Verus Mortgage Capital Finalizes $489.6 Million Non-QM MBS Transaction
Fast-growing correspondent investor closes largest non-QM MBS transaction in a decade
Washington, D.C. – September 5, 2018 – Verus Mortgage Capital (VMC), a full-service correspondent investor offering residential non-QM and investor lending solutions, has completed its sixth rated RMBS (residential mortgage-backed securities) transaction for $489.6 million. The transaction is the largest in VMC history, and also the largest non-QM MBS transaction in a decade.
The transaction was rated by S&P Global Ratings and includes 853 loans from 59 lenders. More than 80 percent of the loans are non-QM mortgages, with the balance of the loan pool consisting of property-focused investor loans. Nearly 45 percent were bank statement loans.
“This transaction is a milestone for our organization and the non-QM market,” said Dane Smith, President of VMC. “We are proud of the VMC team and all they have done to get us to this point. It’s a great way to underscore the fact that there is demand for quality non-QM and investor loans.”
“We’re committed to building quality partnerships and a vibrant secondary market,” Smith continued. “We will continue to demonstrate that commitment by purchasing responsible non-QM and investor loans in a timely and consistent manner.”
About Verus Mortgage Capital
Founded in 2015, Verus Mortgage Capital (VMC) is a non-QM correspondent investor backed by Invictus Capital Partners, a leading investment firm. VMC purchases loans in all 50 states and the District of Columbia and focuses solely on the non-QM market. It offers correspondent lenders a wide range of home financing products for credit worthy borrowers.
The Washington, D.C.-based company, with operations located in Minneapolis, has purchased just under $2.6 billion in expanded, non-QM loans since its inception. In addition, through its affiliates, VMC has completed six rated securitizations. Mortgage bankers can learn more about VMC’s investor products by visiting www.verusmc.com.
CONTACT: Amy Hansen
Seroka Public Relations