KBRA Assigns Preliminary Ratings to New Residential Mortgage Loan Trust 2025-NQM6 (NRMLT 2025-NQM6)

Core Points - KBRA has assigned preliminary ratings to 10 classes of mortgage-backed notes from New Residential Mortgage Loan Trust 2025-NQM6, a $494.4 million non-prime RMBS transaction sponsored by Rithm Capital Corp [1][2] - The underlying pool consists of 985 residential mortgages with a weighted average original credit score of 753, a weighted average loan-to-value (LTV) of 70.8%, and a weighted average combined LTV (CLTV) of 70.9% [2] Summary by Sections Transaction Overview - The NRMLT 2025-NQM6 transaction is valued at $494.4 million and is backed by a pool of 985 residential mortgages [1][2] - The primary originators of the mortgages are Champions Funding, LLC (36.0%) and NewRez LLC (34.9%), with all loans serviced by NewRez LLC [1] Borrower Characteristics - Borrowers in the NRMLT 2025-NQM6 pool have a non-zero weighted average original credit score of 753 [2] - The loans exhibit a weighted average original LTV of 70.8% and a weighted average combined LTV of 70.9% [2] - Approximately 6.6% of the pool has an initial interest-only period [2] Rating Methodology - KBRA's rating approach involved a loan-level analysis using its Residential Asset Loss Model (REALM), third-party loan file due diligence, cash flow modeling, and reviews of key transaction parties [3]