# KBRA Assigns Preliminary Ratings to Ten Classes of $349.3 Million CLIP 2026-NQM2 Trust Notes

> KBRA assigned preliminary ratings to ten classes of notes from the $349.3 million CLIP 2026-NQM2 Trust.

- Published: 2026-10-22T23:01:26+00:00
- Section: Earnings & Results
- Author: News Desk
- URL: https://newsforagent.com/news/2026-10-22/kbra-clip-2026-nqm2-ratings
- Source: [Business Wire](https://www.businesswire.com/news/home/20261022096168/en/)

## Key takeaways

- KBRA assigned preliminary ratings to ten classes of mortgage pass-through notes from the $349.3 million CLIP 2026-NQM2 Trust.
- The collateral pool holds 602 primarily fixed-rate residential mortgages, with Guaranteed Rate Entities as the largest originator at 28.1%.
- Select Portfolio Servicing, Inc. services all loans in the transaction, which Itasca Park LLC sponsors.

KBRA assigned preliminary ratings to ten classes of mortgage pass-through notes from CLIP 2026-NQM2 Trust, a $349.3 million non-prime RMBS transaction sponsored by Itasca Park LLC, [Business Wire](https://www.businesswire.com/news/home/20261022096168/en/) reported on October 22, 2026. The deal is backed by 602 primarily fixed-rate residential mortgages.

## Inside the CLIP 2026-NQM2 Collateral Pool

Guaranteed Rate Entities is the largest originator in the pool at 28.1%, and Select Portfolio Servicing, Inc. Services all of the loans. The mortgages fall into four categories: 30.0% are classified as non-qualified mortgages, 41.4% are exempt from the Ability-to-Repay/Qualified Mortgage rule, 27.5% are QM: Safe Harbor (APOR), and 1.1% are QM: Rebuttable Presumption (APOR).

KBRA's rating approach combined loan-level analysis of the mortgage pool through its Residential Asset Loss Model, an examination of third-party loan file due diligence results, cash flow modeling of the transaction's payment structure, reviews of key transaction parties, and an assessment of the legal structure and documentation. The agency describes this analysis further in its U.S. RMBS Rating Methodology.

## KBRA's Recent Rating Assignments

KBRA assigned preliminary ratings to four classes of BX 2026-PURE5 on October 19, 2026, a Canadian CMBS securitization backed by a CAD 515 million mortgage on 21 industrial assets, [FinancialContent Business Page](https://www.financialcontent.com/article/bizwire-2026-10-9-kbra-assigns-preliminary-ratings-to-databank-issuer-llc-and-databank-co-issuer-llc-series-2026-234) reported. On the same date, KBRA assigned preliminary ratings to 10 classes of mortgage-backed notes from PMT Loan Trust 2026-DSC1, the first DSCR RMBS sponsored by PennyMac, with a $298.1 million pool of 853 rental property mortgages fully serviced by PennyMac. KBRA also assigned preliminary ratings to nine classes of BSPDF 2026-FL6, a managed CRE CLO collateralized by 47 mortgage loans with a $1.01 billion in-trust balance and $61.2 million cash collateral.

## Ratings Activity Across Structured Finance

DataBank Issuer, LLC and DataBank Co-Issuer, LLC received preliminary ratings from KBRA on three series of notes on October 9, 2026, for a colocation data center ABS whose collateral includes 38 data centers, FinancialContent Business Page reported. Moody's Ratings upgraded two classes of notes and downgraded one class issued by Sound Point CLO on October 9, 2026, [AInvest](https://www.ainvest.com/news/wire/item/moody-ratings-upgrades-ratings-classes-notes-downgrades-rating-class-notes-issued-sound-point-clo-2610/) reported. Moody's assigned definitive ratings to approximately $1 billion of notes from GM Financial Consumer Automobile Receivables Trust 2026-4 on October 14, 2026, [TradingView](https://www.tradingview.com/news/moodys:7c041e2144a6f:0-moody-s-ratings-assigns-definitive-ratings-to-gm-financial-consumer-automobile-receivables-trust-2026-4-notes/) reported. Fitch Ratings assigned 'AAAsf' with a Stable Outlook to Neuberger Berman's $500 million CLO 65 on October 13, 2026, [Trend](https://www.trend.az/world/4233909.html) reported.

## What Comes Next for the Transaction

KBRA's ratings on the CLIP 2026-NQM2 notes are preliminary. The agency's full rating report and related documents are available through [KBRA](https://www.kbra.com).

## Companies in this story

- KBRA · website: https://www.kbra.com

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