DBRS Morningstar Confirms All Ratings of 18 U.S. RMBS Transactions

DBRS, Inc. (DBRS Morningstar) reviewed 137 classes from 18 U.S. single-family rental transactions. Of the 137 classes reviewed, DBRS Morningstar confirmed all 137 ratings as follows:

New Residential Mortgage Loan Trust 2022-SFR1
-- Single-Family Rental Pass-Through Certificates, Class A at AAA (sf)
-- Single-Family Rental Pass-Through Certificates, Class B at AAA (sf)
-- Single-Family Rental Pass-Through Certificates, Class C at AAA (sf)
-- Single-Family Rental Pass-Through Certificates, Class D at AAA (sf)
-- Single-Family Rental Pass-Through Certificates, Class E-1 at BBB (sf)
-- Single-Family Rental Pass-Through Certificates, Class E-2 at BBB (low) (sf)
-- Single-Family Rental Pass-Through Certificates, Class F at BB (low) (sf)
-- Single-Family Rental Pass-Through Certificates, Class G at B (low) (sf)

AMSR 2021-SFR3 Trust
-- Single-Family Rental Pass-Through Certificate A at AAA (sf)
-- Single-Family Rental Pass-Through Certificate B at AAA (sf)
-- Single-Family Rental Pass-Through Certificate C at AAA (sf)
-- Single-Family Rental Pass-Through Certificate D at AA (high) (sf)
-- Single-Family Rental Pass-Through Certificate E-1 at A (low) (sf)
-- Single-Family Rental Pass-Through Certificate E-2 at BBB (low) (sf)
-- Single-Family Rental Pass-Through Certificate F at BB (low) (sf)
-- Single-Family Rental Pass-Through Certificate G at B (low) (sf)

AMSR 2019-SFR1 Trust
-- AMSR 2019-SFR1 Trust, Class A at AAA (sf)
-- AMSR 2019-SFR1 Trust, Class B at AAA (sf)
-- AMSR 2019-SFR1 Trust, Class C at AAA (sf)
-- AMSR 2019-SFR1 Trust, Class D at AA (sf)
-- AMSR 2019-SFR1 Trust, Class E at BBB (low) (sf)
-- AMSR 2019-SFR1 Trust, Class F at BB (sf)
-- AMSR 2019-SFR1 Trust, Class G at B (high) (sf)

AMSR 2020-SFR1 Trust
-- AMSR 2020-SFR1 Trust, Class A at AAA (sf)
-- AMSR 2020-SFR1 Trust, Class B at AAA (sf)
-- AMSR 2020-SFR1 Trust, Class C at AAA (sf)
-- AMSR 2020-SFR1 Trust, Class D at AA (high) (sf)
-- AMSR 2020-SFR1 Trust, Class E at BBB (low) (sf)
-- AMSR 2020-SFR1 Trust, Class F at BB (sf)
-- AMSR 2020-SFR1 Trust, Class G at B (sf)

AMSR 2020-SFR2 Trust
-- Single-Family Rental Pass-Through Certificate, Class A at AAA (sf)
-- Single-Family Rental Pass-Through Certificate, Class B at AAA (sf)
-- Single-Family Rental Pass-Through Certificate, Class C at AA (high) (sf)
-- Single-Family Rental Pass-Through Certificate, Class D at AA (sf)
-- Single-Family Rental Pass-Through Certificate, Class E1 at A (sf)
-- Single-Family Rental Pass-Through Certificate, Class E2 at BBB (low) (sf)
-- Single-Family Rental Pass-Through Certificate, Class F at BB (high) (sf)
-- Single-Family Rental Pass-Through Certificate, Class G at BB (low) (sf)
-- Single-Family Rental Pass-Through Certificate, Class H at B (low) (sf)

AMSR 2020-SFR3 Trust
-- Single-Family Rental Pass-Through Certificate, Class A at AAA (sf)
-- Single-Family Rental Pass-Through Certificate, Class B at AAA (sf)
-- Single-Family Rental Pass-Through Certificate, Class C at AA (high) (sf)
-- Single-Family Rental Pass-Through Certificate, Class D at AA (low) (sf)
-- Single-Family Rental Pass-Through Certificate, Class E-1 at BBB (high) (sf)
-- Single-Family Rental Pass-Through Certificate, Class E-2 at BBB (low) (sf)
-- Single-Family Rental Pass-Through Certificate, Class F at BB (low) (sf)
-- Single-Family Rental Pass-Through Certificate, Class G at B (low) (sf)

AMSR 2020-SFR4 Trust
-- Single-Family Rental Pass-Through Certificate, Class A at AAA (sf)
-- Single-Family Rental Pass-Through Certificate, Class B at AA (high) (sf)
-- Single-Family Rental Pass-Through Certificate, Class C at A (high) (sf)
-- Single-Family Rental Pass-Through Certificate, Class D at A (low) (sf)
-- Single-Family Rental Pass-Through Certificate, Class E-1 at BBB (high) (sf)
-- Single-Family Rental Pass-Through Certificate, Class E-2 at BBB (low) (sf)
-- Single-Family Rental Pass-Through Certificate, Class F at BB (sf)
-- Single-Family Rental Pass-Through Certificate, Class G-1 at BB (low) (sf)
-- Single-Family Rental Pass-Through Certificate, Class G-2 at B (sf)

AMSR 2020-SFR5 Trust
-- Single-Family Rental Pass-Through Certificate, Class A at AAA (sf)
-- Single-Family Rental Pass-Through Certificate, Class B at AAA (sf)
-- Single-Family Rental Pass-Through Certificate, Class C at AA (high) (sf)
-- Single-Family Rental Pass-Through Certificate, Class D at A (high) (sf)
-- Single-Family Rental Pass-Through Certificate, Class E-1 at BBB (high) (sf)
-- Single-Family Rental Pass-Through Certificate, Class E-2 at BBB (low) (sf)
-- Single-Family Rental Pass-Through Certificate, Class F at BB (sf)
-- Single-Family Rental Pass-Through Certificate, Class G at B (sf)

AMSR 2021-SFR2 Trust
-- Single Family Rental Pass Through Certificates, Class A at AAA (sf)
-- Single Family Rental Pass Through Certificates, Class B at AA (low) (sf)
-- Single Family Rental Pass Through Certificates, Class C at A (low) (sf)
-- Single Family Rental Pass Through Certificates, Class D at BBB (high) (sf)
-- Single Family Rental Pass Through Certificates, Class E-1 at BBB (sf)
-- Single Family Rental Pass Through Certificates, Class E-2 at BBB (low) (sf)
-- Single Family Rental Pass Through Certificates, Class F-1 at BB (high) (sf)
-- Single Family Rental Pass Through Certificates, Class F-2 at BB (low) (sf)

AMSR 2021-SFR4 Trust
-- Single Family Rental Pass Through Certificate, Class A at AAA (sf)
-- Single Family Rental Pass Through Certificate, Class B at AA (high) (sf)
-- Single Family Rental Pass Through Certificate, Class C at A (high) (sf)
-- Single Family Rental Pass Through Certificate, Class D at A (low) (sf)
-- Single Family Rental Pass Through Certificate, Class E-1 at BBB (sf)
-- Single Family Rental Pass Through Certificate, Class E-2 at BBB (low) (sf)
-- Single Family Rental Pass Through Certificate, Class F-1 at BB (high) (sf)
-- Single Family Rental Pass Through Certificate, Class F-2 at BB (low) (sf)

AMSR 2022-SFR2 Trust
-- Single-Family Rental Pass-Through Certificate, Class A at AAA (sf)
-- Single-Family Rental Pass-Through Certificate, Class B at AA (low) (sf)
-- Single-Family Rental Pass-Through Certificate, Class C at BBB (sf)
-- Single-Family Rental Pass-Through Certificate, Class D at BBB (low) (sf)
-- Single-Family Rental Pass-Through Certificate, Class E at BB (low) (sf)
-- Single-Family Rental Pass-Through Certificate, Class F at B (low) (sf)

AMSR 2022-SFR3 Trust
-- Single-Family Rental Pass-Through Certificate, Class A at AAA (sf)
-- Single-Family Rental Pass-Through Certificate, Class B at AAA (sf)
-- Single-Family Rental Pass-Through Certificate, Class C at AA (sf)
-- Single-Family Rental Pass-Through Certificate, Class D at A (sf)
-- Single-Family Rental Pass-Through Certificate, Class E-1 at BBB (high) (sf)
-- Single-Family Rental Pass-Through Certificate, Class E-2 at BBB (low) (sf)
-- Single-Family Rental Pass-Through Certificate, Class F at BB (low) (sf)

FirstKey Homes 2020-SFR2 Trust
-- Single-Family Rental Pass-Through Certificate, Class A at AAA (sf)
-- Single-Family Rental Pass-Through Certificate, Class B at AA (high) (sf)
-- Single-Family Rental Pass-Through Certificate, Class C at A (high) (sf)
-- Single-Family Rental Pass-Through Certificate, Class D at BBB (high) (sf)
-- Single-Family Rental Pass-Through Certificate, Class E at BBB (low) (sf)
-- Single-Family Rental Pass-Through Certificate, Class F1 at BB (high) (sf)
-- Single-Family Rental Pass-Through Certificate, Class F2 at BB (sf)
-- Single-Family Rental Pass-Through Certificate, Class F3 at BB (low) (sf)
-- Single-Family Rental Pass-Through Certificate, Class G1 at B (high) (sf)
-- Single-Family Rental Pass-Through Certificate, Class G2 at B (high) (sf)

FRTKL 2021-SFR1 Trust
-- Single-Family Rental Pass-Through Certificate, Class A at AAA (sf)
-- Single-Family Rental Pass-Through Certificate, Class B at AAA (sf)
-- Single-Family Rental Pass-Through Certificate, Class C at AA (high) (sf)
-- Single-Family Rental Pass-Through Certificate, Class D at A (high) (sf)
-- Single-Family Rental Pass-Through Certificate, Class E1 at BBB (high) (sf)
-- Single-Family Rental Pass-Through Certificate, Class E2 at BBB (low) (sf)
-- Single-Family Rental Pass-Through Certificate, Class F at BB (sf)
-- Single-Family Rental Pass-Through Certificate, Class G at B (high) (sf)

Home Partners of America 2019-1 Trust
-- HPA 2019-1, Class A at AAA (sf)
-- HPA 2019-1, Class B at AA (high) (sf)
-- HPA 2019-1, Class C at AA (low) (sf)
-- HPA 2019-1, Class D at A (low) (sf)
-- HPA 2019-1, Class E at BBB (sf)
-- HPA 2019-1, Class F at BBB (low) (sf)

Home Partners of America 2019-2 Trust
-- HPA 2019-2, Class A at AAA (sf)
-- HPA 2019-2, Class B at AAA (sf)
-- HPA 2019-2, Class C at AA (sf)
-- HPA 2019-2, Class D at A (low) (sf)
-- HPA 2019-2, Class E at BBB (low) (sf)
-- HPA 2019-2, Class F at BB (sf)

Home Partners of America 2021-1 Trust
-- Single-Family Rental Pass-Through Certificate A at AAA (sf)
-- Single-Family Rental Pass-Through Certificate B at AA (low) (sf)
-- Single-Family Rental Pass-Through Certificate C at A (low) (sf)
-- Single-Family Rental Pass-Through Certificate D at BBB (sf)
-- Single-Family Rental Pass-Through Certificate E at BBB (low) (sf)
-- Single-Family Rental Pass-Through Certificate F at BB (sf)

Home Partners of America 2021-2 Trust
-- Single-Family Rental Pass-Through Certificate, Class A at AAA (sf)
-- Single-Family Rental Pass-Through Certificate, Class B at AA (high) (sf)
-- Single-Family Rental Pass-Through Certificate, Class C at AA (low) (sf)
-- Single-Family Rental Pass-Through Certificate, Class D at A (low) (sf)
-- Single-Family Rental Pass-Through Certificate, Class E1 at BBB (sf)
-- Single-Family Rental Pass-Through Certificate, Class E2 at BBB (low) (sf)
-- Single-Family Rental Pass-Through Certificate, Class F at BB (low) (sf)
-- Single-Family Rental Pass-Through Certificate, Class G at B (sf)

The rating confirmations reflect asset performance and credit-support levels that are consistent with the current ratings.

DBRS Morningstar’s rating actions are based on the following analytical consideration:

-- Key performance measures as reflected in month-over-month changes in vacancy and delinquency, quarterly analysis of the actual expenses, credit enhancement increases since deal inception, and bond paydown factors.

ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS
There were no Environmental/Social/Governance factors that had a significant or relevant effect on the credit analysis.

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/396929 (May 17, 2022).

Notes:
The principal methodology applicable to the ratings is Rating and Monitoring U.S. Single-Family Rental Securitizations (https://www.dbrsmorningstar.com/research/405662; November 23, 2022).

Other methodologies referenced in this transaction are listed at the end of this press release. These may be found at: https://www.dbrsmorningstar.com/about/methodologies.

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: Baseline Macroeconomic Scenarios for Rated Sovereigns: December 2022 Update | DBRS Morningstar.

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.

DBRS, Inc.
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Tel. +1 212 806-3277

The rating methodologies used in the analysis of this transaction can be found at: https://www.dbrsmorningstar.com/about/methodologies.

-- Interest Rate Stresses for U.S. Structured Finance Transactions (August 30, 2022),
https://www.dbrsmorningstar.com/research/402153/interest-rate-stresses-for-us-structured-finance-transactions
-- Legal Criteria for U.S. Structured Finance (December 7, 2022),
https://www.dbrsmorningstar.com/research/407008/legal-criteria-for-us-structured-finance
-- Operational Risk Assessment for U.S. RMBS Originators (November 23, 2022),
https://www.dbrsmorningstar.com/research/405664/operational-risk-assessment-for-us-rmbs-originators
-- Operational Risk Assessment for U.S. RMBS Servicers (November 23, 2022),
https://www.dbrsmorningstar.com/research/405665/operational-risk-assessment-for-us-rmbs-servicers

For more information on this credit or on this industry, visit www.dbrsmorningstar.com or contact us at [email protected].