-

KBRA Assigns Preliminary Ratings to New Residential Mortgage Trust 2022-NQM3 (NRMLT 2022-NQM3)

NEW YORK--(BUSINESS WIRE)--KBRA assigns preliminary ratings to six classes of mortgage-backed notes from New Residential Mortgage Loan Trust 2022-NQM3 (NRMLT 2022-NQM3), a $346.1 million non-prime RMBS transaction sponsored by New Residential Investment Corp. The underlying collateral, comprising 595 residential mortgages, is characterized by a significant concentration of loans underwritten using alternative income documentation. Borrowers in the subject pool possess a non-zero WA original credit score of 755 and exhibit substantial equity in each mortgaged property, with WA LTV and combined LTV (CLTV) ratios of 67.8% and 67.9%, respectively.

KBRA’s rating approach incorporated loan-level analysis of the mortgage pool through its RMBS Credit Model, an examination of the results from third-party loan file due diligence performed at the time of origination of the loans, 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.

Click here to view the report. To access ratings and relevant documents, click here.

Related Publications

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 pursuant to the Temporary Registration Regime. 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.

Contacts

Analytical Contacts

Armine Karajyan, Senior Director (Lead Analyst)
+1 (646) 731-1210
armine.karajyan@kbra.com

Thomas Reilly, Associate
+1 (646) 731-2317
tom.reilly@kbra.com

Jack Kahan, Senior Managing Director (Rating Committee Chair)
+1 (646) 731-2486
jack.kahan@kbra.com

Business Development Contact

Dan Stallone, Director
+1 (646) 731-1308
daniel.stallone@kbra.com

KBRA

Details
Headquarters: New York City, New York
CEO: Jim Nadler
Employees: 400+
Organization: PRI

Release Versions

Contacts

Analytical Contacts

Armine Karajyan, Senior Director (Lead Analyst)
+1 (646) 731-1210
armine.karajyan@kbra.com

Thomas Reilly, Associate
+1 (646) 731-2317
tom.reilly@kbra.com

Jack Kahan, Senior Managing Director (Rating Committee Chair)
+1 (646) 731-2486
jack.kahan@kbra.com

Business Development Contact

Dan Stallone, Director
+1 (646) 731-1308
daniel.stallone@kbra.com

More News From KBRA

KBRA Assigns Preliminary Ratings to EFMT 2026-AE2

NEW YORK--(BUSINESS WIRE)--KBRA assigns preliminary ratings to 58 classes of mortgage-backed certificates from EFMT 2026-AE2. EFMT 2026-AE2 is a $349.0 million RMBS transaction, as of the cut-off date, sponsored by EFMT Sponsor LLC. The pool is secured entirely of first liens on non-owner occupied (NOO) investor properties (69.9%) and second homes (30.1%) underwritten to agency guidelines. The underlying pool is seasoned approximately three months and comprises 937 loans. All loans are originat...

KBRA Releases Research – KBRA’s Global Rating Stability and Transition Study: 2011-2025

NEW YORK--(BUSINESS WIRE)--KBRA releases a report examining the stability and transition patterns of our ratings over a 1-year, 3-year, 5-year, and lifetime period between 2011 and 2025. The ratings universe used in this study includes both published and unpublished long-term credit ratings (LTCR) assigned across all geographical regions. Key Takeaways KBRA’s ratings have generally performed in accordance with their definitions, with investment-grade (IG) rated securities (BBB- or higher) exhib...

KBRA Assigns Preliminary Ratings to Post Road Equipment Finance 2026-1, LLC

NEW YORK--(BUSINESS WIRE)--KBRA assigns preliminary ratings to six classes of notes issued by Post Road Equipment Finance 2026-1, LLC (PREF 2026-1), an equipment ABS transaction. PREF 2026-1 represents the fifth equipment ABS transaction sponsored by Post Road Equipment Finance, LLC (PREF or the Company). Founded in 2017 and headquartered in Norwalk, Connecticut, PREF is an independent equipment finance company focused on financing discrete revenue-producing essential-use medium- and large-tick...
Back to Newsroom