Galton Mortgage Loan Seller LLC (GMLS) will act as the Servicing Administrator. The loans will be serviced by New Penn Financial, LLC doing business as (dba) Shellpoint Mortgage Servicing. (5.6%) and various other originators, each comprising less than 5.0% of the mortgage loans. The originators for the mortgage pool are Priority Financial Network (17.6%) Parkside Lending, LLC (16.2%) RPM Mortgage, Inc. However, the overall credit profile of the Galton pool is much stronger than those of other non-QM programs rated by DBRS. While certain attributes are comparable with post-crisis prime transactions, the loans in the GFMT 2017-1 portfolio may have IO features, higher debt-to-income (DTI) and loan-to-value (LTV) ratios, lower credit scores and barbelled distribution of certain characteristics as compared with recent prime securitizations. The majority of the loans in this securitization (92.3%) are Credit Grade A+ (Galton Program) borrowers with unblemished credit that may not meet prime jumbo or agency/government guidelines. The Sponsor is a wholly owned subsidiary of Galton Mortgage Recovery Master Fund III, L.P. The mortgage loans were originally acquired by GMRF Mortgage Acquisition Company LLC (the Sponsor) directly from either originators or a third-party aggregator. The Certificates are backed by 363 loans with a total principal balance of $254,554,479 as of the Cut-Off Date (February 1, 2017). This transaction is a securitization of a portfolio of mostly expanded prime qualified mortgage (QM) and non-QM first-lien residential mortgages. Other than the classes specified above, DBRS does not rate any other classes in this transaction. The AAA (sf) ratings on the Certificates reflect the 13.50% of credit enhancement provided by subordinated Certificates in the pool. These classes can be exchanged for combinations of exchange certificates as specified in the offering documents. $6.1 million Class B3 at BBB (low) (sf) $10.8 million Class BX2 at A (low) (sf)
#Galton mortgage series#
(DBRS) has today finalized its provisional ratings on the following Mortgage Pass-Through Certificates, Series 2017-1 (the Certificates) issued by Galton Funding Mortgage Trust 2017-1 (GFMT 2017-1 or the Trust):
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