Kroll Bond Rating Agency Assigns Preliminary Ratings to RPMLT 2014-1 Trust

NEW YORK--()--Kroll Bond Rating Agency, Inc. (KBRA) assigns preliminary ratings to sixty-nine classes of mortgage pass-through certificates from RPMLT 2014-1 Trust (RPMLT 2014-1), a residential mortgage-backed securities (RMBS) transaction collateralized by a pool of re-performing mortgage loans. The preliminary ratings are subject to subsequent information and may differ from the final ratings.

The RPMLT 2014-1 mortgage pool is comprised of 3,027 first-lien re-performing mortgage loans with an aggregate principal balance of $644,122,531 as of the cut-off date. The pool consists of approximately 90.2% fully-amortizing, fixed-rate mortgages (FRMs), 7.6 % fully-amortizing, adjustable-rate mortgages (ARMs) and 2.3% ARMs with interest-only (IO) periods of either seven or ten years. The loans are seasoned 98 months.

KBRA analyzed the transaction using the following RMBS methodology reports published on January 9, 2012:

     
Class   Rating   Initial Certificate Balance ($)   Rating Action
A-1   BBB(sf)   328,824,000   Preliminary
A-2   NR(sf)   644,122,531   Preliminary
A-1A   BBB(sf)   230,177,000   Preliminary
A-1B   BBB(sf)   98,647,000   Preliminary
A-1C   BBB(sf)   164,412,000   Preliminary
A-1D   BBB(sf)   164,412,000   Preliminary
A-1E   BBB(sf)   115,088,500   Preliminary
A-1F   BBB(sf)   115,088,500   Preliminary
A-1G   BBB(sf)   49,323,500   Preliminary
A-1H   BBB(sf)   49,323,500   Preliminary
B-1   BB(sf)   67,311,000   Preliminary
B-1A   BB(sf)   1,000,000   Preliminary
B-1B   BB(sf)   33,155,500   Preliminary
B-1C   BB(sf)   33,155,500   Preliminary
B-1D   BB(sf)   16,578,000   Preliminary
B-1E   BB(sf)   16,578,000   Preliminary
B-1F   BB(sf)   16,578,000   Preliminary
B-1G   BB(sf)   16,577,000   Preliminary
B-1H   BB(sf)   8,289,000   Preliminary
B-1I   BB(sf)   8,289,000   Preliminary
B-1J   BB(sf)   8,289,000   Preliminary
B-1K   BB(sf)   8,289,000   Preliminary
B-1L   BB(sf)   8,289,000   Preliminary
B-1M   BB(sf)   8,289,000   Preliminary
B-1N   BB(sf)   8,288,500   Preliminary
B-1O   BB(sf)   8,288,500   Preliminary
B-2   NR(sf)   57,971,000   Preliminary
B-2A   NR(sf)   28,985,500   Preliminary
B-2B   NR(sf)   28,985,500   Preliminary
B-2C   B(sf)   14,493,000   Preliminary
B-2D   B(sf)   14,493,000   Preliminary
B-2E   B(sf)   14,493,000   Preliminary
B-2F   NR(sf)   14,492,000   Preliminary
B-2G   B(sf)   7,246,500   Preliminary
B-2H   B(sf)   7,246,500   Preliminary
B-2I   B(sf)   7,246,500   Preliminary
B-2J   B(sf)   7,246,500   Preliminary
B-2K   B(sf)   7,246,500   Preliminary
B-2L   B(sf)   7,246,500   Preliminary
B-2M   NR(sf)   7,246,000   Preliminary
B-2N   NR(sf)   7,246,000   Preliminary
B-3   NR(sf)   190,016,531   Preliminary
B-3A   NR(sf)   95,008,265   Preliminary
B-3B   NR(sf)   95,008,266   Preliminary
B-3C   NR(sf)   23,752,000   Preliminary
B-3D   NR(sf)   23,752,000   Preliminary
B-3E   NR(sf)   23,752,000   Preliminary
B-3F   NR(sf)   23,752,000   Preliminary
B-3G   NR(sf)   23,752,000   Preliminary
B-3H   NR(sf)   23,752,000   Preliminary
B-3I   NR(sf)   23,752,000   Preliminary
B-3J   NR(sf)   23,752,531   Preliminary
B-3K   NR(sf)   11,876,000   Preliminary
B-3L   NR(sf)   11,876,000   Preliminary
B-3M   NR(sf)   11,876,000   Preliminary
B-3N   NR(sf)   11,876,000   Preliminary
B-3O   NR(sf)   11,876,000   Preliminary
B-3P   NR(sf)   11,876,000   Preliminary
B-3Q   NR(sf)   11,876,000   Preliminary
B-3R   NR(sf)   11,876,000   Preliminary
B-3S   NR(sf)   11,876,000   Preliminary
B-3T   NR(sf)   11,876,000   Preliminary
B-3U   NR(sf)   11,876,000   Preliminary
B-3V   NR(sf)   11,876,000   Preliminary
B-3W   NR(sf)   11,876,000   Preliminary
B-3X   NR(sf)   11,876,000   Preliminary
B-3Y   NR(sf)   11,876,265   Preliminary
B-3Z   NR(sf)   11,876,266   Preliminary
R   NR(sf)   N/A   Preliminary
 

Representations and Warranties

All Nationally Recognized Statistical Rating Organizations are required, pursuant to SEC Rule 17g-7, to provide a description of a transaction’s representations, warranties and enforcement mechanisms that are available to investors when issuing credit ratings. For detailed information regarding the representations and warranties for this transaction, please see KBRA’s RPMLT 2014-1 Rule 17g-7 Disclosure Report, which was published contemporaneously with this release on November 17, 2014. Click here to access the RPMLT 2014-1 Trust Rule 17g-7 Disclosure Report.

About Kroll Bond Rating Agency

KBRA is registered with the U.S. Securities and Exchange Commission as a Nationally Recognized Statistical Rating Organization (NRSRO). In addition, KBRA is recognized by the National Association of Insurance Commissioners (NAIC) as a Credit Rating Provider (CRP).

Contacts

Analytical:
Kroll Bond Rating Agency, Inc.
Michele Patterson, 646-731-2397
mpatterson@kbra.com
or
Patrick Gervais, 646-731-2426
pgervais@kbra.com
or
Follow us on Twitter!
@KrollBondRating

Contacts

Analytical:
Kroll Bond Rating Agency, Inc.
Michele Patterson, 646-731-2397
mpatterson@kbra.com
or
Patrick Gervais, 646-731-2426
pgervais@kbra.com
or
Follow us on Twitter!
@KrollBondRating