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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%.
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.
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.
The RMBS deal expects to pay coupons of 4.53% on the A1A through B4 notes, virtually all the notes in the capital structure.
