Fitch 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.
Earlier 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.