Allison Bisbey

Approximately 81.5% of the borrowers in the latest deal have more than one mortgaged property; those with three or more mortgages (with a maximum of 10) represent 45.5% of the pool and generally show considerable income and liquid reserve.

The sponsor acquired all three, Riverchase Galleria in Hoover, Ala., Columbiana Centre in Columbia, S.C.. and Apache Mall in Rochester, Minn., through its purchase of GGB Nimbus in August.

Progress 2018-SFR3 is backed by 3,459 single-family homes, of which 3,418 homes (98.8% by broker price opinion) were previously securitized in 2016. And 1,492 of those properties (44.4%) were first securitized in 2014.

The transaction was launched in early June, just as concerns about a trade war were starting to take a toll on commodities prices.

Apartment buildings account for 78.8% of the $341 million balance of the deal; that's up from 58% of a $304 million deal completed in March.

SoFi’s $577.5 million offering is the sponsor’s 23rd rated term student loan ABS transaction, while Massachusetts’ $164 million offering is only its second deal.

Class A rated dealers, both by number and the percentage of aggregate principal balance of the trust portfolio, have decreased to the lowest level since 2012, according to Moody's.

The $591 million transaction is backed by fewer investment grade obligors than the sponsor's previous deal, and Fitch thinks the overall decrease in credit quality is material.

The credit quality of obligors is up from that of the sponsor's 2017 transaction, which could help offset a decline in performance seen in recent vintages.

The deal, which comes just a year after the commodity trading firm's last securitization, represents 7.85% of assets in a revolving trust; it may be upsized to $500 million.