Fitch downgraded the wholesale giant after leverage reached 6.1x, saying the preferred investment changes UWM’s funding structure but does not immediately reduce its debt burden
Rated transactions are projected to represent 73% of 2026 issuance and have priced substantially tighter than unrated deals, according to 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.
Investors aren’t interested in Non-QM backed securities, and it could slow down origination
Like refinancing a mortgage, redeeming a securitization affected by volatility of rates.
