Donna M. Mitchell

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.

The funding round will help Button Finance, which leverages AI to underwrite home equity financing, expand its range of products to more borrowers.

A range of investment residential properties, including single-family homes, condominiums and multi-unit properties, will secure the debt.

Cross 2025-H3 has moderate leverage, according to KBRA, with a weighted average (WA) loan-to-value ratio of 72.3%, and a debt-to-income ratio of 33.5%.

The notes will get credit enhancement from balances on the subordinate bonds, which are permitted to amortize.

Moderate leverage is one example of cleaner credit, as the current collateral pool's original loan-to-value (LTV) ratio is 69.1%, down from 71.7% on the 2024-NQM1 series.

The underlying prime mortgages have an average balance of $358,024, a weighted average (WA) original FICO score of 776, an original cumulative loan-to-value (LTV) ratio of 73.6%.

The deal is composed of 11,547 seasoned performing and reperforming loans that are first and second lien. Loan servicing includes a 180-day chargeoff feature.

ACHM 2025-HE1 will repay notes using a pro-rata, sequential pay structure that must satisfy an overcollateralization test, and cumulative loss and delinquency triggers.