FirstKey Preparing First Jumbo Securitization

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Presale reports are out on the first jumbo securitization for FirstKey Mortgage LLC, a new player in the market linked to Cerberus, an investor in pre-downturn jumbo securities market participants such as ResCap.

About 400 first-lien 30-year mortgages with an aggregate principal balance of almost $286 million back the securitization, FirstKey Mortgage Trust 2014-1, according to a presale report from Kroll.

The weighted average credit score of the pool is 767, the weighted average loan-to-value ratios on the loans is around 70%, with known junior liens comprising a little over 2% of the pool.

The chairman of FirstKey’s parent company, Keith Tietjen, is chief operating officer of Cerberus Operations and Advisory Co. LLC. He also was chief restructuring officer of GMAC ResCap from 2008 to 2009.

 

Article source: http://www.nationalmortgagenews.com/news/secondary/firstkey-preparing-first-jumbo-securitization-1043154-1.html

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