KBRA Assigns Ratings to EFMT 2025-CES1
19 Feb 2025 | New York
KBRA assigns ratings to 8 classes of Certificates from EFMT 2025-CES1, a $268.9 million RMBS transaction, as of the cut-off date, sponsored by EFMT Sponsor LLC and consists entirely of newly originated closed-end second lien mortgages (CES; 100.0%). The underlying pool is seasoned approximately 3 months and comprises 4,032 loans originated solely by Nationstar Mortgage LLC d/b/a Mr. Cooper (Mr. Cooper). The collateral is characterized entirely by fully amortizing, fixed-rate mortgages (FRMs) with predominantly 20-year (77.8%), 15-year (10.2%) and 30-year (7.2%) maturity terms.
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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