KBRA Assigns Preliminary Ratings to J.P. Morgan Mortgage Trust 2024-INV1 (JPMMT 2024-INV1)
24 Oct 2024 | New York
KBRA assigns preliminary ratings to 33 classes of mortgage pass-through certificates from J.P. Morgan Mortgage Trust 2024-INV1 (JPMMT 2024-INV1), a prime RMBS transaction comprised of 363 residential mortgages with an aggregate interest-bearing principal balance of approximately $298.0 million as of the cut-off date. The underlying collateral includes both conforming (36.9%) and non-conforming (63.1%) loans and is secured entirely by investment properties. The pool is characterized by substantial borrower equity in each mortgaged property, as evidenced by the WA original CLTV of 69.9%. The weighted average original credit score is 769, which is well within the prime mortgage range.
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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