J.P. Morgan, through its private label conduit, J.P. Morgan Mortgage Trust, so far this year has sponsored 13 private-label securitization offerings backed by jumbo loans valued at $13.8 billion.
Those offerings, current through the end of October, involved more than 14,000 jumbo mortgages, according to bond-rating agency presale reports. The data show that J.P. Morgan has been a dominant force in the jumbo-loan securitization market so far this year.
MAXEX, an Atlanta-based digital mortgage exchange in which J.P. Morgan is an investor, issued a report this month on private-label market activity revealing that there were a total of eight jumbo-loan securitizations priced in September alone. They were backed by pools of mortgages valued at $5.73 billion, according to the MAXEX report and additional information from Kroll Bond Rating Agency. The offerings included “a massive deal from J.P. Morgan,” which was priced at $1.647 billion, “and included loans traded through the [MAXEX] exchange,” the report states.
The other jumbo securitization deals in September, with the associated loan-pool values, were undertaken by the following issuers:
- Wells Fargo, $644 million
- Redwood Trust, $449 million
- Rocket Mortgage, $968 million
- Goldman Sachs, $874 million
- Citigroup, $345 million
- AIG, $429 million
- Provident Funding, $372 million
Total jumbo-loan residential mortgage-backed security (RMBS) issuance for 2021 now exceeds $33 billion, according to the MAXEX report.
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