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KBRA Assigns Preliminary Ratings to RCKT Mortgage Trust 2019-1 (RCKT 2019-1)

NEW YORK–(BUSINESS WIRE)–Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to 35 classes of mortgage pass-through certificates from RCKT Mortgage Trust 2019-1 (RCKT 2019-1), a prime jumbo RMBS transaction backed entirely by loans originated and serviced by Quicken Loans Inc.

The RCKT 2019-1 pool comprises 465 first-lien, prime residential mortgage loans with an aggregate principal balance of $351,329,734 as of the September 1, 2019 statistical cut-off date. The collateral consists of 30-year fully amortizing, fixed rate mortgages (FRMs). The pool is characterized by significant borrower equity in each mortgaged property, as evidenced by the WA original LTV of 71.5% and WA original CLTV of 71.6%. The weighted average original credit score is 762.

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:
Sharif Mahdavian, Senior Director

(646) 731-2301

smahdavian@kbra.com

Tom Reilly, Analyst

(646) 731-2317

treilly@kbra.com

Jack Kahan, Senior Managing Director

(646) 731-2486

jkahan@kbra.com

Staff

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