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The Change Company has issued a $307 million securitization deal exclusively backed by its proprietary community mortgages.
The California-based company said the $307 million issuance has 16 unique RMBS investors, including money managers, banks, insurance companies, and private funds. Loans in the deal have a weighted average FICO of 740, LTV of 71.1%, 43 months of reserves, and an 8.72% note rate.
The transaction marked the seventh securitization of its proprietary community mortgages and the first to earn a AAA rating from DBRS Morningstar, according to its news release.
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