Rising home prices fuel the private label market

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JP Morgan, through its private label conduit, JP Morgan Mortgage Trust, so far this year, has sponsored 13 private label securitization deals backed by jumbo loans valued at $ 13.8 billion.

The deals, ongoing until the end of October, involved more than 14,000 jumbo mortgages, according to pre-sale reports from rating agencies. Data shows that JP 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 JP Morgan is an investor, released a private label market activity report this month revealing that there were a total of eight jumbo loan securitizations. evaluated in September only. They were backed by pools of mortgages valued at $ 5.73 billion, according to the MADEX report and additional information from Kroll Bond Rating Agency. The offers included “a massive JP Morgan deal,” which was priced at $ 1.647 billion, “and included loans negotiated through the [MAXEX] exchange, ”the report says.

The other jumbo securitization transactions in September, with the values ​​of the associated loan pool, were carried out 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

The total residential mortgage-backed securities (RMBS) issuance of jumbo loans for 2021 now exceeds $ 33 billion, according to the MADEX report.

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