Donna M. Mitchell

After the end of the draw periods that range from two to five years, the amortization begins, during which borrowers have a repayment period ranging from three to 25 years.

This year Point has funded more than $2 billion in home equity investments to more than 20,000 homeowners nationwide.

The terms of NRMLT 2025-NQM7 will not allow it to advance principal and interest on loans that are delinquent by 180 days or more.

If cumulative loss or a delinquency trigger event is in effect, then the deal will distribute principal among the class A notes before any principal allocation the class M1 or class B certificates.

The transaction uses a shifting interest repayment structure, and its lockout that is subject to performance triggers.

SEMT 2025-12's collateral profile is slightly weaker compared with the prior transaction, with a slightly lower weighted average FICO score.

Second-lien mortgages make up the collateral pool. Those assets normally have a high expected loss severity, but the borrowers appear to be of prime credit quality.

Previously, Kim was a managing director in J.P. Morgan Chase & Co.'s strategic investments group, where she managed a diverse portfolio of fintech investments.

Most of the pool of 1,011 residential mortgages, 69.7%, are considered non-prime mortgages, primarily due to the documentation and styles of underwriting.

FFIN 2025-3's average loan balance, $16,366 was lower compared with the 2025-2 deal, when it was $19,993, and the WA interest rate on the current deal is 12.15%, down from 12.56%.

Overall, new 60-day-plus delinquencies totaled $2 billion, up from $1.69 billion in August, while maturity defaults accounted for half, or 51% ($1.05 billion) of new delinquencies.

Karsten Giesecke and Michael Karol join Morriello to represent clients such as lenders and private equity funds in transactions including RMBS, CMBS, franchise loans and esoteric assets.

Rithm Capital, a real estate investment trust, is sponsoring the deal, in which property focused investor loans represent 32.60% of the collateral pool.

Most of the pool, 68.6%, is in the repayment phase, while 19.1% of the loans in the pool are in deferment.

Notes are expected to pay a coupon of 4.5% on the A1 through M2 tranches, compared with a 5.25% coupon on the previous deal.

Throughout Kolyer's career he innovated securitization structures with commercial real estate and residential mortgages, commercial and consumer receivables.

A credit analyst manually reviews the pool's underwriting decisions, instead of just leaving it all to automated underwriting methods.

The industry's biggest opportunities involve the evolving cost of capital, which will shift funding sources from the private, local lending markets to institutional sources.

The deal is secured by a portfolio dominated by mortgage loans considered non-qualified or exempt from ability to repay rules.

Most of the contracts in Point Securitization Trust, 1,750 (81.64%), are second-lien as of the cut-off date.