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Fitch Assigns Expected Ratings To Non-QM Offering

David Krechevsky
May 20, 2022
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Certificates are supported by 909 loans originated by A&D Mortgage with a balance of approximately $392.11 million.

Fitch Ratings has assigned expected ratings to Imperial Fund Mortgage Trust 2022-NQM4 (IMPRL 2022-NQM4).

IMPRL 2022-NQM4 consists of residential mortgage-backed certificates supported by 909 loans with a balance of approximately $392.11 million as of the cutoff date. This is IMPRL's ninth transaction and the fourth to be rated by Fitch.

Fitch said it expects to assign the ratings as follows:

  • A-1: AAA
  • A-2: AA-
  • A-3: A-
  • M-1: BBB-
  • B-1, B-2, B-3, X, A-IO-S, R: Not rated

Fitch said it was asked to rate only the class A-1, A-2, A-3 and M-1 certificates.

The certificates are secured primarily by newly originated, fixed-rate mortgage loans, with 91.2% of the pool originated by A&D Mortgage LLC, and the remaining 8.8% originated by one of A&D Mortgage's correspondent lenders.

Of the loans in the pool, 39.1% are designated as non-qualified mortgages (non-QM), 0.2% are designated as safe harbor qualified mortgages (SHQM), and 60.7% are not subject to the Consumer Finance Protection Bureau's (CFPB) Ability to Repay Rule (ATR Rule).

There is no LIBOR exposure in this transaction. The collateral consists of 99.6% fixed-rate loans and the loans that are adjustable rate are not based on the LIBOR index. The coupons on the interest-bearing bonds are fixed rate and capped at the net WAC or are based on the net WAC.The full report is available at

May 20, 2022
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