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Presale: Deephaven Residential Mortgage Trust 2021-3

The preliminary ratings assigned to Deephaven Residential Mortgage Trust 2021-3's (DRMT 2021-3) mortgage-backed notes reflect our view of: The pool's collateral composition (see the Collateral Summary section below); The credit enhancement provided for this transaction; The transaction's associated structural mechanics; The mortgage aggregator, Deephaven Mortgage LLC (Deephaven); The transaction's representation and warranty (R&W) framework; The geographic concentration; The 100% due diligence results consistent with represented loan characteristics; and The impact the COVID-19 pandemic will likely have on the performance of the mortgage borrowers in the pool (see "Economic Outlook U.S. Q3 2021: Sun, Sun, Sun, Here It Comes," published June 24, 2021) and liquidity available in the transaction. Our rating analysis considers a transaction's potential exposure to ESG credit factors.