DBRS Morningstar Assigns Provisional Rating to Citigroup Mortgage Loan Trust 2021-RP6.
ENPNewswire-December 29, 2021--DBRS Morningstar Assigns Provisional Rating to Citigroup Mortgage Loan Trust 2021-RP6
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Release date- 28122021 - DBRS, Inc. (DBRS Morningstar) assigned the following provisional rating to the Mortgage-Backed Notes, Series 2021-RP6 (the Notes) to be issued by Citigroup Mortgage Loan Trust 2021-RP6 (the Trust).
$1.0 billion Class A-1 at AAA (sf)
The AAA (sf) rating on the Notes reflects 21.25% of credit enhancement provided by subordinated certificates.
Other than the specified class above, DBRS Morningstar does not rate any other classes in this transaction.
The Trust is a securitization of a portfolio of seasoned performing and reperforming first-lien residential mortgages funded by the issuance of mortgage-backed notes (the Notes). The Notes are backed by 7,997 loans with a total principal balance of $1,279,566,270 as of the Cut-Off Date (November 30, 2021).
The mortgage loans, which were purchased from Fannie Mae, are approximately 177 months seasoned. As of the Cut-Off Date, 97.8% of the loans are current, including 38 bankruptcy-performing loans and 2.2% of the loans are 30 days delinquent under the Mortgage Bankers Association (MBA) delinquency method. Approximately 53.8% and 84.1% of the mortgage loans have been zero times 30 days delinquent for the past 24 months and 12 months, respectively, under the MBA delinquency method.
The portfolio contains 94.4% modified loans. The modifications happened more than two years ago for 64.0% of the modified loans. Within the pool, 2,335 mortgages have aggregate noninterest-bearing deferred amounts of $113,626,127, which comprise approximately 8.9% of the total principal balance.
Approximately 4.3% of the loans in the pool are subject to the Consumer Financial Protection Bureau Ability-to-Repay and Qualified Mortgage (QM) rules. Approximately 3.9% of these loans are designated as either Safe Harbor or Temporary Safe Harbor and 0.4% as non-QM. The remainder of the pool is exempt due to seasoning or loan purpose.
The Seller, Citigroup Global Markets Realty Corp. (CGMRC), acquired the mortgage loans from Fannie Mae following the award of a bid in connection with a competitive auction for the initial pool. The Seller will then contribute the loans to the Trust through an affiliate, Citigroup Mortgage Loan Trust Inc. (the Depositor). As the Sponsor, CGMRC or one of its majority-owned affiliates will acquire and retain a...
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