KBRA Assigns Preliminary Ratings to OBX 2024-HYB1 Trust
5 Feb 2024 | New York
KBRA assigns preliminary ratings to seven classes of mortgage-backed notes from OBX 2024-HYB1 Trust, a prime RMBS transaction comprising 884 seasoned hybrid adjustable-rate mortgages (ARMs) with an aggregate principal balance of $412.1 million. The loans possess initial fixed-rate periods of ten years (12.8%), seven years (72.0%), five years (15.0%) and three years (0.3%). Approximately 58.7% of the pool has been designated as a Qualified Mortgage (QM). Non-QM loans and loans for which ATR status could not be determined (TPR status of ATR Risk or Fail) make up 20.7% and 16.1% of pool, respectively. Meanwhile, loans exempt from the Ability-to-Repay (ATR)/QM Rule represent 4.5% of the pool. All of the loans were originated by Associated Bank, NA, a well-established regional bank headquartered in Wisconsin.
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