J.P. Morgan Securities

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.

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.

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

With limited seasoning and primarily a clean payment history, OBX 2026-NQM1 had a seasoned probability of default of 33.3% among the AAA stresses and 11.4% among the B.

A significant portion of the loans in the pool by balance, 44.5%, are designated at non-QM, according to DBRS, adding that about 50% of the loans in the pool were made to investors for business purposes.

Monthly excess spread will confer credit enhancement to the notes, KBRA said, and while it will be released it will not be available as credit enhancement in future payment periods.

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.

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%.

Banks and Congressmen alike see U.S. regulators' version of Basel III as overly stringent for the securitization market.

After issuing five RMBS deals of prime jumbo loans in 2019, JPMorgan has gathered a pool of 919 investor-only properties for its next mortgage securitization.