RMBS

Non-qualified mortgages account for 23.1% of the series 2026-7 pool, by balance, and 43.4% of the loans in the pool were made to investors for business purposes and are exempt from the Ability-to-Repay rules.

At the end of the draw term, HELOC borrowers have a repayment period ranging from 10 to 30 years, and customers cannot draw on the HELOCs during the repayment period.

Almost all five A1 tranches benefit from credit enhancement levels of 26.10%. The A1A tranche, however, has a credit enhancement level of 36.10%.

The current transaction has the largest collateral pool that the platform has issued all year, with 294 loans, and it has the highest percentage of conforming loans, at 45.1%.

Most of the A1 tranches, are expected to pay a coupon of 5.83%, except for the A-1 last-cash flow tranche, which is expected to pay 5.93%.

OBX 2026-AHC4 is expected to pay coupons ranging from 0.50% on the interest-only, exchangeable tranches to 6.30% on senior exchangeable notes.

The deal is backed by recently originated, 30-year fixed-rate mortgages with an average combined loan-to-value ratio of 75.1%, according to Morningstar DBRS.

All loans in the deal's portfolio were made to investors and underwritten based on property cash flow and rental income to determine borrower eligibility.

The latest investor statements show the persistence of a trend in which one vintage has a higher rate of distress than others, Morningstar DBRS finds.

The notes will be issued off of a pool of 3,525 first- and junior-lien revolving HELOCs that were recently originated. The deal will repay investors on the 25th of each month, and notes have a stated final maturity date of July 2056.

The structure contains seven tranches of class A notes, including two tranches for first cash flow and last cash flow, both initially exchangeable.

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.

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.

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%.