Donna M. Mitchell

Underlying loans have an average balance of $25,853, which is in line with balances on previous deals. On a weighted average (WA) basis, the deal's loan-to-value on FCAT 2023-3 was 119.4%.

The deal also has a reserve account with an initial balance of $8.0 million at closing, representing 2.0% of the initial bond balance.

GOOD 2023-2 has 11.3% fewer 25-year loans, compared with the GOOD 2023-2 deal. Some of that shift went to 30-year loans, which gained 0.02% in the current pool.

The 2023-P1 collateral pool, which finances new and used auto purchases, has a weighted (WA) average credit bureau score of 736, WA seasoning of 24 months, and a WA loan-to-value ratio of 111.31%.

Hilton Grand Vacation is allowed to optionally repurchase defaulted or 90-day delinquent timeshare loans, which increases the transaction's recovery rates and reduces losses in the securities.

Classes A, B, C, D and E are expected to have credit support of 64.4%, 57.6%, 46.4%, 37.7% and 33.1%, respectively. Those support levels include hard credit enhancement and a haircut to excess spread.

The collateral pool is comprised of a mix of mortgage loans, from 30-year, fixed-rate, fully amortizing loans (94.6%) to 40-year, fixed-rate loans with an initial interest-only term (0.03%).

In the April 2023 collection period, 60 days-plus net chargeoffs and delinquencies of rose to 2.91% and 1.26%, respectively.

Wilmington Trust added about 36 CLO professionals in 2022 and 2023, as its expansion in the private debt and the collateralized loan obligation market continues.

Compared with other tax lien transactions, PVOne 2023-1 has a much smaller initial redemption value, and has one of the lowest numbers of liens, at 9,681. Its weighted average loan-to-value (LTV) ratio is 8.8%.

Scores between 601-650 account for 72.02% of the FICO distribution on FCRT 2023-1, compared with 46.65% on the FCRT 2023-1, according to KBRA.

With 24 sponsors, the collateral pool comprises mostly full-term interest-only loans, 97.4%. Otherwise, amortizing balloons make up the next highest percentage of loans, at 2.6%.

Junior tranches are at the heart of the debate around whether the capital that insurers currently hold against CLOs is sufficient, and the NAIC may soon impose stiffer risk-based capital requirements.

Both credit card and student loan issuers made up for tepid starts to 2023 by leaping over their first-quarter production numbers, but it wasn't enough to overcome an overall slide.

DriveTime's latest has initial hard credit enhancement that ranges from 55.70% for the class A notes to 15.40% for the class E notes, and the company just bumped up its warehouse commitment.

Conning and its affiliates will retain autonomy, while using the Generali connections to extend its reach into global markets.

Credit enhancement is lower for all classes relative to the Sierra Timeshare 2023-1, except for class C, and that was because of lower overcollateralization and lower subordination.

Tesla features prominently in the collateral, representing 41.73% of receivables from borrowers with higher FICO scores than the overall pool.

A vast majority of the pool, 86.35%, consists of primary homes. Investment properties and secondary homes, meanwhile, account for 11.29% and 2.36% of the collateral.

Newman will develop and implement the company's asset capital strategy, and lead a team focused on Hometap's optimization, structuring, pricing and go-to-market methods for various investor segments.