KBRA Assigns Preliminary Ratings to OBX 2024-NQM8 Trust

NEW YORK–(BUSINESS WIRE)–#creditratingagency–KBRA assigns preliminary ratings to seven classes of mortgage-backed notes from OBX 2024-NQM8 Trust, a $723.1 million non-prime RMBS transaction. The underlying collateral, comprising 1,421 residential mortgages, is characterized by a notable concentration of alternative income documentation (91.3%) loans. Most of the loans are classified as non-qualified mortgages (Non-QM) (51.2%) or exempt (48.5%) from the Ability-to-Repay/Qualified Mortgage (ATR/QM) rule due to being originated for non-consumer loan purposes.


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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 www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency 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 by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.

Doc ID: 1004350

Contacts

Analytical

Armine Karajyan, Senior Director, RMBS (Lead Analyst)

+1 646-731-1210

armine.karajyan@kbra.com

Abou Traore, Associate

+1 646-731-1258

abou.traore@kbra.com

Patrick Gervais, Managing Director (Rating Committee Chair)

+1 646-731-2426

patrick.gervais@kbra.com

Business Development

Daniel Stallone, Managing Director

+1 646-731-1308

daniel.stallone@kbra.com

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