Donna M. Mitchell

Expected lifetime cumulative net loss is 9.25%, while higher note coupons, only partially offset by higher collateral interest rates, cut excess spread to 5.44%.

Self-employed borrowers account for 36.2% of the loan pool's outstanding balance, and borrowers with multiple properties represent 47.9% of the pool balance.

The consumer loan and credit card collateral will consist entirely of assets that are seasoned, yet of shorter terms overall.

Borrowers that are couples, and where the female is younger, account for 32.55% of the pool's aggregate unpaid principal balance, the plurality.

The deal has a $10 million prefunding account that could purchase additional eligible receivables during a three-month period after closing.

Similar to recent transactions, the collateral pool includes loans with an original term greater than 72 months, which Ford adjusted for in the underwriting.

LBZZ 2023-1 has a reduced recovery rate assumption on the current transaction at 50%, given deteriorating recovery trends and lower used vehicle values.

The pro-rata/sequential hybrid structure provides some credit enhancement along with cumulative loss and delinquency trigger events and excess spread.

Fitch and Moody's might have differing outlooks on the notes' CNL outlook, but they agree that HDMOT 2023-A's collateral pool is marginally stronger.

Retail (36.1%) and office (28.1%) accounted for the largest percentages of loans by far, and the largest percentage of loans is in large metro areas.

PAID 2023-1 will secure the underlying assets through a three-month pre-funding period, half of the six-month period that was in place for 2022-5.

Solar Mosaic offers loans for residential solar energy systems with tenors of five to 25 years, a decrease of 10 to 30 years under previous loan offerings.

The residual value loss is one percentage point higher than the previously rated 2021-2 transaction, due to an increase in the notes' base residual settings.

For the current securitization the collateral pool includes 0.6% of loans extended to marginally qualified borrowers.

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.