KBRA Assigns Ratings to Fannie Mae’s CAS 2025-R03
22 Apr 2025 | New York
KBRA assigns ratings to 58 classes from Connecticut Avenue Securities Trust 2025-R03 (CAS 2025-R03), a credit risk sharing transaction with a total note offering of $619,454,000. The pool is characterized by loans with original loan-to-value (LTV) ratios that are greater than 80% and less than or equal to 97%.
The Reference Pool consists of 65,447 residential mortgage loans with an outstanding principal balance of approximately $23.2 billion as of the cut-off date. The Reference Obligations are fully documented, fully-amortizing, primarily 30-year fixed-rate mortgages (FRMs) of prime quality. The borrowers in the Reference Pool have a non-zero WA (NZWA) original credit score of 757 and a NZWA debt-to-income (DTI) ratio of 39.7%.
KBRA’s rating approach incorporated loan-level analysis of the mortgage pool through its KBRA RMBS Credit Model, Residential Asset Loss Model (REALM), an examination of the results from third-party loan file due diligence, cash flow modeling analysis of the transaction’s payment structure, reviews of key transaction parties and an assessment of the transaction’s legal structure and documentation. This analysis is further described in our U.S. RMBS Rating Methodology.
To access ratings and relevant documents, click here.
Click here to view the report.