KBRA Assigns Preliminary Ratings to J.P. Morgan Mortgage Trust 2018-9 (JPMMT 2018-9)
NEW YORK--(BUSINESS WIRE)--Sep 18, 2018--Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to thirty-five classes of mortgage pass-through certificates from J.P. Morgan Mortgage Trust 2018-9 (JPMMT 2018-9), a prime RMBS transaction. JPMMT 2018-9 contains both prime jumbo (32.2%) and conforming (67.8%) collateral to borrowers with prime attributes.
The JPMMT 2018-9 mortgage pool is composed of 884 first-lien mortgage loans with an aggregate principal balance of $513,899,725 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 70.3% and WA original CLTV of 71.0%. The weighted average original credit score is 762, 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.
Representations & Warranties Disclosure
All Nationally Recognized Statistical Rating Organizations are required, pursuant to SEC Rule 17g-7, to provide a description of a transaction’s representations, warranties and enforcement mechanisms that are available to investors when issuing credit ratings. KBRA’s disclosure for this transaction can be found in the report available .
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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.
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CONTACT: Kroll Bond Rating Agency
Ryon Aguirre, 646-731-2382
Jack Kahan, 646-731-2486
Patrick Gervais, 646-731-2426
KEYWORD: UNITED STATES NORTH AMERICA NEW YORK
INDUSTRY KEYWORD: PROFESSIONAL SERVICES BANKING FINANCE
SOURCE: Kroll Bond Rating Agency
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PUB: 09/18/2018 12:03 PM/DISC: 09/18/2018 12:03 PM