Donna M. Mitchell

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.

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%.

RATE 2026-J1 has a seasoned probability of default of 6.4% and 1.3% on the 'AAA' and 'B' rating stress levels, respectively.

FIGRE 2026-HF3 will repay noteholders on a pro rata basis but is subject to a provision that requires the deal to repay noteholders sequentially after a credit event.

The deal benefits from three accounts–a Funding, Expense Reserve and Interest Reserve. The Funding Account will fund draws and purchase additional loans.

Gatti will be based in the firm's Washington, D.C. office, where he focuses on structuring and executing asset-backed securities deals and other structured finance transactions.

GSMBS 2026-PJ2's losses are based on a senior-subordinate, shifting-interest structure and Fitch expects a 10.3% final probability of default in the AAA rating stress.

Point Digital Finance originated the underlying home equity contracts, composed of first lien (11.1%), primarily second-lien (82.9%) and third liens (5.81%) on residential properties.