Verus Mortgage Capital (VMC), a full-service correspondent investor offering residential non-QM and investor lending solutions, reports that it has completed its sixth rated RMBS transaction for $489.6 million.
The transaction is the largest in VMC history, and also the largest non-QM MBS transaction in a decade, the company says in a release.
Rated by S&P Global Ratings, the transaction includes 853 loans from 59 lenders, more than 80% of which are non-QM mortgages. The balance of the loan pool consists of property-focused investor loans.
Nearly 45% were bank statement loans.
“This transaction is a milestone for our organization and the non-QM market,” says 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,” Smith adds. “We will continue to demonstrate that commitment by purchasing responsible non-QM and investor loans in a timely and consistent manner.”