PMT-P-C

KBRA has assigned preliminary ratings to 72 classes of mortgage-backed notes from PMT Loan Trust 2026-INV7, a prime RMBS transaction sponsored by PennyMac Corp. The trust comprises 1,166 fixed-rate mortgages with an aggregate principal balance of $438.8 million as of the July 1, 2026 cut-off date. The underlying pool consists of agency-eligible loans collateralized by investment properties and second homes, with a weighted average original loan-to-value ratio of 74.8% and a weighted average original credit score of 777. KBRA's rating approach incorporated loan-level analysis through its Residential Asset Loss Model, third-party loan file due diligence, cash flow modeling, and reviews of key transaction parties and legal structure.