- Represented a mortgage servicer in the establishment of a master trust structure for the financing of Fannie Mae mortgage servicing rights (MSR), which involved the issuance of $300 million of variable funding notes backed by ESS and Fannie Mae MSRs.
- Represented the sponsor and issuer in the issuance of $200 million of term notes backed by excess servicing spreads (ESS) and Ginnie Mae MSRs, P&I advances, and servicing advances.
- Represented the sponsor and issuer in the issuance of $150 million of term notes backed by ESS and Ginnie Mae MSRs, P&I advances, and servicing advances.
- Advised an insurer as the purchaser and sub-advisor in the restructuring of a $3.8 billion forward flow purchase arrangement of residential mortgage loans and assets.
- Representing lenders and home equity investment (HEI) providers in financings and forward flow purchase arrangements of HEI products.
- Represented one of the country’s largest retail mortgage lenders and nonbank retail originators in a $500 million MSR financing of Freddie Mac MSRs and a $500 million MSR financing of Fannie Mae MSRs.
- Represented a mortgage servicer in the establishment of a master trust structure for the financing of Ginnie Mae MSRs and Advances, which involved the issuance of $3 billion of variable funding notes backed by ESS and Ginnie Mae MSRs, P&I advances, and servicing advances.
- Represented a lender in the establishment of MSR financing platform and initial $200 million financing of Fannie Mae and Freddie Mac MSRs.
- Represented one of the country’s largest retail mortgage lenders and nonbank retail originators in a $130 million servicer advance facility.
- Representing financial institutions and borrowers in warehouse financings of residential mortgage loans and early buy-out facilities.
Katrina Llanes
Partner,
Chair of the Structured & Warehouse Finance Team
- Phone: +1 212 210 9563
- Email: katrina.llanes@alston.com
Clients look to Katrina for counsel on securitization transactions, asset-based finance, structured and secured lending, and other corporate finance transactions.
- Represented a mortgage servicer in the financing of excess servicing spread in the acquisition of $600 million of MSRs.
- Represented a mortgage servicer in structuring an MSR clearing platform that provides for investment in MSRs in excess of $4 billion to date.
- Representing placement agents, institutional investors, issuers, and sponsors in private placement offerings of term and revolving asset-backed securities collateralized by servicer advance receivables.
- Representing sponsors, placement agents, and investors in private placement issuances of asset-backed notes collateralized by mortgage servicing rights and excess servicing spread.
- Representing servicers of mortgage loans in all facets of their business, including acquisitions and sales of servicing rights and loans, and financing servicing advance receivables and servicing rights through structured facilities and traditional credit facilities.
- Represented a New York City real estate owner and developer in the acquisition of mortgage loans and a $50 million DIP facility.
- Counsel to a global investment bank’s securitized products and commercial real estate finance business while on secondment.
- Counsel to an investment bank in the creation of a master trust structure for the financing of Fannie Mae mortgage servicing rights and the related issuance of $450 million of term notes.
- Counsel to an investment bank in the creation of a master trust structure for the financing of Ginnie Mae mortgage servicing rights and the related issuances of up to $650 million of term notes.
- Represented the lender in $50 million MSR financing of Fannie Mae, Freddie Mac, and Ginnie Mae MSRs.
Katrina Llanes, chair of the firm’s Structured and Warehouse Finance Team, represents lenders, underwriters, investors, borrowers, sponsors, and issuers in a variety of corporate finance transactions, including structuring and negotiating warehouse lines, securitization transactions, asset-based finance, structured and secured lending, acquisition finance, and conduit financing arrangements across a broad range of assets. She has experience with agency and private label mortgage servicing rights (MSRs), excess servicing spread, servicing advance receivables, residential and commercial mortgage loans, and participation interests. Katrina is nationally recognized in Chambers USA in Capital Markets: Securitization: Mortgage Servicing Rights (MSRs).
Katrina is an active leader in the firm, serving as the national co-chair of the firm’s Women’s Initiative. Katrina has an active pro bono practice, representing women and children seeking immigration relief under the Violence Against Women Act and U-visa petitions. She has been honored by the New York Legal Aid Society with its Pro Bono Publico Award for outstanding service to the organization and its clients.
Languages
- Spanish
Bar Admissions
- New York
- New Jersey
Education
- American University (J.D., 2007)
- University of Miami (B.S., 2003)