#securitization

#securitization

Morningstar DBRS assigned provisional ratings to the notes, with the senior Class A notes rated AAA and subordinate tranches rated from AA (low) to BBB (high). The ratings reflect the deal's sequential structure, credit enhancement from subordinate bonds, and stress testing tied to home-price declines, borrower longevity and interest rates. About two-thirds of the collateral is concentrated in California, with borrowers averaging 76 years old. The loans are nonrecourse, meaning losses are capped at the value of the underlying homes.

"A&D will provide the collateral for the securitizations, while Imperial will structure, manage, and distribute the non-agency RMBS, facilitating their market entry."

Unlock offers homeowners a unique opportunity to access their home equity through HEI contracts without the burden of monthly payments or income checks, fulfilling a critical need in today's market.