Donna M. Mitchell

Octane Receivables 2023-1 also has a greater concentration of prime receivables, at 57.09%, up from 56.06% in the OCTL 2022-2, and a lower LTV.

The FCRT 2023-1 has significantly reduced the concentration of both called assets and Greenlight Loans in the pool, with mixed credit implications.

Upstart Holdings implemented underwriting and pricing changes in response to higher delinquency and CNL rates on securitizations issued since Q1 2021.

Monroe Capital's latest benchmarked the most senior class of notes to the SOFR, while the rest of the deal is fixed rate.

Most of the loans, 97.2%, were underwritten to less than full documentation, while 30.1% of the loans verified income on 12- or 24-month bank statements.

FCAT 2023-1 has a stronger collateral pool composition than a recent transaction, with a lower concentration of loans from indirect origination sources.

Junior notes in the three-tranche structure could receive certain regular principal payments before more senior notes, under certain conditions.

Initially, the notes have 25.50% of over-collateralization (OC) of the initial pool balance, and that is expected to build to a target OC level of 35.00%.

Accounts that were one- to 30 days past due have a delinquency rate of 3.50%. Delinquencies rates dropped noticeably with longer timelines.

The notes benefit from a cash-trapping DSCR threshold, a cash trap reserve account and a rapid amortization event.

The facilities FCCF Warehouse Trust 2018-1, FCCF Funding Trust 2018-1, Nelnet Loan Seller and CS Loan Seller will sell loans into the transaction.

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

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

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 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.

The Mulligan trust has a three-year revolving period, during which it could issue up to $500 million in additional notes, if it meets certain conditions.

Mortgages in the transaction are almost evenly split between funding owner-occupied properties (53%) and second homes or investor properties (47%).

The transaction is fixed rate from the collateral to the notes, an apparent retreat from the 2022-4 and 2022-5 deals that priced over the SOFR.

VZMT began securitizing business device plan revenue in 2021. Now, business accounts represent up to 10% of the current securitized asset pool.

Cars make up 37.9% of the pool, a representation that hasn't been that low since cars made up 35.08% in the 2020-2 deal.