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KBRA Assigns Preliminary Ratings to OBX 2019-INV1 Trust
[January 22, 2019]

KBRA Assigns Preliminary Ratings to OBX 2019-INV1 Trust


Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to 29 classes of mortgage pass-through certificates from OBX 2019-INV1, the fifth RMBS 2.0 transaction issued by Onslow Bay Financial, LLC.

The OBX 2019-INV1 pool comprises 1,172 first-lien, prime residential mortgage loans with an aggregate principal balance of $393,961,409 as of the January 1, 2019 cut-off date. The collateral consists entirely of 30-year fully-amortizing, fixed rate mortgages (FRMs). All of the underlying loans are collateralized by investment properties underwritten to agency guidelines. The pool is characterized by significant borrower equity in each mortgaged property, as evidenced by the WA original LTV of 67.0% and WA original CLTV of 67.1%. The weighted average original credit score of the pool is 758, 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)



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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, is 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.


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