Press Release
DBRS Assigns Ratings on 22 Excess Servicing Fee Classes Issued by 18 CSMC and CSMLT Trusts
RMBSDBRS, Inc. (DBRS) has today assigned ratings to the following excess servicing fee certificates issued by 18 CSMC and CSMLT Trusts:
CSMC Trust 2013-IVR2
--$122.2 million Class A-IO-S at A (sf)
CSMC Trust 2013-IVR3
--$239.3 million Class A-IO-S at A (sf)
CSMC Trust 2013-IVR4
--$291.1 million Class A-IO-S at A (sf)
CSMC Trust 2013-HYB1
--$8.3 million Class A-IO-S at A (sf)
CSMC Trust 2013-6
--$164.2 million Class IO-S-1 at A (sf)
--$288.4 million Class IO-S-2 at A (sf)
--$452.6 million Class A-IO-S at A (sf)
CSMC Trust 2013-7
--$331.5 million Class A-IO-S at A (sf)
CSMC Trust 2013-IVR5
--$239.7 million Class A-IO-S at A (sf)
CSMC Trust 2014-IVR1
--$225.3 million Class A-IO-S at A (sf)
CSMC Trust 2014-SAF1
--$57.4 million Class A-IO-S at A (sf)
CSMC Trust 2014-IVR2
--$181.4 million Class A-IO-S at A (sf)
CSMC Trust 2014-IVR3
--$136.9 million Class A-IO-S at A (sf)
CSMC Trust 2014-WIN1
--$46.4 million Class IO-S-1 at A (sf)
--$103.6 million Class IO-S-2 at A (sf)
--$150.0 million Class A-IO-S at A (sf)
CSMC Trust 2014-WIN2
--$157.5 million Class A-IO-S at A (sf)
CSMC Trust 2015-WIN1
--$232.5 million Class A-IO-S at A (sf)
CSMC Trust 2015-1
--$316.3 million Class A-IO-S at A (sf)
CSMC Trust 2015-2
--$195.2 million Class A-IO-S at A (sf)
CSMC Trust 2015-3
--$164.6 million Class A-IO-S at A (sf)
CSMLT 2015-1 Trust
--$220.0 million Class A-IO-S at A (sf)
The excess servicing fee certificates are interest-only certificates that are entitled to the excess servicing fee for mortgage loans serviced by Select Portfolio Servicing, Inc. (SPS). The class balances represent notional amounts.
The DBRS ratings of the excess servicing fee certificates address the likelihood of the timely payment of interest, which is equal to the excess servicing fee on mortgage loans serviced by SPS in the priority described in the operative documents. Such excess servicing fee may be reduced to the extent any servicer compensating interest payment paid by SPS in respect of prepayment interest shortfalls on the mortgage loans serviced by SPS are allocated to the excess servicing fee. Additionally, the DBRS ratings address only the payments of the excess servicing fee during the period SPS remains servicer for such mortgage loans on which the excess servicing fee rate is based.
Notes:
All figures are in U.S. dollars unless otherwise noted.
These ratings are endorsed by DBRS Ratings Limited for use in the European Union.
The applicable methodologies are RMBS Insight 1.2: U.S. Residential Mortgage-Backed Securities Model and Rating Methodology, Third-Party Due Diligence Criteria for U.S. RMBS Transactions, Representations and Warranties Criteria for U.S. RMBS Transactions and Legal Criteria for U.S. Structured Finance, which can be found on our website under Methodologies.
For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.
Ratings
CSMC Trust 2013-6
CSMC Trust 2013-7
CSMC Trust 2013-HYB1
CSMC Trust 2013-IVR2
CSMC Trust 2013-IVR3
CSMC Trust 2013-IVR4
CSMC Trust 2013-IVR5
CSMC Trust 2014-IVR1
CSMC Trust 2014-IVR2
CSMC Trust 2014-IVR3
CSMC Trust 2014-SAF1
CSMC Trust 2014-WIN1
CSMC Trust 2014-WIN2
CSMC Trust 2015-1
CSMC Trust 2015-2
CSMC Trust 2015-3
CSMC Trust 2015-WIN1
CSMLT 2015-1 Trust
ALL MORNINGSTAR DBRS RATINGS ARE SUBJECT TO DISCLAIMERS AND CERTAIN LIMITATIONS. PLEASE READ THESE DISCLAIMERS AND LIMITATIONS AND ADDITIONAL INFORMATION REGARDING MORNINGSTAR DBRS RATINGS, INCLUDING DEFINITIONS, POLICIES, RATING SCALES AND METHODOLOGIES.
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Contacts
- Sherwin Clarke
Vice President - US RMBS Ratings, Surveillance
+(1) 212 806 3278
sherwin.clarke@morningstar.com - Corina Gonzalez
Associate Managing Director - US RMBS Ratings
+(1) 212 806 3926
corina.gonzalez@morningstar.com