Virginia Housing Development Authority; Single Family Multiple MBS; Single Family Whole Loan

S&P Global Ratings assigned its 'AAA' long-term rating to Virginia Housing Development Authority's (Virginia Housing) 2022A offered certificates. At the same time, we affirmed our 'AAA' long-term rating and underlying rating (SPUR) on bonds outstanding in Virginia Housing's commonwealth mortgage bond (CMB) resolution. The outlook is stable. Our review follows a comprehensive analysis of Virginia Housing's CMB resolution and its related legal and program provisions, including its policies as an issuer, its oversight as self-servicer, and responsibilities of key transaction participants. The CMB bonds outstanding are secured by the CMB resolution's assets, which include mortgage loans, authority property, revenue, and investment obligations. As of June 30, 2021, the resolution was composed of approximately 38,400 loans, with a mortgage balance of

...S&P Global Ratings assigned its '###' long-term rating to Virginia Housing Development Authority's (Virginia Housing) 2022A offered certificates. At the same time, we affirmed our '###' long-term rating and underlying rating (SPUR) on bonds outstanding in Virginia Housing's commonwealth mortgage bond (CMB) resolution. The outlook is stable. Our review follows a comprehensive analysis of Virginia Housing's CMB resolution and its related legal and program provisions, including its policies as an issuer, its oversight as self-servicer, and responsibilities of key transaction participants. The CMB bonds outstanding are secured by the CMB resolution's assets, which include mortgage loans, authority property, revenue, and investment obligations. As of June 30, 2021, the resolution was composed of approximately 38,400 loans, with a mortgage balance of approximately $2.15 billion. Virginia Housing's general obligation (GO) pledge (##+/Stable) also secures the bonds. Given the high overcollateralization...

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