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KBRA Assigns Preliminary Ratings to Sequoia Mortgage Trust 2019-1 (SEMT 2019-1)

January 3, 2019

NEW YORK--(BUSINESS WIRE)--Jan 3, 2019--Kroll Bond Rating Agency (KBRA) assigns ratings to fifty-three classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2019-1 (SEMT 2019-1), a prime RMBS transaction. SEMT 2019-1 contains both prime jumbo (69.8%) and high-balance conforming (30.2%) collateral to borrowers with prime attributes.

The SEMT 2019-1 mortgage pool is composed of 537 first-lien mortgage loans with an aggregate principal balance of $349,572,158 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 70.5% and WA original CLTV of 70.7%. The weighted average original credit score is 770, 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, Sequoia Mortgage Trust 2019-1, which was published on .

To access ratings, reports and disclosures, click .

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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/20190103005708/en/

CONTACT: Analytical Contacts:Kristymarie Cariello, Director

(646) 731-2494

kcariello@kbra.comJack Kahan, Managing Director

(646) 731-2486

jkahan@kbra.comPrabhjot Singh, Analyst

(646) 731-3337

psingh@kbra.com

KEYWORD: UNITED STATES NORTH AMERICA NEW YORK

INDUSTRY KEYWORD: PROFESSIONAL SERVICES BANKING INSURANCE OTHER PROFESSIONAL SERVICES

SOURCE: Kroll Bond Rating Agency

Copyright Business Wire 2019.

PUB: 01/03/2019 04:04 PM/DISC: 01/03/2019 04:04 PM

http://www.businesswire.com/news/home/20190103005708/en

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