DBRS Morningstar Takes Rating Actions on 116 U.S. RMBS Transactions

DBRS, Inc. (DBRS Morningstar) took rating actions on 561 classes from 116 U.S. residential mortgage-backed security (RMBS) transactions. Of the 561 classes reviewed, DBRS Morningstar upgraded 54 ratings and confirmed 507 ratings.

The rating upgrades reflect positive performance trends and increases in credit support sufficient to withstand stresses at their new rating levels. The rating confirmations reflect asset performance and credit-support levels that are consistent with the current ratings.

The rating actions are a result of DBRS Morningstar’s application of the “U.S. RMBS Surveillance Methodology” published in September 2018.

The pools backing these RMBS transactions consist of net interest margin, Alt-A, and prime collateral.

The ratings assigned to the securities below differ from the ratings implied by the quantitative model. DBRS Morningstar considers this difference to be a material deviation, but in this case, the ratings of the subject notes reflect additional seasoning being warranted to substantiate a further upgrade.

-- Flagstar Mortgage Trust 2018-1, Mortgage Pass-Through Certificates, Series 2018-1, Class B-5
-- Angel Oak Mortgage Trust I, LLC 2017-1, Mortgage-Backed Certificates, Series 2017-1, Class B-1
-- Angel Oak Mortgage Trust I, LLC 2017-1, Mortgage-Backed Certificates, Series 2017-1, Class B-2
-- Angel Oak Mortgage Trust I, LLC 2017-2, Mortgage-Backed Certificates, Series 2017-2, Class M-1
-- Angel Oak Mortgage Trust I, LLC 2017-3, Mortgage-Backed Certificates, Series 2017-3, Class M-1
-- Angel Oak Mortgage Trust I, LLC 2017-3, Mortgage-Backed Certificates, Series 2017-3, Class B-1
-- Angel Oak Mortgage Trust I, LLC 2017-3, Mortgage-Backed Certificates, Series 2017-3, Class B-2
-- Angel Oak Mortgage Trust I, LLC 2018-1, Mortgage-Backed Certificates, Series 2018-1, Class M-1
-- Angel Oak Mortgage Trust I, LLC 2018-1, Mortgage-Backed Certificates, Series 2018-1, Class B-1
-- Angel Oak Mortgage Trust I, LLC 2018-1, Mortgage-Backed Certificates, Series 2018-1, Class B-2
-- Angel Oak Mortgage Trust I, LLC 2018-2, Mortgage-Backed Certificates, Series 2018-2, Class A-3
-- Angel Oak Mortgage Trust I, LLC 2018-2, Mortgage-Backed Certificates, Series 2018-2, Class M-1
-- Angel Oak Mortgage Trust I, LLC 2018-2, Mortgage-Backed Certificates, Series 2018-2, Class B-1
-- Angel Oak Mortgage Trust I, LLC 2018-2, Mortgage-Backed Certificates, Series 2018-2, Class B-2
-- Angel Oak Mortgage Trust I, LLC 2018-3, Mortgage-Backed Certificates, Series 2018-3, Class A-3
-- Angel Oak Mortgage Trust I, LLC 2018-3, Mortgage-Backed Certificates, Series 2018-3, Class M-1
-- Angel Oak Mortgage Trust I, LLC 2018-3, Mortgage-Backed Certificates, Series 2018-3, Class M-2
-- Angel Oak Mortgage Trust I, LLC 2018-3, Mortgage-Backed Certificates, Series 2018-3, Class B-1
-- Angel Oak Mortgage Trust I, LLC 2019-1, Mortgage-Backed Certificates, Series 2019-1, Class A-3
-- Angel Oak Mortgage Trust 2019-3, Mortgage-Backed Certificates, Series 2019-3, Class A-3
-- COLT 2018-1 Mortgage Loan Trust, COLT 2018-1 Mortgage Pass-Through Certificates, Series 2018-1, Class M-1
-- COLT 2018-1 Mortgage Loan Trust, COLT 2018-1 Mortgage Pass-Through Certificates, Series 2018-1, Class B-1
-- COLT 2018-3 Mortgage Loan Trust, COLT 2018-3 Mortgage Pass-Through Certificates, Series 2018-3, Class A-3
-- COLT 2018-3 Mortgage Loan Trust, COLT 2018-3 Mortgage Pass-Through Certificates, Series 2018-3, Class B-2
-- Galton Funding Mortgage Trust 2017-1, Mortgage Pass-Through Certificates, Series 2017-1, Class BX3
-- Galton Funding Mortgage Trust 2018-2, Mortgage Pass-Through Certificates, Series 2018-2, Class B2
-- Galton Funding Mortgage Trust 2018-2, Mortgage Pass-Through Certificates, Series 2018-2, Class BX2

Notes:
The principal methodologies are U.S. RMBS Surveillance Methodology and RMBS Insight 1.3: U.S. Residential Mortgage-Backed Securities Model and Rating Methodology, which can be found on dbrs.com under Methodologies & Criteria.

The rated entity or its related entities did not participate in the rating process for this rating action. DBRS Morningstar did not have access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.

For more information on this credit or on this industry, visit https://www.dbrs.com or contact us at info@dbrs.com

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