KBRA Assigns Preliminary Ratings to Provident Funding Mortgage Trust 2019-1 (PFMT 2019-1)

NEW YORK--()--Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to 25 classes of mortgage pass-through certificates from Provident Funding Mortgage Trust 2019-1 (PFMT 2019-1), the first post-crisis private label securities (PLS) transaction backed entirely by agency conforming consumer-purpose residential mortgage loans. The loans are originated and serviced by Provident Funding Associates, LP.

The PFMT 2019-1 pool comprises 947 first-lien, prime residential mortgage loans with an aggregate principal balance of $337,597,325 as of the November 1, 2019 cut-off date. The collateral consists of 30-year fully amortizing, fixed rate mortgages (FRMs). The pool is characterized by significant borrower equity in each mortgaged property, as evidenced by the WA original LTV of 66.3% and WA original CLTV of 66.6%. The weighted average original credit score is 771.

KBRA’s rating approach incorporated loan-level analysis of the mortgage pool through its Residential Mortgage Default and Loss Model, an examination of the results from third-party loan file due diligence, cash flow modeling analysis of the transaction’s payment structure, reviews of key transaction parties and an assessment of the transaction’s legal structure and documentation. This analysis is further described in our U.S. RMBS Rating Methodology.

To access ratings, reports and disclosures, click here.

Related Publications: (available at www.kbra.com)

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About KBRA and KBRA Europe

KBRA is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. 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 and is a certified Credit Rating Agency (CRA) by the European Securities and Markets Authority (ESMA). Kroll Bond Rating Agency Europe Limited is registered with ESMA as a CRA.

Contacts

Analytical Contacts:
Sharif Mahdavian, Senior Director
(646) 731-2301
smahdavian@kbra.com

Tom Reilly, Analyst
(646) 731-2317
treilly@kbra.com

Jack Kahan, Senior Managing Director
(646) 731-2486
jkahan@kbra.com

Armine Karajyan, Associate Director
(646) 731-1210
akarajyan@kbra.com

Business Development Contact:
Michele Patterson, Managing Director
(646) 731-2397
mpatterson@kbra.com

Contacts

Analytical Contacts:
Sharif Mahdavian, Senior Director
(646) 731-2301
smahdavian@kbra.com

Tom Reilly, Analyst
(646) 731-2317
treilly@kbra.com

Jack Kahan, Senior Managing Director
(646) 731-2486
jkahan@kbra.com

Armine Karajyan, Associate Director
(646) 731-1210
akarajyan@kbra.com

Business Development Contact:
Michele Patterson, Managing Director
(646) 731-2397
mpatterson@kbra.com