KBRA Assigns Preliminary Ratings to New Residential Mortgage Loan Trust 2025-NQM2 (NRMLT 2025-NQM2)
Rithm Capital Corp (NYSE: RITM) is sponsoring a $325.7 million non-prime RMBS transaction through New Residential Mortgage Loan Trust 2025-NQM2 (NRMLT 2025-NQM2). The trust consists of 631 residential mortgages originated primarily by Champions Funding, (43.5%) and NewRez (41.5%), with servicing handled by Shellpoint Mortgage Servicing.
The mortgage pool characteristics include:
- Borrowers' weighted average original credit score: 749
- Weighted average original loan-to-value (LTV): 71.1%
- One-month seasoned loans
- 99.6% fixed-rate mortgages (FRMs)
- 0.4% adjustable-rate mortgages (ARMs)
- 5.3% of loans have initial interest-only period
KBRA has assigned preliminary ratings to 8 classes of mortgage-backed notes, utilizing their Residential Asset Loss Model (REALM), third-party loan file due diligence, and cash flow modeling analysis.
Rithm Capital Corp (NYSE: RITM) sta sponsorizzando una transazione RMBS non-prime del valore di 325,7 milioni di dollari tramite New Residential Mortgage Loan Trust 2025-NQM2 (NRMLT 2025-NQM2). Il trust è composto da 631 mutui residenziali originati principalmente da Champions Funding (43,5%) e NewRez (41,5%), con la gestione affidata a Shellpoint Mortgage Servicing.
Le caratteristiche del pool di mutui includono:
- Punteggio di credito medio ponderato originale dei mutuatari: 749
- Rapporto medio ponderato prestito-valore (LTV): 71,1%
- Mutui con un mese di anzianità
- 99,6% di mutui a tasso fisso (FRMs)
- 0,4% di mutui a tasso variabile (ARMs)
- 5,3% dei mutui ha un periodo iniziale di solo interessi
KBRA ha assegnato valutazioni preliminari a 8 classi di note garantite da mutui, utilizzando il loro Modello di Perdita degli Attivi Residenziali (REALM), la due diligence sui file di prestito di terze parti e l'analisi del flusso di cassa.
Rithm Capital Corp (NYSE: RITM) está patrocinando una transacción RMBS no prime por un valor de 325,7 millones de dólares a través de New Residential Mortgage Loan Trust 2025-NQM2 (NRMLT 2025-NQM2). El fideicomiso consta de 631 hipotecas residenciales originadas principalmente por Champions Funding (43,5%) y NewRez (41,5%), con el servicio gestionado por Shellpoint Mortgage Servicing.
Las características del grupo de hipotecas incluyen:
- Puntuación de crédito promedio ponderada original de los prestatarios: 749
- Relación promedio ponderada préstamo-valor (LTV): 71,1%
- Hipotecas con un mes de antigüedad
- 99,6% de hipotecas a tasa fija (FRMs)
- 0,4% de hipotecas a tasa ajustable (ARMs)
- 5,3% de los préstamos tienen un período inicial de solo intereses
KBRA ha asignado calificaciones preliminares a 8 clases de notas respaldadas por hipotecas, utilizando su Modelo de Pérdida de Activos Residenciales (REALM), la debida diligencia de archivos de préstamos de terceros y el análisis de flujo de efectivo.
Rithm Capital Corp (NYSE: RITM)는 New Residential Mortgage Loan Trust 2025-NQM2 (NRMLT 2025-NQM2)를 통해 3억 2,570만 달러 규모의 비프라임 RMBS 거래를 후원하고 있습니다. 이 신탁은 주로 Champions Funding(43.5%)와 NewRez(41.5%)에 의해 발생된 631개의 주택 담보 대출로 구성되며, 서비스는 Shellpoint Mortgage Servicing에서 처리합니다.
담보 대출 풀의 특성은 다음과 같습니다:
- 차용자의 가중 평균 원래 신용 점수: 749
- 가중 평균 원래 대출-가치 비율(LTV): 71.1%
- 1개월 경과된 대출
- 99.6% 고정 금리 모기지(FRM)
- 0.4% 변동 금리 모기지(ARM)
- 5.3%의 대출이 초기 이자만 지급하는 기간을 가집니다
KBRA는 주택 자산 손실 모델(REALM), 제3자 대출 파일의 실사 및 현금 흐름 모델링 분석을 활용하여 8개 클래스의 담보 대출 노트에 대해 예비 등급을 부여했습니다.
Rithm Capital Corp (NYSE: RITM) parraine une transaction RMBS non-prime d'une valeur de 325,7 millions de dollars à travers New Residential Mortgage Loan Trust 2025-NQM2 (NRMLT 2025-NQM2). Le trust est composé de 631 hypothèques résidentielles principalement émises par Champions Funding (43,5%) et NewRez (41,5%), avec la gestion assurée par Shellpoint Mortgage Servicing.
Les caractéristiques du pool hypothécaire incluent:
- Score de crédit moyen pondéré initial des emprunteurs: 749
- Ratio moyen pondéré prêt-valeur (LTV): 71,1%
- Prêts d'un mois d'ancienneté
- 99,6% d'hypothèques à taux fixe (FRMs)
- 0,4% d'hypothèques à taux variable (ARMs)
- 5,3% des prêts ont une période initiale de paiement d'intérêts uniquement
KBRA a attribué des notations préliminaires à 8 classes de notes adossées à des hypothèques, en utilisant leur Modèle de Perte d'Actifs Résidentiels (REALM), la diligence raisonnable des fichiers de prêts tiers et l'analyse des flux de trésorerie.
Rithm Capital Corp (NYSE: RITM) fördert eine nicht-prime RMBS-Transaktion im Wert von 325,7 Millionen Dollar über New Residential Mortgage Loan Trust 2025-NQM2 (NRMLT 2025-NQM2). Der Trust besteht aus 631 Wohnimmobilienhypotheken, die hauptsächlich von Champions Funding (43,5%) und NewRez (41,5%) vergeben wurden, wobei die Verwaltung von Shellpoint Mortgage Servicing übernommen wird.
Die Merkmale des Hypothekenpools umfassen:
- Gewichteter durchschnittlicher ursprünglicher Kredit-Score der Kreditnehmer: 749
- Gewichtetes durchschnittliches ursprüngliches Verhältnis von Darlehen zu Wert (LTV): 71,1%
- Einmonatige gealterte Darlehen
- 99,6% feste Zinssätze (FRMs)
- 0,4% variable Zinssätze (ARMs)
- 5,3% der Darlehen haben eine anfängliche Zinszahlungsphase
KBRA hat vorläufige Bewertungen für 8 Klassen von hypothekenbesicherten Anleihen vergeben, unter Verwendung ihres Residential Asset Loss Models (REALM), der Due Diligence von Drittanbieter-Darlehensakten und der Cashflow-Modellierungsanalyse.
- Large RMBS transaction value of $325.7 million
- Strong weighted average borrower credit score of 749
- Conservative LTV ratio of 71.1%
- High percentage of fixed-rate mortgages (99.6%)
- 5.3% of loans have interest-only period, potentially increasing risk
- loan seasoning of only one month
Insights
Rithm Capital's $325.7 million non-prime RMBS transaction (NRMLT 2025-NQM2) represents standard execution within the company's securitization business line. The transaction's composition—631 residential mortgages with weighted average credit score of 749 and 71.1% loan-to-value ratio—indicates disciplined underwriting standards for a non-QM pool.
The deal highlights Rithm's vertical integration capabilities, with significant origination contributions from affiliated entities Champions Funding (43.5%) and NewRez (41.5%), while servicing is handled entirely by Shellpoint Mortgage Servicing (a NewRez brand). This integration allows Rithm to capture value across multiple stages of the mortgage lifecycle.
The predominantly fixed-rate composition (99.6%) offers cash flow predictability, while the minimal interest-only exposure (5.3%) limits potential payment shock risk. The transaction's structure, validated through KBRA's rating methodology including loan-level analysis and third-party due diligence, follows standard securitization practices.
For Rithm Capital, this transaction represents business-as-usual activity—neither exceptionally large nor small for the company—demonstrating continued access to the securitization markets and execution capabilities essential to its operating model as a mortgage REIT. The ability to regularly package and securitize mortgages remains fundamental to Rithm's business strategy and ongoing operations.
NRMLT 2025-NQM2 is collateralized by a pool of 631 residential mortgages. Borrowers in NRMLT 2025-NQM2 possess a non-zero WA original credit score of 749 and exhibit a weighted average (WA) original loan-to-value (LTV) and a WA combined LTV (CLTV) of
KBRA’s rating approach incorporated loan-level analysis of the mortgage pool through its Residential Asset Loss Model (REALM), an examination of the results from third-party loan file due diligence, cash flow modeling analysis of the transaction’s payment structure, reviews of key transaction parties and an assessment of the transaction’s legal structure and documentation. This analysis is further described in our
To access ratings and relevant documents, click here.
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Related Publications
Methodologies
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RMBS:
U.S. RMBS Rating Methodology - Structured Finance: Global Structured Finance Counterparty Methodology
- ESG Global Rating Methodology
Disclosures
Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.
A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.
Information on the meaning of each rating category can be located here.
Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.
About KBRA
Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the
Doc ID: 1008669
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Analytical Contacts
Minxi Qiu, Director (Lead Analyst)
+1 646-731-1263
minxi.qiu@kbra.com
Colleen Kelley, Senior Analyst
+1 646-731-1389
colleen.kelley@kbra.com
Sharif Mahdavian, Managing Director (Rating Committee Chair)
+1 646-731-2301
sharif.mahdavian@kbra.com
Business Development Contact
Daniel Stallone, Managing Director
+1 646-731-1308
daniel.stallone@kbra.com
Source: Kroll Bond Rating Agency, LLC
FAQ
What is the total value of RITM's NRMLT 2025-NQM2 RMBS transaction?
How many residential mortgages are included in RITM's NRMLT 2025-NQM2 trust?
What is the weighted average credit score of borrowers in RITM's NRMLT 2025-NQM2 pool?
Who are the main originators of the mortgages in RITM's NRMLT 2025-NQM2 trust?
What percentage of RITM's NRMLT 2025-NQM2 loans are fixed-rate vs adjustable-rate mortgages?
