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Presale: PRKCM 2022-AFC2 Trust

The preliminary ratings assigned to PRKCM 2022-AFC2 Trust's mortgage-backed notes reflect our view of: The pool's collateral composition (see the Collateral Summary section); The transaction's credit enhancement, associated structural mechanics, representation and warranty (R&W) framework, and geographic concentration; The mortgage originator, AmWest Funding Corp. (AmWest); and The potential impact current and near-term macroeconomic conditions may have on the performance of the mortgage borrowers in the pool. On April 17, 2020, we updated our mortgage outlook and corresponding archetypal foreclosure frequency levels (see "Guidance: Methodology And Assumptions For Rating U.S. RMBS Issued 2009 And Later") to account for the potential impact of the COVID-19 pandemic on the overall credit quality of collateralized pools. While pandemic-related performance concerns have waned, given our