KBRA Assigns Ratings to OBX 2025-J1 Trust
15 May 2025 | New York
KBRA assigns ratings to 60 classes of mortgage pass-through notes from OBX 2025-J1 Trust, a $325.7 million prime RMBS transaction. The underlying collateral, comprising 273 fixed-rate, fully amortizing loans is characterized by moderate borrower equity, as evidenced by the WA original LTV of 71.8%, and has a WA original credit score of 776.
KBRA’s rating approach incorporated loan-level analysis of the mortgage pool through its 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.
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