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KBRA assigns preliminary ratings to 35 classes of mortgage pass-through certificates from OBX 2022-INV2 Trust. The pool comprises 1,583 agency-eligible residential mortgage loans with an aggregate principal balance of $466.7 million, as of the January 1, 2022 cut-off date , and is secured entirely by investment properties. The pool is characterized by significant borrower equity in each mortgaged property, as evidenced by the WA original CLTV of 66.3%. The weighted average original credit score is 769, which is well within the prime mortgage range .
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. This analysis is further described in our US RMBS Rating Methodology.
Click here to view the report. To access ratings and relevant documents, click here.
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