KBRA Assigns Ratings to GS Mortgage-Backed Securities Trust 2024-PJ6 (GSMBS 2024-PJ6)
28 Jun 2024 | New York
KBRA assigns ratings to 52 classes of mortgage pass-through notes from GS Mortgage-Backed Securities Trust 2024-PJ6 (GSMBS 2024-PJ6). The transaction is backed by primarily prime jumbo mortgages with an aggregate principal balance of approximately $316.8 million as of the cut-off date. The pool comprises 261 first-lien, fixed rate residential mortgage loans as of the June 1, 2024 cut-off date. The pool is characterized by significant borrower equity in each mortgaged property, as evidenced by the WA original LTV and WA original CLTV of 67.5% and 67.8%. The weighted average original credit score is 771, which is within the prime mortgage 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.
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