Santander Mortgage Asset Receivable Trust 2026-CES4 secures expected Fitch ratings for U.S. RMBS deal

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Santander RMBS Fitch ratings

Highlights

Santander Mortgage Asset Receivable Trust 2026-CES4 received expected Fitch ratings for its U.S. RMBS issuance closing on Nov. 30, 2026.
The deal pools 100% closed-end second-lien, fixed-rate performing loans originated and serviced by loanDepot, with NewRez LLC acting as master servicer.
Principal and interest are distributed sequentially without servicer advances on delinquencies, and this marks Fitch's fifth SAN shelf rating backed solely by CES loans.

Deal structure and collateral profile

As reported by Fitch Ratings, the agency has assigned expected ratings to Santander Mortgage Asset Receivable Trust 2026-CES4, a U.S. residential mortgage-backed securities transaction scheduled to close on Nov. 30, 2026.

The issuance is backed by 100% closed-end second-lien loans on residential properties. The collateral pool consists of fixed-rate performing loans with terms ranging from 10 to 30 years and is secured by single-family detached and attached homes, planned unit developments, two-to-four family residential properties, condominium units and a townhouse.

Fitch says the loans are originated by loanDepot, which it assesses as an acceptable originator, while loanDepot also serves as servicer. NewRez LLC, RMS3, is acting as master servicer for the transaction.

Payment mechanics and market significance

Principal and interest distributions are based on a sequential structure, while losses are allocated reverse sequentially, beginning with the most subordinate class. The servicer is not advancing delinquent monthly principal and interest payments, an element that shapes cash flow behavior for investors.

For Class A-1A, A-1B, A-2 and A-3 notes before the December 2030 distribution date, the annual rate equals the lower of the applicable fixed rate or the net weighted average coupon for that distribution date. On and after December 2030, those notes carry a rate equal to the lower of the class fixed rate plus a 1.0% step-up or the net weighted average coupon rate.

Class M-1 notes carry a pass-through rate equal to the lower of the applicable fixed rate or the net weighted average coupon for the distribution date, while Class B-1, B-2 and B-3 notes pay the net weighted average coupon. Fitch says the transaction is the fifth SAN shelf deal it has rated that consists entirely of CES loans, adding to issuance activity in the U.S. second-lien mortgage securitization segment.

Earlier, we looked at PRPM 2026-RCF6 ratings, another U.S. RMBS deal that received Fitch expected ratings ahead of a November close.

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