Press Release|RMBS
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KBRA Assigns Ratings to BVNQM Trust 2026-A

10 Jul 2026   |   New York

Contacts

KBRA assigns ratings to 11 classes of mortgage-backed securities issued by BVNQM Trust 2026-A, a 100% prefunded RMBS securitization for which Bayview Fund Management LLC serves as the Collateral Manager. The rated notes will be collateralized by residential mortgage loans acquired after closing pursuant to the transaction’s prefunding mechanics and eligibility criteria. The mortgage loans eligible for purchase into BVNQM Trust 2026-A can generally be categorized into three broad loan types: (i) prime credit loans with full income documentation, which can include jumbo or agency-eligible collateral for consumer- or business-purpose loans; (ii) investor property loans underwritten using debt service coverage ratios (DSCR); or (iii) Non-QM loans, primarily consumer-purpose, with income underwritten using bank statements.

KBRA’s rating approach incorporated loan-level analysis of a constructed portfolio, developed in consideration of the transaction’s eligibility criteria and the Collateral Manager’s historical acquisition and securitization experience, using its Residential Asset Loss Model (REALM). KBRA’s analysis also included a review of the criteria that dictate the loan file reviews to be performed by independent third-party firms, cash flow modeling analysis of the transaction’s fully funded payment structure, reviews of key transaction parties, and an assessment of the transaction’s legal structure and documentation.

To access ratings and relevant documents, click here.

Click here to view the report.

Methodologies

Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

Doc ID: 1015922