KBRA Assigns Preliminary Ratings to ACHM Trust 2024-HE1 (ACHM 2024-HE1)
22 Apr 2024 | New York
KBRA assigns preliminary ratings to 3 classes of mortgage-backed notes from ACHM Trust 2024-HE1 (ACHM 2024-HE1), a $170.1 million RMBS transaction sponsored by Lendage, LLC, d/b/a Achieve Home Loans (AHL or Achieve Home Loans). The transaction consists entirely of first and second lien home equity line of credit (HELOC) loans. The underlying pool is seasoned three months and comprises of 3,066 loans originated by Achieve Home Loans. The HELOC collateral consists of fixed-rate mortgages (FRMs) with 5-year initial draw windows and fully amortizing 10-year (72.9%) and 15-year (27.1%) terms. The borrowers in the pool exhibit a weighted average utilization rate of 98.0% as of the cut-off date.
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