Kroll Bond Rating Agency Affirms Ratings on Sequoia Mortgage Trust 2012-3 Certificates

Business Wire


Kroll Bond Rating Agency (KBRA) affirms four classes of mortgage pass-through certificates from Sequoia Mortgage Trust (SEMT) 2012-3, a jumbo prime RMBS transaction (see ratings listed below).

The rating affirmations follow our review of the transaction which utilized information obtained from the Trustee, U.S. Bank N.A. The SEMT 2012-3 mortgage pool has experienced no losses and minimal delinquencies since issuance. There is currently one 30-day delinquent loan with a balance of $2.0 million, representing 0.91% of the current pool size. Additionally, principal payments on the pool have resulted in increased credit enhancement to each of the rated classes. KBRA’s analysis of home price trends indicate that the mortgage pool also benefits from home prices which on average have risen since issuance.

For more information on SEMT 2012-3, please see our report, “Sequoia Mortgage Trust Comprehensive Surveillance Report (SEMT 2010-H1 to SEMT 2012-3)”, which was published on May 7, 2013 at

Class       Rating       Balance (USD)       Rating Action
A-1       AAA (sf)       $123,314,577       Affirmed
A-2       AAA (sf)       $71,628,723       Affirmed
A-IO1       AAA (sf)       $194,943,300 (1)       Affirmed
A-IO2       AAA (sf)       $71,628,723 (1)       Affirmed
B-1       N/A       $9,077,872       N/A
B-2       N/A       $5,042,499       N/A
B-3       N/A       $2,450,083       N/A
B-4       N/A       $1,440,994       N/A

(1) Notional Amount and Interest Only Certificates

Related publications:

Sequoia Mortgage Trust Comprehensive Surveillance Report (SEMT 2010-H1 to SEMT 2012-3)

Sequoia Mortgage Trust 2012-3 Pre-Sale Report

U.S. RMBS Rating Methodology, published January 9, 2012

Residential Mortgage Default and Loss Model, published January 9, 2012

Kroll Bond Rating Agency
Michele Patterson, 646-731-2397
Glenn Costello, 646-731-2332
Steve McCarthy, 646-731-2343
Julian Ferdman, 646-731-2379
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