Securitization

The RMBS deal expects to pay coupons of 4.53% on the A1A through B4 notes, virtually all the notes in the capital structure.

So far this year, the volume of closed-end second and home equity line of credit securitizations is near last year's $29 billion, Bank of America Securities said.

Lenders are still sending files to their secondary market partners with missing or misplaced documents, affecting how the collateral is viewed and priced.

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.

Figure Lending originated the HELOCs using the FICO 9 scoring model, which treats medical debt, rental payments and repaid collection accounts differently.

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.

Fake jumbo mortgages are helping non-agency securitization growth, but these loans could have higher than expected delinquency rates, an analysis said.

Of the alternative documentation used, bank statements looking back 12-23 months, accounted for 41.6% of that group.

DSCR loans once allowed coverage ratios as low as 0.65, but 2023-24 vintage stress is pushing lenders toward stricter underwriting and interest-only structures.

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.

Certain private-label securities may get a lower risk weighting for bank capital and separately, second liens have new uniform guidelines for TRID.