...A&D Mortgage Trust 2026-R1 (October 2026) The representations, warranties and enforcement mechanisms (RW&Es) contained in the transaction's offering documents that are available to investors for ADMT 2026-R1 are substantially comparable to those typically contained in U.S. RMBS transactions, as described in Fitch Ratings' special report, "Representations, Warranties and Enforcement Mechanisms in Global Structured Finance Transactions," dated September 2024. For this transaction, representations and warranties (R&Ws) are provided by A&D Mortgage, LLC. The transaction's offering documents generally include RW&Es that Fitch considers typical for U.S. RMBS transactions, although there are some minor variations. The breach review is only automatic if a realized loss occurs with respect to an ability to repay (ATR) notice loan or if there is a failure to deliver the required documents within one year. If a realized loss occurs with respect to any mortgage loan, other than an ATR notice loan,...
