KBRA Assigns Preliminary Ratings to PSMC 2019-1 Trust (PSMC 2019-1)

NEW YORK–(BUSINESS WIRE)–Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to 42
classes of mortgage pass-through certificates from PSMC 2019-1 Trust
(PSMC 2019-1), a prime jumbo RMBS transaction jointly sponsored by
subsidiaries of American International Group, Inc. (AIG).


The PSMC 2019-1 pool comprises 472 first-lien, prime residential
mortgage loans with an aggregate principal balance of $295,989,396 as of
the cut-off date. The collateral consists entirely of fully amortizing,
30-year fixed rate mortgages (FRMs). The pool is characterized by
significant borrower equity in each mortgaged property, as evidenced by
the WA original LTV and WA original CLTV of 72.5%. The weighted average
original credit score is 773, which is well 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)


PSMC
2019-1 Pre-Sale Report


PSMC
2019-1 Tear Sheet


PSMC
2019-1 Representations & 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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About KBRA and KBRA Europe


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.


Contacts

Analytical:Kristymarie
Cariello, Director(646) 731-2494kcariello@kbra.com
Jack
Kahan, Managing Director(646) 731-2486jkahan@kbra.com
Fei
Han, Analyst(646) 731-2342fhan@kbra.com