IT DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY INTERESTS OF ANY FUND OR ANY OTHER SECURITIES.ĪNY SUCH OFFERINGS CAN BE MADE ONLY IN ACCORDANCE WITH THE TERMS AND CONDITIONS SET FORTH IN THE INVESTMENT'S PRIVATE PLACEMENT MEMORANDUM.

THE MATERIAL PROVIDED HEREIN IS FOR INFORMATIONAL PURPOSES ONLY. THIS IS NOT A SOLICITATION FOR INVESTMENT. Alain Toto, CFA Specialty Finance & Financial Technology Private Equity Investing and Board Member Miami-Fort Lauderdale Area. Seong (John) Choi VP at Waterfall Asset Management LLC Dumont, NJ. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. Managing Director at Waterfall Asset Management LLC New York, NY. Waterfall Asset Management LLC is a company based out of 1251 Avenue of the Americas, 50th Floor New York, NY Website Industries Investment Management Company size 51-200. There have been several new jumbo reverse mortgage products introduced to the market this year, so more securitization of performing jumbo reverse mortgages is possible.ALL ALPHAMAVEN CONTENT IS FOR INFORMATIONAL PURPOSES ONLY.ĬONTENT POSTED BY MEMBERS DOES NOT NECESSARILY REFLECT THE OPINION OR BELIEFS OF ALPHAMAVEN AND HAS NOT ALWAYS BEEN INDEPENDENTLY VERIFIED BY ALPHAMAVEN. Nationstar also regularly issues bonds backed by non-assignable HECMs.

Unlike defaulted reverse mortgage bonds, the active jumbo bonds have a different timeline as the bonds will remain active until the borrower dies, sells the house, refinances, or leaves the home for more than 12 months because of health issues, or defaults for other reasons.Įarlier this month, Finance of America Reverse released its second round of reverse mortgage-backed bonds backed by defaulted HECM loans, equaling $399 million.

New View Advisors is the Operating Advisor in the transaction. Kroll Bond also pointed out that there hasn’t been a securitization of performing non-agency proprietary reverse mortgage loans with a public credit rating since 2007. The weighted average age of each loan’s youngest borrower is 84, and with this age in mind, Kroll Bond estimates that within 53.9 months, the pool will have reached an average 50% mortality probability.Ĭompu-Link Corp (Celink) services about 83.5% of these loans and Reverse Mortgage Solutions services the remaining 16.5%. The loans were originated by eight legacy reverse mortgage lenders with more than half of the loans based in California, especially around the Los Angeles area.Īccording to Kroll Bond, which is rating the bonds, the majority of the loans in the pool are adjustable rate based on 6-month LIBOR. Waterfall was founded in 2005 by Tom Capasse and Jack. Waterfall Asset Management, LLC is an SEC-registered institutional asset manager focused on structured credit (asset-backed securities and loans) and private equity investments. The Cascade Funding Mortgage Trust 2018-RM2 securitization is backed by 915 active non-FHA reverse mortgages loans that were taken out between 20 and have an average 131.7 months of seasoning according to Kroll’s offering report. Revenue: 5 to 10 billion (USD) Competitors: Unknown. Departing from the previous white prebuild palette often seen among asset management firms, Waterfall. The first offering of its kind since the financial crisis, Waterfall Asset Management is offering $571.8 million in performing jumbo reverse mortgage-backed bonds, according to Kroll Bond Rating Agency. Seeking a larger space to cater to their growing team Waterfall Asset Management selected 1251 Avenue of America’s, located in the heart of New York’s Midtown, for their new headquarters.

Waterfall asset management