JP Morgan sells first non-QM mortgage bond

Reposted from 4.10.19 IFR article:

“…JP Morgan sold a roughly US$440m securitization of prime jumbo mortgages that do not meet qualified mortgage rules on Wednesday, a first for the bank according to ratings agencies.

The bonds are tied to prime jumbo mortgages that are considered non-QM because most of them were underwritten using tax transcripts instead of a signed tax return…”