Modular as a financeable asset class.
Finally rateable.

What's broken about modular underwriting today

Every modular deal gets underwritten by a different shop with a different model. Quality signals vary by manufacturer, by factory, by inspector, by year. Pools blend inconsistent collateral. Ratings agencies hesitate. The result: modular collateral trades at a spread to comparable site-built, not because the underlying risk is worse, but because nobody can prove it.

What Keystone fixes

• One scoring model — KeyScore 0–99 is the same math across every manufacturer, every factory, every module
• Auto-verified provenance — module hash + lifecycle audit trail = defensible underwriting record
• Pool rating in one call — submit eligible modules, get AAA → NR + weighted KeyScore + tranches
• Securitization-ready output — 70 / 20 / 10 senior / mezz / equity, sized to the pool's eligible collateral

Who this is for

• GSEs — Fannie Mae's modular initiative, Freddie Mac's Targeted Affordable Housing
• LIHTC syndicators — Boston Capital, RBC Community Investments, Raymond James Affordable Housing, Enterprise CHP, US Bancorp Impact Finance, PNC Multifamily, Stratford, Hudson
• Debt funds — CDFIs, community development financial institutions, impact-debt vehicles
• Private credit — funds underwriting modular as a strategy
• HFA bond programs — when modular collateral backs tax-exempt bond issuances

The economics

Gain-on-sale of 1.5% + servicing of 0.35% on pools rated BBB or better (KeyScore ≥72). For sub-BBB pools, fee-for-rating only — the rating itself is the product. Standard API integration; the rail itself is included in the Capital Rail tier.

The same KeyScore the manufacturer's QA team trusts is the same number the lender prices the loan on. No translation layer needed.