A story last week incorrectly stated that ZCM Matched Funding Corp. had been downgraded. Fenway Funding was put on review for downgrade, following the placement of ZCMMF on review for downgrade. ZCMMF is a total return swap counterparty to Fenway. ZCMMF's rating is based on a surety bond from Zurich Insurance Company which Moody's placed on review for downgrade in late February.
Irrespective of the transaction's trigger status, PRKCM 2026-AFC3 will pay the A-1FCF first, until its balance is reduced to zero, and then to the A-1LCF until it is paid down.
Bank statement underwriting, often applied in situations where the borrower is self-employed, accounted for the plurality of documentation types in the pool, at 44.9%.
The deal saw notable changes from SCLP 2021-1, especially an increase in target and initial overcollateralization.
Fintech firm IntraFi's most recent quarterly survey of bank executives showed rising pessimism among bankers related to "instability in Washington," as well as growing concerns about technology-enabled fraud.
Tower Point Capital, the deal's manager, is considered to have one of the largest privately held wireless infrastructure portfolios in the U.S.
Delinquencies also showed signs of overall improvement in March, despite an increase in foreclosure numbers, ICE Mortgage Technology said.
