BRAVO Residential Funding Trust 2019-NQM2: Rating Report

DBRS, Inc. (DBRS Morningstar) finalized its provisional ratings on BRAVO Residential Funding Trust 2019-NQM2 (BRAVO 2019-NQM2 or the Trust), a securitization of a portfolio of fixed- and adjustable-rate prime and non-prime first-lien residential mortgages funded by the issuance of the Mortgage-Backed Notes, Series 2019-NQM2 (the Notes). The Notes are backed by 742 loans with a total principal balance of $341,102,250 as of the Cut-Off Date (October 31, 2019). By balance, 40.5% of the loans included in this pool were included in COLT 2017-2 Mortgage Loan Trust (COLT 2017-2), a DBRS Morningstar-rated securitization, that was collapsed and cleaned up after the August 2019 distribution. The remaining 59.5% of the loans were acquired by affiliates of the sponsor.

The mortgage loans were originated by Caliber Home Loans, Inc. (Caliber; 41.3%), AmWest Funding Corp. (AmWest; 10.0%), Excelerate Capital (Excelerate; 9.7%), A&D Mortgage (8.5%), LoanStream (8.2%), Impac (6.4%), and various other originators, each comprising less than 5.0% of the mortgage loans.