Subprime lending

KBRA Assigns Preliminary Ratings to PSMC 2020-1 Trust

Retrieved on: 
Wednesday, January 22, 2020
Banking, Professional services, Finance, Economy, Money, Finance, Loans, Subprime mortgage crisis, Kroll Bond Rating Agency, Mortgage loan, Subprime lending

Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to 42 classes of mortgage pass-through certificates from PSMC 2020-1 Trust (PSMC 2020-1), a prime jumbo RMBS transaction jointly sponsored by subsidiaries of American International Group, Inc. (AIG).

Key Points: 
  • Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to 42 classes of mortgage pass-through certificates from PSMC 2020-1 Trust (PSMC 2020-1), a prime jumbo RMBS transaction jointly sponsored by subsidiaries of American International Group, Inc. (AIG).
  • The PSMC 2020-1 pool comprises 602 first-lien, prime residential mortgage loans with an aggregate principal balance of $430,416,764 as of the cut-off date.
  • The collateral consists of 30-year fully-amortizing, fixed rate mortgages (FRMs).
  • The weighted average original credit score is 775, which is well within the prime mortgage range.

KBRA Releases Monthly Auto Loan Indices for December

Retrieved on: 
Friday, January 17, 2020
Banking, Professional services, Finance, Subprime mortgage crisis, Economy, Personal finance, Subprime lending, Money, Finance

Kroll Bond Rating Agency (KBRA) releases its Auto Loan Indices for the month of December and reports on delinquency roll rates from asset-level disclosures.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) releases its Auto Loan Indices for the month of December and reports on delinquency roll rates from asset-level disclosures.
  • Auto loan ABS credit performance showed signs of improvement in December, with KBRAs Prime Auto Loan Index and Non-Prime Auto Loan Index posting stable or lower delinquency and loss rates.
  • Despite the favorable month-over-month and year-over-year performance, we expect delinquency and loss rates to remain elevated over the next couple of months, before beginning a downward trend in March (February collection period), as borrowers begin to receive tax refunds, providing an additional source of cash flow to help them pay their auto loans.

KBRA Assigns Preliminary Ratings to Angel Oak Mortgage Trust 2020-1 (AOMT 2020-1)

Retrieved on: 
Wednesday, January 15, 2020
Professional services, Finance, Finance, Money, Structured finance, Economy, United States housing bubble, Mortgage-backed security, Mortgage industry of the United States, Residential mortgage-backed security, Kroll Bond Rating Agency, Mortgage loan, Subprime lending

Kroll Bond Rating Agency, Inc. (KBRA) assigns preliminary ratings to six classes of mortgage-backed notes from AOMT 2020-1, a $358.1 million non-prime RMBS transaction.

Key Points: 
  • Kroll Bond Rating Agency, Inc. (KBRA) assigns preliminary ratings to six classes of mortgage-backed notes from AOMT 2020-1, a $358.1 million non-prime RMBS transaction.
  • Angel Oak Mortgage Trust 2020-1, Mortgage-Backed Certificates, Series 2020-1 (AOMT 2020-1) is a residential mortgage-backed securities (RMBS) transaction sponsored by Angel Oak Mortgage Fund EU, LLC, consisting of collateral originated by Angel Oak Home Loans LLC (AOHL), Angel Oak Mortgage Solutions LLC (AOMS) and Angel Oak Prime Bridge LLC (AOPB), together the Angel Oak Originators.
  • The $358.1 million transaction is collateralized by a pool of 948 mortgages, which are mostly classified as non-prime.
  • The mortgage loans, seasoned approximately 2.6 months, are predominantly fixed rate mortgages (FRMs) (98.3%).

KBRA Assigns Preliminary Ratings to OBX 2020-INV1 Trust

Retrieved on: 
Tuesday, January 14, 2020
Banking, Professional services, Finance, Finance, Money, Economy, Kroll Bond Rating Agency, Subprime mortgage crisis, Mortgage loan, RMBS, Subprime lending

Kroll Bond Rating Agency, Inc. (KBRA) assigns preliminary ratings to 49 classes of mortgage-backed notes from OBX 2020-INV1, a $374.6 million RMBS 2.0 transaction issued by Onslow Bay Financial, LLC.

Key Points: 
  • Kroll Bond Rating Agency, Inc. (KBRA) assigns preliminary ratings to 49 classes of mortgage-backed notes from OBX 2020-INV1, a $374.6 million RMBS 2.0 transaction issued by Onslow Bay Financial, LLC.
  • The OBX 2020-INV1 pool comprises 1,055 first-lien, prime residential mortgage loans with an aggregate principal balance of $374,608,743 as of the January 1, 2020 cut-off date.
  • The collateral is backed predominantly by agency-eligible investment purpose mortgage loans that are exempt from Ability-to-Repay (ATR) rules.
  • The weighted average original credit score of the pool is 764, which is well within the prime mortgage range.

KBRA Assigns Preliminary Ratings to Connecticut Avenue Securities, Series 2020-R01 (CAS 2020-R01)

Retrieved on: 
Monday, January 13, 2020
Banking, Professional services, Finance, Finance, Money, Economy, Loans, Mortgage-backed security, Mortgage industry of the United States, United States housing bubble, Structured finance, Real estate mortgage investment conduit, Kroll Bond Rating Agency, Subprime lending, Mortgage loan

Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to 57 classes from Connecticut Avenue Securities, Series 2020-R01 (CAS 2020-R01), a credit risk sharing transaction structured as a real estate mortgage investment conduit (REMIC) under the CAS shelf.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to 57 classes from Connecticut Avenue Securities, Series 2020-R01 (CAS 2020-R01), a credit risk sharing transaction structured as a real estate mortgage investment conduit (REMIC) under the CAS shelf.
  • The CAS 2020-R01 Reference Pool consists of 105,274 residential mortgage loans with an aggregate cut-off balance of approximately $29.0 billion.
  • The loans in the Reference Pool (Reference Obligations) are fully documented, fully amortizing, fixed-rate mortgages (FRMs) of prime quality.
  • The borrowers in the Reference Pool have a WA original credit score of 750 and a WA debt-to-income (DTI) ratio of 36.0%.

 GreenSky Strengthens, Extends and Diversifies Funding Commitments

Retrieved on: 
Thursday, December 19, 2019
Professional services, Data management, Technology, Mobile, Wireless, Software, Finance, Banking, Economy, Money, Finance, Financial markets, Personal finance, Banking, Subprime mortgage crisis, Credit risk, GreenSky, Bank, Subprime lending, Exposure at default

We continue to receive strong interest in our GreenSky super-prime home improvement and prime and super-prime elective healthcare loans.

Key Points: 
  • We continue to receive strong interest in our GreenSky super-prime home improvement and prime and super-prime elective healthcare loans.
  • With a multi-year record low portfolio 30-day delinquency rate and escalating Borrower credit weighted FICO application scores, resulting indicative pricing bids have been gratifying, said David Zalik, chairman and CEO of GreenSky.
  • Our partnership with this leading institutional asset manager both diversifies and reinforces GreenSkys strong Bank Partner consortium.
  • This press release contains forward-looking statements that reflect our current views with respect to, among other things, our operations and financial performance; transaction volume; profitability; liquidity; funding and bank commitments.

Carrington Mortgage Services Introduces Prime Advantage

Retrieved on: 
Tuesday, December 10, 2019
Finance, Professional services, Residential Building & Real Estate, Commercial Building & Real Estate, Construction & Property, Economy, Money, Finance, Mortgage industry of the United States, Loans, Personal finance, United States housing bubble, Subprime lending, Mortgage broker, Mortgage loan, Jumbo mortgage, Super jumbo mortgage

Carrington Mortgage Services, LLC (CMS), one of the nations largest privately held non-bank lenders, announces the launch of Prime Advantage.

Key Points: 
  • Carrington Mortgage Services, LLC (CMS), one of the nations largest privately held non-bank lenders, announces the launch of Prime Advantage.
  • Prime Advantage is designed for higher-credit-quality non-agency borrowers who may have just missed qualifying for conventional or jumbo loans.
  • The Prime Advantage product allows for the use of Alternative Income Documentation, while delivering competitive pricing.
  • Prime Advantage is a perfect fit for borrowers who find themselves in between qualifying for the Carrington Flexible Advantage PlusSM program and conventional or jumbo products.

KBRA Assigns Preliminary Ratings to J.P. Morgan Trust 2019-10 (JPMMT 2019-10)

Retrieved on: 
Thursday, November 21, 2019
Professional services, Insurance, Finance, Finance, Money, Economy, Mortgage industry of the United States, Loans, Kroll Bond Rating Agency, Personal finance, Mortgage loan, Subprime lending, Jumbo mortgage, Mortgage-backed security

Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to 52 classes of mortgage pass-through certificates from J.P. Morgan Trust 2019-10 (JPMMT 2019-10).

Key Points: 
  • Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to 52 classes of mortgage pass-through certificates from J.P. Morgan Trust 2019-10 (JPMMT 2019-10).
  • J.P. Morgan Mortgage Trust 2019-10 (JPMMT 2019-10) is a prime RMBS transaction comprising 388 residential mortgages with an aggregate principal balance of $297.3 million as of the November 1, 2019 cut-off date.
  • The underlying collateral includes both prime jumbo loans (96.9%) and high-balance conforming mortgages (3.1%), all of which have been designated as Qualified Mortgages (QM).
  • This analysis is further described in our U.S. RMBS Rating Methodology.

KBRA Assigns Preliminary Ratings to J.P. Morgan Trust 2019-9 (JPMMT 2019-9)

Retrieved on: 
Friday, November 15, 2019
Banking, Professional services, Finance, Finance, Money, Economy, Mortgage industry of the United States, Kroll Bond Rating Agency, Mortgage loan, Subprime lending, Jumbo mortgage, Mortgage-backed security

Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to 50 classes of mortgage pass-through certificates from J.P. Morgan Trust 2019-9 (JPMMT 2019-9).

Key Points: 
  • Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to 50 classes of mortgage pass-through certificates from J.P. Morgan Trust 2019-9 (JPMMT 2019-9).
  • J.P. Morgan Mortgage Trust 2019-9 (JPMMT 2019-9) is a prime RMBS transaction comprising 998 residential mortgages with an aggregate principal balance of $681.0 million as of the November 1, 2019 cut-off date.
  • The underlying collateral includes both prime jumbo loans (89.9%) and high-balance conforming mortgages (10.1%), all of which have been designated as Qualified Mortgages (QM).
  • This analysis is further described in our U.S. RMBS Rating Methodology.

KBRA Assigns Preliminary Ratings to Sequoia Mortgage Trust 2019-5 (SEMT 2019-5)

Retrieved on: 
Wednesday, November 6, 2019
Banking, Professional services, Insurance, Finance, Economy, Finance, Money, Loans, Personal finance, Subprime mortgage crisis, Mortgage loan, Kroll Bond Rating Agency, Subprime lending

Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to fifty-three classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2019-5 (SEMT 2019-5), a prime RMBS transaction.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to fifty-three classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2019-5 (SEMT 2019-5), a prime RMBS transaction.
  • SEMT 2019-5 contains both prime jumbo (94.9%) and high-balance conforming (5.1%) collateral to borrowers with prime attributes.
  • The SEMT 2019-5 mortgage pool is composed of 540 first-lien mortgage loans with an aggregate principal balance of $400,754,512 as of the cut-off date.
  • The weighted average original credit score is 769, which is within the prime mortgage range.