Almost all the super senior classes of notes PMT Loan Trust, 2026-INV8 —A1 through A27—are expected to pay coupons of 5.0%, 5.5% or 6.0%, the same coupons as the previous transaction.
The deal is backed by recently originated, 30-year fixed-rate mortgages with an average combined loan-to-value ratio of 75.1%, according to Morningstar DBRS.
All loans in the deal's portfolio were made to investors and underwritten based on property cash flow and rental income to determine borrower eligibility.
Non-prime loans comprise 72% of mortgages backing CROSS 2026-NQM10 Mortgage Trust, with most of them fixed-rate.
The offering is backed by 1,902 first-lien residential mortgage loans, including both fixed- and adjustable-rate mortgages across prime and non-prime borrowers.
BRAVO 2026-NQM8, underwritten by JPMorgan Securities, is the eighth non-QM RMBS deal under the BRAVO shelf.
The latest investor statements show the persistence of a trend in which one vintage has a higher rate of distress than others, Morningstar DBRS finds.
The deal structure includes a lock-out feature that will redirect the portion of the subordinate principal among other protective features like subordination.
The class A notes include first cash flow and last cash flow tranches, both of which benefit from 28.31% in credit enhancement.
The notes will be issued off of a pool of 3,525 first- and junior-lien revolving HELOCs that were recently originated. The deal will repay investors on the 25th of each month, and notes have a stated final maturity date of July 2056.
SEMT 2026-INV4's notes are expected to pay coupons including 5.00%, 5.50% and 6.00% on the super senior tranches and one super senior, floater exchangeable tranche will pay 5.39%.
The structure contains seven tranches of class A notes, including two tranches for first cash flow and last cash flow, both initially exchangeable.
Issuance of securitized affordable-housing bonds reached $4.5 billion across 37 deals through August 13, already surpassing the $3.4 billion issued across 25 deals in all of 2025.
The deal will raise about $175 million in securitized bonds, backed by a pool of residential investors loans (42.1%) and traditional small-balance commercial (SBC) mortgages.
Despite the variety of loans in the pool, the vast majority of assets are considered qualified mortgages, with only 10.9% considered non-QM.
The structure includes a stop-advance feature, which will prevent the servicer from providing scheduled interest and principal on loans that are 120 days or more delinquent.
Notes are expected to pay coupons of 5.69% on the A1A notes and 5.89% on the A1B notes. Beyond that, the A2 and A3 notes pay coupons of 5.92% and 5.97%, respectively.
A mix of underwriting methods were used on the asset pool, but alternative documentation took a larger portion than the rest, accounting for 35.5%.
The RMBS deal expects to pay coupons of 4.53% on the A1A through B4 notes, virtually all the notes in the capital structure.
Almost one third of borrowers in the pool, 26.3%, are self-employed, with a non-zero weighted average (WA) average income of $832,522, and $666,211 in liquid reserves.
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