The preliminary ratings assigned to Imperial Fund Mortgage Trust 2021-NQM3's (IMPRL 2021-NQM3) mortgage pass-through certificates reflect our view of: The pool's collateral composition and geographic concentration (see the Collateral Summary section below); The transaction's credit enhancement, associated structural mechanics, and representation and warranty (R&W) framework; The transaction's geographic concentration; The mortgage originator, A&D Mortgage LLC; The 100% due diligence results consistent with represented loan characteristics; and The impact the COVID-19 pandemic will likely have on the performance of the mortgage borrowers in the pool.