KBRA Assigns Ratings to J.P. Morgan Mortgage Trust 2024-HE1 (JPMMT 2024-HE1)
29 Feb 2024 | New York
KBRA assigns ratings to 7 classes of Mortgage Participation Pass-Through Certificates from J.P. Morgan Mortgage Trust 2024-HE1 (JPMMT 2024-HE1), a $210.0 million RMBS transaction sponsored by J.P. Morgan Mortgage Acquisition Corp. and FOCUS III Advisory, LLC. The transaction consists entirely of second lien home equity lines of credit (HELOCs). The underlying pool is seasoned approximately two months and comprises 2,800 loans, with United Wholesale Mortgage, LLC (51.5%) and loanDepot.com, LLC (39.8%) representing the largest contributing originators. The HELOCs are interest-only (IO) adjustable-rate mortgages, with IO terms of mostly ten years. Most of the loans feature 20-year repayment periods after initial draw windows of three or ten years. As of the cut-off date, the borrowers in the pool have drawn $239.7 million from a combined credit limit of $277.7 million for an aggregate utilization rate of 86.3% and a weighted average (WA) utilization rate of 90.5% (the $210.0 million unpaid principal balance represents the participation percentage (87.6%) allocated to JPMMT 2024-HE1 from the $239.7 million total drawn amount.)
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