KBRA Assigns Ratings to Towd Point Mortgage Trust 2024-CES1 (TPMT 2024-CES1)
31 Jan 2024 | New York
KBRA assigns ratings to 31 classes of asset-backed securities from Towd Point Mortgage Trust 2024-CES1 (TPMT 2024-CES1), a $452.0 million RMBS transaction, as of December 31, 2023, sponsored by FirstKey Mortgage, LLC (FirstKey). The underlying pool consisted of 6,062 closed-end second lien mortgages (CES; 100%) originated by PennyMac Corp. (PennyMac; 38.3%), Rocket Mortgage, LLC (Rocket; 30.6%), Spring EQ, LLC (Spring EQ; 22.0%), and Nationstar Mortgage LLC d/b/a Mr. Cooper (Mr. Cooper; 9.1%). The CES collateral is characterized by fully amortizing, fixed-rate mortgages (FRMs) with a non-zero weighted average original credit score of 739 and an average original term of 257 months, and is seasoned approximately three months. The TPMT 2024-CES1 deal structure incorporates excess spread along with a sequential payment waterfall of interest and principal.
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