KBRA Assigns Ratings to Additional Classes of Towd Point Mortgage Trust 2023-CES2 (TPMT 2023-CES2)
26 Jan 2024 | New York
KBRA assigns ratings to 10 new classes of asset-backed securities from Towd Point Mortgage Trust 2023-CES2 (TPMT 2023-CES2), a $350.2 million RMBS transaction (as of the cut-off date), sponsored by FirstKey Mortgage, LLC (FirstKey). The transaction closed on October 31, 2023. Subsequent amendments were made to the transaction effective January 26, 2024, which added five new exchangeable combinations for the Class M2 Notes. On the amendment date, 10 new classes of Notes were issued (Classes M2E, M2EX, M2F, M2FX, M2G, M2GX, M2H, M2HX, M2I and M2IX Notes).
The collateral consisted of closed-end second lien mortgages (CES; 100%), and as of the cut-off date was seasoned approximately three months and comprised 4,772 loans originated by Rocket Mortgage, LLC (Rocket; 53.3%), PennyMac Corp. (PennyMac; 24.5%) and Spring EQ, LLC (Spring EQ; 22.2%). The CES collateral is characterized by fully amortizing, fixed-rate mortgages (FRMs) with a non-zero weighted average original credit score of 738 and an average original term of 250 months.
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