KBRA Assigns Preliminary Ratings to Morgan Stanley Residential Mortgage Loan Trust 2022-INV1 (MSRM 2022-INV1)

NEW YORK, April 13, 2022–(BUSINESS WIRE)–KBRA assigns preliminary ratings to 26 classes of Mortgage Transfer Certificates of Morgan Stanley Residential Mortgage Loan Trust 2022-INV1 (MSRM 2022-INV1), a transaction fully secured by investment properties. About 57.1% of the relevant pool are agency-eligible mortgages, while the remaining 42.9% are non-compliant. The pool consists of 857 residential fixed rate first mortgages with a total principal balance of $367.0 million as of the April 1, 2022 deadline. The pool is characterized by significant borrower equity in each mortgaged property as evidenced by WA’s original LTV of 67.7%. The weighted average initial credit score is 766, which is well within the range of prime mortgages.

KBRA’s scoring approach incorporated loan-level analysis of the mortgage pool through its KBRA RMBS credit model, due diligence results review of third-party loan files, cash flow modeling analysis of the payment structure of the transaction, reviews of the principal parties to the transaction and an assessment of the legal structure and documentation of the transaction. This analysis is further described in our US RMBS Rating Methodology.

Click on here to view the report. To access relevant notes and documents, click here.

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Further information on key credit considerations, sensitivity analyzes that consider factors that may affect these credit ratings and how they could lead to an upgrade or downgrade, and ESG factors (where they are a key factor in changing the credit rating or rating outlook) can be viewed in the full rating report mentioned above.

A description of all substantially significant sources that were used to prepare the credit rating and information on the methodology(ies) (including all significant models and sensitivity analyzes of key relevant rating assumptions, if any) used to determine the credit rating are available. in the information disclosure form(s) located here.

Information on the meaning of each rating category can be found here.

Additional information relating to this rating metric is available in the information disclosure form(s) referenced above. Additional information regarding KBRA’s policies, methodologies, grading scales and disclosures is available at www.kbra.com.

About KBRA
Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the United States Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a rating agency with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a rating agency with the UK Financial Conduct Authority under the temporary registration scheme. In addition, KBRA is designated as the Designated Rating Agency 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.

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Armine Karajyan, Senior Director (Senior Analyst)
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Liam Vauk, Analyst
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Jack Kahan, Senior Managing Director (Rating Committee Chair)
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Dan Stallone, director
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