NEW YORK--(EON: Enhanced Online News)--Kroll Bond Rating Agency (“KBRA”) assigns preliminary ratings to six classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2013-12, a jumbo prime RMBS transaction.
The mortgage pool backing SEMT 2013-12 is comprised of 410 first-lien mortgage loans with an aggregate principal balance of $324,984,227 as of the cut-off date. The loans in the pool are all 30-year fixed-rate mortgages. There are five interest-only loans in the pool. The pool is characterized by substantial borrower equity in each mortgaged property, as evidenced by the weighted average LTV (70%) and CLTV (70%). The weighted average credit score of the mortgage pool is 766, 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, Sequoia Mortgage Trust 2013-12, which was published on November 4th 2013 at www.krollbondratings.com.
Sequoia Mortgage Trust 2013-12 Preliminary 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).