New $735M Mortgage-Backed Security to Close September 30
Borrowers with these residential mortgages will see their loans pooled into a new security package.
Updated on Sept. 28, 2026 in Residential
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The CROSS 2026-NQM11 trust will issue $735.3 million in residential mortgage-backed securities on September 30, 2026. This transaction consolidates 1,481 individual home loans into a single investment pool.
Why it matters
This securitization move aggregates loans with an average balance of $496,511 to manage the risk and liquidity of existing residential debt. It reflects a standard financial practice of bundling mortgages to provide consistent backing for notes issued to investors.
The pool includes 1,481 mortgages with an average balance of $496,511 and a weighted average annual borrower income of $983,736. Approximately 40.9% of the borrowers are self-employed, with a weighted average coupon rate of 7.23% across the portfolio.
The players
Select Portfolio Servicing
A mortgage servicer that collects payments and manages escrow accounts for the majority of loans in this pool.
Rushmore Servicing
A residential mortgage servicer responsible for processing borrower payments and loan administration.
The details
The trust manages these assets by issuing notes across seven tranches of class A, a mezzanine, and three classes of class B notes. Payments to investors follow a modified sequential schedule, ensuring seniority in repayment. Select Portfolio Servicing manages 94.3% of these loans, while Rushmore Servicing handles the remainder.
Timeline
The transaction is scheduled to close on September 30, 2026.
The issued notes carry a final maturity date of September 2071.
Money Landscape
This issuance sits within the broader cycle of private-label mortgage-backed securities that provide liquidity to the non-agency lending market. It represents a common approach to managing risk for loans that sit outside traditional government-sponsored enterprise criteria.
Borrowers whose loans are included in this pool should continue making payments as usual to their current servicer, as the securitization process generally does not change individual loan terms. If you have questions about your specific mortgage account, contact a financial professional to review your documentation.
The takeaway
Securitization is a routine backend financial process that typically has no direct impact on a borrower's monthly obligations or loan terms. For peace of mind, homeowners should always verify their mortgage servicer's contact information and keep original loan agreements in their personal files.
Further reading
Learn more about how home loans are packaged by visiting the Residential section.
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