KBRA Assigns Preliminary Ratings to Radian Mortgage Capital Trust 2025-J1 (RMCT 2025-J1)
6 Feb 2025 | New York
KBRA assigns preliminary ratings to 50 classes of mortgage pass-through certificates from Radian Mortgage Capital Trust 2025-J1 (RMCT 2025-J1), which is backed by primarily prime jumbo mortgages with an aggregate principal balance of approximately $372.9 million as of the February 1, 2025 cut-off date. The pool comprises 474 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 72.4% and 72.7%, respectively. The weighted average original credit score is 774, which is within the prime mortgage credit score range. RMCT 2025-J1 is the third issuance of RMBS by sponsor Radian Mortgage Capital LLC (RMC), a subsidiary of Radian Group Inc., a mortgage insurance and services company. The underlying collateral consists of predominately 30-year fixed-rate mortgages (FRMs) and includes both non-agency (60.5%) and agency-eligible (39.5%) loans.
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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