NEW YORK--()--Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2013-2, a jumbo prime RMBS transaction.
The mortgage pool backing SEMT 2013-2 is comprised of 777 first-lien mortgage loans with an aggregate principal balance of $666,125,405 as of the cut-off date. The loans in the pool are all fixed-rate mortgages, primarily with 30-year maturities. The pool is characterized by substantial borrower equity in each mortgaged property, as evidenced by the average LTV (63.1%) and CLTV (65.3%). The weighted average credit score of the mortgage pool is 773, slightly higher than average for 2012 SEMT transactions and well within the prime mortgage range.
KBRA’s analysis of the transaction included a loan-level analysis of the mortgage pools using our Residential Mortgage Default and Loss Model, together with a review of the transaction parties, results of loan file reviews performed by independent third party firms and review of the legal structure and key 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 2013-2, which was published on January 22nd 2013 at www.krollbondratings.com.
Expected Initial Class
U.S. RMBS Rating Methodology, published January 9, 2012
Residential Mortgage Default and Loss Model, published January 9, 2012
About Kroll Bond Rating Agency
KBRA was established in 2010 by Jules Kroll to restore trust in credit ratings by creating new standards for assessing risk and by offering accurate, clear and transparent ratings. 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).