PennyMac’s first all-investment property RMBS raises $298.1 million
Classes A1 through A3, which is composed of seven tranches, are expected to pay coupons of 6.39%.
Non-QM
Non-prime mortgages power Angel Oak’s $250 million offering
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.
CROSS 2026-NQM11 raises $735.3 million in RMBS
Self-employed borrowers account for 40.9% of the pool, but they are high earners and the pool has moderate leverage.
Mortgages to well-heeled self-employed back $1.5 billion in RMBS from Verus
Non-qualified mortgages account for 23.1% of the series 2026-7 pool, by balance, and 43.4% of the loans in the pool were made to investors for business purposes and are exempt from the Ability-to-Repay rules.
BINOM’s latest non-QM pool supports $328.8 million in RMBS
Almost all five A1 tranches benefit from credit enhancement levels of 26.10%. The A1A tranche, however, has a credit enhancement level of 36.10%.
Angel Oak Mortgage raises $228.2 million from mostly non-QM assets
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 securitization record signals secondary market shift
Bank of America Securities research shows this sector has had its best year since at least 2017, but some trends in the market point to a need for caution.
Non-QM RMBS reaches $78B despite rising impairments
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%.
Carrington expands non-QM guidelines, citing sector growth
The product expansion comes at a time when not just non-agency issuance is expected to have a record year, but other lenders are getting into wholesale.
HOMES returns to raise $489.7 million from Non-QM pool
The class A notes include first cash flow and last cash flow tranches, both of which benefit from 28.31% in credit enhancement.
Angel Oak repositions capital for careful non-QM competition
The real-estate investment trust affiliate has been focusing on making more funding available for new loans but also seeks to hold the line on credit quality.
Verus’ latest RMBS deal raises $733.8 million
KBRA noted that debt service coverage ratio underwriting accounted for the largest portion of the loans in the pool, 35.0% and 52% of borrowers in the pool are self-employed.
Increasing non-qualified mortgage delinquencies remain within bounds
Losses stemming from the 2022 vintage have been offset by excess spread, while cure and roll rates signal caution.
By
John Hintze
Mortgage pool attached to Deephaven secures $296.2 million in RMBS
Full documentation was only applied to 2.6% of the underlying pool of mortgages. Debt-to-income, however, was 23.3% when it was applied.
A Goldman-sponsored RMBS pool will raise $359.4 million
Most of the loans, 57.34%, are for cashout purposes and the entire loan pool are first-liens, and are of modest leverage, with an original cumulative loan-to-value (LTV) ratio of 69.74%.
Onslow Bay raises $789.6 million from its latest RMBS deal
The A1A and A1B tranches, rated 'AAA' from S&P and Kroll Bond Rating Agency, are expected to pay coupons of 5.31%.
EFMT’s book of non-prime mortgages supports $509.6 million in RMBS
LendSure originated more than one third of the loans in the pool, while American Heritage Lending and The Loan Store represent 14.8% and 11.1% of the pool.
A&D Mortgage raises $602.7 million in non-prime RMBS
Underwriting relied heavily on alternative documentation, led by debt-service coverage ratios (35.7%) and bank statements ranging from 12-23 months (28.2%) and longer than 24 months (4.6%).
Investment mortgages drive $331.5 million, DRMT securitization
DRMT 2026-INV1, is backed by a pool of 1,153 non-prime investment property mortgages, which have a moderate leverage levels of an original, combined loan-to-value (CLTV) ratio of 69.9%.
Morgan Stanley’s non-QM RMBS raises $397.5 million
The moderate leverage reflects the quality of RMBS pools from recent issuance years. Borrowers have a non-zero WA annual income of $1 million, with liquid reserves of $594,348.
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