Donna M. Mitchell

The percentage of extended-term loans, 80.9%, is near the higher end in recent historical deals, but higher FICO scores are also a bigger portion of the pool.

Pagaya Structured Products had begun acquiring loans underwritten to tighter underwriting standards—especially among higher-risk borrower segments—in fall 2021.

Sunnova 2022-C shows borrowers with tighter credit qualifications, and initial OC, as a percentage of pool balance, is lower than Sunnova 2022-B's.

Three of the note classes will issue deferrable notes, where the trust can defer interest payments to the notes under certain circumstances.

Some 2.9% of the pool—comprised of 1,705 loans—was 30 days delinquent, and 68.3% of the loans had experienced one or more delinquencies in the past 24 months.

Delinquencies in the 30-day-plus cohort have not produced higher gross losses, and recoveries in recent static pool vintages are retreating to historical averages.

The 2022-C deal has a weaker borrower profile among loans with 61- to 72-month terms, loan terms that typically have higher loss frequency and defaults.

Reduced-rate loans, originated through third-party lenders, comprise a majority of the collateral in the transaction, at 58.3%.

Some 59.5% of the pool comes from Marriott Vacation Club, up substantially from 45.0% in 2022-1. The loans have stronger performance track records than other brands, except for Westin.

Beginning in Q2, Theorem added credit factor adjustments largely in response to the cessation of COVID-19 stimulus and changes in macroeconomic conditions.

Revenue from operations and benefits from a perfected security interest in the securitized assets comprise the collateral assets.

HPEFS, 2022-3, is one of the smallest securitized transactions to be issued from the program in two years, and it has the smallest aggregate contract balance.

Since last year, GoodLeap had expanded its offerings to include Home Efficiency Loans, funding a range of improvements such as LED lighting, HVAC, and generators.

Only credit card ABS and residential MBS saw increases, while other major asset classes dipped. Production in private SLABS dipped about 44%.

In one notable change from the previous deal, PART 2021-1, the percentage of bankruptcy collateral decreased to 18.58%, from 44.27%.

Two potential pools that could be securitized—either a $1.15 billion pool, or another amounting to $1.45 billion, secured mostly by agricultural equipment.

The sequential-pay structure and non-declining reserve account are expected to result in a buildup of credit enhancement supporting the rated notes.

The notes will benefit from the irrevocable right to impose, bill and collect a winter-event securitization charge from customers in Summit's Oklahoma service territory.

Estimates of economic losses exceed $50 billion, considering a storm path similar to that of Hurricane Charley, plus higher population and population values.

If the Home Price Percentage declines by at least 30%, compared with the (HPP) value on the pool's cutoff date, the class A notes will reduce to 0.25%.