According to what is published on the website, Fitch Ratings has assigned the final ratings to the residential mortgage-backed certificates to be issued by A&D Mortgage Trust 2024-NQM1. The certificates are supported by 1,065 loans with a balance of approximately $392.66 million.
The A&D Mortgage Trust 2024-NQM1 is the vehicle through which A&D Mortgage, the Hollywood, Florida-based lender, reached the aforementioned agreements.
The first deal of the 2024 vintage for A&D Mortgage is secured by fixed-rate mortgage loans, the majority of which, 91.2%, originated from A&D, according to ratings analysts at Fitch Ratings and DBRS Morningstar.
Correspondents represent the remaining 8.8% of originations. According to Fitch and DBRS, the deal will issue mostly fixed rate Class A, M and B notes through a senior subordinated structure of approximately nine tranches.
The certificates are secured primarily by newly issued fixed rate mortgage loans. Of the pooled loans, 91.2% were originated by A&D Mortgage LLC and the remaining 8.8% were originated by A&D Mortgage’s correspondent lenders.
Of the pooled loans, 46.5% are designated as Non-Qualified Mortgages (Non-QM or NQM), 5.7% are designated as Qualified Safe Harbor Mortgages (SHQM), 4.8% are designated as Rebuttable Presumption QM (APOR) and 43.0% are not subject to the Ability to Repay Rule (ATR Rule or Rule) of the Consumer Finance Protection Bureau.
This is the seventh transaction with A&D Mortgage LLC as a sponsor and the eighteenth collateralized transaction originated by A&D. This will be the 13th transaction to be rated by Fitch with collateral originated and serviced by A&D under the Imperial Fund Mortgage Trust (IMPRL)/ADMT shelves.
