KBRA Assigns Preliminary Ratings to New Residential Mortgage Loan Trust 2024-NQM1 (NRMLT 2024-NQM1)
NEW YORK–(BUSINESS WIRE)–#creditratingagency–KBRA assigns preliminary ratings to 6 classes of mortgage-backed notes from New Residential Mortgage Loan Trust 2024-NQM1 (NRMLT 2024-NQM1), a $281.9 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 (57.6%), American Heritage Lending (20.3%), and LendSure Mortgage Corporation (11.3%). In addition, all loans will be serviced by NewRez LLC d/b/a Shellpoint Mortgage Servicing.
NRMLT 2024-NQM1 is collateralized by a pool of 610 residential mortgages. Borrowers in NRMLT 2024-NQM1 possess a non-zero WA original credit score of 739 and exhibit a weighted average (WA) original loan-to-value (LTV) and a WA combined LTV (CLTV) of 73.6%. The loans are seasoned approximately five months and include both fixed-rate mortgages (FRMs; 98.9%) and adjustable-rate mortgages (1.1%). Approximately 8.4% of the pool has an initial interest-only period.
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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 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: 1003294
Contacts
Analytical Contacts
Armine Karajyan, Senior Director, RMBS (Lead Analyst)
+1 646-731-1210
armine.karajyan@kbra.com
Genki Ono, Analyst
+1 646-731-1415
genki.ono@kbra.com
Abou Traore, Associate
+1 646-731-1258
abou.traore@kbra.com
Jack Kahan, Senior Managing Director, Head of Global RMBS (Rating Committee Chair)
+1 646-731-2486
jack.kahan@kbra.com
Business Development Contact
Daniel Stallone, Senior Director
+1 646-731-1308
daniel.stallone@kbra.com