Alternative lender La Trobe Financial has completed a A$570 million securitisation of a range of non-conforming residential mortgages.It is the second non-conforming RMBS transaction completed by La Trobe this year, and the company's fifth since 2014.The new program is backed by 1352 mortgage loans, which have been segmented into nine classes of notes.Moody's has assigned investment grade ratings to 97.9 per cent of the pool, with 86 per cent assessed at Aaa quality.Borrowers with no adverse credit history account for slightly more than 72 per cent of the pool.Moody's noted that geographical risk is low, although the pool is slightly overexposed to borrowers in Victoria and the Gold Coast in Queensland.  The ratings agency observed that delinquency rates on La Trobe's previous term RMBS transactions have ranged between 3.3 per cent and 6.5 per cent, which is in line with the non-conforming market average.