DBRS Takes Rating Actions on 92 U.S. RMBS Transactions

DBRS, Inc. (DBRS) reviewed 1,358 classes from 92 U.S. residential mortgage-backed security (RMBS) transactions. Of the 1,358 classes reviewed, DBRS upgraded 229 ratings, confirmed 1,123 ratings and discontinued six ratings.

The rating upgrades reflect positive performance trends and increases in credit support sufficient to withstand stresses at their new rating levels. The rating confirmations reflect asset performance and credit support levels that are consistent with the current ratings. The discontinued ratings are the result of the full repayment of principal to bondholders.

The rating actions are the result of DBRS’s application of “RMBS Insight 1.3: U.S. Residential Mortgage-Backed Securities Model and Rating Methodology” published on September 27, 2018.

The pools backing these U.S. RMBS transactions consist of prime, Alt-A, non-QM, reperforming and Re-REMIC collateral.

The ratings assigned to the securities listed below 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 actual deal or tranche performance that is not fully reflected in the projected cash flows or model output.

-- APS Resecuritization Trust 2015-3, REMIC Notes, Series 2015-3, Class 1-A
-- Jefferies Resecuritization Trust 2009-R4, Resecuritization Trust Certificates 2009-R4, Class 1-A2
-- Jefferies Resecuritization Trust 2009-R4, Resecuritization Trust Certificates 2009-R4, Class 2-A2
-- Jefferies Resecuritization Trust 2009-R4, Resecuritization Trust Certificates 2009-R4, Class 3-A2
-- Jefferies Resecuritization Trust 2009-R4, Resecuritization Trust Certificates 2009-R4, Class 4-A3
-- Jefferies Resecuritization Trust 2009-R4, Resecuritization Trust Certificates 2009-R4, Class 5-A3
-- Jefferies Resecuritization Trust 2009-R4, Resecuritization Trust Certificates 2009-R4, Class 6-A2
-- J.P. Morgan Resecuritization Trust, Series 2010-1, Series 2010-1 Trust Certificates, Class 2-A-2
-- J.P. Morgan Resecuritization Trust, Series 2010-1, Series 2010-1 Trust Certificates, Class 2-A-5
-- Morgan Stanley Resecuritization Trust 2015-R2, Resecuritization Pass-Through Securities, Series 2015-R2, Class 1-A2
-- Morgan Stanley Resecuritization Trust 2015-R2, Resecuritization Pass-Through Securities, Series 2015-R2, Class 2-A1
-- Morgan Stanley Resecuritization Trust 2015-R2, Resecuritization Pass-Through Securities, Series 2015-R2, Class 2-A2
-- Nomura Resecuritization Trust 2015-5R, Resecuritization Trust Securities, Series 2015-5R, Class 4A1
-- 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 2015-4, Mortgage Pass-Through Certificates, Series 2015-4, 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 2014-IVR3, Mortgage Pass-through Certificates, Series 2014-IVR3, Class A-IO-S
-- 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
-- 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-3
-- Shellpoint Co-Originator Trust 2015-1, Mortgage Pass-Through Certificates, Series 2015-1, Class B-4
-- WinWater Mortgage Loan Trust 2014-3, Mortgage Pass-Through Certificates, Series 2014-3, Class B-4
-- WinWater Mortgage Loan Trust 2015-4, Mortgage Pass-Through Certificates, Series 2015-4, Class B-4
-- WinWater Mortgage Loan Trust 2016-1, Mortgage Pass-Through Certificates, Series 2016-1, Class B-4
-- Citigroup Mortgage Loan Trust Inc., Series 2005-WF2, Asset-Backed Pass-Through Certificates, Series 2005-WF2, Class AF-5
-- Citigroup Mortgage Loan Trust Inc., Series 2005-WF2, Asset-Backed Pass-Through Certificates, Series 2005-WF2, Class MV-3
-- Citigroup Mortgage Loan Trust Inc., Series 2005-WF2, Asset-Backed Pass-Through Certificates, Series 2005-WF2, Class MV-4
-- Citigroup Mortgage Loan Trust Inc., Series 2005-WF2, Asset-Backed Pass-Through Certificates, Series 2005-WF2, Class MV-5
-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed Notes, Series 2018-1, Class B-2
-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed Notes, Series 2018-1, Class B2-IO
-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed Notes, Series 2018-1, Class B-2A
-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed Notes, Series 2018-1, Class B-2B
-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed Notes, Series 2018-1, Class B-2C
-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed Notes, Series 2018-1, Class B-2D
-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed Notes, Series 2018-1, Class B2-IOA
-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed Notes, Series 2018-1, Class B2-IOB
-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed Notes, Series 2018-1, Class B2-IOC
-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed Notes, Series 2018-1, Class B-3
-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed Notes, Series 2018-1, Class B3-IO
-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed Notes, Series 2018-1, Class B-3A
-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed Notes, Series 2018-1, Class B-3B
-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed Notes, Series 2018-1, Class B-3C
-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed Notes, Series 2018-1, Class B-3D
-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed Notes, Series 2018-1, Class B3-IOA
-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed Notes, Series 2018-1, Class B3-IOB
-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed Notes, Series 2018-1, Class B3-IOC
-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed Notes, Series 2018-1, Class B-4
-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed Notes, Series 2018-1, Class B-4A
-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed Notes, Series 2018-1, Class B-4B
-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed Notes, Series 2018-1, Class B-4C
-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed Notes, Series 2018-1, Class B4-IOA
-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed Notes, Series 2018-1, Class B4-IOB
-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed Notes, Series 2018-1, Class B4-IOC
-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed Notes, Series 2018-1, Class B-5
-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed Notes, Series 2018-1, Class B-5A
-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed Notes, Series 2018-1, Class B-5B
-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed Notes, Series 2018-1, Class B-5C
-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed Notes, Series 2018-1, Class B-5D
-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed Notes, Series 2018-1, Class B5-IOA
-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed Notes, Series 2018-1, Class B5-IOB
-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed Notes, Series 2018-1, Class B5-IOC
-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed Notes, Series 2018-1, Class B5-IOD
-- New Residential Mortgage Loan Trust 2018-1, Mortgage-Backed Notes, Series 2018-1, Class B-7
-- CIM Trust 2017-7, Mortgage-Backed Notes Series 2017-7, Class M2
-- CIM Trust 2017-7, Mortgage-Backed Notes Series 2017-7, Class M2-IO
-- CIM Trust 2017-7, Mortgage-Backed Notes Series 2017-7, Class M3
-- CIM Trust 2017-7, Mortgage-Backed Notes Series 2017-7, Class M3-IO
-- CIM Trust 2017-7, Mortgage-Backed Notes Series 2017-7, Class B1
-- Credit Suisse First Boston Mortgage Securities Corp., CSMC Series 2009-6R, CSMC Series 2009-6R, Class 1-A4
-- Credit Suisse First Boston Mortgage Securities Corp., CSMC Series 2009-6R, CSMC Series 2009-6R, Class 4-A4
-- COLT 2016-3 Mortgage Loan Trust, COLT 2016-3 Mortgage Pass-Through Certificates, Series 2016-3, Class B-1
-- COLT 2016-3 Mortgage Loan Trust, COLT 2016-3 Mortgage Pass-Through Certificates, Series 2016-3, Class B-2
-- COLT 2017-1 Mortgage Loan Trust, COLT 2017-1 Mortgage Pass-Through Certificates, Series 2017-1, Class B-1
-- COLT 2017-1 Mortgage Loan Trust, COLT 2017-1 Mortgage Pass-Through Certificates, Series 2017-1, Class B-2
-- COLT 2017-2 Mortgage Loan Trust, COLT 2017-2 Mortgage Pass-Through Certificates, Series 2017-2, Class B-1
-- COLT 2017-2 Mortgage Loan Trust, COLT 2017-2 Mortgage Pass-Through Certificates, Series 2017-2, Class B-2
-- MFA 2017-RPL1 Trust, MFA 2017-RPL1 Mortgage-Backed Notes, Series 2017-RPL1, Class M-1
-- MFA 2017-RPL1 Trust, MFA 2017-RPL1 Mortgage-Backed Notes, Series 2017-RPL1, Class M-2
-- MFA 2017-RPL1 Trust, MFA 2017-RPL1 Mortgage-Backed Notes, Series 2017-RPL1, Class B-1
-- MFA 2017-RPL1 Trust, MFA 2017-RPL1 Mortgage-Backed Notes, Series 2017-RPL1, Class B-2
-- 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
-- Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Asset Backed Securities, Series 2017-1, Class M-1
-- Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Asset Backed Securities, Series 2017-1, Class M-2
-- Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Asset Backed Securities, Series 2017-2, Class M-1
-- Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Asset Backed Securities, Series 2017-2, Class M-2
-- Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Series 2017-3, Class M-1
-- Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Series 2017-3, Class M-2
-- Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Series 2017-4, Class M
-- Towd Point Mortgage Trust 2015-1, Asset Backed Notes, Series 2015-1, Class A5
-- Towd Point Mortgage Trust 2015-1, Asset Backed Notes, Series 2015-1, Class A6
-- Towd Point Mortgage Trust 2015-1, Asset Backed Notes, Series 2015-1, Class AE7
-- Towd Point Mortgage Trust 2015-1, Asset Backed Notes, Series 2015-1, Class AE8
-- Towd Point Mortgage Trust 2015-1, Asset Backed Notes, Series 2015-1, Class AE9
-- Towd Point Mortgage Trust 2015-1, Asset Backed Notes, Series 2015-1, Class AE10
-- Towd Point Mortgage Trust 2015-1, Asset Backed Notes, Series 2015-1, Class AE11
-- Towd Point Mortgage Trust 2015-1, Asset Backed Notes, Series 2015-1, Class AE12
-- Towd Point Mortgage Trust 2015-1, Asset Backed Notes, Series 2015-1, Class AE13
-- Towd Point Mortgage Trust 2015-1, Asset Backed Notes, Series 2015-1, Class AE14
-- Towd Point Mortgage Trust 2015-1, Asset Backed Notes, Series 2015-1, Class A
-- 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 2015-3, 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 B1
-- Towd Point Mortgage Trust 2015-4, Asset Backed Notes, Series 2015-4, Class B2
-- 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 2015-6, Asset Backed Notes, Series 2015-6, Class B1
-- Towd Point Mortgage Trust 2015-6, Asset Backed Notes, Series 2015-6, Class B2
-- Towd Point Mortgage Trust 2016-1, Asset Backed Notes, Series 2016-1, Class A5
-- 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 2016-2, Asset Backed Securities, Series 2016-2, Class A5
-- 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 2016-3, 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 2017-1, Asset Backed Securities, Series 2017-1, Class M2
-- Towd Point Mortgage Trust 2017-1, Asset Backed Securities, Series 2017-1, Class M2A
-- Towd Point Mortgage Trust 2017-1, Asset Backed Securities, Series 2017-1, Class M2B
-- Towd Point Mortgage Trust 2017-1, Asset Backed Securities, Series 2017-1, Class X6
-- Towd Point Mortgage Trust 2017-1, Asset Backed Securities, Series 2017-1, Class X5
-- Towd Point Mortgage Trust 2017-1, Asset Backed Securities, Series 2017-1, Class B1
-- Towd Point Mortgage Trust 2017-1, Asset Backed Securities, Series 2017-1, Class B2
-- Towd Point Mortgage Trust 2017-2, Asset Backed Securities, Series 2017-2, Class M2
-- Towd Point Mortgage Trust 2017-2, Asset Backed Securities, Series 2017-2, Class B1
-- Towd Point Mortgage Trust 2017-2, Asset Backed Securities, Series 2017-2, Class B2
-- Towd Point Mortgage Trust 2017-3, Asset Backed Securities Series 2017-3, Class A4
-- Towd Point Mortgage Trust 2017-3, Asset Backed Securities Series 2017-3, Class M1
-- Towd Point Mortgage Trust 2017-3, Asset Backed Securities Series 2017-3, Class M2
-- Towd Point Mortgage Trust 2017-3, Asset Backed Securities Series 2017-3, Class B1
-- Towd Point Mortgage Trust 2017-3, Asset Backed Securities Series 2017-3, Class B2
-- Towd Point Mortgage Trust 2017-5, Asset-Backed Securities, Series 2017-5, Class M2
-- Towd Point Mortgage Trust 2017-5, Asset-Backed Securities, Series 2017-5, Class B2
-- Towd Point Mortgage Trust 2017-6, Asset-Backed Securities Series 2017-6, Class A4
-- Towd Point Mortgage Trust 2017-6, Asset-Backed Securities Series 2017-6, Class M1
-- Towd Point Mortgage Trust 2017-6, Asset-Backed Securities Series 2017-6, Class M2
-- Towd Point Mortgage Trust 2017-6, Asset-Backed Securities Series 2017-6, Class B2
-- Towd Point Mortgage Trust 2018-1, Asset Backed Securities Series 2018-1, Class M1
-- Towd Point Mortgage Trust 2018-1, Asset Backed Securities Series 2018-1, Class A4
-- Towd Point Mortgage Trust 2018-2, Asset Backed Securities Series 2018-2, Class M1
-- Towd Point Mortgage Trust 2018-2, Asset Backed Securities Series 2018-2, Class A4
-- Towd Point Mortgage Trust 2018-3, Asset Backed Securities Series 2018-3, Class A4
-- Towd Point Mortgage Trust 2018-3, Asset Backed Securities Series 2018-3, Class M1
-- Towd Point Mortgage Trust 2018-3, Asset Backed Securities Series 2018-3, Class M2
-- Towd Point Mortgage Trust 2018-3, Asset Backed Securities Series 2018-3, Class B1
-- Towd Point Mortgage Trust 2018-3, Asset Backed Securities Series 2018-3, Class B2
-- CSMC 2017-FHA1 Trust, Mortgage-Backed Notes, Series 2017-FHA1

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 dbrs.com under Methodologies & Criteria.

The rated entity or its related entities did not participate in the rating process for this rating action. DBRS did not have access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.

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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