KBRA Assigns Preliminary Scores to Mosaic Photo voltaic Mortgage Belief 2021-3


NEW YORK–()–Kroll Bond Ranking Company (KBRA) assigns preliminary scores to 4 courses of notes issued by Mosaic Photo voltaic Mortgage Belief 2021-3 (“Mosaic 2021-3”), an asset-backed securitization collateralized by a pool of residential photo voltaic loans.

The collateral pool of Mosaic 2021-3 will embrace roughly $250.0 million of residential photo voltaic loans, which contains of roughly $139.9 million in loans at closing and $110.1 million in extra prefunded photo voltaic loans. The preliminary scores mirror the preliminary credit score enhancement ranges starting from 51.41% for the Class A notes to 10.88% for the Class D notes.

Photo voltaic Mosaic, Inc. (“Mosaic” or the “Firm”) is a California-based specialty finance firm centered on originating and servicing client loans used for the acquisition of residential photo voltaic programs. Mosaic was based as a restricted legal responsibility firm in Colorado in 2010 and transformed to a Delaware company in 2011. The Firm started originating residential photo voltaic system loans in June 2014. Mosaic originates loans to principally prime credit score high quality householders by its partnerships with greater than 700 lively permitted photo voltaic system installers/sellers. The Firm straight originates loans in 48 states and the District of Columbia by its state lending licenses the place required, and throughout all 50 states and the District of Columbia by lending partnerships with monetary establishments.

KBRA utilized its Basic International Ranking Methodology for Asset-Backed Securities and Shopper Mortgage ABS International Ranking Methodology, in addition to its International Structured Finance Counterparty Methodology and ESG International Ranking Methodology. In making use of the methodologies, KBRA analyzed Mosaic’s portfolio pool information, underlying collateral pool and proposed capital construction beneath harassed money circulation assumptions. KBRA thought of its operational evaluate of Mosaic, in addition to periodic replace calls with the Firm. Operative agreements and authorized opinions can be reviewed previous to closing.

Click on right here to view the report. To entry scores and related paperwork, click on right here.

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Disclosures

Additional info on key credit score issues, sensitivity analyses that contemplate what components can have an effect on these credit score scores and the way they might result in an improve or a downgrade, and ESG components (the place they’re a key driver behind the change to the credit standing or score outlook) may be discovered within the full score report referenced above.

An outline of all considerably materials sources that have been used to organize the credit standing and data on the methodology(ies) (inclusive of any materials fashions and sensitivity analyses of the related key score assumptions, as relevant) utilized in figuring out the credit standing is obtainable within the Info Disclosure Kind(s) situated right here.

Info on the which means of every score class may be situated right here.

Additional disclosures regarding this score motion can be found within the Info Disclosure Kind(s) referenced above. Extra info concerning KBRA insurance policies, methodologies, score scales and disclosures can be found at www.kbra.com.

About KBRA

Kroll Bond Ranking Company, LLC (KBRA) is a full-service credit standing company registered with the U.S. Securities and Trade Fee as an NRSRO. Kroll Bond Ranking Company Europe Restricted is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Ranking Company UK Restricted is registered as a CRA with the UK Monetary Conduct Authority pursuant to the Non permanent Registration Regime. As well as, KBRA is designated as a chosen score group by the Ontario Securities Fee for issuers of asset-backed securities to file a brief kind prospectus or shelf prospectus. KBRA can be acknowledged by the Nationwide Affiliation of Insurance coverage Commissioners as a Credit score Ranking Supplier.



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