KBRA Assigns Preliminary Ratings to Towd Point Mortgage Trust 2025-CES3 (TPMT 2025-CES3)

NEW YORK--(BUSINESS WIRE)--KBRA assigns preliminary ratings to 40 classes of asset-backed securities from Towd Point Mortgage Trust 2025-CES3 (TPMT 2025-CES3), a $464.3 million RMBS transaction, as of the Cut-off Date, sponsored by CRM 2 Sponsor, LLC and FirstKey Mortgage, LLC (FirstKey). The underlying pool consists of 5,136 closed-end second lien mortgages (CES; 100%) originated by Spring EQ, LLC (Spring EQ; 58.1%), Rocket Mortgage, LLC (Rocket; 21.2%), and NewRez LLC (NewRez; 20.7%). The CES collateral is characterized by fully amortizing, fixed-rate mortgages (FRMs) with a non-zero weighted average original credit score of 738 and an average original term of 245 months and is seasoned approximately one months.

To access ratings and relevant documents, click here.

Click here to view the report.

Related Publications

• RMBS KCAT
• TPMT 2025-CES3 Tear Sheet

Methodologies

• RMBS: U.S. RMBS Rating Methodology
• Structured Finance: Global Structured Finance Counterparty Methodology
• ESG Global Rating Methodology

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), one of the major credit rating agencies (CRA), is a full-service CRA 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 (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

Doc ID: 1010724