Rocket Loans is bringing its fourth 144A unsecured consumer loan ABS securitization to market through RKTL 2026-2, backed by unsecured consumer loans. The deal includes five note classes totaling $390.279 million and relies on overcollateralization, subordination, a reserve account and excess spread for initial credit support.
Highlights
- KBRA assigned ratings to five note classes of RKTL 2026-2, a $390.279 million ABS sponsored by Rocket Loans and backed by unsecured consumer loans.
- Initial hard credit enhancement for the RKTL 2026-2 transaction ranges from 41.72% for Class A Notes to 6.47% for Class E Notes.
- Rocket Loans, a subsidiary of Rocket Companies, continues expanding securitization funding for unsecured prime consumer loans via its automated platform.
Transaction structure and rating basis
As reported by Kroll Bond Rating Agency, KBRA assigned ratings to five classes of notes issued by RKTL 2026-2, an asset-backed securitization sponsored by RockLoans Marketplace LLC, known as Rocket Loans. The issuance totals $390.279 million and is backed by a pool of unsecured consumer loans.Initial credit enhancement for the transaction consists of overcollateralization, subordination, except for the Class E Notes, a reserve account funded at closing, and excess spread. KBRA said initial hard credit enhancement ranges from 41.72% for the Class A Notes to 6.47% for the Class E Notes.
In its analysis, KBRA applied its Consumer Loan ABS Global Rating Methodology and its Global Structured Finance Counterparty Methodology. The agency also reviewed portfolio pool data, the underlying collateral pool, the capital structure, operational reviews of Rocket, periodic update calls with the company, and operative agreements and legal opinions before closing.
Rocket platform and market context
Rocket Loans was founded in 2015 as an online personal loan finance company and is a wholly owned subsidiary of Rocket Companies. Rocket Companies is a Detroit-based publicly traded fintech group whose brands include Rocket Mortgage, Redfin and Rocket Loans.Rocket Loans mainly markets unsecured consumer loan products to Rocket Mortgage customers through an automated technology platform, with a focus on prime borrowers. The RKTL 2026-2 transaction adds to Rocket Loans' use of securitization funding in the consumer finance sector.
In our earlier article, KBRA’s preliminary ratings on the BBCMS 2026-5C42 CMBS conduit transaction detailed a $633.5 million deal backed by 37 commercial mortgage loans secured by 58 properties across 15 U.S. metro areas. We highlighted the pool’s geographic and property-type concentrations, as well as KBRA’s key credit metrics and methodology inputs—such as its net cash flow and valuation haircuts and the resulting KLTV measures—that underpin the assigned classes.
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