NEW YORK--(EON: Enhanced Online News)--Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to sixteen classes of mortgage pass-through certificates from PMT Loan Trust 2013-J1 (PMT 2013-J1), a jumbo prime RMBS transaction.
The mortgage pool backing PMT 2013-J1 is comprised of 691 first-lien mortgage loans with an aggregate principal balance of $550,462,190.54 as of the cut-off date. The loans in the pool are all 30-year fully amortizing fixed-rate mortgages (FRMs). There are no interest-only loans in the pool. The pool is characterized by substantial borrower equity in each mortgaged property, as evidenced by a weighted average (WA) loan-to-value (LTV) ratio of 70% and a combined LTV of 71%. The WA credit score of the mortgage pool is 770.
KBRA’s analysis of the transaction included a loan-level analysis of the mortgage pools using our Residential Mortgage Default and Loss Model, together with a review of the key transaction parties, results of loan file reviews performed by an independent third party firm and review of the legal structure and key documentation. This analysis is further described in our U.S. RMBS Rating Methodology.
For complete details on the analysis, please see our Pre-Sale Report, PMT Loan Trust 2013-J1, which was published on September 19th 2013 at www.krollbondratings.com.
PMT Loan Trust 2013-J1 Preliminary Ratings
About Kroll Bond Rating Agency
KBRA was established in 2010 by Jules Kroll to restore trust in credit ratings by creating new standards for assessing risk and by offering accurate, clear and transparent ratings. KBRA is registered with the U.S. Securities and Exchange Commission as a Nationally Recognized Statistical Rating Organization (NRSRO). In addition, KBRA is recognized by the National Association of Insurance Commissioners (NAIC) as a Credit Rating Provider (CRP).