KBRA Assigns Ratings to GCAT 2024-INV4 Trust
5 Dec 2024 | New York
KBRA assigns ratings to 58 classes of mortgage-backed notes from GCAT 2024-INV4 Trust. The GCAT 2024-INV4 mortgage loans are secured by first liens on non-owner occupied (NOO) investor properties and second homes. The loans were primarily underwritten to agency guidelines. The pool comprises 1,005, first-lien, fixed rate residential mortgage loans as of the cut-off date. The pool is characterized by moderate borrower equity in each mortgaged property, as evidenced by the WA original LTV and the WA original CLTV of 75.1%. The weighted average original credit score is 773, which is within the prime mortgage range.
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.
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