{"id":2690,"date":"2022-04-19T19:14:59","date_gmt":"2022-04-19T23:14:59","guid":{"rendered":"https:\/\/craftedcaribbean.com\/caricris\/?p=2690"},"modified":"2025-06-29T19:15:49","modified_gmt":"2025-06-29T23:15:49","slug":"home-mortgage-banks-collateralised-mortgage-obligation-cmo-2022-01","status":"publish","type":"post","link":"https:\/\/craftedcaribbean.com\/caricris\/rating-releases\/home-mortgage-banks-collateralised-mortgage-obligation-cmo-2022-01\/","title":{"rendered":"Home Mortgage Bank\u2019s Collateralised Mortgage Obligation \u2013 CMO 2022-01"},"content":{"rendered":"<h3>RATING DRIVERS<\/h3>\n<p class=\"badge\"><strong>Supporting Factors<\/strong><\/p>\n<ul style=\"list-style-type: square;\">\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">High credit quality of securitised loans in mortgage pool<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">Good underwriting practices of TTMF, the originator of the mortgages within the pool<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">Simple transaction structure, with effective credit enhancement built in<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">Legal and regulatory framework supporting the transaction provides adequate protection to investors<\/span><\/li>\n<\/ul>\n<p><span style=\"text-decoration: underline;\"><strong>Constraining Factor<\/strong><\/span><\/p>\n<ul style=\"list-style-type: square;\">\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">Mortgage pool seasoning along with a challenging economic environment could increase default risk<\/span><\/li>\n<\/ul>\n<p><span style=\"text-decoration: underline;\"><strong>Rating Sensitivity Factors<\/strong><\/span><\/p>\n<p><strong>Factors that could, individually, or collectively, lead to an improvement of the ratings and\/or Outlook include:<\/strong><\/p>\n<ul style=\"list-style-type: square;\">\n<li><span style=\"font-family: 'book antiqua', palatino;\">An improvement in the credit rating of the sovereign over the next 12-15 months<\/span><\/li>\n<\/ul>\n<p><strong>Factors that could, individually, or collectively, lead to a lowering of the ratings and\/or Outlook include<\/strong><strong>:<\/strong><\/p>\n<ul style=\"list-style-type: square;\">\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">Impairments (delinquencies above 7.5% or NPLs above 5%) in the underlying mortgage pool leading to heightened extension and\/ or default risk<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">Significant mortgage prepayments leading to a material reduction in excess spreads available to cover losses<\/span><\/li>\n<\/ul>\n<p><strong>BACKGROUND<\/strong><\/p>\n<p><span style=\"font-family: 'book antiqua', palatino;\">CMO 2022-01 is a structured finance debt instrument being created by the Home Mortgage Bank (HMB or The Bank). The product was created to securitise residential mortgage assets purchased from the Trinidad Tobago Mortgage Finance Company Limited (TTMF) on the secondary mortgage market. CMO 2022-01 will offer participation certificates in 4 tranches in the amount of TT $100 million as follows:<\/span><\/p>\n<ol>\n<li><span style=\"font-family: 'book antiqua', palatino;\"><strong>Series A \u2013<\/strong> TT $30.0 million with an average life of 0.96 years at an initial coupon rate of 3.00%<\/span><\/li>\n<li><span style=\"font-family: 'book antiqua', palatino;\"><strong>Series B \u2013<\/strong> TT $20.0 million with an average life of 2.85 years at an initial coupon rate of 3.30%<\/span><\/li>\n<li><span style=\"font-family: 'book antiqua', palatino;\"><strong>Series C \u2013<\/strong> TT $10.0 million with an average life of 4.25 years at an initial coupon rate of 4.00%<\/span><\/li>\n<li><span style=\"font-family: 'book antiqua', palatino;\"><strong>Series D \u2013<\/strong> TT $40.0 million with an average life of 7.5 years at an initial coupon rate of 5.00%<\/span><\/li>\n<\/ol>\n<p><span style=\"font-family: 'book antiqua', palatino;\">The collateralised mortgages will be held in Trust by TTMF and governed by the laws of the Republic of Trinidad &amp; Tobago and established by a Declaration of Trust. The investment security will have monthly coupon payments that are payable to all certificate holders. Certificates are structured to enable investors to participate in the acquisition and ownership of a pool of residential mortgages.\u00a0 Each Certificate will represent an undivided beneficial ownership interest in the Mortgage Pool. The principal amounts of each tranche available for distribution (Series A to D) will be repaid sequentially from all scheduled and unscheduled (prepayments, lumpsum payments and payoffs) payments. The final principal payment is expected to coincide with the maturity of each respective tranche. Thus, Series A will be fully repaid before principal repayment starts on Series B and so on. The Bank will also issue 3 additional Series; T1, T2 and R that will not be available for distribution<a id=\"_ftnref1\" href=\"#_ftn1\"><sup>[1]<\/sup><\/a>.<\/span><\/p>\n<p><span style=\"font-family: 'book antiqua', palatino;\"><em>Analytical Contacts:<\/em><\/span><\/p>\n<h5><span style=\"font-size: 8pt;\"><strong><span style=\"font-family: 'book antiqua', palatino;\">Khadine Tavares<\/span><\/strong><\/span><\/h5>\n<h5><span style=\"font-family: 'book antiqua', palatino;\"><em>Tel: 1-876-616-9813 <\/em><\/span><\/h5>\n<h5><span style=\"font-family: 'book antiqua', palatino;\"><em>E-mail: <a href=\"mailto:ktavares@caricris.com\">ktavares@caricris.com<\/a><\/em><\/span><\/h5>\n<p><strong><span style=\"font-family: 'book antiqua', palatino; font-size: 8pt;\">Keith Hamlet<\/span><\/strong><\/p>\n<h5><span style=\"font-family: 'book antiqua', palatino;\"><em>Tel: 1-868-627-8879 Ext. 244<\/em><\/span><\/h5>\n<h5><span style=\"font-family: 'book antiqua', palatino;\"><em>E-mail: <a href=\"mailto:khamlet@caricris.com\">khamlet@caricris.com<\/a> <\/em><\/span><\/h5>\n<p><span style=\"font-family: 'book antiqua', palatino;\">Website: <a href=\"http:\/\/www.caricris.com\">www.caricris.com<\/a><\/span><\/p>\n<p><span style=\"font-family: 'book antiqua', palatino;\"><em>E-mail: <a href=\"mailto:info@caricris.com\">info@caricris.com<\/a><\/em><\/span><\/p>\n<p><span style=\"font-size: 8pt; font-family: 'book antiqua', palatino;\"><strong>Disclaimer<\/strong><strong>:<\/strong> CariCRIS has taken due care and caution in compilation of data for this product. Information has been obtained by CariCRIS from sources which it considers reliable.\u00a0 However, CariCRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information.\u00a0 No part of this report may be published \/ reproduced in any form without CariCRIS\u2019 prior written approval.\u00a0 CariCRIS is also not responsible for any errors in transmission and especially states that it has no financial liability whatsoever to the subscribers\/ users\/ transmitters\/ distributors of this product.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>RATING DRIVERS Supporting Factors High credit quality of securitised loans in mortgage pool Good underwriting practices of TTMF, the originator of the mortgages within the pool Simple transaction structure, with effective credit enhancement built in Legal and regulatory framework supporting the transaction provides adequate protection to investors Constraining Factor Mortgage pool seasoning along with a [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[46],"tags":[],"table_tags":[],"class_list":["post-2690","post","type-post","status-publish","format-standard","hentry","category-rating-releases"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - 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