Latest news with #RMBS
Yahoo
2 days ago
- Business
- Yahoo
KBRA Assigns Preliminary Ratings to GS Mortgage-Backed Securities Trust 2025-HE1 (GSMBS 2025-HE1)
NEW YORK, July 18, 2025--(BUSINESS WIRE)--KBRA assigns preliminary ratings to 6 classes of mortgage-backed notes from GS Mortgage-Backed Securities Trust 2025-HE1 (GSMBS 2025-HE1), a $282.0 million RMBS transaction sponsored by Goldman Sachs Mortgage Company. GSMBS 2025-HE1 consists of first lien (7.1%) and second lien (92.9%) home equity line of credit (HELOC) loans. The underlying pool is seasoned approximately seven months and comprises 2,904 loans, with United Wholesale Mortgage, LLC (54.5%) as the largest contributing originator. The HELOCs are interest-only (IO) adjustable-rate mortgages, with initial draw windows of three (50.9%), five (18.7%) or ten (30.4%) years. Most loans feature 10-year or 20-year amortization terms after the IO period. IO periods range from 3 to 10 years and loan maturity terms range from 10 to 30 years. As of the June 30, 2025 cut-off date, the borrowers in the pool have drawn $282.0 million from a combined credit limit of $318.0 million for an aggregate utilization rate of 88.7%. KBRA's rating approach incorporated loan-level analysis of the mortgage pool through its Residential Asset Loss Model (REALM), an examination of the results from third-party loan file due diligence, cash flow modeling analysis of the transaction's payment structure, reviews of key transaction parties and an assessment of the transaction's legal structure and documentation. This analysis is further described in our U.S. RMBS Rating Methodology. To access ratings and relevant documents, click here. Click here to view the report. Related Publications RMBS KCAT GS Mortgage-Backed Securities Trust 2025-HE1 (GSMBS 2025-HE1) Tear Sheet Methodologies RMBS: U.S. RMBS Rating Methodology Structured Finance: Global Structured Finance Counterparty Methodology ESG Global Rating Methodology Disclosures Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above. A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here. Information on the meaning of each rating category can be located here. Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at About KBRA Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan's Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S. Doc ID: 1010465 View source version on Contacts Analytical Contacts Daniel Hall, Senior Director (Lead Analyst)+1 Bianca Rexach, Associate Director+1 Edward DeVito, Senior Managing Director (Rating Committee Chair)+1 Business Development Contact Daniel Stallone, Managing Director+1
Business Wire
4 days ago
- Business
- Business Wire
KBRA Assigns Preliminary Ratings to EFMT 2025-CES4
NEW YORK--(BUSINESS WIRE)--KBRA assigns preliminary ratings to six classes of Certificates from EFMT 2025-CES4, a $281.9 million RMBS transaction, as of the cut-off date, sponsored by EFMT Sponsor LLC and consisting of 3,434 newly originated closed-end second lien mortgages (CES; 100.0%). The largest originators in the underlying pool are LoanDepot (47.8%) and Lakeview Loan Servicing (23.1%). The is characterized by fully amortizing, fixed-rate mortgages (FRMs) with predominantly 20-year (47.8%), 30-year (45.0%), 15-year (4.2%), and 10-year (2.8%) maturity terms. KBRA's rating approach incorporated loan-level analysis of the mortgage pool through its Residential Asset Loss Model (REALM), an examination of the results from third-party loan file due diligence, cash flow modeling analysis of the transaction's payment structure, reviews of key transaction parties and an assessment of the transaction's legal structure and documentation. This analysis is further described in our U.S. RMBS Rating Methodology. To access ratings and relevant documents, click here. Click here to view the report. Methodologies RMBS: U.S. RMBS Rating Methodology Structured Finance: Global Structured Finance Counterparty Methodology ESG Global Rating Methodology Disclosures Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above. A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here. Information on the meaning of each rating category can be located here. Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at About KBRA Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan's Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S. Doc ID: 1010407
Business Wire
5 days ago
- Business
- Business Wire
KBRA Assigns Preliminary Ratings to New Residential Mortgage Loan Trust 2025-NQM4 (NRMLT 2025-NQM4)
NEW YORK--(BUSINESS WIRE)--KBRA assigns preliminary ratings to 8 classes of mortgage-backed notes from New Residential Mortgage Loan Trust 2025-NQM4 (NRMLT 2025-NQM4), a $488.4 million non-prime RMBS transaction sponsored by Rithm Capital Corp. (formerly New Residential Investment Corp.), a publicly traded (NYSE: RITM) real estate investment trust (REIT). The underlying mortgages in the subject pool were originated by NewRez LLC (35.8%) and Champions Funding, LLC (25.7%). In addition, all loans will be serviced by Shellpoint Mortgage Servicing, a brand of NewRez LLC. NRMLT 2025-NQM4 is collateralized by a pool of 938 residential mortgages. Borrowers in NRMLT 2025-NQM4 possess a non-zero WA original credit score of 752 and exhibit a weighted average (WA) original loan-to-value (LTV) of 70.1% and a WA combined LTV (CLTV) of 70.2%. The loans are seasoned approximately two months and consist of 100.0% fixed-rate mortgages (FRMs). Approximately 6.6% of the pool has an initial interest-only period. KBRA's rating approach incorporated loan-level analysis of the mortgage pool through its Residential Asset Loss Model (REALM), an examination of the results from third-party loan file due diligence, cash flow modeling analysis of the transaction's payment structure, reviews of key transaction parties and an assessment of the transaction's legal structure and documentation. This analysis is further described in our U.S. RMBS Rating Methodology. To access ratings and relevant documents, click here. Click here to view the report. Related Publications Methodologies RMBS: U.S. RMBS Rating Methodology Structured Finance: Global Structured Finance Counterparty Methodology ESG Global Rating Methodology Disclosures Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above. A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here. Information on the meaning of each rating category can be located here. Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at About KBRA Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan's Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S. Doc ID: 1010386
Business Wire
5 days ago
- Business
- Business Wire
KBRA Assigns Preliminary Ratings to Provident Funding Mortgage Trust 2025-3 (PFMT 2025-3)
NEW YORK--(BUSINESS WIRE)--KBRA assigns preliminary ratings to 30 classes of mortgage pass-through certificates from Provident Funding Mortgage Trust 2025-3 (PFMT 2025-3). Provident Funding Mortgage Trust 2025-3 (PFMT 2025-3) is an agency eligible conforming RMBS transaction comprising 692 residential mortgages with an aggregate principal balance of $344.0 million as of the July 1, 2025 cut-off date. The underlying collateral consists entirely of agency-eligible, fully amortizing, fixed-rate mortgages. The pool is characterized by a weighted average (WA) original LTV of 71.7%, WA original CLTV of 71.9% and a WA original credit score of 775. KBRA's rating approach incorporated loan-level analysis of the mortgage pool through its Residential Asset Loss Model (REALM), an examination of the results from third-party loan file due diligence, cash flow modeling analysis of the transaction's payment structure, reviews of key transaction parties and an assessment of the transaction's legal structure and documentation. This analysis is further described in our U.S. RMBS Rating Methodology. To access ratings and relevant documents, click here. Click here to view the report. Methodologies RMBS: U.S. RMBS Rating Methodology Structured Finance: Global Structured Finance Counterparty Methodology ESG Global Rating Methodology Disclosures Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above. A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here. Information on the meaning of each rating category can be located here. Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at About KBRA Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan's Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S. Doc ID: 1010361
Business Wire
5 days ago
- Business
- Business Wire
KBRA Assigns Preliminary Ratings to RCKT Mortgage Trust 2025-CES7 (RCKT 2025-CES7)
NEW YORK--(BUSINESS WIRE)--KBRA assigns preliminary ratings to 20 classes of mortgage-backed notes from RCKT Mortgage Trust 2025-CES7 (RCKT 2025-CES7). RCKT Mortgage Trust 2025-CES7 (RCKT 2025-CES7) is a $497.5 million RMBS transaction, as of the cut-off date, sponsored by Woodward Capital Management LLC, a wholly owned affiliate of Rocket Mortgage, LLC, and AG Mortgage Investment Trust, Inc., and consists entirely of newly originated closed-end second lien mortgages (CES; 100.0%). The underlying pool is seasoned one month on average and comprises 5,735 loans originated solely by Rocket Mortgage, LLC (Rocket). The collateral is characterized entirely by fully amortizing, fixed-rate mortgages (FRMs) with 10-year (2.5%), 15-year (7.6%), 20-year (72.9%), and 30-year (17.1%) terms. KBRA's rating approach incorporated loan-level analysis of the mortgage pool through its Residential Asset Loss Model (REALM), an examination of the results from third-party loan file due diligence, cash flow modeling analysis of the transaction's payment structure, reviews of key transaction parties and an assessment of the transaction's legal structure and documentation. This analysis is further described in our U.S. RMBS Rating Methodology. To access ratings and relevant documents, click here. Click here to view the report. Methodologies RMBS: U.S. RMBS Rating Methodology Structured Finance: Global Structured Finance Counterparty Methodology ESG Global Rating Methodology Disclosures Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above. A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here. Information on the meaning of each rating category can be located here. Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at About KBRA Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan's Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S. Doc ID: 1010389
