NEW YORK–(BUSINESS WIRE)–Kroll Bond Rating Agency (KBRA) assigns ratings to fifty-three classes
of mortgage pass-through certificates from Sequoia Mortgage Trust 2019-2
(SEMT 2019-2), a prime RMBS transaction. SEMT 2019-2 contains both prime
jumbo (73.6%) and high-balance conforming (26.4%) collateral to
borrowers with prime attributes.
The SEMT 2019-2 mortgage pool is composed of 634 first-lien mortgage
loans with an aggregate principal balance of $400,835,589 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 70.1% and WA original CLTV of 70.4%. The weighted
average original credit score is 766, which is within the prime mortgage
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.
To access ratings, reports and disclosures, click here.
Related Publications: (available at www.kbra.com)
2019-2 Pre-Sale Report
2019-2 Tear Sheet
2019-2 Representations & Warranties Disclosure
KBRA Comparative Analytic Tool (KCAT)
Mortgage Default and Loss Model
RMBS Rating Methodology for Assessing Non-QM Risk
RMBS Rating Methodology
Structured Finance Counterparty Methodology
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About KBRA and KBRA Europe
KBRA is a full service credit rating agency registered with the U.S.
Securities and Exchange Commission as an NRSRO. In addition, KBRA is
designated as a designated rating organization by the Ontario Securities
Commission for issuers of asset-backed securities to file a short form
prospectus or shelf prospectus, is recognized by the National
Association of Insurance Commissioners as a Credit Rating Provider, and
is a certified Credit Rating Agency (CRA) by the European Securities and
Markets Authority (ESMA). Kroll Bond Rating Agency Europe Limited is
registered with ESMA as a CRA.
Kahan, Managing Director