{"id":12064,"date":"2026-05-27T22:07:00","date_gmt":"2026-05-27T20:07:00","guid":{"rendered":"http:\/\/stocks-future.com\/?guid=93da35f5fa8a322f4e18b351ac7b97af"},"modified":"2026-05-27T22:07:00","modified_gmt":"2026-05-27T20:07:00","slug":"kbra-assigns-ratings-to-pnmac-gmsr-issuer-trust-msr-collateralized-notes-series-2026-gt1","status":"publish","type":"post","link":"https:\/\/stocks-future.com\/?p=12064","title":{"rendered":"KBRA Assigns Ratings to PNMAC GMSR ISSUER TRUST MSR COLLATERALIZED NOTES, Series 2026-GT1"},"content":{"rendered":"

NEW YORK--(BUSINESS WIRE)--#creditratingagency<\/a>--KBRA assigns ratings of \u2018BBB (sf)\u2019 to the Series 2026-GT1 Term Notes from PNMAC GMSR ISSUER TRUST, PennyMac Loan Services, LLC\u2019s (PLS) master trust issuer of notes backed by participation certificates evidencing participation interest in mortgage servicing rights (MSR) on loans underlying Ginnie Mae guaranteed mortgage backed securities. KBRA\u2019s rating on the notes is primarily dependent upon the rating of Private National Mortgage Acceptance Company, LLC (PNMAC), as repurchase guarantor.<\/p><\/a><\/a>

\nKBRA\u2019s rating on the Series 2026-GT1 Term Notes is primarily dependent on the credit rating of PNMAC (KBRA Rating: BBB-\/Stable<\/a>) as repurchase guarantor under a repo facility in support of the Issuer\u2019s rights to MSRs granted by Ginnie Mae to PNMAC\u2019s affiliate, PLS, with certain transaction features described more fully in KBRA\u2019s new issue report providing one notch uplift on the rating of the notes. Generally, these transaction features are factors that KBRA believes reduce the risk of extinguishment of the MSRs by Ginnie Mae which include but are not limited to (i) the alignment of interest between PLS and Ginnie Mae based on PLS\u2019s size and market share, (ii) a tri-party acknowledgement agreement which includes PLS, Ginnie Mae, and the Indenture Trustee, (iii) an uncapped MBS Advance VFN existing for the purpose of advancing Ginnie Mae MBS payments on behalf of PLS where the MBS Advance VFN holder must also be a holder of the MSR VFN, and (iv) structural tests and triggers designed to amortize the term notes upon test failure. The notes are not a direct debt obligation of PLS or its affiliates; however, PNMAC\u2019s guarantee of PLS\u2019s obligations under the PC Repurchase Agreement creates a significant indirect dependency on PNMAC to make payments on the rated notes.<\/p>

\nTo access ratings and relevant documents, click here<\/a>.<\/p>

\nClick here<\/a> to view the report.<\/p>

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