DBRS Takes Rating Actions on 31 U.S. RMBS Transactions
RMBSDBRS, Inc. (DBRS) reviewed 742 classes from 31 U.S. residential mortgage-backed security (RMBS) transactions. Of the 742 classes reviewed, DBRS upgraded three ratings, confirmed 735 ratings and discontinued four 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 full repayment of principal to bondholders.
The rating actions are a result of DBRS’s application of the “U.S. RMBS Surveillance Methodology” published in September 2018.
The pools backing these RMBS transactions consist of subprime, prime and non-qualified mortgage collateral.
The ratings assigned to the securities 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 warranted to substantiate a further upgrade.
-- Agate Bay Mortgage Trust 2015-2, Mortgage Pass-Through Certificates, Series 2015-2, Class B-3
-- 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
-- CSMC Trust 2012-CIM1 Mortgage Pass-Through Certificates, Series 2012-CIM1, Class B-4
-- CSMC Trust 2012-CIM2 Mortgage Pass-Through Certificates, Series 2012-CIM2, Mortgage Pass-through Certificates, Series 2012-CIM2, Class B-4
-- 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-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-IVR2, 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 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-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 A-IO-S
-- CSMC Trust 2014-IVR2, Mortgage Pass-Through Certificates, Series 2014-IVR2, 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-SAF1, Mortgage Pass-Through Certificates, Series 2014-SAF1, Class A-IO-S
-- CSMC Trust 2015-1, Mortgage Pass-Through Certificates, Series 2015-1, Class A-IO-S
-- CSMC Trust 2015-2, Mortgage Pass-Through Certificates, Series 2015-2, Class A-IO-S
-- Galton Funding Mortgage Trust 2018-2, Mortgage Pass-Through Certificates, Series 2018-2, Class BX2
-- Mello Mortgage Capital Acceptance 2018-MTG2, Mortgage Pass-Through Certificates, Series 2018-MTG2, Class B5
-- 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
-- RESI Finance Limited Partnership 2004-B & RESI Finance DE Corporation 2004-B, Real Estate Synthetic Investment Securities, Series 2004-B, Class A5 Risk Band
-- RESI Finance Limited Partnership 2004-B & RESI Finance DE Corporation 2004-B, Real Estate Synthetic Investment Notes, Series 2004-B, Class B1 Risk Band
-- RESI Finance Limited Partnership 2003-A & RESI Finance DE Corporation 2003-A, Real Estate Synthetic Investment Securities, Series 2003-A, Class A5 Risk Band
-- RESI Finance Limited Partnership 2003-B & RESI Finance DE Corporation 2003-B, Real Estate Synthetic Investment Securities, Series 2003-B, Class A5 Risk Band
-- RESI Finance Limited Partnership 2003-B & RESI Finance DE Corporation 2003-B, Real Estate Synthetic Investment Notes, Series 2003-B, Class B1 Risk Band
-- RESI Finance Limited Partnership 2003-B & RESI Finance DE Corporation 2003-B, Real Estate Synthetic Investment Notes, Series 2003-B, Class B2 Risk Band
-- Structured Adjustable Rate Mortgage Loan Trust, Series 2004-8, Mortgage Pass-Through Certificates, Series 2004-8, Class 5-A6
-- Wells Fargo Home Equity Asset-Backed Securities 2004-2 Trust, Home Equity Asset-Backed Certificates, Series 2004-2, Class AI-8
-- Wells Fargo Home Equity Asset-Backed Securities 2004-2 Trust, Home Equity Asset-Backed Certificates, Series 2004-2, Class AI-9
-- Wells Fargo Home Equity Asset-Backed Securities 2004-2 Trust, Home Equity Asset-Backed Certificates, Series 2004-2, Class AIII-3
-- Wells Fargo Home Equity Asset-Backed Securities 2004-2 Trust, Home Equity Asset-Backed Certificates, Series 2004-2, Class M-3
-- Wells Fargo Home Equity Asset-Backed Securities 2004-2 Trust, Home Equity Asset-Backed Certificates, Series 2004-2, Class M-4
-- Wells Fargo Home Equity Asset-Backed Securities 2004-2 Trust, Home Equity Asset-Backed Certificates, Series 2004-2, Class M-5
-- Wells Fargo Home Equity Asset-Backed Securities 2004-2 Trust, Home Equity Asset-Backed Certificates, Series 2004-2, Class M-6
-- COLT 2018-4 Mortgage Loan Trust, COLT 2018-4 Mortgage Pass-Through Certificates, Series 2018-4, Class A-3
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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