KBRA has assigned preliminary ratings to 10 classes of mortgage-backed notes from New Residential Mortgage Loan Trust 2026-NQM10, a $494.0 million non-prime RMBS transaction sponsored by Rithm Capital Corp., the publicly traded real estate investment trust formerly known as New Residential Investment Corp. The underlying mortgages in the pool were primarily originated by NewRez LLC at 56.6%, and all loans will be serviced by Shellpoint Mortgage Servicing, a brand and affiliate of NewRez LLC. The transaction is collateralized by a pool of 897 residential mortgages seasoned approximately two months, with borrowers carrying a non-zero weighted average original credit score of 757, a weighted average original loan-to-value of 72.5% and a weighted average combined loan-to-value of 72.5%. KBRA said its rating approach incorporated loan-level analysis of the mortgage pool through its Residential Asset Loss Model, an examination of third-party loan file due diligence results, cash flow modeling of the transaction's payment structure, reviews of key transaction parties and an assessment of the legal structure and documentation.
Rithm Capital Corp.Rithm Capital sponsors the $494.0 million NRMLT 2026-NQM10 non-prime RMBS transaction receiving KBRA preliminary ratings.
New Residential Investment Corp.Shellpoint Mortgage Servicing, a NewRez affiliate, will service all loans in the $494.0 million RMBS pool.
