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Presale: BRAVO Residential Funding Trust 2021-NQM1

The preliminary ratings assigned to BRAVO Residential Funding Trust 2021-NQM1's mortgage-backed notes series 2021-NQM1 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 originator, and The impact that the economic stress brought on by the COVID-19 pandemic will likely have on the performance of the mortgage borrowers in the pool (for additional information see "Economic Outlook U.S. Q2 2021: Let The Good Times Roll," published March 24, 2021) and liquidity available in the transaction. S&P Global Ratings believes there remains high, albeit moderating, uncertainty about the evolution of the coronavirus pandemic and its economic effects. Vaccine production