Credit Suisse is marketing its third RMBS deal this year called CSMC 2015-3.
The deal is backed by a pool of 393 prime, 30-year, fixed-rate mortgage loans with a balance of $273 million, according to a DBRS presale report.
Credit Suisse owned DLJ Mortgage Capital acquired the loans from several mortgage originators. Among originators contributing more than 5% of the pool are Quicken loans, which originated 26.2% of the loans, New Penn originated 26.6% and Fifth Third Mortgage Corp. originated 7.6%.
On average borrowers in the pool have a FICO score of 761, which indicates strong borrower credit. The DBRS-calculated weighted average original combined LTV of 72.3% suggests that these borrowers also have considerable equity in their homes.
The pool is on average four months seasoned, with a maximum age of nine months. The payment histories on the loans are substantially clean. Except for six loans that had previous servicing transfer-related payment disruptions, no loan has had prior delinquencies since origination.
Most of the loans in the pool are subject to ability-to-repay rules issued by the Consumer Financial Protection Bureau. All of them qualify for a legal safe harbor.
Credit Suisse joins a busy line-up of repeat, prime, jumbo RMBS issuers. Redwood Trust this week announced its second deal of the year and Agate Bay is marketing its third deal in 2015.
In the first quarter of 2015, 13 transactions closed from seven issuers and was the most active issuance quarter for the prime jumbo sector since the financial crisis, according to a Fitch Ratings report. "The roughly $4.7 billion of issuance in 1Q15 is nearly one-half the total issuance volume of 2014," stated analysts in the report published Thursday.