Donna M. Mitchell

New Residential, the REIT, boosts credit confidence in the deal as a sponsor and originator experienced with re-performing and seasoned cleanup calls.

Lenders financed the properties through first-lien, fixed-rate mortgage loans, most of which were on 30-year terms extended to prime borrowers, many self-employed.

Gross charge-offs on the underlying card accounts were 2.48%, through the twelve-month (TTM) period, a notable drop from 4.43% in the same period a year earlier.

The loans in the pool, all of which are fixed-rate and first lien, have an average balance of $426,504, and the top five loan balances account for 3.4% of the pool.

Proceeds from the deal will purchase the loan assets and fund the reserve account.

Lendbuzz closed a new $100 million committed warehouse facility, with a 12-month revolving period, and will bring its total warehouse capacity to $400 million.

Only about 1.0% of the mortgage assets in the collateral pool are for the respective borrowers’ personal use, and qualify as mortgages under Regulation Z.

LHOME represents Kiavi’s first deconsolidated deal, given the sale of residual interest. Kiavi sold 95% of the bottom residual class to an institutional investor.

Solar loans with balances of $5,000-$125,000, and Home Efficiency Loans, which have balances ranging from $1,000-$100,000, make up the bulk of the asset pool.

Based in New York, Benoist de Vimal will be responsible for managing aviation origination, including supporting MUFG's originate-to-distribute business model.

Pre-pandemic, risk vehicles totaled 99.5% of the program’s fleet, but a shift toward non-program vehicles is expected, as manufacturers prioritize auto dealerships.

Half of the loans were originated prior to the onset of the COVID-19 pandemic, and mainly in Q1 2020, while classes A and B have interest-only portions.

Secured by a single Morgan Stanley first-lien mortgage, the SFR is the largest deal since the program priced its $2 billion transaction in July 2021.

Arivo is being structured as a Rule 144A deal and uses a senior-subordinate capital structure, and all classes benefit from initial credit enhancement.

Sport utility vehicles (SUVs) represent 26.6%—and 26.7% if upsized—of the deal’s underlying portfolio, compared with 13.0% from the 2022-1 securitization.

Key changes in MMAF 2022-1, from previous transactions, include significantly lower average securitization values by receivables and greater obligor diversification.

By property type, lodging assets led the way for total delinquencies, with 6.3%, while some 3.5% of the lodging pools were current and specially serviced.

Homes securing the portfolio produce an average monthly rent of $2,405, based on gross potential rent for vacant properties, and an average remaining lease term of eight months.

Securitization would have to see more cycles before the full effect of the COVID-19 pandemic becomes apparent, but loans backing multi-borrower SFRs show more sensitivity to rent collection disruptions.

Almost all of the loans, 96.9%, were underwritten on less than full documentation, and the collateral’s weighted average DTI is 37.9%.