KBRA Assigns Preliminary Ratings to Radian Mortgage Capital Trust 2024-J1 (RMCT 2024-J1)
12 Jul 2024 | New York
KBRA assigns preliminary ratings to 65 classes of mortgage pass-through certificates from Radian Mortgage Capital Trust 2024-J1 (RMCT 2024-J1), Radian Mortgage Capital LCC's inaugural RMBS transaction. The transaction is backed by primarily prime jumbo mortgages with an aggregate principal balance of approximately $348.8 million as of the July 1, 2024 cut-off date. The pool comprises 359 first-lien, fixed rate residential mortgage loans, and is characterized by notable borrower equity in each property as evidenced by the WA original LTV and WA original CLTV of 74.7% and 74.9%, respectively. The weighted average original credit score is 774, which is within the prime mortgage credit score range.
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.
To access rating and relevant documents, click here.
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