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KBRA Assigns Preliminary Ratings to Provident Funding Mortgage Trust 2020-1 (PFMT 2020-1)

February 12, 2020 GMT

NEW YORK--(BUSINESS WIRE)--Feb 12, 2020--

Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to 25 classes of mortgage pass-through certificates from Provident Funding Mortgage Trust 2020-1 (PFMT 2020-1), the second post-crisis private label securities (PLS) transaction backed entirely by agency conforming consumer-purpose residential mortgage loans. The loans are originated and serviced by Provident Funding Associates, LP.

The PFMT 2020-1 pool comprises 1,171 first-lien, prime residential mortgage loans with an aggregate principal balance of $415,684,032 as of the February 1, 2020 cut-off date. The collateral consists of 30-year fully amortizing, fixed rate mortgages (FRMs). The pool is characterized by significant borrower equity in each mortgaged property, as evidenced by the WA original LTV of 66.7% and WA original CLTV of 67.0%. The weighted average original credit score is 771.

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 )

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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.

View source version on businesswire.com:https://www.businesswire.com/news/home/20200212005785/en/

CONTACT: Analytical Contacts:Sharif Mahdavian, Senior Director

(646) 731-2301

smahdavian@kbra.com Thomas Reilly, Analyst

(646) 731-2317

treilly@kbra.com Jack Kahan, Senior Managing Director

(646) 731-2486

jkahan@kbra.com Business Development Contact: Michele Patterson, Managing Director

(646) 731-2397

mpatterson@kbra.com

KEYWORD: UNITED STATES NORTH AMERICA NEW YORK

INDUSTRY KEYWORD: OTHER PROFESSIONAL SERVICES PROFESSIONAL SERVICES FINANCE

SOURCE: Kroll Bond Rating Agency

Copyright Business Wire 2020.

PUB: 02/12/2020 02:38 PM/DISC: 02/12/2020 02:38 PM

http://www.businesswire.com/news/home/20200212005785/en