KBRA assigns preliminary ratings to $250.6 million Angel Oak Mortgage Trust 2026-6
The non-prime deal holds 381 loans, 62.8% non-QM and 37.2% exempt business-purpose loans. Preliminary ratings are not final, and the deal is not agency MBS.
By Scott Baker · 3 min read
Kroll Bond Rating Agency assigned preliminary ratings on Oct. 16 to 10 classes of mortgage-backed certificates from Angel Oak Mortgage Trust 2026-6, a $250.6 million non-prime residential mortgage-backed securities transaction. KBRA release.
What is in the pool
According to KBRA, the collateral is 381 residential mortgages. Every loan is either a non-qualified mortgage, 62.8% of the pool, or exempt from the federal Ability-to-Repay and Qualified Mortgage rule because it was made for a non-consumer purpose, 37.2%. That second group generally refers to loans such as investor property financing, which fall outside consumer mortgage rules. Angel Oak Mortgage Solutions originated 65.0% of the pool, and no other lender contributed more than 10%.
KBRA said its analysis combined loan-level modeling, third-party due diligence on loan files, cash flow modeling of the deal structure, reviews of transaction parties and a legal review.
What "preliminary" means
Preliminary ratings are issued before a deal closes and can change before final ratings are assigned. They are a rating agency's credit opinion, not an endorsement or investment advice, and this release does not say the deal has priced or closed.
This is a private-label securitization. It is not agency mortgage-backed securities, and the certificates carry no Fannie Mae, Freddie Mac or Ginnie Mae guarantee. The rating action does not change any borrower's interest rate or loan terms.
Why it is worth watching
Non-QM and business-purpose loans serve borrowers such as self-employed applicants and real estate investors who may not fit agency guidelines. Steady securitization gives lenders in that segment a way to sell loans and fund new ones. KBRA's report list shows several other preliminary non-agency ratings the same week, including OBX 2026-NQM16 on Oct. 15 and CROSS 2026-NQM12 on Oct. 14. KBRA release list.
Cover: original mortgage.news graphic using facts from KBRA's Oct. 16 release; not a KBRA document.
Watch: the verified facts in 15 seconds
Transcript (on-screen text; original instrumental music, no narration): KBRA | OCT. 16, 2026; PRELIMINARY RATINGS; 10 classes; Angel Oak Mortgage Trust 2026-6; $250.6 million non-prime RMBS. COLLATERAL; RESIDENTIAL MORTGAGES; 381; Loans in the pool; Angel Oak Mortgage Solutions originated 65.0%. LOAN TYPES; NON-QM SHARE; 62.8%; The other 37.2% are ATR/QM exempt; Exempt as non-consumer purpose loans. WHAT IT IS NOT; PRELIMINARY, NOT FINAL; Private label; Not agency MBS; no government guarantee; Ratings are opinions, not investment advice.