DBRS Assigns Provisional Ratings to J.P. Morgan Mortgage Trust 2013-1 Mortgage Pass-Through Certificates, Series 2013-1

DBRS, Inc. (DBRS) has assigned the following provisional ratings to the Mortgage Pass-Through Certificates, Series 2013-1 issued by J.P. Morgan Mortgage Trust 2013-1 (the Trust).

-- $ 244.4 million Class 1-A1 rated at AAA (sf)
-- $ 244.4 million Class 1-A-IO* rated at AAA (sf)
-- $ 326.3 million Class 2-A1 rated at AAA (sf)
-- $ 326.3 million Class 2-A-IO* rated at AAA (sf)

• Denotes interest only classes, the class balances represent notional amounts.

The AAA (sf) ratings in this transaction reflect the 7.40% of credit enhancement provided by subordination. Other than the specified classes above, DBRS does not rate any other classes in this transaction.

The ratings on the certificates also reflect the prime quality of the underlying assets and the capabilities of JPMorgan Chase Bank, N.A. (“JPMCB”), First Republic Bank (“First Republic”) as servicers on 96.7% of the mortgage pool. Wells Fargo Bank, N.A. will serve as master servicer, and U.S. Bank National Association will serve as trustee.

The transaction introduced a relatively new standard for representations and warranties which includes sunset provisions that allow for certain representations and warranties, subject to performance triggers, to expire within three to five years after the closing date. The full description of the representations and warranties standard, the mitigation factors and DBRS’s loss adjustments are detailed in the related pre-sale report.

Note:
All figures are in U.S. dollars unless otherwise noted.

The applicable methodologies are:
• RMBS Insight: U.S. Residential Mortgage-Backed Securities Loss Model and Rating Methodology
• Unified Interest Rate Model for U.S. RMBS Transactions
• Third-Party Due Diligence Criteria for U.S. RMBS Transactions
• Representations and Warranties Criteria for U.S. RMBS Transactions
• Legal Criteria for U.S. Structured Finance Transactions

The full report providing additional analytical detail is available by clicking on the link or by contacting us at info@dbrs.com.

The Rule 17g-7 Report of Representations and Warranties is hereby incorporated by reference and can be found by clicking on the link or by contacting us at info@dbrs.com.

This rating is endorsed by DBRS Ratings Limited for use in the European Union.