The near-term credit impact of the new housing legislation on existing SFR securitizations is expected to be benign. Build-to-rent properties are expected to be the predominant collateral in new securitizations.

Changes to Common Securitization Solutions, including being renamed U.S. Financial Technology, appear to set the company up to serve additional secondary mortgage market participants.

Fitch Ratings sees relatively smooth sailing for residential MBS this year while times are tough in the CMBS market, and the worst could be yet to come.