NEW YORK--(BUSINESS WIRE)--
Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to fifteen classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2014-3 (SEMT 2014-3), a jumbo prime RMBS transaction.
The mortgage pool backing SEMT 2014-3 is comprised of 462 first-lien mortgage loans with an aggregate principal balance of $329,946,700 as of the cut-off date. The mortgage pool consists entirely of fully amortizing fixed rate loans, all 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 (69.9%) and CLTV (70.6%). The weighted average credit score of the mortgage pool is 771, 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.
Sequoia Mortgage Trust 2014-3 Preliminary Ratings
RMBS Rating Methodology, published January 9, 2012
Residential Mortgage Default and Loss Model, published January 9, 2012
U.S. RMBS Rating Methodology Assessing Non-QM Risk, published April 22, 2014
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).