Press Release|RMBS
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KBRA Assigns Ratings to Towd Point Mortgage Trust 2024-CES4 (TPMT 2024-CES4)

27 Sep 2024   |   New York

Contacts

KBRA assigns ratings to 34 classes of asset-backed securities from Towd Point Mortgage Trust 2024-CES4 (TPMT 2024-CES4), a $399.3 million RMBS transaction, sponsored by CRM 1 Sponsor, LLC and FirstKey Mortgage, LLC (FirstKey). The underlying pool consisted of 5,188 closed-end second lien mortgages (CES; 100%) originated by Spring EQ, LLC (Spring EQ; 55.0%), Nationstar Mortgage LLC d/b/a Mr. Cooper (Mr. Cooper; 23.7%), and PennyMac Loan Services, LLC (PennyMac; 21.3%). The CES collateral is characterized by fully amortizing, fixed-rate mortgages (FRMs) with a non-zero weighted average original credit score of 732 and an average original term of 268 months and is seasoned approximately four months. The TPMT 2024-CES4 transaction structure incorporates excess spread along with a sequential payment waterfall of interest and principal.

To access rating and relevant documents, click here.

Click here to view the report.

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Methodologies

Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency 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. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.

Doc ID: 1006148