KBRA Assigns Preliminary Ratings to New Residential Mortgage Loan Trust 2026-NQM2

KBRA assigns preliminary ratings to 10 classes of mortgage-backed notes from New Residential Mortgage Loan Trust 2026-NQM2, a $508.0 million non-prime RMBS transaction sponsored by Rithm Capital Corp. The underlying mortgages were primarily originated by NewRez LLC and will be serviced by the same company. Borrowers in the pool possess a non-zero WA original credit score of 758 and exhibit a WA original loan-to-value of 72.4%. KBRA's rating approach incorporated loan-level analysis, third-party loan file due diligence, cash flow modeling analysis, and a review of key transaction parties.