The preliminary ratings assigned to PRMI Securitization Trust 2021-1's (PRMI 2021-1) $476.93 million 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 (R&W) framework for this transaction; The geographic concentration in California; The mortgage aggregator, PR Mortgage Investment LP, and the mortgage originator, Owning Corp. in our transaction-specific review; The 100% due diligence results consistent with represented loan characteristics; and The impact that the economic stress brought on by the COVID-19 pandemic is likely to have on the performance of the mortgage borrowers in the pool (for additional information, see "Economic Outlook U.S. Q2 2021: Let The