Kroll Bond Rating Agency Assigns Preliminary Ratings to WinWater Mortgage Loan Trust 2014-1 (WIN 2014-1)

Business Wire


Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to twenty-three classes of mortgage pass-through certificates from WinWater Mortgage Loan Trust 2014-1 (WIN 2014-1), a jumbo prime RMBS transaction.

The mortgage pool backing WIN 2014-1 is comprised of 306 first-lien mortgage loans with an aggregate principal balance of $249,465,638 as of the cut-off date. WIN 2014-1 is the first transaction for WinWater Home Mortgage, LLC, a new mortgage conduit formed in 2013. The mortgage pool consists entirely of fully amortizing fixed rate loans, 98.8% of which have 30-year maturities. The pool is characterized by substantial borrower equity in each mortgaged property, as evidenced by the weighted average LTV (71.2%) and CLTV (71.4%). The weighted average credit score of the mortgage pool is 753, 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, WinWater Mortgage Loan Trust 2014-1, which was published on June 11th 2014 at


Preliminary Ratings Assigned: WinWater Mortgage Loan Trust 2014-1

Class     Rating     Initial Class Balance
A-11     AAA     212,045,000






A-31     AA+     228,884,000
A-41     AAA     159,396,000
A-5     AAA     159,396,000
A-6     AAA     159,396,000
A-7     AAA     41,938,000
A-8     AAA     10,711,000
A-91     AAA     52,649,000
A-101     AA+     16,839,000
A-11     AA+     16,839,000
A-12     AAA     212,045,000
A-13     AAA     16,839,000
A-141,2     AAA     228,884,000
A-X-1     AAA     228,884,000
A-X-21,2     AAA     228,884,000
A-X-31,2     AAA     228,884,000
A-X-41,2     AAA     228,884,000
B-1     AA     1,622,000
B-2     A     7,608,000
B-3     BBB     4,990,000
B-4     BB     2,869,000
B-5     B     2,370,000
B-6     NR     1,122,638

1 Exchangeable Amount

2 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).

Analytical Contacts:
Michele Patterson, 646-731-2397
Patrick Gervais, 646-731-2426
Julian Ferdman, 646-731-2379

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