NEW YORK--(BUSINESS WIRE)--
Kroll Bond Rating Agency (KBRA) assigns final ratings to nine classes of mortgage pass-through certificates from Shellpoint Asset Funding Trust 2013-1 (SAFT 2013-1), a jumbo prime RMBS transaction. Concurrently we have withdrawn our preliminary ratings on the certificates, which were assigned on June 19, 2013.
The mortgage pool backing SAFT 2013-1 is comprised of 441 first-lien mortgage loans with an aggregate principal balance of $261,013,919 as of the cut-off date. The loans in the pool are nearly all fixed-rate mortgages (FRMs) with 30-year maturities. Fourteen of the FRMs have 15-year maturities, one has a 10-year maturity, and one has a 20-year maturity. The remaining five loans are hybrid adjustable-rate mortgages (ARMs; two 7/1, two 5/1, and one 10/1). There are thirteen 10-year interest-only (IO) loans in the pool. The pool is characterized by substantial borrower equity in each mortgaged property, as evidenced by the weighted average (WA) loan-to-value (LTV) ratio (64%) and combined LTV (CLTV; 65%). The WA credit score of the mortgage pool is 770, excluding loans from foreign nationals without FICO scores, which is well 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 New Issue Report, Shellpoint Asset Funding Trust 2013-1, which was published on June 28, 2013 at www.krollbondratings.com.
Shellpoint Asset Funding Trust 2013-1 Final Ratings
About Kroll Bond Rating Agency
KBRA was established in 2010 by Jules Kroll to restore trust in credit ratings by creating new standards for assessing risk and by offering accurate, clear and transparent ratings. 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).
- mortgage loans
Glenn Costello, 646-731-2332
Michele Patterson, 646-731-2397
Steve McCarthy, 646-731-2343
Julian Ferdman, 646-731-2379
Lenny Giltman, 646-731-2378