KBRA Assigns Preliminary BBB- Rating to Freedom Mortgage's Series 2026-GT2 Term Notes

KBRA assigned a preliminary rating of BBB- (sf) to the Series 2026-GT2 Class A Term Notes from FMC GMSR Issuer Trust, Freedom Mortgage Corporation's master trust issuer of notes backed by a participation certificate in mortgage servicing rights on loans underlying Ginnie Mae guaranteed mortgage-backed securities. Business Wire published the rating action on November 6, 2026.

KBRA's Rating Drivers for the FMC GMSR Notes

The rating is primarily driven by the credit rating of Freedom Mortgage (KBRA Rating: BB+/Stable) as repurchase obligor under a repo facility supporting the issuer's mortgage servicing rights granted by Ginnie Mae to FMC. KBRA said certain transaction features provide slight uplift on the rating of the notes.

Those features include the alignment of interest between FMC, Ginnie Mae, and the VFN and term noteholders, the potential ability to transfer servicing in the event of an FMC default, the existence of the Ginnie Mae Acknowledgment Agreement, and the requirement that the borrowing base be trued up monthly. KBRA said further information on key credit considerations and sensitivity analyses is available in the full rating report.

KBRA's Recent Structured Finance Actions

KBRA assigned preliminary ratings to six classes of notes in Avant Loans Funding Trust 2026-REV2, an unsecured consumer loan ABS, on November 5, 2026, according to FinancialContent Business Page. On November 4, 2026, KBRA assigned a preliminary rating to one class of notes issued by Sabal Issuer 2026-3 LLC, collateralized by 16,137 solar PV leases and PPAs, with an aggregate discounted solar asset balance of about $412 million and a securitization share of $378.7 million, FinancialContent Business Page reported. KBRA assigned preliminary ratings to 18 classes of Benchmark 2026-B44, an $805.1 million CMBS conduit backed by 63 loans on 79 properties, on November 3, 2026, FinancialContent Business Page reported.

Other Rating Agency Actions

Sunway Bhd secured bondholder approval to replace MARC with RAM Rating Services as its sukuk programme's credit rating agency, The Edge Malaysia reported on October 28, 2026. RAM assigned the group an AA1/Stable/P1 corporate rating on September 8. Fitch Ratings reaffirmed the A- rating on Citi Field's PILOT and rental bonds under Queens Ballpark Company with a stable outlook, the Sports Business Journal reported on November 4, 2026. AM Best affirmed Eni Insurance S.p.A.'s Financial Strength Rating of A and Long-Term Issuer Credit Rating of a, with a stable outlook, Yahoo reported on October 29, 2026.

Freedom Mortgage's Holiday Toy Drive

Freedom Mortgage launched its 15th annual Holiday Toy Drive, supporting The Salvation Army, Toys for Tots, and Children's Hospital of Philadelphia, PR Newswire reported on November 2, 2026. The campaign runs through December 4, with online donations and toy collections at select offices.