KBRA Assigns Preliminary Ratings to COOPR Residential Mortgage Trust 2025-CES1 (COOPR 2025-CES1)
22 Apr 2025 | New York
KBRA assigns preliminary ratings to 8 classes of Certificates from COOPR Residential Mortgage Trust 2025-CES1 (COOPR 2025-CES1), a $310.6 million RMBS transaction, as of the cut-off date, sponsored by Nationstar Mortgage LLC d/b/a Mr. Cooper and Loan Funding Structure V LLC and consists almost entirely of 4,618 newly originated closed-end second lien mortgages (CES; 99.8%). The underlying pool is seasoned approximately one month and all loans are originated solely by Mr. Cooper. The collateral consists of fully amortizing, fixed-rate mortgages (FRMs) with predominantly 20-year (80.3%), 15-year (8.4%), 30-year (6.7%), and 10-year (4.4%) 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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