KBRA Assigns Preliminary Ratings to Sequoia Mortgage Trust 2024-9 (SEMT 2024-9)
3 Sep 2024 | New York
KBRA assigns preliminary ratings to 60 classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2024-9 (SEMT 2024-9), a $456.6 million prime RMBS transaction. The pool is comprised of 408 first-lien, fully amortizing fixed rate mortgages with 20-years or 30-years maturity terms. The collateral is characterized by a weighted average (WA) original credit score of 774 and moderate borrower equity, with a WA original LTV of 71.7% and WA original CLTV of 71.8%.
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.