Morgan Lewis Advises Redwood/Aspire on Business Line’s Inaugural Non-QM Securitization Transaction – SPIRE 2026-1
March 06, 2026MILL VALLEY, CA and WASHINGTON, DC, MARCH 6, 2026: Morgan Lewis represented Redwood Trust Inc. (NYSE: RWT) and its Aspire business line in the Aspire platform’s first securitization transaction, a rated offering of approximately $391 million of residential mortgage-backed securities (RMBS) that were collateralized by a pool of fully-amortizing, fixed rate, and adjustable rate mortgage loans secured by first liens on one- to four-family residential properties, planned unit developments, and condominiums that are non-qualified mortgages (non-QMs), which are home loans designed for borrowers who do not meet strict traditional lending criteria, such as self-employed individuals, real estate investors, or those with unique income streams.
Redwood Trust is a seasoned securitization issuer of RMBS. A specialty finance company and Real Estate Investment Trust (REIT) founded in 1994, Redwood is focused on investing in, securitizing, and providing liquidity to the US housing market, particularly for non-conforming residential, business-purpose, and multifamily loans. Aspire is Redwood’s correspondent-focused non-QM mortgage banking platform and SPIRE represents the third securitization shelf under Redwood.
Morgan Lewis partners Asa (“Geordie”) Herald and Greg Mottla, and associates Eric Karian, Maya Jackson, Jackson Robinson, Carson Bailer, Alex Johnson, and Lexi Murman are advising Aspire; as well as partner Sarah Nelson and associate Ester Lee; partners Julie Stapel and Michael Richman, and associates Gena Yoo and Naina Kamath; partner Kevin Biron and of counsel Bryan Goff; and senior counsel Jerry Parker.