RMF Buyout Issuance Trust 2021-HB1: Rating Report

DBRS, Inc. (DBRS Morningstar) finalized its provisional ratings on each class of notes by performing a quantitative and qualitative collateral, structural, and legal analysis. This analysis used a reverse mortgage iterative model developed for the purposes of rating RMF Buyout Issuance Trust 2021-HB1 (RBIT 2021-HB1). The model produced vectors based on loan-level information, and DBRS Morningstar subjected these vectors to a variety of stresses. DBRS Morningstar used these vectors to project AAA (sf), A (sf), and B (sf) rating cash flows according to the payment waterfall structure. DBRS Morningstar assigned the ratings to each class based on the level of stresses each class can withstand and whether such stresses are commensurate with the applicable rating level. DBRS Morningstar’s ratings do not consider any potential extraordinary expenses.