GS Mortgage-Backed Trust prepares $440 million in MBS

Goldman Sachs Mortgage Company plans to issue mortgage-backed securities (MBS) through GS Mortgage-Backed Securities Trust 2022-INV1, to fund a collateral pool of $440.8 million.

Conforming and non-conforming fixed-rate mortgages will secure the notes as the trust funds a pool of 1,284 senior loans securing properties for investors with up to 30 years of original term to maturity, report says Moody’s Investors Presale Service.

Only approximately 1.0% of Mortgage Loan assets are for personal use and are Regulation Z qualified mortgages. issued through a capital structure with super senior, subordinate and exchangeable notes, according to Moody’s.

According to Moody’s, Classes AX-1 through AX-10 are interest-only certificates and will not be entitled to distributions of capital and will accrue interest when no exchangeable certificates are outstanding.

Moody’s plans to assign ratings ranging from “Aaa” to the A-1 Notes, which have a 2.5% coupon and 15% subordination levels, to “B3” on the B-5 Notes, with a of 3.2%, and a level of subordination of 0.9%.

GSMC, the mortgage sponsor and seller, and MCLP Asset Company, another mortgage seller, purchased the loans for the transaction. On the closing date of the transaction, GSMC and MCLP will sell all of their interests in the mortgages to the depositor, according to the rating agency.

The loans themselves have an interest rate of 3.5%, on a weighted average (WA) basis, according to Moody’s, and a cumulative loan-to-value (LTV) ratio WA of 64.6%. All of the loans are senior loans, and only 0.4% of pool assets are junior liens, according to Moody’s.

At the borrower level, collateral pool loans have a debt-to-income ratio (DTI) of 33.6%, an average FICO score of 772, and an average initial term of 356 months.

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