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Moody's: First Rental Securitization Doing Pretty Good

housingwire.com | March 13, 2014

By Jacob Gaffney

Moody's Investors Service, which awarded a sterling Triple-A to Invitation Homes' inaugural REO-to-rental is reporting that the performance is within expectations.

Here are the three most notable developments in Invitation Homes-SFR1 since being issued last November.

  1. The vacancy rate rose to 7.9% in February 2014 as a result of several leases in the portfolio expiring since the November deal close.
  2. The number of lease expirations in the portfolio spiked right after the securitization but will decline over time.
  3. This vacancy rate is in line with the forecasted lease expiration schedule and meets expectations for the performance of the underlying collateral.

The $479.1 million of mortgage-backed securities is blocked into four classes of certificates backed by one floating rate loan secured by mortgages on 3,207 single-family rental properties.

Blackstone Group (BX) spent the past two years building its empire of single-family rental homes via subsidiary Invitation Homes, spending $7.5 billion to acquire 40,000 houses. Now, the private-equity firm is planning to sell bonds backed by lease payments, which is a step in a new direction for the housing industry.

Moody's says it has a strong faith in the abilities of the day-to-day property manager, THR Property Management.

The master servicer is Midland Loan Services, a division of PNC Bank (PNC). The special servicer is Situs Holdings.

 

Back to March 2014 Archive

CFLA was founded by the Nation's Leading Foreclosure Defense Attorneys back in 2007 to serve the Foreclosure Defense Industry and fight pervasive Bank Fraud. Since opening our virtual doors, CFLA has rapidly expanded to become the premier online legal destination for small businesses and consumers. But as the company continues to grow, we're careful to hold true to our original vision. For us, putting the law within reach of millions of people is more than just a novel idea—it's the founding principle, just ask Andrew P. Lehman, J.D.. With convenient locations in Houston and Los Angeles, you can contact Our National Account Specialist and General Manager / Member Damion W. Emholtz at 888-758-2352 for a free Mortgage Fraud Analysis or to obtain samples of work product, including cutting edge Bloomberg Securitization Audits, Litigation Support, Quiet Title Packages, and for more information about our Nationally Accredited and U.S. Department of Education Approved "Mortgage Securitization Analyst Training Certification" Classes (3 days) 24 hours for approved CLE & MCLE Credit (Now Available Online).

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