SCI Start the Week – 7 October

Category: ABS Capital Relief Trades CLOs

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A review of securitisation activity over the past seven days

Transaction of the week
RMF is marketing its first private RMBS backed by jumbo proprietary reverse mortgages loans and, according to KBRA, the first RMBS backed by newly-originated reverse mortgages since the financial crisis. Dubbed RMF Proprietary Issuance Trust 2019-1, the US$256.667m transaction is backed by 385 reverse mortgage loans.
The assets are composed of recently originated, with WALA of five months, reverse mortgages that typically exceed the current FHA jumbo loan principal balance limit and so they are not insured by the FHA under the Home Equity Conversion Mortgage (HECM) program.

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