Verus Securitization Trust 2025-4's issuance is an RMBS transaction backed by primarily newly originated first- and second-lien, fixed- and adjustable-rate residential mortgage loans, including mortgage loans with initial interest-only periods, to both prime and non-prime borrowers. We assigned our preliminary ratings to the class 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, mortgage aggregator, among other factors. ENGLEWOOD (S&P Global Ratings) May 6, 2025--S&P Global Ratings today assigned its preliminary ratings to Verus Securitization Trust 2025-4's mortgage-backed notes (see list). The note issuance is an RMBS transaction backed by primarily newly originated first- and second-lien, fixed- and adjustable-rate residential mortgage loans, including mortgage loans with initial interest-only
