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Presale: Deephaven Residential Mortgage Trust 2021-2

The preliminary ratings assigned to Deephaven Residential Mortgage Trust 2021-2's (DRMT 2021-2) mortgage-backed notes reflect our view of: The pool's collateral composition; The credit enhancement provided for this transaction; The transaction's associated structural mechanics; The transaction's representation and warranty (R&W) framework; The mortgage aggregator, Deephaven Mortgage LLC (Deephaven); and The impact the COVID-19 pandemic will likely have on the performance of the mortgage borrowers in the pool.