The first deal from a new jumbo residential mortgage-backed securities issuer since 2013 is taking shape.

The approximately $250 million securitization is backed almost entirely by 30-year fixed-rate mortgages. The loans have a weighted average loan-to-value ratio of about 71% and a 753 weighted average FICO credit score, according to Kroll Bond Rating Agency presale report. The California concentration is at the high end of the range for this market but in line with another recent deal, a JPMorgan transaction issued in February. The highest California concentration seen to date in the post-crisis jumbo MBS market is 74%, Patterson says.

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