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Wholesale Showcase: Watching a Loan Channel


Delta Uses New Loan Securitization Process

By Bonnie Sinnock

WOODBURY, NY -- Delta Financial Corp. has closed a nonconforming loan securitization backed by $520 million in mortgages through its subsidiary, Renaissance Mortgage Acceptance Corp.

The company said it used a different funding process than it previously has in the transaction, Renaissance Home Equity Loan Trust 2004-2, delivering the entire $520 million in loans at closing rather than utilizing a pre-funding feature as it had in its last transaction, Renaissance Home Equity Loan Trust 2004-1.

In Renaissance Home Equity Loan Trust 2004-1, Delta delivered $415 million of a total $550 million at the time of the transaction, in March. The company delivered the remaining $135 million in loans in that earlier deal in April.

Renaissance Home Equity Loan Trust 2004-2 is a senior subordinate deal with fully funded overcollateralization provided at closing. Standard & Poor's, Fitch IBCA and Moody's Investors Service rated the securities in the transaction, which was lead managed by RBS Greenwich Capital Markets Inc. and co-managed by Citicorp Global Markets.

Separately, Delta announced it had second quarter loan originations of $673 million, an increase of 93% when compared with the same three month period in 2003. Wholesale production increased year-over-year by 110%.

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