Morgan Stanley Residential Mortgage Loan Trust 2025-NQM3'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. The loans are secured by single-family residential properties including townhouses, planned-unit developments, condominiums, and two- to four-family residential properties. We assigned our preliminary ratings to the class A-1-A, A-1-B, 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 representation and warranty framework, among other factors. NEW YORK (S&P Global Ratings) May 16, 2025--S&P Global Ratings today assigned its preliminary ratings to Morgan Stanley Residential Mortgage Loan Trust 2025-NQM3's mortgage-backed certificates (see list). The certificate
