KBRA Assigns Preliminary Ratings to Chase Home Lending Mortgage Trust 2024-RPL1 (CHASE 2024-RPL1)
21 Feb 2024 | New York
KBRA assigns preliminary ratings to nine classes of mortgage certificates from Chase Home Lending Mortgage Trust 2024-RPL1 (CHASE 2024-RPL1). The pool comprises 2,475 seasoned, re-performing residential mortgages with an aggregate unpaid principal balance (UPB) of $555.4 million as of the cut-off date (January 31, 2024). The cut-off date UPB includes $62.2 million (11.2%) in non-interest-bearing deferred principal. The mortgage pool consists mostly of pre-GFC legacy origination from Washington Mutual Bank (67.5%) and JPMorgan Chase Bank, National Association (JPMCB; 32.3%), with 93.2% of the loans originated between 2004 and 2008.
KBRA’s rating approach incorporated loan-level analysis of the mortgage pool through its KBRA RMBS Credit Model, 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.
To access rating and relevant documents, click here.
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