CROSS 2026-NQM11 Trust Will Issue $735M in Securities

The mortgage-backed securities offering is scheduled to officially close on September 30, 2026.

Updated on Sept. 28, 2026 in Residential

CROSS 2026-NQM11 Trust Will Issue $735M in Securities

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The CROSS 2026-NQM11 trust will issue $735.3 million in residential mortgage-backed securities on September 30, 2026. This financial transaction is backed by a pool of 1,481 individual home loans.

Why it matters

This securitization provides a mechanism to bundle a large volume of non-qualified mortgages for investors. The deal structures various classes of notes to manage the risk associated with these specific home loan pools.

The mortgage pool features a weighted average coupon of 7.23% and an average loan balance of $496,511. Self-employed individuals account for 40.9% of the borrowers within the trust.

The players

Select Portfolio Servicing

This company is a major financial services firm that manages and administers mortgage loan accounts for investors.

Rushmore Servicing

This organization operates as a loan servicer responsible for collecting payments and managing borrower accounts for mortgage pools.

The details

The transaction utilizes seven tranches of class A notes alongside a mezzanine tranche and three classes of B notes to distribute interest and principal. Servicing for the pool is split between Select Portfolio Servicing, which handles 94.3% of the loans, and Rushmore Servicing.

The transaction is scheduled to close on September 30, 2026.
The notes carry a final maturity date of September 2071.

Culture Shift

This issuance represents a continuation of the trend toward securitizing non-qualified mortgage products to provide capital for lenders. It highlights the evolving landscape of credit risk assessment for self-employed borrowers in the residential sector.

The securitization of these mortgages provides lenders with more capital to issue new loans to prospective homebuyers. Borrowers in these programs may experience different documentation requirements, such as the use of bank statements rather than traditional W-2 forms for income verification.

The takeaway

This deal underscores the ongoing demand for non-qualified mortgage products among investors. Homebuyers should be aware that these loan pools often cater to individuals who do not fit standard lending criteria, such as the self-employed.