A unit of EverBank Financial (EVER) has sold more than $300 million in mortgage-backed securities.
The Jacksonville, Fla., company disclosed in a
EverBank retained servicing rights to the loans, the filing said. Unaffiliated companies will act as the master services, securities administrator, trustee and custodian.
There were several steps in the transaction. First, EverBank Financial sold a pool of mortgages it had originated to third parties, who then sold them to EverBank Funding. EverBank Funding then transferred the loans to an EverBank loan trust in exchange for the pass-through certificates, which were then sold.
EverBank Funding had owned the certificates through a pooling and servicing agreement. The company sold a pool of mortgages it had originated to third parties that then sold them to EverBank Funding. The unit then transferred the loans to an EverBank loan trust in exchange for the pass-through certificates, which were then sold.
