The preliminary ratings assigned to J.P. Morgan Mortgage Trust 2021-INV3's (JPMMT 2021-INV3) mortgage pass-through certificates reflect our view of: The high-quality collateral in the pool (see the Collateral Summary section below), The available credit enhancement, The transaction's associated structural mechanics, The representation and warranty framework (R&W) for this transaction, The geographic concentration, The experienced aggregator, and The 100% due diligence results consistent with represented loan characteristics. 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: Residential Mortgage-Backed Securities," published March 31, 2021). In our view, the transaction's
