Rithm Capital issues $262.3 million non-prime MBS

Rithm Capital, formerly New Residential Investment, has issued a $262.3 million MBS transaction backed by non-prime residential mortgages.

The RMBS deal is collateralized by a pool of 529 newly originated mortgages, 71% of which were categorized as non-QM under the ability-to-repay/qualified mortgage (ATR/QM) rule. The remaining loans (29%) were designated as exempt from the rule due to being originated for business purposes.

All of the loans in the pool were originated, directly or via correspondent, by Rithm’s subsidiaries – NewRez (10.7%) or by Caliber Home Loans (89.3%). Newrez dba Shellpoint Mortgage Servicing will service the mortgages.