KBRA Issues Preliminary Ratings for New Residential Mortgage Loan Trust 2024-NQM1

KBRA has assigned preliminary ratings to six classes of mortgage-backed notes from New Residential Mortgage Loan Trust 2024-NQM1 (NRMLT 2024-NQM1), a non-prime residential mortgage-backed securities (RMBS) transaction valued at $281.9 million. The transaction is sponsored by Rithm Capital Corp., formerly known as New Residential Investment Corp., a publicly traded real estate investment trust (REIT) listed on the New York Stock Exchange under the ticker symbol RITM.

The underlying mortgages in NRMLT 2024-NQM1 were originated by three main entities: NewRez LLC (57.6% of the pool), American Heritage Lending (20.3%), and LendSure Mortgage Corporation (11.3%). NewRez LLC, doing business as Shellpoint Mortgage Servicing, will service all the loans in the pool.

NRMLT 2024-NQM1 is collateralized by a pool of 610 residential mortgages. Borrowers in this pool have a weighted average (WA) original credit score of 739 and a WA original loan-to-value (LTV) and combined LTV (CLTV) of 73.6%. The loans in the pool have been seasoned for approximately five months and consist primarily of fixed-rate mortgages (98.9%), with a small portion being adjustable-rate mortgages (1.1%). Additionally, about 8.4% of the pool features an initial interest-only period.

For access to rating information and related documents, interested parties can follow the provided links. The report offers insights into the credit considerations, sensitivity analyses, and environmental, social, and governance (ESG) factors affecting the credit ratings. Detailed methodologies used in determining the ratings are also disclosed.

For further disclosures related to this rating action and additional information on KBRA’s policies, methodologies, rating scales, and disclosures, visit www.kbra.com.

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