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KBRA Assigns Preliminary Ratings to PSMC 2021-3 Trust

David Krechevsky
Sep 23, 2021
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Loan pool comprises 469 residential mortgages with an aggregate principal balance of $428.7 million

Kroll Bond Rating Agency (KBRA) has assigned preliminary ratings to 42 classes of mortgage pass-through certificates from PSMC 2021-3 Trust (PSMC 2021-3).

PSMC 2021-3 is a Prime Jumbo RMBS transaction cooperatively sponsored by five indirect, wholly-owned subsidiaries of American International Group Inc. (AIG) – AIG Home Loan 1, LLC, AIG Home Loan 2, LLC, AIG Home Loan 3, LLC, AIG Home Loan 4, LLC and AIG Home Loan 5, LLC (AIG HL 1, AIG HL 2, AIG HL 3, AIG HL 4 and AIG HL 5; collectively, the AIG Home Loan Entities).

PSMC 2021-3 comprises 469 residential mortgages with an aggregate principal balance of $428.7 million as of the Sept. 1, 2021, cut-off date. The underlying collateral consists entirely of 30-year, fixed-rate mortgages, all of which are subject to the Ability-to-Repay/Qualified Mortgage (ATR/QM) rules.

KBRA assigned preliminary ratings as follows:

  • A-1 through A-26, A-X1 through A-X11: AAA
  • B-1: AA+
  • B-2: A+
  • B-3: BBB
  • B-4: BB
  • B-5: B
  • B-6: Not rated.

KBRA said its rating approach incorporated loan-level analysis of the mortgage pool through its 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. It said its analysis is based on information regarding the underlying mortgage loans and the terms of the securitization as of Sept. 20, 2021.

 

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