KBRA assigns preliminary ratings to Oceanview Mortgage Trust 2021-INV1 (OCMT 2021-INV1)
NEW YORK–(BUSINESS WIRE) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to 57 classes of Oceanview Mortgage Trust 2021-INV1 (OCMT 2021-INV1) mortgage pass-through certificate classes. The transaction is backed by high quality mortgage loans for investment purposes. The OCMT 2021 INV1 pool includes 964 senior fixed rate mortgage loans with a total principal balance of $ 334.6 million as of June 1, 2021. The pool is characterized by significant borrower equity in every mortgage-backed property, such as the showing the original WA-LTV of 65.4% and the original WA-CLTV of 65.6%. The weighted average initial credit score is 770, which is well in the range for high quality mortgages.
KBRA’s rating approach included an analysis of the mortgage pool at the credit level through its RMBS credit model, a review of the results of the due diligence for third party loans, a cash flow modeling analysis of the payment structure of the transaction, reviews of the key transaction parties, and an assessment of the legal structure and documentation the transaction. This analysis is described in more detail in our US RMBS rating methodology.
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Learn more about key credit considerations, sensitivity research that takes into account what factors may affect these credit ratings and how they could lead to an upgrade or downgrade, and ESG factors (if they are a material factor in changing creditworthiness or the rating outlook). ) can be found in the full assessment report above.
A description of all the materially significant sources used in establishing the credit rating and information about the methodology (s) (including any material models and sensitivity analyzes of the relevant key assumptions for the rating, if any) that were used in determining the credit rating , are available on the information disclosure form (s) located here.
Information on the meaning of the individual assessment categories can be found here.
Further information on this rating measure can be found in the information disclosure forms mentioned above. Further information on KBRA guidelines, methods, rating scales and indications is available at www.kbra.com.
Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered as an NRSRO with the Securities and Exchange Commission. 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 with the UK Financial Conduct Authority as a CRA under the temporary registration system. In addition, KBRA has been named by the Ontario Securities Commission as the designated rating organization for issuers of asset-backed securities for the submission of a short prospectus or shelf prospectus. KBRA is also recognized as a credit rating provider by the National Association of Insurance Commissioners.