DBRS Takes Rating Actions on U.S. RMBS Securities
RMBSDBRS, Inc. (DBRS) reviewed 370 classes from 19 U.S. residential mortgage-backed security (RMBS) transactions. Of the 370 classes reviewed, 205 ratings were upgraded, 163 ratings were confirmed and two ratings were discontinued.
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 levels. The rating confirmations reflect current asset performance and that credit support levels have been consistent with the current rating.
The rating actions are a result of DBRS’s application of its “RMBS Insight 1.3: U.S. Residential Mortgage-Backed Securities Model and Rating Methodology,” published on April 4, 2017.
The transactions consist of U.S. RMBS transactions. The pools backing these transactions consist of reperforming and prime collateral.
The ratings assigned to the following securities differ from the ratings 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.
-- Bayview Opportunity Master Fund IVa Trust 2016-SPL1, Asset-Backed Notes, Series 2016-SPL1, Class B2
-- Bayview Opportunity Master Fund IVa Trust 2016-SPL1, Asset-Backed Notes, Series 2016-SPL1, Class B2-IO
-- Bayview Opportunity Master Fund IVb Trust 2016-SPL2, Mortgage-Backed Securities, Series 2016-SPL2, Class B2
-- Bayview Opportunity Master Fund IVb Trust 2016-SPL2, Mortgage-Backed Securities, Series 2016-SPL2, Class B2-IO
-- Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2016-1, Asset Backed Securities, Series 2016-1, Class M-1
-- Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2016-1, Asset Backed Securities, Series 2016-1, Class M-2
-- Mill City Mortgage Loan Trust 2016-1, Mortgage Backed Securities, Series 2016-1, Class M2
-- 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
-- SoFi Mortgage Trust Series 2016-1, Mortgage Pass-Through Certificates, Series 2016-1, Class B2
-- SoFi Mortgage Trust Series 2016-1, Mortgage Pass-Through Certificates, Series 2016-1, Class B3
-- SoFi Mortgage Trust Series 2016-1, Mortgage Pass-Through Certificates, Series 2016-1, Class B4
-- SoFi Mortgage Trust Series 2016-1, Mortgage Pass-Through Certificates, Series 2016-1, Class B5
-- Towd Point Mortgage Trust 2015-2, Asset Backed Notes, Series 2015-2, Class 1-B1
-- Towd Point Mortgage Trust 2015-2, Asset Backed Notes, Series 2015-2, Class 1-B2
-- Towd Point Mortgage Trust 2015-2, Asset Backed Notes, Series 2015-2, Class 1-M2
-- Towd Point Mortgage Trust 2015-3, Asset Backed Notes, Series 2015-3, Class M2
-- Towd Point Mortgage Trust 2015-3, Asset Backed Notes, Series 2015-3, Class B1
-- Towd Point Mortgage Trust 2015-3, Asset Backed Notes, Series 2015-3, Class B2
-- Towd Point Mortgage Trust 2015-4, Asset Backed Notes, Series 2015-4, Class M2
-- Towd Point Mortgage Trust 2015-4, Asset Backed Notes, Series 2015-4, Class B1
-- Towd Point Mortgage Trust 2015-4, Asset Backed Notes, Series 2015-4, Class B2
-- Towd Point Mortgage Trust 2015-4, Asset Backed Notes, Series 2015-4, Class M2A
-- Towd Point Mortgage Trust 2015-4, Asset Backed Notes, Series 2015-4, Class M2X
-- Towd Point Mortgage Trust 2015-5, Asset Backed Notes, Series 2015-5, Class M2
-- Towd Point Mortgage Trust 2015-5, Asset Backed Notes, Series 2015-5, Class B1
-- Towd Point Mortgage Trust 2015-5, Asset Backed Notes, Series 2015-5, Class B2
-- Towd Point Mortgage Trust 2015-6, Asset Backed Notes, Series 2015-6, Class M2
-- Towd Point Mortgage Trust 2015-6, Asset Backed Notes, Series 2015-6, Class M2A
-- Towd Point Mortgage Trust 2015-6, Asset Backed Notes, Series 2015-6, Class M2X
-- Towd Point Mortgage Trust 2016-1, Asset Backed Notes, Series 2016-1, Class M1
-- Towd Point Mortgage Trust 2016-1, Asset Backed Notes, Series 2016-1, Class M2
-- Towd Point Mortgage Trust 2016-1, Asset Backed Notes, Series 2016-1, Class B1
-- Towd Point Mortgage Trust 2016-1, Asset Backed Notes, Series 2016-1, Class B2
-- Towd Point Mortgage Trust 2016-1, Asset Backed Notes, Series 2016-1, Class A4
-- Towd Point Mortgage Trust 2016-1, Asset Backed Notes, Series 2016-1, Class A4A
-- Towd Point Mortgage Trust 2016-1, Asset Backed Notes, Series 2016-1, Class A4B
-- Towd Point Mortgage Trust 2016-1, Asset Backed Notes, Series 2016-1, Class A4C
-- Towd Point Mortgage Trust 2016-1, Asset Backed Notes, Series 2016-1, Class X7
-- Towd Point Mortgage Trust 2016-1, Asset Backed Notes, Series 2016-1, Class X8
-- Towd Point Mortgage Trust 2016-1, Asset Backed Notes, Series 2016-1, Class X9
-- Towd Point Mortgage Trust 2016-1, Asset Backed Notes, Series 2016-1, Class A5
-- 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
-- Towd Point Mortgage Trust 2016-3, Asset Backed Securities, Series 2016-3, Class B1
-- Towd Point Mortgage Trust 2016-3, Asset Backed Securities, Series 2016-3, Class B2
-- Towd Point Mortgage Trust 2016-4, Asset Backed Securities, Series 2016-4, Class M1
-- Towd Point Mortgage Trust 2016-4, Asset Backed Securities, Series 2016-4, Class M2
-- Towd Point Mortgage Trust 2016-4, Asset Backed Securities, Series 2016-4, Class B1
-- Towd Point Mortgage Trust 2016-4, Asset Backed Securities, Series 2016-4, Class B2
-- Towd Point Mortgage Trust 2016-4, Asset Backed Securities, Series 2016-4, Class B3
-- Towd Point Mortgage Trust 2016-5, Asset Backed Securities, Series 2016-5, Class M1
-- Towd Point Mortgage Trust 2016-5, Asset Backed Securities, Series 2016-5, Class M2
-- Towd Point Mortgage Trust 2016-5, Asset Backed Securities, Series 2016-5, Class B1
-- Towd Point Mortgage Trust 2016-5, Asset Backed Securities, Series 2016-5, Class B2
Notes:
The principal methodologies are U.S. RMBS Surveillance Methodology and RMBS Insight 1.3: U.S. Residential Mortgage-Backed Securities Model and Rating Methodology, which can be found on www.dbrs.com under Methodologies.
The rated entity or its related entities did participate initially in the rating process. DBRS had access to the accounts and other relevant internal documents of the rated entity or its rated entities.
For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.
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