The preliminary ratings assigned to Imperial Fund Mortgage Trust 2020-NQM1's (IMPRL 2020-NQM1) mortgage pass-through certificates reflect our view of: The pool's collateral composition (see the Collateral Summary section below); The transaction's credit enhancement; The transaction's associated structural mechanics; The pool's geographic concentration The transaction's representation and warranty (R&W) framework; The mortgage originator, primarily A&D Mortgage LLC; and The impact that the economic stress brought on by the COVID-19 pandemic will likely have on the performance of the mortgage borrowers in the pool (see "S&P Global Ratings Is Assessing The Impact Of COVID-19 On Mortgage Market Outlooks For Global RMBS," published April 17, 2020) and liquidity available in the transaction. S&P Global Ratings acknowledges a high degree of uncertainty about the