DBRS Morningstar Takes Rating Actions on 34 U.S. RMBS Transactions

DBRS, Inc. (DBRS Morningstar) reviewed 864 classes from 34 U.S. residential mortgage-backed security (RMBS) transactions. Of the 864 classes reviewed, DBRS Morningstar upgraded 721 ratings, confirmed 118 ratings, and discontinued 25 ratings. In addition, of the confirmed ratings, DBRS Morningstar removed 15 from Under Review with Negative Implications.

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 reflect the transactions exercising their cleanup call option or the full repayment of principal to bondholders.

The pools backing the reviewed RMBS transactions consist of mortgage insurance-linked notes, Fannie Mae, Freddie Mac, and prime collateral.

The ratings assigned to the securities listed below differ from the ratings implied by the quantitative model. DBRS Morningstar considers these differences material deviations; however, in these cases, the ratings on the subject securities may reflect additional seasoning being warranted to substantiate a further upgrade or that the actual deal or tranche performance is not fully reflected in the projected cash flows/model output.

-- Structured Agency Credit Risk Debt Notes, Series 2018-HRP1, Structured Agency Credit Risk Debt Notes, Series 2018-HRP1, Class M-2B
-- Structured Agency Credit Risk Debt Notes, Series 2018-HRP1, Structured Agency Credit Risk Debt Notes, Series 2018-HRP1, Class M-2
-- Structured Agency Credit Risk Debt Notes, Series 2018-HRP1, Structured Agency Credit Risk Debt Notes, Series 2018-HRP1, Class M-2R
-- Structured Agency Credit Risk Debt Notes, Series 2018-HRP1, Structured Agency Credit Risk Debt Notes, Series 2018-HRP1, Class M-2S
-- Structured Agency Credit Risk Debt Notes, Series 2018-HRP1, Structured Agency Credit Risk Debt Notes, Series 2018-HRP1, Class M-2T
-- Structured Agency Credit Risk Debt Notes, Series 2018-HRP1, Structured Agency Credit Risk Debt Notes, Series 2018-HRP1, Class M-2U
-- Structured Agency Credit Risk Debt Notes, Series 2018-HRP1, Structured Agency Credit Risk Debt Notes, Series 2018-HRP1, Class M-2I
-- Structured Agency Credit Risk Debt Notes, Series 2018-HRP1, Structured Agency Credit Risk Debt Notes, Series 2018-HRP1, Class M-2BR
-- Structured Agency Credit Risk Debt Notes, Series 2018-HRP1, Structured Agency Credit Risk Debt Notes, Series 2018-HRP1, Class M-2BS
-- Structured Agency Credit Risk Debt Notes, Series 2018-HRP1, Structured Agency Credit Risk Debt Notes, Series 2018-HRP1, Class M-2BT
-- Structured Agency Credit Risk Debt Notes, Series 2018-HRP1, Structured Agency Credit Risk Debt Notes, Series 2018-HRP1, Class M-2BU
-- Structured Agency Credit Risk Debt Notes, Series 2018-HRP1, Structured Agency Credit Risk Debt Notes, Series 2018-HRP1, Class M-2BI
-- Structured Agency Credit Risk Debt Notes, Series 2018-HRP2, Structured Agency Credit Risk Debt Notes, Series 2018-HRP2, Class M-2B
-- Structured Agency Credit Risk Debt Notes, Series 2018-HRP2, Structured Agency Credit Risk Debt Notes, Series 2018-HRP2, Class M-3A
-- Structured Agency Credit Risk Debt Notes, Series 2018-HRP2, Structured Agency Credit Risk Debt Notes, Series 2018-HRP2, Class M-3B
-- Structured Agency Credit Risk Debt Notes, Series 2018-HRP2, Structured Agency Credit Risk Debt Notes, Series 2018-HRP2, Class B-1A
-- Structured Agency Credit Risk Debt Notes, Series 2018-HRP2, Structured Agency Credit Risk Debt Notes, Series 2018-HRP2, Class M-2
-- Structured Agency Credit Risk Debt Notes, Series 2018-HRP2, Structured Agency Credit Risk Debt Notes, Series 2018-HRP2, Class M-2R
-- Structured Agency Credit Risk Debt Notes, Series 2018-HRP2, Structured Agency Credit Risk Debt Notes, Series 2018-HRP2, Class M-2S
-- Structured Agency Credit Risk Debt Notes, Series 2018-HRP2, Structured Agency Credit Risk Debt Notes, Series 2018-HRP2, Class M-2T
-- Structured Agency Credit Risk Debt Notes, Series 2018-HRP2, Structured Agency Credit Risk Debt Notes, Series 2018-HRP2, Class M-2U
-- Structured Agency Credit Risk Debt Notes, Series 2018-HRP2, Structured Agency Credit Risk Debt Notes, Series 2018-HRP2, Class M-2I
-- Structured Agency Credit Risk Debt Notes, Series 2018-HRP2, Structured Agency Credit Risk Debt Notes, Series 2018-HRP2, Class M-2BR
-- Structured Agency Credit Risk Debt Notes, Series 2018-HRP2, Structured Agency Credit Risk Debt Notes, Series 2018-HRP2, Class M-2BS
-- Structured Agency Credit Risk Debt Notes, Series 2018-HRP2, Structured Agency Credit Risk Debt Notes, Series 2018-HRP2, Class M-2BT
-- Structured Agency Credit Risk Debt Notes, Series 2018-HRP2, Structured Agency Credit Risk Debt Notes, Series 2018-HRP2, Class M-2BU
-- Structured Agency Credit Risk Debt Notes, Series 2018-HRP2, Structured Agency Credit Risk Debt Notes, Series 2018-HRP2, Class M-2BI
-- Structured Agency Credit Risk Debt Notes, Series 2018-HRP2, Structured Agency Credit Risk Debt Notes, Series 2018-HRP2, Class M-2RB
-- Structured Agency Credit Risk Debt Notes, Series 2018-HRP2, Structured Agency Credit Risk Debt Notes, Series 2018-HRP2, Class M-2SB
-- Structured Agency Credit Risk Debt Notes, Series 2018-HRP2, Structured Agency Credit Risk Debt Notes, Series 2018-HRP2, Class M-2TB
-- Structured Agency Credit Risk Debt Notes, Series 2018-HRP2, Structured Agency Credit Risk Debt Notes, Series 2018-HRP2, Class M-2UB
-- Structured Agency Credit Risk Debt Notes, Series 2018-HRP2, Structured Agency Credit Risk Debt Notes, Series 2018-HRP2, Class M-3
-- Structured Agency Credit Risk Debt Notes, Series 2018-HRP2, Structured Agency Credit Risk Debt Notes, Series 2018-HRP2, Class M-3R
-- Structured Agency Credit Risk Debt Notes, Series 2018-HRP2, Structured Agency Credit Risk Debt Notes, Series 2018-HRP2, Class M-3S
-- Structured Agency Credit Risk Debt Notes, Series 2018-HRP2, Structured Agency Credit Risk Debt Notes, Series 2018-HRP2, Class M-3T
-- Structured Agency Credit Risk Debt Notes, Series 2018-HRP2, Structured Agency Credit Risk Debt Notes, Series 2018-HRP2, Class M-3U
-- Structured Agency Credit Risk Debt Notes, Series 2018-HRP2, Structured Agency Credit Risk Debt Notes, Series 2018-HRP2, Class M-3I
-- Structured Agency Credit Risk Debt Notes, Series 2018-HRP2, Structured Agency Credit Risk Debt Notes, Series 2018-HRP2, Class M-3AR
-- Structured Agency Credit Risk Debt Notes, Series 2018-HRP2, Structured Agency Credit Risk Debt Notes, Series 2018-HRP2, Class M-3AS
-- Structured Agency Credit Risk Debt Notes, Series 2018-HRP2, Structured Agency Credit Risk Debt Notes, Series 2018-HRP2, Class M-3AT
-- Structured Agency Credit Risk Debt Notes, Series 2018-HRP2, Structured Agency Credit Risk Debt Notes, Series 2018-HRP2, Class M-3AU
-- Structured Agency Credit Risk Debt Notes, Series 2018-HRP2, Structured Agency Credit Risk Debt Notes, Series 2018-HRP2, Class M-3AI
-- Structured Agency Credit Risk Debt Notes, Series 2018-HRP2, Structured Agency Credit Risk Debt Notes, Series 2018-HRP2, Class M-3BR
-- Structured Agency Credit Risk Debt Notes, Series 2018-HRP2, Structured Agency Credit Risk Debt Notes, Series 2018-HRP2, Class M-3BS
-- Structured Agency Credit Risk Debt Notes, Series 2018-HRP2, Structured Agency Credit Risk Debt Notes, Series 2018-HRP2, Class M-3BT
-- Structured Agency Credit Risk Debt Notes, Series 2018-HRP2, Structured Agency Credit Risk Debt Notes, Series 2018-HRP2, Class M-3BU
-- Structured Agency Credit Risk Debt Notes, Series 2018-HRP2, Structured Agency Credit Risk Debt Notes, Series 2018-HRP2, Class M-3BI
-- Structured Agency Credit Risk Debt Notes, Series 2018-HRP2, Structured Agency Credit Risk Debt Notes, Series 2018-HRP2, Class M-3RB
-- Structured Agency Credit Risk Debt Notes, Series 2018-HRP2, Structured Agency Credit Risk Debt Notes, Series 2018-HRP2, Class M-3SB
-- Structured Agency Credit Risk Debt Notes, Series 2018-HRP2, Structured Agency Credit Risk Debt Notes, Series 2018-HRP2, Class M-3TB
-- Structured Agency Credit Risk Debt Notes, Series 2018-HRP2, Structured Agency Credit Risk Debt Notes, Series 2018-HRP2, Class M-3UB
-- Structured Agency Credit Risk Debt Notes, Series 2018-HRP2, Structured Agency Credit Risk Debt Notes, Series 2018-HRP2, Class B-1AR
-- Structured Agency Credit Risk Debt Notes, Series 2018-HRP2, Structured Agency Credit Risk Debt Notes, Series 2018-HRP2, Class B-1AI
-- Fannie Mae, The Connecticut Avenue Securities, Series 2018-C04 Notes, Class 2M-2B
-- Fannie Mae, The Connecticut Avenue Securities, Series 2018-C04 Notes, Class 2E-B1
-- Fannie Mae, The Connecticut Avenue Securities, Series 2018-C04 Notes, Class 2B-I1
-- Fannie Mae, The Connecticut Avenue Securities, Series 2018-C04 Notes, Class 2E-B2
-- Fannie Mae, The Connecticut Avenue Securities, Series 2018-C04 Notes, Class 2B-I2
-- Fannie Mae, The Connecticut Avenue Securities, Series 2018-C04 Notes, Class 2E-B3
-- Fannie Mae, The Connecticut Avenue Securities, Series 2018-C04 Notes, Class 2B-I3
-- Fannie Mae, The Connecticut Avenue Securities, Series 2018-C04 Notes, Class 2E-B4
-- Fannie Mae, The Connecticut Avenue Securities, Series 2018-C04 Notes, Class 2B-I4
-- Fannie Mae, The Connecticut Avenue Securities, Series 2018-C04 Notes, Class 2E-D1
-- Fannie Mae, The Connecticut Avenue Securities, Series 2018-C04 Notes, Class 2E-D2
-- Fannie Mae, The Connecticut Avenue Securities, Series 2018-C04 Notes, Class 2E-D3
-- Fannie Mae, The Connecticut Avenue Securities, Series 2018-C04 Notes, Class 2E-D4
-- Fannie Mae, The Connecticut Avenue Securities, Series 2018-C04 Notes, Class 2E-D5
-- Fannie Mae, The Connecticut Avenue Securities, Series 2018-C04 Notes, Class 2-X1
-- Fannie Mae, The Connecticut Avenue Securities, Series 2018-C04 Notes, Class 2-X2
-- Fannie Mae, The Connecticut Avenue Securities, Series 2018-C04 Notes, Class 2-X3
-- Fannie Mae, The Connecticut Avenue Securities, Series 2018-C04 Notes, Class 2-X4
-- Freddie Mac, Structured Agency Credit Risk Debt Notes, Series 2016-HQA1, Class M-3
-- Freddie Mac, Structured Agency Credit Risk Debt Notes, Series 2016-HQA1, Class M-3F
-- Freddie Mac, Structured Agency Credit Risk Debt Notes, Series 2016-HQA1, Class M-3I
-- Freddie Mac, Structured Agency Credit Risk Debt Notes, Series 2016-HQA1, Class MA
-- Structured Agency Credit Risk Debt Notes, Series 2017-HQA3, Structured Agency Credit Risk Debt Notes, Series 2017-HQA3, Class M-2B
-- Structured Agency Credit Risk Debt Notes, Series 2017-HQA3, Structured Agency Credit Risk Debt Notes, Series 2017-HQA3, Class M-2
-- Structured Agency Credit Risk Debt Notes, Series 2017-HQA3, Structured Agency Credit Risk Debt Notes, Series 2017-HQA3, Class M-2R
-- Structured Agency Credit Risk Debt Notes, Series 2017-HQA3, Structured Agency Credit Risk Debt Notes, Series 2017-HQA3, Class M-2S
-- Structured Agency Credit Risk Debt Notes, Series 2017-HQA3, Structured Agency Credit Risk Debt Notes, Series 2017-HQA3, Class M-2T
-- Structured Agency Credit Risk Debt Notes, Series 2017-HQA3, Structured Agency Credit Risk Debt Notes, Series 2017-HQA3, Class M-2U
-- Structured Agency Credit Risk Debt Notes, Series 2017-HQA3, Structured Agency Credit Risk Debt Notes, Series 2017-HQA3, Class M-2I
-- Structured Agency Credit Risk Debt Notes, Series 2017-HQA3, Structured Agency Credit Risk Debt Notes, Series 2017-HQA3, Class M-2BR
-- Structured Agency Credit Risk Debt Notes, Series 2017-HQA3, Structured Agency Credit Risk Debt Notes, Series 2017-HQA3, Class M-2BS
-- Structured Agency Credit Risk Debt Notes, Series 2017-HQA3, Structured Agency Credit Risk Debt Notes, Series 2017-HQA3, Class M-2BT
-- Structured Agency Credit Risk Debt Notes, Series 2017-HQA3, Structured Agency Credit Risk Debt Notes, Series 2017-HQA3, Class M-2BU
-- Structured Agency Credit Risk Debt Notes, Series 2017-HQA3, Structured Agency Credit Risk Debt Notes, Series 2017-HQA3, Class M-2BI
-- Structured Agency Credit Risk Debt Notes, Series 2018-HQA1, Structured Agency Credit Risk Debt Notes, Series 2018-HQA1, Class M-2A
-- Structured Agency Credit Risk Debt Notes, Series 2018-HQA1, Structured Agency Credit Risk Debt Notes, Series 2018-HQA1, Class M-2B
-- Structured Agency Credit Risk Debt Notes, Series 2018-HQA1, Structured Agency Credit Risk Debt Notes, Series 2018-HQA1, Class M-2
-- Structured Agency Credit Risk Debt Notes, Series 2018-HQA1, Structured Agency Credit Risk Debt Notes, Series 2018-HQA1, Class M-2R
-- Structured Agency Credit Risk Debt Notes, Series 2018-HQA1, Structured Agency Credit Risk Debt Notes, Series 2018-HQA1, Class M-2S
-- Structured Agency Credit Risk Debt Notes, Series 2018-HQA1, Structured Agency Credit Risk Debt Notes, Series 2018-HQA1, Class M-2T
-- Structured Agency Credit Risk Debt Notes, Series 2018-HQA1, Structured Agency Credit Risk Debt Notes, Series 2018-HQA1, Class M-2U
-- Structured Agency Credit Risk Debt Notes, Series 2018-HQA1, Structured Agency Credit Risk Debt Notes, Series 2018-HQA1, Class M-2I
-- Structured Agency Credit Risk Debt Notes, Series 2018-HQA1, Structured Agency Credit Risk Debt Notes, Series 2018-HQA1, Class M-2AR
-- Structured Agency Credit Risk Debt Notes, Series 2018-HQA1, Structured Agency Credit Risk Debt Notes, Series 2018-HQA1, Class M-2AS
-- Structured Agency Credit Risk Debt Notes, Series 2018-HQA1, Structured Agency Credit Risk Debt Notes, Series 2018-HQA1, Class M-2AT
-- Structured Agency Credit Risk Debt Notes, Series 2018-HQA1, Structured Agency Credit Risk Debt Notes, Series 2018-HQA1, Class M-2AU
-- Structured Agency Credit Risk Debt Notes, Series 2018-HQA1, Structured Agency Credit Risk Debt Notes, Series 2018-HQA1, Class M-2AI
-- Structured Agency Credit Risk Debt Notes, Series 2018-HQA1, Structured Agency Credit Risk Debt Notes, Series 2018-HQA1, Class M-2BR
-- Structured Agency Credit Risk Debt Notes, Series 2018-HQA1, Structured Agency Credit Risk Debt Notes, Series 2018-HQA1, Class M-2BS
-- Structured Agency Credit Risk Debt Notes, Series 2018-HQA1, Structured Agency Credit Risk Debt Notes, Series 2018-HQA1, Class M-2BT
-- Structured Agency Credit Risk Debt Notes, Series 2018-HQA1, Structured Agency Credit Risk Debt Notes, Series 2018-HQA1, Class M-2BU
-- Structured Agency Credit Risk Debt Notes, Series 2018-HQA1, Structured Agency Credit Risk Debt Notes, Series 2018-HQA1, Class M-2BI
-- Structured Agency Credit Risk Debt Notes, Series 2018-HQA2, Structured Agency Credit Risk Debt Notes, Series 2018-HQA2, Class M-2A
-- Structured Agency Credit Risk Debt Notes, Series 2018-HQA2, Structured Agency Credit Risk Debt Notes, Series 2018-HQA2, Class M-2B
-- Structured Agency Credit Risk Debt Notes, Series 2018-HQA2, Structured Agency Credit Risk Debt Notes, Series 2018-HQA2, Class M-2
-- Structured Agency Credit Risk Debt Notes, Series 2018-HQA2, Structured Agency Credit Risk Debt Notes, Series 2018-HQA2, Class M-2R
-- Structured Agency Credit Risk Debt Notes, Series 2018-HQA2, Structured Agency Credit Risk Debt Notes, Series 2018-HQA2, Class M-2S
-- Structured Agency Credit Risk Debt Notes, Series 2018-HQA2, Structured Agency Credit Risk Debt Notes, Series 2018-HQA2, Class M-2T
-- Structured Agency Credit Risk Debt Notes, Series 2018-HQA2, Structured Agency Credit Risk Debt Notes, Series 2018-HQA2, Class M-2U
-- Structured Agency Credit Risk Debt Notes, Series 2018-HQA2, Structured Agency Credit Risk Debt Notes, Series 2018-HQA2, Class M-2I
-- Structured Agency Credit Risk Debt Notes, Series 2018-HQA2, Structured Agency Credit Risk Debt Notes, Series 2018-HQA2, Class M-2AR
-- Structured Agency Credit Risk Debt Notes, Series 2018-HQA2, Structured Agency Credit Risk Debt Notes, Series 2018-HQA2, Class M-2AS
-- Structured Agency Credit Risk Debt Notes, Series 2018-HQA2, Structured Agency Credit Risk Debt Notes, Series 2018-HQA2, Class M-2AT
-- Structured Agency Credit Risk Debt Notes, Series 2018-HQA2, Structured Agency Credit Risk Debt Notes, Series 2018-HQA2, Class M-2AU
-- Structured Agency Credit Risk Debt Notes, Series 2018-HQA2, Structured Agency Credit Risk Debt Notes, Series 2018-HQA2, Class M-2AI
-- Structured Agency Credit Risk Debt Notes, Series 2018-HQA2, Structured Agency Credit Risk Debt Notes, Series 2018-HQA2, Class M-2BR
-- Structured Agency Credit Risk Debt Notes, Series 2018-HQA2, Structured Agency Credit Risk Debt Notes, Series 2018-HQA2, Class M-2BS
-- Structured Agency Credit Risk Debt Notes, Series 2018-HQA2, Structured Agency Credit Risk Debt Notes, Series 2018-HQA2, Class M-2BT
-- Structured Agency Credit Risk Debt Notes, Series 2018-HQA2, Structured Agency Credit Risk Debt Notes, Series 2018-HQA2, Class M-2BU
-- Structured Agency Credit Risk Debt Notes, Series 2018-HQA2, Structured Agency Credit Risk Debt Notes, Series 2018-HQA2, Class M-2BI
-- Structured Agency Credit Risk Debt Notes, Series 2018-HQA2, Structured Agency Credit Risk Debt Notes, Series 2018-HQA2, Class M-2RB
-- Structured Agency Credit Risk Debt Notes, Series 2018-HQA2, Structured Agency Credit Risk Debt Notes, Series 2018-HQA2, Class M-2SB
-- Structured Agency Credit Risk Debt Notes, Series 2018-HQA2, Structured Agency Credit Risk Debt Notes, Series 2018-HQA2, Class M-2TB
-- Structured Agency Credit Risk Debt Notes, Series 2018-HQA2, Structured Agency Credit Risk Debt Notes, Series 2018-HQA2, Class M-2UB
-- Fannie Mae, Connecticut Avenue Securities, Series 2017-C03, Class 1M-2C
-- Fannie Mae, Connecticut Avenue Securities, Series 2017-C03, Class 1M-2
-- Fannie Mae, Connecticut Avenue Securities, Series 2017-C03, Class 1E-C1
-- Fannie Mae, Connecticut Avenue Securities, Series 2017-C03, Class 1C-I1
-- Fannie Mae, Connecticut Avenue Securities, Series 2017-C03, Class 1E-C2
-- Fannie Mae, Connecticut Avenue Securities, Series 2017-C03, Class 1C-I2
-- Fannie Mae, Connecticut Avenue Securities, Series 2017-C03, Class 1E-C3
-- Fannie Mae, Connecticut Avenue Securities, Series 2017-C03, Class 1C-I3
-- Fannie Mae, Connecticut Avenue Securities, Series 2017-C03, Class 1E-C4
-- Fannie Mae, Connecticut Avenue Securities, Series 2017-C03, Class 1C-I4
-- Fannie Mae, Connecticut Avenue Securities, Series 2017-C03, Class 1E-F1
-- Fannie Mae, Connecticut Avenue Securities, Series 2017-C03, Class 1E-F2
-- Fannie Mae, Connecticut Avenue Securities, Series 2017-C03, Class 1E-F3
-- Fannie Mae, Connecticut Avenue Securities, Series 2017-C03, Class 1E-F4
-- Fannie Mae, Connecticut Avenue Securities, Series 2017-C03, Class 1E-F5
-- Fannie Mae, Connecticut Avenue Securities, Series 2017-C03, Class 1Y1
-- Fannie Mae, Connecticut Avenue Securities, Series 2017-C03, Class 1Y2
-- Fannie Mae, Connecticut Avenue Securities, Series 2017-C03, Class 1Y3
-- Fannie Mae, Connecticut Avenue Securities, Series 2017-C03, Class 1Y4
-- Fannie Mae, Connecticut Avenue Securities, Series 2018-C01, Class 1M-2B
-- Fannie Mae, Connecticut Avenue Securities, Series 2018-C01, Class 1M-2C
-- Fannie Mae, Connecticut Avenue Securities, Series 2018-C01, Class 1E-D3
-- Fannie Mae, Connecticut Avenue Securities, Series 2018-C01, Class 1E-D4
-- Fannie Mae, Connecticut Avenue Securities, Series 2018-C01, Class 1E-D5
-- Fannie Mae, Connecticut Avenue Securities, Series 2018-C01, Class 1E-F1
-- Fannie Mae, Connecticut Avenue Securities, Series 2018-C01, Class 1E-F2
-- Fannie Mae, Connecticut Avenue Securities, Series 2018-C01, Class 1E-F3
-- Fannie Mae, Connecticut Avenue Securities, Series 2018-C01, Class 1E-F4
-- Fannie Mae, Connecticut Avenue Securities, Series 2018-C01, Class 1E-F5
-- Fannie Mae, Connecticut Avenue Securities, Series 2018-C01, Class 1-X1
-- Fannie Mae, Connecticut Avenue Securities, Series 2018-C01, Class 1-X2
-- Fannie Mae, Connecticut Avenue Securities, Series 2018-C01, Class 1-X3
-- Fannie Mae, Connecticut Avenue Securities, Series 2018-C01, Class 1-X4
-- Fannie Mae, Connecticut Avenue Securities, Series 2018-C01, Class 1-Y1
-- Fannie Mae, Connecticut Avenue Securities, Series 2018-C01, Class 1-Y2
-- Fannie Mae, Connecticut Avenue Securities, Series 2018-C01, Class 1-Y3
-- Fannie Mae, Connecticut Avenue Securities, Series 2018-C01, Class 1-Y4
-- Fannie Mae, Connecticut Avenue Securities, Series 2018-C01, Class 1M-2
-- Fannie Mae, Connecticut Avenue Securities, Series 2018-C01, Class 1B-I1
-- Fannie Mae, Connecticut Avenue Securities, Series 2018-C01, Class 1B-I2
-- Fannie Mae, Connecticut Avenue Securities, Series 2018-C01, Class 1B-I3
-- Fannie Mae, Connecticut Avenue Securities, Series 2018-C01, Class 1B-I4
-- Fannie Mae, Connecticut Avenue Securities, Series 2018-C01, Class 1E-B1
-- Fannie Mae, Connecticut Avenue Securities, Series 2018-C01, Class 1E-B2
-- Fannie Mae, Connecticut Avenue Securities, Series 2018-C01, Class 1E-B3
-- Fannie Mae, Connecticut Avenue Securities, Series 2018-C01, Class 1E-B4
-- Fannie Mae, Connecticut Avenue Securities, Series 2018-C01, Class 1C-I1
-- Fannie Mae, Connecticut Avenue Securities, Series 2018-C01, Class 1C-I2
-- Fannie Mae, Connecticut Avenue Securities, Series 2018-C01, Class 1C-I3
-- Fannie Mae, Connecticut Avenue Securities, Series 2018-C01, Class 1C-I4
-- Fannie Mae, Connecticut Avenue Securities, Series 2018-C01, Class 1E-C1
-- Fannie Mae, Connecticut Avenue Securities, Series 2018-C01, Class 1E-C2
-- Fannie Mae, Connecticut Avenue Securities, Series 2018-C01, Class 1E-C3
-- Fannie Mae, Connecticut Avenue Securities, Series 2018-C01, Class 1E-C4
-- Fannie Mae, Connecticut Avenue Securities, Series 2018-C01, Class 1E-D1
-- Fannie Mae, Connecticut Avenue Securities, Series 2018-C01, Class 1E-D2
-- Fannie Mae, Connecticut Avenue Securities, Series 2018-C05, Class Cl 1M-2A
-- Fannie Mae, Connecticut Avenue Securities, Series 2018-C05, Class 1A-I1
-- Fannie Mae, Connecticut Avenue Securities, Series 2018-C05, Class 1A-I2
-- Fannie Mae, Connecticut Avenue Securities, Series 2018-C05, Class 1A-I3
-- Fannie Mae, Connecticut Avenue Securities, Series 2018-C05, Class 1A-I4
-- Fannie Mae, Connecticut Avenue Securities, Series 2018-C05, Class 1E-A1
-- Fannie Mae, Connecticut Avenue Securities, Series 2018-C05, Class 1E-A2
-- Fannie Mae, Connecticut Avenue Securities, Series 2018-C05, Class 1E-A3
-- Fannie Mae, Connecticut Avenue Securities, Series 2018-C05, Class 1E-A4
-- Freddie Mac, Structured Agency Credit Risk Debt Notes, Series 2016-DNA3, Class M-3B
-- Freddie Mac, Structured Agency Credit Risk Debt Notes, Series 2016-DNA3, Class M-3
-- Structured Agency Credit Risk Debt Notes, Series 2017-DNA2, Structured Agency Credit Risk Debt Notes, Series 2017-DNA2, Class M-2B
-- Structured Agency Credit Risk Debt Notes, Series 2017-DNA2, Structured Agency Credit Risk Debt Notes, Series 2017-DNA2, Class M-2
-- Structured Agency Credit Risk Debt Notes, Series 2017-DNA2, Structured Agency Credit Risk Debt Notes, Series 2017-DNA2, Class M-2R
-- Structured Agency Credit Risk Debt Notes, Series 2017-DNA2, Structured Agency Credit Risk Debt Notes, Series 2017-DNA2, Class M-2S
-- Structured Agency Credit Risk Debt Notes, Series 2017-DNA2, Structured Agency Credit Risk Debt Notes, Series 2017-DNA2, Class M-2T
-- Structured Agency Credit Risk Debt Notes, Series 2017-DNA2, Structured Agency Credit Risk Debt Notes, Series 2017-DNA2, Class M-2U
-- Structured Agency Credit Risk Debt Notes, Series 2017-DNA2, Structured Agency Credit Risk Debt Notes, Series 2017-DNA2, Class M-2I
-- Structured Agency Credit Risk Debt Notes, Series 2017-DNA2, Structured Agency Credit Risk Debt Notes, Series 2017-DNA2, Class M-2BR
-- Structured Agency Credit Risk Debt Notes, Series 2017-DNA2, Structured Agency Credit Risk Debt Notes, Series 2017-DNA2, Class M-2BS
-- Structured Agency Credit Risk Debt Notes, Series 2017-DNA2, Structured Agency Credit Risk Debt Notes, Series 2017-DNA2, Class M-2BT
-- Structured Agency Credit Risk Debt Notes, Series 2017-DNA2, Structured Agency Credit Risk Debt Notes, Series 2017-DNA2, Class M-2BU
-- Structured Agency Credit Risk Debt Notes, Series 2017-DNA2, Structured Agency Credit Risk Debt Notes, Series 2017-DNA2, Class M-2BI
-- Freddie Mac, Structured Agency Credit Risk Debt Notes, Series 2017-DNA3, Class M-2
-- Freddie Mac, Structured Agency Credit Risk Debt Notes, Series 2017-DNA3, Class M-2A
-- Freddie Mac, Structured Agency Credit Risk Debt Notes, Series 2017-DNA3, Class M-2B
-- Freddie Mac, Structured Agency Credit Risk Debt Notes, Series 2017-DNA3, Class M-2R
-- Freddie Mac, Structured Agency Credit Risk Debt Notes, Series 2017-DNA3, Class M-2S
-- Freddie Mac, Structured Agency Credit Risk Debt Notes, Series 2017-DNA3, Class M-2T
-- Freddie Mac, Structured Agency Credit Risk Debt Notes, Series 2017-DNA3, Class M-2U
-- Freddie Mac, Structured Agency Credit Risk Debt Notes, Series 2017-DNA3, Class M-2I
-- Freddie Mac, Structured Agency Credit Risk Debt Notes, Series 2017-DNA3, Class M-2AR
-- Freddie Mac, Structured Agency Credit Risk Debt Notes, Series 2017-DNA3, Class M-2AS
-- Freddie Mac, Structured Agency Credit Risk Debt Notes, Series 2017-DNA3, Class M-2AT
-- Freddie Mac, Structured Agency Credit Risk Debt Notes, Series 2017-DNA3, Class M-2AU
-- Freddie Mac, Structured Agency Credit Risk Debt Notes, Series 2017-DNA3, Class M-2AI
-- Freddie Mac, Structured Agency Credit Risk Debt Notes, Series 2017-DNA3, Class M-2BR
-- Freddie Mac, Structured Agency Credit Risk Debt Notes, Series 2017-DNA3, Class M-2BS
-- Freddie Mac, Structured Agency Credit Risk Debt Notes, Series 2017-DNA3, Class M-2BT
-- Freddie Mac, Structured Agency Credit Risk Debt Notes, Series 2017-DNA3, Class M-2BU
-- Freddie Mac, Structured Agency Credit Risk Debt Notes, Series 2017-DNA3, Class M-2BI
-- Structured Agency Credit Risk Debt Notes, Series 2018-DNA2, Structured Agency Credit Risk Debt Notes, Series 2018-DNA2, Class M-1
-- Structured Agency Credit Risk Debt Notes, Series 2018-DNA2, Structured Agency Credit Risk Debt Notes, Series 2018-DNA2, Class M-2A
-- Structured Agency Credit Risk Debt Notes, Series 2018-DNA2, Structured Agency Credit Risk Debt Notes, Series 2018-DNA2, Class M-2B
-- Structured Agency Credit Risk Debt Notes, Series 2018-DNA2, Structured Agency Credit Risk Debt Notes, Series 2018-DNA2, Class B-1
-- Structured Agency Credit Risk Debt Notes, Series 2018-DNA2, Structured Agency Credit Risk Debt Notes, Series 2018-DNA2, Class M-2
-- Structured Agency Credit Risk Debt Notes, Series 2018-DNA2, Structured Agency Credit Risk Debt Notes, Series 2018-DNA2, Class M-2R
-- Structured Agency Credit Risk Debt Notes, Series 2018-DNA2, Structured Agency Credit Risk Debt Notes, Series 2018-DNA2, Class M-2S
-- Structured Agency Credit Risk Debt Notes, Series 2018-DNA2, Structured Agency Credit Risk Debt Notes, Series 2018-DNA2, Class M-2T
-- Structured Agency Credit Risk Debt Notes, Series 2018-DNA2, Structured Agency Credit Risk Debt Notes, Series 2018-DNA2, Class M-2U
-- Structured Agency Credit Risk Debt Notes, Series 2018-DNA2, Structured Agency Credit Risk Debt Notes, Series 2018-DNA2, Class M-2I
-- Structured Agency Credit Risk Debt Notes, Series 2018-DNA2, Structured Agency Credit Risk Debt Notes, Series 2018-DNA2, Class M-2AR
-- Structured Agency Credit Risk Debt Notes, Series 2018-DNA2, Structured Agency Credit Risk Debt Notes, Series 2018-DNA2, Class M-2AS
-- Structured Agency Credit Risk Debt Notes, Series 2018-DNA2, Structured Agency Credit Risk Debt Notes, Series 2018-DNA2, Class M-2AT
-- Structured Agency Credit Risk Debt Notes, Series 2018-DNA2, Structured Agency Credit Risk Debt Notes, Series 2018-DNA2, Class M-2AU
-- Structured Agency Credit Risk Debt Notes, Series 2018-DNA2, Structured Agency Credit Risk Debt Notes, Series 2018-DNA2, Class M-2AI
-- Structured Agency Credit Risk Debt Notes, Series 2018-DNA2, Structured Agency Credit Risk Debt Notes, Series 2018-DNA2, Class M-2BR
-- Structured Agency Credit Risk Debt Notes, Series 2018-DNA2, Structured Agency Credit Risk Debt Notes, Series 2018-DNA2, Class M-2BS
-- Structured Agency Credit Risk Debt Notes, Series 2018-DNA2, Structured Agency Credit Risk Debt Notes, Series 2018-DNA2, Class M-2BT
-- Structured Agency Credit Risk Debt Notes, Series 2018-DNA2, Structured Agency Credit Risk Debt Notes, Series 2018-DNA2, Class M-2BU
-- Structured Agency Credit Risk Debt Notes, Series 2018-DNA2, Structured Agency Credit Risk Debt Notes, Series 2018-DNA2, Class M-2BI
-- Freddie Mac STACR Trust 2019-DNA1, Structured Agency Credit Risk (STACR) 2019-DNA1 Notes, Class M-2A
-- Freddie Mac STACR Trust 2019-DNA1, Structured Agency Credit Risk (STACR) 2019-DNA1 Notes, Class M-2AR
-- Freddie Mac STACR Trust 2019-DNA1, Structured Agency Credit Risk (STACR) 2019-DNA1 Notes, Class M-2AS
-- Freddie Mac STACR Trust 2019-DNA1, Structured Agency Credit Risk (STACR) 2019-DNA1 Notes, Class M-2AT
-- Freddie Mac STACR Trust 2019-DNA1, Structured Agency Credit Risk (STACR) 2019-DNA1 Notes, Class M-2AU
-- Freddie Mac STACR Trust 2019-DNA1, Structured Agency Credit Risk (STACR) 2019-DNA1 Notes, Class M-2AI
-- Structured Agency Credit Risk Debt Notes, Series 2019-DNA3, Structured Agency Credit Risk Debt Notes, Series 2019-DNA3, Class M-2A
-- Structured Agency Credit Risk Debt Notes, Series 2019-DNA3, Structured Agency Credit Risk Debt Notes, Series 2019-DNA3, Class B-1B
-- Structured Agency Credit Risk Debt Notes, Series 2019-DNA3, Structured Agency Credit Risk Debt Notes, Series 2019-DNA3, Class M-2AR
-- Structured Agency Credit Risk Debt Notes, Series 2019-DNA3, Structured Agency Credit Risk Debt Notes, Series 2019-DNA3, Class M-2AS
-- Structured Agency Credit Risk Debt Notes, Series 2019-DNA3, Structured Agency Credit Risk Debt Notes, Series 2019-DNA3, Class M-2AT
-- Structured Agency Credit Risk Debt Notes, Series 2019-DNA3, Structured Agency Credit Risk Debt Notes, Series 2019-DNA3, Class M-2AU
-- Structured Agency Credit Risk Debt Notes, Series 2019-DNA3, Structured Agency Credit Risk Debt Notes, Series 2019-DNA3, Class M-2AI
-- Structured Agency Credit Risk Debt Notes, Series 2019-DNA3, Structured Agency Credit Risk Debt Notes, Series 2019-DNA3, Class B-1
-- Freddie Mac STACR REMIC Trust 2020-DNA2, Structured Agency Credit Risk (STACR) REMIC 2020-DNA2 Notes, Class M-2A
-- Freddie Mac STACR REMIC Trust 2020-DNA2, Structured Agency Credit Risk (STACR) REMIC 2020-DNA2 Notes, Class M-2B
-- Freddie Mac STACR REMIC Trust 2020-DNA2, Structured Agency Credit Risk (STACR) REMIC 2020-DNA2 Notes, Class B-1A
-- Freddie Mac STACR REMIC Trust 2020-DNA2, Structured Agency Credit Risk (STACR) REMIC 2020-DNA2 Notes, Class B-1B
-- Freddie Mac STACR REMIC Trust 2020-DNA2, Structured Agency Credit Risk (STACR) REMIC 2020-DNA2 Notes, Class M-2
-- Freddie Mac STACR REMIC Trust 2020-DNA2, Structured Agency Credit Risk (STACR) REMIC 2020-DNA2 Notes, Class M-2R
-- Freddie Mac STACR REMIC Trust 2020-DNA2, Structured Agency Credit Risk (STACR) REMIC 2020-DNA2 Notes, Class M-2S
-- Freddie Mac STACR REMIC Trust 2020-DNA2, Structured Agency Credit Risk (STACR) REMIC 2020-DNA2 Notes, Class M-2T
-- Freddie Mac STACR REMIC Trust 2020-DNA2, Structured Agency Credit Risk (STACR) REMIC 2020-DNA2 Notes, Class M-2U
-- Freddie Mac STACR REMIC Trust 2020-DNA2, Structured Agency Credit Risk (STACR) REMIC 2020-DNA2 Notes, Class M-2I
-- Freddie Mac STACR REMIC Trust 2020-DNA2, Structured Agency Credit Risk (STACR) REMIC 2020-DNA2 Notes, Class M-2AR
-- Freddie Mac STACR REMIC Trust 2020-DNA2, Structured Agency Credit Risk (STACR) REMIC 2020-DNA2 Notes, Class M-2AS
-- Freddie Mac STACR REMIC Trust 2020-DNA2, Structured Agency Credit Risk (STACR) REMIC 2020-DNA2 Notes, Class M-2AT
-- Freddie Mac STACR REMIC Trust 2020-DNA2, Structured Agency Credit Risk (STACR) REMIC 2020-DNA2 Notes, Class M-2AU
-- Freddie Mac STACR REMIC Trust 2020-DNA2, Structured Agency Credit Risk (STACR) REMIC 2020-DNA2 Notes, Class M-2AI
-- Freddie Mac STACR REMIC Trust 2020-DNA2, Structured Agency Credit Risk (STACR) REMIC 2020-DNA2 Notes, Class M-2BR
-- Freddie Mac STACR REMIC Trust 2020-DNA2, Structured Agency Credit Risk (STACR) REMIC 2020-DNA2 Notes, Class M-2BS
-- Freddie Mac STACR REMIC Trust 2020-DNA2, Structured Agency Credit Risk (STACR) REMIC 2020-DNA2 Notes, Class M-2BT
-- Freddie Mac STACR REMIC Trust 2020-DNA2, Structured Agency Credit Risk (STACR) REMIC 2020-DNA2 Notes, Class M-2BU
-- Freddie Mac STACR REMIC Trust 2020-DNA2, Structured Agency Credit Risk (STACR) REMIC 2020-DNA2 Notes, Class M-2BI
-- Freddie Mac STACR REMIC Trust 2020-DNA2, Structured Agency Credit Risk (STACR) REMIC 2020-DNA2 Notes, Class M-2RB
-- Freddie Mac STACR REMIC Trust 2020-DNA2, Structured Agency Credit Risk (STACR) REMIC 2020-DNA2 Notes, Class M-2SB
-- Freddie Mac STACR REMIC Trust 2020-DNA2, Structured Agency Credit Risk (STACR) REMIC 2020-DNA2 Notes, Class M-2TB
-- Freddie Mac STACR REMIC Trust 2020-DNA2, Structured Agency Credit Risk (STACR) REMIC 2020-DNA2 Notes, Class M-2UB
-- Freddie Mac STACR REMIC Trust 2020-DNA2, Structured Agency Credit Risk (STACR) REMIC 2020-DNA2 Notes, Class B-1
-- Freddie Mac STACR REMIC Trust 2020-DNA2, Structured Agency Credit Risk (STACR) REMIC 2020-DNA2 Notes, Class B-1AR
-- Freddie Mac STACR REMIC Trust 2020-DNA2, Structured Agency Credit Risk (STACR) REMIC 2020-DNA2 Notes, Class B-1AI
-- Eagle Re 2019-1 Ltd., Series 2019-1 Mortgage Insurance-Linked Notes, Class M-1B
-- Eagle Re 2020-1 Ltd., Mortgage Insurance-Linked Notes, Series 2020-1, Class M-1A
-- Eagle Re 2020-1 Ltd., Mortgage Insurance-Linked Notes, Series 2020-1, Class M-1B
-- Eagle Re 2020-1 Ltd., Mortgage Insurance-Linked Notes, Series 2020-1, Class M-1C
-- Radnor Re 2020-1 Ltd., Mortgage Insurance-Linked Notes, Series 2020-1, Class M-1A
-- Radnor Re 2020-1 Ltd., Mortgage Insurance-Linked Notes, Series 2020-1, Class M-1B
-- Radnor Re 2020-1 Ltd., Mortgage Insurance-Linked Notes, Series 2020-1, Class M-1C
-- Radnor Re 2020-1 Ltd., Mortgage Insurance-Linked Notes, Series 2020-1, Class M-2A
-- Radnor Re 2020-1 Ltd., Mortgage Insurance-Linked Notes, Series 2020-1, Class M-2B
-- GS Mortgage-Backed Securities Trust 2021-PJ3, Mortgage Pass-Through Certificates, Series 2021-PJ3, Class B-2
-- GS Mortgage-Backed Securities Trust 2021-PJ3, Mortgage Pass-Through Certificates, Series 2021-PJ3, Class B-3
-- GS Mortgage-Backed Securities Trust 2021-PJ3, Mortgage Pass-Through Certificates, Series 2021-PJ3, Class B-4
-- GS Mortgage-Backed Securities Trust 2021-PJ3, Mortgage Pass-Through Certificates, Series 2021-PJ3, Class B-5
-- Mello Mortgage Capital Acceptance 2021-MTG1, Mortgage Pass-Through Certificates, Series 2021-MTG1, Class B2
-- Mello Mortgage Capital Acceptance 2021-MTG1, Mortgage Pass-Through Certificates, Series 2021-MTG1, Class BX2
-- Mello Mortgage Capital Acceptance 2021-MTG1, Mortgage Pass-Through Certificates, Series 2021-MTG1, Class B2A
-- Mello Mortgage Capital Acceptance 2021-MTG1, Mortgage Pass-Through Certificates, Series 2021-MTG1, Class B3
-- Mello Mortgage Capital Acceptance 2021-MTG1, Mortgage Pass-Through Certificates, Series 2021-MTG1, Class B4
-- Mello Mortgage Capital Acceptance 2021-MTG1, Mortgage Pass-Through Certificates, Series 2021-MTG1, Class B5

CORONAVIRUS DISEASE (COVID-19) IMPACT
The coronavirus pandemic and the resulting isolation measures have caused an immediate economic contraction, leading to sharp increases in unemployment rates and income reductions for many consumers. DBRS Morningstar saw increases in delinquencies for many RMBS asset classes shortly after the onset of coronavirus.

Such mortgage delinquencies were mostly in the form of forbearance, which are generally short-term payment reliefs that may perform very differently from traditional delinquencies. At the onset of coronavirus, because the option to forbear mortgage payments was so widely available, it drove forbearance to a very high level. When the dust settled, coronavirus-induced forbearance in 2020 performed better than expected, thanks to government aid and good underwriting in the mortgage market in general. Across nearly all RMBS asset classes, delinquencies have been gradually trending down in recent months as the forbearance period comes to an end for many borrowers.

In connection with the economic stress assumed under its baseline scenario (“Baseline Macroeconomic Scenarios For Rated Sovereigns December 2021 Update,” published on December 9, 2021), DBRS Morningstar may assume higher loss expectations for pools with loans on forbearance plans.

The rating actions are the result of DBRS Morningstar’s application of its “U.S. RMBS Surveillance Methodology,” published on February 21, 2020.

ESG CONSIDERATIONS
A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework can be found in the DBRS Morningstar Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings at https://www.dbrsmorningstar.com/research/373262.

Notes:
The principal methodologies are U.S. RMBS Surveillance Methodology (February 21, 2020) and RMBS Insight 1.3: U.S. Residential Mortgage-Backed Securities Model and Rating Methodology (April 1, 2020), which can be found on dbrsmorningstar.com under Methodologies & Criteria.

The DBRS Morningstar Sovereign group releases baseline macroeconomic scenarios for rated sovereigns. DBRS Morningstar analysis considered impacts consistent with the baseline scenarios as set forth in the following report: https://www.dbrsmorningstar.com/research/384482/baseline-macroeconomic-scenarios-application-to-credit-ratings.

The rated entity or its related entities did participate in the rating process for this rating action. DBRS Morningstar had 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 these credits or on this industry, visit www.dbrsmorningstar.com or contact us at [email protected].

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