KBRA Assigns Preliminary Ratings to CIM Trust 2019-J1 (CIM 2019-J1)

NEW YORK–(BUSINESS WIRE)–Kroll Bond Rating Agency (KBRA) assigns ratings to sixty-five classes of mortgage pass-through certificates from CIM Trust 2019-J1 (CIM 2019-J1), a prime RMBS transaction. CIM 2019-J1 contains both prime jumbo (89.3%) and high-balance conforming (10.7%) collateral to borrowers with prime attributes.

The CIM 2019-J1 mortgage pool is composed of 414 first-lien mortgage loans with an aggregate principal balance of $306,611,427 as of the cut-off date. The underlying collateral consists entirely of fully-amortizing, fixed-rate mortgages. The pool is characterized by substantial borrower equity in each mortgaged property, as evidenced by the WA original LTV of 66.2% and WA original CLTV of 66.4%. The weighted average original credit score is 765, which is within the prime mortgage range.

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)

• CIM 2019-J1 Pre-Sale Report
• CIM 2019-J1 Tear Sheet
• CIM 2019-J1 Representations & Warranties Disclosure
• RMBS KBRA Comparative Analytic Tool (KCAT)
• Residential Mortgage Default and Loss Model
• U.S. RMBS Rating Methodology for Assessing Non-QM Risk
• U.S. RMBS Rating Methodology
• Global Structured Finance Counterparty Methodology

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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:

Jack Kahan, Senior Managing Director

(646) 731-2486

jkahan@kbra.com

Sharif Mahdavian, Senior Director

(646) 731-2301

smahdavian@kbra.com

Hannah Brennan, Analyst

(646) 731-3324

hbrennan@kbra.com

Fei Han, Analyst

(646) 731-2342

fhan@kbra.com