![]() In exchange for this protection, the ceding insurer will make premium payments related to the underlying insured mortgage loans to the Issuer. As per the agreement, the ceding insurer will get protection for the funded portion of the MI losses. ![]() On the Closing Date, the Issuer will enter into the Reinsurance Agreement with the ceding insurer. (See the Representations and Warranties section in the related Presale Report for more detail.) Approximately 99.97% of the mortgage loans (by Cut-Off Date) are insured under the new master policy. On March 1, 2020, a new master policy was introduced to conform to government-sponsored enterprises’ revised rescission relief principles under the Private Mortgage Insurer Eligibility Requirements (PMIERs) guidelines. Please reference the offering circular for additional details. None of the mortgage loans are likely to be dropped from the transaction. MI policies generally exclude physical damage in excess of $5,000. ![]() In this transaction, there could be loans located in counties designated by the Federal Emergency Management Agency (FEMA) as having been affected by a non-Coronavirus Disease (COVID-19)-related natural disaster. The mortgage loans have MI policies effective in or after January 2021 and in or before June 2022. As of the Cut-Off Date, these loans have not been reported to be in payment forbearance plan. They all have been underwritten to a full documentation standard, have original loan-to-value ratios (LTVs) less than or equal to 100%, and have never been reported to the ceding insurer as 60 or more days delinquent. As of the Cut-Off Date, the pool of insured mortgage loans consists of 152,768 fully amortizing first-lien fixed- and variable-rate mortgages. The Notes are exposed to the risk arising from losses the ceding insurer pays to settle claims on the underlying MI policies. The Notes are backed by reinsurance premiums, eligible investments, and related account investment earnings, in each case relating to a pool of MI policies linked to residential loans. Other than the specified classes above, DBRS Morningstar does not rate any other classes in this transaction.īMIR 2022-2 is Arch Mortgage Insurance Company’s (Arch MI) and United Guaranty Residential Insurance Company’s (UGRIC collectively the ceding insurers) 17th rated mortgage insurance (MI)-linked note transaction. The Note balances are subject to change based upon the Expected Funded Percentage. The BBB (high) (sf), BB (high) (sf), BB (low) (sf), and B (high) (sf) ratings reflect 5.55%, 3.40%, 2.95%, and 2.50% of credit enhancement, respectively. $40.3 million Class B-1 at B (high) (sf) $40.3 million Class M-2 at BB (low) (sf) $192.7 million Class M-1B at BB (high) (sf) $85.1 million Class M-1A at BBB (high) (sf) (DBRS Morningstar) assigned the following provisional ratings to the Mortgage Insurance-Linked Notes, Series 2022-2 (the Notes) to be issued by Bellemeade Re 2022-2 Ltd.
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