Kroll Bond Rating Agency Assigns Preliminary Ratings to Sequoia Mortgage Trust 2017-5 (SEMT 2017-5)

NEW YORK--()--Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to fifty-three classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2017-5 (SEMT 2017-5), a prime jumbo RMBS transaction.

The SEMT 2017-5 mortgage pool is composed of 643 first-lien mortgage loans with an aggregate principal balance of $485,245,437, as of the cut-off date. The underlying collateral consists entirely of fully-amortizing, fixed-rate mortgages. The pool is characterized by substantial borrower equity in each mortgaged property, as evidenced by the WA original LTV of 68.7% and WA original CLTV of 69.3%. The weighted average original credit score is 771, 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 third-party loan file due diligence, 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 Presale Report, Sequoia Mortgage Trust 2017-5, which was published on July 6, 2017 on www.kbra.com.

Related Publications: (available at www.kbra.com)

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:
KBRA
Patrick Gervais, 646-731-2426
Senior Director
pgervais@kbra.com
or
Jack Kahan, 646-731-2486
Managing Director
jkahan@kbra.com
or
Edward DeVito, 646-731-2319
Senior Director
edevito@kbra.com
or
Ryon Aguirre, 646-731-2382
Associate Director
raguirre@kbra.com

Contacts

Analytical:
KBRA
Patrick Gervais, 646-731-2426
Senior Director
pgervais@kbra.com
or
Jack Kahan, 646-731-2486
Managing Director
jkahan@kbra.com
or
Edward DeVito, 646-731-2319
Senior Director
edevito@kbra.com
or
Ryon Aguirre, 646-731-2382
Associate Director
raguirre@kbra.com