Delta Gets Mortgage Backed Securitization

A securitization priced at $875 million has been secured by Delta Financial Corporation. The move was facilitated by the companies subsidiary, Renaissance Mortgage Acceptance Group.

The securities were rated by Standard & Poor�s Ratings Services, Moody�s Investors Services, Inc. and Fitch Ratings. Citigroup and Bank of America manages as co-leads, and RBS Greenwich Capital and Friedman Billings Ramsey co-managed the securitization. The company is a national specialty finance company, offering non-conforming loans from their Woodbury, New York office. Most of the loans originated by Delta are fixed rate mortgages on one to four unit residential properties.

The company has 11 retail offices and more than 3,000 independent brokers servicing 34 states, and offering a wide variety of loan products. The securitization is one of 46 the company has completed since 1991, collateralized by more than $14.8 billion in specialty mortgage loans. Though the company specializes in non-conforming lending, the specialty loans are not the only type of mortgage offered through the company. Most of the revenue claimed, though, by Delta is traced back to the residential loans.