Verus completes 2 non-QM RMBS securitizations

by Ryan Smith22 Oct 2019

Verus Mortgage Capital, a full-service correspondent investor offering residential non-QM, investor rental and fix-and-flip loan programs, recently finalized its 12th and 13th residential mortgage-backed security transactions for $389.9 million and $569.1 million, respectively.

Verus is the largest non-QM issuer, with almost $2.6 billion in collateral across five transactions in 2019, and nearly $5 billion in overall securitization volume.

The 12th transaction comprised 1,042 loans with an average combined loan-to-value (CLTV) ratio of 63.64% and an average credit score of 726. The 13th transaction comprised 1,158 loans with a CLTV of 70.61% and an average credit score of 708.

“We are extremely proud to be the leader in non-QM issuance and expect the momentum that’s been steadily building this year to continue into the fourth quarter,” said Dane Smith, president of Verus Mortgage Capital. “As an early entrant in this space, I’m very pleased with what we have accomplished in a relatively short period of time. Our expertise and sole focus is non-QM, and we remain to helping lenders succeed in this growing sector.”