Kroll Bond Rating Agency Assigns Preliminary Ratings to Agate Bay Mortgage Trust 2015-5 (ABMT 2015-5)

NEW YORK--()--Kroll Bond Rating Agency, Inc. (KBRA) assigns preliminary ratings to twenty classes of mortgage pass-through certificates from Agate Bay Mortgage Trust 2015-5 (ABMT 2015-5), a prime jumbo RMBS transaction.

The underlying ABMT 2015-5 mortgage pool comprises 398 first-lien, residential loans with an aggregate principal balance of $299,444,738 as of the cut-off date. ABMT 2015-5 represents the ninth RMBS transaction sponsored by TH TRS Corp. (a subsidiary of Two Harbors Investment Corp.) through the Agate Bay Mortgage Trust shelf. The mortgage pool consists entirely of fully amortizing fixed rate loans, all of which have 30-year maturities. The pool is characterized by substantial borrower equity in each mortgaged property, as evidenced by the weighted average LTV (64.9%) and CLTV (65.3%). The CLTV ratio incorporates 3.54% of the pool possessing known junior mortgages. The weighted average original credit score of the mortgage pool is 770, which is within the prime mortgage range.

KBRA’s rating approach incorporated loan-level analysis of the mortgage pool through its Residential Mortgage Default and Loss Model, an examination of the results from loan file reviews performed by independent third-party firms, cash flow modeling analysis of the transaction’s payment structure, reviews of key transaction parties and an assessment of the transaction’s legal structure and documentation. This analysis is further described in our U.S. RMBS Rating Methodology.

For complete details on the analysis, please see our Pre-Sale Report, Agate Bay Mortgage Trust 2015-5, which was published on August 3, 2015. Click the following link to access the Agate Bay Mortgage Trust 2015-5 Pre-Sale Report.

Related publications:

Residential Mortgage Default and Loss Model, published January 16, 2015

U.S. RMBS Rating Methodology, published January 9, 2012

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:
Gary Narvaez, 646-731-2478
Director
gnarvaez@kbra.com
or
Jack Kahan, 646-731-2486
Senior Director
jkahan@kbra.com
or
Patrick Gervais, 646-731-2426
Director
pgervais@kbra.com
or
Rob Monti, 646-731-2428
Associate
rmonti@kbra.com
or
Follow us on Twitter!
@KrollBondRating

Contacts

Analytical:
Gary Narvaez, 646-731-2478
Director
gnarvaez@kbra.com
or
Jack Kahan, 646-731-2486
Senior Director
jkahan@kbra.com
or
Patrick Gervais, 646-731-2426
Director
pgervais@kbra.com
or
Rob Monti, 646-731-2428
Associate
rmonti@kbra.com
or
Follow us on Twitter!
@KrollBondRating