KBRA Assigns Preliminary Ratings to Citigroup Mortgage Loan Trust 2024-1 (CMLTI 2024-1)
July 19 2024 - 11:14AM
Business Wire
KBRA assigns preliminary ratings to 57 classes of mortgage
pass-through certificates from Citigroup Mortgage Loan Trust 2024-1
(CMLTI 2024-1), a prime residential mortgage-backed securities
transaction collateralized by owner occupied primary and secondary
properties. The underlying pool consists of 480 fixed-rate
mortgages (FRMs) with an aggregate principal balance of
approximately $507.9 million as of the cut-off date on July 1, 2024
and includes both non-agency (89.4%) and agency-eligible (10.6%)
loans. 48.5% of the loans were originated by Rocket Mortgage, LLC
and 94.8% of the loans will be serviced by Fay Servicing, LLC.
KBRA’s rating approach incorporated loan-level analysis of the
mortgage pool through its Residential Asset Loss Model (REALM), 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 rating and relevant documents, click here.
Click here to view the report.
Related Publications
- CMLTI 2024-1 Tear Sheet
- RMBS KCAT
Methodologies
- RMBS: U.S. RMBS Rating Methodology
- Structured Finance: Global Structured Finance Counterparty
Methodology
- ESG Global Rating Methodology
Disclosures
Further information on key credit considerations, sensitivity
analyses that consider what factors can affect these credit ratings
and how they could lead to an upgrade or a downgrade, and ESG
factors (where they are a key driver behind the change to the
credit rating or rating outlook) can be found in the full rating
report referenced above.
A description of all substantially material sources that were
used to prepare the credit rating and information on the
methodology(ies) (inclusive of any material models and sensitivity
analyses of the relevant key rating assumptions, as applicable)
used in determining the credit rating is available in the
Information Disclosure Form(s) located here.
Information on the meaning of each rating category can be
located here.
Further disclosures relating to this rating action are available
in the Information Disclosure Form(s) referenced above. Additional
information regarding KBRA policies, methodologies, rating scales
and disclosures are available at www.kbra.com.
About KBRA
Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit
rating agency registered with the U.S. Securities and Exchange
Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is
registered as a CRA with the European Securities and Markets
Authority. Kroll Bond Rating Agency UK Limited is registered as a
CRA with the UK Financial Conduct Authority. 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.
Doc ID: 1005155
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Analytical Contacts
Sharif Mahdavian, Managing Director (Lead Analyst) +1
646-731-2301 sharif.mahdavian@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