Skip to main content

KBRA Assigns Preliminary Ratings To JPMMT 2021-15

David Krechevsky
Dec 20, 2021
KBRA New Logo

The pool comprises 1,005 first-lien fixed-rate residential mortgage loans with an aggregate principal balance of $1.1 billion.

Kroll Bond Rating Agency (KBRA) has assigned preliminary ratings to 60 classes of mortgage pass-through certificates from J.P. Morgan Mortgage Trust 2021-15 (JPMMT 2021-15).

The pool comprises 1,005 first-lien fixed-rate residential mortgage loans with an aggregate principal balance of $1.1 billion as of the Dec. 1, 2021, cut-off date. The pool includes both non-agency (97.2%) and agency-eligible (2.8%) loans.

JPMMT 2021-15 consists of high-quality mortgage loans originated to prime credit borrowers with significant equity, as evidenced by the collateral’s weighted average (WA) original credit score of 762, WA debt-to-income (DTI) of 34.9, and WA original loan-to-value (LTV) of 70.6%. In addition, the pool’s WA original combined LTV (CLTV) of 70.8% provides a substantial margin of safety against potential home price declines.

The preliminary ratings were assigned as follows:

  • A-6-A, A-6-X, A-8-A, A-8-X, A-9-A, A-9-X, A-10-A, A-10-X, A-11, A-11-X, A-13, A-15-A, A-15-B, A-X-1, A-X-3, A-X-4: AAA
  • B-1-A, B-1-X: AA+
  • B-2-A, B-2-X: A
  • B-3: BBB+
  • B-4: BB+
  • B-5: B+
  • B-6, A-R: Not rated

The JPMMT 2021-15 loans were acquired by J.P. Morgan Mortgage Acquisition Corp. (JPMMAC), a residential mortgage conduit that resides within J.P. Morgan Securities LLC. JPMMAC purchases loans from a number of experienced third-party jumbo loan sellers. Potential loan sellers are approved based on experience, background reviews and an on-site review.

KBRA’s rating approach incorporated loan-level analysis of the mortgage pool through its KBRA RMBS Credit 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.

To view the full report, visit www.kbra.com (registration required).

Published
Dec 20, 2021
Fannie Mae Launches New Single-Family Social Disclosures

New disclosures provide a view into socially oriented lending activities.

Investor Loans
Nov 16, 2022
Fannie Mae Announces Winner of 20th CIP Of Non-Performing Loans

Transaction includes approximately 61 loans totaling $13 million in unpaid principal balance.

Investor Loans
Oct 25, 2022
Fannie Mae Names Winners Of Its 20th Non-Performing Loan Sale

Sold approximately 5,650 loans totaling $936.9 million in unpaid principal balance, divided into four pools. 

Investor Loans
Oct 12, 2022
Are Investors Fueling The Rapid Decline In Housing Affordability?

It might be a case, instead, of higher prices attracting investors

Investor Loans
Oct 03, 2022
AG Mortgage Investment Trust Makes C-Suite Changes

T.J. Durkin, MITT president, to also assume role of CEO.

Investor Loans
Sep 23, 2022
Fitch To Rate BRAVO Residential Funding Trust Non-QM Offering

BRAVO 2022-NQM3 notes are supported by 920 loans with a total interest-bearing balance of approximately $387 million. 

Non-QM
Aug 30, 2022