KBRA Assigns Ratings to Finance of America Structured Securities Trust, Series 2024-S1 (FASST 2024-S1)
22 Feb 2024 | New York
KBRA assigns ratings to two classes of mortgage-backed notes from FASST 2024-S1, a $485.2 million reverse mortgage transaction. The transaction collateral is comprised of newly originated loans/participations which have not previously been securitized while the remaining collateral is comprised of loans/participations called from a prior FASST transaction (FASST 2020-JR3) as well as seasoned loans which were originated as FHA-Insured Home Equity Conversion (HECM) Loans but were deemed ineligible for FHA insurance. As such, the assets range from newly originated to many years seasoned, with a weighted average loan age of 24 months through pool cut-off date.
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