KBRA Assigns Ratings to Verus Securitization Trust 2024-4 (VERUS 2024-4)
22 May 2024 | New York
KBRA assigns ratings to six classes of mortgage pass-through notes from Verus Securitization Trust 2024-4 (VERUS 2024-4), a $567.4 million non-prime RMBS transaction. The underlying collateral, comprising 1,179 residential mortgages, is characterized by a significant concentration of loans underwritten using alternative income documentation. Borrowers in the subject pool possess a non-zero WA original credit score of 738 and exhibit moderate equity in each mortgaged property, with an original combined LTV (CLTV) ratio of 68.7%. Most of the loans are classified as non-qualified mortgages (Non-QM) (30.4%) or exempt (44.5%) from the Ability-to-Repay/Qualified Mortgage (ATR/QM) rule due to being originated for non-consumer loan purposes.
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