KBRA Assigns Preliminary Ratings to RCKT Mortgage Trust 2024-CES3 (RCKT 2024-CES3)
16 Apr 2024 | New York
KBRA assigns preliminary ratings to 16 classes of mortgage-backed notes from RCKT Mortgage Trust 2024-CES3 (RCKT 2024-CES3), a $447.6 million RMBS transaction, as of the cut-off date, sponsored by Woodward Capital Management LLC, a wholly owned affiliate of Rocket Mortgage, LLC, and FirstKey Mortgage, LLC, and consists entirely of newly originated closed-end second lien mortgages (CES; 100.0%). The underlying pool is seasoned less than one month and comprises of 5,541 loans originated solely by Rocket Mortgage, LLC (Rocket). The collateral is characterized entirely by fully amortizing, fixed-rate mortgages (FRMs) with 10-year (6.1%) and 20-year (93.9%) terms.
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