KBRA Assigns Preliminary Ratings to Citigroup Mortgage Loan Trust 2024-1 (CMLTI 2024-1)
19 Jul 2024 | New York
KBRA assigns preliminary ratings to 57 classes of mortgage pass-through certificates from Citigroup Mortgage Loan Trust 2024-1 (CMLTI 2024-1), a prime residential mortgage-backed securities transaction collateralized by owner occupied primary and secondary properties. The underlying pool consists of 480 fixed-rate mortgages (FRMs) with an aggregate principal balance of approximately $507.9 million as of the cut-off date on July 1, 2024 and includes both non-agency (89.4%) and agency-eligible (10.6%) loans. 48.5% of the loans were originated by Rocket Mortgage, LLC and 94.8% of the loans will be serviced by Fay Servicing, LLC.
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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