KBRA Assigns Preliminary Ratings to GS Mortgage-Backed Securities Trust 2025-DSC2 (GSMBS 2025-DSC2)
21 Oct 2025 | New York
KBRA assigns preliminary ratings to 6 classes of mortgage-backed notes from GS Mortgage-Backed Securities Trust 2025-DSC2 (GSMBS 2025-DSC2), a $312.2 million RMBS transaction sponsored by Goldman Sachs Mortgage Company solely backed by collateral underwritten to debt-service coverage ratio (DSCR) guidelines. The underlying pool comprising 1,428 rental property mortgages as of the October 1, 2025 cut-off date. The mortgage loans are seasoned approximately 6 months with United Wholesale Mortgage, LLC (40.4%) as the largest contributing originator. The collateral is characterized mostly by fully amortizing, fixed-rate mortgages (FRMs) with 30-year (99.1%) terms. All the loans in the pool were categorized as exempt from the ATR/QM rule due to being originated for business purposes.
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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