Priced: NYMT Loan Trust 2025-CP1 $369.737M RMBS

Priced: NYMT Loan Trust 2025-CP1 $369.737M RMBS

Kroll Bond Rating Agency (KBRA) has assigned preliminary ratings to eight classes of mortgage-backed notes from New Residential Mortgage Loan Trust 2025-NQM4 (NRMLT 2025-NQM4). This $488.4 million non-prime residential mortgage-backed securities (RMBS) transaction is sponsored by Rithm Capital Corp. (formerly New Residential Investment Corp.), a publicly traded real estate investment trust (REIT) on the NYSE under the ticker symbol RITM.

The underlying mortgages in the NRMLT 2025-NQM4 pool were originated by NewRez LLC (35.8%) and Champions Funding, LLC (25.7%). All loans will be serviced by Shellpoint Mortgage Servicing, a brand of NewRez LLC. The trust is collateralized by a pool of 938 residential mortgages, with borrowers possessing a non-zero weighted average (WA) original credit score of 752, a WA original loan-to-value (LTV) of 70.1%, and a WA combined LTV (CLTV) of 70.2%. Approximately 6.6% of the pool has an initial interest-only period, and all loans are fixed-rate mortgages (FRMs).

KBRA's rating approach incorporated loan-level analysis of the mortgage pool through its Residential Asset Loss Model (REALM), third-party loan file due diligence, cash flow modeling, reviews of key transaction parties, and an assessment of the transaction's legal structure and documentation. The analysis is further detailed in KBRA's U.S. RMBS Rating Methodology.

For more information on the ratings and relevant documents, visit [here](https://www.morningstar.com/news/business-wire/20250715617865/kbra-assigns-preliminary-ratings-to-new-residential-mortgage-loan-trust-2025-nqm4-nrmlt-2025-nqm4).

References:
[1] https://www.morningstar.com/news/business-wire/20250715617865/kbra-assigns-preliminary-ratings-to-new-residential-mortgage-loan-trust-2025-nqm4-nrmlt-2025-nqm4