AmWest Funding readies $314.6m non-QM securities

AmWest Funding, a major player in expanded-credit mortgage-backed securities, is readying a $314.6 million non-qualified mortgage MBS transaction.

The wholesale mortgage lender will issue an MBS deal backed by newly originated non-QM loans that have seasoned for an average of one month. AmWest has originated all of the loans, primarily through brokers.

Around 62.6% of the non-QM loans in the transaction are fixed-rate mortgages, while a weighted-average coupon is 6.51%. Half of the loans are for primary residences, while the rest are for investment properties. Purchase mortgages make up 71.8% of the deal.