Residential Mortgage

KBRA has issued preliminary ratings for eight classes of mortgage-backed notes from New Residential Mortgage Loan Trust 2025-NQM5, a $500.9 million non-prime RMBS deal sponsored by Rithm Capital Corp. The underlying mortgage pool, primarily from Champions Funding, NewRez, and Home Express Mortgage, will be serviced by Shellpoint Mortgage Servicing. Collateralized by 987 residential mortgages, the pool has a weighted average credit score of 741 and LTV of 74.2%. KBRA’s ratings reflect a detailed analysis of the loan pool, payment structure, and transaction parties. Investors should review pre-sale reports to understand inherent risks.