The properties have a purchase price of $684.8 million, and an issuer cost basis of $744.4 million, a debt yield of 7.0%, and a debt service coverage ratio of 1.44x.

The loans accounted for 18.6% of conventional single-family dollar volume in April, quadrupling its share of business at the peak of the refinance boom, according to Corelogic.

The current transaction is shaping up to be a smaller deal with higher quality assets, compared with the CMLTI 2022-RP4.

Some 23 tenants occupy the data center complex in Illinois, which accounted for 86.7% of total square footage and 86.8% of rentable power. The property has a net operating income of $62.7 million, and cap rate of 6.70%.

The deal has several performance triggers with cash trap reserves, senior note interest and expense reserves, and loan-to-value tests.

The watchdog claims that during internal testing, the company illegally processed $2.3 billion in mortgage payments.

The fourth issuance of the year includes receivables from 36-month contracts, a collateral type that still has limited performance history. VSMT 2023-4 also has a 36-month revolving period.

A report from the Treasury Department's Federal Insurance Office urges state regulators to spruce up their toolkits for monitoring and mitigating the impact of climate change on homeowners insurance.

Researchers at the government-sponsored enterprise also maintained their outlook for a modest recession but moved anticipated onset to the fourth quarter this year.

The heads of the Federal Reserve and Federal Deposit Insurance Corp. say upcoming capital proposals won't be implemented for years, but banks tend to move fast to get ahead of upcoming changes.

Over one-third of the struggling borrowers who received recast loan terms in the first quarter cut their monthly obligation by 20% or more.

The prime collateral shows a pool of geographically diversified, well-seasoned accounts with an average balance that is a little below pre-pandemic levels, with 21% in subordination credit support.