Newsroom NPL - Distressed Asset

Fitch Assigns Ratings to A&D Mortgage Trust 2024-NQM1

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.

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Managing Director of Credit Village, Roberto Sergio has more than 20 years of experience in NPL and distressed debt in the Italian and International market. He is the editor of the NPL column in Credit Village Magazine and the director of Credit Village's National NPL Market Observatory.

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