Data we need
Your pool composition and existing underwriting criteria. Optional: historical loss data for calibration. Reads through the standardized per-module KeyScore signal — no bespoke schema per lender.
Keystone for lenders + GSEs · Callisto Bridge Modular as a financeable asset class.
Modular as a financeable asset class.
Finally pre-screenable.
Pool the modules. Get a weighted KeyScore. Get an AAA → NR indicative pool grade. Get a senior / mezz / equity tranche pre-screen ready to hand to an NRSRO partner for formalization. One API call, one verified record, one consistent underwriting model across every deal.
What's different for you
Three things every lender conversation opens with.
What stays with your partners
NRSRO partners (KBRA, DBRS, Fitch, S&P, Moody's) issue every official credit rating. SEC-registered broker-dealer partners place any securities. Keystone provides the indicative pool-grade pre-screen — never a rating.
What a pilot looks like
One sample pool (20-200 modules) with a source manufacturer of record. Pre-screen output the same day: weighted KeyScore + AAA-NR indicative grade + senior/mezz/equity tranche pre-screen.
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
- Indicative pool grade in one call — submit eligible modules, get AAA → NR equivalent + weighted KeyScore + tranche pre-screen
- Securitization-input-ready output — 70 / 20 / 10 senior / mezz / equity, sized to the pool's eligible collateral, ready for an NRSRO partner to formalize
How the regulated work happens. Keystone provides the pre-screen analytics. Official credit ratings, when required for SEC-registered securities offerings, are issued by NRSRO-registered partners (KBRA, DBRS Morningstar, Fitch, etc.). Placement, when required, is executed by SEC-registered broker-dealer partners. See the partner-model architecture.
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
Keystone charges a per-pool analytics subscription, plus revenue-share arrangements with NRSRO + broker-dealer partners when they monetize the underlying securitization. Pricing is structured to keep regulated activity with the licensed counterparty — Keystone never takes gain-on-sale directly. Standard API integration; the analytics layer 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.
Next step
Test the Capital Rail on a sample pool.
The sample workspace ships with two pre-loaded demo pools — both AAA-equivalent indicative grade — so you can see the API contract end-to-end before bringing your own collateral.