Fitch Expects to Rate SoFi Inaugural Residential Mortgage Backed Securities

Dont Bank SoFiFitch shared last week its intent to rate SoFi’s RMBS transaction that included 270 loans with a total balance of approximately $168.79 million. The group of loans consists of prime fixed-rate mortgages originated on the SoFi online lending platform.

The presale report was pretty positive about the Mortgage assets stating;

“The collateral attributes of the pool are among the strongest of those securitized and rated by Fitch.”

No small praise.

Fitch said the high-quality mortgages were 15 and 30-year loans from borrowers with strong credit profiles and an average FICO of 777.  An original combined loan to value was pegged at 56.5%.  The loans were highly concentrated in California – SoFi’s home turf.

This is SoFi’s first mortgage-backed securitization.

Triple AEarlier this year, SoFi received Moody’s highest rating on a bond deal backed by SoFi’s student loans.  The first ever for an online lender.

In 2015, SoFi received a $1 billion investment from SoftBank. This investment saw SoFi awarded the title of largest Fintech investment ever.


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