NEW YORK--(BUSINESS WIRE)--Sep 5, 2018--Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to 42 classes of mortgage pass-through certificates from PSMC 2018-3 Trust (PSMC 2018-3), a prime jumbo RMBS transaction jointly sponsored by subsidiaries of American International Group, Inc. (AIG).

The PSMC 2018-3 pool comprises 585 first-lien, prime residential mortgage loans with an aggregate principal balance of $370,453,015 as of the cut-off date. The collateral consists entirely of fully-amortizing, 30-year fixed rate mortgages (FRMs). The pool is characterized by significant borrower equity in each mortgaged property, as evidenced by the WA original LTV of 73.8% and WA original CLTV of 73.8%. The weighted average original credit score is 775, which is well 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 .

For complete details on the analysis, please see our pre-sale report, , which was published on September 5, 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 entitled, .

Related Publications: (available at )

RMBS KBRA Comparative Analytic Tool (KCAT)


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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.

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CONTACT: Analytical Contacts:

Kristymarie Cariello, 646-731-2494



Ryon Aguirre, 646-731-2382

Associate Director


Jack Kahan, 646-731-2486

Managing Director



SOURCE: Kroll Bond Rating Agency

Copyright Business Wire 2018.

PUB: 09/05/2018 06:30 PM/DISC: 09/05/2018 06:30 PM