KBRA Assigns Ratings to Towd Point Mortgage Trust 2024-CES2 (TPMT 2024-CES2)
23 Feb 2024 | New York
KBRA assigns ratings to 31 classes of asset-backed securities from Towd Point Mortgage Trust 2024-CES2 (TPMT 2024-CES2), a $386.4 million RMBS transaction, as of January 31, 2024. The underlying pool consisted of 5,274 closed-end second lien mortgages (CES; 100%) originated by Spring EQ, LLC (43.7%), Rocket Mortgage, LLC (38.8%), Lakeview Community Capital, LLC (10.7%), and Mr. Cooper (6.8%). The CES collateral is characterized by fully amortizing, fixed-rate mortgages (FRMs) with a non-zero weighted average original credit score of 735 and an average original term of 265 months, and is seasoned approximately three months. The TPMT 2024-CES2 deal structure incorporates excess spread along with a sequential payment waterfall of interest and principal.
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