-

KBRA Assigns Preliminary Ratings to OBX 2025-NQM14 Trust

NEW YORK--(BUSINESS WIRE)--KBRA assigns preliminary ratings to 11 classes of mortgage-backed notes from OBX 2025-NQM14 Trust, a $701.0 million non-prime RMBS transaction. The underlying collateral, comprising 1,187 residential mortgages, is characterized by fixed-rate mortgages (FRMs) and hybrid adjustable-rate mortgages (ARMs) making up 91.0% and 9.0% of the pool, respectively. A majority of the loans are either classified as non-qualified mortgages (Non-QM; 50.2%) or exempt (39.2%) from the Ability-to-Repay/Qualified Mortgage (ATR/QM) rule due to being originated for non-consumer loan purposes. There were no originators comprising over 10% of the pool.

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

To access ratings and relevant documents, click here.

Click here to view the report.

Related Publications

Methodologies

Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

Doc ID: 1010623

Contacts

Analytical Contacts

Armine Karajyan, Senior Director (Lead Analyst)
+1 646-731-1210
armine.karajyan@kbra.com

Abou Traore, Associate Director
+1 646-731-1258
abou.traore@kbra.com

Patrick Gervais, Senior Managing Director (Rating Committee Chair)
+1 646-731-2426
patrick.gervais@kbra.com

Business Development Contact

Daniel Stallone, Managing Director
+1 646-731-1308
daniel.stallone@kbra.com

Kroll Bond Rating Agency, LLC

Details
Headquarters: New York City, New York
CEO: Jim Nadler
Employees: 400+
Organization: PRI

Release Versions

Contacts

Analytical Contacts

Armine Karajyan, Senior Director (Lead Analyst)
+1 646-731-1210
armine.karajyan@kbra.com

Abou Traore, Associate Director
+1 646-731-1258
abou.traore@kbra.com

Patrick Gervais, Senior Managing Director (Rating Committee Chair)
+1 646-731-2426
patrick.gervais@kbra.com

Business Development Contact

Daniel Stallone, Managing Director
+1 646-731-1308
daniel.stallone@kbra.com

Social Media Profiles
More News From Kroll Bond Rating Agency, LLC

KBRA Issues Rating Agency Confirmation Related to a Merger of Tortoise Energy Infrastructure Corporation with Tortoise Sustainable & Social Impact Term Fund

NEW YORK--(BUSINESS WIRE)--KBRA issues a no downgrade confirmation in relation to the proposed merger of Tortoise Energy Infrastructure Corporation ("TYG") and Tortoise Sustainable & Social Impact Term Fund ("TEAF"), with TYG being the remaining entity. The request for Rating Agency Confirmation ("RAC") was initially received on June 26, 2025. The analysis indicates that the proposed merger in and of itself will not result in a downgrade, qualification or withdrawal of KBRA’s current rating...

KBRA Comments on the Implications of the EU Trade Agreement for U.S. LNG

NEW YORK--(BUSINESS WIRE)--As part of the European Union’s (EU) broader REPowerEU strategy to reduce dependence on Russian energy and under the terms of the recently announced U.S.-EU trade agreement, the EU has committed to purchasing $750 billion worth of U.S. energy over the next three years to meet demand. Abundant low-cost natural gas across the Permian, Eagle Ford, and Haynesville basins—combined with modest liquefaction fees and close proximity to liquefied natural gas (LNG) export facil...

KBRA Releases Research – Texas School Vouchers May Pressure Public School Districts Over Time

NEW YORK--(BUSINESS WIRE)--KBRA releases research discussing the potential impact of Texas' new Educational Savings Account (ESA) program (i.e., private school vouchers) on public school district credit quality. Key Takeaways The voucher program will provide around $10,000 annually for each eligible student toward private K-12 education and higher amounts for students with disabilities. Assuming $1 billion in expenditures for the program in the 2026-27 school year (SY) and a simple $10,000 allo...
Back to Newsroom