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Rithm Closes $483m Non-qm Securitization As Product Hits Record High

Asset manager Rithm Capital Corp. has closed a $482.6 million securitization of non-qualified mortgages (non-QMs) serviced by its lending and servicing arm, Newrez.

The collateral pool consists of 931 interest-only, fixed-rate residential loans secured by first liens on mostly one-to-four-family homes. Borrowers have an average credit score of 752, and the average loan-to-value ratio stands at 70.08%.

This marks Rithm’s fourth non-QM securitization deal in 2025. The company reached $8.2 billion in unpaid principal balance issued across 24 non-QM deals.

Sanjeev Khanna, Managing Director at Rithm Capital, said the company remains focused on “leveraging our sourcing channels.”

Nomura structured the transaction and other six banks acted as joint bookrunner – Barclays, BMO, Deutsche Bank, Goldman Sachs, Morgan Stanley and Wells Fargo.

Non-QM products have gained traction as the mortgage market shifts toward nontraditional financing solutions, according to Optimal Blue’s July 2025 Market Advantage report.

In July, non-QM lending hit a record high, accounting for 8% of total rate lock volume, while government-sponsored enterprise (GSE) eligible originations fell to 52.2% and nonconforming lending rose to 16.8%.

Optimal Blue attributed this shift to elevated interest rates, higher debt loads and alternative income verification methods.

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Rithm Closes $483m Non-qm Securitization As Product Hits Record High

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