KBRA assigns preliminary ratings to 24 classes of mortgage pass-through certificates from Morgan Stanley Residential Mortgage Loan Trust 2023-3 (MSRM 2023-3). MSRM 2023-3 comprises 326 residential mortgages with an aggregate principal balance of $362.1 million as of the October 1, 2023 cut-off date. The majority of the underlying collateral includes prime jumbo non-conforming loans, all of which have been designated as Qualified Mortgages (QM).
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KBRA’s rating approach incorporated loan-level analysis of the mortgage pool through its 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 U.S. RMBS Rating Methodology.
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