DBRS Morningstar Takes Rating Actions on 76 U.S. RMBS Transactions

DBRS, Inc. (DBRS Morningstar) reviewed 814 classes from 76 U.S. residential mortgage-backed security (RMBS) transactions. Of the 814 classes reviewed, DBRS Morningstar upgraded 208 ratings, confirmed 556 ratings, and discontinued 50 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 reflect the full repayment of principal to bondholders.

The pools backing the reviewed RMBS transactions consist of re-performing mortgage 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.

-- Ajax Mortgage Loan Trust 2019-D, Mortgage-Backed Securities, Series 2019-D, Class A-3
-- Bayview Opportunity Master Fund IVa Trust 2016-SPL1, Asset-Backed Notes, Series 2016-SPL1, Class B3
-- Bayview Opportunity Master Fund IVa Trust 2016-SPL1, Asset-Backed Notes, Series 2016-SPL1, Class B3-IOA
-- Bayview Opportunity Master Fund IVa Trust 2016-SPL1, Asset-Backed Notes, Series 2016-SPL1, Class B3-IOB
-- Bayview Opportunity Master Fund IVa Trust 2016-SPL1, Asset-Backed Notes, Series 2016-SPL1, Class B4
-- Bayview Opportunity Master Fund IVa Trust 2016-SPL1, Asset-Backed Notes, Series 2016-SPL1, Class B4-IOA
-- Bayview Opportunity Master Fund IVa Trust 2016-SPL1, Asset-Backed Notes, Series 2016-SPL1, Class B4-IOB
-- Bayview Opportunity Master Fund IVa Trust 2016-SPL1, Asset-Backed Notes, Series 2016-SPL1, Class B5
-- Bayview Opportunity Master Fund IVa Trust 2016-SPL1, Asset-Backed Notes, Series 2016-SPL1, Class B5-IOA
-- Bayview Opportunity Master Fund IVa Trust 2016-SPL1, Asset-Backed Notes, Series 2016-SPL1, Class B5-IOB
-- Bayview Opportunity Master Fund IVa Trust 2016-SPL1, Asset-Backed Notes, Series 2016-SPL1, Class B6
-- Bayview Opportunity Master Fund IVa Trust 2017-SPL5, Mortgage-Backed Notes, Series 2017-SPL5, Class B3
-- Bayview Opportunity Master Fund IVa Trust 2017-SPL5, Mortgage-Backed Notes, Series 2017-SPL5, Class B3-IOA
-- Bayview Opportunity Master Fund IVa Trust 2017-SPL5, Mortgage-Backed Notes, Series 2017-SPL5, Class B3-IOB
-- Bayview Opportunity Master Fund IVa Trust 2017-SPL5, Mortgage-Backed Notes, Series 2017-SPL5, Class B4
-- Bayview Opportunity Master Fund IVa Trust 2017-SPL5, Mortgage-Backed Notes, Series 2017-SPL5, Class B4-IOA
-- Bayview Opportunity Master Fund IVa Trust 2017-SPL5, Mortgage-Backed Notes, Series 2017-SPL5, Class B4-IOB
-- Bayview Opportunity Master Fund IVa Trust 2017-SPL5, Mortgage-Backed Notes, Series 2017-SPL5, Class B5
-- Bayview Opportunity Master Fund IVb Trust 2016-SPL2, Mortgage-Backed Securities, Series 2016-SPL2, Class B3
-- Bayview Opportunity Master Fund IVb Trust 2016-SPL2, Mortgage-Backed Securities, Series 2016-SPL2, Class B3-IOA
-- Bayview Opportunity Master Fund IVb Trust 2016-SPL2, Mortgage-Backed Securities, Series 2016-SPL2, Class B3-IOB
-- Bayview Opportunity Master Fund IVb Trust 2016-SPL2, Mortgage-Backed Securities, Series 2016-SPL2, Class B4
-- Bayview Opportunity Master Fund IVb Trust 2016-SPL2, Mortgage-Backed Securities, Series 2016-SPL2, Class B4-IOA
-- Bayview Opportunity Master Fund IVb Trust 2016-SPL2, Mortgage-Backed Securities, Series 2016-SPL2, Class B4-IOB
-- Bayview Opportunity Master Fund IVb Trust 2016-SPL2, Mortgage-Backed Securities, Series 2016-SPL2, Class B5
-- Bayview Opportunity Master Fund IVb Trust 2017-RT2, Mortgage-Backed Securities, Series 2017-RT2, Class B3
-- Bayview Opportunity Master Fund IVb Trust 2017-RT2, Mortgage-Backed Securities, Series 2017-RT2, Class B3-IOA
-- Bayview Opportunity Master Fund IVb Trust 2017-RT2, Mortgage-Backed Securities, Series 2017-RT2, Class B3-IOB
-- Bayview Opportunity Master Fund IVb Trust 2017-SPL4, Mortgage-Backed Notes, Series 2017-SPL4, Class B3
-- Bayview Opportunity Master Fund IVb Trust 2017-SPL4, Mortgage-Backed Notes, Series 2017-SPL4, Class B3-IOA
-- Bayview Opportunity Master Fund IVb Trust 2017-SPL4, Mortgage-Backed Notes, Series 2017-SPL4, Class B3-IOB
-- Bayview Opportunity Master Fund IVb Trust 2017-SPL4, Mortgage-Backed Notes, Series 2017-SPL4, Class B4
-- Bayview Opportunity Master Fund IVb Trust 2017-SPL4, Mortgage-Backed Notes, Series 2017-SPL4, Class B4-IOA
-- Bayview Opportunity Master Fund IVb Trust 2017-SPL4, Mortgage-Backed Notes, Series 2017-SPL4, Class B4-IOB
-- Bayview Opportunity Master Fund IVb Trust 2017-SPL4, Mortgage-Backed Notes, Series 2017-SPL4, Class B5
-- Bayview Koitere Fund Trust 2017-SPL3, Mortgage-Backed Notes, Series 2017-SPL3, Class B3
-- Bayview Koitere Fund Trust 2017-SPL3, Mortgage-Backed Notes, Series 2017-SPL3, Class B3-IOA
-- Bayview Koitere Fund Trust 2017-SPL3, Mortgage-Backed Notes, Series 2017-SPL3, Class B3-IOB
-- Bayview Koitere Fund Trust 2017-SPL3, Mortgage-Backed Notes, Series 2017-SPL3, Class B4
-- Bayview Koitere Fund Trust 2017-SPL3, Mortgage-Backed Notes, Series 2017-SPL3, Class B4-IOA
-- Bayview Koitere Fund Trust 2017-SPL3, Mortgage-Backed Notes, Series 2017-SPL3, Class B4-IOB
-- Bayview Mortgage Fund IVc Trust 2017-RT3, Mortgage-Backed Securities, Series 2017-RT3, Class B3
-- Bayview Mortgage Fund IVc Trust 2017-RT3, Mortgage-Backed Securities, Series 2017-RT3, Class B3- IOA
-- Bayview Mortgage Fund IVc Trust 2017-RT3, Mortgage-Backed Securities, Series 2017-RT3, Class B3- IOB
-- Bayview Mortgage Fund IVc Trust 2017-RT3, Mortgage-Backed Securities, Series 2017-RT3, Class B4
-- Bayview Mortgage Fund IVc Trust 2017-RT3, Mortgage-Backed Securities, Series 2017-RT3, Class B5
-- CIM Trust 2017-7, Mortgage-Backed Notes Series 2017-7, Class B1
-- CIM Trust 2017-7, Mortgage-Backed Notes Series 2017-7, Class B2
-- Citigroup Mortgage Loan Trust 2018-RP3, Mortgage-Backed Notes, Series 2018-RP3, Class M-2
-- Citigroup Mortgage Loan Trust 2018-RP3, Mortgage-Backed Notes, Series 2018-RP3, Class M-3
-- Citigroup Mortgage Loan Trust 2018-RP3, Mortgage-Backed Notes, Series 2018-RP3, Class B-1
-- Citigroup Mortgage Loan Trust 2018-RP3, Mortgage-Backed Notes, Series 2018-RP3, Class B-2
-- Citigroup Mortgage Loan Trust 2019-RP1, Mortgage-Backed Notes, Series 2019-RP1, Class M-2
-- Citigroup Mortgage Loan Trust 2019-RP1, Mortgage-Backed Notes, Series 2019-RP1, Class M-3
-- Citigroup Mortgage Loan Trust 2019-RP1, Mortgage-Backed Notes, Series 2019-RP1, Class B-1
-- Citigroup Mortgage Loan Trust 2019-RP1, Mortgage-Backed Notes, Series 2019-RP1, Class B-2
-- Citigroup Mortgage Loan Trust 2021-RP2, Mortgage-Backed Notes, Series 2021-RP2, Class M-2
-- Citigroup Mortgage Loan Trust 2021-RP2, Mortgage-Backed Notes, Series 2021-RP2, Class B-1
-- Citigroup Mortgage Loan Trust 2021-RP2, Mortgage-Backed Notes, Series 2021-RP2, Class B-2
-- Citigroup Mortgage Loan Trust 2021-RP2, Mortgage-Backed Notes, Series 2021-RP2, Class B-3
-- Citigroup Mortgage Loan Trust 2021-RP2, Mortgage-Backed Notes, Series 2021-RP2, Class A-3
-- Citigroup Mortgage Loan Trust 2021-RP2, Mortgage-Backed Notes, Series 2021-RP2, Class A-6
-- Citigroup Mortgage Loan Trust 2021-RP3, Mortgage-Backed Notes, Series 2021-RP3, Class M-1
-- Citigroup Mortgage Loan Trust 2021-RP3, Mortgage-Backed Notes, Series 2021-RP3, Class M-2
-- Citigroup Mortgage Loan Trust 2021-RP3, Mortgage-Backed Notes, Series 2021-RP3, Class B-1
-- Citigroup Mortgage Loan Trust 2021-RP3, Mortgage-Backed Notes, Series 2021-RP3, Class B-2
-- Citigroup Mortgage Loan Trust 2021-RP3, Mortgage-Backed Notes, Series 2021-RP3, Class B-3
-- Citigroup Mortgage Loan Trust 2021-RP3, Mortgage-Backed Notes, Series 2021-RP3, Class A-4
-- Citigroup Mortgage Loan Trust 2021-RP3, Mortgage-Backed Notes, Series 2021-RP3, Class A-5
-- CSMC Trust 2017-RPL1, Mortgage-Backed Securities Series 2017-RPL1, Class M1
-- CSMC Trust 2017-RPL1, Mortgage-Backed Securities Series 2017-RPL1, Class M2
-- CSMC Trust 2017-RPL1, Mortgage-Backed Securities Series 2017-RPL1, Class B1
-- CSMC Trust 2017-RPL1, Mortgage-Backed Securities Series 2017-RPL1, Class B2
-- CSMC 2018-RPL9 Trust, Mortgage-Backed Notes, Series 2018-RPL9, Class M-2
-- CSMC 2018-RPL9 Trust, Mortgage-Backed Notes, Series 2018-RPL9, Class M-3
-- CSMC 2018-RPL9 Trust, Mortgage-Backed Notes, Series 2018-RPL9, Class B-1
-- CSMC 2018-RPL9 Trust, Mortgage-Backed Notes, Series 2018-RPL9, Class B-2
-- GCAT 2019-RPL1 Trust, Mortgage-Backed Notes, Series 2019-RPL1, Class M-2
-- GCAT 2019-RPL1 Trust, Mortgage-Backed Notes, Series 2019-RPL1, Class M-3
-- GCAT 2019-RPL1 Trust, Mortgage-Backed Notes, Series 2019-RPL1, Class B-1
-- GCAT 2019-RPL1 Trust, Mortgage-Backed Notes, Series 2019-RPL1, Class B-2
-- GS Mortgage-Backed Securities Trust 2018-RPL1, Mortgage-Backed Securities, Series 2018-RPL1, Class M1
-- GS Mortgage-Backed Securities Trust 2018-RPL1, Mortgage-Backed Securities, Series 2018-RPL1, Class M2
-- GS Mortgage-Backed Securities Trust 2018-RPL1, Mortgage-Backed Securities, Series 2018-RPL1, Class B1
-- GS Mortgage-Backed Securities Trust 2018-RPL1, Mortgage-Backed Securities, Series 2018-RPL1, Class B2
-- Legacy Mortgage Asset Trust 2020-RPL1, Mortgage-Backed Notes, Series 2020-RPL1, Class A-4
-- Legacy Mortgage Asset Trust 2020-RPL1, Mortgage-Backed Notes, Series 2020-RPL1, Class A-5
-- Legacy Mortgage Asset Trust 2020-RPL1, Mortgage-Backed Notes, Series 2020-RPL1, Class M-1
-- Legacy Mortgage Asset Trust 2020-RPL1, Mortgage-Backed Notes, Series 2020-RPL1, Class M-2
-- Legacy Mortgage Asset Trust 2020-RPL1, Mortgage-Backed Notes, Series 2020-RPL1, Class B-1
-- Legacy Mortgage Asset Trust 2020-RPL1, Mortgage-Backed Notes, Series 2020-RPL1, Class B-2
-- Mill City Mortgage Loan Trust 2016-1, Mortgage Backed Securities, Series 2016-1, Class B2
-- Mill City Mortgage Loan Trust 2017-1, Mortgage Backed Securities, Series 2017-1, Class B1
-- Mill City Mortgage Loan Trust 2017-1, Mortgage Backed Securities, Series 2017-1, Class B2
-- Mill City Mortgage Loan Trust 2017-2, Mortgage Backed Securities, Series 2017-2, Class B1
-- Mill City Mortgage Loan Trust 2017-2, Mortgage Backed Securities, Series 2017-2, Class B2
-- Mill City Mortgage Loan Trust 2017-3, Mortgage Backed Securities, Series 2017-3, Class M3
-- Mill City Mortgage Loan Trust 2017-3, Mortgage Backed Securities, Series 2017-3, Class B1
-- Mill City Mortgage Loan Trust 2017-3, Mortgage Backed Securities, Series 2017-3, Class B2
-- Mill City Mortgage Loan Trust 2017-3, Mortgage Backed Securities, Series 2017-3, Class A4
-- Mill City Mortgage Loan Trust 2018-1, Mortgage Backed Securities, Series 2018-1, Class A4
-- Mill City Mortgage Loan Trust 2018-1, Mortgage Backed Securities, Series 2018-1, Class M3
-- Mill City Mortgage Loan Trust 2018-1, Mortgage Backed Securities, Series 2018-1, Class B1
-- Mill City Mortgage Loan Trust 2018-2, Mortgage Backed Securities, Series 2018-2, Class A4
-- Mill City Mortgage Loan Trust 2018-2, Mortgage Backed Securities, Series 2018-2, Class M3
-- Mill City Mortgage Loan Trust 2018-2, Mortgage Backed Securities, Series 2018-2, Class B1
-- Mill City Mortgage Loan Trust 2018-2, Mortgage Backed Securities, Series 2018-2, Class B2
-- Mill City Mortgage Loan Trust 2018-3, Mortgage Backed Securities, Series 2018-3, Class A4
-- Mill City Mortgage Loan Trust 2018-3, Mortgage Backed Securities, Series 2018-3, Class M3
-- Mill City Mortgage Loan Trust 2018-3, Mortgage Backed Securities, Series 2018-3, Class B1
-- Mill City Mortgage Loan Trust 2018-4, Mortgage Backed Securities, Series 2018-4, Class A3
-- Mill City Mortgage Loan Trust 2018-4, Mortgage Backed Securities, Series 2018-4, Class A4
-- Mill City Mortgage Loan Trust 2018-4, Mortgage Backed Securities, Series 2018-4, Class M2
-- Mill City Mortgage Loan Trust 2018-4, Mortgage Backed Securities, Series 2018-4, Class M3
-- Mill City Mortgage Loan Trust 2018-4, Mortgage Backed Securities, Series 2018-4, Class B1
-- Mill City Mortgage Loan Trust 2019-1, Asset-Backed Notes, Series 2019-1, Class A3
-- Mill City Mortgage Loan Trust 2019-1, Asset-Backed Notes, Series 2019-1, Class A4
-- Mill City Mortgage Loan Trust 2019-1, Asset-Backed Notes, Series 2019-1, Class M2
-- Mill City Mortgage Loan Trust 2019-1, Asset-Backed Notes, Series 2019-1, Class M3
-- Mill City Mortgage Loan Trust 2019-1, Asset-Backed Notes, Series 2019-1, Class B1
-- Mill City Mortgage Loan Trust 2019-1, Asset-Backed Notes, Series 2019-1, Class B2
-- Mill City Mortgage Loan Trust 2019-GS2, Mortgage-Backed Securities, Series 2019-GS2, Class M1
-- Mill City Mortgage Loan Trust 2019-GS2, Mortgage-Backed Securities, Series 2019-GS2, Class M2
-- Mill City Mortgage Loan Trust 2019-GS2, Mortgage-Backed Securities, Series 2019-GS2, Class M3A
-- Mill City Mortgage Loan Trust 2019-GS2, Mortgage-Backed Securities, Series 2019-GS2, Class M3B
-- Mill City Mortgage Loan Trust 2019-GS2, Mortgage-Backed Securities, Series 2019-GS2, Class B1A
-- Mill City Mortgage Loan Trust 2019-GS2, Mortgage-Backed Securities, Series 2019-GS2, Class B1B
-- Mill City Mortgage Loan Trust 2019-GS2, Mortgage-Backed Securities, Series 2019-GS2, Class B2A
-- Mill City Mortgage Loan Trust 2019-GS2, Mortgage-Backed Securities, Series 2019-GS2, Class M3
-- Mill City Mortgage Loan Trust 2019-GS2, Mortgage-Backed Securities, Series 2019-GS2, Class B1
-- Mill City Mortgage Loan Trust 2019-GS2, Mortgage-Backed Securities, Series 2019-GS2, Class A2
-- Mill City Mortgage Loan Trust 2019-GS2, Mortgage-Backed Securities, Series 2019-GS2, Class A3
-- Mill City Mortgage Loan Trust 2019-GS2, Mortgage-Backed Securities, Series 2019-GS2, Class A4
-- MetLife Securitization Trust 2019-1, Residential Mortgage-Backed Securities, Series 2019-1, Class M2
-- MetLife Securitization Trust 2019-1, Residential Mortgage-Backed Securities, Series 2019-1, Class M3
-- MetLife Securitization Trust 2019-1, Residential Mortgage-Backed Securities, Series 2019-1, Class B1
-- New Residential Mortgage Loan Trust 2018-RPL1, Mortgage-Backed Notes, Series 2018-RPL1, Class M-2
-- New Residential Mortgage Loan Trust 2018-RPL1, Mortgage-Backed Notes, Series 2018-RPL1, Class B-1
-- New Residential Mortgage Loan Trust 2018-RPL1, Mortgage-Backed Notes, Series 2018-RPL1, Class B-2
-- New Residential Mortgage Loan Trust 2019-RPL2, Mortgage-Backed Notes, Series 2019-RPL2, Class M-1
-- New Residential Mortgage Loan Trust 2019-RPL2, Mortgage-Backed Notes, Series 2019-RPL2, Class M-2
-- New Residential Mortgage Loan Trust 2019-RPL2, Mortgage-Backed Notes, Series 2019-RPL2, Class B-1
-- New Residential Mortgage Loan Trust 2019-RPL2, Mortgage-Backed Notes, Series 2019-RPL2, Class B-2
-- New Residential Mortgage Loan Trust 2019-RPL2, Mortgage-Backed Notes, Series 2019-RPL2, Class A-4
-- New Residential Mortgage Loan Trust 2019-RPL3, Mortgage-Backed Notes, Series 2019-RPL3, Class M-1
-- New Residential Mortgage Loan Trust 2019-RPL3, Mortgage-Backed Notes, Series 2019-RPL3, Class M-2
-- New Residential Mortgage Loan Trust 2019-RPL3, Mortgage-Backed Notes, Series 2019-RPL3, Class B-1
-- New Residential Mortgage Loan Trust 2019-RPL3, Mortgage-Backed Notes, Series 2019-RPL3, Class B-2
-- New Residential Mortgage Loan Trust 2019-RPL3, Mortgage-Backed Notes, Series 2019-RPL3, Class A-4
-- New Residential Mortgage Loan Trust 2020-RPL1, Mortgage-Backed Notes, Series 2020-RPL1, Class M-1
-- New Residential Mortgage Loan Trust 2020-RPL1, Mortgage-Backed Notes, Series 2020-RPL1, Class M-2
-- New Residential Mortgage Loan Trust 2020-RPL1, Mortgage-Backed Notes, Series 2020-RPL1, Class B-1
-- New Residential Mortgage Loan Trust 2020-RPL1, Mortgage-Backed Notes, Series 2020-RPL1, Class B-2
-- New Residential Mortgage Loan Trust 2020-RPL1, Mortgage-Backed Notes, Series 2020-RPL1, Class A-4
-- 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 B2
-- 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 B2
-- 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 B1
-- Towd Point Mortgage Trust 2016-5, Asset Backed Securities, Series 2016-5, Class B2
-- Towd Point Mortgage Trust 2016-5, Asset Backed Securities, Series 2016-5, Class B3
-- 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 B1
-- Towd Point Mortgage Trust 2017-2, Asset Backed Securities, Series 2017-2, Class B2
-- Towd Point Mortgage Trust 2017-2, Asset Backed Securities, Series 2017-2, Class B3
-- 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 2017-3, Asset Backed Securities, Series 2017-3, Class B3
-- Towd Point Mortgage Trust 2017-4, Asset Backed Securities Series 2017-4, Class M2
-- Towd Point Mortgage Trust 2017-4, Asset Backed Securities Series 2017-4, Class B1
-- Towd Point Mortgage Trust 2017-4, Asset Backed Securities Series 2017-4, Class B2
-- Towd Point Mortgage Trust 2017-5, Asset-Backed Securities, Series 2017-5, Class B1
-- 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 M2
-- Towd Point Mortgage Trust 2017-6, Asset-Backed Securities Series 2017-6, Class B1
-- 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 M2
-- Towd Point Mortgage Trust 2018-1, Asset Backed Securities, Series 2018-1, Class B1
-- Towd Point Mortgage Trust 2018-1, Asset Backed Securities, Series 2018-1, Class B2
-- Towd Point Mortgage Trust 2018-1, Asset Backed Securities, Series 2018-1, Class B3
-- 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 M2
-- Towd Point Mortgage Trust 2018-2, Asset Backed Securities Series 2018-2, Class B1
-- Towd Point Mortgage Trust 2018-2, Asset Backed Securities Series 2018-2, Class B2
-- 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 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
-- Towd Point Mortgage Trust 2018-3, Asset Backed Securities Series 2018-3, Class A4
-- Towd Point Mortgage Trust 2018-6, Asset Backed Securities, Series 2018-6, Class M1
-- Towd Point Mortgage Trust 2018-6, Asset Backed Securities, Series 2018-6, Class M2
-- Towd Point Mortgage Trust 2018-6, Asset Backed Securities, Series 2018-6, Class B1
-- Towd Point Mortgage Trust 2018-6, Asset Backed Securities, Series 2018-6, Class B2
-- Towd Point Mortgage Trust 2018-6, Asset Backed Securities, Series 2018-6, Class A4
-- Towd Point Mortgage Trust 2019-1, Asset-Backed Securities, Series 2019-1, Class M1
-- Towd Point Mortgage Trust 2019-1, Asset-Backed Securities, Series 2019-1, Class M2
-- Towd Point Mortgage Trust 2019-1, Asset-Backed Securities, Series 2019-1, Class B1
-- Towd Point Mortgage Trust 2019-1, Asset-Backed Securities, Series 2019-1, Class B2
-- Towd Point Mortgage Trust 2019-1, Asset-Backed Securities, Series 2019-1, Class A4
-- Towd Point Mortgage Trust 2019-2, Asset-Backed Securities, Series 2019-2, Class M2
-- Towd Point Mortgage Trust 2019-2, Asset-Backed Securities, Series 2019-2, Class B1
-- Towd Point Mortgage Trust 2019-2, Asset-Backed Securities, Series 2019-2, Class B2
-- Towd Point Mortgage Trust 2019-3, Asset-Backed Securities, Series 2019-3, Class M2
-- Towd Point Mortgage Trust 2019-3, Asset-Backed Securities, Series 2019-3, Class B1
-- Towd Point Mortgage Trust 2019-3, Asset-Backed Securities, Series 2019-3, Class B2
-- Towd Point Mortgage Trust 2019-3, Asset-Backed Securities, Series 2019-3, Class M2A
-- Towd Point Mortgage Trust 2019-3, Asset-Backed Securities, Series 2019-3, Class M2B
-- Towd Point Mortgage Trust 2019-3, Asset-Backed Securities, Series 2019-3, Class M2C
-- Towd Point Mortgage Trust 2019-3, Asset-Backed Securities, Series 2019-3, Class M2D
-- Towd Point Mortgage Trust 2019-3, Asset-Backed Securities, Series 2019-3, Class M2E
-- Towd Point Mortgage Trust 2019-3, Asset-Backed Securities, Series 2019-3, Class M2X
-- Towd Point Mortgage Trust 2019-4, Asset-Backed Securities, Series 2019-4, Class M1
-- Towd Point Mortgage Trust 2019-4, Asset-Backed Securities, Series 2019-4, Class M2
-- Towd Point Mortgage Trust 2019-4, Asset-Backed Securities, Series 2019-4, Class B1
-- Towd Point Mortgage Trust 2019-4, Asset-Backed Securities, Series 2019-4, Class B2
-- Towd Point Mortgage Trust 2019-4, Asset-Backed Securities, Series 2019-4, Class M1A
-- Towd Point Mortgage Trust 2019-4, Asset-Backed Securities, Series 2019-4, Class M1AX
-- Towd Point Mortgage Trust 2019-4, Asset-Backed Securities, Series 2019-4, Class M1B
-- Towd Point Mortgage Trust 2019-4, Asset-Backed Securities, Series 2019-4, Class M1BX
-- Towd Point Mortgage Trust 2019-4, Asset-Backed Securities, Series 2019-4, Class M2A
-- Towd Point Mortgage Trust 2019-4, Asset-Backed Securities, Series 2019-4, Class M2AX
-- Towd Point Mortgage Trust 2019-4, Asset-Backed Securities, Series 2019-4, Class M2B
-- Towd Point Mortgage Trust 2019-4, Asset-Backed Securities, Series 2019-4, Class M2BX
-- Towd Point Mortgage Trust 2019-4, Asset-Backed Securities, Series 2019-4, Class B1A
-- Towd Point Mortgage Trust 2019-4, Asset-Backed Securities, Series 2019-4, Class B1AX
-- Towd Point Mortgage Trust 2019-4, Asset-Backed Securities, Series 2019-4, Class B1B
-- Towd Point Mortgage Trust 2019-4, Asset-Backed Securities, Series 2019-4, Class B1BX
-- Towd Point Mortgage Trust 2019-4, Asset-Backed Securities, Series 2019-4, Class A4
-- Towd Point Mortgage Trust 2019-4, Asset-Backed Securities, Series 2019-4, Class A5

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 March 2022 Update,” published on March 24, 2022), 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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