KBRA Assigns Preliminary Ratings to Sequoia Mortgage Trust 2024-8 (SEMT 2024-8)
05 Agosto 2024 - 12:48PM
Business Wire
KBRA assigns preliminary ratings to 59 classes of mortgage
pass-through certificates from Sequoia Mortgage Trust 2024-8 (SEMT
2024-8), a $446.9 million prime RMBS transaction. The pool is
comprised of 389 first-lien, fully amortizing fixed rate mortgages
with 30-year maturity terms. The collateral is characterized by a
weighted average (WA) original credit score of 775 and moderate
borrower equity, with a WA original LTV of 73.6% and WA original
CLTV of 73.8%.
KBRA’s rating approach incorporated loan-level analysis of the
mortgage pool through its Residential Asset Loss Model (REALM), 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 rating and relevant documents, click here.
Click here to view the report.
Related Publications
- RMBS KCAT
- Sequoia Mortgage Trust 2024-8 (SEMT 2024-8) Tear Sheet
Methodologies
- RMBS: U.S. RMBS Rating Methodology
- Structured Finance: Global Structured Finance Counterparty
Methodology
- ESG Global Rating Methodology
Disclosures
Further information on key credit considerations, sensitivity
analyses that consider what factors can affect these credit ratings
and how they could lead to an upgrade or a downgrade, and ESG
factors (where they are a key driver behind the change to the
credit rating or rating outlook) can be found in the full rating
report referenced above.
A description of all substantially material sources that were
used to prepare the credit rating and information on the
methodology(ies) (inclusive of any material models and sensitivity
analyses of the relevant key rating assumptions, as applicable)
used in determining the credit rating is available in the
Information Disclosure Form(s) located here.
Information on the meaning of each rating category can be
located here.
Further disclosures relating to this rating action are available
in the Information Disclosure Form(s) referenced above. Additional
information regarding KBRA policies, methodologies, rating scales
and disclosures are available at www.kbra.com.
About KBRA
Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit
rating agency registered with the U.S. Securities and Exchange
Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is
registered as a CRA with the European Securities and Markets
Authority. Kroll Bond Rating Agency UK Limited is registered as a
CRA with the UK Financial Conduct Authority. 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. KBRA is also
recognized by the National Association of Insurance Commissioners
as a Credit Rating Provider.
Doc ID: 1005307
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Analytical Contacts
Chris Deasy, Senior Director (Lead Analyst) +1 646-731-1311
chris.deasy@kbra.com
Yanqi Bai, Associate +1 646-731-1330 yanqi.bai@kbra.com
Sabrina Vuong, Analyst +1 646-731-3324
sabrina.vuong@kbra.com
Jack Kahan, Senior Managing Director, Head of Global RMBS
(Rating Committee Chair) +1 646-731-2486 jack.kahan@kbra.com
Business Development Contact
Daniel Stallone, Managing Director +1 646-731-1308
daniel.stallone@kbra.com