New York–(work wire) – KBRA assigns preliminary ratings to 46 classes of RCKT Mortgage Trust 2022-1 (RCKT 2022-1) Mortgage Passports. RCKT 2022-1 consists of 827 residential mortgages with a total principal balance of $748.1 million as of January 1, 2022. The underlying security consists entirely of 30-year fixed rate mortgages (FRMs), all subject to the repayability/mortgage rules. Qualification (ATR/QM).
KBRA’s rating approach included loan level analysis of the mortgage pool through its RMBS credit model, examination of results from the third party loan file due diligence file, cash flow modeling analysis of the transaction payment structure, reviews of key transaction parties and appraisal. The legal structure of the transaction and its documentation. This analysis is described in more detail in the American RMBS Rating Methodology.
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More information on key credit considerations, sensitivity analyzes that consider factors that can affect these credit ratings and how they might lead to a rating upgrade or downgrade, and ESG factors (where they are a major driver behind change in credit rating or rating expectations) can be found in the full rating report referenced above.
A description of all material sources that were used to prepare the credit rating and information about the methodology(s) (including any physical models and sensitivity analyzes of relevant key rating assumptions, as applicable) used in determining the credit rating is provided. In the information disclosure form(s) found here.
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