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Upstart's grade E loans account for 47.1% of the collateral pool, compared with 43.3% in the UPST 2026-3, while the concentration of 60-month loans is also lower.
Delinquencies also showed signs of overall improvement in March, despite an increase in foreclosure numbers, ICE Mortgage Technology said.
The increase in borrower activity came as housing starts ended 2025 on a high note, while mortgage rates were a percentage point lower year-over-year.
While the 30-year average has hovered near the same level for weeks, the past year brought with it promising trends that may ease affordability in 2026.
After three consecutive weeks of increases, the 30-year fixed mortgage rate dropped 0.3 basis points to 6.23% this week, according to Freddie Mac.
