In New York, KBRA has given preliminary ratings to eight classes of mortgage-backed notes from OBX 2025-NQM17 Trust, a non-prime RMBS transaction worth $298.7 million. The collateral includes 541 residential mortgages, consisting of 91.9% fixed-rate mortgages (FRMs) and 8.1% hybrid adjustable-rate mortgages (ARMs). The loans are primarily non-qualified mortgages (Non-QM; 48.4%) or exempt (41.7%) from the standards.