EFMT 2026-CES3's issuance is an RMBS transaction backed by U.S. closed-end, second-lien residential mortgage loans. 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 certificates. 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. 29, 2026--S&P Global Ratings today assigned its preliminary ratings to EFMT 2026-CES3's mortgage pass-through certificates (see list). The certificate issuance is an RMBS transaction backed by closed-end second lien, fixed-rate, and fully amortizing mortgage loans, secured by single-family residential properties, planned-unit developments, townhouses, condominiums, condotels, and two- to four-unit multifamily residential properties to both prime and nonprime borrowers.
