KBRA Assigns Preliminary Ratings To RCKT Mortgage Trust 2022-2

RCKT Mortgage Trust 2022-2 is a prime RMBS transaction issued by Woodward Capital Management LLC, comprised of 778 residential mortgages with an aggregate principal balance of $759.1 million as of the cut-off date of Feb. 1, 2022. It consists entirely of 30-year fixed-rate mortgages. 

“RCKT 2022-2 has a self-employment percentage of 29.9%, which is larger than the approximate 20% average rate seen in prime RMBS 2020, 2021, and 2022 (YTD),” according to KBRA. 

“RCKT 2022-2 consists of high-quality mortgage loans to prime credit borrowers with a weighted average (WA) original credit score of 761 and a WA debt-to-income (DTI) ratio of 34.5%. There is notable borrower equity in the properties collateralizing these mortgages, which is reflected in the WA original loan-to-value (LTV) ratio of 71.4%.”

KBRA also found that borrowers in RCKT Mortgage Trust 2022-2 have a high median income, asset reserves, and residual income. All loans within the pool are qualified mortgage loans and have minimal compliance risk. 

RCKT 2022-2's originator, Rocket Mortgage, scored big this past weekend with its Super Bowl LVI ad landing on the top spot of USA Today's Ad Meter.