Scorecards

The transaction comes to market with initial hard credit enhancement levels of 33.60%, 22.90%, 13.50% and 8.65% across the subordinate tranches, higher than the previous deal.

The 30-year fixed spiked earlier in the week, but fell as Middle East news helped to drive the 10-year Treasury yield lower by 9 basis points by Wednesday.

The percentage of investors who view the market as better than it was a year ago fell to 36% from 45% in the winter, according to a spring survey.

The A1 VFN tranche is a variable funding note whose proceeds can be used for general corporate purposes, including acquisitions.

The company turned a GAAP profit of $170.4 million for the quarter, with its volume and margins relatively flat compared with the fourth quarter of 2025.

An array of unnamed originators accounted for the large majority of originators in the pool, 89.3%, the rating agencies said, while Hometown Equity Mortgage originated 10.7% of the pool.