, the higher grades of the deal have received high ratings from Fitch, such as ‘AAA’ on A1 bonds; “AA” on banknotes A2 and “A” on banknotes A3 due to at least several positive transaction attributes. The COLT 2022-8 Notes will be issued through a modified sequential payment structure. The trust will pay out principal on a pro rata basis among senior certificates, and subordinated bonds will receive nothing until all principal balances in all senior grades have been paid down to $0.

In the event of a loss—whether cumulative, delinquency, or credit enhancement—the trust will allocate principal sequentially across classes A1 to A3, the senior notes, until those balances are reduced to zero.

In addition, the Trust will advance delinquent mortgage principal and interest payments during the first 180 days of delinquency to the extent that such advances are recoverable.

For more minor certificates, Fitch intends to assign ratings from ‘BBB’ to ‘B’ in classes M1 to B2. The bonds have a stated final maturity of August 2067.

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