KBRA Ratings

KBRA sets the standard for assessing risk by offering accurate and transparent ratings. As an industry-leading servicer, Vervent participates in many rated deals in a variety of roles across our portfolio of services. Please see below for a selection of our recently rated deals.

 

Vervent's Role

Backup Servicer

$140 Million

Asset Backed Securities

“This transaction represents the first term ABS securitization in 2021 and third overall for Avid Acceptance, LLC (“Avid” or the “Company”). AVID 2021-1 will issue six classes of notes totaling $140.009 million. The notes are backed by a pool of retail automobile contracts made to subprime obligors, the majority of which have filed for bankruptcy (Chapter 7 or 13) and have decided to purchase a vehicle prior to the closing or discharge of their bankruptcy case. ”  – KBRA

Vervent's Role

Backup Servicer

$795.5 Million

Asset Backed Securities

“This securitization represents the fourth public term securitization for Aqua Finance, Inc. (“Aqua” or the “Company”) and its affiliates. The transaction is collateralized by a pool of retail installment sale contracts and agreements (“Contracts”) used by consumers to purchase water treatment equipment, make home improvements, and acquire certain recreational products such as marine and recreational vehicles …”  – KBRA

Vervent's Role

Backup Servicer

$400 Million

Asset Backed Securities

“This transaction represents LendingPoint LLC’s (“LendingPoint” or the “Company”) sixth KBRA-rated securitization of non-prime unsecured consumer installment loans, and second in 2021. LP 2021-B issued four classes of notes totaling $400.0 million. The transaction includes a three-month prefunding period which could represent up to 40% of the total receivables balance.” – KBRA

Vervent's Role

Backup Servicer

$220.95 Million

Asset Backed Securities

“Mosaic 2021-3 issued four classes of notes in an aggregate principal amount of $220.95 million. The notes are backed by a pool of mostly prime quality residential solar loans originated to finance solar energy systems, including, without limitation, solar panels or modules, inverters, electricity storage, charging/monitoring equipment (including batteries and automobile charging equipment), prepaid operations and maintenance agreements and related landscaping, roofing or re-roofing, wiring, electrical system upgrades and any additional equipment or services related to installation…”  – KBRA

Vervent's Role

Backup Servicer

$1.1 Billion

Asset Backed Securities

“CRVNA 2021-P3, represents the sixth term ABS securitization for the Company in 2021, the fourth under its prime shelf, and the twelfth overall. CRVNA 2021-P3 issued eight classes of notes totaling approximately $1.1 billion. The transaction is collateralized by approximately $1.035 billion of automobile loans to primarily prime obligors as defined by the Company (obligors with Carvana Deal Scores ranging from 50 to 100).” – KBRA

Vervent's Role

Backup Servicer

$675 Million

Asset Backed Securities

“This transaction is the fourth publicly rated securitization for Pagaya Investments US LLC (“Pagaya” or the “Company”) and third in 2021…PAID 2021-3 issued three classes of notes totaling $675.0 million. The proceeds from the sale of the notes and collections will be used to fund: (i) the prefunding account; (ii) the reserve account; and (iii) pay certain transaction expenses.”  – KBRA

Vervent's Role

Backup Servicer

$400 Million

Asset Backed Securities

“BHG 2021-B represents the third term ABS securitization for the Company. The loans in the transaction were originated by BHG, Pinnacle Bank, or County Bank, a Delaware state-chartered bank, pursuant to the respective originator’s underwriting criteria. Commercial Loans are originated by BHG or Pinnacle Bank, while Consumer Loans are originated by Pinnacle Bank or County Bank. As of the July 31, 2021 statistical cutoff date (“Statistical Cutoff Date”), 69.1%, 27.6%, and 3.3% of the BHG 2021-B collateral balance was originated by BHG, Pinnacle Bank, and County Bank,
respectively. The Statistical Cutoff Date pool consists of 76.1% Commercial Loans and 23.9% Consumer Loans. ” – KBRA

Vervent's Role

Backup Servicer

$438.9 Million

Asset Backed Securities

“CRVNA 2021-N3, represents the fifth term ABS securitization for the Company in 2021, the fourth
under its non-prime shelf, and the eleventh overall. CRVNA 2021-N3 issued seven classes of notes totaling $438.9
million. The transaction is collateralized by approximately $420 million of automobile loans to primarily non-prime
obligors as defined by the Company (obligors with Carvana Deal Scores ranging from 0 to 49).”
  – KBRA

Vervent's Role

Backup Servicer

$152.34 Million

Asset Backed Securities

“FHF 2021-2 issued three classes of notes totaling $152.34 million collateralized by a pool of retail automobile contracts made to subprime obligors and secured by new and used automobiles and trucks. Credit enhancement on the notes is comprised of overcollateralization (”OC”), subordination of junior note classes (except for the Class C notes), a cash reserve account and excess spread.” – KBRA

Vervent's Role

Backup Servicer

$304.5 Million

Asset Backed Securities

“GOOD 2021-4 is a term ABS securitization collateralized by Sustainable Home Improvement Loans originated by GoodLeap. GoodLeap originated all of the Sustainable Home Improvement Loans and sold them to seven “Transferring Entities”, which are noted in the below Transaction Parties table, pursuant to separate purchase agreements. The Transferring Entities sold the Sustainable Home Improvement Loans to Goldman Sachs Lending Partners LLC (the “Sponsor”) for settlement on the closing date. The Issuer issued three classes of Notes in an aggregate principal amount of $304.503 million.”  – KBRA

Vervent's Role

Backup Servicer

$197.7Million

Asset Backed Securities

“LLEND 2021-1 issued three classes of notes totaling $197.76 million, collateralized by a trust certificate backed by unsecured consumer loans. Credit enhancement consists of excess spread, overcollateralization, subordination (in the case of the Class A and Class B Notes) and a reserve account funded at closing.” – KBRA

Vervent's Role

Backup Servicer

$234.2 Million

Asset Backed Securities

“Tricolor Auto Securitization Trust 2021-1 (“TAST 2021-1”), represents the first rated ABS securitization in 2021 for the Company. Previously, the Company issued a rated ABS securitization in November 2018 as well as five unrated securitizations from 2013-2020. TAST 2021-1 issued six classes of notes totaling approximately $234.2 million.”  – KBRA

Vervent's Role

Backup Servicer

$500 Million

Asset Backed Securities

“THRM 2021-1 issued three classes of notes totaling $500 million. The proceeds from the sale of the notes were used to acquire the loans, fund the prefunding and reserve account as well as pay certain fees and expenses associated with the transaction. The transaction contains approximately $399 million of receivables as of the July 5, 2021 statistical cutoff date (“Statistical Cutoff Date”) out of an expected collateral balance of approximately $609 million after completion of the prefunding period.”  – KBRA

Vervent's Role

Backup Servicer

$100 Million

Asset Backed Securities

“RFS 2021-1 represents the Company’s second offering of asset-backed securities sponsored by Rapid Financial Services, LLC and the second transaction rated by KBRA. RFS 2021-1 is collateralized by business loans made to small-and medium-sized businesses future receivables purchased from Merchants at a discounted purchase price and Line of Credits …”  – KBRA

Vervent's Role

Backup Servicer

$280.9 Million

Asset Backed Securities

“AUTOT 2021-A represents the inaugural ABS securitization for Automotive Credit Corporation. AUTOT 2021-A issues four classes of notes totaling $280.9 million collateralized by a pool of retail automobile contracts, made to subprime obligors and secured by new and used automobiles and trucks.” – KBRA

Vervent's Role

Backup Servicer

$280 Million

Asset Backed Securities

“FCRT 2021-2 represents the tenth rated term ABS securitization for Foursight Capital LLC. This transaction will be collateralized by approximately $280.7 million of mostly near-prime automobile loans secured by new and used vehicles.”  – KBRA

Vervent's Role

Backup Servicer

$542.4 Million

Asset Backed Securities

“LendingPoint LLC’s fifth KBRA-rated securitization of non-prime unsecured consumer installment loans, and first in 2021. LP 2021-A issued four classes of notes totaling $542.4 million” – KBRA

Carvana Auto Receivables
Vervent's Role

Backup Servicer

$802.43 Million

Asset Backed Securities

“CRVNA 2021-P2 will issue eight classes of notes rated ‘K1+ (sf)’ though ‘BB+ (sf)’ totaling $802.43 million. The transaction is collateralized by approximately $775 million of automobile loans to primarily prime obligors as defined by the Company.”  – KBRA

Mosaic Solar Loan Trust
Vervent's Role

Backup Servicer

$400 Million

Asset Backed Securities

“This transaction, Mosaic Solar Loan Trust 2021-2 (“Mosaic 2021-2”), represents the tenth rated term ABS securitization collateralized by secured consumer loans originated by the Company. Mosaic 2021-2 will issue four classes of notes in an aggregate principal amount of $191.05 million. The notes will be backed by a pool of mostly prime quality residential consumer solar loans originated to finance solar energy systems…” – KBRA

Vervent's Role

Backup Servicer

$220.44 Million

Asset Backed Securities

“VEROS 2021-1 issued three classes of notes totaling $220.44 million collateralized by a pool of fixed rate retail automobile contracts, made to subprime obligors and secured by primarily used automobiles.” – KBRA

Vervent's Role

Sub-Servicer

$200 Million

Asset Backed Securities

“This transaction represents Avant, LLC’s … eleventh rated securitization collateralized by a trust certificate backed by unsecured consumer loans originated through its online marketplace lending platform.” – KBRA

Vervent's Role

Backup Servicer

$300 Million

Asset Backed Securities

“As of the March 31, 2021 statistical pool cutoff date (“Statistical Cutoff Date”), the pool of receivables had an aggregate outstanding receivables balance of approximately $315.79 million with approximately 70% of the outstanding balance consisting of Term Loans and approximately 30% of LOC loans.“ – KBRA

Vervent's Role

Backup Servicer

$348.75 Million

Asset Backed Securities

“The loans in the transaction were originated by BHG or Pinnacle Bank … pursuant to the respective originator’s underwriting criteria…BHG’s Commercial Loans are fixed rate, fully amortizing loans with amounts ranging from $20,000-$500,000, original terms up to 12 years and are generally used for business development and business debt consolidation.” – KBRA

Vervent's Role

Backup Servicer

$130.380 Million

Asset Backed Securities

“The transaction is collateralized by a pool of indirect retail automobile contracts made to subprime obligors, including some obligors who have filed for bankruptcy (Chapter 7 or 13) and have decided to purchase a vehicle prior to the closing or discharge of their bankruptcy case.“ – KBRA

Vervent's Role

Backup Servicer

$121.25 Million

Asset Backed Securities

“FHF 2021-1 issued three classes of notes totaling $121.25 million collateralized by a pool of retail automobile contracts, made to subprime obligors and secured by new and used automobiles and trucks.” – KBRA

Vervent's Role

Backup Servicer

$65.799 Million

Asset Backed Securities

“CRDBL 2021-1 is collateralized by business loans (“SMB Loans”) made to small-and medium-sized businesses (“Merchants”) and future receivables purchased from Merchants at a discounted purchase price (“Factored Receivables”). – KBRA

Vervent's Role

Backup Servicer

$432 Million

Asset Backed Securities

“The transaction is collateralized by approximately $415 million of automobile loans to primarily prime obligors as defined by the Company (obligors with Deal Scores ranging from 50 to 100).” – KBRA

Carvana Auto Recievables
Vervent's Role

Backup Servicer

$400 Million

Asset Backed Securities

“The transaction is collateralized by approximately $400 million of automobile loans to primarily non-prime obligors as defined by the Company (obligors with Deal Scores ranging from 0 to 49).” – KBRA

Vervent's Role

Backup Servicer, Verification Agent & Custodian for Prosper

$810 Million

Asset Backed Securities

“This transaction is backed solely by cash flows from unsecured consumer loans purchased by the Sponsor from the Platform Sellers or originating bank.” – KBRA

Mosaic Solar Loan
Vervent's Role

Backup Servicer, Verification Agent & Custodian

$331 Million

Asset Backed Securities

“The notes will be backed by a pool of mostly prime quality residential consumer solar loans originated to finance solar energy systems, including, without limitation, solar panels or modules, inverters, electricity storage, charging/monitoring equipment (including batteries and automobile charging equipment), prepaid operations and maintenance agreements and related landscaping, roofing or re-roofing, wiring, electrical system upgrades and any additional equipment or services related to installation (“Solar Energy Systems”)”-  KBRA

Foursight Capital
Vervent's Role

Backup Servicer

$249.16 Million

Asset Backed Securities

“This report is based on information regarding the underlying auto loans and the terms of the securitization.” – KBRA

Freed ABS Trust
Vervent's Role

Backup Servicer Subcontractor

$186.5 Million

Asset Backed Securities

“This transaction represents the eighth overall ABS securitization collateralized by unsecured consumer loans originated through Freedom Financial Asset Management.” – KBRA

Continental Finance Credit Card
Vervent's Role

Backup Servicer

$188.9 Million

Series 2020-A Asset Backed Notes

“CFCCMT Series 2020-A, represents the Company’s fourth term ABS and first master trust issuance. The Notes are collateralized and repaid by a portfolio of revolving general-purpose credit card accounts.” – KBRA

Loanpal Solar Loan 2021
Vervent's Role

Backup Servicer

$390.12 Million

Asset Backed Securities

“The loan proceeds were used to finance either a Solar Energy System or a Solar Energy System with an Energy Storage System, as well as any related Home Efficiency Items installed at the time of installation (collectively a “Solar System”)” – KBRA

Loanpal Solar
Vervent's Role

Backup Servicer

$346.73 Million

Asset Backed Securities

“The trust is collateralized by a pool of residential solar loans that are, for the most part, of prime quality.” – KBRA

Carvana
Vervent's Role

Backup Servicer

$420 Million

Asset Backed Securities

“The transaction is collateralized by approximately $405 million of automobile loans to primarily prime obligors as defined by the Company (obligors with Deal Scores ranging from 50 to 100)” – KBRA

Vervent's Role

Backup Servicer

$328.5 Million

Asset Backed Securities

“This transaction, LendingPoint 2020-REV1 Asset Securitization Trust (“LP 2020-REV1”), is LendingPoint LLC’s (“LendingPoint” or the “Company”) fourth KBRA rated securitization of non-prime unsecured consumer installment loans, and its first rated revolving transaction.” – KBRA

BCC Funding
Vervent's Role

Backup Servicer

$201 Million

Equipment Contract Backed Notes, Series 2020-1

“The BCC Funding XVII LLC transaction represents the seventh equipment asset-backed securities (ABS) transaction sponsored by Balboa, following issuances in each of 2007 (which benefited from bond insurance), 2014, 2015, 2016, 2018 and 2019.” – KBRA

Vervent's Role

Backup Servicer

$430.87 Million

Asset Backed Securities

“The transaction is collateralized by a pool of retail installment sale contracts and agreements (“Contracts”) primarily used by consumers to purchase water treatment equipment or make home improvements.” – KBRA

NYSERDA Residential Soalr and Energy Efficiency
Vervent's Role

Backup Servicer

$16.69 Million

Asset Backed Securities

“The NYSERDA 2020A Bonds are being issued to (a) purchase mostly prime loans made by NYSERDA to fund (i) the installation of energy efficiency improvements (46.25% of the collateral) (“Energy Efficiency Loans”) and (ii) the installation of solar electric systems (also referred to as photovoltaic, or PV) on one-to-four family residential structures for eligible applicants as part of NYSERDA’s Green Jobs – Green New York program (“GJGNY Program”)(53.75% of the collateral) (“Solar Loans”) (b) fund a reserve fund and (c) pay the costs of issuance” – KBRA

We’re ready to help

Get In Touch With Us