KBRA Assigns Preliminary Ratings to Sequoia Mortgage Trust 2017-7 (SEMT 2017-7)

NEW YORK--()--Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to fifty-three classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2017-7 (SEMT 2017-7), a prime RMBS transaction. SEMT 2017-7 contains both prime jumbo (99.8%) and high-balance conforming (0.2%) collateral to borrowers with prime attributes.

The SEMT 2017-7 mortgage pool is composed of 489 first-lien mortgage loans with an aggregate principal balance of $350,401,847 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 68.5% and WA original CLTV of 68.9%. The weighted average original credit score is 772, 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 pre-sale report, Sequoia Mortgage Trust 2017-7, which was published on September 25, 2017 on www.kbra.com.

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

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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

Kroll Bond Rating Agency
Analytical Contacts:
Edward DeVito, Senior Director
(646) 731-2319
edevito@kbra.com
or
Ryon Aguirre, Associate Director
(646) 731-2382
raguirre@kbra.com
or
Jack Kahan, Managing Director
(646) 731-2486
jkahan@kbra.com

Contacts

Kroll Bond Rating Agency
Analytical Contacts:
Edward DeVito, Senior Director
(646) 731-2319
edevito@kbra.com
or
Ryon Aguirre, Associate Director
(646) 731-2382
raguirre@kbra.com
or
Jack Kahan, Managing Director
(646) 731-2486
jkahan@kbra.com