NEW YORK–(BUSINESS WIRE)–Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to
twenty-seven classes of mortgage pass-through certificates from J.P.
Morgan Mortgage Trust 2019-INV1 (JPMMT 2019-INV1), a prime RMBS
transaction, the first from JPMMT backed predominately by non-agency and
agency-eligible investment-purpose mortgage loans exempt (99.3%) from
Ability-to-Repay (ATR) rules. For 7 loans (0.7%) the designation is QM
even though the borrower’s DTI may be above 43%, due to a temporary
exemption afforded to GSE-eligible loans under the Ability-to-Repay
(ATR) rules.
The JPMMT 2019-INV1 mortgage pool is composed of 919 first-lien mortgage
loans with an aggregate principal balance of $ 338,840,065 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 65.9% and WA original CLTV of 66.0%. The weighted
average original credit score is 767, 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)
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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, is 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:
Kristymarie Cariello, Director
(646) 731-2494
kcariello@kbra.com
Gary Narvaez, Director
(646) 731-2478
gnarvaez@kbra.com
Fei Han, Analyst
(646) 731-2342
fhan@kbra.com
Jack Kahan, Managing Director
(646) 731-2486
jkahan@kbra.com
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