New York City–( COMPANY WIRE)– Kroll Bond Rating Firm (KBRA) assigns preliminary scores to 41 classes of mortgage notes from OBX 2019- EXP3 Trust (OBX 2019- EXP3).
OBX 2019- EXP3 Trust is a residential mortgage-backed securities (RMBS) 2.0 transaction that includes a significant concentration of collateral that KBRA thinks about to be “expanded prime.” The security swimming pool consists of a bulk (561%) of non-qualified mortgages (non-QM) and a little remaining population of qualified home mortgages (QM). In addition, the swimming pool consists of loans secured by investor residential or commercial properties exempt from Ability-to-Repay (ATR) rules. The $4655 million RMBS transaction is collateralized by a swimming pool of 735 domestic home mortgages.
KBRA’s rating method incorporated loan-level analysis of the home mortgage swimming pool through its Residential Home Loan Default and Loss Model, an evaluation of the arise from third-party loan file due diligence, capital modeling analysis of the transaction’s payment structure, evaluations of crucial transaction parties and an assessment of the transaction’s legal structure and documents. This analysis is further explained in our U.S. RMBS Score Method.
For complete details on the analysis, please see our pre-sale report, OBX 2019- EXP3 Trust, which was released on www.kbra.com A tear sheet summing up specific items of the transaction can be found here
To gain access to rankings, reports and disclosures, click here
Related Publications: ( offered at www.kbra.com).
- OBX 2019- EXP3 Trust Pre-Sale Report
- OBX 2019- EXP3 Trust Tear Sheet
- U.S. RMBS Rating Method
- Residential Home Loan Default and Loss Model
- U.S. RMBS Ranking Methodology for Evaluating Non-QM Risk
- Global Structured Finance Counterparty Methodology
About KBRA and KBRA Europe
KBRA is a full-service credit ranking company signed up with the U.S. Securities and Exchange Commission as an NRSRO. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for providers of asset-backed securities to submit a short type prospectus or shelf prospectus. KBRA is likewise recognized by the National Association of Insurance Coverage Commissioners as a Credit Ranking Service Provider, and is a certified Credit Ranking Company (CRA) by the European Securities and Markets Authority (ESMA). Kroll Bond Ranking Firm Europe Limited is registered with ESMA as a CRA.