About Cabling Installation & Maintenance

Our mission: Bringing practical business and technical intelligence to today's structured cabling professionals

For more than 30 years, Cabling Installation & Maintenance has provided useful, practical information to professionals responsible for the specification, design, installation and management of structured cabling systems serving enterprise, data center and other environments. These professionals are challenged to stay informed of constantly evolving standards, system-design and installation approaches, product and system capabilities, technologies, as well as applications that rely on high-performance structured cabling systems. Our editors synthesize these complex issues into multiple information products. This portfolio of information products provides concrete detail that improves the efficiency of day-to-day operations, and equips cabling professionals with the perspective that enables strategic planning for networks’ optimum long-term performance.

Throughout our annual magazine, weekly email newsletters and 24/7/365 website, Cabling Installation & Maintenance digs into the essential topics our audience focuses on.

  • Design, Installation and Testing: We explain the bottom-up design of cabling systems, from case histories of actual projects to solutions for specific problems or aspects of the design process. We also look at specific installations using a case-history approach to highlight challenging problems, solutions and unique features. Additionally, we examine evolving test-and-measurement technologies and techniques designed to address the standards-governed and practical-use performance requirements of cabling systems.
  • Technology: We evaluate product innovations and technology trends as they impact a particular product class through interviews with manufacturers, installers and users, as well as contributed articles from subject-matter experts.
  • Data Center: Cabling Installation & Maintenance takes an in-depth look at design and installation workmanship issues as well as the unique technology being deployed specifically for data centers.
  • Physical Security: Focusing on the areas in which security and IT—and the infrastructure for both—interlock and overlap, we pay specific attention to Internet Protocol’s influence over the development of security applications.
  • Standards: Tracking the activities of North American and international standards-making organizations, we provide updates on specifications that are in-progress, looking forward to how they will affect cabling-system design and installation. We also produce articles explaining the practical aspects of designing and installing cabling systems in accordance with the specifications of established standards.

Cabling Installation & Maintenance is published by Endeavor Business Media, a division of EndeavorB2B.

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Patrick McLaughlin

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KBRA Releases Research – Non-QM RMBS Default Study: Credit Attribute Insights

KBRA releases its latest non-qualified mortgage (NQM) RMBS default study. In this report, we add new borrower- and loan-level variables and report results for these additions through August 30, 2025 (the latest available), to capture emerging trends in the non-prime RMBS market. These include: Self-Employment Status, Number of Borrowers, Number of Mortgaged Properties, Due Diligence Results, Lease-in-Place (LIP) Flag, and Prepayment Penalty Term (PPT). These enhancements are intended to improve visibility into borrower-level dynamics, risk layering, and post-origination performance in NQM RMBS.

Key Takeaways

  • NQM issuance in 2025 is on track to match or potentially surpass 2024’s high-water mark, with $33 billion issued year-to-date (YTD) as of August 30.
  • Excluding the pandemic-driven spike in 2020, annual default rates have generally remained below 2%. The YTD 2025 rate of 0.8% suggests this trend has moderated so far, and the full-year rate could land around 1.2%. Within the KBRA-rated dataset, the cumulative default rate across all loans stands at 3.2%. Historical losses remain below 5 basis points (bps) across the securitized NQM universe.
  • In terms of borrower-level findings, single-borrower loans exhibit higher observed defaults (3.4%) than multi-borrower loans (e.g., 1.8% for two-borrower loans). Loans to self-employed borrowers show a 3.2% default rate versus 1.8% for wage-earners, although this gap also reflects a correlation with loan documentation and occupancy.
  • For loan-level findings, for loans underwritten to debt service coverage ratio (DSCR), purchase loans are often made on vacant properties intended for rent, with 82.2% lacking LIPs; defaults are clustered near 2%, with short-term LIPs slightly outperforming. In contrast, refinance loans commonly include LIPs (61.7%, mostly long-term) and exhibit higher default rates, particularly among long-term and no LIP cohorts, while short-term LIP loans show lower and less volatile defaults, possibly reflecting investor experience and smaller sample size. Longer PPT terms serve as a proxy for a higher concentration of risk attributes (investor occupancy, cash-out, limited documentation) and are associated with higher default rates. For loans with multiple mortgaged properties, defaults are nonlinear, but core credit is stable. For Third-Party Review (TPR) results, defaults generally stratify with review quality, and weaker or absent TPR is associated with higher default incidence.

Click here to view the report.

Recent Publications

About KBRA

KBRA, one of the major credit rating agencies, is registered in the U.S., EU, and the UK. KBRA is recognized as a Qualified Rating Agency in Taiwan, and is also a Designated Rating Organization for structured finance ratings in Canada. As a full-service credit rating agency, investors can use KBRA ratings for regulatory capital purposes in multiple jurisdictions.

Doc ID: 1011776

Contacts

Armine Karajyan, Senior Director

+1 646-731-1210

armine.karajyan@kbra.com

Jack Kahan, Senior Managing Director, Global Head of ABS & RMBS

+1 646-731-2486

jack.kahan@kbra.com

Yee Cent Wong, Senior Managing Director, Lead Analytical Manager, Structured Finance Ratings

+1 646-731-2374

yee.cent.wong@kbra.com

Media Contact

Adam Tempkin, Senior Director of Communications

+1 646-731-1347

adam.tempkin@kbra.com

Business Development Contact

Daniel Stallone, Managing Director

+1 646-731-1308

daniel.stallone@kbra.com

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