KBRA Assigns Ratings to Citigroup Mortgage Loan Trust 2024-INV2 (CMLTI 2024-INV2)
12 Jun 2024 | New York
KBRA assigns ratings to 84 classes of mortgage pass-through certificates from Citigroup Mortgage Loan Trust 2024-INV2 (CMLTI 2024-INV2), a residential mortgage-backed securities transaction collateralized by non-owner occupied (NOO) investor properties and loans that were predominantly underwritten to agency guidelines. The underlying pool consists of 903 fixed-rate mortgages (FRMs) with an aggregate principal balance of approximately $318.0 million as of the cut-off date on May 1, 2024. 20.1% of the loans were sold to the trust by Fairway Independent Mortgage Corporation and all 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.
To access rating and relevant documents, click here.
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