The preliminary ratings assigned to Imperial Fund Mortgage Trust 2021-NQM1's (IMPRL 2021-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, 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 "Economic Outlook U.S. Q2 2021: Let The Good Times Roll," published March 24, 2021) and liquidity available in the transaction. S&P Global Ratings believes there remains high, albeit moderating, uncertainty about the evolution of the coronavirus pandemic and