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KBRA Assigns Preliminary Ratings to PMT Loan Trust 2025-CNF2 (PMTLT 2025-CNF2)
NEW YORK, December 16, 2025--KBRA assigns preliminary ratings to 56 classes of mortgage-backed notes from PMT Loan Trust 2025-CNF2 (PMTLT 2025-CNF2), a prime RMBS transaction sponsored by PennyMac Corp. (PennyMac), an indirect, wholly-owned subsidiary of PennyMac Mortgage Investment Trust (PMT). PMTLT 2025-CNF2 comprises 574 agency-eligible, conforming mortgage loans with an aggregate stated principal balance of approximately $292.8 million as of the December 1, 2025 cut-off date. The underlying
About this update from Pennymac Mortgage Investment Trust
[{"type":"image","alt":"","displaySize":"","headline":null,"caption":"","credit":null,"className":"","disableSlideshowImg":false,"size":{"original":{"width":995,"height":201,"url":"https://media.zenfs.com/en/business-wire.com/0fd1a1e25e6f47404b651a0471c717a9"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/CEe5glDBGAJaxDDMsexEXw--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTE5NDtjZj13ZWJw/https://media.zenfs.com/en/business-wire.com/0fd1a1e25e6f47404b651a0471c717a9","width":960,"height":194},"lightbox":{"url":"https://s.yimg.com/ny/api/res/1.2/brlpZz1KzjSkUJ9F7PxORA--/YXBwaWQ9aGlnaGxhbmRlcjt3PTE5OTA7aD00MDI7Y2Y9d2VicA--/https://media.zenfs.com/en/business-wire.com/0fd1a1e25e6f47404b651a0471c717a9","width":995,"height":201}},"lazy":false},{"type":"text","content":"NEW YORK, December 16, 2025--(BUSINESS WIRE)--KBRA assigns preliminary ratings to 56 classes of mortgage-backed notes from PMT Loan Trust 2025-CNF2 (PMTLT 2025-CNF2), a prime RMBS transaction sponsored by PennyMac Corp. (PennyMac), an indirect, wholly-owned subsidiary of PennyMac Mortgage Investment Trust (PMT). PMTLT 2025-CNF2 comprises 574 agency-eligible, conforming mortgage loans with an aggregate stated principal balance of approximately $292.8 million as of the December 1, 2025 cut-off date. The underlying collateral consists of fully amortizing, mostly 30-year fixed-rate mortgages originated under the general QM designation. The pool is characterized by a weighted average (WA) original loan-to-value (LTV) of 74.7%, a WA original combined LTV (CLTV) of 75.4% and a WA original credit score of 770.","length":813,"tagName":"p"},{"type":"text","content":"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.","length":447,"tagName":"p"},{"type":"text","content":"To access ratings and relevant documents, click here.","length":53,"tagName":"p"},{"type":"text","content":"Click here to view the report.","length":30,"tagName":"p"},{"type":"text","content":"Related Publications","length":20,"tagName":"p"},{"type":"list"...