KBRA Assigns Ratings to A&D Mortgage Trust 2024-NQM4 (ADMT 2024-NQM4)
29 Aug 2024 | New York
KBRA assigns ratings to 9 classes of mortgage pass-through certificates from ADMT 2024-NQM4 Trust, a $369.3 million non-prime RMBS transaction. The underlying collateral, comprising 1,055 residential mortgages, is characterized by a significant concentration of loans underwritten using alternative income documentation. Borrowers in the subject pool possess a non-zero WA original credit score of 740 and exhibit notable equity in each mortgaged property, with a WA combined LTV (CLTV) ratio of 70.7%.
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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