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Super senior tranches benefit from credit enhancement of 15.03%, KBRA said. Senior notes that are not interest only—A19 through A25—benefit from credit enhancement levels of 8.20%.
Fannie, Freddie and Ginnie loan eligibility now rests on AUS findings, with scores kept for pricing. KBW cut UWM's price target to $1.50 as it launches a $400M rights offering.
The current transaction has the largest collateral pool that the platform has issued all year, with 294 loans, and it has the highest percentage of conforming loans, at 45.1%.
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%.
With Treasury yields out to the 10-year trading well above 4% and longer maturities sitting above 5%, investors are getting better compensated for holding bonds.
