KBRA Assigns Ratings to New Residential Mortgage Loan Trust 2024-NQM1 (NRMLT 2024-NQM1)
12 Mar 2024 | New York
KBRA assigns ratings to 6 classes of mortgage-backed notes from New Residential Mortgage Loan Trust 2024-NQM1 (NRMLT 2024-NQM1), a $281.9 million non-prime RMBS transaction sponsored by Rithm Capital Corp. (formerly New Residential Investment Corp.), a publicly traded (NYSE: RITM) real estate investment trust (REIT). The underlying mortgages in the subject pool were originated by NewRez LLC (57.6%), American Heritage Lending (20.3%), and LendSure Mortgage Corporation (11.3%). In addition, all loans will be serviced by NewRez LLC d/b/a Shellpoint Mortgage Servicing.
NRMLT 2024-NQM1 is collateralized by a pool of 610 residential mortgages. Borrowers in NRMLT 2024-NQM1 possess a non-zero WA original credit score of 739 and exhibit a weighted average (WA) original loan-to-value (LTV) and a WA combined LTV (CLTV) of 73.6%. The loans are seasoned approximately five months and include both fixed-rate mortgages (FRMs; 98.9%) and adjustable-rate mortgages (1.1%). Approximately 8.4% of the pool has an initial interest-only period.
To access rating and relevant documents, click here.
Click here to view the report.