KBRA Grants Preliminary Ratings to OBX 2025-NQM14 Trust's Preliminary Evaluation
KBRA Assigns Preliminary Ratings to OBX 2025-NQM14 Trust
Kroll Bond Rating Agency (KBRA) has assigned preliminary ratings to 11 classes of mortgage-backed notes from the OBX 2025-NQM14 Trust, a non-prime RMBS transaction worth $701.0 million.
The analysis for this rating was conducted using KBRA's Residential Asset Loss Model (REALM), third-party loan file due diligence, cash flow modeling, reviews of key transaction parties, and an assessment of the transaction's legal structure and documentation.
The mortgage pool consists of 1,187 residential mortgages, with 91.0% being fixed-rate mortgages and 9.0% being hybrid adjustable-rate mortgages. A majority of the loans in the pool are either non-qualified mortgages (50.2%) or exempt (39.2%) from the Ability-to-Repay/Qualified Mortgage (ATR/QM) rule.
Armine Karajyan serves as the Senior Director (Lead Analyst) for the analysis, while Patrick Gervais is the Senior Managing Director (Rating Committee Chair). Abou Traore is an Associate Director for the analysis.
Detailed information about the rating, including key credit considerations, sensitivity analyses, and ESG factors, can be found in the full rating report. A description of each rating category can be found on KBRA's website.
KBRA is a major credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. It is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S. KBRA Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities.
The 11 classes of Mortgage-Backed Notes from the OBX 2025-NQM14 Trust were also rated by Moody's Investors Service. KBRA's policies, methodologies, rating scales, and disclosures are available on their website.
For further inquiries, Daniel Stallone can be contacted as the Business Development Contact. Further disclosures relating to this rating action can be found in the Information Disclosure Form(s) referenced in the article. Substantially material sources used to prepare the credit rating and the methodology(ies) used in determining the credit rating can be found in the Information Disclosure Form(s).
KBRA is recognized as a Qualified Rating Agency by Taiwan's Financial Supervisory Commission. The agency is also registered with the relevant authorities in the UK and Europe, demonstrating its global reach and recognition.
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