Nomura Corporate Funding Americas LLC is sponsoring a jumbo residential mortgage-backed securitization collateralized by a $440 million pool of First Republic Bank-originated and serviced loans, according to a Kroll Bond Ratings presale report.
Eighteen exchangeable senior classes of NRP Mortgage Trust 2013-1 received Kroll’s top expected rating. Four B classes received expected ratings ranging from an investment-grade AA(sf) to a speculative grade BB(sf). There was no rating available for a fifth B class, the lowest in the structure.
Nomura expects to sell all of the certificates and not retain any interest in the securitization, as such it lacks “
But Kroll also lists several positives, including FRB’s experience and loan performance record, favorable FICOs, DTI and LTV ratios, positive loan file reviews, and an experienced master servicer (Wells Fargo Bank).
Other negatives noted in the presale report include the fact that it is “significantly more geographically concentrated than any other RMBS transaction rated by KBRA” and has large loans relative to pool size.
