FirstKey is sponsoring the first all-HELOC securitization in a decade

Is the HELOC-backed RMBS coming back?. said originators are exploring securitization, but believes this time around issuers will need to retain some risk to make a HELOC-backed RMBS palatable.

The transaction is the first all-HELOC collateral pool for a residential mortgage securitization in more than a decade. FirstKey acquired the loans from two originators, one of which, TCF Financial Corp., supplied the full $126.5 million trove of second-lien HELOC loan collateral.

FirstKey is sponsoring the first all-HELOC securitization in a decade Cerberus affiliate FirstKey Mortgage will pool outstanding first- and second-lien loans totaling 7.7 million drawn from 1,732 seasoned and performing HELOCs.

In order to do an apple to apple comparison, you will have to take out a first lien HELOC to replace the traditional mortgage. That way you won’t have to pay the lump sum from HELOC and make the regular mortgage payment. Let’s say traditional mortgage of 100K @ 5%, the first’s month payment will be $536.82 (P@120.15+I@416.67).

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HELOCs Paul Centopani July 10 FirstKey is sponsoring the first all-HELOC securitization in a decade Cerberus affiliate FirstKey Mortgage will pool outstanding first- and second-lien loans totaling $277.7 million drawn from 1,732 seasoned and performing HELOCs.

The Home Equity Line of Credit (HELOC) gives you flexibility by providing you the choice of when to borrow money, and how to pay it back. Re-do your kitchen. Make sure your child’s college tuition is ready to go. Or, simply have access to cash on hand when you need it.

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