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Presale: Imperial Fund Mortgage Trust 2021-NQM2

The preliminary ratings assigned to Imperial Fund Mortgage Trust 2021-NQM2's (IMPRL 2021-NQM2) mortgage pass-through certificates reflect our view of: The pool's collateral composition and geographic concentration (see the Collateral Summary section below); The transaction's credit enhancement, associated structural mechanics, and representation and warranty (R&W) framework; The mortgage originators, primarily A&D Mortgage LLC; and The impact the COVID-19 pandemic will likely have on the performance of the mortgage borrowers in the pool and the liquidity available in the transaction. Our rating analysis considers a transaction's potential exposure to ESG credit factors. For RMBS, we view the exposure to environmental credit factors as average, social credit factors as above average, and governance credit factors as below average (see "ESG Industry Report Card:


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