KBRA Affirms Ratings for PNMAC GMSR Issuer Trust

KBRA affirms ratings of ‘BBB’ for PNMAC GMSR Issuer Trust, Series 2022-GT1 Term Notes, Series 2016-MSRVF1 Variable Funding Notes, Series 2020-SPIADVF1 Variable Funding Notes, Series 2023-MSRVF1 Variable Funding Notes, Series 2023-MSRVF2 Variable Funding Notes and Series 2024-GT1 Term Notes issued by PNMAC GMSR Issuer Trust.

KBRA’s ratings on the Notes are are primarily driven by the credit rating of Private National Mortgage Acceptance Company, LLC (“PNMAC”) (KBRA Rating: ‘BBB-’/Stable) as repurchase guarantor under a repo facility in support of the Issuer’s rights to master servicing rights (“MSRs”) and servicer advance receivables granted by Ginnie Mae to PNMAC’s affiliate, PennyMac Loan Services, LLC (“PLS”), with certain transaction features described more fully in KBRA’s Surveillance Report providing slight uplift on the rating of the notes.

To access rating and relevant documents, click here.

Click here to view the report.

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