With a shifting pool mix, concentration limits and other restrictions applied to the new assets, Fitch gives the overall deal a 15.2% base case default expectation.

The dollar bond would be the largest ever issued by SNB, Saudi Arabia's second-biggest bank by market capitalization.

The deal is secured by a portfolio dominated by mortgage loans considered non-qualified or exempt from ability to repay rules.

DBRS noted that about 90.5% of the 4,011 loans receive payment through Automated Clearing House, which boosts payment capture rates and minimizes cash handling.

Stream Innovation 2025-1 also has a two-month prefunding feature, and during that time the $199.6 million in receivables is slated to expand to $249.6 million.

Focus is now on Tuesday's inflation data for any signs of a pickup in price pressures. The report will be the first to show tariff-related costs.

A vast majority of borrowers have either graduated from one of MPOWER's eligible graduate degree programs in science, technology, engineering and math (STEM) or business.

The deal has an extensive capital structure, which is expected to repay investors sequentially, with notes enhanced by subordination.

The impact of tariff policy on the mortgage-backed securities market is likely to surface first in the cost of new housing construction.

Series 2025-SFR2 and 2025-SFR3 are due to close by the end of April and count single-family homes as their primary collateral.