Non-Agency RMBS

Based on the most helpful WSO content, here are some insights and resources for exploring the Non-Agency RMBS world:

1. Public Offering Documents for Non-Agency RMBS:

   • Ratings agencies like DBRS Morningstar, Moody's, and Fitch often provide detailed reports on RMBS issuances. These reports can include origination details, underwriting standards, and performance metrics.
   • You can also search for specific issuance numbers or legal identifiers on platforms like Yardi Matrix or CoStar public records. These platforms sometimes link to offering documents or related data.
   • For securitization details, you might find information on the SEC's EDGAR database, where issuers file offering documents.

2. Big Players in Non-Agency RMBS:

   • Issuers: Non-bank lenders and private equity firms are significant players. Firms like Oaktree, Apollo, and KKR have been active in structured finance and RMBS.
   • Underwriters: Non-bank arrangers such as Jefferies and other boutique investment banks often underwrite these deals.
   • Mortgagors: Companies like Quicken Loans and other mortgage originators often partner with private equity firms or alternative lenders to securitize loans.

3. Additional Resources:

   • Websites like DBRS Morningstar, Moody's, and Fitch Ratings allow you to search by issuer or issuance identification number for detailed reports.
   • For qualitative analysis, you can explore property-level data on platforms like CBRE Deal Flow, JLL, or Colliers for insights into the underlying assets.

These resources should provide a solid starting point for diving into the Non-Agency RMBS sector.

Sources: Arbor just foreclosed on $230mm of multifamily in Houston, https://www.wallstreetoasis.com/forum/investment-banking/from-a-levfin-banker-this-is-how-an-apollo-lbo-deal-works?customgpt=1, Alternative Lenders & the End of Risk Taking for Banks - Opportunity or Risk?, Debt Funds- White Papers/Reports, Lev Fin Outlook & Best Groups 2020