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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.
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.
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%.
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%.
The deal also includes a series of exchangeable notes that will pay variable rates.
