KBRA Assigns Preliminary Ratings to Citigroup Mortgage Loan Trust 2025-INV1 (CMLTI 2025-INV1)
31 Jan 2025 | New York
KBRA assigns preliminary ratings to 62 classes of mortgage pass-through certificates from Citigroup Mortgage Loan Trust 2025-INV1 (CMLTI 2025-INV1), a residential mortgage-backed securities transaction collateralized by non-owner occupied (NOO) investor properties (71.6%) and second homes (28.4%). The loans were predominantly underwritten to agency guidelines (99.9%). The underlying pool consists of 899 fixed-rate mortgages (FRMs) with an aggregate principal balance of approximately $351.9 million as of the cut-off date on January 1, 2025. 39.8% of the loans were sold to the trust by Rocket Mortgage, LLC and 83.9% of the loans will be serviced by Fay Servicing, LLC.
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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