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Fitch Ratings has assigned expected ratings to Angel Oak Mortgage Trust 2021-4.
In announcing the ratings on Wednesday, Fitch said it expects to rate the residential mortgage-backed certificates to be issued by Angel Oak Mortgage Trust 2021-4, Mortgage-Backed Certificates, Series 2021-4 (AOMT 2021-4) as follows (all long-term ratings):
- A-1 & A-2, AA(EXP)sf
- A-3, AA(EXP)sf
- M-1, BBB(EXP)sf
- B-1, BB(EXP)sf
- B-2, B(EXP)sf
- B-3, A-10-S & XS, NR(EXP)sf
The certificates are supported by 632 loans, with a balance of $316.65 million as of the cutoff date. This will be the 16th Fitch-rated AOMT transaction.
The certificates are secured by mortgage loans originated by Angel Oak Home Loans LLC and Angel Oak Mortgage Solutions LLC (referred to as Angel Oak originators) and two other originators that originated less than 10% of the loans. Of the loans in the pool, 79.9% are designated as nonqualified mortgage (Non-QM), and 20.1% are investment properties not subject to the Ability to Repay (ATR) Rule. No loans are designated as QM in the pool.
There is LIBOR exposure in this transaction: 0.2% of the pool comprises adjustable-rate mortgage (ARMs) loans that reference 1-year LIBOR. The offered certificates are fixed-rate and capped at the net weighted average coupon.