Rating Action: Moody’s upgrades $155 Million of US RMBS backed by Inactive HECM LoansGlobal Credit Research – 29 Apr 2021New York, April 29, 2021 — Moody’s Investors Service, (“Moody’s”) has upgraded the ratings of ten tranches from various transactions issued in 2019 and 2020. The collateral backing these transactions primarily consists of first-lien inactive home equity conversion mortgages (HECMs) covered by Federal Housing Administration (FHA) insurance secured by properties in the US and Puerto Rico along with Real-Estate Owned (REO) properties acquired through conversion of ownership of reverse mortgage loans that are covered by FHA insurance.Please click on this link https://www.moodys.com/viewresearchdoc.aspx?docid=PBS_ARFTL445160 for the List of Affected Credit Ratings. This list is an integral part of this Press Release and identifies each affected issuer.The complete rating action is as follows:Issuer: CFMT 2019-HB1, LLCClass M2, Upgraded to A1 (sf); previously on Dec 23, 2019 Definitive Rating Assigned A3 (sf)Class M3, Upgraded to Baa1 (sf); previously on Dec 23, 2019 Definitive Rating Assigned Baa3 (sf)Issuer: Nationstar HECM Loan Trust 2019-2Cl. M2, Upgraded to A1 (sf); previously on Nov 27, 2019 Definitive Rating Assigned A3 (sf)Cl. M3, Upgraded to Baa1 (sf); previously on Nov 27, 2019 Definitive Rating Assigned Baa3 (sf)Cl. M4, Upgraded to B1 (sf); previously on Nov 27, 2019 Definitive Rating Assigned B3 (sf)Issuer: Nationstar HECM Loan Trust 2019-1Cl. M3, Upgraded to A2 (sf); previously on Feb 6, 2020 Upgraded to Baa1 (sf)Cl. M4, Upgraded to B1 (sf); previously on Jun 20, 2019 Definitive Rating Assigned B3 (sf)Issuer: RMF Buyout Issuance Trust 2020-1Cl. M2, Upgraded to A1 (sf); previously on Jan 29, 2020 Definitive Rating Assigned A3 (sf)Cl. M3, Upgraded to Baa1 (sf); previously on Jan 29, 2020 Definitive Rating Assigned Baa3 (sf)Cl. M4, Upgraded to Ba1 (sf); previously on Jan 29, 2020 Definitive Rating Assigned Ba3 (sf)RATINGS RATIONALEThe rating actions are primarily due to the buildup in credit enhancement since issuance due to the liquidations to date. As of March 2021, the pool factors are 58% for Nationstar HECM Loan Trust 2019-1, 72% for Nationstar HECM Loan Trust 2019-2, 62% for CFMT 2019-HB1, LLC and 74% for RMF Buyout Issuance Trust 2020-1. Additionally, between 40% and 60% of loans that were Due and Payable at the time of closing have now moved into REO or Foreclosure, indicating that the collections from these loans are either imminent or in the near future.The rating action also takes the most updated performance into consideration. Although payment speeds, driven by foreclosure moratoriums, have slowed during the pandemic, home prices have continued to increase and will help keep recoveries strong. Continued liquidation and insurance proceeds will further amortize the senior notes and build enhancement.The coronavirus pandemic has had a significant impact on economic activity. Although global economies have shown a remarkable degree of resilience to date and are returning to growth, the uneven effects on individual businesses, sectors and regions will continue throughout 2021 and will endure as a challenge to the world’s economies well beyond the end of the year. While persistent virus fears remain the main risk for a recovery in demand, the economy will recover faster if vaccines and further fiscal and monetary policy responses bring forward a normalization of activity. As a result, there is a heightened degree of uncertainty around our forecasts. Our analysis has considered the effect on the performance of residential mortgage loans from a gradual and unbalanced recovery in US economic activity.We regard the coronavirus outbreak as a social risk under our ESG framework, given the substantial implications for public health and safety.The methodologies used in these ratings were “Reverse Mortgage Securitizations Methodology” published in April 2020 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBS_1221558 and “Non-Performing and Re-Performing Loan Securitizations Methodology” published in April 2020 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBS_1222103. Alternatively, please see the Rating Methodologies page on www.moodys.com for a copy of these methodologies.Factors that would lead to an upgrade or downgrade of the ratings:UpLevels of credit protection that are higher than necessary to protect investors against current expectations of stress could drive the ratings up. Transaction performance depends greatly on the US macro economy and housing market. Property markets could improve from our original expectations resulting in appreciation in the value of the mortgaged property and faster property sales.DownLevels of credit protection that are insufficient to protect investors against current expectations of stresses could drive the ratings down. Transaction performance depends greatly on the US macro economy and housing market. Property markets could deteriorate from our original expectations resulting in depreciation in the value of the mortgaged property and slower property sales.Finally, performance of RMBS continues to remain highly dependent on servicer procedures. Any change resulting from servicing transfers or other policy or regulatory change can impact the performance of these transactions.REGULATORY DISCLOSURESThe List of Affected Credit Ratings announced here are all solicited credit ratings. Additionally, the List of Affected Credit Ratings includes additional disclosures that vary with regard to some of the ratings. Please click on this link https://www.moodys.com/viewresearchdoc.aspx?docid=PBS_ARFTL445160 for the List of Affected Credit Ratings. This list is an integral part of this Press Release and provides, for each of the credit ratings covered, Moody’s disclosures on the following items: Rating Solicitation Issuer Participation Participation: Access to Management Participation: Access to Internal Documents Disclosure to Rated Entity Endorsement Lead Analyst Releasing Office For further specification of Moody’s key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions in the disclosure form. Moody’s Rating Symbols and Definitions can be found at: https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_79004.The analysis includes an assessment of collateral characteristics and performance to determine the expected collateral loss or a range of expected collateral losses or cash flows to the rated instruments. As a second step, Moody’s estimates expected collateral losses or cash flows using a quantitative tool that takes into account credit enhancement, loss allocation and other structural features, to derive the expected loss for each rated instrument.Moody’s quantitative analysis entails an evaluation of scenarios that stress factors contributing to sensitivity of ratings and take into account the likelihood of severe collateral losses or impaired cash flows. Moody’s weights the impact on the rated instruments based on its assumptions of the likelihood of the events in such scenarios occurring.For ratings issued on a program, series, category/class of debt or security this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series, category/class of debt, security or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody’s rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider’s credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.Moody’s general principles for assessing environmental, social and governance (ESG) risks in our credit analysis can be found at http://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1263068.At least one ESG consideration was material to the credit rating action(s) announced and described above.Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody’s legal entity that has issued the rating.Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating. 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