KBRA has assigned preliminary ratings to 52 classes of mortgage pass-through certificates from the GS Mortgage-Backed Securities Trust 2024-INV1 (GSMBS 2024-INV1). The collateral pool, comprised entirely of prime, investment-purpose mortgage loans, includes 722 first-lien, fixed-rate residential mortgages with a total principal balance of $313.4 million as of the cut-off date on October 1, 2024. This pool reflects strong borrower equity, shown by a weighted average (WA) original loan-to-value (LTV) and combined loan-to-value (CLTV) of 70.2%. The weighted average original credit score for borrowers is 767, indicating a high credit quality.
KBRA’s rating methodology includes a loan-level analysis of the mortgage pool using its Residential Asset Loss Model (REALM), assessment of third-party loan file due diligence, cash flow modeling of the transaction’s payment structure, evaluations of key transaction parties, and a review of the transaction’s legal structure and documentation. More detail on this approach is available in KBRA’s U.S. RMBS Rating Methodology.
For the ratings and associated documents, click here.
Related Publications:
- RMBS KCAT
- GS Mortgage-Backed Securities Trust 2024-INB1 (GSMBS 2024-INV) Tear Sheet
Methodologies:
- RMBS: U.S. RMBS Rating Methodology
- Structured Finance: Global Structured Finance Counterparty Methodology
- ESG Global Rating Methodology
Disclosures: For details on key credit considerations, sensitivity analyses, ESG factors, and all other relevant disclosures, please refer to the full rating report. Information about the models, methodologies, and rating assumptions used is available in the Information Disclosure Form(s).
More details on KBRA’s policies, methodologies, rating scales, and disclosures can be found at www.kbra.com.
About KBRA: Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered as an NRSRO by the U.S. Securities and Exchange Commission. KBRA has additional registrations with regulatory bodies in Europe, the UK, and Canada, and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.
