KBRA Assigns Preliminary Ratings to OBX 2024-HYB2 Trust
7 Mar 2024 | New York
KBRA assigns preliminary ratings to seven classes of mortgage-backed notes from OBX 2024-HYB2 Trust, a prime RMBS transaction comprising 857 seasoned hybrid adjustable-rate mortgages (ARMs) with an aggregate principal balance of $397.8 million. The loans possess initial fixed-rate periods of ten years (10.8%), seven years (73.9%), five years (14.9%) and three years (0.4%). Approximately 59.4% of the pool has been designated as a Qualified Mortgage (QM) and (0.3%) designated as Rebuttable Presumption (QM). Non-QM loans and loans for which ATR status could not be determined (TPR status of ATR Risk or Fail) make up 19.3% and 17.8% of pool, respectively. Meanwhile, loans exempt from the Ability-to-Repay (ATR)/QM Rule represent 3.3% of the pool. All of the loans were originated by Associated Bank, NA, a well-established regional bank headquartered in Wisconsin.
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