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Presale: Verus Securitization Trust 2021-R1

The preliminary ratings assigned to Verus Securitization Trust 2021-R1's (Verus 2021-R1) mortgage pass-through notes reflect our view of: The pool's collateral composition (see the Collateral Summary section below); The transaction's credit enhancement; The transaction's associated structural mechanics; The transaction's representation and warranty (R&W) framework; The mortgage aggregator, Invictus Capital Partners (Invictus); and The impact the COVID-19 pandemic will likely have on the performance of the mortgage borrowers in the pool (see "Economic Research: Staying Home For The Holidays," published Dec. 2, 2020) and liquidity available in the transaction. As vaccine rollouts in several countries continue, S&P Global Ratings believes there remains a high degree of uncertainty about the evolution of the coronavirus pandemic and its economic effects. Widespread immunization, which