DBRS Takes Rating Actions on 33 U.S. RMBS Transactions

DBRS, Inc. (DBRS) reviewed 636 classes from 33 U.S. residential mortgage-backed security (RMBS) transactions. Of the 636 classes reviewed, DBRS upgraded 23 ratings, confirmed 612 ratings and discontinued one rating.

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 rating is 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 and resecuritization of real estate mortgage investment conduit 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 certain structural features that are not fully reflected in the quantitative model output or additional seasoning is required to substantiate further upgrades.

-- APS Resecuritization Trust 2016-3, REMIC Certificates, Series 2016-3, Class 1-A
-- APS Resecuritization Trust 2016-3, REMIC Certificates, Series 2016-3, Class 2-A
-- Banc of America Funding 2015-R7 Trust, Resecuritization Trust Securities, Class 1A1
-- Banc of America Funding 2015-R8 Trust, Resecuritization Trust Securities, Class 1A1
-- Morgan Stanley Resecuritization Trust 2015-R6, Resecuritization Pass-Through Securities, Series 2015-R6, Class 1-A2
-- 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-4
-- 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 2017-HL1 Trust, Mortgage Pass-Through Certificates, Series 2017-HL1, Class B-2
-- Flagstar Mortgage Trust 2017-1, Mortgage Pass-Through Certificates, Series 2017-1, Class B-4
-- Flagstar Mortgage Trust 2017-1, Mortgage Pass-Through Certificates, Series 2017-1, Class B-5
-- 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-4
-- Onslow Bay Mortgage Loan Trust 2015-1, Mortgage Pass-Through Certificates, Series 2015-1, Class B-5
-- 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

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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