OBX 2026-CFNQM1 Trust's issuance is an RMBS securitization backed by U.S. residential mortgage loans. We assigned our ratings to the class A-1A, A-1B, A-1, A-1FCF, A-1LCF, A-2, A-3, and M-1 notes. The ratings reflect our view of the transaction's credit enhancement, associated structural mechanics, representation and warranty framework, and geographic concentration, among other factors. NEW YORK (S&P Global Ratings) Nov. 5, 2026--S&P Global Ratings today assigned its ratings to OBX 2026-CFNQM1 Trust's mortgage-backed notes (see list). The note issuance is an RMBS securitization backed by first-lien, fixed- and adjustable-rate, fully amortizing U.S. residential mortgage loans (some with initial interest-only periods) to both prime and nonprime borrowers. The loans are secured by single-family residential properties, townhouses, planned-unit developments, condominiums, two-
