DBRS Rates Bayview Opportunity Master Fund IIIa Trust 2013-15NPL

DBRS, Inc. (DBRS) has assigned the following final ratings to the Bayview Opportunity Master Fund IIIa Trust 2013-15NPL (the Trust).

-- $37 million Class A1 rated at BBB (sf)

The BBB (sf) ratings in this transaction reflect the 95.00% of credit enhancement provided by subordination and overcollateralization. Other than the specified classes above, DBRS does not rate any other classes in this transaction.

The Trust contains a portfolio of primarily non-performing seasoned residential mortgages. The mortgages in this transaction were originated by various originators and are currently serviced by Bayview Loan Servicing, LLC. The servicer will not advance monthly scheduled delinquent interest and principal payments. The transaction employs a sequential pay cash flow structure.

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 below 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.

These ratings are endorsed by DBRS Ratings Limited for use in the European Union.