Residential Mortgage Pool Issued at $328.8 Million
The latest mortgage-backed securities offering contains 683 non-qualified loans from high-income borrowers.
Updated on Sept. 22, 2026 in Residential
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SLC BINOM has issued $328.8 million in residential mortgage-backed securities (RMBS), primarily composed of non-qualified loans. This deal, known as BINOM 2026-NQM2, bundles 683 individual mortgages into a structured financial product.
Why it matters
This issuance reflects the ongoing packaging of non-qualified mortgages for institutional investors, drawing on a pool of borrowers with high median incomes and significant liquid reserves. These structured products allow lenders to move loans off their books and secure new capital for residential lending.
The average mortgage balance in the pool is $481,410, supported by borrowers with a median income of $306,602 and average liquid reserves of $398,661. These loans carry an average loan-to-value ratio of 71.0% and an average FICO score of 751.
The players
SLC BINOM
A sponsor that packages residential mortgage loans into securities for sale to institutional investors.
Santander U.S. Capital Markets
An investment bank that functions as a structuring agent and joint bookrunner for mortgage-backed security deals.
BofA Securities
A major financial institution acting as a joint bookrunner for large-scale mortgage bond issuances.
CIBC Capital Markets
An investment firm providing capital market services and acting as a lead manager for the mortgage securitization process.
The details
The pool is structured into 15 tranches of notes to manage risk profiles for investors. A 120-day stop-advance provision is included, which prevents the distribution of interest and principal payments if specific loans within the pool become delinquent. This setup separates the performance of the underlying 683 home loans from the returns paid out to note holders.
Timeline
The BINOM 2026-NQM2 mortgage pool was issued in 2026.
Money Landscape
The securitization of non-qualified mortgages continues to grow as a segment of the broader residential bond market. This development follows a long-term trend of lenders packaging high-balance loans that do not meet standard qualified mortgage requirements set under the Dodd-Frank Act.
The issuance of these securities primarily impacts the availability of capital for the lenders involved rather than individual mortgage terms. If you are shopping for a home loan, consult a qualified mortgage professional to understand how non-qualified mortgage options compare to traditional products.
The takeaway
This deal shows how institutional capital flows into the non-qualified mortgage market by grouping high-income, high-reserve loans. If you are considering a non-qualified mortgage, speak with a qualified financial advisor about the specific risk factors associated with these loans versus traditional mortgages.
Further reading
For more on how lending markets operate, visit the Residential section.
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