KBRA

Fidelis’ second rated RTL securitization of 2026 signals growing investor acceptance, but the firm warns that additional capital could pressure underwriting standards

Lenders seek to serve early-career physicians with strong earning potential but unconventional underwriting profiles.

Strong servicing revenues and efficient cost-cutting measures highlighted; however, concerns raised over lack of hedging on substantial MSR investments.

OBX 2023-NQM3 Trust is a $407.5M securitization backed by 807 mostly Non-QM loans, 22% from SG Capital.

OBX 2023-NQM1 is a $405.2 million non-prime RMBS transaction.

Like refinancing a mortgage, redeeming a securitization affected by volatility of rates.