The loan quality of mortgage pools backing private-label securitization (PLS) deals has remained solid this year through the end of June, even as deal volume slowed appreciably between the first and second quarters. 

In addition, the average coupon for PLS note offerings so far this year has not yet caught up with current market rates, according to the Kroll Bond Rating Agency’s (KBRA’s) most recent RMBS Credit Indices report.

The yield for both prime and nonprime PLS issuance, as measured by the weighted average coupon (WAC), fell below conforming mortgage rates as of June 2022, the period covered by the details ⇒

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