NEW YORK–(BUSINESS WIRE)–#creditratingagency–KBRA assigns preliminary ratings to 57 classes of mortgage-backed notes from PMT Loan Trust 2026-INV1 (PMTLT 2026-INV1NEW YORK–(BUSINESS WIRE)–#creditratingagency–KBRA assigns preliminary ratings to 57 classes of mortgage-backed notes from PMT Loan Trust 2026-INV1 (PMTLT 2026-INV1

KBRA Assigns Preliminary Ratings to PMT Loan Trust 2026-INV1 (PMTLT 2026-INV1)

NEW YORK–(BUSINESS WIRE)–#creditratingagency–KBRA assigns preliminary ratings to 57 classes of mortgage-backed notes from PMT Loan Trust 2026-INV1 (PMTLT 2026-INV1), a prime RMBS transaction sponsored by PennyMac Corp. (PennyMac), an indirect, wholly-owned subsidiary of PennyMac Mortgage Investment Trust (PMT). PMTLT 2026-INV1 comprises 1,032 fixed-rate mortgages (FRMs) with an aggregate principal balance of $390.2 million as of the January 1, 2026 cut-off date. The underlying pool consists of agency-eligible loans that are collateralized by investment properties (72.6%) and second homes (27.4%). The pool is characterized by significant borrower equity in each mortgaged property, as evidenced by the WA original LTV of 74.6%. The weighted average original credit score is 779, which is well within the prime mortgage range.

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

  • RMBS KCAT
  • PMT Loan Trust 2026-INV1 (PMTLT 2026-INV1) Tear Sheet

Methodologies

  • RMBS: U.S. RMBS Rating Methodology
  • Structured Finance: Global Structured Finance Counterparty Methodology
  • ESG Global Rating Methodology

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: 1012941

Contacts

Analytical Contacts

Sharif Mahdavian, Managing Director (Lead Analyst)

+1 646-731-2301

sharif.mahdavian@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

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