Press Release

Morningstar DBRS Takes Credit Rating Actions on 29 U.S. RMBS Transactions

RMBS

January 23, 2025

DBRS, Inc. (Morningstar DBRS) reviewed 151 classes from 29 U.S. residential mortgage-backed securities (RMBS) transactions. Of the 29 transactions reviewed, 28 are classified as reverse mortgage, and one is classified as home equity investment. Of the 151 classes reviewed, Morningstar DBRS upgraded its credit ratings on 59 classes, confirmed its credit ratings on 72 classes, and discontinued 20 classes due to being paid-in-full.

CREDIT RATING RATIONALE/DESCRIPTION

The credit rating upgrades reflect a positive performance trend and an increase in credit support sufficient to withstand stresses at the new credit rating level. The credit rating confirmations reflect asset performance and credit support levels that are consistent with the current credit ratings. The credit rating discontinuations reflect full repayment of outstanding obligations.

The transaction assumptions consider Morningstar DBRS' baseline macroeconomic scenarios for rated sovereign economies, available in its commentary "Baseline Macroeconomic Scenarios for Rated Sovereigns December 2024 Update" published on December 19, 2024 (https://dbrs.morningstar.com/research/444924). These baseline macroeconomic scenarios replace Morningstar DBRS' moderate and adverse coronavirus pandemic scenarios, which were first published in April 2020.

The credit rating actions are the result of Morningstar DBRS' application of its "Rating and Monitoring U.S. Reverse Mortgage Securitizations," methodology published on September 30, 2024 (https://dbrs.morningstar.com/research/440088).

Morningstar DBRS' credit ratings on the applicable classes address the credit risk associated with the identified financial obligations in accordance with the relevant transaction documents. Where applicable, a description of these financial obligations can be found in the transactions' respective press releases at issuance.

Morningstar DBRS' long-term credit ratings provide opinions on risk of default. Morningstar DBRS considers risk of default to be the risk that an issuer will fail to satisfy the financial obligations in accordance with the terms under which a long-term obligation has been issued.

ENVIRONMENTAL, SOCIAL, AND GOVERNANCE CONSIDERATIONS

There were no Environmental/Social/Governance factor(s) that had a significant or relevant effect on the credit analysis.

A description of how Morningstar DBRS considers ESG factors within the Morningstar DBRS analytical framework can be found in the Morningstar DBRS Criteria: Approach to Environmental, Social, and Governance Factors in Credit Ratings (August 13, 2024) at https://dbrs.morningstar.com/research/437781.

Notes:
All figures are in US dollars unless otherwise noted.

The principal methodology applicable to the credit ratings is

Rating and Monitoring U.S. Reverse Mortgage Securitizations (September 30, 2024) https://dbrs.morningstar.com/research/440088.

Other methodologies referenced in this transaction are listed at the end of this press release.

The credit ratings were initiated at the request of the rated entities.

The rated entity or its related entities did participate in the credit rating process for these credit rating actions.

Morningstar DBRS had access to the accounts, management, and other relevant internal documents of the rated entity or its related entities in connection with these credit rating actions.

These are solicited credit ratings.

DBRS, Inc.
140 Broadway, 43rd Floor
New York, NY 10005 USA
Tel. +1 212 806-3277

The credit rating methodologies used in the analysis of this transaction can be found at: https://dbrs.morningstar.com/about/methodologies.

-- Interest Rate Stresses for U.S. Structured Finance Transactions (February 26, 2024), https://dbrs.morningstar.com/research/428623
-- Legal Criteria for U.S. Structured Finance (December 3, 2024),
https://dbrs.morningstar.com/research/444064

For more information on this credit or on this industry, visit dbrs.morningstar.com or contact us at info-DBRS@morningstar.com.

Ratings

Boston Lending Trust 2021-1

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
23-Jan-25	Asset-Backed Notes, Series 2021-1 Class A	AAA (sf)	--	Confirmed	US
23-Jan-25	Asset-Backed Notes, Series 2021-1 Class M-1	AA (high) (sf)	--	Upgraded	US
23-Jan-25	Asset-Backed Notes, Series 2021-1 Class M-2	A (high) (sf)	--	Upgraded	US
23-Jan-25	Asset-Backed Notes, Series 2021-1 Class M-3	BBB (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
23-Jan-25	Asset-Backed Note, Series 2022-1, Class A	AAA (sf)	--	Confirmed	US
23-Jan-25	Asset-Backed Note, Series 2022-1, Class M-1	AA (high) (sf)	--	Upgraded	US
23-Jan-25	Asset-Backed Note, Series 2022-1, Class M-2	A (high) (sf)	--	Upgraded	US
23-Jan-25	Asset-Backed Note, Series 2022-1, Class M-3	BBB (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
23-Jan-25	Asset-Backed Notes, Series 2022-2, Class A	AAA (sf)	--	Confirmed	US
23-Jan-25	Asset-Backed Notes, Series 2022-2, Class M-1	AAA (sf)	--	Upgraded	US
23-Jan-25	Asset-Backed Notes, Series 2022-2, Class M-2	AA (low) (sf)	--	Upgraded	US
23-Jan-25	Asset-Backed Notes, Series 2022-2, Class M-3	A (low) (sf)	--	Upgraded	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
23-Jan-25	Asset-backed Notes, Series 2022-3, Class A	AAA (sf)	--	Confirmed	US
23-Jan-25	Asset-backed Notes, Series 2022-3, Class M-1	AA (high) (sf)	--	Confirmed	US
23-Jan-25	Asset-backed Notes, Series 2022-3, Class M-2	A (high) (sf)	--	Confirmed	US
23-Jan-25	Asset-backed Notes, Series 2022-3, Class M-3	BBB (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
23-Jan-25	Mortgage-backed Notes, Series 2023-RM6, Class A2	AAA (sf)	--	Confirmed	US
23-Jan-25	Mortgage-backed Notes, Series 2023-RM6, Class AM	AAA (sf)	--	Confirmed	US
23-Jan-25	Mortgage-backed Notes, Series 2023-RM6, Class A1	AAA (sf)	--	Confirmed	US
23-Jan-25	Mortgage-backed Notes, Series 2023-RM6, Class M1	AAA (sf)	--	Upgraded	US
23-Jan-25	Mortgage-backed Notes, Series 2023-RM6, Class M2	AA (low) (sf)	--	Upgraded	US
23-Jan-25	Mortgage-backed Notes, Series 2023-RM6, Class M3	BBB (high) (sf)	--	Upgraded	US
23-Jan-25	Mortgage-backed Notes, Series 2023-RM6, Class M4	BB (high) (sf)	--	Upgraded	US
23-Jan-25	Mortgage-backed Notes, Series 2023-RM6, Class M5	B (high) (sf)	--	Upgraded	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
23-Jan-25	Asset-Backed Notes, Series 2020-1, Class A	AAA (sf)	--	Confirmed	US
23-Jan-25	Asset-Backed Notes, Series 2020-1, Class M1	AAA (sf)	--	Confirmed	US
23-Jan-25	Asset-Backed Notes, Series 2020-1, Class M2	AAA (sf)	--	Upgraded	US
23-Jan-25	Asset-Backed Notes, Series 2020-1, Class M3	AA (sf)	--	Upgraded	US
23-Jan-25	Asset-Backed Notes, Series 2020-1, Class M4	A (sf)	--	Upgraded	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
23-Jan-25	Asset-Backed Notes, Series 2021-1, Class M3	Discontinued	--	Disc.-Repaid	US
23-Jan-25	Asset-Backed Notes, Series 2021-1, Class M4	Discontinued	--	Disc.-Repaid	US
23-Jan-25	Asset-Backed Notes, Series 2021-1, Class M5	Discontinued	--	Disc.-Repaid	US
23-Jan-25	Asset-Backed Notes, Series 2021-2, Class A	Discontinued	--	Disc.-Repaid	US
23-Jan-25	Asset-Backed Notes, Series 2021-2, Class M1	Discontinued	--	Disc.-Repaid	US
23-Jan-25	Asset-Backed Notes, Series 2021-2, Class M2	Discontinued	--	Disc.-Repaid	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
23-Jan-25	Asset-Backed Notes, Series 2022-1, Class A	AAA (sf)	--	Confirmed	US
23-Jan-25	Asset-Backed Notes, Series 2022-1, Class M1	AA (sf)	--	Upgraded	US
23-Jan-25	Asset-Backed Notes, Series 2022-1, Class M2	A (low) (sf)	--	Confirmed	US
23-Jan-25	Asset-Backed Notes, Series 2022-1, Class M3	BBB (low) (sf)	--	Confirmed	US
23-Jan-25	Asset-Backed Notes, Series 2022-1, Class M4	BB (sf)	--	Confirmed	US
23-Jan-25	Asset-Backed Notes, Series 2022-1, Class M5	BB (low) (sf)	--	Confirmed	US
23-Jan-25	Asset-Backed Notes, Series 2022-1, Class M6	B (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
23-Jan-25	Asset-Backed Notes, Series 2022-2, Class A	AAA (sf)	--	Confirmed	US
23-Jan-25	Asset-Backed Notes, Series 2022-2, Class M1	AAA (sf)	--	Upgraded	US
23-Jan-25	Asset-Backed Notes, Series 2022-2, Class M2	A (high) (sf)	--	Upgraded	US
23-Jan-25	Asset-Backed Notes, Series 2022-2, Class M3	BBB (high) (sf)	--	Upgraded	US
23-Jan-25	Asset-Backed Notes, Series 2022-2, Class M4	BB (high) (sf)	--	Upgraded	US
23-Jan-25	Asset-Backed Notes, Series 2022-2, Class M5	B (high) (sf)	--	Upgraded	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
23-Jan-25	Asset-Backed Notes, Series 2023-1, Class A	AAA (sf)	--	Confirmed	US
23-Jan-25	Asset-Backed Notes, Series 2023-1, Class M1	AAA (sf)	--	Upgraded	US
23-Jan-25	Asset-Backed Notes, Series 2023-1, Class M2	AA (low) (sf)	--	Upgraded	US
23-Jan-25	Asset-Backed Notes, Series 2023-1, Class M3	A (low) (sf)	--	Upgraded	US
23-Jan-25	Asset-Backed Notes, Series 2023-1, Class M4	BBB (sf)	--	Upgraded	US
23-Jan-25	Asset-Backed Notes, Series 2023-1, Class M5	BB (low) (sf)	--	Confirmed	US
23-Jan-25	Asset-Backed Notes, Series 2023-1, Class M6	B (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
23-Jan-25	Asset -Backed Notes, Series 2023-2, Class M1	AAA (sf)	--	Upgraded	US
23-Jan-25	Asset-Backed Notes, Series 2023-2, Class A	AAA (sf)	--	Confirmed	US
23-Jan-25	Asset-Backed Notes, Series 2023-2, Class M2	AA (low) (sf)	--	Upgraded	US
23-Jan-25	Asset-Backed Notes, Series 2023-2, Class M3	A (low) (sf)	--	Upgraded	US
23-Jan-25	Asset-Backed Notes, Series 2023-2, Class M4	BBB (low) (sf)	--	Upgraded	US
23-Jan-25	Asset-Backed Notes, Series 2023-2, Class M5	BB (high) (sf)	--	Upgraded	US
23-Jan-25	Asset-Backed Notes, Series 2023-2, Class M6	BB (low) (sf)	--	Upgraded	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
23-Jan-25	Mortgage-Backed Securities, Series 2018-RM2, Class A	Discontinued	--	Disc.-Repaid	US
23-Jan-25	Mortgage-Backed Securities, Series 2018-RM2, Class B	Discontinued	--	Disc.-Repaid	US
23-Jan-25	Mortgage-Backed Securities, Series 2018-RM2, Class C	Discontinued	--	Disc.-Repaid	US
23-Jan-25	Mortgage-Backed Securities, Series 2018-RM2, Class D	Discontinued	--	Disc.-Repaid	US
23-Jan-25	Mortgage-Backed Securities, Series 2018-RM2, Class E	Discontinued	--	Disc.-Repaid	US
23-Jan-25	Mortgage-Backed Securities, Series 2018-RM2, Class F	Discontinued	--	Disc.-Repaid	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
23-Jan-25	Mortgage Backed Notes, Series 2019-RM3, Class A	Discontinued	--	Disc.-Repaid	US
23-Jan-25	Mortgage Backed Notes, Series 2019-RM3, Class B	Discontinued	--	Disc.-Repaid	US
23-Jan-25	Mortgage Backed Notes, Series 2019-RM3, Class C	Discontinued	--	Disc.-Repaid	US
23-Jan-25	Mortgage Backed Notes, Series 2019-RM3, Class D	Discontinued	--	Disc.-Repaid	US
23-Jan-25	Mortgage Backed Notes, Series 2019-RM3, Class E	Discontinued	--	Disc.-Repaid	US
23-Jan-25	Mortgage Backed Notes, Series 2019-RM3, Class F	Discontinued	--	Disc.-Repaid	US
23-Jan-25	Mortgage Backed Notes, Series 2019-RM3, Class PO	Discontinued	--	Disc.-Repaid	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
23-Jan-25	Asset-Backed Notes, Series 2022-1, Class A	AAA (sf)	--	Confirmed	US
23-Jan-25	Asset-Backed Notes, Series 2022-1, Class M1	AAA (sf)	--	Confirmed	US
23-Jan-25	Asset-Backed Notes, Series 2022-1, Class M2	AAA (sf)	--	Upgraded	US
23-Jan-25	Asset-Backed Notes, Series 2022-1, Class M3	AA (sf)	--	Upgraded	US
23-Jan-25	Asset-Backed Notes, Series 2022-1, Class M4	A (sf)	--	Upgraded	US
23-Jan-25	Asset-Backed Notes, Series 2022-1, Class M5	A (low) (sf)	--	Upgraded	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
23-Jan-25	Asset-Backed Notes, Series 2022-RM4, Class A	AAA (sf)	--	Confirmed	US
23-Jan-25	Asset-Backed Notes, Series 2022-RM4, Class M-1	AAA (sf)	--	Upgraded	US
23-Jan-25	Asset-Backed Notes, Series 2022-RM4, Class M-2	AA (low) (sf)	--	Upgraded	US
23-Jan-25	Asset-Backed Notes, Series 2022-RM4, Class M-3	BBB (high) (sf)	--	Upgraded	US
23-Jan-25	Asset-Backed Notes, Series 2022-RM4, Class M-4	BB (high) (sf)	--	Upgraded	US
23-Jan-25	Asset-Backed Notes, Series 2022-RM4, Class M-5	BB (low) (sf)	--	Upgraded	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
23-Jan-25	Asset-Backed Notes, Series 2024-RM1, Class A-1A	AAA (sf)	--	Confirmed	US
23-Jan-25	Asset-Backed Notes, Series 2024-RM1, Class A-1B	AAA (sf)	--	Confirmed	US
23-Jan-25	Asset-Backed Notes, Series 2024-RM1, Class A-2	AA (sf)	--	Confirmed	US
23-Jan-25	Asset-Backed Notes, Series 2024-RM1, Class A-3	A (sf)	--	Confirmed	US
23-Jan-25	Asset-Backed Notes, Series 2024-RM1, Class B-1	BBB (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
23-Jan-25	Mortgage-Backed Notes, Series 2024-S1, Class A1	AAA (sf)	--	Confirmed	US
23-Jan-25	Mortgage-Backed Notes, Series 2024-S1, Class A2	AAA (sf)	--	Confirmed	US
23-Jan-25	Mortgage-Backed Notes, Series 2024-S1, Class A3	AAA (sf)	--	Confirmed	US
23-Jan-25	Mortgage-Backed Notes, Series 2024-S1, Class AV	AAA (sf)	--	Confirmed	US
23-Jan-25	Mortgage-Backed Notes, Series 2024-S1, Class A4	AA (low) (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
23-Jan-25	Asset-Backed Notes, Series 2024-HB1, Class A	AAA (sf)	--	Confirmed	US
23-Jan-25	Asset-Backed Notes, Series 2024-HB1, Class M1	AA (low) (sf)	--	Confirmed	US
23-Jan-25	Asset-Backed Notes, Series 2024-HB1, Class M2	A (low) (sf)	--	Confirmed	US
23-Jan-25	Asset-Backed Notes, Series 2024-HB1, Class M3	BBB (low) (sf)	--	Confirmed	US
23-Jan-25	Asset-Backed Notes, Series 2024-HB1, Class M4	BB (low) (sf)	--	Confirmed	US
23-Jan-25	Asset-Backed Notes, Series 2024-HB1, Class M5	B (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
23-Jan-25	Asset-Backed Notes, Series 2020-HB1, Class A1	AAA (sf)	--	Confirmed	US
23-Jan-25	Asset-Backed Notes, Series 2020-HB1, Class A2	AAA (sf)	--	Confirmed	US
23-Jan-25	Asset-Backed Notes, Series 2020-HB1, Class AB	AAA (sf)	--	Confirmed	US
23-Jan-25	Asset-Backed Notes, Series 2020-HB1, Class M1	AAA (sf)	--	Confirmed	US
23-Jan-25	Asset-Backed Notes, Series 2020-HB1, Class M2	AAA (sf)	--	Upgraded	US
23-Jan-25	Asset-Backed Notes, Series 2020-HB1, Class M3	AA (sf)	--	Upgraded	US
23-Jan-25	Asset-Backed Notes, Series 2020-HB1, Class M4	A (sf)	--	Upgraded	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
23-Jan-25	Asset-Backed Notes, Series 2021-HB1, Class A	AAA (sf)	--	Confirmed	US
23-Jan-25	Asset-Backed Notes, Series 2021-HB1, Class M1	AAA (sf)	--	Confirmed	US
23-Jan-25	Asset-Backed Notes, Series 2021-HB1, Class M2	AA (low) (sf)	--	Confirmed	US
23-Jan-25	Asset-Backed Notes, Series 2021-HB1, Class M3	A (low) (sf)	--	Confirmed	US
23-Jan-25	Asset-Backed Notes, Series 2021-HB1, Class M4	BBB (low) (sf)	--	Confirmed	US
23-Jan-25	Asset-Backed Notes, Series 2021-HB1, Class M5	BB (low) (sf)	--	Confirmed	US

Show More Issuers

Boston Lending Trust 2021-1

Asset-Backed Notes, Series 2021-1 Class A

Date Issued:Jan 23, 2025
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Asset-Backed Notes, Series 2021-1 Class M-1

Date Issued:Jan 23, 2025
Rating Action:Upgraded
Ratings:AA (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Asset-Backed Notes, Series 2021-1 Class M-2

Date Issued:Jan 23, 2025
Rating Action:Upgraded
Ratings:A (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Asset-Backed Notes, Series 2021-1 Class M-3

Date Issued:Jan 23, 2025
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

Boston Lending Trust 2022-1

Asset-Backed Note, Series 2022-1, Class A

Date Issued:Jan 23, 2025
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Asset-Backed Note, Series 2022-1, Class M-1

Date Issued:Jan 23, 2025
Rating Action:Upgraded
Ratings:AA (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Asset-Backed Note, Series 2022-1, Class M-2

Date Issued:Jan 23, 2025
Rating Action:Upgraded
Ratings:A (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Asset-Backed Note, Series 2022-1, Class M-3

Date Issued:Jan 23, 2025
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

Boston Lending Trust 2022-2

Asset-Backed Notes, Series 2022-2, Class A

Date Issued:Jan 23, 2025
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Asset-Backed Notes, Series 2022-2, Class M-1

Date Issued:Jan 23, 2025
Rating Action:Upgraded
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Asset-Backed Notes, Series 2022-2, Class M-2

Date Issued:Jan 23, 2025
Rating Action:Upgraded
Ratings:AA (low) (sf)
Trend:--
Rating Recovery:
Issued:US

Asset-Backed Notes, Series 2022-2, Class M-3

Date Issued:Jan 23, 2025
Rating Action:Upgraded
Ratings:A (low) (sf)
Trend:--
Rating Recovery:
Issued:US

Boston Lending Trust 2022-3

Asset-backed Notes, Series 2022-3, Class A

Date Issued:Jan 23, 2025
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Asset-backed Notes, Series 2022-3, Class M-1

Date Issued:Jan 23, 2025
Rating Action:Confirmed
Ratings:AA (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Asset-backed Notes, Series 2022-3, Class M-2

Date Issued:Jan 23, 2025
Rating Action:Confirmed
Ratings:A (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Asset-backed Notes, Series 2022-3, Class M-3

Date Issued:Jan 23, 2025
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

Brean Asset-Backed Securities Trust 2023-RM6

Mortgage-backed Notes, Series 2023-RM6, Class A2

Date Issued:Jan 23, 2025
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Mortgage-backed Notes, Series 2023-RM6, Class AM

Date Issued:Jan 23, 2025
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Mortgage-backed Notes, Series 2023-RM6, Class A1

Date Issued:Jan 23, 2025
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Mortgage-backed Notes, Series 2023-RM6, Class M1

Date Issued:Jan 23, 2025
Rating Action:Upgraded
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Mortgage-backed Notes, Series 2023-RM6, Class M2

Date Issued:Jan 23, 2025
Rating Action:Upgraded
Ratings:AA (low) (sf)
Trend:--
Rating Recovery:
Issued:US

Mortgage-backed Notes, Series 2023-RM6, Class M3

Date Issued:Jan 23, 2025
Rating Action:Upgraded
Ratings:BBB (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Mortgage-backed Notes, Series 2023-RM6, Class M4

Date Issued:Jan 23, 2025
Rating Action:Upgraded
Ratings:BB (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Mortgage-backed Notes, Series 2023-RM6, Class M5

Date Issued:Jan 23, 2025
Rating Action:Upgraded
Ratings:B (high) (sf)
Trend:--
Rating Recovery:
Issued:US

CFMT 2020-AB1, LLC

Asset-Backed Notes, Series 2020-1, Class A

Date Issued:Jan 23, 2025
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Asset-Backed Notes, Series 2020-1, Class M1

Date Issued:Jan 23, 2025
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Asset-Backed Notes, Series 2020-1, Class M2

Date Issued:Jan 23, 2025
Rating Action:Upgraded
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Asset-Backed Notes, Series 2020-1, Class M3

Date Issued:Jan 23, 2025
Rating Action:Upgraded
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:US

Asset-Backed Notes, Series 2020-1, Class M4

Date Issued:Jan 23, 2025
Rating Action:Upgraded
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:US

CFMT 2021-HB6, LLC

Asset-Backed Notes, Series 2021-1, Class M3

Date Issued:Jan 23, 2025
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

Asset-Backed Notes, Series 2021-1, Class M4

Date Issued:Jan 23, 2025
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

Asset-Backed Notes, Series 2021-1, Class M5

Date Issued:Jan 23, 2025
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

Asset-Backed Notes, Series 2021-2, Class A

Date Issued:Jan 23, 2025
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

Asset-Backed Notes, Series 2021-2, Class M1

Date Issued:Jan 23, 2025
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

Asset-Backed Notes, Series 2021-2, Class M2

Date Issued:Jan 23, 2025
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

CFMT 2022-HB8, LLC

Asset-Backed Notes, Series 2022-1, Class A

Date Issued:Jan 23, 2025
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Asset-Backed Notes, Series 2022-1, Class M1

Date Issued:Jan 23, 2025
Rating Action:Upgraded
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:US

Asset-Backed Notes, Series 2022-1, Class M2

Date Issued:Jan 23, 2025
Rating Action:Confirmed
Ratings:A (low) (sf)
Trend:--
Rating Recovery:
Issued:US

Asset-Backed Notes, Series 2022-1, Class M3

Date Issued:Jan 23, 2025
Rating Action:Confirmed
Ratings:BBB (low) (sf)
Trend:--
Rating Recovery:
Issued:US

Asset-Backed Notes, Series 2022-1, Class M4

Date Issued:Jan 23, 2025
Rating Action:Confirmed
Ratings:BB (sf)
Trend:--
Rating Recovery:
Issued:US

Asset-Backed Notes, Series 2022-1, Class M5

Date Issued:Jan 23, 2025
Rating Action:Confirmed
Ratings:BB (low) (sf)
Trend:--
Rating Recovery:
Issued:US

Asset-Backed Notes, Series 2022-1, Class M6

Date Issued:Jan 23, 2025
Rating Action:Confirmed
Ratings:B (sf)
Trend:--
Rating Recovery:
Issued:US

CFMT 2022-HB9, LLC

Asset-Backed Notes, Series 2022-2, Class A

Date Issued:Jan 23, 2025
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Asset-Backed Notes, Series 2022-2, Class M1

Date Issued:Jan 23, 2025
Rating Action:Upgraded
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Asset-Backed Notes, Series 2022-2, Class M2

Date Issued:Jan 23, 2025
Rating Action:Upgraded
Ratings:A (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Asset-Backed Notes, Series 2022-2, Class M3

Date Issued:Jan 23, 2025
Rating Action:Upgraded
Ratings:BBB (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Asset-Backed Notes, Series 2022-2, Class M4

Date Issued:Jan 23, 2025
Rating Action:Upgraded
Ratings:BB (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Asset-Backed Notes, Series 2022-2, Class M5

Date Issued:Jan 23, 2025
Rating Action:Upgraded
Ratings:B (high) (sf)
Trend:--
Rating Recovery:
Issued:US

CFMT 2023-HB11, LLC

Asset-Backed Notes, Series 2023-1, Class A

Date Issued:Jan 23, 2025
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Asset-Backed Notes, Series 2023-1, Class M1

Date Issued:Jan 23, 2025
Rating Action:Upgraded
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Asset-Backed Notes, Series 2023-1, Class M2

Date Issued:Jan 23, 2025
Rating Action:Upgraded
Ratings:AA (low) (sf)
Trend:--
Rating Recovery:
Issued:US

Asset-Backed Notes, Series 2023-1, Class M3

Date Issued:Jan 23, 2025
Rating Action:Upgraded
Ratings:A (low) (sf)
Trend:--
Rating Recovery:
Issued:US

Asset-Backed Notes, Series 2023-1, Class M4

Date Issued:Jan 23, 2025
Rating Action:Upgraded
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

Asset-Backed Notes, Series 2023-1, Class M5

Date Issued:Jan 23, 2025
Rating Action:Confirmed
Ratings:BB (low) (sf)
Trend:--
Rating Recovery:
Issued:US

Asset-Backed Notes, Series 2023-1, Class M6

Date Issued:Jan 23, 2025
Rating Action:Confirmed
Ratings:B (sf)
Trend:--
Rating Recovery:
Issued:US

CFMT 2023-HB12, LLC

Asset -Backed Notes, Series 2023-2, Class M1

Date Issued:Jan 23, 2025
Rating Action:Upgraded
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Asset-Backed Notes, Series 2023-2, Class A

Date Issued:Jan 23, 2025
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Asset-Backed Notes, Series 2023-2, Class M2

Date Issued:Jan 23, 2025
Rating Action:Upgraded
Ratings:AA (low) (sf)
Trend:--
Rating Recovery:
Issued:US

Asset-Backed Notes, Series 2023-2, Class M3

Date Issued:Jan 23, 2025
Rating Action:Upgraded
Ratings:A (low) (sf)
Trend:--
Rating Recovery:
Issued:US

Asset-Backed Notes, Series 2023-2, Class M4

Date Issued:Jan 23, 2025
Rating Action:Upgraded
Ratings:BBB (low) (sf)
Trend:--
Rating Recovery:
Issued:US

Asset-Backed Notes, Series 2023-2, Class M5

Date Issued:Jan 23, 2025
Rating Action:Upgraded
Ratings:BB (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Asset-Backed Notes, Series 2023-2, Class M6

Date Issued:Jan 23, 2025
Rating Action:Upgraded
Ratings:BB (low) (sf)
Trend:--
Rating Recovery:
Issued:US

Cascade Funding Mortgage Trust 2018-RM2

Mortgage-Backed Securities, Series 2018-RM2, Class A

Date Issued:Jan 23, 2025
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

Mortgage-Backed Securities, Series 2018-RM2, Class B

Date Issued:Jan 23, 2025
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

Mortgage-Backed Securities, Series 2018-RM2, Class C

Date Issued:Jan 23, 2025
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

Mortgage-Backed Securities, Series 2018-RM2, Class D

Date Issued:Jan 23, 2025
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

Mortgage-Backed Securities, Series 2018-RM2, Class E

Date Issued:Jan 23, 2025
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

Mortgage-Backed Securities, Series 2018-RM2, Class F

Date Issued:Jan 23, 2025
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

Cascade Funding Mortgage Trust 2019-RM3

Mortgage Backed Notes, Series 2019-RM3, Class A

Date Issued:Jan 23, 2025
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

Mortgage Backed Notes, Series 2019-RM3, Class B

Date Issued:Jan 23, 2025
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

Mortgage Backed Notes, Series 2019-RM3, Class C

Date Issued:Jan 23, 2025
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

Mortgage Backed Notes, Series 2019-RM3, Class D

Date Issued:Jan 23, 2025
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

Mortgage Backed Notes, Series 2019-RM3, Class E

Date Issued:Jan 23, 2025
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

Mortgage Backed Notes, Series 2019-RM3, Class F

Date Issued:Jan 23, 2025
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

Mortgage Backed Notes, Series 2019-RM3, Class PO

Date Issued:Jan 23, 2025
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

Cascade Funding Mortgage Trust 2022-AB2

Asset-Backed Notes, Series 2022-1, Class A

Date Issued:Jan 23, 2025
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Asset-Backed Notes, Series 2022-1, Class M1

Date Issued:Jan 23, 2025
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Asset-Backed Notes, Series 2022-1, Class M2

Date Issued:Jan 23, 2025
Rating Action:Upgraded
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Asset-Backed Notes, Series 2022-1, Class M3

Date Issued:Jan 23, 2025
Rating Action:Upgraded
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:US

Asset-Backed Notes, Series 2022-1, Class M4

Date Issued:Jan 23, 2025
Rating Action:Upgraded
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:US

Asset-Backed Notes, Series 2022-1, Class M5

Date Issued:Jan 23, 2025
Rating Action:Upgraded
Ratings:A (low) (sf)
Trend:--
Rating Recovery:
Issued:US

Cascade Funding Mortgage Trust 2022-RM4

Asset-Backed Notes, Series 2022-RM4, Class A

Date Issued:Jan 23, 2025
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Asset-Backed Notes, Series 2022-RM4, Class M-1

Date Issued:Jan 23, 2025
Rating Action:Upgraded
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Asset-Backed Notes, Series 2022-RM4, Class M-2

Date Issued:Jan 23, 2025
Rating Action:Upgraded
Ratings:AA (low) (sf)
Trend:--
Rating Recovery:
Issued:US

Asset-Backed Notes, Series 2022-RM4, Class M-3

Date Issued:Jan 23, 2025
Rating Action:Upgraded
Ratings:BBB (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Asset-Backed Notes, Series 2022-RM4, Class M-4

Date Issued:Jan 23, 2025
Rating Action:Upgraded
Ratings:BB (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Asset-Backed Notes, Series 2022-RM4, Class M-5

Date Issued:Jan 23, 2025
Rating Action:Upgraded
Ratings:BB (low) (sf)
Trend:--
Rating Recovery:
Issued:US

EFMT 2024-RM1

Asset-Backed Notes, Series 2024-RM1, Class A-1A

Date Issued:Jan 23, 2025
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Asset-Backed Notes, Series 2024-RM1, Class A-1B

Date Issued:Jan 23, 2025
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Asset-Backed Notes, Series 2024-RM1, Class A-2

Date Issued:Jan 23, 2025
Rating Action:Confirmed
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:US

Asset-Backed Notes, Series 2024-RM1, Class A-3

Date Issued:Jan 23, 2025
Rating Action:Confirmed
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:US

Asset-Backed Notes, Series 2024-RM1, Class B-1

Date Issued:Jan 23, 2025
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

Finance of America Structured Securities Trust 2024-S1

Mortgage-Backed Notes, Series 2024-S1, Class A1

Date Issued:Jan 23, 2025
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Mortgage-Backed Notes, Series 2024-S1, Class A2

Date Issued:Jan 23, 2025
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Mortgage-Backed Notes, Series 2024-S1, Class A3

Date Issued:Jan 23, 2025
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Mortgage-Backed Notes, Series 2024-S1, Class AV

Date Issued:Jan 23, 2025
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Mortgage-Backed Notes, Series 2024-S1, Class A4

Date Issued:Jan 23, 2025
Rating Action:Confirmed
Ratings:AA (low) (sf)
Trend:--
Rating Recovery:
Issued:US

Ocwen Loan Investment Trust 2024-HB1

Asset-Backed Notes, Series 2024-HB1, Class A

Date Issued:Jan 23, 2025
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Asset-Backed Notes, Series 2024-HB1, Class M1

Date Issued:Jan 23, 2025
Rating Action:Confirmed
Ratings:AA (low) (sf)
Trend:--
Rating Recovery:
Issued:US

Asset-Backed Notes, Series 2024-HB1, Class M2

Date Issued:Jan 23, 2025
Rating Action:Confirmed
Ratings:A (low) (sf)
Trend:--
Rating Recovery:
Issued:US

Asset-Backed Notes, Series 2024-HB1, Class M3

Date Issued:Jan 23, 2025
Rating Action:Confirmed
Ratings:BBB (low) (sf)
Trend:--
Rating Recovery:
Issued:US

Asset-Backed Notes, Series 2024-HB1, Class M4

Date Issued:Jan 23, 2025
Rating Action:Confirmed
Ratings:BB (low) (sf)
Trend:--
Rating Recovery:
Issued:US

Asset-Backed Notes, Series 2024-HB1, Class M5

Date Issued:Jan 23, 2025
Rating Action:Confirmed
Ratings:B (sf)
Trend:--
Rating Recovery:
Issued:US

RMF Buyout Issuance Trust 2020-HB1

Asset-Backed Notes, Series 2020-HB1, Class A1

Date Issued:Jan 23, 2025
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Asset-Backed Notes, Series 2020-HB1, Class A2

Date Issued:Jan 23, 2025
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Asset-Backed Notes, Series 2020-HB1, Class AB

Date Issued:Jan 23, 2025
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Asset-Backed Notes, Series 2020-HB1, Class M1

Date Issued:Jan 23, 2025
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Asset-Backed Notes, Series 2020-HB1, Class M2

Date Issued:Jan 23, 2025
Rating Action:Upgraded
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Asset-Backed Notes, Series 2020-HB1, Class M3

Date Issued:Jan 23, 2025
Rating Action:Upgraded
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:US

Asset-Backed Notes, Series 2020-HB1, Class M4

Date Issued:Jan 23, 2025
Rating Action:Upgraded
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:US

RMF Buyout Issuance Trust 2021-HB1

Asset-Backed Notes, Series 2021-HB1, Class A

Date Issued:Jan 23, 2025
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Asset-Backed Notes, Series 2021-HB1, Class M1

Date Issued:Jan 23, 2025
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Asset-Backed Notes, Series 2021-HB1, Class M2

Date Issued:Jan 23, 2025
Rating Action:Confirmed
Ratings:AA (low) (sf)
Trend:--
Rating Recovery:
Issued:US

Asset-Backed Notes, Series 2021-HB1, Class M3

Date Issued:Jan 23, 2025
Rating Action:Confirmed
Ratings:A (low) (sf)
Trend:--
Rating Recovery:
Issued:US

Asset-Backed Notes, Series 2021-HB1, Class M4

Date Issued:Jan 23, 2025
Rating Action:Confirmed
Ratings:BBB (low) (sf)
Trend:--
Rating Recovery:
Issued:US

Asset-Backed Notes, Series 2021-HB1, Class M5

Date Issued:Jan 23, 2025
Rating Action:Confirmed
Ratings:BB (low) (sf)
Trend:--
Rating Recovery:
Issued:US

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ALL MORNINGSTAR DBRS RATINGS ARE SUBJECT TO DISCLAIMERS AND CERTAIN LIMITATIONS. PLEASE READ THESE DISCLAIMERS AND LIMITATIONS AND ADDITIONAL INFORMATION REGARDING MORNINGSTAR DBRS RATINGS, INCLUDING DEFINITIONS, POLICIES, RATING SCALES AND METHODOLOGIES.

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