Donna M. Mitchell is a financial journalist based in the New York metro area with expertise covering structured finance, commercial real estate, and wealth management. Her work has appeared in Forbes, Next Avenue, Financial Planning and National Real Estate Investor.
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A vast majority of the collateral pool balance, 82.6%, are mortgages used to purchase primary residences, and just 17.4% finance second homes.
December 31 -
Alternative documentation accounts for 37.9% of the pool balance, compared with 24.6% on the 2024-NQM4 deal.
December 30 -
Borrowers had an original FICO score of 774. A little over a quarter of the borrowers, 25.1%, are self-employed.
December 27 -
Underwriting methods have been steadily shifting to traditional full documentation, which accounts for 13.3% in the VERUS 2024-9, KBRA said, its largest share since VERUS 2024-6.
December 5 -
Notes will repay investors through a modified sequential-payment structure. Senior notes will repay on a pro rata basis. Otherwise, the principal classes will repay principal until the balance in the senior classes equal zero.
December 4 -
Moody's says its cumulative net loss expectation for the PFAST 2024-1 pool is 0.70%, and puts its losses on the Aaa stress level at 4.75%.
December 3 -
Small Business Act 7(a) loans will secure the notes. Interest will be repaid through subordination and interest will be repaid on a pro rata basis.
December 2 -
The market expects 5.2% yields on the AAA-rated tranche, slightly tighter than the 5.1% seen on the AAA-rated notes on an earlier deal, the Affirm Asset Securitization Trust, 2024-B series.
November 27 -
There is a three-year revolving period when the transaction will not make any principal payments to the notes unless an early amortization event occurs.
November 26 -
The deal comes about 18 months after Maritime Partners completed its securitization of Jones Act shipping business revenue, raising $235.3 million.
November 26