NEW YORK–(BUSINESS WIRE)–Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to 20 classes of mortgage pass-through certificates from J.P. Morgan Mortgage Trust 2019-HYB1 (JPMMT 2019-HYB1).
J.P. Morgan Mortgage Trust 2019-HYB1 (JPMMT 2019-HYB1) is a prime RMBS transaction comprising 703 hybrid adjustable-rate mortgages (ARMs) with an aggregate principal balance of $557.5 million as of the August 1, 2019 cut-off date. The initial fixed rate periods for the pool’s hybrid ARMs generally equal five (27.3%), seven (47.8%) or ten (22.4%) years, and 30.4% of the loans have interest-only periods. The underlying collateral, seasoned 18 months, includes both prime jumbo loans (97.2%) and high-balance conforming mortgages (2.8%). Approximately 35.4% of the pool has been designated as a Qualified Mortgage (QM), while Non-QM loans and loans exempt from the Ability-to-Repay (ATR)/QM Rule make up 43.8% and 20.8% of pool, respectively. Borrowers in the pool exhibit a weighted average (WA) original credit score of 758, WA original loan-to-value (LTV) of 65.4% and WA combined LTV (CLTV) of 66.4%.
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:
Patrick Gervais, Senior Director
(646) 731-2426
pgervais@kbra.com
Edward DeVito, Managing Director
(646) 731-2319
edevito@kbra.com
Jack Kahan, Senior Managing Director
(646) 731-2486
jkahan@kbra.com
Rebecca Lindenblatt, Analyst
(646) 731-2486
rlindenblatt@kbra.com
Tom Reilly, Analyst
(646) 731-2317
treilly@kbra.com
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