Kroll Bond Rating Agency Assigns Preliminary Ratings to Sequoia Mortgage Trust 2013-4

Kroll Bond Rating Agency Assigns Preliminary Ratings to Sequoia Mortgage Trust 2013-4

NEW YORK--(BUSINESS WIRE)-- Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to six classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2013-4, a jumbo prime RMBS transaction.

The mortgage pool backing SEMT 2013-4 is comprised of 716 first-lien mortgage loans with an aggregate principal balance of $576,435,465 as of the cut-off date. Over 98% of the loans in the pool are 30-yer fixed-rate mortgages; the remainder are 20-year and 25-year fixed mortgages. About 2.2% of the loans are interest-only for the first 10 years; the remainder are fully amortizing. The pool is characterized by substantial borrower equity in each mortgaged property, as evidenced by the average LTV (64%) and CLTV (65%). The weighted average credit score of the mortgage pool is 773 which is well within the prime mortgage range. The SEMT 2013-4 pool is also notable for offering even stronger levels of borrower equity.

KBRA's analysis of the transaction included a loan-level analysis of the mortgage pools using our Residential Mortgage Default and Loss Model, together with a review of the transaction parties, results of loan file reviews performed by independent third party firms and review of the legal structure and key 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 2013-4, which was published on March 12th 2013 at

Sequoia Mortgage Trust 2013-4 Preliminary Ratings

    Class      Rating      Expected Initial Class Principal  
    A-1      AAA(sf)      220,204,000

Related publications:

U.S. RMBS Rating Methodology, published January 9, 2012

Residential Mortgage Default and Loss Model, published January 9, 2012

About Kroll Bond Rating Agency

KBRA was established in 2010 by Jules Kroll to restore trust in credit ratings by creating new standards for assessing risk and by offering accurate, clear and transparent ratings. KBRA is registered with the U.S. Securities and Exchange Commission as a Nationally Recognized Statistical Rating Organization (NRSRO). In addition, KBRA is recognized by the National Association of Insurance Commissioners (NAIC) as a Credit Rating Provider (CRP).

Kroll Bond Rating Agency
Eric Williamson, 646-731-2347
Glenn Costello, 646-731-2332
Steve McCarthy, 646-731-2343
Lenny Giltman, 646-731-2378

KEYWORDS:   United States  North America  New York


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