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A stop advance applies to first-lien loans that are delinquent by 180 days or more, while a stop advance requirement applies to second-lien loans that are delinquent by 60 days or more.
Most of the A1 tranches, are expected to pay a coupon of 5.83%, except for the A-1 last-cash flow tranche, which is expected to pay 5.93%.
Non-QM securitizations hit $78B as lenders ease guidelines to capture unserved borrower demand, even as total impairments rise for the 10th time in 13 months to 6.27%.
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.
Used vehicles collateralize 53.01% of the underlying loans, and loans in OCCU 2026-1 have a balance of $34,185, with an annual percentage rate (APR) of 7.54%.
