Donna M. Mitchell

The current pool's major loan characteristics were higher than that those seen on the RKTL 2026-2, with 60-month loans representing a higher concentration of the current pool (77.0%) compared with 73.7% on the previous deal.

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

Almost one third of borrowers in the pool, 26.3%, are self-employed, with a non-zero weighted average (WA) average income of $832,522, and $666,211 in liquid reserves.

Figure Lending originated the HELOCs using the FICO 9 scoring model, which treats medical debt, rental payments and repaid collection accounts differently.

Expected coupons range from 5.66% on the AAA-rated A-1A tranche to 8.52% on the tranche rated B+.

Investment properties are not only in the majority, 56%, but they represent the largest portion of the pool since the AOMT 2025-12 transaction, which priced in November 2025.

Of the alternative documentation used, bank statements looking back 12-23 months, accounted for 41.6% of that group.

Foundation had introduced Version 3 of its credit risk model, using the most recent delinquency data, to improve loan performance predictions.

The industry association said total multifamily mortgage debt alone increased by $23 billion, or 1% in Q1, representing a $2.32 trillion increase from Q4 2025.

The A1A through A1-LCF tranches are expected to offer coupons of 5.84%, while mezzanine and subordinate coupons include 6.58% and 6.64%.

Aspire will raise $468.8 million from a pool of 917 residential mortgages, which are primarily fixed-rate.

The deal will bring Kiavi's assets onto Figure's blockchain environment, adding $7 billion in annual volume, and more than $100 million of monthly cash flow onto its blockchain-native warehouse marketplace, Democratized Prime.

The deal includes recently introduced senior first class flow (A-1FCF) and last cash flow (A-1LCF) tranches, which benefit from credit enhancement levels of 24.70%.

Self-employed borrowers represent just 23.1% of the pool, and liquid reserves were $858,428 compared with 21.9% and $1 million.

Second homes account for 10.1% of the underlying collateral pool, the highest ratio seen in pools all year.

The capital structure includes first cash flow and last cash flow notes among the senior classes, and expected coupons include 5.64% on the A1A, A1B, A1FCF, A1LCF and A1 notes.

The deal also includes a 120-day stop advance provision, which prevents it from forwarding any interest and principal on loans that are past 120 days delinquent.

Full documentation was completed on just 17.9% of the pool, Fitch said, while bank statements and debt service coverage ratio (DSCR) account for 17.6% and 28.0%, respectively.

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.

Some 90.3% of the loans have had a clean payment history over the past 12 months, with a 1.3% delinquency rate.