Two Harbors Investment Corp. said it is closing on a warehouse facility in partnership with Barclays Bank to aggregate loans for issuance into new jumbo residential mortgage-backed securities, making it the second REIT in this space since the downturn.
Diane Wold, previously a senior vice president at GMAC Residential Capital Corp. who led the private label mortgage securitization program there, has been named managing director at Two Harbors in conjunction with the effort.
So far the company has a $100 million mortgage warehouse facility that could be increased in the future. It will be used to aggregate prime jumbo residential mortgages that the company will acquire from select originators.
Two Harbors said these originators would be partners with whom it has chosen to build “strategic relationships” and that some of these originators have a nationwide presence.
The company said it is targeting a $250 million deal size for its initial securitization with Barclays Capital acting as an underwriter.
