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KBRA Assigns Preliminary Ratings To Oceanview Mortgage Trust 2021-4

Sep 10, 2021
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Director of Events

Kroll Bond Rating Agency assigned preliminary ratings to 56 classes of mortgage pass-through certificates from Oceanview Mortgage Trust 2021-4 (OCMT 2021-4), a prime RMBS transaction.

OCMT 2021-4 contains 100% QM: Safe Harbor jumbo mortgage loans and no loans in the pool are in active forbearance as of the cut-off date.

The OCMT 2021-4 mortgage pool is composed of 418 first-lien mortgage loans with an aggregate principal balance of $362,356,889 as of the cut-off date, according to a press release. The underlying collateral consists entirely of fully-amortizing, fixed-rate mortgages. The pool is characterized by substantial borrower equity in each mortgaged property, as evidenced by the WA original LTV and WA original CLTV of 68.6% and 68.7%, respectively. The weighted average original credit score is 777, which is well within the prime mortgage range.

KBRA’s rating used loan-level analysis of the mortgage pool through its U.S. RMBS Mortgage Default and Loss 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.

About the author
Director of Events
Navi Persaud is Director of Events at NMP.
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