Banco Santander(US:SAN) Businesswire·2025-10-14 21:13Core Insights - KBRA has assigned preliminary ratings to eight classes of mortgage-backed notes from Santander Mortgage Asset Receivable Trust 2025-CES1, a $289.3 million RMBS transaction sponsored by Santander Bank, N.A. and Canyon PS1-25 Holdings, LP [1] - The mortgage pool consists entirely of newly originated closed-end second lien mortgages, with an average seasoning of less than three months and a total of 3,741 loans originated by PennyMac Loan Services, LLC [1] - The collateral is characterized by fully amortizing, fixed-rate mortgages with varying terms: 10-year (0.4%), 15-year (0.6%), 20-year (78.5%), and 30-year (20.5%) [1] Rating Methodology - KBRA's rating approach includes loan-level analysis through its Residential Asset Loss Model (REALM), third-party loan file due diligence, cash flow modeling analysis, and reviews of key transaction parties [2] - The assessment also involves an evaluation of the transaction's legal structure and documentation, as detailed in KBRA's U.S. RMBS Rating Methodology [2]