Overview CLIP 2026-NQM2 Trust's issuance is an RMBS transaction backed by first-lien, fixed- and adjustable-rate, fully amortizing residential mortgage loans (some with interest-only periods) to both prime and nonprime borrowers. We assigned our preliminary ratings to the class A-1FCF, A-1LCF, A-1A, A-1B, A-1, A-2, A-3, M-1, B-1, and B-2 notes. The preliminary ratings reflect our view of the transaction's collateral composition, credit enhancement, and associated structural mechanics, among other factors. NEW YORK (S&P Global Ratings) Oct. 22, 2026--S&P Global Ratings today assigned its preliminary ratings to CLIP 2026-NQM2 Trust 's mortgage-backed notes (see list). The note issuance is an RMBS transaction backed by first-lien, fixed- and adjustable-rate, fully amortizing residential mortgage loans (some with interest-only periods) to both prime and
