KBRA Assigns Preliminary Ratings to Citigroup Mortgage Loan Trust 2024-INV2 (CMLTI 2024-INV2) Residential Mortgage-Backed Securities Transaction
KBRA Assigns Preliminary Ratings to Mortgage Pass-Through Certificates from Citigroup Mortgage Loan Trust 2024-INV2
In a recent residential mortgage-backed securities transaction, KBRA has assigned preliminary ratings to 84 classes of mortgage pass-through certificates from Citigroup Mortgage Loan Trust 2024-INV2 (CMLTI 2024-INV2). This transaction is collateralized by non-owner occupied (NOO) investor properties and loans that were primarily underwritten to agency guidelines.
The underlying pool consists of 903 fixed-rate mortgages (FRMs) with a total principal balance of approximately $318.0 million as of the cut-off date on May 1, 2024. Notably, 20.1% of the loans were sold to the trust by Fairway Independent Mortgage Corporation, and all loans will be serviced by Fay Servicing, LLC.
KBRA’s rating approach for this transaction included a thorough analysis of the mortgage pool using its Residential Asset Loss Model (REALM), third-party loan file due diligence results, cash flow modeling analysis of the payment structure, reviews of key transaction parties, and an assessment of the legal structure and documentation of the transaction.
For more information on the rating and relevant documents, interested parties can access the full rating report on KBRA’s website. Additionally, further disclosures and information on key credit considerations, sensitivity analyses, and ESG factors can be found in the report.
KBRA, a full-service credit rating agency, is registered with the U.S. Securities and Exchange Commission and is recognized by various regulatory bodies in the U.S., Europe, and the UK. The agency is committed to providing transparent and reliable credit ratings for various financial transactions.
For more information on KBRA’s policies, methodologies, rating scales, and disclosures, visit www.kbra.com.
Contact:
Analytical Contacts
Chris Deasy, Senior Director (Lead Analyst)
+1 646-731-1311
chris.deasy@kbra.com
Genki Ono, Senior Analyst
+1 646-731-1415
genki.ono@kbra.com
Jack Kahan, Senior Managing Director, Head of Global RMBS (Rating Committee Chair)
+1 646-731-2486
jack.kahan@kbra.com
Business Development Contact
Daniel Stallone, Managing Director
+1 646-731-1308
daniel.stallone@kbra.com
Source: https://www.businesswire.com/news/home/20240603701705/en/
