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KBRA Assigns Ratings to Freddie Mac's STACR 2019-FTR2

NEW YORK (August 20, 2019) – Kroll Bond Rating Agency (KBRA) assigns ratings to 28 classes from Structured Agency Credit Risk (STACR®) 2019-FTR2 Notes, Freddie Mac STACR Trust 2019-FTR2, a credit risk sharing transaction with a total note offering of $248,000,000. STACR 2019-FTR2 is structured as a credit-linked note governed by a Credit Protection Agreement (CPA) between the Trust (as credit protection seller) and Freddie Mac (as credit protection buyer). The issued notes have credit exposure to a set of underlying loans, called Reference Obligations, which meet a set of eligibility criteria specific to each issuance. The trust naming convention, which uses “FTR” for this transaction, indicates that the Reference Obligations for the subject transaction are somewhat “off-the-run” compared to other STACR transactions, which have used DN/DNA and HQ/HQA naming to signify generally “on-the-run” low and high LTV transactions, respectively.

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KBRA Assigns Ratings to CSMC 2019-AFC1 Trust (CSMC 2019-AFC1)

NEW YORK (August 20, 2019) – Kroll Bond Rating Agency, Inc. (KBRA) assigns ratings to six classes of mortgage-backed notes from CSMC 2019-AFC1 Trust (CSMC 2019-AFC1), a $355.8 million non-prime RMBS transaction.

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KBRA Assigns Ratings to Sequoia Mortgage Trust 2019-3 (SEMT 2019-3)

NEW YORK (August 20, 2019) – Kroll Bond Rating Agency (KBRA) assigns ratings to fifty-four classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2019-3 (SEMT 2019-3), a prime RMBS transaction. SEMT 2019-3 contains both prime jumbo (78.4%) and high-balance conforming (21.6%) collateral to borrowers with prime attributes.

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KBRA Europe Affirms Ratings for Towd Point Mortgage Funding 2018-Auburn 12 Plc (TPMF 2018-AU12)

DUBLIN ( 16 August 2019) – Kroll Bond Rating Agency Europe Limited (KBRA) affirms all rated classes of TPMF 2018-AU12. The notes are collateralised by seasoned first lien UK mortgages that are predominantly secured by buy-to-let (BTL) properties. The transaction closed in August 2018 with a first optional redemption date (FORD) in February 2023 and a final maturity date in February 2045. Since issuance, the notes have paid down to a 0.924 factor from £384.8 million to £355.5 million.

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KBRA Assigns Preliminary Ratings to CIM Trust 2019-J1 (CIM 2019-J1)

NEW YORK (August 14, 2019) – Kroll Bond Rating Agency (KBRA) assigns ratings to sixty-five classes of mortgage pass-through certificates from CIM Trust 2019-J1 (CIM 2019-J1), a prime RMBS transaction. CIM 2019-J1 contains both prime jumbo (89.3%) and high-balance conforming (10.7%) collateral to borrowers with prime attributes.

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KBRA Assigns Preliminary Ratings to CSMC 2019-AFC1 Trust (CSMC 2019-AFC1)

NEW YORK (August 13, 2019) – Kroll Bond Rating Agency, Inc. (KBRA) assigns preliminary ratings to six classes of mortgage-backed notes from CSMC 2019-AFC1 Trust (CSMC 2019-AFC1), a $355.8 million non-prime RMBS transaction.

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KBRA Affirms Ratings to AMERIHOME GMSR ISSUER TRUST, Series 2018-GT1 Term Notes

NEW YORK (August 12, 2019) – Kroll Bond Rating Agency (KBRA) affirms its ‘BBB (sf)’ ratings to the Series 2018-GT1 Term Notes issued by AMERIHOME GMSR ISSUER TRUST.

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KBRA Assigns Preliminary Ratings to J.P. Morgan Mortgage Trust 2019-HYB1 (JPMMT 2019-HYB1)

NEW YORK (August 9, 2019) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to 20 classes of mortgage pass-through certificates from J.P. Morgan Mortgage Trust 2019-HYB1 (JPMMT 2019-HYB1).

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KBRA Upgrades and Affirms Classes from Seven RMBS Transactions

NEW YORK (August 8, 2019) – Kroll Bond Rating Agency (KBRA) recently reviewed seven RMBS transactions (six prime and one non-prime), resulting in 11 rating upgrades and 173 rating affirmations. The rating review encompassed three transactions from J.P. Morgan Mortgage Trust (JPMMT) and three from Sequoia Mortgage Trust (SEMT), along with Starwood Mortgage Residential Trust 2018-IMC1 (STAR 2018-IMC1).

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KBRA Assigns Preliminary Ratings to Freddie Mac's STACR 2019-FTR2

NEW YORK (August 8, 2019) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to 28 classes from Structured Agency Credit Risk (STACR®) 2019-FTR2 Notes, Freddie Mac STACR Trust 2019-FTR2, a credit risk sharing transaction with a total note offering of $248,000,000. STACR 2019-FTR2 is structured as a credit-linked note governed by a Credit Protection Agreement (CPA) between the Trust (as credit protection seller) and Freddie Mac (as credit protection buyer). The issued notes have credit exposure to a set of underlying loans, called Reference Obligations, which meet a set of eligibility criteria specific to each issuance. The trust naming convention, which uses “FTR” for this transaction, indicates that the Reference Obligations for the subject transaction are somewhat “off-the-run” compared to other STACR transactions, which have used DN/DNA and HQ/HQA naming to signify generally “on-the-run” low and high LTV transactions, respectively.

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KBRA Assigns Ratings to Connecticut Avenue Securities, Series 2019-R05 (CAS 2019-R05)

NEW YORK (August 7, 2019) – Kroll Bond Rating Agency (KBRA) assigns ratings to 57 classes from Connecticut Avenue Securities, Series 2019-R05 (CAS 2019-R05), a credit risk sharing transaction structured as a real estate mortgage investment conduit (REMIC) under the CAS shelf. The Offered Notes, with an aggregate original principal balance of $993,156,000, represent unsecured general obligations of Connecticut Avenue Securities Trust 2019-R05 as Issuer, with payments subject to the credit and principal payment risks of the CAS 2019-R05 Reference Pool.

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KBRA Assigns Preliminary Ratings to Sequoia Mortgage Trust 2019-3 (SEMT 2019-3)

NEW YORK, NY (August 1, 2019) – Kroll Bond Rating Agency (KBRA) assigns ratings to fifty-three classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2019-3 (SEMT 2019-3), a prime RMBS transaction. SEMT 2019-3 contains both prime jumbo (77.8%) and high-balance conforming (22.2%) collateral to borrowers with prime attributes.

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KBRA Europe Assigns Ratings to Syon Securities 2019 DAC

DUBLIN ( 1 August 2019) – Kroll Bond Rating Agency Europe Limited (KBRA) assigns ratings to Syon Securities 2019 Designated Activity Company (Syon 2019 DAC). The transaction is among the first synthetic risk transfer mortgage transactions comprised of residential mortgage loans on UK properties.

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KBRA Assigns Ratings to Chase Home Lending Mortgage Trust 2019-ATR2 (CHASE 2019-ATR2)

NEW YORK (JULY 31, 2019) – Kroll Bond Rating Agency (KBRA) assigns ratings to 27 classes of mortgage pass-through certificates from Chase Home Lending Mortgage Trust 2019-ATR2 (CHASE 2019-ATR2).

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KBRA Assigns Ratings to OBX 2019-EXP2 Trust (OBX 2019-EXP2)

NEW YORK (July 30, 2019) – Kroll Bond Rating Agency (KBRA) assigns ratings to 25 classes of mortgage notes from OBX 2019-EXP2 Trust (OBX 2019-EXP2).

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KBRA Assigns Ratings to Galton Funding Mortgage Trust 2019-2 (GFMT 2019-2)

NEW YORK (July 30, 2019) – Kroll Bond Rating Agency (KBRA) assigns ratings to 50 classes of mortgage pass-through certificates from Galton Funding Mortgage Trust 2019-2 (GFMT 2019-2).

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KBRA Assigns Preliminary Ratings to Connecticut Avenue Securities, Series 2019-R05 (CAS 2019-R05)

NEW YORK (July 29, 2019) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to 57 classes from Connecticut Avenue Securities, Series 2019-R05 (CAS 2019-R05), a credit risk sharing transaction structured as a real estate mortgage investment conduit (REMIC) under the CAS shelf. The Offered Notes, with an aggregate original principal balance of $993,156,000, represent unsecured general obligations of Connecticut Avenue Securities Trust 2019-R05 as Issuer, with payments subject to the credit and principal payment risks of the CAS 2019-R05 Reference Pool.

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KBRA Upgrades and Affirms Classes from Nine RMBS Transactions

NEW YORK (July 26, 2019) – Kroll Bond Rating Agency (KBRA) recently reviewed nine RMBS transactions (six prime, two expanded prime and one non-prime), resulting in 13 rating upgrades and 264 rating affirmations. The rating review encompassed three transactions from Agate Bay Mortgage Trust (ABMT) and two from Sequoia Mortgage Trust (SEMT), along with Flagstar Mortgage Trust 2017-1 (FSMT 2017-1), Homeward Opportunities Fund I Trust 2018-1 (HOF 2018-1), J.P. Morgan Mortgage Trust 2015-4 (JPMMT 2015-4) and OBX 2018-EXP1 Trust (OBX 2018-EXP1).

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KBRA Assigns Ratings to Arroyo Mortgage Trust 2019-3 (ARRW 2019-3)

NEW YORK (July 24, 2019) – Kroll Bond Rating Agency, Inc. (KBRA) assigns ratings to seven classes of mortgage-backed notes from Arroyo Mortgage Trust 2019-3 (ARRW 2019-3), a $945.9 million non-prime RMBS transaction.

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KBRA Assigns Ratings to Sequoia Mortgage Trust 2019-CH2 (SEMT 2019-CH2)

NEW YORK, NY (July 23, 2019) – Kroll Bond Rating Agency (KBRA) assigns ratings to 59 classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2019-CH2 (SEMT 2019-CH2). SEMT 2019-CH2 is an RWT Holdings, Inc. (Redwood) sponsored residential mortgage-backed securities (RMBS) 2.0 issuance, which includes a significant concentration of collateral that KBRA considers to be “expanded prime.”

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KBRA Withdraws Ratings from 11 Classes in CAS 2016-C05, CAS 2016-C07 and SEMT 2013-12

NEW YORK (July 17, 2019) – Kroll Bond Rating Agency (KBRA) withdraws its ratings from the classes shown below following the reduction of their respective principal or notional balances to zero. For each class, the related remittance reports did not reflect any accumulated interest shortfalls or principal writedowns. 

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KBRA Assigns Preliminary Ratings to Chase Home Lending Mortgage Trust 2019-ATR2 (CHASE 2019-ATR2)

NEW YORK (JULY 17, 2019) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to 27 classes of mortgage pass-through certificates from Chase Home Lending Mortgage Trust 2019-ATR2 (CHASE 2019-ATR2).

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KBRA Withdraws Ratings from Six Classes in COLT 2017-1

NEW YORK (July 16, 2019) – Kroll Bond Rating Agency (KBRA) withdraws its ratings on the following classes from COLT 2017-1 Mortgage Loan Trust (COLT 2017-1): Class A-1, Class A-2, Class A-3, Class M-1, Class B-1 and Class B-2. Each class has been fully redeemed and their respective class principal amounts have been reduced to zero. No tranche reflected any accumulated interest shortfalls or principal write-downs in the final remittance report. 

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KBRA Assigns Preliminary Ratings to OBX 2019-EXP2 Trust (OBX 2019-EXP2)

NEW YORK (July 16, 2019) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to 25 classes of mortgage notes from OBX 2019-EXP2 Trust (OBX 2019-EXP2).

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KBRA Assigns Preliminary Ratings to Galton Funding Mortgage Trust 2019-2 (GFMT 2019-2)

NEW YORK (July 15, 2019) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to 50 classes of mortgage pass-through certificates from Galton Funding Mortgage Trust 2019-2 (GFMT 2019-2).

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KBRA Assigns Preliminary Ratings to Arroyo Mortgage Trust 2019-3 (ARRW 2019-3)

NEW YORK (July 12, 2019) – Kroll Bond Rating Agency, Inc. (KBRA) assigns preliminary ratings to five classes of mortgage-backed notes from Arroyo Mortgage Trust 2019-3 (ARRW 2019-3), a $975.1 million non-prime RMBS transaction.

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KBRA Europe Assigns Preliminary Ratings to Syon Securities 2019 DAC

DUBLIN (12 July 2019) – Kroll Bond Rating Agency Europe Limited (KBRA) assigns preliminary ratings to Syon Securities 2019 Designated Activity Company (Syon 2019 DAC). The transaction is among the first synthetic risk transfer mortgage transactions comprised of residential mortgage loans on UK properties.

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KBRA Assigns Preliminary Ratings to Sequoia Mortgage Trust 2019-CH2 (SEMT 2019-CH2)

NEW YORK, NY (July 8, 2019) – Kroll Bond Rating Agency (KBRA) assigns ratings to 59 classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2019-CH2 (SEMT 2019-CH2). SEMT 2019-CH2 is an RWT Holdings, Inc. (Redwood) sponsored residential mortgage-backed securities (RMBS) 2.0 issuance, which includes a significant concentration of collateral that KBRA considers to be “expanded prime.”

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KBRA Upgrades and Affirms Classes from 14 RMBS Transactions

NEW YORK (July 2, 2019) – Kroll Bond Rating Agency (KBRA) recently reviewed 14 RMBS transactions (13 prime and one seasoned/re-performing), resulting in 13 rating upgrades and 329 rating affirmations. The rating review encompassed six transactions from Sequoia Mortgage Trust (SEMT) and four from J.P. Morgan Mortgage Trust (JPMMT), along with Agate Bay Mortgage Trust 2015-5 (ABMT 2015-5), Flagstar Mortgage Trust 2018-4 (FSMT 2018-4), New Residential Mortgage Loan Trust 2015-1 (NRMLT 2015-1) and NRP Mortgage Trust 2013-1 (NRP 2013-1).

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KBRA Assigns Ratings to FWD Securitization Trust 2019-INV1 (FWD 2019-INV1)

NEW YORK (July 02, 2019) – Kroll Bond Rating Agency (KBRA) assigns ratings to six classes of mortgage pass-through certificates from FWD Securitization Trust 2019-INV1 (FWD 2019-INV1), a $263.9 million residential mortgage-backed securities (RMBS) transaction collateralized by agency eligible and non-agency loans on investment properties.

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KBRA Assigns Ratings to Cascade Funding Mortgage Trust 2019-RM3 (CFMT 2019-RM3)

NEW YORK (June 28, 2019) – Kroll Bond Rating Agency (KBRA) assigns ratings to six classes of mortgage backed notes, as well as the Variable Funding Note (VFN) from Cascade Funding Mortgage Trust 2019-RM3 (CFMT 2019-RM3), the second publicly-rated issuance of RMBS backed by active proprietary reverse mortgages since 2007, and the first containing a portion of inactive loans.

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KBRA Assigns Ratings to Towd Point HE Trust 2019-HE1 (TPHT 2019-HE1)

NEW YORK (June 27, 2019) – Kroll Bond Rating Agency (KBRA) assigns ratings to eight classes of notes from Towd Point HE Trust 2019-HE1 (TPHT 2019-HE1), a $268.3 million residential mortgage-backed securities (RMBS) transaction collateralized entirely by home equity lines of credit (HELOCs).

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KBRA Assigns Preliminary Ratings to FWD Securitization Trust 2019-INV1 (FWD 2019-INV1)

NEW YORK (June 25, 2019) – assigns preliminary ratings to six classes of mortgage pass-through certificates from FWD Securitization Trust 2019-INV1 (FWD 2019-INV1), a $264.5 million residential mortgage-backed securities (RMBS) transaction collateralized by agency eligible and non-agency loans on investment properties.

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KBRA Assigns Preliminary Ratings to Cascade Funding Mortgage Trust 2019-RM3 (CFMT 2019-RM3)

NEW YORK (June 21, 2019) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to six classes of mortgage backed notes, as well as the Variable Funding Note (VFN) from Cascade Funding Mortgage Trust 2019-RM3 (CFMT 2019-RM3), the second publicly-rated issuance of RMBS backed by active proprietary reverse mortgages since 2007, and the first containing a portion of inactive loans.

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KBRA Assigns Ratings to J.P. Morgan Mortgage Trust 2019-4 (JPMMT 2019-4)

NEW YORK (June 20, 2019) – Kroll Bond Rating Agency (KBRA) assigns ratings to 28 classes of mortgage pass-through certificates from J.P. Morgan Mortgage Trust 2019-4 (JPMMT 2019-4).

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KBRA Assigns Preliminary Ratings to J.P. Morgan Trust 2019-4 (JPMMT 2019-4)

NEW YORK (June 19, 2019) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to 28 classes of mortgage pass-through certificates from J.P. Morgan Trust 2019-4 (JPMMT 2019-4).

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KBRA Assigns Preliminary Ratings to Towd Point HE Trust 2019-HE1 (TPHT 2019-HE1)

NEW YORK (June 19, 2019) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to eight classes of notes from Towd Point HE Trust 2019-HE1 (TPHT 2019-HE1), a $277.7 million residential mortgage-backed securities (RMBS) transaction collateralized entirely by home equity lines of credit (HELOCs).

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KBRA Assigns Ratings to PSMC 2019-1 Trust (PSMC 2019-1)

NEW YORK (June 14, 2019) – Kroll Bond Rating Agency (KBRA) assigns ratings to 42 classes of mortgage pass-through certificates from PSMC 2019-1 Trust (PSMC 2019-1), a prime jumbo RMBS transaction jointly sponsored by subsidiaries of American International Group, Inc. (AIG).

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KBRA Upgrades and Affirms Classes from DRMT 2017-2, SAFT 2013-1, SEMT 2012-4, and SEMT 2013-9

NEW YORK (June 10, 2019) – Kroll Bond Rating Agency (KBRA) recently reviewed Deephaven Residential Mortgage Trust 2017-2 (DRMT 2017-2), Shellpoint Asset Funding Trust 2013-1 (SAFT 2013-1), Sequoia Mortgage Trust 2012-4 (SEMT 2012-4) and Sequoia Mortgage Trust 2013-9 (SEMT 2013-9), resulting in rating upgrades for 10 classes and rating affirmations for all other rated classes. DRMT 2017-2 was backed by a pool of non-prime mortgages, while the other three transactions were collateralized by prime jumbo origination.

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KBRA Assigns Preliminary Ratings to PSMC 2019-1 Trust (PSMC 2019-1)

NEW YORK (June 6, 2019) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to 42 classes of mortgage pass-through certificates from PSMC 2019-1 Trust (PSMC 2019-1), a prime jumbo RMBS transaction jointly sponsored by subsidiaries of American International Group, Inc. (AIG).

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KBRA Releases Commentary: CDFI Loan Levels in Private-Label RMBS Expected to Rise

NEW YORK (June 4, 2019) – Kroll Bond Rating Agency (KBRA) releases its Community Development Financial Institution (CDFI) Loan Levels in Private-Label RMBS Expected to Rise commentary. The CDFI program, which dates to the mid-1990s, is taking on renewed significance as loans originated by CDFI’s are exempt from the Ability-to-Repay/Qualified Mortgage Rule issued by the Consumer Financial Protection Bureau.

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KBRA Assigns Ratings to CIM Trust 2019-INV2

NEW YORK (May 31, 2019) – Kroll Bond Rating Agency (KBRA) assigns ratings to thirty-one classes of mortgage pass-through certificates from CIM Trust 2019-INV2, a prime RMBS transaction, the second from Chimera Investment Corporation and backed exclusively by agency-eligible investment-purpose mortgage loans.

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KBRA Assigns Ratings to J.P. Morgan Mortgage Trust 2019-INV1 (JPMMT 2019-INV1)

NEW YORK (May 30, 2019) – Kroll Bond Rating Agency (KBRA) assigns ratings to twenty-seven classes of mortgage pass-through certificates from J.P. Morgan Mortgage Trust 2019-INV1 (JPMMT 2019-INV1), a prime RMBS transaction, the first from JPMMT backed predominately by non-agency and agency-eligible investment-purpose mortgage loans exempt (99.3%) from Ability-to-Repay (ATR) rules. For 7 loans (0.7%) the designation is QM even though the borrower’s DTI may be above 43%, due to a temporary exemption afforded to GSE-eligible loans under the Ability-to-Repay (ATR) rules.

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KBRA Assigns Ratings to Sequoia Mortgage Trust 2019-2 (SEMT 2019-2)

NEW YORK (May 29, 2019) – Kroll Bond Rating Agency (KBRA) assigns ratings to fifty-three classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2019-2 (SEMT 2019-2), a prime RMBS transaction. SEMT 2019-2 contains both prime jumbo (73.6%) and high-balance conforming (26.4%) collateral to borrowers with prime attributes.

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KBRA Assigns Ratings to Arroyo Mortgage Trust 2019-2 (ARRW 2019-2)

NEW YORK (May 21, 2019) – Kroll Bond Rating Agency, Inc. (KBRA) assigns ratings to eight classes of mortgage-backed notes from Arroyo Mortgage Trust 2019-2 (ARRW 2019-2), a $945.5 million non-prime RMBS transaction.

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KBRA Assigns Preliminary Ratings to CIM Trust 2019-INV2

NEW YORK (May 21, 2019) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to thirty-one classes of mortgage pass-through certificates from CIM Trust 2019-INV2, a prime RMBS transaction, the second from Chimera Investment Corporation and backed exclusively by agency-eligible investment-purpose mortgage loans.

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KBRA Affirms Classes from ARRW 2018-1, FSMT 2018-3INV and SEMT 2018-CH2

NEW YORK (May 17, 2019) – Kroll Bond Rating Agency (KBRA) recently reviewed Arroyo Mortgage Trust 2018-1 (ARRW 2018-1), Flagstar Mortgage Trust 2018-3INV (FSMT 2018-3INV) and Sequoia Mortgage Trust 2018-CH2 (SEMT 2018-CH2), resulting in rating affirmations for all rated classes. ARRW 2018-1, FSMT 2018-3INV and SEMT 2018-CH2 each closed in May 2018, with underlying collateral pools consisting of non-prime mortgages, agency-eligible investment property mortgages and expanded prime mortgages, respectively.

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KBRA Withdraws Ratings on STACR 2015-HQ1, CAS 2016-C02 and STACR 2016-HQA3

NEW YORK (May 14, 2019) – Kroll Bond Rating Agency (KBRA) withdraws its ratings from the classes shown below following the reduction of their respective principal or notional balances to zero. For each class, the related remittance reports did not reflect any accumulated interest shortfalls or principal writedowns. 

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KBRA Assigns Preliminary Ratings to J.P. Morgan Mortgage Trust 2019-INV1 (JPMMT 2019-INV1)

NEW YORK, NY (May 13, 2019) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to twenty-seven classes of mortgage pass-through certificates from J.P. Morgan Mortgage Trust 2019-INV1 (JPMMT 2019-INV1), a prime RMBS transaction, the first from JPMMT backed predominately by non-agency and agency-eligible investment-purpose mortgage loans exempt (99.3%) from Ability-to-Repay (ATR) rules.  For 7 loans (0.7%) the designation is QM even though the borrower’s DTI may be above 43%, due to a temporary exemption afforded to GSE-eligible loans under the Ability-to-Repay (ATR) rules.

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KBRA Assigns Preliminary Ratings to Sequoia Mortgage Trust 2019-2 (SEMT 2019-2)

NEW YORK, NY (May 13, 2019) – Kroll Bond Rating Agency (KBRA) assigns ratings to fifty-three classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2019-2 (SEMT 2019-2), a prime RMBS transaction. SEMT 2019-2 contains both prime jumbo (73.6%) and high-balance conforming (26.4%) collateral to borrowers with prime attributes.

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KBRA Assigns Preliminary Ratings to Arroyo Mortgage Trust 2019-2 (ARRW 2019-2)

NEW YORK (May 10, 2019) – Kroll Bond Rating Agency, Inc. (KBRA) assigns preliminary ratings to six classes of mortgage-backed notes from Arroyo Mortgage Trust 2019-2 (ARRW 2019-2), a $960.0 million non-prime RMBS transaction.

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KBRA Upgrades and Affirms Classes from Seven Prime RMBS Transactions

NEW YORK (May 10, 2019) – Kroll Bond Rating Agency (KBRA) recently reviewed seven prime RMBS transactions, resulting in rating upgrades for 13 classes and rating affirmations for 267 classes. The transactions reviewed include Agate Bay Mortgage Trust 2015-4 (ABMT 2015-4), J.P. Morgan Mortgage Trust 2013-2 (JPMMT 2013-2), JPMMT 2015-3, JPMMT 2017-2, Sequoia Mortgage Trust 2015-3 (SEMT 2015-3), SEMT 2016-1 and WinWater Mortgage Loan Trust 2015-4 (WIN 2015-4).

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KBRA Assigns Ratings to Freddie Mac's STACR 2019-HQA2

NEW YORK (May 7, 2019) – Kroll Bond Rating Agency (KBRA) assigns ratings to 23 classes from Structured Agency Credit Risk (STACR®) 2019-HQA2 Notes, Freddie Mac STACR Trust 2019-HQA2, a credit risk sharing transaction with a total note offering of $615,000,000. Structured Agency Credit Risk (STACR®) 2019-HQA2 Notes, Freddie Mac STACR Trust 2019-HQA2 (STACR 2019-HQA2) features credit exposure to Reference Obligations with original loan-to-value (LTV) ratios greater than 80% but less than or equal to 97%. The Offered Notes represent obligations of the STACR 2019-HQA2 Trust in a credit-linked note structure governed by a Credit Protection Agreement (CPA) between the Trust and Freddie Mac, with payments subject to the credit and principal payment risks of the STACR 2019-HQA2 Reference Pool.

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KBRA Releases Its Main Takeaways from the Fourth Annual CRT Symposium in New York

NEW YORK (April 26, 2019) – Kroll Bond Rating Agency (KBRA) releases its main takeaways from the Fourth Annual CRT Symposium in New York. The one-day event was well attended, and featured keynote speakers and panel sessions focused on updating market participants on credit and underwriting trends, program changes, macro factors, and bond trading perspectives related to the GSEs and their credit risk transfer (CRT) programs.

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KBRA Assigns Preliminary Ratings to Freddie Mac's STACR 2019-HQA2

NEW YORK (April 25, 2019) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to 23 classes from Structured Agency Credit Risk (STACR) 2019-HQA2 Notes, Freddie Mac STACR Trust 2019-HQA2, a credit risk sharing transaction with a total note offering of $615,000,000. Structured Agency Credit Risk (STACR) 2019-HQA2 Notes, Freddie Mac STACR Trust 2019-HQA2 (STACR 2019-HQA2) features credit exposure to Reference Obligations with original loan-to-value (LTV) ratios greater than 80% but less than or equal to 97%. The Offered Notes represent obligations of the STACR 2019-HQA2 Trust in a credit-linked note structure governed by a Credit Protection Agreement (CPA) between the Trust and Freddie Mac, with payments subject to the credit and principal payment risks of the STACR 2019-HQA2 Reference Pool.

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KBRA Assigns Ratings to OBX 2019-EXP1 Trust (OBX 2019-EXP1)

NEW YORK (April 24, 2019) – Kroll Bond Rating Agency (KBRA) assigns ratings to 29 classes of mortgage notes from OBX 2019-EXP1 Trust (OBX 2019-EXP1).

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KBRA Affirms Ratings to PMT ISSUER TRUST - FMSR, Series 2018-FT1 Term Notes

NEW YORK (April 19, 2019) – Kroll Bond Rating Agency (KBRA) affirms its ‘BBB- (sf)’ ratings to the Series 2018-FT1 Term Notes issued by PMT ISSUER TRUST – FMSR.

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KBRA Affirms and Upgrades Various Classes from Six SEMT Transactions and FSMT 2018-2

NEW YORK (April 16, 2019) – Kroll Bond Rating Agency (KBRA) takes rating actions on Sequoia Mortgage Trust (SEMT) 2012-3 (SEMT 2012-3), SEMT 2013-6, SEMT 2013-7, SEMT 2013-8, SEMT 2018-4, SEMT 2018-5 and Flagstar Mortgage Trust 2018-2 (FSMT 2018-2), affirming or upgrading all rated classes that remain outstanding.

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KBRA Assigns Preliminary Ratings to OBX 2019-EXP1 Trust (OBX 2019-EXP1)

NEW YORK (April 12, 2019) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to 29 classes of mortgage notes from OBX 2019-EXP1 Trust (OBX 2019-EXP1).

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KBRA Withdraws Ratings on PMT Loan Trust 2013-J1 and STACR 2015-HQ1

NEW YORK (April 3, 2019) – Kroll Bond Rating Agency (KBRA) withdraws its ratings from the classes shown below following the reduction of their respective principal or notional balances to zero. For each class, the related remittance report (March 2019) did not reflect any accumulated interest shortfalls or principal writedowns. 

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KBRA Withdraws Ratings on Eight Classes from SEMT 2012-1

NEW YORK (March 29, 2019) – Kroll Bond Rating Agency (KBRA) withdraws its ratings on the following classes from Sequoia Mortgage Trust 2012-1 (SEMT 2012-1): Class 1-A1, Class 2-A1, Class 1-AX, Class 2-AX, Class B-1, Class B-2, Class B-3 and Class B-4. As of the February 2019 distribution, each class has been fully redeemed and their respective class principal amounts have been reduced to zero. No tranche reflected any accumulated interest shortfalls or principal write-downs in the final remittance report. 

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KBRA Assigns Ratings to Starwood Mortgage Residential Trust 2019-IMC1 (STAR 2019-IMC1)

NEW YORK (March 26, 2019) – Kroll Bond Rating Agency (KBRA) assigns ratings to six classes of mortgage pass-through certificates from Starwood Mortgage Residential Trust 2019-IMC1 (STAR 2019-IMC1), a $340.2 million non-prime residential mortgage-backed securities (RMBS) transaction.

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KBRA Upgrades Ratings for RPMLT 2014-1

NEW YORK (March 27, 2019) – Kroll Bond Rating Agency (KBRA) has upgraded all rated classes of mortgage pass-through certificates from RPMLT Trust 2014-1 (RPMLT 2014-1).

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KBRA Releases Rating Actions for 29 RMBS CRT Transactions

NEW YORK, NY (March 20, 2019) – Kroll Bond Rating Agency (KBRA) recently reviewed 29 RMBS GSE credit risk transfer (CRT) transactions, resulting in upgrades to the ratings of 161 classes and the affirmation of ratings on 498 classes. Of the 161 upgraded ratings, 35 relate to “base” classes while 126 were related to exchangeable combinations of those classes. Similarly, of the 498 affirmed ratings, 65 relate to “base” classes and 433 were related to exchangeable combinations of those classes. The related transactions are listed further below with links to their transaction pages which show the applicable rating actions. In addition, these rating actions as well as the related deal and tranche performance information are available in spreadsheet form on KBRA.com in the accompanying KBRA RMBS Surveillance KCAT.

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KBRA Assigns Ratings to SMI Equity Release 2018-1 Designated Activity Company (SMI 2018-1)

DUBLIN, IRELAND ( 20 March 2019) – Kroll Bond Rating Agency Europe Limited (KBRA) assigns ratings to two classes of notes from SMI Equity Release 2018-1 Designated Activity Company (SMI 2018-1), an Irish equity release mortgage transaction secured predominantly by seasoned equity release (aka “reverse”) mortgages. SMI Equity Release 2018-1 is, to KBRA’s knowledge, the first publicly rated securitisation of Irish/Spanish equity release mortgages (ERMs) and among the first publicly rated securitisations of European ERMs since the financial crisis.

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KBRA Assigns Preliminary Ratings to Starwood Mortgage Residential Trust 2019-IMC1 (STAR 2019-IMC1)

NEW YORK, NY (March 19, 2019) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to six classes of mortgage pass-through certificates from Starwood Mortgage Residential Trust 2019-IMC1 (STAR 2019-IMC1), a $340.2 million non-prime residential mortgage-backed securities (RMBS) transaction.

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KBRA Releases UK RMBS: Market Uncertainty, BTL Demand to Remain

DUBLIN ( 13 March 2019) – Kroll Bond Rating Agency Europe Limited (KBRA) releases its UK RMBS: Market Uncertainty, BTL Demand to Remain report, which provides an outlook for the UK buy-to-let (BTL) RMBS sector. The report also assesses the UK housing market, the impact of policy changes and the main themes for the remainder of 2019.

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KBRA Takes Rating Actions on CAS 2018-C02, CAS 2016-C03, JPMMT 2015-IVR2, JPMMT 2014-IVR3, PSMC 2018-1 and WIN 2015-3

NEW YORK, NY (March 6, 2019) – Kroll Bond Rating Agency (KBRA) takes rating actions on J.P. Morgan Mortgage Trust 2015-IVR2 (JPMMT 2015-IVR2), J.P. Morgan Mortgage Trust 2014-IVR3 (JPMMT 2014-IVR3), Connecticut Avenue Securities, Series 2018-C02 (CAS 2018-C02), Connecticut Avenue Securities, Series 2016-C03 (CAS 2016-C03), WinWater Mortgage Loan Trust 2015-3 (WIN 2015-3) and PSMC 2018-1 Trust (PSMC 2018-1).

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KBRA Takes Rating Actions on CAS 2017-C02, JPMMT 2013-1, SEMT 2013-5, SEMT 2014-1, and SEMT 2015-2

NEW YORK, NY (March 1, 2019) – Kroll Bond Rating Agency (KBRA) takes rating actions on Connecticut Avenue Securities, Series 2017-C02 (CAS 2017-C02), J.P. Morgan Mortgage Trust 2013-1 (JPMMT 2013-1), Sequoia Mortgage Trust 2013-5 (SEMT 2013-5), Sequoia Mortgage Trust 2014-1 (SEMT 2014-1), and Sequoia Mortgage Trust 2015-2 (SEMT 2015-2).

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KBRA Withdraws Rating on One Class from CAS 2016-C01

NEW YORK, NY (March 1, 2019) – Kroll Bond Rating Agency (KBRA) has withdrawn its rating from the 1M-1 class following the reduction of its principal balance to zero, as reflected in the February 2019 remittance report for CAS 2016-C01. The 1M-1 class did not reflect any accumulated interest shortfalls or principal write-downs in the remittance report. 

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KBRA Assigns Ratings to Arroyo Mortgage Trust 2019-1 (ARRW 2019-1)

NEW YORK, NY (February 28, 2019) – Kroll Bond Rating Agency, Inc. (KBRA) assigns ratings to six classes of mortgage-backed notes from Arroyo Mortgage Trust 2019-1 (ARRW 2019-1), a $285.6 million non-prime RMBS transaction.

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KBRA Assigns Ratings to Sequoia Mortgage Trust 2019-CH1 (SEMT 2019-CH1)

NEW YORK, NY (February 28, 2019) – Kroll Bond Rating Agency (KBRA) assigns ratings to 59 classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2019-CH1 (SEMT 2019-CH1) is an RWT Holdings, Inc. (Redwood) sponsored residential mortgage-backed securities (RMBS) 2.0 issuance, which includes a significant concentration of collateral that KBRA considers to be “expanded prime”.

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KBRA Assigns Ratings to Galton Funding Mortgage Trust 2019-1 (GFMT 2019-1)

NEW YORK, NY (February 28, 2019) – Kroll Bond Rating Agency (KBRA) assigns ratings to 50 classes of mortgage pass-through certificates from Galton Funding Mortgage Trust 2019-1 (GFMT 2019-1).

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KBRA Affirms Ratings to PNMAC GMSR ISSUER TRUST, Series 2018-GT1 and Series 2018-GT2

NEW YORK, NY (February 25, 2019) – Kroll Bond Rating Agency (KBRA) affirms its ‘BBB- (sf)’ ratings to the Series 2018-GT1 and 2018-GT2 Term Notes issued by PNMAC GMSR ISSUER TRUST.

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KBRA Publishes RMBS Research: Evaluating Prime 2.0 Subordinate Liquidity Risk in Slow CPR Scenarios

NEW YORK, NY (February 21, 2019) – Kroll Bond Rating Agency (KBRA) takes an in-depth look at the prominent shifting-interest structural mechanism called the Applicable Credit Support Percentage (ACSP). The shifting-interest structure has been the predominant structure of choice for prime issuers and understanding its cash flow diversion mechanism is imperative to understanding the effect that various prepayment scenarios and liquidity stresses may have on bond performance.

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KBRA Assigns Preliminary Ratings to Arroyo Mortgage Trust 2019-1 (ARRW 2019-1)

NEW YORK, NY (February 19, 2019) – Kroll Bond Rating Agency, Inc. (KBRA) assigns preliminary ratings to six classes of mortgage-backed notes from Arroyo Mortgage Trust 2019-1 (ARRW 2019-1), a $291.8 million non-prime RMBS transaction.

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KBRA Assigns Preliminary Ratings to Sequoia Mortgage Trust 2019-CH1 (SEMT 2019-CH1)

NEW YORK, NY (February 14, 2019) – Kroll Bond Rating Agency (KBRA) assigns ratings to 59 classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2019-CH1 (SEMT 2019-CH1) is an RWT Holdings, Inc. (Redwood) sponsored residential mortgage-backed securities (RMBS) 2.0 issuance, which includes a significant concentration of collateral that KBRA considers to be “expanded prime”.

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KBRA Assigns Preliminary Ratings to Galton Funding Mortgage Trust 2019-1 (GFMT 2019-1)

NEW YORK, NY (February 11, 2019) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to 50 classes of mortgage pass-through certificates from Galton Funding Mortgage Trust 2019-1 (GFMT 2019-1).

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KBRA Upgrades Five Classes in Verus Securitization Trust 2017-1

NEW YORK, NY (February 1, 2019) – Kroll Bond Rating Agency (KBRA) upgrades the A-2, A-3, B-1, B-2, and B-3 classes in the Verus Securitization Trust 2017-1 transaction. KBRA notes that the deal has paid down to a factor of 0.4822 and has experienced no losses and minimal delinquencies.

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KBRA Takes Rating Actions on ABMT 2015-3, FSMT 2018-1, JPMMT 2017-1, SEMT 2017-3, SEMT 2018-3, SEMT 2018-CH1, and SCOT 2017-1

NEW YORK, NY (February 1, 2019) – Kroll Bond Rating Agency (KBRA) takes rating actions on Agate Bay Mortgage Trust 2015-3 (ABMT 2015-3), Flagstar Mortgage Trust 2018-1 (FSMT 2018-1), J.P. Morgan Mortgage Trust 2017-1 (JPMMT 2017-1), Sequoia Mortgage Trust 2017-3 (SEMT 2017-3), Sequoia Mortgage Trust 2018-3 (SEMT 2018-3), Sequoia Mortgage Trust 2018-CH1 (SEMT 2018-CH1), and Shellpoint Co-Originator Trust 2017-1 (SCOT 2017-1).

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KBRA Withdraws Rating on One Class from CAS 2016-C03

NEW YORK, NY (January 31, 2019) – Kroll Bond Rating Agency withdraws its rating from the class shown below following the reduction of its principal balance to zero. For this class, the remittance report did not reflect any accumulated interest shortfalls or principal writedowns.

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KBRA Withdraws Ratings on Six Classes of SEMT 2013-9

NEW YORK, NY (January 31, 2019) – Kroll Bond Rating Agency withdraws ratings from the classes shown below following the reduction of their respective principal or notional balances to zero. For these classes, the remittance report did not reflect any accumulated interest shortfalls or principal writedowns. The rating changes are as follows:

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KBRA Withdraws Rating on One Class from STACR 2016-DNA4

NEW YORK, NY (January 31, 2019) – Kroll Bond Rating Agency withdraws its rating from the class shown below following the reduction of its principal balance to zero. For this class, the remittance report did not reflect any accumulated interest shortfalls or principal writedowns. The rating change is as follows:

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KBRA Assigns Ratings to OBX 2019-INV1 Trust

NEW YORK, NY (January 31, 2019) – Kroll Bond Rating Agency (KBRA) assigns ratings to 29 classes of mortgage pass-through certificates from OBX 2019-INV1, the fifth RMBS 2.0 transaction issued by Onslow Bay Financial, LLC., and the first Onslow-sponsored transaction backed entirely by agency-eligible, investment property loans.

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KBRA Assigns Ratings to J.P. Morgan Mortgage Trust 2019-1 (JPMMT 2019-1)

NEW YORK, NY (January 30, 2019) – Kroll Bond Rating Agency (KBRA) assigns ratings to twenty-five classes of mortgage pass-through certificates from J.P. Morgan Mortgage Trust 2019-1 (JPMMT 2019-1), a prime RMBS transaction. JPMMT 2019-1 contains both prime jumbo (33.0%) and conforming (67.0%) collateral to borrowers with prime attributes.

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KBRA Takes Rating Actions on GFMT 2018-1, ABMT 2015-2, JPMMT 2014-1, JPMMT 2018-1, and SEMT 2017-2

NEW YORK, NY (January 22, 2019) – Kroll Bond Rating Agency (KBRA) takes rating actions on Galton Funding Mortgage Trust 2018-1 (GFMT 2018-1), Agate Bay Mortgage Trust 2015-2 (ABMT 2015-2), J.P. Morgan Mortgage Trust 2014-1 (JPMMT 2014-1), J.P. Morgan Mortgage Trust 2018-1 (JPMMT 2018-1), and Sequoia Mortgage Trust 2017-2 (SEMT 2017-2).

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KBRA Assigns Preliminary Ratings to OBX 2019-INV1 Trust

NEW YORK, NY (January 22, 2019) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to 29 classes of mortgage pass-through certificates from OBX 2019-INV1, the fifth RMBS 2.0 transaction issued by Onslow Bay Financial, LLC.

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KBRA Releases European RMBS Rating Methodology Country Addendum: Republic of Ireland

Dublin, IRELAND (17 January 2019) – Kroll Bond Rating Agency (KBRA) releases its European RMBS Rating Methodology Country Addendum for rating securities backed by residential mortgage loans in the Republic of Ireland (Ireland). The addendum addresses analytical considerations specific to prime, buy-to-let, and non-conforming mortgages in Ireland.

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KBRA Assigns Ratings to Sequoia Mortgage Trust 2019-1 (SEMT 2019-1)

NEW YORK, NY (January 17, 2019) – Kroll Bond Rating Agency (KBRA) assigns ratings to fifty-three classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2019-1 (SEMT 2019-1), a prime RMBS transaction. SEMT 2019-1 contains both prime jumbo (69.8%) and high-balance conforming (30.2%) collateral to borrowers with prime attributes.

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KBRA Assigns Preliminary Ratings to J.P. Morgan Mortgage Trust 2019-1 (JPMMT 2019-1)

NEW YORK, NY (January 15, 2019) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to twenty-five classes of mortgage pass-through certificates from J.P. Morgan Mortgage Trust 2019-1 (JPMMT 2019-1), a prime RMBS transaction. JPMMT 2019-1 contains both prime jumbo (33.0%) and conforming (67.0%) collateral to borrowers with prime attributes.

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KBRA Takes Rating Actions on SEMT 2013-4, SEMT 2018-1, and SEMT 2018-2

NEW YORK, NY (January 11, 2019) – Kroll Bond Rating Agency (KBRA) takes rating actions on Sequoia Mortgage Trust 2013-4 (SEMT 2013-4), Sequoia Mortgage Trust 2018-1 (SEMT 2018-1), and Sequoia Mortgage Trust 2018-2 (SEMT 2018-2).

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KBRA Withdraws Ratings on Six Classes of JPMMT 2015-5

NEW YORK, NY (January 3, 2019) – Kroll Bond Rating Agency (KBRA) withdraws its ratings from the A-4, A-4-A, A-4-X, A-7, A-7-A, and A-7-X classes following the reduction of their respective principal, as reflected in the December 2018 remittance report for JPMMT 2015-5. For all respective classes, the remittance report did not reflect any accumulated interest shortfalls or principal write-downs.

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KBRA Assigns Preliminary Ratings to Sequoia Mortgage Trust 2019-1 (SEMT 2019-1)

NEW YORK, NY (January 3, 2019) – Kroll Bond Rating Agency (KBRA) assigns ratings to fifty-three classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2019-1 (SEMT 2019-1), a prime RMBS transaction. SEMT 2019-1 contains both prime jumbo (69.8%) and high-balance conforming (30.2%) collateral to borrowers with prime attributes.

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KBRA Takes Rating Actions on CAS 2017-C01, STACR 2014-DN1, STACR 2017-DNA1, CAS 2016-C02, STACR 2018-DNA1, SEMT 2013-3

NEW YORK, NY (December 26, 2018) – Kroll Bond Rating Agency (KBRA) takes rating actions on Connecticut Avenue Securities 2017-C01 (CAS 2017-C01), Structured Agency Credit Risk Debt Notes 2014-DN1 (STACR 2014-DN1), Structured Agency Credit Risk Debt Notes 2017-DNA1 (STACR 2017-DNA1), Connecticut Avenue Securities 2016-C02 (CAS 2016-C02), Structured Agency Credit Risk Debt Notes 2018-DNA1 (STACR 2018-DNA1), and Sequoia Mortgage Trust 2013-3 (SEMT 2013-3).

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KBRA Assigns Ratings to Homeward Opportunities Fund I Trust 2018-2 (HOF I 2018-2)

NEW YORK, NY (December 21, 2018) – Kroll Bond Rating Agency (KBRA) assigns ratings to six classes of mortgage pass-through certificates from Homeward Opportunities Fund I Trust 2018-2 (HOF I 2018-2), a $320.1 million non-prime RMBS transaction issued by Homeward Opportunities Fund I LP as sponsor.

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KBRA Takes Rating Actions on WIN 2015-1, WIN 2015-2, SEMT 2012-1, SEMT 2012-2, SEMT 2013-1, SEMT 2013-2, and SEMT 2015-1

NEW YORK, NY (December 19, 2018) – Kroll Bond Rating Agency (KBRA) affirms and upgrades classes from WinWater Mortgage Loan Trust 2015-2 (WIN 2015-2), Sequoia Mortgage Trust 2012-1 (SEMT 2012-1), Sequoia Mortgage Trust 2012-2 (SEMT 2012-2), Sequoia Mortgage Trust 2013-1 (SEMT 2013-1), Sequoia Mortgage Trust 2013-2 (SEMT 2013-2) and Sequoia Mortgage Trust 2015-1 (SEMT 2015-1). Additionally, KBRA affirms all rated classes from WinWater Mortgage Loan Trust 2015-1 (WIN 2015-1).

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KBRA Assigns Ratings to Freddie Mac's STACR 2018-SPI4

NEW YORK, NY (December 19, 2018) – Kroll Bond Rating Agency (KBRA) assigns ratings to four classes of certificates from Freddie Mac’s Structured Agency Credit Risk (STACR) Securitized Participation Interests Trust, Series 2018-SPI4 (STACR 2018-SPI4), a credit risk sharing transaction with a total certificate offering of $275,491,866. STACR 2018-SPI4 represents Freddie Mac’s fifth risk transfer deal under the STACR SPI shelf. The offered certificates are backed by participation interests (PI) in underlying mortgage loans acquired by Freddie Mac.

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KBRA Releases Proposed European RMBS Rating Methodology Country Addendum: Republic of Ireland

NEW YORK, NY (December 18, 2018) – Kroll Bond Rating Agency (KBRA) has released its proposed European RMBS Rating Methodology Country Addendum for rating securities backed by residential mortgage loans in the Republic of Ireland (Ireland).  The addendum addresses analytical considerations specific to prime, buy-to-let, and non-conforming mortgages in Ireland.

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KBRA Assigns Preliminary Ratings to Homeward Opportunities Fund I Trust 2018-2 (HOF I 2018-2)

NEW YORK, NY (December 11, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to six classes of mortgage pass-through certificates from Homeward Opportunities Fund I Trust 2018-2 (HOF I 2018-2), a $320.1 million non-prime RMBS transaction issued by Homeward Opportunities Fund I LP as sponsor.

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KBRA Assigns Preliminary Ratings to Freddie Mac's STACR 2018-SPI4

NEW YORK, NY (December 6, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to four classes of certificates from Freddie Mac’s Structured Agency Credit Risk (STACR) Securitized Participation Interests Trust, Series 2018-SPI4 (STACR 2018-SPI4), a credit risk sharing transaction with a total certificate offering of $275,491,866. STACR 2018-SPI4 represents Freddie Mac’s fifth risk transfer deal under the STACR SPI shelf. The offered certificates are backed by participation interests (PI) in underlying mortgage loans acquired by Freddie Mac.

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KBRA Assigns Ratings to Starwood Mortgage Residential Trust 2018-IMC2 (STAR 2018-IMC2)

NEW YORK, NY (November 30, 2018) – Kroll Bond Rating Agency, Inc. (KBRA) assigns ratings to six classes of mortgage pass-through certificates from Starwood’s second non-prime RMBS securitization, Starwood Mortgage Residential Trust 2018-IMC2 (STAR 2018-IMC2).

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KBRA Releases RMBS 2019 Outlook: Speedbumps Ahead After Record 2018?

NEW YORK, NY (November 30, 2018) - Kroll Bond Rating Agency (KBRA) releases its RMBS 2019 Outlook. In this report, KBRA recaps some of the highlights of the 2018 RMBS 2.0 PLS market and comments on the themes we expect to shape the market over the coming year.  KBRA also reviews and presents updates to issuance volume trends and forecasts, spreads, and collateral performance trends.

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KBRA Affirms Ratings on SEMT 2017-CH2

NEW YORK, NY (November 29, 2018) – Kroll Bond Rating Agency (KBRA) affirms all rated classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2017-CH2 (SEMT 2017-CH2) transaction.

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KBRA Takes Rating Actions on STACR 2015-DNA2

NEW YORK, NY (November 21, 2018) – Kroll Bond Rating Agency (KBRA) has upgraded all outstanding notes from the Structured Agency Credit Risk (STACR) Debt Notes, Series 2015-DNA2 (STACR 2015-DNA2) transaction.

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KBRA Assigns Preliminary Ratings to Starwood Mortgage Residential Trust 2018-IMC2 (STAR 2018-IMC2)

NEW YORK, NY (November 20, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to six classes of mortgage pass-through certificates from Starwood’s second non-prime RMBS securitization, Starwood Mortgage Residential Trust 2018-IMC2 (STAR 2018-IMC2).

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KBRA Affirms All Ratings from CAS 2017-C07

NEW YORK, NY (November 19, 2018) – Kroll Bond Rating Agency (KBRA) affirms its ratings on all rated notes from the Fannie Mae’s Connecticut Avenue Securities, Series 2017-C07 (CAS 2017-C07) transaction.

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KBRA Publishes RMBS Research: California Wildfires: An RMBS Impact Analysis

NEW YORK, NY (November 19, 2018) – Ongoing California wildfires have been creating serious damage throughout parts of northern and southern California this month. While wildfires are not uncommon in these regions, the Woolsey and Camp fires, in particular, are notable not only for the amount of damage they have caused, but also the acreage impacted (246,949 total as of 11/18/18).

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KBRA Takes Rating Actions on STACR 2015-HQ1

NEW YORK, NY (November 19, 2018) – Kroll Bond Rating Agency (KBRA) has upgraded four notes while affirming ratings on all other outstanding notes from the Structured Agency Credit Risk (STACR) Debt Notes, Series 2015-HQ1 (STACR 2015-HQ1) transaction.

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KBRA Takes Rating Actions on CAS 2016-C01 and STACR 2014-DN2

NEW YORK, NY (November 16, 2018) – Kroll Bond Rating Agency (KBRA) upgrades all rated classes of mortgage pass-through certificates from Connecticut Avenue Securities, Series 2016-C01 (CAS 2016-C01) and Structured Agency Credit Risk (STACR) Debt Notes, Series 2014-DN2 (STACR 2014-DN2).

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KBRA Assigns Ratings to Galton Funding Mortgage Trust 2018-2 (GFMT 2018-2)

NEW YORK, NY (November 14, 2018) – Kroll Bond Rating Agency (KBRA) assigns ratings to 50 classes of mortgage pass-through certificates from Galton Funding Mortgage Trust 2018-2 (GFMT 2018-2).

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KBRA Assigns Ratings to Cascade Funding Mortgage Trust 2018-RM2 (CFMT 2018-RM2)

NEW YORK, NY (November 9, 2018) – Kroll Bond Rating Agency (KBRA) assigns ratings to six classes of mortgage backed notes as well as the Variable Funding Note (VFN) from Cascade Funding Mortgage Trust 2018-RM2 (CFMT 2018-RM2), the first publicly-rated issuance of RMBS backed by active proprietary reverse mortgages since 2007.

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KBRA Assigns Final Ratings to Fannie Mae's First CAS REMIC, Connecticut Avenue Securities, Series 2018-R07 (CAS 2018-R07)

NEW YORK, NY (November 7, 2018) – Kroll Bond Rating Agency (KBRA) assigns ratings to 57 classes from Connecticut Avenue Securities, Series 2018-R07 (CAS 2018-R07), Fannie Mae’s first credit risk sharing transaction structured as a real estate mortgage investment conduit (REMIC) under the CAS shelf. The Offered Notes, with an aggregate original principal balance of $921,887,000, represent unsecured general obligations of Connecticut Avenue Securities Trust 2018-R07 as Issuer, with payments subject to the credit and principal payment risks of the CAS 2018-R07 Reference Pool.

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KBRA Assigns Preliminary Ratings to Cascade Funding Mortgage Trust 2018-RM2 (CFMT 2018-RM2)

NEW YORK, NY (October 31, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to six classes of mortgage backed notes as well as the Variable Funding Note (VFN) from Cascade Funding Mortgage Trust 2018-RM2 (CFMT 2018-RM2), the first publicly-rated issuance of RMBS backed by active proprietary reverse mortgages since 2007.

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KBRA Assigns Ratings to Flagstar Mortgage Trust 2018-6RR (FSMT 2018-6RR)

NEW YORK, NY (October 30, 2018) – Kroll Bond Rating Agency (KBRA) assigns ratings to 44 classes of mortgage pass-through certificates from Flagstar Mortgage Trust 2018-6RR (FSMT 2018-6RR), the eighth prime RMBS transaction issued by Flagstar Bank, FSB.

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KBRA Assigns Preliminary Ratings to Fannie Mae's First CAS REMIC, Connecticut Avenue Securities, Series 2018-R07 (CAS 2018-R07)

NEW YORK, NY (October 29, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to 57 classes from Connecticut Avenue Securities, Series 2018-R07 (CAS 2018-R07), Fannie Mae’s first credit risk sharing transaction structured as a real estate mortgage investment conduit (REMIC) under the CAS shelf. The Offered Notes, with an aggregate original principal balance of $921,887,000, represent unsecured general obligations of Connecticut Avenue Securities Trust 2018-R07 as Issuer, with payments subject to the credit and principal payment risks of the CAS 2018-R07 Reference Pool.

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KBRA Releases RMBS Trend Watch: With Increasing Volume, New Sponsors Emerge

NEW YORK, NY (October 26, 2018) - Kroll Bond Rating Agency (KBRA) releases RMBS Trend Watch: With Increasing Volume, New Sponsors Emerge, which discusses the significant increase in new sponsors in both the prime and non-prime issuance spaces, some reasons behind this trend, and the effects of a broadening issuance base on RMBS 2.0, including increased structural nuances.

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KBRA Assigns Ratings to Sequoia Mortgage Trust 2018-8 (SEMT 2018-8)

NEW YORK, NY (October 18, 2018) – Kroll Bond Rating Agency (KBRA) assigns ratings to fifty-three classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2018-8 (SEMT 2018-8), a prime RMBS transaction. SEMT 2018-7 contains both prime jumbo (78.3%) and high-balance conforming (21.7%) collateral to borrowers with prime attributes.

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KBRA Withdraws Rating on One Class of CAS 2016-C01

NEW YORK, NY (October 17, 2018) – Kroll Bond Rating Agency (KBRA) withdraws its ratings from the class 2M-1 following the reduction of its respective principal, as reflected in the September 2018 remittance report for CAS 2016-C01. For 2M-1 class, the remittance report did not reflect any accumulated interest shortfalls or principal write-downs. The Ratings change is as follows:

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KBRA Assigns Preliminary Ratings to Flagstar Mortgage Trust 2018-6RR (FSMT 2018-6RR)

NEW YORK, NY (October 16, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to 43 classes of mortgage pass-through certificates from Flagstar Mortgage Trust 2018-6RR (FSMT 2018-6RR), the eighth prime RMBS transaction issued by Flagstar Bank, FSB.

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KBRA Assigns Preliminary Ratings to Galton Funding Mortgage Trust 2018-2 (GFMT 2018-2)

NEW YORK, NY (October 16, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to 50 classes of mortgage pass-through certificates from Galton Funding Mortgage Trust 2018-2 (GFMT 2018-2).

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KBRA Takes Rating Actions on CAS 2016-C06 and CAS 2016-C07

NEW YORK, NY (October 12, 2018) – Kroll Bond Rating Agency (KBRA) upgrades all rated classes of mortgage pass-through certificates from Connecticut Avenue Securities, Series 2016-C06 (CAS 2016-C06) and Connecticut Avenue Securities, Series 2016-C07 (CAS 2016-C07).

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KBRA Assigns Ratings to PSMC 2018-4 Trust (PSMC 2018-4)

NEW YORK, NY (October 12, 2018) – Kroll Bond Rating Agency (KBRA) assigns ratings to 42 classes of mortgage pass-through certificates from PSMC 2018-4 Trust (PSMC 2018-4), a prime jumbo RMBS transaction jointly sponsored by subsidiaries of American International Group, Inc. (AIG).

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KBRA Assigns Ratings to Fannie Mae's Connecticut Avenue Securities, Series 2018-C06 (CAS 2018-C06)

NEW YORK, NY (October 10, 2018) – Kroll Bond Rating Agency (KBRA) assigns ratings to 110 classes from Fannie Mae’s Connecticut Avenue Securities, Series 2018-C06 (CAS 2018-C06), a credit risk sharing transaction with a total note offering of $918,188,000. The Offered Notes represent unsecured general obligations of Fannie Mae, with payments subject to the credit and principal payment risks of the CAS 2018-C06 Reference Pool.

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KBRA Takes Rating Actions on GSMBS 2014-EB1

NEW YORK, NY (October 4, 2018) – Kroll Bond Rating Agency (KBRA) upgraded three rated classes of mortgage pass-through certificates from Goldman Sachs Mortgage-Backed Securities Trust 2014-EB1 while affirming all other rated classes.

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KBRA Assigns Preliminary Ratings to PSMC 2018-4 Trust (PSMC 2018-4)

NEW YORK, NY (October 4, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to 42 classes of mortgage pass-through certificates from PSMC 2018-4 Trust (PSMC 2018-4), a prime jumbo RMBS transaction jointly sponsored by subsidiaries of American International Group, Inc. (AIG).

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KBRA Assigns Preliminary Ratings to Fannie Mae's Connecticut Avenue Securities, Series 2018-C06 (CAS 2018-C06)

NEW YORK, NY (October 1, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to 110 classes from Fannie Mae’s Connecticut Avenue Securities, Series 2018-C06 (CAS 2018-C06), a credit risk sharing transaction with a total note offering of $918,188,000. The Offered Notes represent unsecured general obligations of Fannie Mae, with payments subject to the credit and principal payment risks of the CAS 2018-C06 Reference Pool.

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KBRA Assigns Ratings to Sequoia Mortgage Trust 2018-CH4 (SEMT 2018-CH4)

NEW YORK, NY (September 28, 2018) – Kroll Bond Rating Agency (KBRA) assigns ratings to 59 classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2018-CH4 (SEMT 2018-CH4), Redwood’s sixth prime issuance to contain a significant concentration of loans that KBRA considers to be “expanded-prime.”

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KBRA Assigns Ratings to J.P. Morgan Mortgage Trust 2018-9 (JPMMT 2018-9)

NEW YORK, NY (September 28, 2018) – Kroll Bond Rating Agency (KBRA) assigns ratings to thirty-five classes of mortgage pass-through certificates from J.P. Morgan Mortgage Trust 2018-9 (JPMMT 2018-9), a prime RMBS transaction. JPMMT 2018-9 contains both prime jumbo (32.2%) and conforming (67.8%) collateral to borrowers with prime attributes.

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KBRA Assigns Preliminary Ratings to Sequoia Mortgage Trust 2018-8 (SEMT 2018-8)

NEW YORK, NY (September 27, 2018) – Kroll Bond Rating Agency (KBRA) assigns ratings to fifty-three classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2018-8 (SEMT 2018-8), a prime RMBS transaction. SEMT 2018-7 contains both prime jumbo (78.3%) and high-balance conforming (21.7%) collateral to borrowers with prime attributes.

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KBRA Assigns Ratings to Freddie Mac's STACR 2018-SPI3

NEW YORK, NY (September 26, 2018) – Kroll Bond Rating Agency (KBRA) assigns ratings to four classes of certificates from Freddie Mac’s Structured Agency Credit Risk (STACR) Securitized Participation Interests Trust, Series 2018-SPI3 (STACR 2018-SPI3), a credit risk sharing transaction with a total certificate offering of $258,781,458. STACR 2018-SPI3 represents Freddie Mac’s fourth risk transfer deal under the STACR SPI shelf. The offered certificates are backed by participation interests (PI) in underlying mortgage loans acquired by Freddie Mac.

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KBRA Assigns Ratings to Freddie Mac's STACR 2018-DNA3

NEW YORK, NY (September 21, 2018) – Kroll Bond Rating Agency (KBRA) assigns ratings to 28 classes from Structured Agency Credit Risk (STACR®) 2018-DNA3 Notes, Freddie Mac STACR Trust 2018-DNA3, a credit risk sharing transaction with a total note offering of $820,000,000. STACR 2018-DNA3 represents Freddie Mac’s 20th credit risk transfer transaction under the STACR “DN/DNA” shelf, featuring loans with loan-to-value (LTV) ratios greater than 60%, but less than or equal to 80%. The Offered Notes represent obligations of the STACR 2018-DNA3 Trust in a credit-linked note structure governed by a credit protection agreement between the trust and Freddie Mac, with payments subject to the credit and principal payment risks of the STACR 2018-DNA3 Reference Pool.

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KBRA Publishes RMBS Research: "Five Things To Know About Reverse Mortgages"

NEW YORK, NY (September 21, 2018) – Because of recent changes which lowered the proceeds level of FHA-Insured HECM reverse mortgages, many originators focused on HECM originations have begun to diversify into jumbo, uninsured, proprietary reverse mortgages (RMs). This trend has been bolstered by demographic changes which have seen an increase in home equity-rich retirees whom have not amassed and/or retained enough liquid assets to age-in-place in their homes. KBRA believes that these factors will give rise, after a period of absence following the financial crisis, to an increase in both private and public securitization of jumbo proprietary RMs. In anticipation of increased interest by those new to the RM sector (and specifically proprietary products), KBRA published a discussion of five things to know about reverse mortgages.  

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KBRA Takes Rating Actions on SEMT 2013-12, SEMT 2014-4, SEMT 2017-CH1, FKMT 2014-1, and STACR 2015-HQA2

NEW YORK, NY (September 20, 2018) – Kroll Bond Rating Agency (KBRA) upgrades three rated classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2014-4 (SEMT 2014-4) and two classes from FirstKey Mortgage Trust 2014-1 (FKMT 2014-1), while affirming all other rated classes. Additionally, KBRA upgrades all outstanding rated classes from Freddie Mac’s Structured Agency Credit Risk Debt Notes, Series 2015-HQA2 (STACR 2015-HQA2), and affirms all rated classes from Sequoia Mortgage Trust 2013-12 (SEMT 2013-12) and Sequoia Mortgage Trust 2017-CH1 (SEMT 2017-CH1) transactions.

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KBRA Assigns Ratings to Flagstar Mortgage Trust 2018-5 (FSMT 2018-5)

NEW YORK, NY (September 20, 2018) – Kroll Bond Rating Agency (KBRA) assigns ratings to 17 classes of mortgage pass-through certificates from Flagstar Mortgage Trust 2018-5 (FSMT 2018-5), a prime RMBS transaction with both non-agency jumbo (67.3%) and high-balance conforming (32.7%) mortgage loans.

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KBRA Releases RMBS Trend Watch: Spotlight on Housing Finance Reform Proposals

NEW YORK, NY (September 19, 2018) – Kroll Bond Rating Agency (KBRA) presents updates to issuance volume trends and forecasts, spreads, and collateral performance in this RMBS Trend Watch. We’ve also included a Spotlight Section on recent housing finance reform efforts and the potential impact to the U.S. RMBS market.

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KBRA Assigns Preliminary Ratings to J.P. Morgan Mortgage Trust 2018-9 (JPMMT 2018-9)

NEW YORK, NY (September 18, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to thirty-five classes of mortgage pass-through certificates from J.P. Morgan Mortgage Trust 2018-9 (JPMMT 2018-9), a prime RMBS transaction. JPMMT 2018-9 contains both prime jumbo (32.2%) and conforming (67.8%) collateral to borrowers with prime attributes.

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KBRA Takes Rating Actions on WIN 2014-1, JPMMT 2014-5, and JPMMT 2014-OAK4

NEW YORK, NY (September 14, 2018) – Kroll Bond Rating Agency (KBRA) upgrades three rated classes of mortgage pass-through certificates from WinWater Mortgage Loan Trust 2014-1 (WIN 2014-1), three classes from J.P. Morgan Mortgage Trust 2014-5 (JPMMT 2014-5), and three classes from J.P. Morgan Mortgage Trust 2014-OAK4 (JPMMT 2014-OAK4), while affirming all other rated classes.

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KBRA Assigns Ratings to PSMC 2018-3 Trust (PSMC 2018-3)

NEW YORK, NY (September 14, 2018) – Kroll Bond Rating Agency (KBRA) assigns ratings to 42 classes of mortgage pass-through certificates from PSMC 2018-3 Trust (PSMC 2018-3), a prime jumbo RMBS transaction jointly sponsored by subsidiaries of American International Group, Inc. (AIG).

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KBRA Publishes RMBS Research: KBRA's Hurricane Florence RMBS Impact Update

NEW YORK, NY (September 13, 2018) – Hurricane Florence is projected to make landfall the morning of Friday, September 14, 2018. The storm is notable not only for its intensity, but for its expected landfall along the East Coast, where a storm of this magnitude has been relatively rare. Large areas of North Carolina and South Carolina (the Carolinas) are expected to experience heavy winds and potentially more devastating rain and storm-surge flooding.

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KBRA Assigns Preliminary Ratings to Sequoia Mortgage Trust 2018-CH4 (SEMT 2018-CH4)

NEW YORK, NY (September 13, 2018) – Kroll Bond Rating Agency (KBRA) assigns ratings to 59 classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2018-CH4 (SEMT 2018-CH4), Redwood’s sixth prime issuance to contain a significant concentration of loans that KBRA considers to be “expanded-prime.”

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KBRA Assigns Preliminary Ratings to Freddie Mac's STACR 2018-SPI3

NEW YORK, NY (September 13, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to four classes of certificates from Freddie Mac’s Structured Agency Credit Risk (STACR) Securitized Participation Interests Trust, Series 2018-SPI3 (STACR 2018-SPI3), a credit risk sharing transaction with a total certificate offering of $258,781,458. STACR 2018-SPI3 represents Freddie Mac’s fourth risk transfer deal under the STACR SPI shelf. The offered certificates are backed by participation interests (PI) in underlying mortgage loans acquired by Freddie Mac.

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KBRA Takes Rating Actions on PMT 2013-J1, STACR 2016-HQA3 and STACR 2016-DNA4

NEW YORK, NY (September 6, 2018) – Kroll Bond Rating Agency (KBRA) upgrades four rated classes of mortgage pass-through certificates from PMT Loan Trust 2013-J1 (PMT 2013-J1), while affirming all other rated classes. Also, KBRA upgrades all outstanding rated class certificates from Structured Agency Credit Risk Debt Notes, Series STACR 2016-HQA3 (STACR 2016-HQA3) and Structured Agency Credit Risk Debt Notes, Series STACR 2016-DNA4 (STACR 2016-DNA4).

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KBRA Comments on the WIN 2014-1 Transaction

NEW YORK, NY (September 6, 2018) – Kroll Bond Rating Agency (KBRA) has been in the process of reviewing its ratings on securities issued by WinWater Mortgage Loan Trust 2014-1 (WIN 2014-1).

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KBRA Assigns Preliminary Ratings to Freddie Mac's STACR 2018-DNA3

NEW YORK, NY (September 6, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to 28 classes from Structured Agency Credit Risk (STACR®) 2018-DNA3 Notes, Freddie Mac STACR Trust 2018-DNA3, a credit risk sharing transaction with a total note offering of $820,000,000. STACR 2018-DNA3 represents Freddie Mac’s 20th credit risk transfer transaction under the STACR “DN/DNA” shelf, featuring loans with loan-to-value (LTV) ratios greater than 60%, but less than or equal to 80%. The Offered Notes represent obligations of the STACR 2018-DNA3 Trust in a credit-linked note structure governed by a credit protection agreement between the trust and Freddie Mac, with payments subject to the credit and principal payment risks of the STACR 2018-DNA3 Reference Pool.

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KBRA Takes Rating Actions on STACR 2015-HQA1

NEW YORK, NY (September 5, 2018) – Kroll Bond Rating Agency (KBRA) upgrades all outstanding rated class certificates from Structured Agency Credit Risk Debt Notes, Series STACR 2015-HQA1 (STACR 2015-HQA1).

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KBRA Assigns Preliminary Ratings to PSMC 2018-3 Trust (PSMC 2018-3)

NEW YORK, NY (September 5, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to 42 classes of mortgage pass-through certificates from PSMC 2018-3 Trust (PSMC 2018-3), a prime jumbo RMBS transaction jointly sponsored by subsidiaries of American International Group, Inc. (AIG).

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KBRA Takes Rating Actions on SCOT 2016-1, SCOT 2017-2, SFMT 2016-1, and JPMMT 2017-5

NEW YORK, NY (August 31, 2018) – Kroll Bond Rating Agency (KBRA) affirms all rated classes of mortgage pass-through certificates from Shellpoint Co-Originator Trust 2016-1 (SCOT 2016-1), Shellpoint Co-Originator Trust 2017-2 (SCOT 2017-2), SoFi Mortgage Trust Series 2016-1 (SFMT 2016-1), and J.P. Morgan Mortgage Trust 2017-5 (JPMMT 2017-5).

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KBRA Takes Rating Actions on SEMT 2017-6, SEMT 2017-7, and SEMT 2017-1

NEW YORK, NY (August 30, 2018) – Kroll Bond Rating Agency (KBRA) affirms all rated classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2017-1 (SEMT 2017-1), Sequoia Mortgage Trust 2017-6 (SEMT 2017-6), and Sequoia Mortgage Trust 2017-7 (SEMT 2017-7).

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KBRA Assigns Preliminary Ratings to Flagstar Mortgage Trust 2018-5 (FSMT 2018-5)

NEW YORK, NY (August 30, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to 17 classes of mortgage pass-through certificates from Flagstar Mortgage Trust 2018-5 (FSMT 2018-5), a prime RMBS transaction with both non-agency jumbo (66.8%) and high-balance conforming (33.2%) mortgage loans.

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KBRA Takes Rating Actions on SEMT 2012-5, SEMT 2012-6, WIN 2014-2, OAKS 2015-2, and SEMT 2015-4

NEW YORK, NY (August 23, 2018) – Kroll Bond Rating Agency (KBRA) affirms all rated classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2012-5 (SEMT 2012-5). Also, KBRA upgrades five rated classes of mortgage pass-through certificates from Oaks Mortgage Trust 2015-2 (OAKS 2015-2), two classes from Sequoia Mortgage Trust 2012-6 (SEMT 2012-6), three classes from WinWater Mortgage Loan Trust 2014-2 (WIN 2014-2) and two classes from Sequoia Mortgage Trust 2015-4 (SEMT 2015-4), while affirming all other rated classes.

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KBRA Assigns Ratings to Sequoia Mortgage Trust 2018-7 (SEMT 2018-7)

NEW YORK, NY (August 21, 2018) – Kroll Bond Rating Agency (KBRA) assigns ratings to fifty-three classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2018-7 (SEMT 2018-7), a prime RMBS transaction. SEMT 2018-7 contains both prime jumbo (67.2%) and high-balance conforming (32.8%) collateral to borrowers with prime attributes.

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KBRA Europe Assigns Ratings to Towd Point Mortgage Funding 2018 - Auburn 12 Plc (TPMF 2018-AU12)

DUBLIN, IRELAND ( 15 August 2018) – Kroll Bond Rating Agency Europe Limited (KBRA) assigns ratings to five classes of notes from Towd Point Mortgage Funding 2018 - Auburn 12 Plc (TPMF 2018-AU12), a UK RMBS transaction secured predominantly by seasoned Buy-to-Let (BTL) mortgages. This transaction is the 12th securitisation under the Auburn shelf, and the first European rated RMBS securitisation for KBRA.

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KBRA Assigns Final Rating to AMERIHOME GMSR ISSUER TRUST, Series 2018-GT1 Term Notes

NEW YORK, NY (August 13, 2018) – Kroll Bond Rating Agency (KBRA) assigns a rating of ‘BBB (sf)’ to the Series 2018-GT1 Term Notes from AMERIHOME GMSR ISSUER TRUST, AmeriHome Mortgage Company, LLC’s (AmeriHome) master trust issuer of notes backed by a participation certificate evidencing a participation interest in mortgage servicing rights (MSRs) on loans underlying Ginnie Mae guaranteed mortgage backed securities. KBRA’s rating on the notes is primarily dependent upon the rating of AmeriHome Mortgage Company, LLC (AmeriHome), as repurchase obligor.

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KBRA Assigns Ratings to Starwood Mortgage Residential Trust 2018-IMC1 (STAR 2018-IMC1)

NEW YORK, NY (August 10, 2018) – Kroll Bond Rating Agency, Inc. (KBRA) assigns ratings to six classes of mortgage pass-through certificates from Starwood’s inaugural non-prime RMBS securitization, Starwood Mortgage Residential Trust 2018-IMC1 (STAR 2018-IMC1).

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KBRA Takes Rating Actions on JPMMT 2016-2, JPMMT 2016-3, JPMMT 2016-5, SEMT 2014-3, SEMT 2016-3, CAS 2016-C05, and CAS 2017-C06

NEW YORK, NY (August 10, 2018) – Kroll Bond Rating Agency (KBRA) affirms all rated classes of mortgage pass-through certificates from J.P. Morgan Mortgage Trust 2016-2 (JPMMT 2016-2), J.P. Morgan Mortgage Trust 2016-3 (JPMMT 2016-3), J.P. Morgan Mortgage Trust 2016-5 (JPMMT 2016-5), Sequoia Mortgage Trust 2016-3 (SEMT 2016-3), and Connecticut Avenue Securities, Series 2017-C06 (CAS 2017-C06). Also, KBRA upgrades all rated classes of mortgage pass-through certificates from Connecticut Avenue Securities, Series 2016-C05 (CAS 2016-C05) and Sequoia Mortgage Trust 2014-3 (SEMT 2014-3).

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KBRA Assigns Final Ratings to PNMAC GMSR ISSUER TRUST, Series 2018-GT2 Term Notes

NEW YORK, NY (August 10, 2018) – Kroll Bond Rating Agency (KBRA) assigns a rating of ‘BBB- (sf)’ to the Series 2018-GT2 Term Notes from PNMAC GMSR ISSUER TRUST, PennyMac Loan Services, LLC’s (PLS) master trust issuer of notes backed by participation certificates evidencing participation interest in mortgage servicing rights (MSR) on loans underlying Ginnie Mae guaranteed mortgage backed securities. KBRA’s rating on the notes is primarily dependent upon the rating of Private National Mortgage Acceptance Company, LLC (PNMAC), as repurchase guarantor.

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KBRA Assigns Preliminary Ratings to AMERIHOME GMSR ISSUER TRUST, Series 2018-GT1 Term Notes

NEW YORK, NY (August 7, 2018) – Kroll Bond Rating Agency (KBRA) assigns a rating of ‘BBB (sf)’ to the Series 2018-GT1 Term Notes from AMERIHOME GMSR ISSUER TRUST, AmeriHome Mortgage Company, LLC’s (AmeriHome) master trust issuer of notes backed by a participation certificate evidencing a participation interest in mortgage servicing rights (MSR) on loans underlying Ginnie Mae guaranteed mortgage backed securities. KBRA’s rating on the notes is primarily dependent upon the rating of AmeriHome Mortgage Company, LLC (AMERIHOME), as repurchase obligor.

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KBRA Withdraws Ratings on Three Classes of RPMLT 2014-1

NEW YORK, NY (August 8, 2018) – Kroll Bond Rating Agency (KBRA) withdraws its ratings from the classes listed below following the reduction of their respective principal, as reflected in the July 2018 remittance report for RPMLT 2014-1. For each class, the remittance report did not reflect any accumulated interest shortfalls or principal write-downs.

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KBRA Assigns Ratings to Homeward Opportunities Fund I Trust 2018-1

NEW YORK, NY (August 3, 2018) – Kroll Bond Rating Agency (KBRA) assigns ratings to six classes of mortgage pass-through certificates from Homeward Opportunities Fund I Trust 2018-1 (HOF I 2018-1), a $485.5 million non-prime RMBS transaction issued by Homeward Opportunities Fund I LP as sponsor.

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KBRA Assigns Preliminary Ratings to PNMAC GMSR ISSUER TRUST, Series 2018-GT2 Term Notes

NEW YORK, NY (August 3, 2018) – Kroll Bond Rating Agency (KBRA) assigns a rating of ‘BBB- (sf)’ to the Series 2018-GT2 Term Notes from PNMAC GMSR ISSUER TRUST, PennyMac Loan Services, LLC’s (PLS) master trust issuer of notes backed by participation certificates evidencing participation interest in mortgage servicing rights (MSR) on loans underlying Ginnie Mae guaranteed mortgage backed securities. KBRA’s rating on the notes is primarily dependent upon the rating of Private National Mortgage Acceptance Company, LLC (PNMAC), as repurchase guarantor.

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KBRA Assigns Preliminary Ratings to Starwood Mortgage Residential Trust 2018-IMC1 (STAR 2018-IMC1)

NEW YORK, NY (August 3, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to six classes of mortgage pass-through certificates from Starwood’s inaugural non-prime RMBS securitization, Starwood Mortgage Residential Trust 2018-IMC1 (STAR 2018-IMC1).

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KBRA Assigns Ratings to OBX 2018-EXP1 Trust (OBX 2018-EXP1)

NEW YORK, NY (July 26, 2018) – Kroll Bond Rating Agency (KBRA) assigns ratings to 31 classes of mortgage notes from OBX 2018-EXP1 Trust (OBX 2018-EXP1).

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KBRA Assigns Preliminary Ratings to Sequoia Mortgage Trust 2018-7 (SEMT 2018-7)

NEW YORK, NY (August 1, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to fifty-three classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2018-7 (SEMT 2018-7), a prime RMBS transaction. SEMT 2018-7 contains both prime jumbo (67.2%) and high-balance conforming (32.8%) collateral to borrowers with prime attributes.

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KBRA Assigns Ratings to Homeward Opportunities Fund I Trust 2018-1 (HOF I 2018-1)

NEW YORK, NY (July 31, 2018) – Kroll Bond Rating Agency, Inc. (KBRA) assigns ratings to six classes of mortgage pass-through certificates from Homeward Opportunities Fund I Trust 2018-1 (HOF I 2018-1), a $485.5 million non-prime RMBS transaction issued by Homeward Opportunities Fund I LP as sponsor.

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KBRA Takes Rating Actions on ABMT 2015-6, ABMT 2015-7, ABMT 2016-3, JPMMT 2015-4, CAS 2016-C04, FSMT 2017-1 and SEMT 2017-5

NEW YORK, NY (July 27, 2018) – Kroll Bond Rating Agency (KBRA) affirms all rated classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2017-5 (SEMT 2017-5), Flagstar Mortgage Trust 2017-1 (FSMT 2017-1) and Agate Bay Mortgage Trust 2016-3 (ABMT 2016-3). Also, KBRA upgrades two rated classes of mortgage pass-through certificates from Agate Bay Mortgage Trust 2015-6 (ABMT 2015-6), four classes from Agate Bay Mortgage Trust 2015-7 (ABMT 2015-7), four classes from J.P. Morgan Mortgage Trust 2015-4 (JPMMT 2015-4) and six classes from Connecticut Avenue Securities, Series 2016-C04 (CAS 2016-C04), while affirming all other rated classes of mortgage pass-through certificates.

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KBRA Assigns Ratings to Sequoia Mortgage Trust 2018-CH3 (SEMT 2018-CH3)

NEW YORK, NY (July 26, 2018) – Kroll Bond Rating Agency (KBRA) assigns ratings to 60 classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2018-CH3 (SEMT 2018-CH3), Redwood’s fifth prime issuance to contain a significant concentration of loans that KBRA considers to be “expanded-prime.”

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KBRA Assigns Preliminary Ratings to OBX 2018-EXP1 Trust (OBX 2018-EXP1)

NEW YORK, NY (July 26, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to 29 classes of mortgage notes from OBX 2018-EXP1 Trust (OBX 2018-EXP1).

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KBRA Europe Assigns Preliminary Ratings to Towd Point Mortgage Funding 2018 - Auburn 12 Plc (TPMF 2018-AU12)

DUBLIN, IRELAND (23 July 2018) – Kroll Bond Rating Agency Europe Limited (KBRA) assigns preliminary ratings to five classes of notes from Towd Point Mortgage Funding 2018 - Auburn 12 Plc (TPMF 2018-AU12), a UK RMBS transaction secured predominantly by seasoned Buy-to-Let (BTL) mortgages. This transaction is the 12th securitisation under the Auburn shelf, and the first European rated RMBS securitisation for KBRA.

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KBRA Releases RMBS Trend Watch

NEW YORK, NY (July 17, 2018) – Kroll Bond Rating Agency (KBRA) has observed a number of notable trends throughout Q2 2018. In this edition of KBRA’s RMBS Trend Watch, we discuss:

Issuance Volume, Spreads: Although spreads modestly widened in Q2 2018, the quarter yielded record RMBS 2.0 issuance.

Performance Data: Performance has generally been benign, and as more market participants enter the Non-Prime space and loan offerings expand, prepayment speeds should not slow as much as the broader RMBS market as rates rise.

Infrequent, but Idiosyncratic, Losses in Prime: While post-crisis Prime transactions have had minimal liquidation losses, a few surprising idiosyncratic losses have been realized.

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KBRA Withdraws its Rating on Six Classes from SEMT 2013-10

NEW YORK, NY (July 17, 2018) – Kroll Bond Rating Agency (KBRA) has withdrawn its ratings from the classes listed below following the reduction of their respective principal or notional balances to zero, as reflected in the June 2018 remittance report for SEMT 2013-10. For each class, the remittance report did not reflect any accumulated interest shortfall or principal write-down.

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KBRA Assigns Preliminary Ratings to Sequoia Mortgage Trust 2018-CH3 (SEMT 2018-CH3)

NEW YORK, NY (July 12, 2017) – Kroll Bond Rating Agency (KBRA) assigns ratings to 60 classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2018-CH3 (SEMT 2018-CH3), Redwood’s fifth prime issuance to contain a significant concentration of loans that KBRA considers to be “expanded-prime.”

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KBRA Withdraws Rating on the Class A Notes for LVII Resecuritization Trust 2015-A

NEW YORK, NY (June 29, 2018) – Kroll Bond Rating Agency (KBRA) withdraws its rating from the class listed below following the reduction of its respective principal balance to zero, as reflected in the June 2018 remittance report for LVII 2015-A. For the class, the remittance report did not reflect any accumulated interest shortfall or principal write-down.

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KBRA Assigns Ratings to J.P. Morgan Mortgage Trust 2018-6 (JPMMT 2018-6)

NEW YORK, NY (June 29, 2018) – Kroll Bond Rating Agency (KBRA) assigns ratings to twenty-one classes of mortgage pass-through certificates from J.P. Morgan Mortgage Trust 2018-6 (JPMMT 2018-6), a prime RMBS transaction. JPMMT 2018-6 contains both prime jumbo (40.8%) and conforming (59.2%) collateral to borrowers with prime attributes.

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KBRA Assigns Ratings to Flagstar Mortgage Trust 2018-4 (FSMT 2018-4)

NEW YORK, NY (June 28, 2018) – Kroll Bond Rating Agency (KBRA) assigns ratings to 16 classes of mortgage pass-through certificates from Flagstar Mortgage Trust 2018-4 (FSMT 2018-4), a prime RMBS transaction with both non-agency jumbo (47.7%) and high-balance conforming (52.3%) mortgage loans.

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KBRA Takes Rating Actions on ABMT 2015-5, JPMMT 2015-5, and SEMT 2016-2

NEW YORK, NY (June 27, 2018) – Kroll Bond Rating Agency (KBRA) affirms all rated classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2016-2 (SEMT 2016-2). Also, KBRA upgrades two rated classes of mortgage pass-through certificates from Agate Bay Mortgage Trust 2015-5 (ABMT 2015-5) and four classes from J.P. Morgan Mortgage Trust 2015-5 (JPMMT 2015-5), while affirming all other rated classes of mortgage pass-through certificates.

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KBRA Withdraws its Ratings on Three Classes from WIN 2014-2 and One Class from VCC 2014-1

NEW YORK, NY (June 26, 2018) – Kroll Bond Rating Agency (KBRA) has withdrawn its ratings from the classes listed below following the reduction of their respective principal or notional balances to zero, as reflected in the April 2018 remittance report for WIN 2014-2 and May 2018 remittance report for VCC 2014-1. For each class, the remittance report did not reflect any accumulated interest shortfalls or principal write-downs.

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KBRA Takes Rating Actions on NRMLT 2015-1

NEW YORK, NY (June 22, 2018) – Kroll Bond Rating Agency (KBRA) upgrades seven rated classes of mortgage pass-through certificates from New Residential Mortgage Loan Trust 2015-1 (NRMLT 2015-1), while affirming all other rated classes of mortgage pass-through certificates.

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KBRA Takes Rating Actions on JPMMT 2013-3, JPMMT 2014-2, SEMT 2013-10, SEMT 2013-11, SEMT 2014-2, SEMT 2017-4 and NRP 2013-1

NEW YORK, NY (June 21, 2018) – Kroll Bond Rating Agency (KBRA) affirms all rated classes of mortgage pass-through certificates from J.P. Morgan Mortgage Trust 2013-3 (JPMMT 2013-3), J.P. Morgan Mortgage Trust 2014-2 (JPMMT 2014-2) and Sequoia Mortgage Trust 2017-4 (SEMT 2017-4). Also, KBRA upgrades three rated classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2013-10 (SEMT 2013-10), two from Sequoia Mortgage Trust 2013-11 (SEMT 2013-11), two from Sequoia Mortgage Trust 2014-2 (SEMT 2014-2) and four from NRP Mortgage Trust 2013-1 (NRP 2013-1), while affirming all other rated classes of mortgage pass-through certificates.

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KBRA Assigns Preliminary Ratings to J.P. Morgan Mortgage Trust 2018-6 (JPMMT 2018-6)

NEW YORK, NY (June 21, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to twenty-one classes of mortgage pass-through certificates from J.P. Morgan Mortgage Trust 2018-6 (JPMMT 2018-6), a prime RMBS transaction. JPMMT 2018-6 contains both prime jumbo (40.8%) and conforming (59.2%) collateral to borrowers with prime attributes.

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KBRA Assigns Ratings to Sequoia Mortgage Trust 2018-6 (SEMT 2018-6)

NEW YORK, NY (June 20, 2018) – Kroll Bond Rating Agency (KBRA) assigns ratings to fifty-three classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2018-6 (SEMT 2018-6), a prime RMBS transaction. SEMT 2018-6 contains both prime jumbo (69.0%) and high-balance conforming (31.0%) collateral to borrowers with prime attributes.

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KBRA Takes Rating Actions on SEMT 2013-9, STACR 2017-HQA2 and SAFT 2013-1

NEW YORK, NY (June 15, 2018) – Kroll Bond Rating Agency (KBRA) affirms all rated classes of mortgage pass-through certificates from Freddie Mac’s Structured Agency Credit Risk Debt Notes, Series 2017-HQA2 (STACR 2017-HQA2). Also, KBRA upgrades two rated classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2013-9 (SEMT 2013-9) and one rated class of mortgage pass-through certificates from Shellpoint Asset Funding Trust 2013-1 (SAFT 2013-1), while affirming all other rated classes of mortgage pass-through certificates.

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KBRA Assigns Preliminary Ratings to Flagstar Mortgage Trust 2018-4 (FSMT 2018-4)

NEW YORK, NY (June 14, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to 16 classes of mortgage pass-through certificates from Flagstar Mortgage Trust 2018-4 (FSMT 2018-4), a prime RMBS transaction with both non-agency jumbo (47.7%) and high-balance conforming (52.3%) mortgage loans.

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KBRA Takes Rating Actions on SEMT 2012-4 and DRMT 2017-2

NEW YORK, NY (June 13, 2018) – Kroll Bond Rating Agency (KBRA) affirms all rated classes of mortgage pass-through certificates from Deephaven Residential Trust 2017-2 (DRMT 2017-2) and upgrades two rated classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2012-4 (SEMT 2012-4), while affirming all other rated classes of mortgage pass-through certificates.

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KBRA Assigns Ratings to Freddie Mac's STACR 2018-SPI2

NEW YORK, NY (June 12, 2018) – Kroll Bond Rating Agency (KBRA) assigns ratings to four classes of certificates from Freddie Mac’s Structured Agency Credit Risk (STACR) Securitized Participation Interests Trust, Series 2018-SPI2 (STACR 2018-SPI2), a credit risk sharing transaction with a total certificate offering of $263,512,044. STACR 2018-SPI2 represents Freddie Mac’s third risk transfer deal under the STACR SPI shelf. The offered certificates are backed by participation interests (PI) in underlying mortgage loans acquired by Freddie Mac.

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KBRA Assigns Preliminary Ratings to Freddie Mac's STACR 2018-SPI2

NEW YORK, NY (May 31, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to 4 classes of certificates from Freddie Mac’s Structured Agency Credit Risk (STACR) Securitized Participation Interests Trust, Series 2018-SPI2 (STACR 2018-SPI2), a credit risk sharing transaction with a total certificate offering of $263,512,044. STACR 2018-SPI2 represents Freddie Mac’s 3rd risk transfer deal under the STACR SPI shelf. The offered certificates are backed by participation interests (PI) in underlying mortgage loans acquired by Freddie Mac.

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KBRA Assigns Preliminary Ratings to Sequoia Mortgage Trust 2018-6 (SEMT 2018-6)

NEW YORK, NY (May 31, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to fifty-three classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2018-6 (SEMT 2018-6), a prime RMBS transaction. SEMT 2018-6 contains both prime jumbo (69.0%) and high-balance conforming (31.0%) collateral to borrowers with prime attributes.

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KBRA Affirms Ratings for CAS 2017-C04

NEW YORK, NY (May 30, 2018) – Kroll Bond Rating Agency (KBRA) affirms all rated classes of mortgage pass-through certificates from Connecticut Avenue Securities, Series 2017-C04 (CAS 2017-C04).

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KBRA Assigns Ratings to Flagstar Mortgage Trust 2018-3INV (FSMT 2018-3INV)

NEW YORK, NY (May 30, 2018) – Kroll Bond Rating Agency (KBRA) assigns ratings to 22 classes of mortgage pass-through certificates from Flagstar Mortgage Trust 2018-3INV (FSMT 2018-3INV), the first prime RMBS transaction consisting entirely of agency-eligible, investment property loans, to KBRA’s knowledge.

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KBRA Upgrades Ratings for STACR 2016-HQA2

NEW YORK, NY (May 24, 2018) – Kroll Bond Rating Agency (KBRA) upgrades all rated outstanding classes of mortgage pass-through certificates from Structured Agency Credit Risk Debt Notes, Series 2016-HQA2 (STACR 2016-HQA2).

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KBRA Assigns Ratings to Sequoia Mortgage Trust 2018-CH2 (SEMT 2018-CH2)

NEW YORK, NY (May 24, 2017) – Kroll Bond Rating Agency (KBRA) assigns ratings to 60 classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2018-CH2 (SEMT 2018-CH2), Redwood’s forth prime issuance to contain a significant concentration of loans that KBRA considers to be “expanded-prime.”

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KBRA Withdraws Ratings on One Class from STACR 2016-HQA2

NEW YORK, NY (May 22, 2018) – Kroll Bond Rating Agency withdraws its ratings from the class M-1 as shown below following the reduction of its respective principal or notional balances to zero, as reflected in the related transaction’s March 2018 remittance report. For M-1 class, the remittance report did not reflect any accumulated interest shortfalls or principal write-downs.

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KBRA Withdraws Ratings on Three Classes from JPMMT 2014-OAK4

NEW YORK, NY (May 22, 2018) – Kroll Bond Rating Agency withdraws ratings from the classes shown below following the reduction of their respective principal or notional balances to zero, as reflected in the related transaction’s March 2018 remittance report. For these classes, the remittance report did not reflect any accumulated interest shortfalls or principal write-downs.

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KBRA Assigns Ratings to Arroyo Mortgage Trust 2018-1 (ARRW 2018-1)

NEW YORK, NY (May 17th, 2018) – Kroll Bond Rating Agency, Inc. (KBRA) assigns ratings to six classes of mortgage pass-through certificates from Western Asset Management Company’s inaugural non-prime RMBS securitization, Arroyo Mortgage Trust 2018-1 (ARRW 2018-1).

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KBRA Assigns Preliminary Ratings to Flagstar Mortgage Trust 2018-3INV (FSMT 2018-3INV)

NEW YORK, NY (May 15, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to 22 classes of mortgage pass-through certificates from Flagstar Mortgage Trust 2018-3INV (FSMT 2018-3INV), the first prime RMBS transaction consisting entirely of agency-eligible, investment property loans, to KBRA’s knowledge.

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KBRA Takes Rating Actions on JPMMT 2015-3, JPMMT 2013-2, SEMT 2015-3, and WIN 2015-4

NEW YORK, NY (May 11, 2018) – Kroll Bond Rating Agency (KBRA) upgrades four rated classes of mortgage pass-through certificates from J.P. Morgan Mortgage Trust 2015-3 (JPMMT 2015-3), two rated classes from J.P. Morgan Mortgage Trust 2013-2 (JPMMT 2013-2), two rated classes from Sequoia Mortgage Trust 2015-3 (SEMT 2015-3) and four rated classes from WinWater Mortgage Loan Trust 2015-4 (WIN 2015-4), while affirming all other rated classes of mortgage pass-through certificates.

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KBRA Releases European RMBS Rating Methodology and UK Addendum

NEW YORK, NY (May 10, 2018) – Kroll Bond Rating Agency (KBRA) is pleased to release its methodology for rating securities backed by European residential mortgages and the related UK Addendum. The European RMBS Methodology addresses KBRA’s approach to rating mortgage securitisations consisting of residential collateral originated in European countries. The UK Addendum is a country specific addendum that addresses analytical considerations specific to prime, buy-to-let, and non-conforming mortgages in the United Kingdom.

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KBRA Assigns Preliminary Ratings to Sequoia Mortgage Trust 2018-CH2 (SEMT 2018-CH2)

NEW YORK, NY (May 7, 2017) – Kroll Bond Rating Agency (KBRA) assigns ratings to 60 classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2018-CH2 (SEMT 2018-CH2), Redwood’s fourth prime issuance to contain a significant concentration of loans that KBRA considers to be “expanded-prime.”

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KBRA Assigns Ratings to Arroyo Mortgage Trust 2018-1 (ARRW 2018-1)

NEW YORK, NY (April 27, 2018) – Kroll Bond Rating Agency, Inc. (KBRA) assigns ratings to six classes of mortgage pass-through certificates from Western Asset Management Company’s inaugural non-prime RMBS securitization, Arroyo Mortgage Trust 2018-1 (ARRW 2018-1).

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KBRA Assigns Ratings to PMT ISSUER TRUST - FMSR, Series 2018-FT1 Term Notes

NEW YORK, NY (April 27, 2018) – Kroll Bond Rating Agency (KBRA) assigns a rating of ‘BBB- (sf)’ to the Series 2018-FT1 Term Notes from PMT ISSUER TRUST – FMSR, PennyMac Corp. (PMC) master trust issuer of notes backed by participation certificates evidencing participation interest in mortgage servicing rights (MSR) on loans underlying Fannie Mae guaranteed mortgage backed securities. KBRA’s rating on the notes is primarily dependent upon the rating of PennyMac Mortgage Investment Trust (PMT), as guarantor.

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KBRA Assigns Ratings to Sequoia Mortgage Trust 2018-5 (SEMT 2018-5)

NEW YORK, NY (April 27, 2018) – Kroll Bond Rating Agency (KBRA) assigns ratings to fifty-three classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2018-5 (SEMT 2018-5), a prime RMBS transaction. SEMT 2018-5 contains both prime jumbo (70.6%) and high-balance conforming (29.4%) collateral to borrowers with prime attributes.

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KBRA Assigns Ratings to Flagstar Mortgage Trust 2018-2 (FSMT 2018-2)

NEW YORK, NY (April 27, 2018) – Kroll Bond Rating Agency (KBRA) assigns ratings on 28 classes of mortgage pass-through certificates from Flagstar Mortgage Trust 2018-2 (FSMT 2018-2), a prime RMBS transaction with both non-agency jumbo (57.2%) and high-balance conforming (42.8%) mortgage loans.

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KBRA Assigns Ratings to Sequoia Mortgage Trust 2018-4 (SEMT 2018-4)

NEW YORK, NY (April 20, 2018) – Kroll Bond Rating Agency (KBRA) assigns ratings to fifty-four classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2018-4 (SEMT 2018-4), a prime RMBS transaction. SEMT 2018-4 contains both prime jumbo (79.5%) and high-balance conforming (20.5%) collateral to borrowers with prime attributes.

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KBRA Assigns Preliminary Ratings to PMT ISSUER TRUST - FMSR, Series 2018-FT1 Term Notes

NEW YORK, NY (April 19, 2018) – Kroll Bond Rating Agency (KBRA) assigns a rating of ‘BBB- (sf)’ to the Series 2018-FT1 Term Notes from PMT ISSUER TRUST – FMSR, PennyMac Corp. (PMC) master trust issuer of notes backed by participation certificates evidencing participation interest in mortgage servicing rights (MSR) on loans underlying Fannie Mae guaranteed mortgage backed securities. KBRA’s rating on the notes is primarily dependent upon the rating of PennyMac Mortgage Investment Trust (PMT), as guarantor.

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KBRA Takes Rating Actions on SEMT 2012-3, SEMT 2013-6, SEMT 2013-7, and SEMT 2013-8

NEW YORK, NY (April 19, 2018) – Kroll Bond Rating Agency (KBRA) has affirmed all rated classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2012-3 (SEMT 2012-3), Sequoia Mortgage Trust 2013-6 (SEMT 2013-6), Sequoia Mortgage Trust 2013-7 (SEMT 2013-7), and Sequoia Mortgage Trust 2013-8 (SEMT 2013-8).

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KBRA Releases RMBS Trend Watch

NEW YORK, NY (April 19, 2018) – Kroll Bond Rating Agency (KBRA) has observed a number of notable trends that have emerged or solidified throughout Q1 2018. 

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KBRA Assigns Preliminary Ratings to Sequoia Mortgage Trust 2018-5 (SEMT 2018-5)

NEW YORK, NY (April 16, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to fifty-three classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2018-5 (SEMT 2018-5), a prime RMBS transaction. SEMT 2018-5 contains both prime jumbo (70.6%) and high-balance conforming (29.4%) collateral to borrowers with prime attributes.

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KBRA Assigns Preliminary Ratings to Sequoia Mortgage Trust 2018-4 (SEMT 2018-4)

NEW YORK, NY (April 12, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to fifty-four classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2018-4 (SEMT 2018-4), a prime RMBS transaction. SEMT 2018-4 contains both prime jumbo (79.5%) and high-balance conforming (20.5%) collateral to borrowers with prime attributes.

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KBRA Assigns Preliminary Ratings to Flagstar Mortgage Trust 2018-2 (FSMT 2018-2)

NEW YORK, NY (April 6, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to 28 classes of mortgage pass-through certificates from Flagstar Mortgage Trust 2018-2 (FSMT 2018-2), a prime RMBS transaction with both non-agency jumbo (57.2%) and high-balance conforming (42.8%) mortgage loans.

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KBRA Proposes European RMBS Rating Methodology and Proposed UK Addendum

NEW YORK, NY (March 29, 2018) – Kroll Bond Rating Agency (KBRA) proposes methodology for rating securities backed by European residential mortgages and the related UK Addendum. The European RMBS Methodology addresses KBRA’s approach to rating mortgage securitizations consisting of residential collateral originated in European countries. The UK Addendum is a country specific addendum that addresses analytical considerations specific to prime, buy-to-let, and non-conforming mortgages in the United Kingdom.

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KBRA Assigns Ratings to Freddie Mac's STACR 2018-SPI1

NEW YORK, NY (March 27, 2018) – Kroll Bond Rating Agency (KBRA) assigns ratings to two classes of certificates from Freddie Mac’s Structured Agency Credit Risk (STACR) Securitized Participation Interests Trust, Series 2018-SPI1 (STACR 2018-SPI1), a credit risk sharing transaction with a total certificate offering of $139,947,325. STACR 2018-SPI1 represents Freddie Mac’s second risk transfer deal under the STACR SPI shelf. The offered certificates are backed by participation interests (PI) in underlying mortgage loans acquired by Freddie Mac.

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KBRA Takes Rating Action on RPMLT 2014-1

NEW YORK, NY (March 26, 2018) – Kroll Bond Rating Agency (KBRA) has upgraded all rated classes of mortgage pass-through certificates from RPMLT Trust 2014-1 (RPMLT 2014-1).

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KBRA Assigns Ratings to PSMC 2018-1 Trust (PSMC 2018-1)

NEW YORK, NY (March 16, 2018) – Kroll Bond Rating Agency (KBRA) assigns ratings to 34 classes of mortgage pass-through certificates from PSMC 2018-1 Trust (PSMC 2018-1), a prime jumbo RMBS transaction jointly sponsored by subsidiaries of American International Group, Inc. (AIG).

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KBRA Assigns Preliminary Ratings to Freddie Mac's STACR 2018-SPI1

NEW YORK, NY (March 16, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to two classes of certificates from Freddie Mac’s Structured Agency Credit Risk (STACR) Securitized Participation Interests Trust, Series 2018-SPI1 (STACR 2018-SPI1), a credit risk sharing transaction with a total certificate offering of $139,947,325. STACR 2018-SPI1 represents Freddie Mac’s second risk transfer deal under the STACR SPI shelf. The offered certificates are backed by participation interests (PI) in underlying mortgage loans acquired by Freddie Mac.

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KBRA Assigns Ratings to Fannie Mae's Connecticut Avenue Securities, Series 2018-C02 (CAS 2018-C02)

NEW YORK, NY (March 14, 2018) – Kroll Bond Rating Agency (KBRA) assigns ratings to 47 classes from Fannie Mae’s Connecticut Avenue Securities, Series 2018-C02 (CAS 2018-C02), a credit risk sharing transaction with a total note offering of $1,007,022,000. The Offered Notes represent unsecured general obligations of Fannie Mae, with payments subject to the credit and principal payment risks of the CAS 2018-C02 Reference Pool.

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KBRA Affirms Ratings for WIN 2015-3

NEW YORK, NY (March 9, 2018) – Kroll Bond Rating Agency (KBRA) has affirmed all rated classes of mortgage pass-through certificates from WinWater Mortgage Loan Trust 2015-3 (WIN 2015-3).

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KBRA Releases Global Reverse Mortgage Methodology

NEW YORK, NY (March 9, 2018) – Kroll Bond Rating Agency (KBRA) has released its methodology for rating securities backed by residential reverse mortgages. The methodology addresses KBRA’s approach to rating reverse mortgage securitizations consisting of collateral originated globally, including the U.S. and various European countries, and contemplates the inclusion of several collateral types including U.S. FHA-insured Home Equity Conversion (“HECM”) loans, so-called “proprietary” U.S. uninsured jumbo reverse mortgages, and equity-release mortgages originated in European countries.

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KBRA Takes Rating Actions on JPMMT 2014-IVR3, JPMMT 2015-IVR2, and CAS 2016-C03

NEW YORK, NY (March 6, 2018) – Kroll Bond Rating Agency (KBRA) has upgraded four classes of mortgage pass-through certificates from J.P. Morgan Mortgage Trust 2014-IVR3 (JPMMT 2014-IVR3), and two classes of mortgage pass-through certificates from J.P. Morgan Mortgage Trust 2015-IVR2 (JPMMT 2015-IVR2), while affirming all other KBRA rated classes.

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KBRA Assigns Preliminary Ratings to Fannie Mae's Connecticut Avenue Securities, Series 2018-C02 (CAS 2018-C02)

NEW YORK, NY (March 2, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to 47 classes from Fannie Mae’s Connecticut Avenue Securities, Series 2018-C02 (CAS 2018-C02), a credit risk sharing transaction with a total note offering of $1,007,022,000. The Offered Notes represent unsecured general obligations of Fannie Mae, with payments subject to the credit and principal payment risks of the CAS 2018-C02 Reference Pool.

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KBRA Takes Rating Actions on SEMT 2014-1 and CAS 2017-C02

NEW YORK, NY (March 2, 2018) – Kroll Bond Rating Agency (KBRA) has upgraded two classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2014-1 (SEMT 2014-1), while affirming all other KBRA rated classes. Also, KBRA has affirmed all classes of mortgage pass-through certificates from Fannie Mae’s Connecticut Avenue Securities, Series 2017-C02 (CAS 2017-C02).

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KBRA Takes Rating Actions on JPMMT 2013-1, SEMT 2015-2, SEMT 2013-5

NEW YORK, NY (March 2, 2018) – Kroll Bond Rating Agency (KBRA) has upgraded three classes of mortgage pass-through certificates from J.P. Morgan Mortgage Trust 2013-1 (JPMMT 2013-1), two classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2015-2 (SEMT 2015-2), and three classes from Sequoia Mortgage Trust 2013-5 (SEMT 2013-5), while affirming all other KBRA rated classes.

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KBRA Assigns Preliminary Ratings to PSMC 2018-1 Trust (PSMC 2018-1)

NEW YORK, NY (March 2, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to 34 classes of mortgage pass-through certificates from PSMC 2018-1 Trust (PSMC 2018-1), a prime jumbo RMBS transaction jointly sponsored by subsidiaries of American International Group, Inc. (AIG).

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KBRA Assigns Final Ratings to PNMAC GMSR ISSUER TRUST, Series 2018-GT1 Term Notes

NEW YORK, NY (March 1, 2018) – Kroll Bond Rating Agency (KBRA) assigns a rating of ‘BBB- (sf)’ to the Series 2018-GT1 Term Notes from PNMAC GMSR ISSUER TRUST, PennyMac Loan Services, LLC’s (PLS) master trust issuer of notes backed by participation certificates evidencing participation interest in mortgage servicing rights (MSR) on loans underlying Ginnie Mae guaranteed mortgage backed securities.

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KBRA Assigns Ratings to Sequoia Mortgage Trust 2018-CH1 (SEMT 2018-CH1)

NEW YORK, NY (February 28, 2017) – Kroll Bond Rating Agency (KBRA) assigns ratings to 58 classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2018-CH1 (SEMT 2018-CH1), Redwood’s third prime issuance to contain a significant concentration of loans that KBRA considers to be “expanded-prime.”

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KBRA Assigns Ratings to Sequoia Mortgage Trust 2018-3 (SEMT 2018-3)

NEW YORK, NY (February 27, 2018) – Kroll Bond Rating Agency (KBRA) assigns ratings to fifty-three classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2018-3 (SEMT 2018-3), a prime RMBS transaction. SEMT 2018-3 contains both prime jumbo (80.5%) and high-balance conforming (19.5%) collateral to borrowers with prime attributes.

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KBRA Assigns Ratings to Flagstar Mortgage Trust 2018-1 (FSMT 2018-1)

NEW YORK, NY (February 23, 2018) – Kroll Bond Rating Agency (KBRA) assigns ratings to 27 classes of mortgage pass-through certificates from Flagstar Mortgage Trust 2018-1 (FSMT 2018-1), a prime RMBS transaction with both non-agency jumbo (63.5%) and high-balance conforming (36.5%) mortgage loans.

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KBRA Publishes RMBS Research: "RMBS Servicer Stop Advance; Issuers Take Differing Approaches"

NEW YORK, NY (February 23, 2018) – The RMBS securitization market has experienced considerable changes post the global financial crisis. One noteworthy change has been to the treatment of principal and interest advancing, as a number of transactions have incorporated “stop advance” provisions. When employing these provisions, KBRA has observed that sponsors strive to strike a balance between using the feature to mitigate losses and advancing timeline ambiguity while still maintaining liquidity for high investment grade securities. As these provisions have become more prevalent, they have been accompanied by a number of structural nuances.

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KBRA Takes Rating Actions on ABMT 2015-3 and CAS 2016-C02

NEW YORK, NY (February 22, 2018) – Kroll Bond Rating Agency (KBRA) has upgraded six classes of mortgage pass-through certificates from Connecticut Avenue Securities, Series 2016-C02 (CAS 2016-C02) and four classes of mortgage pass-through certificates from Agate Bay Mortgage Trust 2015-3 (ABMT 2015-3), while affirming all other KBRA rated classes.

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KBRA Takes Rating Actions on JPMMT 2017-1, SCOT 2017-1, and SEMT 2017-3

NEW YORK, NY (February 22, 2018) – Kroll Bond Rating Agency (KBRA) has affirmed all rated classes of mortgage pass-through certificates from JP Morgan Mortgage Trust 2017-1 (JPMMT 2017-1), Shellpoint Co-Originator Trust 2017-1 (SCOT 2017-1) and Sequoia Mortgage Trust 2017-3 (SEMT 2017-3).

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KBRA Assigns Preliminary Ratings to PNMAC GMSR ISSUER TRUST, Series 2018-GT1 Term Notes

NEW YORK, NY (February 20, 2018) – Kroll Bond Rating Agency (KBRA) assigns a rating of ‘BBB- (sf)’  to the Series 2018-GT1 Term Notes from PNMAC GMSR ISSUER TRUST, PennyMac Loan Services, LLC’s (PLS) master trust issuer of notes backed by participation certificates evidencing participation interest in mortgage servicing rights (MSR) on loans underlying Ginnie Mae guaranteed mortgage backed securities. KBRA’s rating on the notes is primarily dependent upon the rating of Private National Mortgage Acceptance Company, LLC (PNMAC), as repurchase guarantor.

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KBRA Affirms All Classes of VERUS 2017-1

NEW YORK, NY (February 20, 2018) – Kroll Bond Rating Agency (KBRA) has affirmed all rated classes of mortgage pass-through certificates from VERUS Securitization Trust 2017-1 (VERUS 2017-1).

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KBRA Assigns Preliminary Ratings to Sequoia Mortgage Trust 2018-3 (SEMT 2018-3)

NEW YORK, NY (February 12, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to fifty-three classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2018-3 (SEMT 2018-3), a prime RMBS transaction. SEMT 2018-3 contains both prime jumbo (80.5%) and high-balance conforming (19.5%) collateral to borrowers with prime attributes.

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KBRA Assigns Preliminary Ratings to Flagstar Mortgage Trust 2018-1 (FSMT 2018-1)

NEW YORK, NY (February 7, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to 27 classes of mortgage pass-through certificates from Flagstar Mortgage Trust 2018-1 (FSMT 2018-1), a prime RMBS transaction with both non-agency jumbo (63.5%) and high-balance conforming (36.5%) mortgage loans.

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KBRA Takes Rating Actions on ABMT 2015-2, JPMMT 2014-1, SEMT 2017-2, STACR 2014-DN1, and STACR 2017-DNA1

NEW YORK, NY (February 2, 2018) – Kroll Bond Rating Agency (KBRA) has affirmed all rated classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2017-2 (SEMT 2017-2) and Structured Agency Credit Risk Debt Notes, Series 2017-DNA1 (STACR 2017-DNA1). Additionally, KBRA has upgraded three class of mortgage pass-through certificates from Agate Bay Mortgage Trust 2015-2 (ABMT 2015-2), four classes from Structured Agency Credit Risk Debt Notes, Series 2014-DN1 (STACR 2014-DN1), and four classes from JP Morgan Mortgage Trust 2014-1 (JPMMT 2014-1), while affirming all other KBRA rated classes.

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KBRA Assigns Preliminary Ratings to Sequoia Mortgage Trust 2018-CH1 (SEMT 2018-CH1)

NEW YORK, NY (February 1, 2017) – Kroll Bond Rating Agency (KBRA) assigns ratings to 58 classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2018-CH1 (SEMT 2018-CH1), Redwood’s third prime issuance to contain a significant concentration of loans that KBRA considers to be “expanded-prime.”

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KBRA Assigns Ratings to J.P. Morgan Mortgage Trust 2018-1 (JPMMT 2018-1)

NEW YORK, NY (January 31, 2018) – Kroll Bond Rating Agency (KBRA) assigns ratings to twenty-seven classes of mortgage pass-through certificates from J.P. Morgan Mortgage Trust 2018-1 (JPMMT 2018-1), a prime RMBS transaction. JPMMT 2018-1 contains both prime jumbo (58.1%) and high-balance conforming (41.9%) collateral to borrowers with prime attributes.

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KBRA Assigns Ratings to Freddie Mac's STACR 2018-DNA1

NEW YORK, NY (January 30, 2018) – Kroll Bond Rating Agency (KBRA) assigns ratings to 19 classes of notes from Freddie Mac’s Structured Agency Credit Risk (STACR) Debt Notes, Series 2018-DNA1 (STACR 2018-DNA1), a credit risk sharing transaction with a total note offering of $900,000,000. STACR 2018-DNA1 represents Freddie Mac’s 34th risk transfer deal under the STACR shelf, as well as the 11th in its actual loss ‘DNA’ series that features loans with loan-to-value (LTV) ratios greater than 60%, but less than or equal to 80%. The Offered Notes represent unsecured general obligations of Freddie Mac, with payments subject to the credit and principal payment risks of the STACR 2018-DNA1 Reference Pool.

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KBRA Assigns Ratings to Galton Funding Mortgage Trust 2018-1 (GFMT 2018-1)

NEW YORK, NY (January 30, 2018) – Kroll Bond Rating Agency (KBRA) assigns ratings to 50 classes of mortgage pass-through certificates from Galton Funding Mortgage Trust 2018-1 (GFMT 2018-1).

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KBRA Releases Global Reverse Mortgage Methodology

NEW YORK, NY (January 30, 2017) – Kroll Bond Rating Agency (KBRA) has released its methodology for rating securities backed by residential reverse mortgages. The methodology addresses KBRA’s approach to rating reverse mortgage securitizations consisting of collateral originated globally, including the US and various European countries, and contemplates the inclusion of several collateral types including US FHA-insured Home Equity Conversion (“HECM”) loans, so-called “proprietary” US uninsured jumbo reverse mortgages, and equity-release mortgages originated in European countries. 

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KBRA Assigns Ratings to Sequoia Mortgage Trust 2018-2 (SEMT 2018-2)

NEW YORK, NY (January 25, 2018) – Kroll Bond Rating Agency (KBRA) assigns ratings to fifty-three classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2018-2 (SEMT 2018-2), a prime RMBS transaction. SEMT 2018-2 contains both prime jumbo (80.5%) and high-balance conforming (19.5%) collateral to borrowers with prime attributes.

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KBRA Affirms All Classes to Fannie Mae's Connecticut Avenue Securities, Series 2017-C01 (CAS 2017-C01)

NEW YORK, NY (January 22, 2018) – Kroll Bond Rating Agency (KBRA) has affirmed its ratings on classes from the Connecticut Avenue Securities, Series 2017-C01 (CAS 2017-C01) transaction.

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KBRA Assigns Ratings to Sequoia Mortgage Trust 2018-1 (SEMT 2018-1)

NEW YORK, NY (January 19, 2018) – Kroll Bond Rating Agency (KBRA) assigns ratings to fifty-four classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2018-1 (SEMT 2018-1), a prime RMBS transaction. SEMT 2018-1 contains both prime jumbo (92.5%) and high-balance conforming (7.5%) collateral to borrowers with prime attributes.

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KBRA Assigns Preliminary Ratings to Freddie Mac's STACR 2018-DNA1

NEW YORK, NY (January 18, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to 19 classes of notes from Freddie Mac’s Structured Agency Credit Risk (STACR) Debt Notes, Series 2018-DNA1 (STACR 2018-DNA1), a credit risk sharing transaction with a total note offering of $900,000,000. STACR 2018-DNA1 represents Freddie Mac’s 34th risk transfer deal under the STACR shelf, as well as the 11th in its actual loss ‘DNA’ series that features loans with loan-to-value (LTV) ratios greater than 60%, but less than or equal to 80%. The Offered Notes represent unsecured general obligations of Freddie Mac, with payments subject to the credit and principal payment risks of the STACR 2018-DNA1 Reference Pool.

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KBRA Assigns Preliminary Ratings to Galton Funding Mortgage Trust 2018-1 (GFMT 2018-1)

NEW YORK, NY (January 17, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to 50 classes of mortgage pass-through certificates from Galton Funding Mortgage Trust 2018-1 (GFMT 2018-1).

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KBRA Assigns Preliminary Ratings to J.P. Morgan Mortgage Trust 2018-1 (JPMMT 2018-1)

NEW YORK, NY (January 16, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to twenty-seven classes of mortgage pass-through certificates from J.P. Morgan Mortgage Trust 2018-1 (JPMMT 2018-1), a prime RMBS transaction. JPMMT 2018-1 contains both prime jumbo (58.1%) and high-balance conforming (41.9%) collateral to borrowers with prime attributes.

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KBRA Upgrades and Affirms Classes on SEMT 2013-3 and SEMT 2013-4

NEW YORK, NY (January 12, 2018) – Kroll Bond Rating Agency (KBRA) has affirmed and upgraded rated classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2013-3 (SEMT 2013-3) and Sequoia Mortgage Trust 2013-4 (SEMT 2013-4).

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KBRA Assigns Preliminary Ratings to Sequoia Mortgage Trust 2018-1 (SEMT 2018-1)

NEW YORK, NY (January 9, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to fifty-five classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2018-1 (SEMT 2018-1), a prime RMBS transaction. SEMT 2018-1 contains both prime jumbo (92.5%) and high-balance conforming (7.5%) collateral to borrowers with prime attributes.

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KBRA Assigns Preliminary Ratings to Sequoia Mortgage Trust 2018-2 (SEMT 2018-2)

NEW YORK, NY (January 9, 2018) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to fifty-three classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2018-2 (SEMT 2018-2), a prime RMBS transaction. SEMT 2018-2 contains both prime jumbo (80.4%) and high-balance conforming (19.6%) collateral to borrowers with prime attributes.

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KBRA Takes Rating Actions on SEMT 2013-1 and SEMT 2013-2

NEW YORK, NY (December 22, 2017) – Kroll Bond Rating Agency (KBRA) has affirmed all rated classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2013-1 (SEMT 2013-1) and Sequoia Mortgage Trust 2013-2 (SEMT 2013-2).

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KBRA Takes Rating Actions on SEMT 2012-1, SEMT 2012-2, and SEMT 2017-1

NEW YORK, NY (December 21, 2017) – Kroll Bond Rating Agency (KBRA) has affirmed all rated classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2017-1 (SEMT 2017-1). Additionally, KBRA has upgraded one class of mortgage pass-through certificates from Sequoia Mortgage Trust 2012-1 (SEMT 2012-1) and two classes from Sequoia Mortgage Trust 2012-2 (SEMT 2012-2), while affirming all other KBRA rated classes.

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KBRA Upgrades and Affirms Ratings from SEMT 2015-1, WIN 2015-1, and WIN 2015-2

NEW YORK, NY (December 19, 2017) – Kroll Bond Rating Agency (KBRA) has affirmed all rated classes of mortgage pass-through certificates from WinWater Mortgage Loan Trust 2015-1 (WIN 2015-1). Additionally, KBRA has upgraded four classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2015-1 (SEMT 2015-1) and WinWater Mortgage Loan Trust 2015-2 (WIN 2015-2), while affirming all other KBRA rated classes.

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KBRA Releases RMBS Outlook Projecting Continued Sector Growth and Performance in 2018

NEW YORK, NY (December 15, 2017) – Kroll Bond Rating Agency (KBRA) has released a new RMBS Outlook titled “RMBS Outlook: Good ’17 and Headed for Great ’18”. 

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KBRA Assigns Ratings to J.P. Morgan Mortgage Trust 2017-5 (JPMMT 2017-5)

NEW YORK, NY (November 30, 2017) – Kroll Bond Rating Agency (KBRA) assigns ratings to 9 classes of mortgage pass-through certificates from J.P. Morgan Mortgage Trust 2017-5 (JPMMT 2017-5), a prime jumbo RMBS transaction.

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KBRA Assigns Ratings to Sequoia Mortgage Trust 2017-CH2 (SEMT 2017-CH2)

NEW YORK, NY (November 29, 2017) – Kroll Bond Rating Agency (KBRA) assigns ratings to 58 classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2017-CH2 (SEMT 2017-CH2), Redwood’s second prime issuance to contain a significant concentration of loans that KBRA considers to be “expanded-prime”.

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KBRA Upgrades All Outstanding Ratings from STACR 2015-DNA2 and CAS 2016-C01

NEW YORK, NY (November 22, 2017) – Kroll Bond Rating Agency (KBRA) has upgraded all outstanding ratings from the Structured Agency Credit Risk (STACR) Debt Notes, Series 2015-DNA2 (STACR 2015-DNA2) and Fannie Mae’s Connecticut Avenue Securities, Series 2016-C01 (CAS 2016-C01) transactions.

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KBRA Assigns Ratings to Fannie Mae's Connecticut Avenue Securities, Series 2017-C07 (CAS 2017-C07)

NEW YORK, NY (November 21, 2017) – Kroll Bond Rating Agency (KBRA) assigns ratings to 94 classes from Fannie Mae’s Connecticut Avenue Securities, Series 2017-C07 (CAS 2017-C07), a credit risk sharing transaction with a total note offering of $1,160,883,000. CAS 2017-C07 is Fannie Mae’s 23rd risk transfer deal under the CAS shelf, as well as the 15th CAS issuance featuring an actual loss framework. The Offered Notes represent unsecured general obligations of Fannie Mae, with payments subject to the credit and principal payment risks of the CAS 2017-C07 Reference Pool.

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KBRA Upgrades All Outstanding Ratings from STACR 2015-HQ1 and STACR 2014-DN2

NEW YORK, NY (November 17, 2017) – Kroll Bond Rating Agency (KBRA) has upgraded all outstanding ratings from the Structured Agency Credit Risk (STACR) Debt Notes, Series 2015-HQ1 (STACR 2015-HQ1) and Structured Agency Credit Risk (STACR) Debt Notes, Series 2014-DN2 (STACR 2014-DN2) transactions.

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KBRA Assigns Preliminary Ratings to J.P. Morgan Mortgage Trust 2017-5 (JPMMT 2017-5)

NEW YORK, NY (November 16, 2017) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to 9 classes of mortgage pass-through certificates from J.P. Morgan Mortgage Trust 2017-5 (JPMMT 2017-5), a prime jumbo RMBS transaction.

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KBRA Publishes Research: First Reported CRT Delinquencies from Storms May Rise 35-40%

NEW YORK, NY (November 15, 2017) – Kroll Bond Rating Agency (KBRA) has reported on the potential impact areas of Hurricanes Harvey and Irma but their effect on mortgage delinquency rates will become more clear over time. The timing of storm landfall, mortgage due dates, borrower behavior related to intra-month grace periods, and securitization reporting dates somewhat complicate the task of deciphering early delinquency trends related to these events. After parsing these nuances, KBRA highlights the following approximate 30-day delinquency (DQ) observations related to GSE credit risk transfer (CRT) hurricane exposure expected to be reported in late November. The late November CRT reporting will be the first reporting period to cover both storms, and so KBRA’s analysis is limited to 30-day DQ rates. Many of these early delinquencies may cure without realizing losses and while the increase in these delinquency rates are meaningful, we note that both the prior month rates and the expected rates of early delinquency to be reported in November remain historically low.

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KBRA Assigns Preliminary Ratings to Fannie Mae's Connecticut Avenue Securities, Series 2017-C07 (CAS 2017-C07)

NEW YORK, NY (November 13, 2017) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to 94 classes from Fannie Mae’s Connecticut Avenue Securities, Series 2017-C07 (CAS 2017-C07), a credit risk sharing transaction with a total note offering of $1,160,883,000. CAS 2017-C07 is Fannie Mae’s 23rd risk transfer deal under the CAS shelf, as well as the 15th CAS issuance featuring an actual loss framework. The Offered Notes represent unsecured general obligations of Fannie Mae, with payments subject to the credit and principal payment risks of the CAS 2017-C07 Reference Pool.

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KBRA Withdraws its Ratings on Three Classes from JPMMT 2014-1

NEW YORK, NY (November 6, 2017) – Kroll Bond Rating Agency has withdrawn its ratings from the classes shown below following the reduction of their respective principal balances to zero, as reflected in the related transaction’s October 2017 remittance report. For each class, the remittance report did not reflect any accumulated interest shortfalls or principal write-downs.

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KBRA Assigns Preliminary Ratings to Sequoia Mortgage Trust 2017-CH2 (SEMT 2017-CH2)

NEW YORK, NY (November 1, 2017) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to 58 classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2017-CH2 (SEMT 2017-CH2), Redwood’s second prime issuance to contain a significant concentration of loans that KBRA considers to be “expanded-prime”.

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KBRA Affirms Ratings on SCOT 2016-1, STACR 2015-HQA2, CAS 2016-C06 and CAS 2016-C07

NEW YORK, NY (October 12, 2017) – Kroll Bond Rating Agency (KBRA) has affirmed its ratings on classes from the Shellpoint Co-Originator Trust 2016-1 (SCOT 2016-1), Structured Agency Credit Risk Debt Notes, Series 2015-HQA2 (STACR 2015-HQA2), Connecticut Avenue Securities, Series 2016-C06 (CAS 2016-C06) and Connecticut Avenue Securities, Series 2016-C07 (CAS 2016-C07) transactions.

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KBRA Affirms Ratings on SFPMT 2016-1

NEW YORK, NY (October 06, 2017) – Kroll Bond Rating Agency (KBRA) has affirmed all classes of mortgage pass-through certificates from SoFi Mortgage Trust Series (SFPMT 2016-1).

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KBRA Upgrades and Affirms Ratings on FKMT 2014-1, GSMBS 2014-EB1, SEMT 2013-12, and SEMT 2014-4

NEW YORK, NY (October 06, 2017) – Kroll Bond Rating Agency (KBRA) has upgraded four classes of mortgage pass-through certificates from FirstKey Mortgage Trust 2014-1 (FKMT 2014-1), three classes from GS Mortgage-Backed Securities Trust 2014-EB1 (GSMBS 2014-EB1), one class from Sequoia Mortgage Trust 2013-12 (SEMT 2013-12) and four classes from Sequoia Mortgage Trust 2014-4 (SEMT 2014-4), while affirming all other KBRA rated classes

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KBRA Assigns Ratings to Sequoia Mortgage Trust 2017-7 (SEMT 2017-7)

NEW YORK, NY (October 6, 2017) – Kroll Bond Rating Agency (KBRA) assigns ratings to fifty-three classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2017-7 (SEMT 2017-7), a prime RMBS transaction. SEMT 2017-7 contains both prime jumbo (99.8%) and high-balance conforming (0.2%) collateral to borrowers with prime attributes.

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KBRA Assigns Ratings to Shellpoint Co-Originator Trust 2017-2 (SCOT 2017-2)

NEW YORK, NY (September 29, 2017) – Kroll Bond Rating Agency (KBRA) assigns ratings to fifty-three classes of mortgage pass-through certificates from Shellpoint Co-Originator Trust 2017-2 (SCOT 2017-2), a prime RMBS transaction. SCOT 2017-2 contains both prime jumbo (92.2%) and high-balance conforming (7.8%) collateral to borrowers with prime attributes.

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KBRA Assigns Ratings to Sequoia Mortgage Trust 2017-CH1 (SEMT 2017-CH1)

NEW YORK, NY (September 28, 2017) – Kroll Bond Rating Agency (KBRA) assigns ratings to 58 classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2017-CH1 (SEMT 2017-CH1), Redwood’s first prime issuance to contain a significant concentration of loans that KBRA considers to be “expanded-prime”.

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KBRA Assigns Preliminary Ratings to Sequoia Mortgage Trust 2017-7 (SEMT 2017-7)

NEW YORK, NY (September 26, 2017) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to fifty-three classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2017-7 (SEMT 2017-7), a prime RMBS transaction. SEMT 2017-7 contains both prime jumbo (99.8%) and high-balance conforming (0.2%) collateral to borrowers with prime attributes.

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KBRA Assigns Preliminary Ratings to Sequoia Mortgage Trust 2017-CH1 (SEMT 2017-CH1)

NEW YORK, NY (September 18, 2017) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to 58 classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2017-CH1 (SEMT 2017-CH1), Redwood’s first prime issuance to contain a significant concentration of loans that KBRA considers to be “expanded-prime”.

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KBRA Releases Research Report Outlining the Potential Effects of Rising Rates on the RMBS 2.0 Market

NEW YORK, NY (September 15, 2017) – Kroll Bond Rating Agency (KBRA) has released a new Structured Finance research report titled “Mortgage Rates Creating Ripples in RMBS 2.0; Waves to Follow?”

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KBRA Upgrades and Affirms Ratings on JPMMT 2014-OAK4 and JPMMT 2014-5

NEW YORK, NY (September 15, 2017) – Kroll Bond Rating Agency (KBRA) has upgraded four classes of mortgage pass-through certificates from J.P. Morgan Mortgage Trust 2014-OAK4 (JPMMT 2014-OAK4) and two classes of mortgage pass-through certificates from J.P. Morgan Mortgage Trust 2014-5 (JPMMT 2014-5), while affirming all other KBRA rated classes.

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KBRA Releases Report: Deconstructing the Myth of Early 2000s Credit Benchmarking

NEW YORK, NY (September 15, 2017) – KBRA just released a report that examines the credit performance of 2001-2003 vintages. The research was prompted by some market constituent’s belief that the market struck the perfect balance between credit availability and prudent underwriting during the period, pointing to pristine mortgage performance for those loans as evidence. Indeed, investors and originators alike tend to use the 2001-2003 mortgage origination vintages to establish underwriting standards and to benchmark base case default expectations on newly originated loans.

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KBRA Assigns Preliminary Ratings to Shellpoint Co-Originator Trust 2017-2 (SCOT 2017-2)

NEW YORK, NY (September 13, 2017) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to fifty-three classes of mortgage pass-through certificates from Shellpoint Co-Originator Trust 2017-2 (SCOT 2017-2), a prime RMBS transaction. SCOT 2017-2 contains both prime jumbo (92.2%) and high-balance conforming (7.8%) collateral to borrowers with prime attributes.

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KBRA Publishes RMBS Research: Hurricane Irma Potentially KBRA's Largest RMBS Storm Exposure; Harvey Update

NEW YORK, NY (September 8, 2017) – Hurricane Irma, having already brought devastation to parts of the Caribbean, continues its path towards mainland U.S. and is projected to make landfall the morning of Sunday, September 10, 2017. Unfortunately, Irma is also expected to join Harvey, having only made landfall two weeks prior in Texas, as one of the most powerful storms to make landfall in the U.S. in over a decade. Where the catastrophic damage from Harvey was due to both the storm’s strength and its slow moving pace over a relatively confined area, the potential effects from Irma may accumulate quickly as the storm spreads its impact over a number of densely populated areas throughout the southeastern U.S. coast. 

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KBRA Affirms Ratings on STACR 2016-HQA3 and STACR 2016-DNA4

NEW YORK, NY (September 8, 2017) – Kroll Bond Rating Agency (KBRA) has affirmed all rated note classes from Structured Agency Credit Risk (STACR) Debt Notes, Series 2016-HQA3 (STACR 2016-HQA3) and Structured Agency Credit Risk (STACR) Debt Notes, Series 2016-DNA4 (STACR 2016-DNA4).

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KBRA Upgrades and Affirms Ratings on PMT 2013-J1

NEW YORK, NY (September 8, 2017) – Kroll Bond Rating Agency (KBRA) has upgraded three classes of mortgage pass-through certificates from PMT Loan Trust 2013-J1 (PMT 2013-J1), while affirming all other rated classes.

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KBRA Upgrades and Affirms Ratings on STACR 2015-HQA1

NEW YORK, NY (September 5, 2017) – Kroll Bond Rating Agency (KBRA) has upgraded four rated note classes from Structured Agency Credit Risk (STACR) Debt Notes, Series 2015-HQA1 (STACR 2015-HQA1), while affirming all other KBRA rated classes.

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KBRA Withdraws Ratings on Six Classes from JPMMT 2015-5

NEW YORK, NY (August 31, 2017) – Kroll Bond Rating Agency has withdrawn its ratings from the classes shown below following the reduction of their respective principal or notional balances to zero, as reflected in the related transaction’s August 2017 remittance report. For each class, the remittance report did not reflect any accumulated interest shortfalls or principal write-downs.

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KBRA Assigns Final Ratings to Sequoia Mortgage Trust 2017-6 (SEMT 2017-6)

NEW YORK, NY (August 30, 2017) – Kroll Bond Rating Agency (KBRA) assigns final ratings to fifty-three classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2017-6 (SEMT 2017-6), a prime RMBS transaction. SEMT 2017-6 contains both prime jumbo (96.4%) and high-balance conforming (3.6%) collateral to borrowers with prime attributes.

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KBRA Withdraws Its Ratings on Six Classes from SEMT 2013-11

NEW YORK, NY (August 29, 2017) – Kroll Bond Rating Agency has withdrawn its ratings from the classes shown below following the reduction of their respective principal or notional balances to zero, as reflected in the related transaction’s August 2017 remittance report. For each class, the remittance report did not reflect any accumulated interest shortfalls or principal write-downs.

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KBRA Publishes RMBS Research: RMBS 2.0 Exposure to Hurricane Harvey Affected Counties

NEW YORK, NY (August 28, 2017) – On August 26, 2017, Hurricane Harvey made landfall in the United States as a Category 4 hurricane through the Gulf coast of Texas. Hurricane Harvey is the first major hurricane to make landfall in the U.S. since 2005, with some initial damage estimates in the tens of billions. As of the morning of August 28th, 54 counties have been declared disaster areas by the state of Texas and five by the state of Louisiana. The Federal Emergency Management Agency (FEMA) has also placed 24 of those counties under a disaster declaration. Hurricane Harvey, which has been downgraded to a tropical storm, is expected to remain in the Gulf area until at least August 31, 2017.

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KBRA Upgrades and Affirms Ratings on SEMT 2012-5, SEMT 2012-6, and WIN 2014-2

NEW YORK, NY (August 24, 2017) – Kroll Bond Rating Agency (KBRA) has upgraded one class of mortgage pass-through certificates from Sequoia Mortgage Trust 2012-5 (SEMT 2012-5), two classes from Sequoia Mortgage Trust 2012-6 (SEMT 2012-6) and four classes from WinWater Mortgage Loan Trust 2014-2 (WIN 2014-2), while affirming all other KBRA rated classes.

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KBRA Affirms Ratings on JPMMT 2016-5, SEMT 2015-4 and OAKS 2015-2

NEW YORK, NY (August 24, 2017) – Kroll Bond Rating Agency (KBRA) has affirmed ratings on all classes of mortgage pass-through certificates from J.P. Morgan Mortgage Trust 2016-5 (JPMMT 2016-5), Oaks Mortgage Trust Series 2015-2 (OAKS 2015-2) and Sequoia Mortgage Trust 2015-4 (SEMT 2015-4).

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KBRA Assigns Ratings to Fannie Mae's Connecticut Avenue Securities, Series 2017-C06 (CAS 2017-C06)

NEW YORK, NY (August 23, 2017) – Kroll Bond Rating Agency (KBRA) assigns ratings to 94 classes from Fannie Mae’s Connecticut Avenue Securities, Series 2017-C06 (CAS 2017-C06), a credit risk sharing transaction with a total note offering of $1,069,435,000. CAS 2017-C04 is Fannie Mae’s 22nd risk transfer deal under the CAS shelf, as well as the fourteenth CAS issuance featuring an actual loss framework. The Offered Notes represent unsecured general obligations of Fannie Mae, with payments subject to the credit and principal payment risks of the CAS 2017-C06 Reference Pool.

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KBRA Upgrades and Affirms Ratings on Sequoia Mortgage Trust 2014-3 (SEMT 2014-3)

NEW YORK, NY (August 15, 2017) – Kroll Bond Rating Agency (KBRA) has upgraded four classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2014-3 (SEMT 2014-3), while affirming all other KBRA rated classes.

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KBRA Affirms Ratings on Sequoia Mortgage Trust 2016-3 (SEMT 2016-3)

NEW YORK, NY (August 15, 2017) – Kroll Bond Rating Agency (KBRA) has affirmed its ratings on classes of mortgage pass-through certificates from the Sequoia Mortgage Trust 2016-3 (SEMT 2016-3).

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KBRA Upgrades and Affirms Ratings on WinWater Mortgage Loan Trust 2014-1 (WIN 2014-1)

NEW YORK, NY (August 15, 2017) – Kroll Bond Rating Agency (KBRA) has upgraded six classes of mortgage pass-through certificates from WinWater Mortgage Loan Trust 2014-1 (WIN 2014-1), while affirming all other KBRA rated classes.

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KBRA Assigns Preliminary Ratings to Fannie Mae's Connecticut Avenue Securities, Series 2017-C06 (CAS 2017-C06)

NEW YORK, NY (August 11, 2017) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to 94 classes from Fannie Mae’s Connecticut Avenue Securities, Series 2017-C06 (CAS 2017-C06), a credit risk sharing transaction with a total note offering of $1,069,435,000. CAS 2017-C06 is Fannie Mae’s 22nd risk transfer deal under the CAS shelf, as well as the fourteenth CAS issuance featuring an actual loss framework. The Offered Notes represent unsecured general obligations of Fannie Mae, with payments subject to the credit and principal payment risks of the CAS 2017-C06 Reference Pool.

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KBRA Affirms Ratings on JPMMT 2016-2, JPMMT 2016-3, and CAS 2016-C05

NEW YORK, NY (August 10, 2017) – Kroll Bond Rating Agency (KBRA) has affirmed its ratings for J.P. Morgan Mortgage Trust 2016-2 (JPMMT 2016-2), J.P. Morgan Mortgage Trust 2016-3 (JPMMT 2016-3) and Fannie Mae’s Connecticut Avenue Securities, Series 2016-C05 (CAS 2016-C05).

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KBRA Assigns Preliminary Ratings to Sequoia Mortgage Trust 2017-6 (SEMT 2017-6)

NEW YORK, NY (August 10, 2017) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to fifty-three classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2017-6 (SEMT 2017-6), a prime RMBS transaction. SEMT 2017-6 contains both prime jumbo (96.4%) and high-balance conforming (3.6%) collateral to borrowers with prime attributes.

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Kroll Bond Rating Agency Assigns Ratings to Flagstar Mortgage Trust 2017-1 (FSMT 2017-1)

NEW YORK, NY (July 31, 2017) – Kroll Bond Rating Agency (KBRA) assigns ratings to 25 classes of mortgage pass-through certificates from Flagstar Mortgage Trust 2017-1 (FSMT 2017-1), a prime jumbo RMBS transaction.

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Kroll Bond Rating Agency Assigns Final Ratings to Sequoia Mortgage Trust 2017-5 (SEMT 2017-5)

NEW YORK, NY (July 28, 2017) – Kroll Bond Rating Agency (KBRA) assigns final ratings to fifty-three classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2017-5 (SEMT 2017-5), a prime jumbo RMBS transaction.

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Kroll Bond Rating Agency Takes Rating Actions on CAS 2016-C04

NEW YORK, NY (July 28, 2017) – Kroll Bond Rating Agency (KBRA) has taken rating actions on classes of mortgage pass-through certificates from Fannie Mae’s Connecticut Avenue Securities, Series 2016-C04 (CAS 2016-C04).

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Kroll Bond Rating Agency Affirms and Upgrades Ratings on JPMMT 2014-IVR3

NEW YORK, NY (July 27, 2017) – Kroll Bond Rating Agency (KBRA) has affirmed the ratings on six classes and upgraded the ratings on four classes of mortgage pass-through certificates from J.P. Morgan Mortgage Trust 2014-IVR3 (JPMMT 2014-IVR3).

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Kroll Bond Rating Agency Takes Rating Actions on ABMT 2015-6, ABMT 2015-7, ABMT 2016-3, and JPMMT 2015-4

NEW YORK, NY (July 27, 2017) – Kroll Bond Rating Agency (KBRA) has taken rating actions on classes of mortgage pass-through certificates from Agate Bay Mortgage Trust 2015-6 (ABMT 2015-6), Agate Bay Mortgage Trust 2015-7 (ABMT 2015-7), Agate Bay Mortgage Trust 2016-3 (ABMT 2016-3), and J.P. Morgan Mortgage Trust 2015-4 (JPMMT 2015-4).

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Flagstar Mortgage Trust 2017-1 (FSMT 2017-1)

NEW YORK, NY (July 24, 2017) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to 25 classes of mortgage pass-through certificates from Flagstar Mortgage Trust 2017-1 (FSMT 2017-1), a prime jumbo RMBS transaction.

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Kroll Bond Rating Agency Withdraws Its Ratings on Three Classes from STACR 2014-DN1

NEW YORK, NY (July 10, 2017) – Kroll Bond Rating Agency has withdrawn its ratings from the classes shown below following the reduction of their respective principal or notional balances to zero, as reflected in the related transaction’s June 2017 remittance report. For each class, the remittance report did not reflect any accumulated interest shortfalls or principal write-downs.

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Sequoia Mortgage Trust 2017-5 (SEMT 2017-5)

NEW YORK, NY (July 6, 2017) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to fifty-three classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2017-5 (SEMT 2017-5), a prime jumbo RMBS transaction.

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Kroll Bond Rating Agency Has Taken Rating Actions on ABMT 2015-5, JPMMT 2015-5 and SEMT 2016-2

NEW YORK, NY (June 29, 2017) – Kroll Bond Rating Agency (KBRA) has taken rating actions on classes of mortgage pass-through certificates from Agate Bay Mortgage Trust 2015-5 (ABMT 2015-5), J.P. Morgan Mortgage Trust 2015-5 (JPMMT 2015-5) and Sequoia Mortgage Trust 2016-2 (SEMT 2016-2).

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Kroll Bond Rating Agency Assigns Ratings to Sequoia Mortgage Trust 2017-4 (SEMT 2017-4)

NEW YORK, NY (June 29, 2017) – Kroll Bond Rating Agency (KBRA) assigns ratings to fifty-three classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2017-4 (SEMT 2017-4), a prime jumbo RMBS transaction.

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Kroll Bond Rating Agency Has Taken Rating Actions on NRP 2013-1, JPMMT 2013-3 and SEMT 2014-2

NEW YORK, NY (June 26, 2017) – Kroll Bond Rating Agency (KBRA) has taken rating actions on classes of mortgage pass-through certificates from NRP Mortgage Trust 2013-1 (NRP 2013-1), J.P. Morgan Mortgage Trust 2013-3 (JPMMT 2013-3) and Sequoia Mortgage Trust 2014-2 (SEMT 2014-2).

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Kroll Bond Rating Agency Affirms Ratings on NRMLT 2015-1

NEW YORK, NY (June 23, 2017) – Kroll Bond Rating Agency (KBRA) has affirmed its ratings on all rated classes of mortgage pass-through certificates from New Residential Mortgage Loan Trust 2015-1 (NRMLT 2015-1). 

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Kroll Bond Rating Agency Has Taken Rating Actions on SEMT 2013-10, SEMT 2013-11 and JPMMT 2014-2

NEW YORK, NY (June 22, 2017) – Kroll Bond Rating Agency (KBRA) has taken rating actions on classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2013-10 (SEMT 2013-10), Sequoia Mortgage Trust 2013-11 (SEMT 2013-11) and J.P. Morgan Mortgage Trust 2014-2 (JPMMT 2014-2).

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Kroll Bond Rating Agency Assigns Ratings to Freddie Mac STACR 2017-HQA2

NEW YORK, NY (June 20, 2017) – Kroll Bond Rating Agency, Inc. (KBRA) assigns ratings to 19 classes of notes from Freddie Mac’s Structured Agency Credit Risk (STACR) Debt Notes, Series 2017-HQA2 (STACR 2017-HQA2), a credit risk sharing transaction with a total note offering of $735,000,000. STACR 2017-HQA2 represents Freddie Mac’s 29th risk transfer deal under the STACR shelf, as well as the third in its actual loss ‘HQA’ series that features loans with loan-to-value (LTV) ratios greater than 80%, but less than or equal to 97%. The Offered Notes represent unsecured general obligations of Freddie Mac, with payments subject to the credit and principal payment risks of the 2017-HQA2 Reference Pool.

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Kroll Bond Rating Agency Has Taken Rating Actions on SAFT 2013-1 and SEMT 2013-9

NEW YORK, NY (June 16, 2017) – Kroll Bond Rating Agency (KBRA) has taken rating actions on classes of mortgage pass-through certificates from Shellpoint Asset Funding Trust 2013-1 (SAFT 2013-1) and Sequoia Mortgage Trust 2013-9 (SEMT 2013-9).

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Kroll Bond Rating Agency Assigns Ratings to Deephaven Residential Mortgage Trust 2017-2 (DRMT 2017-2)

NEW YORK, NY (June 14, 2017) – Kroll Bond Rating Agency (KBRA) assigns ratings to three classes of mortgage pass-through certificates from Deephaven Residential Mortgage Trust 2017-2 (DRMT 2017-2), the second non-prime securitization of 2017 from Deephaven Mortgage, LLC. DRMT 2017-2 is the third DRMT-shelf non-prime securitization from Deephaven Mortgage, LLC since its first post-crisis non-prime securitization in 2016.

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Kroll Bond Rating Agency Assigns Ratings to Deephaven Residential Mortgage Trust 2017-2 (DRMT 2017-2)

NEW YORK, NY (June 13, 2017) – Kroll Bond Rating Agency (KBRA) assigns ratings to three classes of mortgage pass-through certificates from Deephaven Residential Mortgage Trust 2017-2 (DRMT 2017-2), the second non-prime securitization of 2017 from Deephaven Mortgage, LLC. DRMT 2017-2 is the third DRMT-shelf non-prime securitization from Deephaven Mortgage, LLC since its first post-crisis non-prime securitization in 2016.

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Kroll Bond Rating Agency Has Taken Rating Actions on SEMT 2012-4

Kroll Bond Rating Agency (KBRA) has taken rating actions on classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2012-4 (SEMT 2012-4).

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Freddie Mac STACR 2017-HQA2

NEW YORK, NY (June 8, 2017) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to 19 classes of notes from Freddie Mac’s Structured Agency Credit Risk (STACR) Debt Notes, Series 2017-HQA2 (STACR 2017-HQA2), a credit risk sharing transaction with a total note offering of $735,000,000. STACR 2017-HQA2 represents Freddie Mac’s 29th risk transfer deal under the STACR shelf, as well as the third in its actual loss ‘HQA’ series that features loans with loan-to-value (LTV) ratios greater than 80%, but less than or equal to 97%. The Offered Notes represent unsecured general obligations of Freddie Mac, with payments subject to the credit and principal payment risks of the 2017-HQA2 Reference Pool.

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Deephaven Residential Mortgage Trust 2017-2 (DRMT 2017-2)

NEW YORK, NY (June 6, 2017) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of mortgage pass-through certificates from Deephaven Residential Mortgage Trust 2017-2 (DRMT 2017-2), the second non-prime securitization of 2017 from Deephaven Mortgage, LLC. DRMT 2017-2 is the third DRMT-shelf non-prime securitization from Deephaven Mortgage, LLC since its first post-crisis non-prime securitization in 2016. 

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Kroll Bond Rating Agency Assigns Final Ratings to J.P. Morgan Mortgage Trust 2017-2 (JPMMT 2017-2)

NEW YORK, NY (May 31, 2017) – Kroll Bond Rating Agency (KBRA) assigns final ratings to 27 classes of mortgage pass-through certificates from J.P. Morgan Mortgage Trust 2017-2 (JPMMT 2017-2), a prime jumbo RMBS transaction.

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Kroll Bond Rating Agency Assigns Final Ratings to Fannie Mae's Connecticut Avenue Securities, Series 2017-C04 (CAS 2017-C04)

NEW YORK, NY (May 31, 2017) – Kroll Bond Rating Agency (KBRA) assigns final ratings to 47 classes from Fannie Mae’s Connecticut Avenue Securities, Series 2017-C04 (CAS 2017-C04), a credit risk sharing transaction with a total note offering of $1,002,610,000. CAS 2017-C04 is Fannie Mae’s 20th risk transfer deal under the CAS shelf, as well as the twelfth CAS issuance featuring an actual loss framework. The Offered Notes represent unsecured general obligations of Fannie Mae, with payments subject to the credit and principal payment risks of the CAS 2017-C04 Reference Pool.

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Sequoia Mortgage Trust 2017-4 (SEMT 2017-4)

NEW YORK, NY (May 31, 2017) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to fifty-three classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2017-4 (SEMT 2017-4), a prime jumbo RMBS transaction.

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Kroll Bond Rating Agency Affirms Ratings on STACR 2016-HQA2

NEW YORK, NY (May 25, 2017) – Kroll Bond Rating Agency (KBRA) has affirmed its ratings for Freddie Mac’s Structured Agency Credit Risk (STACR) Debt Notes, Series 2016-HQA2 (STACR 2016-HQA2), a credit risk sharing transaction. In performing these rating actions, KBRA considered the transaction’s collateral performance, home price trends, deal structure and current credit enhancement, as more fully described in the deal’s surveillance report.

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Kroll Bond Rating Agency Affirmed Ratings on STACR 2015-DNA2

NEW YORK, NY (May 24, 2017) – Kroll Bond Rating Agency (KBRA) has affirmed its ratings for Freddie Mac’s Structured Agency Credit Risk (STACR) Debt Notes, Series 2015-DNA2 (STACR 2015-DNA2), a credit risk sharing transaction. In performing these rating actions, KBRA considered the transaction’s collateral performance, home price trends, deal structure, current credit enhancement and updated loss estimates, as more fully described in the deal’s surveillance report: STACR 2015-DNA2 Surveillance Report.

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Kroll Bond Rating Agency Has Taken Rating Actions on Sequoia Mortgage Trust 2016-1 (SEMT 2016-1)

NEW YORK, NY (May 23, 2017) – Kroll Bond Rating Agency (KBRA) has taken rating actions on its rated classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2016-1.

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Fannie Mae's Connecticut Avenue Securities, Series 2017-C04 (CAS 2017-C04)

NEW YORK, NY (May 22, 2017) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to 47 classes from Fannie Mae’s Connecticut Avenue Securities, Series 2017-C04 (CAS 2017-C04), a credit risk sharing transaction with a total note offering of $1,002,610,000. CAS 2017-C04 is Fannie Mae’s 20th risk transfer deal under the CAS shelf, as well as the twelfth CAS issuance featuring an actual loss framework. The Offered Notes represent unsecured general obligations of Fannie Mae, with payments subject to the credit and principal payment risks of the CAS 2017-C04 Reference Pool.

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Kroll Bond Rating Agency Assigns Preliminary Ratings to J.P. Morgan Mortgage Trust 2017-2 (JPMMT 2017-2)

NEW YORK, NY (May 18, 2017) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to 27 classes of mortgage pass-through certificates from J.P. Morgan Mortgage Trust 2017-2 (JPMMT 2017-2), a prime jumbo RMBS transaction.

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Kroll Bond Rating Agency Has Taken Rating Actions on ABMT 2015-4, JPMMT 2015-3, SEMT 2015-3, WIN 2015-4 and JPMMT 2013-2

NEW YORK, NY (May 12, 2017) – Kroll Bond Rating Agency (KBRA) has taken rating actions on its rated classes of mortgage pass-through certificates from Agate Bay Mortgage Trust 2015-4 (ABMT 2015-4), J.P. Morgan Mortgage Trust 2015-3 (JPMMT 2015-3), Sequoia Mortgage Trust 2015-3 (SEMT 2015-3), WinWater Mortgage Loan Trust 2015-4 (WIN 2015-4) and J.P. Morgan Mortgage Trust 2013-2 (JPMMT 2013-2).

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Kroll Bond Rating Agency Analyzes Freddie Mac HVE in STACR Transactions

NEW YORK, NY (May 12, 2017) – Kroll Bond Rating Agency (KBRA) has analyzed ongoing disclosures which Freddie Mac began reporting for its STACR-series credit risk transfer (CRT) transactions beginning in early 2016. This analysis joins other recent research KBRA has conducted into ongoing disclosures from both GSEs on their CRT transactions that have included items such as updated borrower credit scores, the status of mortgage insurance (MI) policies, and estimated current loan-to-value (LTV) information.  KBRA’s new report focuses specifically on Freddie Mac’s periodic and ongoing reporting of loan-level estimated current LTV.

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Kroll Bond Rating Agency Has Taken Rating Actions on SEMT 2012-3, SEMT 2013-6, SEMT 2013-7, SEMT 2013-8

NEW YORK, NY (April 21, 2017) – Kroll Bond Rating Agency (KBRA) has taken rating actions on its rated classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2012-3 (SEMT 2012-3), Sequoia Mortgage Trust 2013-6 (SEMT 2013-6), Sequoia Mortgage Trust 2013-7 (SEMT 2013-7) and Sequoia Mortgage Trust  2013-8 (SEMT 2013-8). 

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Kroll Bond Rating Agency has affirmed its ratings on CAS 2016-C03

NEW YORK, NY (April 19, 2017) – Kroll Bond Rating Agency (KBRA) has affirmed its ratings for Fannie Mae’s Connecticut Avenue Securities, Series 2016-C03 (CAS 2016-C03), a credit risk sharing transaction. In performing these rating actions, KBRA considered the transaction’s collateral performance, home price trends, deal structure, current credit enhancement and updated loss estimates, as more fully described in the deal’s surveillance report: CAS 2016-C03 Surveillance Report.

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Kroll Bond Rating Agency Affirms Ratings for STACR 2014-DN2

NEW YORK, NY (April 7, 2017) – Kroll Bond Rating Agency (KBRA) has affirmed its ratings for all rated note classes outstanding from Freddie Mac’s Structured Agency Credit Risk (STACR) Debt Notes, Series 2014-DN2 (STACR 2014-DN2), a credit risk transfer transaction. The transaction was issued in April 2014.

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Kroll Bond Rating Agency Upgrades and Affirms Various Ratings for SEMT 2014-1 & STACR 2015-HQ1

NEW YORK, NY (March 31, 2017) – Kroll Bond Rating Agency (KBRA) has assigned rating affirmations and upgrades to Sequoia Mortgage Trust 2014-1 (SEMT 2014-1), while affirming all outstanding ratings for Structured Agency Credit Risk (STACR) Debt Notes, Series 2015-HQ1 (STACR 2015-HQ1). Three classes in SEMT 2014-1 were upgraded and all other ratings were affirmed.

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Kroll Bond Rating Agency Assigns Ratings to Shellpoint Co-Originator Mortgage Trust 2017-1 (SCOT 2017-1)

NEW YORK, NY (March 31, 2017) – Kroll Bond Rating Agency (KBRA) assigns ratings to 53 classes of mortgage pass-through certificates from Shellpoint Co-Originator Mortgage Trust 2017-1 (SCOT 2017-1), a prime jumbo RMBS transaction.

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Kroll Bond Rating Agency Assigns Ratings to Sequoia Mortgage Trust 2017-3 (SEMT 2017-3)

NEW YORK, NY (March 27, 2017) – Kroll Bond Rating Agency (KBRA) assigns final ratings to fifty-three classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2017-3 (SEMT 2017-3), a prime jumbo RMBS transaction.

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Kroll Bond Rating Agency Upgrades Three Ratings from JPMMT 2013-1; Affirms 19

NEW YORK, NY (March 24, 2017) – Kroll Bond Rating Agency (KBRA) recently performed a full surveillance review on J.P. Morgan Mortgage Trust 2013-1 (JPMMT 2013-1), a residential prime jumbo securitization.

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Kroll Bond Rating Agency Affirms Various Ratings for SEMT 2013-5 & WIN 2015-3

NEW YORK, NY (March 24, 2017) – Kroll Bond Rating Agency (KBRA) has affirmed all of its outstanding ratings on two residential prime jumbo securitizations, including Sequoia Mortgage Trust 2013-5 (SEMT 2013-5) and WinWater Mortgage Loan Trust 2015-3 (WIN 2015-3).  Eight ratings were affirmed on the former deal, while 48 ratings were affirmed on the latter deal.  In conjunction with the transaction reviews, no upgrades or downgrades were effectuated.

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Kroll Bond Rating Agency Assigns Final Ratings to Fannie Mae's Connecticut Avenue Securities, Series 2017-C02 (CAS 2017-C02)

NEW YORK, NY (March 22, 2017) – Kroll Bond Rating Agency (KBRA) assigns final ratings to 47 classes from Fannie Mae’s Connecticut Avenue Securities, Series 2017-C02 (CAS 2017-C02), a credit risk sharing transaction with a total note offering of $1,329,614,000. CAS 2017-C02 is Fannie Mae’s 18th risk transfer deal under the CAS shelf, as well as the tenth CAS issuance featuring an actual loss framework. The Offered Notes represent unsecured general obligations of Fannie Mae, with payments subject to the credit and principal payment risks of the CAS 2017-C02 Reference Pool.   

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Kroll Bond Rating Agency Upgraded Ratings on RPMLT 2014-1 Trust

NEW YORK, NY (March 20, 2017) – Kroll Bond Rating Agency (KBRA) has upgraded its rated classes from RPMLT 2014-1 Trust, a re-performing loan transaction.

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Shellpoint Co-Originator Mortgage Trust 2017-1 (SCOT 2017-1)

NEW YORK, NY (March 13, 2017) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to 53 classes of mortgage pass-through certificates from Shellpoint Co-Originator Mortgage Trust 2017-1 (SCOT 2017-1), a prime jumbo RMBS transaction.

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Fannie Mae's Connecticut Avenue Securities, Series 2017-C02 (CAS 2017-C02)

NEW YORK, NY (March 13, 2017) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to 47 classes from Fannie Mae’s Connecticut Avenue Securities, Series 2017-C02 (CAS 2017-C02), a credit risk sharing transaction with a total note offering of $1,329,614,000. CAS 2017-C02 is Fannie Mae’s 18th risk transfer deal under the CAS shelf, as well as the tenth CAS issuance featuring an actual loss framework. The Offered Notes represent unsecured general obligations of Fannie Mae, with payments subject to the credit and principal payment risks of the CAS 2017-C02 Reference Pool.   

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Kroll Bond Rating Agency Has Taken Rating Actions on ABMT 2015-2, ABMT 2015-3, JPMMT 2015-IVR2 and SEMT 2015-2

NEW YORK, NY (March 8, 2017) – Kroll Bond Rating Agency (KBRA) has taken rating actions on its rated classes of mortgage pass-through certificates from Agate Bay Mortgage Trust 2015-2 (ABMT 2015-2), Agate Bay Mortgage Trust 2015-3 (ABMT 2015-3), J.P. Morgan Mortgage Trust 2015-IVR2 (JPMMT 2015-IVR2) and Sequoia Mortgage Trust 2015-2 (SEMT 2015-2). 

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Sequoia Mortgage Trust 2017-3 (SEMT 2017-3)

NEW YORK, NY (March 6, 2017) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to fifty-three classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2017-3 (SEMT 2017-3), a prime jumbo RMBS transaction.

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Kroll Bond Rating Agency Assigns Ratings to J.P. Morgan Mortgage Trust 2017-1 (JPMMT 2017-1)

NEW YORK, NY (February 28, 2017) – Kroll Bond Rating Agency (KBRA) assigns ratings to 24 classes of mortgage pass-through certificates from J.P. Morgan Mortgage Trust 2017-1 (JPMMT 2017-1), a prime jumbo RMBS transaction.

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Kroll Bond Rating Agency Affirms Ratings on CAS 2016-C01 and CAS 2016-C02 Notes

NEW YORK, NY (February 22, 2017) – Kroll Bond Rating Agency (KBRA) has affirmed its ratings for Fannie Mae’s Connecticut Avenue Securities, Series 2016-C01 (CAS 2016-C01) and Connecticut Avenue Securities, Series 2016-C02 (CAS 2016-C02), both of which are credit risk sharing transactions. In performing these rating actions, KBRA considered each transaction’s collateral performance, home price trends, deal structure, current credit enhancement and updated loss estimates as more fully described in each deal’s surveillance report.

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Kroll Bond Rating Agency Assigns Ratings to Verus Securitization Trust 2017-1 (VERUS 2017-1)

NEW YORK, NY (February 22, 2017) – Kroll Bond Rating Agency (KBRA) assigns ratings to six classes of mortgage pass-through certificates from Invictus Capital Partners, LP’s (Invictus) inaugural non-prime RMBS securitization, Verus Securitization Trust 2017-1 (VERUS 2017-1). VERUS 2017-1 is the second shelf to issue a rated transaction backed by non-prime mortgages following the financial crisis.

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Kroll Bond Rating Agency has taken rating action on JPMMT 2014-1

NEW YORK, NY (February 17, 2017) – Kroll Bond Rating Agency (KBRA) has taken rating actions on its rated classes from J.P. Morgan Mortgage Trust 2014-1 (JPMMT 2014-1), a prime jumbo transaction. 

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Kroll Bond Rating Agency Has Taken Rating Actions on STACR 2014-DN1

NEW YORK, NY (February 13, 2017) – Kroll Bond Rating Agency (KBRA) has taken rating actions on its rated note classes from Freddie Mac’s Structured Agency Credit Risk (STACR) Debt Notes, Series 2014-DN1 (STACR 2014-DN1). The transaction was issued in February 2014 and is a credit risk transfer transaction.    

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Kroll Bond Rating Agency Withdraws its Ratings on Three Classes from STACR 2015-HQA2

NEW YORK, NY (February 13, 2017) – Kroll Bond Rating Agency has withdrawn its ratings from the classes shown below following the reduction of their respective principal balances down to zero, as reflected in the related transaction’s January 2017 remittance report. For each class, the remittance report did not reflect any accumulated interest shortfalls or principal write-downs.

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Kroll Bond Rating Agency Assigns Preliminary Ratings to J.P. Morgan Mortgage Trust 2017-1 (JPMMT 2017-1)

NEW YORK, NY (February 13, 2017) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to 25 classes of mortgage pass-through certificates from J.P. Morgan Mortgage Trust 2017-1 (JPMMT 2017-1), a prime jumbo RMBS transaction.

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Verus Securitization Trust 2017-1 (VERUS 2017-1)

NEW YORK, NY (February 9, 2017) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to six classes of mortgage pass-through certificates from Invictus Capital Partners, LP’s (Invictus) inaugural non-prime RMBS securitization, Verus Securitization Trust 2017-1 (VERUS 2017-1). VERUS 2017-1 is the second shelf to issue a rated transaction backed by non-prime mortgages following the financial crisis.

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Kroll Bond Rating Agency Assigns Final Ratings to Freddie Mac STACR 2017-DNA1

NEW YORK, NY (February 7, 2017) – Kroll Bond Rating Agency (KBRA) assigns final ratings to 19 classes of notes from Freddie Mac’s Structured Agency Credit Risk (STACR) Debt Notes, Series 2017-DNA1 (STACR 2017-DNA1), a credit risk sharing transaction with a total note offering of $802,000,000. STACR 2017-DNA1 represents Freddie Mac’s 26th risk transfer deal under the STACR shelf, as well as the eighth in its actual loss DNA series that features loans with loan-to-value (LTV) ratios greater than 60%, but less than or equal to 80%. The Offered Notes represent unsecured general obligations of Freddie Mac, with payments subject to the credit and principal payment risks of the STACR 2017-DNA1 Reference Pool.

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Sequoia Mortgage Trust 2017-2 (SEMT 2017-2)

NEW YORK, NY (January 31, 2017) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to fifty-three classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2017-2 (SEMT 2017-2), a prime jumbo RMBS transaction.

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Kroll Bond Rating Agency Assigns Final Ratings to Fannie Mae's Connecticut Avenue Securities, Series 2017-C01 (CAS 2017-C01)

NEW YORK, NY (January 26, 2017) – Kroll Bond Rating Agency (KBRA) assigns final ratings to 47 classes from Fannie Mae’s Connecticut Avenue Securities, Series 2017-C01 (CAS 2017-C01), a credit risk sharing transaction with a total note offering of $1,351,026,000. CAS 2017-C01 is Fannie Mae’s 17th risk transfer deal under the CAS shelf, as well as the ninth CAS issuance featuring an actual loss framework. The Offered Notes represent unsecured general obligations of Fannie Mae, with payments subject to the credit and principal payment risks of the CAS 2017-C01 Reference Pool.   

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Freddie Mac STACR 2017-DNA1

NEW YORK, NY (January 25, 2017) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to 19 classes of notes from Freddie Mac’s Structured Agency Credit Risk (STACR) Debt Notes, Series 2017-DNA1 (STACR 2017-DNA1), a credit risk sharing transaction with a total note offering of $742,000,000. STACR 2017-DNA1 represents Freddie Mac’s 26th risk transfer deal under the STACR shelf, as well as the eighth in its actual loss ‘DNA’ series that features loans with loan-to-value (LTV) ratios greater than 60%, but less than or equal to 80%. The Offered Notes represent unsecured general obligations of Freddie Mac, with payments subject to the credit and principal payment risks of the STACR 2017-DNA1 Reference Pool.

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Kroll Bond Rating Agency Assigns Ratings to Sequoia Mortgage Trust 2017-1 (SEMT 2017-1)

NEW YORK, NY (January 20, 2017) – Kroll Bond Rating Agency (KBRA) assigns final ratings to fifty-three classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2017-1 (SEMT 2017-1), a prime jumbo RMBS transaction.

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Kroll Bond Rating Agency Has Taken Rating Actions on SEMT 2015-1, WIN 2015-1 and WIN 2015-2

NEW YORK, NY (January 18, 2017) – Kroll Bond Rating Agency (KBRA) has taken rating actions on its rated classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2015-1 (SEMT 2015-1), WinWater Mortgage Loan Trust 2015-1 (WIN 2015-1) and WinWater Mortgage Loan Trust 2015-2 (WIN 2015-2). 

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Fannie Mae's Connecticut Avenue Securities, Series 2017-C01 (CAS 2017-C01)

NEW YORK, NY (January 17, 2017) – Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to 47 classes from Fannie Mae’s Connecticut Avenue Securities, Series 2017-C01 (CAS 2017-C01), a credit risk sharing transaction with a total note offering of $1,263,176,000. CAS 2017-C01 is Fannie Mae’s 17th risk transfer deal under the CAS shelf, as well as the ninth CAS issuance featuring an actual loss framework. The Offered Notes represent unsecured general obligations of Fannie Mae, with payments subject to the credit and principal payment risks of the CAS 2017-C01 Reference Pool.   

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Kroll Bond Rating Agency Has Taken Rating Actions on SEMT 2012-1, SEMT 2012-2 and SEMT 2013-1 through SEMT 2013-4

NEW YORK, NY (January 13, 2017) – Kroll Bond Rating Agency (KBRA) has taken rating actions on its rated classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2012-1 (SEMT 2012-1), SEMT 2012-2, SEMT 2013-1, SEMT 2013-2, SEMT 2013-3 and SEMT 2013-4. 

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Sequoia Mortgage Trust 2017-1 (SEMT 2017-1)

NEW YORK, NY (January 5, 2017) – Kroll Bond Rating Agency, Inc. (KBRA) assigns preliminary ratings to fifty-three classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2017-1 (SEMT 2017-1), a prime jumbo RMBS transaction.

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Kroll Bond Rating Agency Assigns Final Ratings to J.P. Morgan Mortgage Trust 2016-5 (JPMMT 2016-5)

NEW YORK, NY (December 29, 2016) – Kroll Bond Rating Agency (KBRA) assigns final ratings to ten classes of mortgage pass-through certificates from J.P. Morgan Mortgage Trust 2016-5 (JPMMT 2016-5), a prime jumbo RMBS transaction.

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Kroll Bond Rating Agency Assigns Final Ratings to SoFi Mortgage Trust Series 2016-1 (SFPMT 2016-1)

NEW YORK, NY (December 22, 2016) –Kroll Bond Rating Agency (KBRA) assigns final ratings to thirty-six classes of mortgage pass-through certificates from SoFi Lending Corp.’s inaugural prime jumbo RMBS securitization, SoFi Mortgage Trust Series 2016-1 (SFPMT 2016-1).

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Kroll Bond Rating Agency Withdraws Its Ratings on 10 Classes from SEMT 2012-2, STACR 2015-HQ1, STACR 2015-DNA2 and STACR 2015-HQA1

NEW YORK, NY (December 21, 2016) – Kroll Bond Rating Agency has withdrawn its ratings from the classes shown below following the reduction of their respective principal or notional balances down to zero (as applicable), as reflected in the related transaction’s November 2016 remittance report. For each class, the remittance report did not reflect any accumulated interest shortfalls or principal write-downs.

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Kroll Bond Rating Agency Assigns Preliminary Ratings to J.P. Morgan Mortgage Trust 2016-5 (JPMMT 2016-5)

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Kroll Bond Rating Agency Assigns Preliminary Ratings to SoFi Mortgage Trust Series 2016-1 (SFPMT 2016-1)

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Kroll Bond Rating Agency has taken rating actions on STACR 2015-HQA2

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Kroll Bond Rating Agency Assigns Final Ratings to Fannie Mae's Connecticut Avenue Securities, Series 2016-C07 (CAS 2016-C07)

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Fannie Mae's Connecticut Avenue Securities, Series 2016-C07 (CAS 2016-C07)

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Kroll Bond Rating Agency Analyzes GSE CRT Updated Credit Score Trends

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Kroll Bond Rating Agency Assigns Final Ratings to Shellpoint Co-Originator Trust 2016-1 (SCOT 2016-1)

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Kroll Bond Rating Agency Withdraws Its Ratings from Three Classes in SEMT 2014-1 and Three Classes in STACR 2014-DN2

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Kroll Bond Rating Agency Has Taken Rating Actions on SEMT 2015-4

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Kroll Bond Rating Agency Assigns Final Ratings to Fannie Mae's Connecticut Avenue Securities, Series 2016-C06 (CAS 2016-C06)

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Kroll Bond Rating Agency Rates Fannie Mae's Connecticut Avenue Securities, Series 2016-C06

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Kroll Bond Rating Agency Has Taken Rating Actions on OAKS 2015-2, SEMT 2014-4, FKMT 2014-1, GSMBS 2014-EB1 and SEMT 2013-12

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Kroll Bond Rating Agency has taken rating actions on OAKS 2015-2, SEMT 2014-4, FKMT 2014-1, GSMBS 2014-EB1 and SEMT 2013-12

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Kroll Bond Rating Agency Assigns Final Ratings to Sequoia Mortgage Trust 2016-3 (SEMT 2016-3)

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KBRA Publishes RMBS Research: RMBS 2.0 Exposure to Hurricane Matthew FEMA Counties

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Kroll Bond Rating Agency has taken rating actions on JPMMT 2014-5

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Sequoia Mortgage Trust 2016-3 (SEMT 2016-3)

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Kroll Bond Rating Agency Has Taken Rating Actions on SEMT 2012-5 & SEMT 2012-6

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Kroll Bond Rating Agency Assigns Final Ratings to Freddie Mac STACR 2016-DNA4

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Kroll Bond Rating Agency Assigns Final Ratings to J.P. Morgan Mortgage Trust 2016-3 (JPMMT 2016-3)

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Kroll Bond Rating Agency Has Taken Rating Actions on ABMT 2015-7, JPMMT 2014-OAK4 and WIN 2014-2

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Kroll Bond Rating Agency Assigns Preliminary Ratings to J.P. Morgan Mortgage Trust 2016-3 (JPMMT 2016-3)

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Freddie Mac STACR 2016-DNA4

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Kroll Bond Rating Agency Assigns Final Ratings to Freddie Mac STACR 2016-HQA3

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KBRA Publishes RMBS Research: "Credit Evolution: Non-Prime Isn't Yesterday's Subprime"

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Kroll Bond Rating Agency Upgrades & Affirms Ratings on PMT 2013-J1

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Freddie Mac STACR 2016-HQA3

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Kroll Bond Rating Agency has taken rating action on JPMMT 2015-4

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Kroll Bond Rating Agency has taken rating action on STACR 2015-HQA1

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Kroll Bond Rating Agency Affirms Ratings on ABMT 2015-6 and SEMT 2014-3

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Kroll Bond Rating Agency Assigns Final Ratings to J.P. Morgan Mortgage Trust 2016-2 (JPMMT 2016-2)

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Kroll Bond Rating Agency Assigns Final Ratings to Agate Bay Mortgage Trust 2016-3 (ABMT 2016-3)

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Kroll Bond Rating Agency Assigns Preliminary Ratings to J.P. Morgan Mortgage Trust 2016-2 (JPMMT 2016-2)

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Kroll Bond Rating Agency Assigns Final Ratings to Fannie Mae's Connecticut Avenue Securities, Series 2016-C05 (CAS 2016-C05)

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Kroll Bond Rating Agency Analyzes GSE MI Disclosure Data And Cancellation Trends

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Agate Bay Mortgage Trust 2016-3 (ABMT 2016-3)

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Fannie Mae's Connecticut Avenue Securities, Series 2016-C05 (CAS 2016-C05)

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Kroll Bond Rating Agency: J.P. Morgan Mortgage Trust 2015-4 Under Review

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Kroll Bond Rating Agency Assigns Final Ratings to Sequoia Mortgage Trust 2016-2 (SEMT 2016-2)

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Kroll Bond Rating Agency Assigns Final Ratings to Fannie Mae's Connecticut Avenue Securities, Series 2016-C04 (CAS 2016-C04)

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Kroll Bond Rating Agency Expects No Impact to OAKS 2015-2 Due To Five Oaks REIT Suspending Conduit Operations

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Kroll Bond Rating Agency Has Taken Rating Actions on ABMT 2015-5, JPMMT 2014-IVR3 and JPMMT 2015-5

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Sequoia Mortgage Trust 2016-2 (SEMT 2016-2)

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Fannie Mae's Connecticut Avenue Securities, Series 2016-C04 (CAS 2016-C04)

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KBRA Assigns Preliminary Ratings to Fannie Mae's Connecticut Avenue Securities, Series 2016-C04 (CAS 2016-C04)

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Kroll Bond Rating Agency Has Taken Rating Actions on SEMT 2014-2, JPMMT 2013-3, and NRP 2013-1

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Kroll Bond Rating Agency Has Taken Rating Actions on SEMT 2013-9, SEMT 2013-10, and SEMT 2013-11

Kroll Bond Rating Agency, (KBRA) has taken rating actions on its rated classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2013-9 (SEMT 2013-9), Sequoia Mortgage Trust 2013-10 (SEMT 2013-10), and Sequoia Mortgage Trust 2013-11 (SEMT 2013-11).

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Kroll Bond Rating Agency Affirms Ratings on NRMLT 2015-1

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Kroll Bond Rating Agency Has Taken Rating Actions on SEMT 2012-4, SAFT 2013-1, WIN 2014-1 And JPMMT 2014-

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Kroll Bond Rating Agency Proposes Updates to Its U.S. RMBS Rating Methodology

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Kroll Bond Rating Agency Assigns Final Ratings to Sequoia Mortgage Trust 2016-1 (SEMT 2016-1)

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Kroll Bond Rating Agency Assigns Final Ratings to Freddie Mac STACR 2016-HQA2

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Sequoia Mortgage Trust 2016-1 (SEMT 2016-1)

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Kroll Bond Rating Agency Affirms Ratings on SEMT 2015-3

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Kroll Bond Rating Agency Affirms and Upgrades Ratings on JPMMT 2013-2

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Kroll Bond Rating Agency Affirms Ratings on Agate Bay Mortgage Trust 2015-4 (ABMT 2015-4)

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Kroll Bond Rating Agency Affirms Ratings on J.P. Morgan Mortgage Trust 2015-3 (JPMMT 2015-3)

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Kroll Bond Rating Agency Affirms Ratings on Freddie Mac's Structured Agency Credit Risk Debt Notes, Series 2015-DNA2 (STACR 2015-DNA2)

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Kroll Bond Rating Agency Affirms Ratings on WinWater Mortgage Loan Trust 2015-3 (WIN 2015-3)

Kroll Bond Rating Agency (KBRA) affirms its ratings on 48 classes of mortgage pass-through certificates from WinWater Mortgage Loan Trust 2015-3 (WIN 2015-3), a prime jumbo RMBS transaction that closed in March 2015.

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Freddie Mac STACR 2016-HQA2

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Kroll Bond Rating Agency Affirms Ratings on Sequoia Mortgage Trust 2012-3 (SEMT 2012-3)

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Kroll Bond Rating Agency Assigns Final Ratings to Fannie Mae's Connecticut Avenue Securities, Series 2016-C03 (CAS 2016-C03)

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Kroll Bond Rating Agency Affirms and Upgrades Ratings on Sequoia Mortgage Trust 2013-8 (SEMT 2013-8)

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Kroll Bond Rating Agency Affirms and Upgrades Ratings on Sequoia Mortgage Trust (SEMT 2013-7)

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Kroll Bond Rating Agency Affirms and Upgrades Ratings on Sequoia Mortgage Trust 2013-6 (SEMT 2013-6)

NEW YORK, NY (April 21, 2016) Kroll Bond Rating Agency (KBRA) has taken the following rating actions on eight classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2013-6 (SEMT 2013-6), a jumbo prime RMBS transaction that closed in April 2013.

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Kroll Bond Rating Agency Affirms and Upgrades Ratings on Sequoia Mortgage Trust 2013-5 (SEMT 2013-5)

NEW YORK, NY (April 15, 2016) Kroll Bond Rating Agency (KBRA) has taken the following rating actions on eight classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2013-5 (SEMT 2013-5), a jumbo prime RMBS transaction that closed in April 2013.

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KBRA Publishes TRID Commentary; Identifies Considerations and Potential for Limited Impact to Enhancement Levels

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Fannie Mae's Connecticut Avenue Securities, Series 2016-C03 (CAS 2016-C03)

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Kroll Bond Rating Agency Affirms Ratings on Sequoia Mortgage Trust (SEMT 2014-1)

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Kroll Bond Rating Agency Affirms Ratings on Freddie Mac's Structured Agency Credit Risk (STACR) Debt Notes, Series 2015-HQ1 (STACR 2015-HQ1)

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Kroll Bond Rating Agency Assigns Final Ratings to Fannie Mae's Connecticut Avenue Securities, Series 2016-C02 (CAS 2016-C02)

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Kroll Bond Rating Agency Affirms and Upgrades Ratings on J.P. Morgan Mortgage Trust 2013-1 (JPMMT 2013-1)

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Fannie Mae's Connecticut Avenue Securities, Series 2016-C02 (CAS 2016-C02)

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Kroll Bond Rating Agency Affirms & Removes from Watch Developing its Ratings on 34 Classes from RPMLT 2014-1 Trust

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Kroll Bond Rating Agency Affirms Ratings on J.P. Morgan Mortgage Trust 2015-IVR2 (JPMMT 2015-IVR2)

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Kroll Bond Rating Agency Affirms Ratings on WinWater Mortgage Loan Trust 2015-2 (WIN 2015-2)

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Kroll Bond Rating Agency Assigns Final Ratings to Fannie Mae's Connecticut Avenue Securities, Series 2016-C01 (CAS 2016-C01)

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Kroll Bond Rating Agency Affirms Ratings on WinWater Mortgage Loan Trust 2015-1 (WIN 2015-1)

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Kroll Bond Rating Agency Affirms Ratings on J.P. Morgan Mortgage Trust 2014-1 (JPMMT 2014-1)

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Kroll Bond Rating Agency Upgrades Ratings on Freddie Mac's Structured Agency Credit Risk Debt Notes, Series 2014-DN1 (STACR 2014-DN1)

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Fannie Mae's Connecticut Avenue Securities, Series 2016-C01 (CAS 2016-C01)

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Kroll Bond Rating Agency Affirms Classes of Sequoia Mortgage Trust 2015-1 (SEMT 2015-1)

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Kroll Bond Rating Agency Affirms and Upgrades Ratings on Sequoia Mortgage Trust 2013-4 (SEMT 2013-4)

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Kroll Bond Rating Agency Affirms and Upgrades Ratings on Sequoia Mortgage Trust 2013-3 (SEMT 2013-3)

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Kroll Bond Rating Agency Affirms and Upgrades Ratings on Sequoia Mortgage Trust 2013-2 (SEMT 2013-2)

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Kroll Bond Rating Agency Affirms and Upgrades Ratings on Sequoia Mortgage Trust 2013-1 (SEMT 2013-1)

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Kroll Bond Rating Agency Affirms and Upgrades Classes of Sequoia Mortgage Trust 2012-2 (SEMT 2012-2)

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Kroll Bond Rating Agency Places 34 Classes from RPMLT 2014-1 Trust on Watch Developing

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Kroll Bond Rating Agency Assigns Final Ratings to Freddie Mac STACR 2015-HQA2

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Freddie Mac STACR 2015-HQA2

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Kroll Bond Rating Agency Affirms Ratings on FirstKey Mortgage Trust 2014-1 (FKMT 2014-1)

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Kroll Bond Rating Agency Assigns Final Ratings to Sequoia Mortgage Trust 2015-4 (SEMT 2015-4)

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Kroll Bond Rating Agency Affirms Ratings on Sequoia Mortgage Trust 2013-12 (SEMT 2013-12)

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Kroll Bond Rating Agency Affirms Ratings on Sequoia Mortgage Trust 2014-4 (SEMT 2014-4)

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Kroll Bond Rating Agency Affirms Ratings on GSMBS 2014-EB1 (GSMBS 2014-EB1)

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Kroll Bond Rating Agency Assigns Final Ratings to Oaks Mortgage Trust Series 2015-2 (OAKS 2015-2)

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Sequoia Mortgage Trust 2015-4 (SEMT 2015-4)

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Oaks Mortgage Trust Series 2015-2 (OAKS 2015-2)

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Kroll Bond Rating Agency Assigns Final Ratings to Agate Bay Mortgage Trust 2015-7 (ABMT 2015-7)

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Kroll Bond Rating Agency Affirms Ratings on WinWater Mortgage Loan Trust 2014-2 (WIN 2014-2)

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Kroll Bond Rating Agency Affirms Ratings on J.P. Morgan Mortgage Trust 2014-5 (JPMMT 2014-5)

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Kroll Bond Rating Agency Affirms and Upgrades Classes of Sequoia Mortgage Trust 2012-5 (SEMT 2012-5)

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Kroll Bond Rating Agency Affirms and Upgrades Classes of Sequoia Mortgage Trust 2012-6 (SEMT 2012-6)

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Kroll Bond Rating Agency Affirms Ratings on J.P. Morgan Mortgage Trust 2014-OAK4 (JPMMT 2014-OAK4)

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Agate Bay Mortgage Trust 2015-7 (ABMT 2015-7)

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Kroll Bond Rating Agency Assigns Final Ratings to Agate Bay Mortgage Trust 2015-6 (ABMT 2015-6)

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Kroll Bond Rating Agency Assigns Final Ratings to Freddie Mac STACR 2015-HQA1

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Freddie Mac STACR 2015-HQA1

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Kroll Bond Rating Agency Affirms Ratings on SEMT 2014-3 (SEMT 2014-3)

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Kroll Bond Rating Agency Affirms Ratings on JP Morgan Trust 2014-IVR3 (JPMMT 2014-IVR3)

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Kroll Bond Rating Agency Affirms Ratings on PMT 2013-J1 (PMT 2013-J1)

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Agate Bay Mortgage Trust 2015-6 (ABMT 2015-6)

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Kroll Bond Rating Agency Assigns Final Ratings to Agate Bay Mortgage Trust 2015-5 (ABMT 2015-5)

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Agate Bay Mortgage Trust 2015-5 (ABMT 2015-5)

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Kroll Bond Rating Agency Assigns Final Ratings to J.P. Morgan Mortgage Trust 2015-5 (JPMMT 2015-5)

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Kroll Bond Rating Agency Assigns Final Ratings to J.P. Morgan Mortgage Trust 2015-4 (JPMMT 2015-4)

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Kroll Bond Rating Agency Assigns Preliminary Ratings to J.P. Morgan Mortgage Trust 2015-5 (JPMMT 2015-5)

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Kroll Bond Rating Agency Assigns Preliminary Ratings to J.P. Morgan Mortgage Trust 2015-4 (JPMMT 2015-4)

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Kroll Bond Rating Agency Affirms Ratings on NRP Mortgage Trust 2013-1

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Kroll Bond Rating Agency Affirms Ratings on Sequoia Mortgage Trust 2014-2 (SEMT 2014-2)

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Kroll Bond Rating Agency Affirms Ratings on JP Morgan Trust 2013-3 (JPMMT 2013-3)

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Kroll Bond Rating Agency Affirms Ratings on Sequoia Mortgage Trust 2013-11 (SEMT 2013-11)

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Kroll Bond Rating Agency Affirms Ratings on Sequoia Mortgage Trust 2013-10 (SEMT 2013-10)

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Kroll Bond Rating Agency Affirms Ratings on Sequoia Mortgage Trust 2013-9 (SEMT 2013-9)

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Kroll Bond Rating Agency Affirms and Upgrades Classes of Sequoia Mortgage Trust 2012-4 (SEMT 2012-4)

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Kroll Bond Rating Agency Assigns Final Ratings to Agate Bay Mortgage Trust 2015-4 (ABMT 2015-4)

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Kroll Bond Rating Agency Assigns Final Ratings to STACR 2015-DNA2

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Kroll Bond Rating Agency Affirms Ratings on WinWater Mortgage Loan Trust 2014-1 (WIN 2014-1)

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Kroll Bond Rating Agency Assigns Final Ratings to WinWater Mortgage Loan Trust 2015-4 (WIN 2015-4)

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Kroll Bond Rating Agency Assigns Final Ratings to New Residential Mortgage Loan Trust (NRMLT 2015-1)

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Kroll Bond Rating Agency Assigns Final Ratings to Sequoia Mortgage Trust 2015-3 (SEMT 2015-3)

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Kroll Bond Rating Agency Affirms Ratings on Shellpoint Asset Funding Trust 2013-1 (SAFT 2013-1)

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Kroll Bond Rating Agency Affirms Ratings on JP Morgan Trust 2014-2 (JPMMT 2014-2)

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Kroll Bond Rating Agency Assigns Preliminary Ratings to STACR 2015-DNA2

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Kroll Bond Rating Agency Assigns Preliminary Ratings to New Residential Mortgage Loan Trust (NRMLT 2015-1)

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Sequoia Mortgage Trust 2015-3 (SEMT 2015-3)

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Kroll Bond Rating Agency Assigns Preliminary Ratings to WinWater Mortgage Loan Trust 2015-4 (WIN 2015-4)

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Agate Bay Mortgage Trust 2015-4 (ABMT 2015-4)

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Kroll Bond Rating Agency Affirms Ratings on JP Morgan Trust 2013-2 (JPMMT 2013-2)

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Kroll Bond Rating Agency Assigns Final Ratings to J.P. Morgan Mortgage Trust 2015-3 (JPMMT 2015-3)

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Kroll Bond Rating Agency Assigns Preliminary Ratings to J.P. Morgan Mortgage Trust 2015-3 (JPMMT 2015-3)

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Kroll Bond Rating Agency Assigns Final Ratings to Sequoia Mortgage Trust 2015-2 (SEMT 2015-2)

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Kroll Bond Rating Agency Assigns Final Ratings to Agate Bay Mortgage Trust 2015-3 (ABMT 2015-3)

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Sequoia Mortgage Trust 2015-2

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Kroll Bond Rating Agency Affirms and Upgrades Classes of Sequoia Mortgage Trust 2012-3 (SEMT 2012-3)

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Kroll Bond Rating Agency Affirms Ratings on Sequoia Mortgage Trust 2013-6 (SEMT 2013-6)

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Kroll Bond Rating Agency Affirms Ratings on Sequoia Mortgage Trust 2013-7 (SEMT 2013-7)

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Kroll Bond Rating Agency Affirms Ratings on Sequoia Mortgage Trust 2013-8 (SEMT 2013-8)

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Kroll Bond Rating Agency Affirms Ratings on Sequoia Mortgage Trust 2013-5 (SEMT 2013-5)

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Agate Bay Mortgage Trust 2015-3 (ABMT 2015-3)

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Kroll Bond Rating Agency Affirms Ratings Structured Agency Credit Risk Debt Notes 2014-DN2 (STACR 2014-DN2)

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Kroll Bond Rating Agency Affirms Ratings on Sequoia Mortgage Trust 2014-1 (SEMT 2014-1)

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Kroll Bond Rating Agency Assigns Final Ratings to STACR 2015-HQ1

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Kroll Bond Rating Agency Affirms Ratings on J.P. Morgan Mortgage Trust 2013-1 (JPMMT 2013-1)

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Kroll Bond Rating Agency Assigns Final Ratings to WinWater Mortgage Loan Trust 2015-3 (WIN 2015-3)

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Kroll Bond Rating Agency Assigns Final Ratings to Agate Bay Mortgage Trust 2015-2 (ABMT 2015-2)

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Kroll Bond Rating Agency Assigns Preliminary Ratings to STACR 2015-HQ1

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Kroll Bond Rating Agency Assigns Preliminary Ratings to WinWater Mortgage Loan Trust 2015-3 (WIN 2015-3)

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Agate Bay Mortgage Trust 2015-2 (ABMT 2015-2)

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Kroll Bond Rating Agency Assigns Final Ratings to J.P. Morgan Mortgage Trust 2015-IVR2 (JPMMT 2015-IVR2)

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Kroll Bond Rating Agency Assigns Preliminary Ratings to J.P. Morgan Mortgage Trust 2015-IVR2 (JPMMT 2015-IVR2)

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Kroll Bond Rating Agency Assigns Final Ratings to WinWater Mortgage Loan Trust 2015-2 (WIN 2015-2)

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Kroll Bond Rating Agency Assigns Preliminary Ratings to WinWater Mortgage Loan Trust 2015-2 (WIN 2015-2)

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Kroll Bond Rating Agency Assigns Final Ratings to WinWater Mortgage Loan Trust 2015-1 (WIN 2015-1)

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Kroll Bond Rating Agency Affirms Ratings on J.P. Morgan Mortgage Trust 2014-1 (JPMMT 2014-1)

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Kroll Bond Rating Agency Affirms Structured Agency Credit Risk Debt Notes 2014-DN1 (STACR 2014-DN1)

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Kroll Bond Rating Agency Assigns Final Ratings to Sequoia Mortgage Trust 2015-1 (SEMT 2015-1)

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Kroll Bond Rating Agency Assigns Preliminary Ratings to WinWater Mortgage Loan Trust 2015-1 (WIN 2015-1)

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Sequoia Mortgage Trust 2015-1 (SEMT 2015-1)

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Kroll Bond Rating Agency Publishes Updated Residential Mortgage Model Methodology

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Kroll Bond Rating Agency Affirms Ratings on Sequoia Mortgage Trust 2013-1 (SEMT 2013-1)

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Kroll Bond Rating Agency Affirms Ratings on Sequoia Mortgage Trust 2013-4 (SEMT 2013-4)

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Kroll Bond Rating Agency Affirms and Upgrades Classes of Sequoia Mortgage Trust 2012-2 (SEMT 2012-2)

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Kroll Bond Rating Agency Affirms Ratings on Sequoia Mortgage Trust 2013-3 (SEMT 2013-3)

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Kroll Bond Rating Agency Affirms Ratings on Sequoia Mortgage Trust 2013-2 (SEMT 2013-2)

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Kroll Bond Rating Agency Assigns Final Ratings to GS Mortgage-Backed Securities Trust 2014-EB1 (GSMBS 2014-EB1)

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Kroll Bond Rating Agency Assigns Final Ratings to FirstKey Mortgage Trust 2014-1 (FirstKey 2014-1)

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Kroll Bond Rating Agency Assigns Final Ratings to RPMLT 2014-1 Trust

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Kroll Bond Rating Agency Affirms Ratings on Sequoia Mortgage Trust 2013-12 (SEMT 2013-12)

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Kroll Bond Rating Agency Assigns Preliminary Ratings to RPMLT 2014-1 Trust

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Kroll Bond Rating Agency Assigns Preliminary Ratings to FirstKey Mortgage Trust 2014-1 (FirstKey 2014-1)

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Kroll Bond Rating Agency Assigns Final Ratings to Sequoia Mortgage Trust 2014-4 (SEMT 2014-4)

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Kroll Bond Rating Agency Assigns Final Ratings to J.P. Morgan Mortgage Trust 2014-5 (JPMMT 2014-5)

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Kroll Bond Rating Agency Assigns Final Ratings to WinWater Mortgage Loan Trust 2014-2 (WIN 2014-2)

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Sequoia Mortgage Trust 2014-4 (SEMT 2014-4)

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Kroll Bond Rating Agency Assigns Preliminary Ratings to J.P. Morgan Mortgage Trust 2014-5 (JPMMT 2014-5)

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Kroll Bond Rating Agency Affirms Ratings on Sequoia Mortgage Trust 2012-6 (SEMT 2012-6)

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Kroll Bond Rating Agency Affirms Ratings on Sequoia Mortgage Trust 2012-5 (SEMT 2012-5)

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Kroll Bond Rating Agency Assigns Final Ratings to J.P. Morgan Mortgage Trust 2014-OAK4 (JPMMT 2014-OAK4)

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Kroll Bond Rating Agency Assigns Preliminary Ratings to J.P. Morgan Mortgage Trust 2014-OAK4 (JPMMT 2014-OAK4)

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Kroll Bond Rating Agency Assigns Final Ratings to J.P. Morgan Mortgage Trust 2014-IVR3 (JPMMT 2014-IVR3)

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Kroll Bond Rating Agency Affirms Ratings on PMT Loan Trust 2013-J1 (PMT 2013-J1)

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Kroll Bond Rating Agency Assigns Preliminary Ratings to WinWater Mortgage Loan Trust 2014-2 (WIN 2014-2)

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Kroll Bond Rating Agency Assigns Preliminary Ratings to J.P. Morgan Mortgage Trust 2014-IVR3 (JPMMT 2014-IVR3)

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Kroll Bond Rating Agency Assigns Final Ratings to Sequoia Mortgage Trust 2014-3 (SEMT 2014-3)

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Sequoia Mortgage Trust 2014-3 (SEMT 2014-3)

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Kroll Bond Rating Agency Releases J.P. Morgan Mortgage Trust Comprehensive Surveillance Report - Q2 2014

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Kroll Bond Rating Agency Affirms Ratings on J.P. Morgan Mortgage Trust 2013-3 (JPMMT 2013-3)

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KBRA Releases Sequoia Mortgage Trust Comprehensive Surveillance Report - Q2 2014

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Kroll Bond Rating Agency Assigns Final Ratings to Sequoia Mortgage Trust 2014-2 (SEMT 2014-2)

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Kroll Bond Rating Agency Affirms Ratings on NRP Mortgage Trust 2013-1 (NRP 2013-1)

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Sequoia Mortgage Trust 2014-2 (SEMT 2014-2)

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Kroll Bond Rating Agency Corrects Ratings on two IO classes of J.P. Morgan Mortgage Trust 2014-1 (JPMMT 2014-1) Bonds

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Kroll Bond Rating Agency Affirms Ratings on 56 Classes from Four Sequoia Mortgage Trust Transactions (SEMT 2012-4, SEMT 2013-9, SEMT 2013-10 and SEMT 2013-11)

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Kroll Bond Rating Agency Affirms Ratings on Shellpoint Asset Funding Trust 2013-1 (SAFT 2013-1)

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Kroll Bond Rating Agency Assigns Final Ratings to J.P. Morgan Mortgage Trust 2014-2 (JPMMT 2014-2)

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Kroll Bond Rating Agency Assigns Final Ratings to WinWater Mortgage Loan Trust 2014-1 (WIN 2014-1)

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Kroll Bond Rating Agency Assigns Preliminary Ratings to J.P. Morgan Mortgage Trust 2014-2 (JPMMT 2014-2)

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Kroll Bond Rating Agency Assigns Preliminary Ratings to WinWater Mortgage Loan Trust 2014-1 (WIN 2014-1)

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Kroll Bond Rating Agency Affirms Ratings on J.P. Morgan Mortgage Trust 2013-2

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Kroll Bond Rating Agency Releases Sequoia Mortgage Trust Comprehensive Surveillance Report - Q1 2014

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Kroll Bond Rating Agency Publishes Final Methodology for Assessing Non-QM Risk

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Kroll Bond Rating Agency Affirms Ratings on Sequoia Mortgage Trust 2012-3 Certificates

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Kroll Bond Rating Agency Affirms Ratings on Sequoia Mortgage Trust 2013-8 Certificates

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Kroll Bond Rating Agency Affirms Ratings on Sequoia Mortgage Trust 2013-7 Certificates

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Kroll Bond Rating Agency Affirms Ratings on Sequoia Mortgage Trust 2013-6 Certificates

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Kroll Bond Rating Agency Affirms Ratings on Sequoia Mortgage Trust 2013-5 Certificates

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Kroll Bond Rating Agency Assigns Final Ratings to STACR 2014-DN2

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Kroll Bond Rating Agency Assigns Final Ratings to Sequoia Mortgage Trust 2014-1

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Kroll Bond Rating Agency Assigns Preliminary Ratings to STACR 2014-DN2

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Kroll Bond Rating Agency Affirms Ratings on J.P. Morgan Mortgage Trust 2013-1

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Sequoia Mortgage Trust 2014-1

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Kroll Bond Rating Agency Assigns Final Ratings to J.P. Morgan Mortgage Trust 2014-1 Certificates

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Kroll Bond Rating Agency Assigns Final Ratings to STACR 2014-DN1

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Kroll Bond Rating Agency Assigns Preliminary Ratings to J.P. Morgan Mortgage Trust (JPMMT) 2014-1 Certificates

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Kroll Bond Rating Agency Assigns Preliminary Ratings to STACR 2014-DN1

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Kroll Bond Rating Agency Releases Sequoia Mortgage Trust (SEMT) Comprehensive Surveillance Report Q4 2013

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Kroll Bond Rating Agency Affirms Ratings on Six Sequoia Mortgage Trust Transactions

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Kroll Bond Rating Agency Requests Comments on Approach to Assessing Non-QM Risk

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Kroll Bond Rating Agency Assigns Final Ratings to Sequoia Mortgage Trust 2013-12

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Sequoia Mortgage Trust 2013-12

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Kroll Bond Rating Agency Releases RMBS Transaction Comparison Tool

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Kroll Bond Rating Agency Withdraws Expected Ratings on Shellpoint Asset Funding Trust 2013-2

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Kroll Bond Rating Agency Affirms Ratings on Sequoia Mortgage Trust 2012-6 Certificates

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Kroll Bond Rating Agency Affirms Ratings on Sequoia Mortgage Trust 2012-5 Certificates

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Kroll Bond Rating Agency Discusses Impact of Government Shutdown on Jumbo RMBS

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Kroll Bond Rating Agency Releases Sequoia Mortgage Trust Comprehensive Surveillance Report - Q3 2013

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Kroll Bond Rating Agency Releases Commentary on Extraordinary Expenses in RMBS Transactions

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Kroll Bond Rating Agency Assigns Final Ratings to PMT Loan Trust 2013-J1

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Kroll Bond Rating Agency Assigns Subordinate Ratings to Ten Sequoia Mortgage Trust Transactions

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Kroll Bond Rating Agency Affirms Ratings on Sequoia Mortgage Trust 2012-4 Certificates

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Kroll Bond Rating Agency Assigns Preliminary Ratings to PMT Loan Trust 2013-J1

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Kroll Bond Rating Agency Assigns Final Ratings to Sequoia Mortgage Trust 2013-11

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Sequoia Mortgage Trust 2013-11

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Kroll Bond Rating Agency Assigns Final Ratings to Sequoia Mortgage Trust 2013-10

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Kroll Bond Rating Agency Assigns Final Ratings to J.P. Morgan Mortgage Trust (JPMMT) 2013-3 Certificates

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Sequoia Mortgage Trust 2013-10

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Kroll Bond Rating Agency Assigns Preliminary Ratings to J.P. Morgan Mortgage Trust (JPMMT) 2013-3 Certificates

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Kroll Bond Rating Agency Releases Sequoia Mortgage Trust Comprehensive Surveillance Report - Q2 2013

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Kroll Bond Rating Agency Assigns Final Ratings to NRP Mortgage Trust 2013-1

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Kroll Bond Rating Agency Releases Report: 'Mortgage Credit Trends: Freddie Mac vs. Prime Jumbo'

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Kroll Bond Rating Agency Assigns Preliminary Ratings to NRP Mortgage Trust 2013-1

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Kroll Bond Rating Agency Assigns Final Ratings to Sequoia Mortgage Trust 2013-9

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Kroll Bond Rating Agency Assigns Final Ratings to Shellpoint Asset Funding Trust 2013-1

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Kroll Bond Rating Agency Affirms Ratings On Sequoia Mortgage Trust 2012-3 Certificates

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Shellpoint Asset Funding Trust 2013-1

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Kroll Bond Rating Agency Assigns Final Ratings to Sequoia Mortgage Trust 2013-8 Certificates

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Sequoia Mortgage Trust 2013-8 Certificates

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Kroll Bond Rating Agency Assigns Final Ratings to J.P. Morgan Mortgage Trust (JPMMT) 2013-2 Certificates

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Kroll Bond Rating Agency Assigns Preliminary Ratings to J.P. Morgan Mortgage Trust (JPMMT) 2013-2 Certificates

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Kroll Bond Rating Agency Assigns Final Ratings to Sequoia Mortgage Trust 2013-7 Certificates

NEW YORK, NY (May 23, 2013) - Kroll Bond Rating Agency (KBRA) assigns final ratings to eight classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2013-7, a jumbo prime RMBS transaction. Concurrently we have withdrawn our preliminary ratings on the certificates, which were assigned on May 13, 2013.

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Sequoia Mortgage Trust 2013-7 Certificates

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Kroll Bond Rating Agency Releases Sequoia Mortgage Trust Comprehensive Surveillance Report

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Kroll Bond Rating Agency Assigns Final Ratings to Sequoia Mortgage Trust 2013-6 Certificates

NEW YORK, NY (April 30, 2013) - Kroll Bond Rating Agency (KBRA) assigns final ratings to four classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2013-6, a jumbo prime RMBS transaction. Concurrently we have withdrawn our preliminary ratings on the certificates, which were assigned on April 22, 2013.

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Sequoia Mortgage Trust 2013-6

NEW YORK, NY (April 22, 2013) - Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to four classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2013-6, a jumbo prime RMBS transaction.

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Kroll Bond Rating Agency Assigns Final Ratings to Sequoia Mortgage Trust 2013-5 Certificates

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Sequoia Mortgage Trust 2013-5

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Kroll Bond Rating Agency Affirms Ratings On Sequoia Mortgage Trust 2012-2 Certificates

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Kroll Bond Rating Agency Assigns Final Ratings to J.P. Morgan Mortgage Trust (JPMMT) 2013-1 Certificates

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Kroll Bond Rating Agency Assigns Final Ratings to Sequoia Mortgage Trust 2013-4 Certificates

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Kroll Bond Rating Agency Assigns Preliminary Ratings to J.P. Morgan Mortgage Trust (JPMMT) 2013-1

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Sequoia Mortgage Trust 2013-4

NEW YORK, NY (March 12, 2013) - Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to six classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2013-4, a jumbo prime RMBS transaction.

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Sequoia Mortgage Trust 2013-3

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Sequoia Mortgage Trust 2013-2

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Kroll Bond Rating Agency Assigns Final Ratings to Sequoia Mortgage Trust 2013-1 Certificates

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Sequoia Mortgage Trust 2013-1 Certificates

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Kroll Bond Rating Agency Assigns Final Ratings to Sequoia Mortgage Trust 2012-6 Certificates

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Sequoia Mortgage Trust 2012-6 Certificates

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Kroll Bond Rating Agency Assigns Final Ratings to Sequoia Mortgage Trust 2012-5 Certificates

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Sequoia Mortgage Trust 2012-5 Certificates

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Kroll Bond Rating Agency Assigns Final Ratings to Sequoia Mortgage Trust 2012-4 Certificates

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Kroll Bond Rating Agency Assigns Preliminary Ratings to Sequoia Mortgage Trust 2012-4 Certificates

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Kroll Bond Rating Agency Assigns Final Ratings to Sequoia Mortgage Trust 2012-3 Certificates

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Kroll Bond Rating Agency Assigns Final Ratings to Sequoia Mortgage Trust 2012-2

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