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KBRA Assigns Preliminary Ratings to Sequoia Mortgage Trust 2018-8 (SEMT 2018-8)

September 27, 2018

NEW YORK--(BUSINESS WIRE)--Sep 27, 2018--Kroll Bond Rating Agency (KBRA) assigns ratings to fifty-three classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2018-8 (SEMT 2018-8), a prime RMBS transaction. SEMT 2018-7 contains both prime jumbo (78.3%) and high-balance conforming (21.7%) collateral to borrowers with prime attributes.

The SEMT 2018-8 mortgage pool is composed of 668 first-lien mortgage loans with an aggregate principal balance of $454,426,513 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 68.1% and WA original CLTV of 68.5%. 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, , which was published on September 27, 2018 on .

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 .

Related Publications: (available at )

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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.

View source version on businesswire.com:https://www.businesswire.com/news/home/20180927005936/en/

CONTACT: Analytical Contacts:

Kroll Bond Rating Agency

Kristymarie Cariello, Director, (646) 731-2494

kcariello@kbra.com

or

Jack Kahan, Managing Director, (646) 731-2486

jkahan@kbra.com

KEYWORD: UNITED STATES NORTH AMERICA NEW YORK

INDUSTRY KEYWORD: PROFESSIONAL SERVICES FINANCE

SOURCE: Kroll Bond Rating Agency

Copyright Business Wire 2018.

PUB: 09/27/2018 04:33 PM/DISC: 09/27/2018 04:33 PM

http://www.businesswire.com/news/home/20180927005936/en

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