KBRA Assigns Ratings to Angel Oak Mortgage Trust 2024-13 (AOMT 2024-13)
13 Dec 2024 | New York
KBRA assigns ratings to seven classes of mortgage-backed certificates from Angel Oak Mortgage Trust 2024-13 (AOMT 2024-13), a $288.9 million non-prime RMBS transaction. The underlying collateral, comprised of 627 residential mortgages, is characterized by a significant concentration of loans underwritten using alternative income documentation. All the loans are either classified as non-qualified mortgages (55.9%) or exempt (44.1%) from the Ability-to-Repay/Qualified Mortgage rule due to being originated for non-consumer loan purposes. Together, Angel Oak Mortgage Solutions and Angel Oak Home Loans, both entities of Angel Oak, originated 36.1% of the pool. No other originator comprised over 15% of the collateral.
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.
To access ratings and relevant documents, click here.
Click here to view the report.