New York City–( BUSINESS WIRE)– Kroll Bond Score Firm (KBRA) appoints preliminary scores to 41 classes of home mortgage notes from OBX 2019- EXP3 Trust (OBX 2019- EXP3).
OBX 2019- EXP3 Trust is a property mortgage-backed securities (RMBS) 2.0 transaction that consists of a substantial concentration of security that KBRA considers to be “broadened prime.” The security pool contains a majority (561%) of non-qualified mortgages (non-QM) and a little remaining population of competent home loans (QM). In addition, the swimming pool contains loans protected by investor residential or commercial properties exempt from Ability-to-Repay (ATR) rules. The $4655 million RMBS deal is collateralized by a pool of 735 residential mortgages.
KBRA’s score approach incorporated loan-level analysis of the home mortgage swimming pool through its Residential Mortgage Default and Loss Design, an evaluation of the arise from third-party loan file due diligence, capital modeling analysis of the deal’s payment structure, reviews of key deal celebrations and an assessment of the deal’s legal structure and documents. This analysis is additional described in our U.S. RMBS Score Methodology.
For total details on the analysis, please see our pre-sale report, OBX 2019- EXP3 Trust, which was published on www.kbra.com A tear sheet summing up particular items of the deal can be discovered here
To access scores, reports and disclosures, click here
Related Publications: ( readily available at www.kbra.com).
- OBX 2019- EXP3 Trust Pre-Sale Report
- OBX 2019- EXP3 Trust Tear Sheet
- U.S. RMBS Score Method
- Residential Mortgage Default and Loss Model
- U.S. RMBS Rating Approach for Examining Non-QM Risk
- Worldwide Structured Finance Counterparty Approach
About KBRA and KBRA Europe
KBRA is a full-service credit rating company registered with the U.S. Securities and Exchange Commission as an NRSRO. In addition, KBRA is designated as a designated score organization by the Ontario Securities Commission for issuers of asset-backed securities to submit a brief type prospectus or rack prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Service Provider, and is a licensed Credit Score Agency (CRA) by the European Securities and Markets Authority (ESMA). Kroll Bond Rating Agency Europe Limited is registered with ESMA as a CRA.