UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM ABS-15G

ASSET-BACKED SECURITIZER
REPORT PURSUANT TO SECTION 15G OF
THE SECURITIES EXCHANGE ACT OF 1934

Check the appropriate box to indicate the filing obligation to which this form is intended to satisfy:

Date of Report (Date of earliest event reported):

Commission File Number of securitizer:                 

Central Index Key Number of securitizer:                     

Indicate by check mark whether the securitizer has no activity to report for the initial period pursuant to Rule 15Ga-1(c)(1) [ ]

Indicate by check mark whether the securitizer has no activity to report for the quarterly period pursuant to Rule 15Ga-1(c)(2)(i) [ ]

Indicate by check mark whether the securitizer has no activity to report for the annual period pursuant to Rule 15Ga-1(c)(2)(ii) [ ]

[✔] Rule 15Ga-2 under the Exchange Act (17 CFR 240.15Ga-2)

Deephaven Residential Mortgage Trust 2022-2
(Exact name of issuing entity as specified in its charter)

Central Index Key Number of depositor: 0001864947

Central Index Key Number of issuing entity (if applicable):                 

Central Index Key Number of underwriter (if applicable):                 

Jeffrey Meriggi, Authorized Officer

Telephone (212) 257-5774

Name and telephone number, including area code, of the person to

contact in connection with this filing

PART II – FINDINGS AND CONCLUSIONS OF THIRD-PARTY DUE DILIGENCE REPORTS

Item 2.01 Findings and Conclusions of a Third Party Due Diligence Report Obtained by the Issuer

The disclosures required by Rule 15Ga-2 (17 CFR 240.15Ga-2) are attached as Exhibits to this Form ABS-15G. Please see the Exhibit Index for the related information.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the reporting entity has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

RCF II MASTER DEPOSITOR, LLC

(Depositor)

By: Pretium Residential Credit Management, LLC, its manager

Name: Chris Weidler

Title: Authorized Person

Date: March 18, 2022

EXHIBIT INDEX

Exhibit Number

Exhibit 99.1

EXECUTIVE SUMMARY

DRMT 2022-2

Description of the due diligence performed

Overview of the assets that were reviewed

Incenter LLC d/b/a Edgemac (“Edgemac”) performed an independent third-party due diligence review of 41 loans acquired by RCF II Loan Acquisition, LP (the “Client”). The review was performed in September, 2021 through February, 2022, using the scope of review described herein, which was agreed to at the time of review. The results of the review performed by Edgemac only reflect information concerning the related loans on which such review was performed as of the date such review was performed based on the scope of review used as of the date such review was performed and not as of any subsequent date. Edgemac has not subsequently performed any review with respect to the loans, and Edgemac will not be required to complete or provide any additional, new, or refreshed review or results with respect to the loans.

Sampling of assets

Edgemac follows the nationally recognized statistical rating organizations, NRSRO(s), criteria. For all originators, Edgemac performed review on 100% of the loans. The loan population was 41 loans for an aggregate original principal balance of $43,936,023.00.

The review was conducted in accordance with the following NRSRO(s) Third Party Due Diligence Criteria:

Data integrity and methodology

Edgemac performed data integrity analysis on all loans in the sample by comparing the information supplied on the data tape against the source documents in the loan file. All discrepancies are reported on the Final Tape Compare Report.

The data comparison consisted of the following data fields:

Underwriting Conformity

Edgemac performed a complete review of all loan files, as supplied by the Client, to determine whether the loans were originated in accordance with the underwriting guidelines provided by the Client (which, for the avoidance of doubt, may be either the Client’s or a third party’s underwriting guidelines), eligibility requirements, Ability to Repay (ATR), Qualified Mortgage and Appendix Q requirements (where applicable), and applicable Policies & Procedures, noting any exceptions and compensating factors. The review included, where applicable, the following items:

Conformance to Ability to Repay (ATR) standards – Edgemac reviewed each loan to validate that the underwriter correctly assessed the borrower’s ability to repay based on employment and credit/repayment history, income and assets, projected monthly payment and current obligations, debt to income ratio, and other information provided to support ability to repay prior to originating the loan.

An evaluation of Qualified Mortgage and Appendix Q requirements, if applicable – Based on the information provided, Edgemac reviewed each loan to determine that it satisfies all requirements for a Qualified Mortgage, if designated as such, including an evaluation of points and fees, risk factors associated with the loan terms, re-calculation of debt to income and a review of all income and assets.

Credit, Income, Assets and Employment

Occupancy, Taxes, Title and Insurance

Property Valuation Review

Edgemac reviewed all loans to validate the original appraisal report was provided in the loan file and that it is substantially complete. The evaluation included the following components:

Regulatory Compliance Review

Edgemac’s Regulatory Compliance analysis is intended to expose certain potential risk associated with the loans examined. It is strictly limited to the review scope outlined below and is based solely on the accuracy of the documentation and data supplied by the Client or other agreed upon third parties. The review findings are not guaranteed to encompass all critical elements related to the underwriting, origination or regulatory compliance status of the loans examined. Further, the findings are not to be construed as guidance on future indicators of positive or negative performance.

Edgemac performed a review of all loans supplied by the Client to verify all documentation provided is complete and complies with all applicable federal and state regulatory requirements, in addition to following the RMBS 3.0 TRID Compliance Review Scope published by the Structured Finance Industry Group (now the Structured Finance Association or “SFA”) (the “SFIG Compliance Review Scope”) and the advice of outside counsel. As it relates to TILA-RESPA Integrated Disclosures (“TRID”) testing, Edgemac works with outside counsel on an ongoing basis to understand and interpret compliance regulations based on recent guidance by the Consumer Financial Protection Bureau (the “CFPB”) that has created deviations in the TRID review scope and related exceptions/cures. Our TRID related review scope, outlined below and not performed for investment properties, will continue to be amended where appropriate as future guidance and rules are published. Edgemac’s conclusions are representative of our best efforts to identify material risks and exceptions associated with each loan based on interpretation of the continually evolving regulations. Edgemac maintains an active dialogue with outside counsel, our Clients, Rating Agencies, SFA and other parties when interpreting compliance regulations and amending our review scope to accurately expose the risk associated with a loan. However, no guaranties can be made that the Review includes all areas of risk that may be present in the Transaction. In addition to the foregoing, Edgemac utilizes the ComplianceAnalyzer tool by ComplianceEase.

Edgemac does not employ personnel who are licensed to practice law in the various jurisdictions and the findings set forth in the reports prepared by Edgemac do not constitute legal advice or opinions. They are recommendations or conclusions based on information provided to Edgemac. All final decisions as to whether to purchase or enter into a transaction related to any individual loan or the loans in the aggregate and any legal conclusions, including the potential liability related to the purchase or other transaction involving any such loan or loans, shall be made solely by the clients that have engaged Edgemac to prepare their reports pursuant to their instructions and guidelines. Client acknowledges and agrees that the scoring models applied by Edgemac are designed to identify potential risk and the Client assumes sole responsibility for determining the suitability of the information for its particular use.

Edgemac reviewed each loan to validate compliance with the following federal and state regulatory requirements, whenever applicable.

Document Review

Edgemac reviewed all mortgage loan files supplied and verified that the following documents, if applicable, were included in the file and that the data on the documents was consistent:

Other review and methodology

Not applicable.

Summary of findings and conclusions of review

Below provides the summary of the review findings:

Final Overall Grade Summary

Credit Grade Summary

Compliance Grade Summary

Property Grade Summary

Exception Summary

Below provides a summary of the individual exceptions based on the general categories of Credit, Compliance, and Property.

Data Integrity Summary

The table below provides a summary of the data compare results:

Exhibit 99.2

Exhibit 99.3