KBRA Assigns Preliminary Ratings to Sequoia Mortgage Trust 2024-8 (SEMT 2024-8)
5 Aug 2024 | New York
KBRA assigns preliminary ratings to 59 classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2024-8 (SEMT 2024-8), a $446.9 million prime RMBS transaction. The pool is comprised of 389 first-lien, fully amortizing fixed rate mortgages with 30-year maturity terms. The collateral is characterized by a weighted average (WA) original credit score of 775 and moderate borrower equity, with a WA original LTV of 73.6% and WA original CLTV of 73.8%.
KBRA’s rating approach incorporated loan-level analysis of the mortgage pool through its Residential Asset Loss Model (REALM), 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.
To access rating and relevant documents, click here.
Click here to view the report.