DBRS Takes Rating Actions on U.S. RMBS Securities

DBRS, Inc. (DBRS) has today reviewed 2,108 classes from 96 U.S. residential mortgage-backed security (RMBS) transactions. Of the 2,108 classes reviewed, 1,921 ratings were confirmed and 187 ratings were upgraded.

The rating upgrades reflect positive performance trends and that these classes have experienced increases in credit support sufficient to withstand stresses at their new rating level. For transactions where the rating has been confirmed, current asset performance and credit support levels have been consistent with the current rating.

The rating actions are the result of DBRS applying its updated “RMBS Insight 1.2: U.S. Residential Mortgage-Backed Securities Model and Rating Methodology” published on November 28, 2016.

The transactions consist of U.S. RMBS transactions. The pools backing these transactions consist of Reperforming, Agency Credit, Seasoned, Scratch and Dent, and Prime Jumbo collateral.

The ratings assigned to the following securities differ from the rating(s) implied by the quantitative model. DBRS considers this difference to be a material deviation, but in this case, the ratings of the subject notes reflect the structural features and historical performance that constrain the quantitative model output.

-- Agate Bay Mortgage Trust 2014-3, Mortgage Pass-Through Certificates, Series 2014-3, Class B-3
-- Agate Bay Mortgage Trust 2014-3, Mortgage Pass-Through Certificates, Series 2014-3, Class B-4
-- Agate Bay Mortgage Trust 2014-2, Mortgage Pass-Through Certificates, Series 2014-2, Class B-3
-- Agate Bay Mortgage Trust 2014-2, Mortgage Pass-Through Certificates, Series 2014-2, Class B-4
-- Agate Bay Mortgage Trust 2015-1, Mortgage Pass-Through Certificates, Series 2015-1, Class B-3
-- Agate Bay Mortgage Trust 2015-1, Mortgage Pass-Through Certificates, Series 2015-1, Class B-4
-- Agate Bay Mortgage Trust 2015-2, Mortgage Pass-Through Certificates, Series 2015-2, Class B-2
-- Agate Bay Mortgage Trust 2015-2, Mortgage Pass-Through Certificates, Series 2015-2, Class B-3
-- Agate Bay Mortgage Trust 2015-4, Mortgage Pass-Through Certificates, Series 2015-4, Class B-2
-- Agate Bay Mortgage Trust 2015-4, Mortgage Pass-Through Certificates, Series 2015-4, Class B-3
-- Agate Bay Mortgage Trust 2015-4, Mortgage Pass-Through Certificates, Series 2015-4, Class B-4
-- Agate Bay Mortgage Trust 2015-5, Mortgage Pass-Through Certificates, Series 2015-5, Class B-2
-- CSMLT 2015-1 Trust, Mortgage Pass-Through Certificates, Series 2015-1, Class B-2
-- CSMLT 2015-1 Trust, Mortgage Pass-Through Certificates, Series 2015-1, Class B-3
-- CSMLT 2015-1 Trust, Mortgage Pass-Through Certificates, Series 2015-1, Class B-4
-- CSMLT 2015-1 Trust, Mortgage Pass-through Certificates, Series 2015-1, Class A-IO-S
-- CSMLT 2015-2 Trust, Mortgage Pass-Through Certificates, Series 2015-2, Class A-IO-S
-- CSMC Series 2010-16, CSMC Series 2010-16 Securities, Class A-4
-- CSMC Trust 2013-IVR1 Mortgage Pass-Through Certificates, Series 2013-IVR1, Class B-3
-- CSMC Trust 2013-IVR1 Mortgage Pass-Through Certificates, Series 2013-IVR1, Class B-4
-- CSMC Trust 2013-IVR1, Mortgage Pass-through Certificates, Series 2013-IVR2, Class B-3
-- CSMC Trust 2013-IVR2, Mortgage Pass-through Certificates, Series 2013-IVR2, Class B-4
-- CSMC Trust 2013-IVR2, Mortgage Pass-through Certificates, Series 2013-IVR2, Class A-IO-S
-- CSMC Trust 2013-IVR3, Mortgage Pass-through Certificates, Series 2013-IVR3, Class B-3
-- CSMC Trust 2013-IVR3, Mortgage Pass-through Certificates, Series 2013-IVR3, Class B-4
-- CSMC Trust 2013-IVR3, Mortgage Pass-through Certificates, Series 2013-IVR3, Class A-IO-S
-- CSMC Trust 2013-IVR4, Mortgage Pass-through Certificates, Series 2013-IVR4, Class B-3
-- CSMC Trust 2013-IVR4, Mortgage Pass-through Certificates, Series 2013-IVR4, Class B-4
-- CSMC Trust 2013-IVR4, Mortgage Pass-through Certificates, Series 2013-IVR4, Class A-IO-S
-- CSMC Trust 2013-HYB1, Mortgage Pass-through Certificates, Series 2013-HYB1, Class B-3
-- CSMC Trust 2013-HYB1, Mortgage Pass-through Certificates, Series 2013-HYB1, Class B-4
-- CSMC Trust 2013-HYB1, Mortgage Pass-through Certificates, Series 2013-HYB1, Class A-IO-S
-- CSMC Trust 2013-6, Mortgage Pass-Through Certificates, Series 2013-6, Class B-3
-- CSMC Trust 2013-6, Mortgage Pass-Through Certificates, Series 2013-6, Class B-4
-- CSMC Trust 2013-6, Mortgage Pass-through Certificates, Series 2013-6, Class IO-S-1
-- CSMC Trust 2013-6, Mortgage Pass-through Certificates, Series 2013-6, Class IO-S-2
-- CSMC Trust 2013-6, Mortgage Pass-through Certificates, Series 2013-6, Class A-IO-S
-- CSMC Trust 2013-7, Mortgage Pass-Through Certificates, Series 2013-7, Class B-3
-- CSMC Trust 2013-7, Mortgage Pass-Through Certificates, Series 2013-7, Class B-4
-- CSMC Trust 2013-7, Mortgage Pass-through Certificates, Series 2013-7, Class A-IO-S
-- CSMC Trust 2013-IVR5, Mortgage Pass-Through Certificates, Series 2013-IVR5, Class B-3
-- CSMC Trust 2013-IVR5, Mortgage Pass-Through Certificates, Series 2013-IVR5, Class B-4
-- CSMC Trust 2013-IVR5, Mortgage Pass-through Certificates, Series 2013-IVR5, Class A-IO-S
-- CSMC Trust 2014-IVR1, Mortgage Pass-Through Certificates, Series 2014-IVR1, Class B-3
-- CSMC Trust 2014-IVR1, Mortgage Pass-Through Certificates, Series 2014-IVR1, Class B-4
-- CSMC Trust 2014-IVR1, Mortgage Pass-through Certificates, Series 2014-IVR1, Class A-IO-S
-- CSMC Trust 2014-SAF1, Mortgage Pass-Through Certificates, Series 2014-SAF1, Class B-3
-- CSMC Trust 2014-SAF1, Mortgage Pass-Through Certificates, Series 2014-SAF1, Class B-4
-- CSMC Trust 2014-SAF1, Mortgage Pass-through Certificates, Series 2014-SAF1, Class A-IO-S
-- CSMC Trust 2014-IVR2, Mortgage Pass-Through Certificates, Series 2014-IVR2, Class B-3
-- CSMC Trust 2014-IVR2, Mortgage Pass-Through Certificates, Series 2014-IVR2, Class B-4
-- CSMC Trust 2014-IVR2, Mortgage Pass-through Certificates, Series 2014-IVR2, Class A-IO-S
-- CSMC Trust 2014-IVR3, Mortgage Pass-Through Certificates, Series 2014-IVR3, Class B-3
-- CSMC Trust 2014-IVR3, Mortgage Pass-Through Certificates, Series 2014-IVR3, Class B-4
-- CSMC Trust 2014-IVR3, Mortgage Pass-through Certificates, Series 2014-IVR3, Class A-IO-S
-- CSMC Trust 2014-WIN1, Mortgage Pass-Through Certificates, Series 2014-WIN1, Class B-3
-- CSMC Trust 2014-WIN1, Mortgage Pass-Through Certificates, Series 2014-WIN1, Class B-4
-- CSMC Trust 2014-WIN1, Mortgage Pass-through Certificates, Series 2014-WIN1, Class IO-S-1
-- CSMC Trust 2014-WIN1, Mortgage Pass-through Certificates, Series 2014-WIN1, Class IO-S-2
-- CSMC Trust 2014-WIN1, Mortgage Pass-through Certificates, Series 2014-WIN1, Class A-IO-S
-- CSMC Trust 2014-WIN2, Mortgage Pass-Through Certificates, Series 2014-WIN2, Class B-3
-- CSMC Trust 2014-WIN2, Mortgage Pass-Through Certificates, Series 2014-WIN2, Class B-4
-- CSMC Trust 2014-WIN2, Mortgage Pass-through Certificates, Series 2014-WIN2, Class A-IO-S
-- CSMC Trust 2014-OAK1, Mortgage Pass-Through Certificates, Series 2014-OAK1, Class B-3
-- CSMC Trust 2015-WIN1, Mortgage Pass-Through Certificates, Series 2015-WIN1, Class B-3
-- CSMC Trust 2015-WIN1, Mortgage Pass-Through Certificates, Series 2015-WIN1, Class B-4
-- CSMC Trust 2015-WIN1, Mortgage Pass-through Certificates, Series 2015-WIN1, Class A-IO-S
-- CSMC Trust 2015-1, Mortgage Pass-Through Certificates, Series 2015-1, Class B-2
-- CSMC Trust 2015-1, Mortgage Pass-Through Certificates, Series 2015-1, Class B-3
-- CSMC Trust 2015-2, Mortgage Pass-Through Certificates, Series 2015-2, Class B-4
-- CSMC Trust 2015-2, Mortgage Pass-through Certificates, Series 2015-2, Class A-IO-S
-- CSMC Trust 2015-3, Mortgage Pass-Through Certificates, Series 2015-3, Class B-3
-- CSMC Trust 2015-3, Mortgage Pass-Through Certificates, Series 2015-3, Class B-4
-- CSMC Trust 2015-3, Mortgage Pass-through Certificates, Series 2015-3, Class A-IO-S
-- CSMLT 2015-3 Trust, Mortgage Pass-Through Certificates, Series 2015-3, Class IO-S-1
-- CSMLT 2015-3 Trust, Mortgage Pass-Through Certificates, Series 2015-3, Class IO-S-2
-- CSMLT 2015-3 Trust, Mortgage Pass-Through Certificates, Series 2015-3, Class IO-S-3
-- CSMLT 2015-3 Trust, Mortgage Pass-Through Certificates, Series 2015-3, Class A-IO-S
-- Citigroup Mortgage Loan Trust 2013-J1, Mortgage Pass-Through Certificates, Series 2013-J1, Class B-3
-- Citigroup Mortgage Loan Trust 2013-J1, Mortgage Pass-Through Certificates, Series 2013-J1, Class B-4
-- Citigroup Mortgage Loan Trust 2014-A, Mortgage Backed-Notes, Series 2014-A, Class B-2
-- Citigroup Mortgage Loan Trust 2014-A, Mortgage Backed-Notes, Series 2014-A, Class B-3
-- Citigroup Mortgage Loan Trust 2014-A, Mortgage Backed-Notes, Series 2014-A, Class B-4
-- Citigroup Mortgage Loan Trust 2014-J1, Mortgage Pass Through Certificates, Series 2014-J1, Class B-3
-- Citigroup Mortgage Loan Trust 2014-J1, Mortgage Pass Through Certificates, Series 2014-J1, Class B-4
-- Citigroup Mortgage Loan Trust 2014-J2, Mortgage Pass Through Certificates, Series 2014-J2, Class B-3
-- Citigroup Mortgage Loan Trust 2014-J2, Mortgage Pass Through Certificates, Series 2014-J2, Class B-4
-- Citigroup Mortgage Loan Trust 2015-A, Mortgage Backed-Notes, Series 2015-A, Class A-1
-- Citigroup Mortgage Loan Trust 2015-A, Mortgage Backed-Notes, Series 2015-A, Class A-1-IO
-- Citigroup Mortgage Loan Trust 2015-A, Mortgage Backed-Notes, Series 2015-A, Class A
-- Citigroup Mortgage Loan Trust 2015-A, Mortgage Backed-Notes, Series 2015-A, Class A-2
-- Citigroup Mortgage Loan Trust 2015-A, Mortgage Backed-Notes, Series 2015-A, Class A-2-IO
-- Citigroup Mortgage Loan Trust 2015-A, Mortgage Backed-Notes, Series 2015-A, Class A-3
-- Citigroup Mortgage Loan Trust 2015-A, Mortgage Backed-Notes, Series 2015-A, Class A-3-IO
-- Citigroup Mortgage Loan Trust 2015-A, Mortgage Backed-Notes, Series 2015-A, Class A-4
-- Citigroup Mortgage Loan Trust 2015-A, Mortgage Backed-Notes, Series 2015-A, Class A-4-IO
-- Citigroup Mortgage Loan Trust 2015-A, Mortgage Backed-Notes, Series 2015-A, Class AA
-- Citigroup Mortgage Loan Trust 2015-A, Mortgage Backed-Notes, Series 2015-A, Class AB
-- Citigroup Mortgage Loan Trust 2015-A, Mortgage Backed-Notes, Series 2015-A, Class AC
-- Citigroup Mortgage Loan Trust 2015-A, Mortgage Backed-Notes, Series 2015-A, Class A-1A
-- Citigroup Mortgage Loan Trust 2015-A, Mortgage Backed-Notes, Series 2015-A, Class A-1B
-- Citigroup Mortgage Loan Trust 2015-A, Mortgage Backed-Notes, Series 2015-A, Class A-1C
-- Citigroup Mortgage Loan Trust 2015-A, Mortgage Backed-Notes, Series 2015-A, Class A-2A
-- Citigroup Mortgage Loan Trust 2015-A, Mortgage Backed-Notes, Series 2015-A, Class A-2B
-- Citigroup Mortgage Loan Trust 2015-A, Mortgage Backed-Notes, Series 2015-A, Class A-2C
-- Citigroup Mortgage Loan Trust 2015-A, Mortgage Backed-Notes, Series 2015-A, Class A-3A
-- Citigroup Mortgage Loan Trust 2015-A, Mortgage Backed-Notes, Series 2015-A, Class A-3B
-- Citigroup Mortgage Loan Trust 2015-A, Mortgage Backed-Notes, Series 2015-A, Class A-3C
-- Citigroup Mortgage Loan Trust 2015-A, Mortgage Backed-Notes, Series 2015-A, Class A-4A
-- Citigroup Mortgage Loan Trust 2015-A, Mortgage Backed-Notes, Series 2015-A, Class A-4B
-- Citigroup Mortgage Loan Trust 2015-A, Mortgage Backed-Notes, Series 2015-A, Class A-4C
-- Citigroup Mortgage Loan Trust 2015-RP2, Mortgage-Backed Notes, Series 2015-RP2, Class A-1
-- Citigroup Mortgage Loan Trust 2015-RP2, Mortgage-Backed Notes, Series 2015-RP2, Class A-1-IO
-- Citigroup Mortgage Loan Trust 2015-RP2, Mortgage-Backed Notes, Series 2015-RP2, Class A
-- Citigroup Mortgage Loan Trust 2015-RP2, Mortgage-Backed Notes, Series 2015-RP2, Class A-2
-- Citigroup Mortgage Loan Trust 2015-RP2, Mortgage-Backed Notes, Series 2015-RP2, Class A-2-IO
-- Citigroup Mortgage Loan Trust 2015-RP2, Mortgage-Backed Notes, Series 2015-RP2, Class A-2A
-- Citigroup Mortgage Loan Trust 2015-RP2, Mortgage-Backed Notes, Series 2015-RP2, Class A-2B
-- Fannie Mae, Connecticut Avenue Securities, Series 2014-C03, Connecticut Avenue Securities, Series 2014-C03, Class 1M-1
-- Fannie Mae, Connecticut Avenue Securities, Series 2014-C03, Connecticut Avenue Securities, Series 2014-C03, Class 2M-1
-- Fannie Mae, Connecticut Avenue Securities, Series 2014-C04, Connecticut Avenue Securities, Series 2014-C04, Class 1M-1
-- Freddie Mac, Structured Agency Credit Risk Debt Notes, Series 2015-DN1, Structured Agency Credit Risk Debt Notes, Series 2015-DN1, Class M-2
-- Freddie Mac, Structured Agency Credit Risk Debt Notes, Series 2015-DN1, Structured Agency Credit Risk Debt Notes, Series 2015-DN1, Class M-2F
-- Freddie Mac, Structured Agency Credit Risk Debt Notes, Series 2015-DN1, Structured Agency Credit Risk Debt Notes, Series 2015-DN1, Class M-2I
-- Freddie Mac, Structured Agency Credit Risk Debt Notes, Series 2015-DN1, Structured Agency Credit Risk Debt Notes, Series 2015-DN1, Class M-12
-- J.P. Morgan Mortgage Trust 2013-3 Mortgage Pass-Through Certificates, Series 2013-3, Class B-3
-- J.P. Morgan Mortgage Trust 2013-3 Mortgage Pass-Through Certificates, Series 2013-3, Class B-4
-- J.P. Morgan Mortgage Trust 2014-IVR3, Mortgage Pass-Through Certificates, Series 2014-IVR3, Class B-3
-- J.P. Morgan Mortgage Trust 2014-OAK4, Mortgage Pass-Through Certificates, Series 2014-OAK4, Class B-3
-- J.P. Morgan Mortgage Trust 2014-OAK4, Mortgage Pass-Through Certificates, Series 2014-OAK4, Class B-4
-- Onslow Bay Mortgage Loan Trust 2015-1, Mortgage Pass-Through Certificates, Series 2015-1, Class B-3
-- Onslow Bay Mortgage Loan Trust 2015-1, Mortgage Pass-Through Certificates, Series 2015-1, Class B-5
-- Shellpoint Asset Funding Trust 2013-1, Mortgage Pass-Through Certificates, Series 2013-1, Class B-3
-- Shellpoint Asset Funding Trust 2013-1, Mortgage Pass-Through Certificates, Series 2013-1, Class B-4
-- Shellpoint Co-Originator Trust 2015-1, Mortgage Pass-Through Certificates, Series 2015-1, Class B-2
-- Shellpoint Co-Originator Trust 2015-1, Mortgage Pass-Through Certificates, Series 2015-1, Class B-3
-- Shellpoint Co-Originator Trust 2015-1, Mortgage Pass-Through Certificates, Series 2015-1, Class B-4
-- Towd Point Mortgage Trust 2016-2, Asset Backed Securities, Series 2016-2, Class M1
-- Towd Point Mortgage Trust 2016-2, Asset Backed Securities, Series 2016-2, Class M2
-- Towd Point Mortgage Trust 2016-2, Asset Backed Securities, Series 2016-2, Class B1
-- Towd Point Mortgage Trust 2016-2, Asset Backed Securities, Series 2016-2, Class B2
-- Towd Point Mortgage Trust 2016-2, Asset Backed Securities, Series 2016-2, Class A4
-- Towd Point Mortgage Trust 2016-2, Asset Backed Securities, Series 2016-2, Class A4A
-- Towd Point Mortgage Trust 2016-2, Asset Backed Securities, Series 2016-2, Class A4B
-- Towd Point Mortgage Trust 2016-2, Asset Backed Securities, Series 2016-2, Class A4C
-- Towd Point Mortgage Trust 2016-2, Asset Backed Securities, Series 2016-2, Class X7
-- Towd Point Mortgage Trust 2016-2, Asset Backed Securities, Series 2016-2, Class X8
-- Towd Point Mortgage Trust 2016-2, Asset Backed Securities, Series 2016-2, Class X9
-- Towd Point Mortgage Trust 2016-2, Asset Backed Securities, Series 2016-2, Class A5
-- Towd Point Mortgage Trust 2016-3, Asset Backed Securities, Series 2016-3, Class M1
-- Towd Point Mortgage Trust 2016-3, Asset Backed Securities, Series 2016-3, Class M2
-- Towd Point Mortgage Trust 2016-3, Asset Backed Securities, Series 2016-3, Class M1A
-- Towd Point Mortgage Trust 2016-3, Asset Backed Securities, Series 2016-3, Class M1B
-- Towd Point Mortgage Trust 2016-3, Asset Backed Securities, Series 2016-3, Class X3
-- Towd Point Mortgage Trust 2016-3, Asset Backed Securities, Series 2016-3, Class X4
-- Towd Point Mortgage Trust 2016-3, Asset Backed Securities, Series 2016-3, Class M2A
-- Towd Point Mortgage Trust 2016-3, Asset Backed Securities, Series 2016-3, Class M2B
-- Towd Point Mortgage Trust 2016-3, Asset Backed Securities, Series 2016-3, Class X5
-- Towd Point Mortgage Trust 2016-3, Asset Backed Securities, Series 2016-3, Class X6
-- WinWater Mortgage Loan Trust 2015-4, Mortgage Pass-Through Certificates, Series 2015-4, Class B-3
-- WinWater Mortgage Loan Trust 2015-4, Mortgage Pass-Through Certificates, Series 2015-4, Class B-4
-- WinWater Mortgage Loan Trust 2014-3, Mortgage Pass-Through Certificates, Series 2014-3, Class B-3
-- WinWater Mortgage Loan Trust 2014-3, Mortgage Pass-Through Certificates, Series 2014-3, Class B-4
-- WinWater Mortgage Loan Trust 2015-A, Mortgage Pass-Through Certificates, Series 2015-A, Class B-2
-- WinWater Mortgage Loan Trust 2015-A, Mortgage Pass-Through Certificates, Series 2015-A, Class B-3
-- WinWater Mortgage Loan Trust 2015-A, Mortgage Pass-Through Certificates, Series 2015-A, Class B-4
-- WinWater Mortgage Loan Trust 2015-5, Mortgage Pass-Through Certificates, Series 2015-5, Class B-2
-- WinWater Mortgage Loan Trust 2015-5, Mortgage Pass-Through Certificates, Series 2015-5, Class B-3
-- WinWater Mortgage Loan Trust 2015-5, Mortgage Pass-Through Certificates, Series 2015-5, Class B-4
-- WinWater Mortgage Loan Trust 2016-1, Mortgage Pass-Through Certificates, Series 2016-1, Class B-4
-- Mill City Mortgage Loan Trust 2016-1, Mortgage Backed Securities, Series 2016-1, Class M3
-- Mill City Mortgage Loan Trust 2016-1, Mortgage Backed Securities, Series 2016-1, Class B1
-- Mill City Mortgage Loan Trust 2016-1, Mortgage Backed Securities, Series 2016-1, Class B2
-- COLT 2016-2 Mortgage Loan Trust, COLT 2016-2 Mortgage Pass-Through Certificates, Series 2016-2, Class A-2
-- COLT 2016-2 Mortgage Loan Trust, COLT 2016-2 Mortgage Pass-Through Certificates, Series 2016-2, Class A-2X
-- COLT 2016-2 Mortgage Loan Trust, COLT 2016-2 Mortgage Pass-Through Certificates, Series 2016-2, Class A-4
-- COLT 2016-2 Mortgage Loan Trust, COLT 2016-2 Mortgage Pass-Through Certificates, Series 2016-2, Class M-1
-- COLT 2016-2 Mortgage Loan Trust, COLT 2016-2 Mortgage Pass-Through Certificates, Series 2016-2, Class M-1E
-- COLT 2016-2 Mortgage Loan Trust, COLT 2016-2 Mortgage Pass-Through Certificates, Series 2016-2, Class M-1X

Notes:
The applicable methodologies are U.S. RMBS Surveillance Methodology and RMBS Insight 1.2: U.S. Residential Mortgage-Backed Securities Model and Rating Methodology, 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.