CROSS 2026-NQM11 Trust Will Issue $735 Million in Mortgages
The mortgage-backed security bundle involves 1,481 home loans and is set to close on September 30, 2026.
Updated on Sept. 28, 2026 in Residential
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The CROSS 2026-NQM11 trust is launching a $735.3 million residential mortgage-backed security issuance. This financial package includes 1,481 individual home loans, with the transaction scheduled to officially close on September 30, 2026.
Why it matters
This issuance reflects current lending trends for non-qualified mortgages, specifically highlighting financing conditions for self-employed borrowers. The structure of these securities provides insight into how lenders are currently packaging diverse home loans for investors.
The mortgage pool consists of 1,481 loans with an average balance of $496,511 and a 72.2% weighted average original loan-to-value ratio. Nearly 41% of the included borrowers are self-employed, with the notes reaching final maturity in September 2071.
The players
Select Portfolio Servicing
A major mortgage servicer responsible for the administration of nearly 95% of the mortgages included in this financial trust.
Rushmore Servicing
A financial services firm acting as a secondary servicer for the remaining portion of the mortgage-backed security pool.
The details
The transaction utilizes a modified sequential payment schedule across eleven distinct tranches, including seven classes of senior notes, a mezzanine tranche, and three classes of B notes. The underlying loans were primarily underwritten using bank statements at 32.2% or debt service coverage ratios at 26.52%. Servicing responsibilities are split, with Select Portfolio Servicing handling 94.3% of the portfolio and Rushmore Servicing managing the remaining 5.7%.
Timeline
September 30, 2026: The transaction is scheduled to close.
September 2071: The final maturity date for the issued notes.
The Home Front
This transaction follows the established patterns for securitizing non-qualified mortgages under standards set by the Dodd-Frank Wall Street Reform and Consumer Protection Act. These securities continue to influence the availability of capital for self-employed homeowners in the national market.
Homeowners should understand that their mortgage servicers may change as these loan pools are bundled and traded between financial institutions. If your loan is serviced by Select Portfolio Servicing or Rushmore Servicing, ensure your contact information is current to receive any future correspondence.
The takeaway
Bundling mortgages into securities is a standard market practice that facilitates liquidity for lenders while keeping individual borrower terms stable. If you are a borrower, verify your current mortgage servicer through your most recent billing statement to ensure your payments are properly directed.
Further reading
For more information on current trends in property financing, visit the Residential section.
Source note: This article includes information reported by Asset Securitization Report.
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