KBRA Assigns Preliminary Ratings to Provident Funding Mortgage Trust 2024-1 (PFMT 2024-1)
30 Oct 2024 | New York
KBRA assigns preliminary ratings to 30 classes of mortgage pass-through certificates from Provident Funding Mortgage Trust 2024-1 (PFMT 2024-1).
Provident Funding Mortgage Trust 2024-1 (PFMT 2024-1) is an agency eligible conforming RMBS transaction comprising 701 residential mortgages with an aggregate principal balance of $357.2 million as of the October 1, 2024 cut-off date. The underlying collateral consists entirely of agency-eligible, fully amortizing, fixed-rate mortgages. The pool is characterized by a weighted average (WA) original LTV of 67.1%, WA original CLTV of 67.2% and a WA original credit score of 779.
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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