J.P. Morgan Securities

The notes benefit from several credit boosters. At closing credit enhancement to the class A notes will be 21.70% of the initial pool balance, plus the pre-funding amount, and could build to 24.30% or greater.

S&P Global Ratings has an expected cumulative net loss (ECNL) of 1.0% on the class A notes, and a 2.0x loss level on the 'BBB' notes.

A vast majority of the pool, 92.02%, was underwritten to the properties' actual or estimated rental incomes, and not the mortgagors' incomes.

Comprised of fixed- and floating-rate notes, one of the A classes, the A-2-B tranche, will issue notes benchmarked to he Secured Overnight Financing Rate (SOFR).

Borrowers have a FICO score of 739, which is the highest of prior LADAR transactions. There is also a non-declining reserve account of 1.00% of the initial adjusted pool balance.

After issuing five RMBS deals of prime jumbo loans in 2019, JPMorgan has gathered a pool of 919 investor-only properties for its next mortgage securitization.

The transaction's pool is a blend of conforming loans from Chase and non-conforming loans from various originators, including EverBank, Social Finance, Quicken Loans and United Shore Financial Services.