Mortgage prepayment rates also fell to a new low for the third consecutive month in December, according to Black Knight.

The sponsor, Byrider Finance, had refined its proprietary underwriting system in Q4 2021, after noticing performance issues in that year's vintage.

Issuers and investors favor term SOFR for ABS floaters but regulators worry that expanding its use—even just a little—will undermine the new floating-rate benchmark.

The loan-growth projections are for Columbia Banking System itself, before the Tacoma, Washington, bank officially merges with Umpqua Holdings. The $5 billion deal is scheduled to close Feb. 28.

Foreclosure prevention actions overall fell for the sixth time in seven months in October, according to the FHFA.

A higher discount rate should offset expected higher debt issuance costs, while maintaining excess spread levels in the deal.

Members of the American Bankers Association's Economic Advisory Committee expect gross domestic product to stall in 2023. Other surveys show a modest contraction. Lenders say sentiment among their borrowers also points to a slight slowdown.

The DLL Finance trust has experienced consistently low delinquencies and net losses since 2012, with net losses reaching only 0.12% as of June 20, 2022.

The layoff round, which a spokesperson said represents "less than one quarter of one percent of the roles in the company," comes after Rocket announced a 20-person reduction in the marketing team in early January.

The share of loans with suspended payments remained steady as 2022 ended, but that could change this year if unemployment increases in line with forecasts, according to the Mortgage Bankers Association.

The declining credit quality included more borrowers with higher credit scores falling behind on their credit card payments. But executives said the increase remains within expectations as it continues seeing "very linear normalization" in credit.

The previous TAOT program issue one floating-rate tranche of notes pegged to the one-month SOFR, a term rate and a shift from the preferred daily rate.