Rithm Capital-backed mortgage trust wins KBRA ratings on $490.1 million RMBS deal
Non-prime residential mortgage securitization activity continues in the U.S. market as New Residential Mortgage Loan Trust 2026-NQM6 comes to market with rated notes. The transaction totals $490.1 million and is backed by 930 seasoned residential mortgages, with NewRez LLC serving as the primary originator and servicer.
Highlights
- KBRA assigned ratings to 10 classes of mortgage-backed notes from New Residential Mortgage Loan Trust 2026-NQM6, a $490.1 million non-prime RMBS sponsored by Rithm Capital.
- The collateral pool comprises 930 residential mortgages with an average seasoning of two months, with NewRez LLC originating and servicing 62.7% of the loans.
- Borrowers exhibit a weighted average original credit score of 755 and a weighted average original and combined loan-to-value ratio of 71.8%, reflecting strong borrower profiles.
KBRA rating action and deal structure
As reported by Kroll Bond Rating Agency, KBRA assigns ratings to 10 classes of mortgage-backed notes issued by New Residential Mortgage Loan Trust 2026-NQM6, a non-prime RMBS transaction sponsored by Rithm Capital Corp., formerly New Residential Investment Corp. Rithm Capital is a publicly traded real estate investment trust listed on the NYSE under the ticker RITM.The collateral pool consists of 930 residential mortgages with an average seasoning of about two months. NewRez LLC originates 62.7% of the underlying loans in the pool, and all of the loans will be serviced by NewRez LLC.
Credit profile and methodology implications
Borrowers in the pool have a non-zero weighted average original credit score of 755. The transaction also shows a weighted average original loan-to-value ratio of 71.8% and a weighted average combined loan-to-value ratio of 71.8%.KBRA says its analysis incorporates loan-level review of the mortgage pool through its Residential Asset Loss Model, results from third-party loan file due diligence, cash flow modeling of the payment structure, reviews of key transaction parties, and an assessment of the legal structure and documentation. The rating agency says these factors are detailed further in its U.S. RMBS Rating Methodology.
In our previous coverage of KBRA UK’s preliminary ratings for Bletchley Park Funding 2026-1 PLC, we outlined a UK RMBS transaction backed by £286.0 million of specialist buy-to-let mortgage loans across England, Wales, and Northern Ireland, originated by Quantum Mortgages Limited. We also highlighted key structural features such as sequential amortisation, a liquidity reserve, and interest-rate hedging, framing the deal as another example of capital-markets funding for specialist buy-to-let lending.
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