Kroll Bond Rating Agency Assigns Preliminary Ratings to J.P. Morgan Mortgage Trust 2014-2 (JPMMT 2014-2)

Business Wire


Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to seventeen classes of mortgage pass-through certificates from J.P. Morgan Mortgage Trust 2014-2 (JPMMT 2014-2), a jumbo prime RMBS transaction.

The mortgage pool backing JPMMT 2014-2 is comprised of 544 first-lien mortgage loans with an aggregate principal balance of $303,748,213 as of the cut-off date. The mortgage pool consists entirely of fully amortizing fixed-rate loans, 98% of which have 15-year maturities with the remaining having 13 to 14-year maturities. The pool is characterized by substantial borrower equity in each mortgaged property, as evidenced by the weighted average LTV (62%) and CLTV (64%). The weighted average credit score of the mortgage pool is 767, which is within the prime mortgage range.

KBRA’s analysis of the transaction included a loan-level analysis of the mortgage pools using our Residential Mortgage Default and Loss Model, together with a review of the key transaction parties, results of loan file reviews performed by independent third party firms and review of the legal structure and key documentation. This analysis is further described in our U.S. RMBS Rating Methodology.

For complete details on the analysis, please see our Pre-Sale Report, J.P. Morgan Mortgage Trust 2014-2, which was published on July 20th 2014 at


J.P. Morgan Mortgage Trust 2014-2 Preliminary Ratings

Class       Rating       Class Principal
1-A-1       AAA(sf)       $171,015,000
1-A-2       AAA(sf)       $127,565,000
1-A-3       AAA(sf)       $43,450,000
1-A-4       AAA(sf)       $23,700,000
1-A-5       AAA(sf)       $19,750,000
1-A-6       AAA(sf)       $171,015,000
1-X-1       AAA(sf)       $171,015,000
2-A-1       AAA(sf)       $102,358,000
2-A-2       AAA(sf)       $102,358,000
2-A-3       AAA(sf)       $102,358,000
2-X-1       AAA(sf)       $102,358,000
2-X-2       AAA(sf)       $102,358,000
A-M       AAA(sf)       $13,517,000
B-1       AA(sf)       $7,745,000
B-2       A(sf)       $3,493,000
B-3       BBB(sf)       $2,582,000
B-4       BB(sf)       $1,215,000
B-5       NR       $1,823,213
*Notional Amount.

Related publications:

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

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

About Kroll Bond Rating Agency

KBRA is registered with the U.S. Securities and Exchange Commission as a Nationally Recognized Statistical Rating Organization (NRSRO). In addition, KBRA is recognized by the National Association of Insurance Commissioners (NAIC) as a Credit Rating Provider (CRP).

Kroll Bond Rating Agency
Michele Patterson, 646-731-2397
Patrick Gervais, 646-731-2426
Julian Ferdman, 646-731-2379
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