NEW YORK--(BUSINESS WIRE)--Kroll Bond Rating Agency (KBRA) is monitoring the recent special servicing transfer of a loan that serves as collateral for the FirstKey 2015-SFR1 (FKL 2015-SFR1) securitization. The transfer is the second among the three multi-borrower, single-family rental (SFR) securitizations rated by KBRA and one of six specially serviced loans in the sector. As such, it provides a useful case study in the approach special servicers will use to resolve defaults in the emerging asset class. To date, there have been six multi-borrower SFR deals issued, which have an average seasoning of 11 months. Of the remaining five loans, four were 60-plus days delinquent as of the most recent remittance period, and were securitized in B2R 2015-1 and B2R 2015-2, which were not rated by KBRA, and one loan from Colony American Finance 2015-1 (CAF 2015-1) has been resolved.
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- FirstKey Lending 2015-SFR1 Presale Report
- FirstKey Lending 2015-SFR1 Surveillance Report
- Single-Family Rental Securitization Methodology
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).