J.P. Morgan Securities

Most borrowers, 61.2%, fall within SoFi Bank's highest tiers 1 and 2, and they have a WA income of $156,504.That's an improvement from their earnings on SCLP 2026-3.

The 2026-B notes have a total initial hard credit enhancement of 10.00%, compared with 9.60% from the previous deal, the 2026-A.

CHASE 2026-AGY2 also features a lock-out class and senior enhancement floor to manage potential tail risk and maintain credit support to the transaction.

BRAVO 2026-NQM8, underwritten by JPMorgan Securities, is the eighth non-QM RMBS deal under the BRAVO shelf.

The RMBS deal expects to pay coupons of 4.53% on the A1A through B4 notes, virtually all the notes in the capital structure.

Almost one third of borrowers in the pool, 26.3%, are self-employed, with a non-zero weighted average (WA) average income of $832,522, and $666,211 in liquid reserves.

Investment properties are not only in the majority, 56%, but they represent the largest portion of the pool since the AOMT 2025-12 transaction, which priced in November 2025.

Of the alternative documentation used, bank statements looking back 12-23 months, accounted for 41.6% of that group.

Each Small Business Administration 7(a) loan collateralizing the notes are secured by mostly motel, hotel and gasoline and convenience store commercial real estate (CRE) properties.

All the loans are interest-only during both their initial and extension terms, but third-party secured overnight financing rate (SOFR) cap agreements provide interest rate protection.

The deal also includes a series of exchangeable notes that will pay variable rates.

The three class A notes, A1, A2 and A3, of GCAR 2026-2 notes will all benefit from hard credit enhancement levels, plus haircut to excess spread of 56.07%.

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%.

Non-qualified loans are the majority of loans in the pool, 59.2%, while loans exempt from the Ability-to-Repay/Qualified Mortgage rule, represent 35.9%.

Loans with original terms longer than 60 months now represent 71.7% of the pool, up from 70.4% in the prior deal.

The loans were underwritten primarily to full documentation standards, including one to two years of W-2 verification, or two years of personal and business tax returns for self-employed borrowers.

RATE 2026-J1 has a seasoned probability of default of 6.4% and 1.3% on the 'AAA' and 'B' rating stress levels, respectively.

First liens and junior liens account for 197 and 1,755 of the pool, respectively, DBRS said. They have unpaid balances of $30.5 million and $217 million, with FICO scores of 747 and 740 on a WA basis.

Underwriting relied heavily on alternative documentation, led by debt-service coverage ratios (35.7%) and bank statements ranging from 12-23 months (28.2%) and longer than 24 months (4.6%).

With limited seasoning and primarily a clean payment history, OBX 2026-NQM1 had a seasoned probability of default of 33.3% among the AAA stresses and 11.4% among the B.