Early this month, California fintech Achieve announced the closing of its first AAA-rated securitization backed by $175 million in home equity lines of credit.
The securitization — which is the process of bundling mortgages into a pool and selling shares of the pool as bonds — consists of three classes of rated notes, which are backed by about 3,300 HELOCs originated by its affiliate Achieve Loans, formerly known as Lendage, the fintech company said in a release.
The HELOCs in the portfolio have an average seasoning of seven months and range from two to 33 months seasoned. DBRS Morningstar gave the securitization’s details ⇒
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