Verus Mortgage Capital issues 10th non-QM securitization

“There are 115 loans (15.6% by balance) that have 40-year terms to maturity, one of which is a 40-year fully amortizing fixed-rate loan and the remaining loans have 10-year interest-only features with subsequent 30-year amortizations. We view the longer term to maturity to be a weaker loan attribute compared to loans with shorter terms to maturity, and therefore increased our loss coverages for these loans by applying an adjustment to the foreclosure frequencies.”

NewRez (dba Shellpoint Mortgage Servicing) served as the transaction’s primary servicer, while Nationstar Mortgage (dba Mr. Cooper Servicing) was the master servicer.

Verus is a full-service correspondent lender predominantly focused on residential non-QM loan aggregation and securitization. It purchases mortgages in all 50 states, and its offerings include LTVs up to 90%, cash out up to $500,000, full and alternative documentation, and foreign national.