Liberty Financial has launched its third issue of mortgage-backed funding for the year - Liberty Series 2016-3 - seeking A$500 million.It's looking for pricing in a range from 145 basis points to 150 bps on the largest of three AAA-rated tranches in the pool. In aggregate Liberty has $430 million in AAA bonds to sell, and six more tranches.Liberty paid 145 bps over the one-month bank bill swap rate back in October for a $225 million package of mortgage-backed bonds, which had a weighted average life of 1.8 years. The second tranche in the 2016-3 Liberty series has a life of 2.5 years.ANZ is the recent benchmark in RMBS funding, at 107 bps over swap last month on a Kingfisher bond.Liberty fishes in muddier pools than ANZ. The weighted average scheduled loan to value ratio of the pool of 73.8 per cent, which is on the high side.This is Liberty's 20th non-conforming securitisation, Moody's said yesterday.The new mortgage bond is an Australian prime and non-conforming RMBS secured by a portfolio of residential mortgage loans. Thirteen per cent of loans are for borrowers with impaired credit histories, with 1.1 per cent made on an alternative documentation basis.The arc of access to cheaper funding is one of Liberty's strengths as its custodians ponder a trade sale or IPO of the non-bank, which is near its third decade.Sherman Ma, is he selling out, finally, from Liberty Financial? So the story goes, again.