NEW YORK–(BUSINESS WIRE)–Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to 31 classes of mortgage pass-through certificates from CIM Trust 2019-INV3, a prime RMBS transaction, the third from Chimera Investment Corporation and backed almost exclusively by agency-eligible investment-purpose mortgage loans.
The CIM Trust 2019-INV3 mortgage pool is composed of 1,405 first-lien mortgage loans with an aggregate principal balance of $353,199,021 as of the cut-off date. 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 of 68.3% and WA original CLTV of 68.3%. The weighted average original credit score is 769, which is within the prime mortgage range.
KBRA’s rating approach incorporated loan-level analysis of the mortgage pool through its Residential 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. This analysis is further described in our U.S. RMBS Rating Methodology.
To access ratings, reports and disclosures, click here.
Related Publications: (available at www.kbra.com)
- CIM Trust 2019-INV3 Pre-Sale Report
- CIM Trust 2019-INV3 Tear Sheet
- CIM Trust 2019-INV3 Representations and Warranties Disclosure
- RMBS KBRA Comparative Analytic Tool (KCAT)
- Residential Mortgage Default and Loss Model
- U.S. RMBS Rating Methodology for Assessing Non-QM Risk
- U.S. RMBS Rating Methodology
- Global Structured Finance Counterparty Methodology
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KBRA is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider and is a certified Credit Rating Agency (CRA) by the European Securities and Markets Authority (ESMA). Kroll Bond Rating Agency Europe Limited is registered with ESMA as a CRA.
Armine Karajyan, Associate Director
Hannah Brennan, Analyst
Fei Han, Analyst
Jack Kahan, Senior Managing Director