Opteum Financial Services, LLC Completes $491.5 Million Securitization
28 June 2006 - 4:40AM
Business Wire
Opteum Inc. (NYSE:OPX), a real estate investment trust (REIT) that
operates an integrated mortgage-related securities investment
portfolio and a mortgage origination platform, today announced that
its wholly-owned subsidiary, Opteum Financial Services, LLC, or
OFS, has completed a securitization of approximately $491.5 million
aggregate principal amount of adjustable-rate mortgages. The
securitization was underwritten by CitiGroup and represents the
thirteenth for OFS (seven on the current OPMAC shelf and six on the
predecessor HMAC shelf - OFS operated previously under the name of
Homestar Mortgage Services, LLC). This transaction continues OFS'
strategy of securitizing high-quality mortgages originated through
each of its three origination channels (retail, wholesale and
conduit), which operate in 47 states throughout the U.S. Details of
the offering will be available on Bloomberg under OPMAC 2006-2. -0-
*T Key metrics of the mortgage loan portfolio collateralizing the
securitization include: Unpaid principal balance $491,571,939
Number of loans 1,527 Average loan balance $ 321,920
Weighted-average coupon rate 6.837% Weighted-average lifetime
maximum mortgage rate 12.01% Weighted-average original term, in
months 360 Weighted-average remaining term, in months 357.6
Weighted-average loan-to-value ratio (LTV) 76.97% Weighted-average
FICO score 691 Top five geographic concentrations (% exposure):
California 70.40% Georgia 4.91% Florida 4.17% New Jersey 3.81%
Washington 2.44% Occupancy status: Owner occupied 90.70% Second
home 1.68% Investor 7.62% Property type: Single-family 66.80%
Condominium 8.55% Other residential 24.65% *T About Opteum Opteum
Inc. is a real estate investment trust (REIT), which operates an
integrated mortgage-related investment portfolio and mortgage
origination platform. The REIT invests primarily in, but is not
limited to, residential mortgage-related securities issued by the
Federal National Mortgage Association (Fannie Mae), the Federal
Home Loan Mortgage Corporation (Freddie Mac) and the Government
National Mortgage Association (Ginnie Mae). It earns returns on the
spread between the yield on its assets and its costs, including the
interest expense on the funds it borrows. Opteum's mortgage
origination platform, Opteum Financial Services, originates, buys,
sells, and services residential mortgages from 36 offices
throughout the United States and operates as a taxable REIT
subsidiary. Statements herein relating to matters that are not
historical facts are forward-looking statements as defined in the
Private Securities Litigation Reform Act of 1995. The reader is
cautioned that such forward-looking statements are based on
information available at the time and on management's good faith
belief with respect to future events, and are subject to risks and
uncertainties that could cause actual performance or results to
differ materially from those expressed in such forward-looking
statements. Important factors that could cause such differences are
described in Opteum Inc.'s filings with the Securities and Exchange
Commission, including Opteum Inc.'s most recent Annual Report on
Form 10-K or Quarterly Report on Form 10-Q. Opteum Inc. assumes no
obligation to update forward-looking statements to reflect
subsequent results, changes in assumptions or changes in other
factors affecting forward-looking statements.
Opteum Inc. (NYSE:OPX)
Historical Stock Chart
From May 2024 to Jun 2024
Opteum Inc. (NYSE:OPX)
Historical Stock Chart
From Jun 2023 to Jun 2024
Real-Time news about Opteum Inc. (New York Stock Exchange): 0 recent articles
More Opteum Inc. News Articles