KBRA Assigns Ratings to GCAT 2024-INV1 Trust
30 Jan 2024 | New York
KBRA assigns ratings to 59 classes of mortgage-backed notes from GCAT 2024-INV1 Trust. The transaction is backed by non-owner occupied (NOO) properties and loans that were predominantly underwritten to agency guidelines. The pool comprises 990, first-lien, fixed rate residential mortgage loans as of the cut-off date. The pool is characterized by significant borrower equity in each mortgaged property, as evidenced by the WA original LTV of 71.9% and the WA original CLTV of 71.9%. The weighted average original credit score is 772, which is within the prime mortgage range.
KBRA’s rating approach incorporated loan-level analysis of the mortgage pool through its KBRA RMBS Credit Model, 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.
Click here to view the report.