Verus Mortgage Capital finalized $489.6m non-QM RMBS transaction

by Ryan Smith06 Sep 2018

Verus Mortgage Capital (VMC), a correspondent investor offering residential non-QM and investor lending solutions, has announced the completion of its sixth rated residential mortgage-backed securities transaction for $489.6 million. The transaction was the largest in VMC history, and also the largest non-QM mortgage-backed securities transaction in a decade.

The transaction was rated by S&P Global Ratings and included 853 loans from 59 lenders. More than 80% of the loans were non-QM mortgages, according to VMC. Property-focused investor loans made up the balance of the loan pool. Nearly 45% of the loans in the pool were bank-statement loans.

“This transaction is a milestone for our organization,” said Dane Smith, president of VMC. “We are proud of the VMC team and all they have done to get us to this point. It’s a great way to underscore the fact that there is demand for quality non-QM and investor loans.

“We’re committed to building quality partnerships and a vibrant secondary market,” he said. “We will continue to demonstrate that commitment by purchasing responsible non-QM and investor loans in a timely and consistent manner.”