DBRS Morningstar Takes Rating Actions on 74 U.S. RMBS Transactions

DBRS, Inc. (DBRS Morningstar) reviewed 649 classes from 74 U.S. residential mortgage-backed security (RMBS) transactions. Of the 649 classes reviewed, DBRS Morningstar upgraded 25 ratings, confirmed 490 ratings, and discontinued 134 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 a result of DBRS Morningstar’s application of the “U.S. RMBS Surveillance Methodology” published in September 2018.

The pools backing these RMBS transactions consist of prime, subprime, Alt-A, seasoned, reperforming, and ReREMIC collateral.

The ratings assigned to the securities below differ from the ratings implied by the quantitative model. DBRS Morningstar considers this difference to be a material deviation, but in this case, the ratings of the subject notes reflect additional seasoning being warranted to substantiate a further upgrade.

-- Banc of America Funding 2015-R3 Trust, Resecuritization Trust Securities, Class 9A1
-- BCAP LLC 2015-RR3 Trust, Resecuritization Trust Securities, Class 4A1
-- Citigroup Mortgage Loan Trust 2009-4, Re-REMIC Trust Certificates, Series 2009-4, Class 7A7
-- CSMC Trust 2014-IVR3, Mortgage Pass-through Certificates, Series 2014-IVR3, Class A-IO-S
-- CSMC Trust 2015-WIN1, Mortgage Pass-through Certificates, Series 2015-WIN1, Class A-IO-S
-- 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
-- WinWater Mortgage Loan Trust 2015-4, Mortgage Pass-Through Certificates, Series 2015-4, Class B-4
-- J.P. Morgan Mortgage Trust 2005-A4, Mortgage Pass-Through Certificates, Series 2005-A4, Class 1-A-1
-- J.P. Morgan Mortgage Trust 2005-A4, Mortgage Pass-Through Certificates, Series 2005-A4, Class 2-A-1
-- J.P. Morgan Mortgage Trust 2005-A4, Mortgage Pass-Through Certificates, Series 2005-A4, Class 3-A-1
-- J.P. Morgan Mortgage Trust 2005-A4, Mortgage Pass-Through Certificates, Series 2005-A4, Class 3-A-4
-- J.P. Morgan Mortgage Trust 2005-A4, Mortgage Pass-Through Certificates, Series 2005-A4, Class 4-A-2
-- J.P. Morgan Mortgage Trust 2005-A4, Mortgage Pass-Through Certificates, Series 2005-A4, Class B-1
-- Lehman Mortgage Trust 2008-6, Mortgage Pass-Through Certificates, Series 2008-6, Class 2-A2
-- 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
-- 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 1-A5
-- Bayview Opportunity Master Fund IVa Trust 2017-RT1, Mortgage-Backed Securities, Series 2017-RT1, Class B2
-- Bayview Opportunity Master Fund IVa Trust 2017-RT1, Mortgage-Backed Securities, Series 2017-RT1, Class B4
-- Mill City Mortgage Loan Trust 2017-1, Mortgage Backed Securities, Series 2017-1, Class M3
-- Mill City Mortgage Loan Trust 2017-1, Mortgage Backed Securities, Series 2017-1, 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 dbrs.com under Methodologies & Criteria.

The rated entity or its related entities did not participate in the rating process for this rating action. DBRS Morningstar 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 https://www.dbrs.com or contact us at [email protected]

DBRS, Inc.
140 Broadway, 43rd Floor
New York, NY 10005 USA