DBRS Morningstar Takes Rating Actions on 74 U.S. RMBS Transactions

DBRS, Inc. (DBRS Morningstar) reviewed 520 classes from 74 U.S. residential mortgage-backed security (RMBS) transactions. Of the 520 classes reviewed, DBRS Morningstar upgraded 136 ratings, confirmed 218 ratings, and discontinued 166 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 discontinued ratings reflect the transactions exercising their clean-up call option or the full repayment of principal to bondholders.

The RMBS transactions reviewed consist of 1) a securitization backed by a three-year revolving warehouse facility, 2) securitizations of nonqualified mortgages, and 3) securitizations of seasoned performing and reperforming mortgages.

The ratings assigned to the securities listed below differ from the ratings implied by the quantitative model. DBRS Morningstar considers these differences material deviations; however, in these cases, the ratings on the subject securities may reflect additional seasoning being warranted to substantiate a further upgrade or actual deal or tranche performance not being fully reflected in the projected cashflows/model output.

-- Angel Oak Mortgage Trust 2019-5, Mortgage-Backed Certificates, Series 2019-5, Class M-1
-- Angel Oak Mortgage Trust 2019-5, Mortgage-Backed Certificates, Series 2019-5, Class B-1
-- Angel Oak Mortgage Trust 2019-5, Mortgage-Backed Certificates, Series 2019-5, Class B-2
-- Angel Oak Mortgage Trust 2019-6, Mortgage-Backed Certificates, Series 2019-6, Class M-1
-- Angel Oak Mortgage Trust 2019-6, Mortgage-Backed Certificates, Series 2019-6, Class B-1
-- Angel Oak Mortgage Trust 2019-6, Mortgage-Backed Certificates, Series 2019-6, Class B-2
-- BRAVO Residential Funding Trust 2021-NQM3, Mortgage-Backed Notes, Series 2021-NQM3, Class A-3
-- BRAVO Residential Funding Trust 2021-NQM3, Mortgage-Backed Notes, Series 2021-NQM3, Class M-1
-- BRAVO Residential Funding Trust 2021-NQM3, Mortgage-Backed Notes, Series 2021-NQM3, Class B-1
-- BRAVO Residential Funding Trust 2021-NQM3, Mortgage-Backed Notes, Series 2021-NQM3, Class B-2
-- CTDL 2020-1 Trust, Mortgage Pass-Through Certificates, Series 2020-1, Class A-1
-- CTDL 2020-1 Trust, Mortgage Pass-Through Certificates, Series 2020-1, Class B-1
-- Galton Funding Mortgage Trust 2020-H1, Mortgage Pass-Through Certificates, Series 2020-H1, Class M1
-- Galton Funding Mortgage Trust 2020-H1, Mortgage Pass-Through Certificates, Series 2020-H1, Class B2
-- Homeward Opportunities Fund I Trust 2020-1, Mortgage Pass-Through Certificates, Series 2020-1, Class B-1
-- Homeward Opportunities Fund I Trust 2020-1, Mortgage Pass-Through Certificates, Series 2020-1, Class B-2
-- Homeward Opportunities Fund I Trust 2020-1, Mortgage Pass-Through Certificates, Series 2020-1, Class B-1A
-- Homeward Opportunities Fund I Trust 2020-1, Mortgage Pass-Through Certificates, Series 2020-1, Class B-1AX
-- Homeward Opportunities Fund I Trust 2020-1, Mortgage Pass-Through Certificates, Series 2020-1, Class B-1B
-- Homeward Opportunities Fund I Trust 2020-1, Mortgage Pass-Through Certificates, Series 2020-1, Class B-1BX
-- Homeward Opportunities Fund I Trust 2020-1, Mortgage Pass-Through Certificates, Series 2020-1, Class B-1C
-- Homeward Opportunities Fund I Trust 2020-1, Mortgage Pass-Through Certificates, Series 2020-1, Class B-1CX
-- Homeward Opportunities Fund I Trust 2020-1, Mortgage Pass-Through Certificates, Series 2020-1, Class B-1D
-- Homeward Opportunities Fund I Trust 2020-1, Mortgage Pass-Through Certificates, Series 2020-1, Class B-1DX
-- Homeward Opportunities Fund I Trust 2020-1, Mortgage Pass-Through Certificates, Series 2020-1, Class B-1E
-- Homeward Opportunities Fund I Trust 2020-1, Mortgage Pass-Through Certificates, Series 2020-1, Class B-1EX
-- Homeward Opportunities Fund I Trust 2020-1, Mortgage Pass-Through Certificates, Series 2020-1, Class B-1F
-- Homeward Opportunities Fund I Trust 2020-1, Mortgage Pass-Through Certificates, Series 2020-1, Class B-1FX
-- Homeward Opportunities Fund I Trust 2020-1, Mortgage Pass-Through Certificates, Series 2020-1, Class B-1G
-- Homeward Opportunities Fund I Trust 2020-1, Mortgage Pass-Through Certificates, Series 2020-1, Class B-1GX
-- Imperial Fund Mortgage Trust 2021-NQM3, Mortgage Pass-Through Certificates, Series 2021-NQM3, Class A-3
-- PRKCM 2021-AFC1 Trust, Mortgage-Backed Notes, Series 2021-AFC1, Class A-3
-- PRKCM 2021-AFC1 Trust, Mortgage-Backed Notes, Series 2021-AFC1, Class M-1
-- PRKCM 2021-AFC1 Trust, Mortgage-Backed Notes, Series 2021-AFC1, Class B-1
-- PRKCM 2021-AFC1 Trust, Mortgage-Backed Notes, Series 2021-AFC1, Class B-2
-- Residential Mortgage Loan Trust 2019-2, Mortgage-Backed Notes, Series 2019-2, Class B-1
-- Residential Mortgage Loan Trust 2019-2, Mortgage-Backed Notes, Series 2019-2, Class B-2
-- Residential Mortgage Loan Trust 2019-3, Mortgage-Backed Notes, Series 2019-3, Class M-1
-- Residential Mortgage Loan Trust 2019-3, Mortgage-Backed Notes, Series 2019-3, Class B-1
-- Residential Mortgage Loan Trust 2019-3, Mortgage-Backed Notes, Series 2019-3, Class B-2
-- Spruce Hill Mortgage Loan Trust 2020-SH1, Mortgage-Backed Notes, Series 2020-SH1, Class M-1
-- Spruce Hill Mortgage Loan Trust 2020-SH1, Mortgage-Backed Notes, Series 2020-SH1, Class B-1
-- Spruce Hill Mortgage Loan Trust 2020-SH1, Mortgage-Backed Notes, Series 2020-SH1, Class B-2
-- Starwood Mortgage Residential Trust 2020-2, Mortgage Pass-Through Certificates, Series 2020-2, Class M-1
-- Starwood Mortgage Residential Trust 2020-2, Mortgage Pass-Through Certificates, Series 2020-2, Class B-1
-- Starwood Mortgage Residential Trust 2020-2, Mortgage Pass-Through Certificates, Series 2020-2, Class B-2
-- Starwood Mortgage Residential Trust 2020-2, Mortgage Pass-Through Certificates, Series 2020-2, Class M-1-A
-- Starwood Mortgage Residential Trust 2020-2, Mortgage Pass-Through Certificates, Series 2020-2, Class M-1-AX
-- Starwood Mortgage Residential Trust 2020-2, Mortgage Pass-Through Certificates, Series 2020-2, Class M-1-B
-- Starwood Mortgage Residential Trust 2020-2, Mortgage Pass-Through Certificates, Series 2020-2, Class M-1-BX
-- Starwood Mortgage Residential Trust 2020-2, Mortgage Pass-Through Certificates, Series 2020-2, Class M-1-C
-- Starwood Mortgage Residential Trust 2020-2, Mortgage Pass-Through Certificates, Series 2020-2, Class M-1-CX
-- Starwood Mortgage Residential Trust 2020-2, Mortgage Pass-Through Certificates, Series 2020-2, Class M-1-D
-- Starwood Mortgage Residential Trust 2020-2, Mortgage Pass-Through Certificates, Series 2020-2, Class M-1-DX
-- Starwood Mortgage Residential Trust 2020-2, Mortgage Pass-Through Certificates, Series 2020-2, Class M-1-E
-- Starwood Mortgage Residential Trust 2020-2, Mortgage Pass-Through Certificates, Series 2020-2, Class M-1-EX
-- Starwood Mortgage Residential Trust 2020-2, Mortgage Pass-Through Certificates, Series 2020-2, Class B-1-A
-- Starwood Mortgage Residential Trust 2020-2, Mortgage Pass-Through Certificates, Series 2020-2, Class B-1-AX
-- Starwood Mortgage Residential Trust 2020-2, Mortgage Pass-Through Certificates, Series 2020-2, Class B-1-B
-- Starwood Mortgage Residential Trust 2020-2, Mortgage Pass-Through Certificates, Series 2020-2, Class B-1-BX
-- Starwood Mortgage Residential Trust 2020-2, Mortgage Pass-Through Certificates, Series 2020-2, Class B-1-C
-- Starwood Mortgage Residential Trust 2020-2, Mortgage Pass-Through Certificates, Series 2020-2, Class B-1-CX
-- Starwood Mortgage Residential Trust 2020-2, Mortgage Pass-Through Certificates, Series 2020-2, Class B-1-D
-- Starwood Mortgage Residential Trust 2020-2, Mortgage Pass-Through Certificates, Series 2020-2, Class B-1-DX
-- Starwood Mortgage Residential Trust 2020-2, Mortgage Pass-Through Certificates, Series 2020-2, Class B-1-E
-- Starwood Mortgage Residential Trust 2020-2, Mortgage Pass-Through Certificates, Series 2020-2, Class B-1-EX
-- Starwood Mortgage Residential Trust 2020-2, Mortgage Pass-Through Certificates, Series 2020-2, Class B-2-A
-- Starwood Mortgage Residential Trust 2020-2, Mortgage Pass-Through Certificates, Series 2020-2, Class B-2-AX
-- Starwood Mortgage Residential Trust 2020-2, Mortgage Pass-Through Certificates, Series 2020-2, Class B-2-B
-- Starwood Mortgage Residential Trust 2020-2, Mortgage Pass-Through Certificates, Series 2020-2, Class B-2-BX
-- Starwood Mortgage Residential Trust 2020-2, Mortgage Pass-Through Certificates, Series 2020-2, Class B-2-C
-- Starwood Mortgage Residential Trust 2020-2, Mortgage Pass-Through Certificates, Series 2020-2, Class B-2-CX
-- Starwood Mortgage Residential Trust 2020-2, Mortgage Pass-Through Certificates, Series 2020-2, Class B-2-D
-- Starwood Mortgage Residential Trust 2020-2, Mortgage Pass-Through Certificates, Series 2020-2, Class B-2-DX
-- Starwood Mortgage Residential Trust 2020-2, Mortgage Pass-Through Certificates, Series 2020-2, Class B-2-E
-- Starwood Mortgage Residential Trust 2020-2, Mortgage Pass-Through Certificates, Series 2020-2, Class B-2-EX
-- Verus Securitization Trust 2019-4, Mortgage Pass-Through Certificates, Series 2019-4, Class M-1
-- Verus Securitization Trust 2019-4, Mortgage Pass-Through Certificates, Series 2019-4, Class B-1
-- Verus Securitization Trust 2019-4, Mortgage Pass-Through Certificates, Series 2019-4, Class B-2
-- Verus Securitization Trust 2021-6, Mortgage-Backed Notes, Series 2021-6, Class A-3
-- Verus Securitization Trust 2021-6, Mortgage-Backed Notes, Series 2021-6, Class B-2
-- BRAVO Residential Funding Trust 2020-RPL2, Mortgage-Backed Notes, Series 2020-RPL2, Class A-4
-- BRAVO Residential Funding Trust 2020-RPL2, Mortgage-Backed Notes, Series 2020-RPL2, Class A-5
-- BRAVO Residential Funding Trust 2020-RPL2, Mortgage-Backed Notes, Series 2020-RPL2, Class M-1
-- BRAVO Residential Funding Trust 2020-RPL2, Mortgage-Backed Notes, Series 2020-RPL2, Class M-2
-- BRAVO Residential Funding Trust 2020-RPL2, Mortgage-Backed Notes, Series 2020-RPL2, Class B-1
-- BRAVO Residential Funding Trust 2020-RPL2, Mortgage-Backed Notes, Series 2020-RPL2, Class B-2
-- CIM Trust 2021-R6, Mortgage-Backed Notes, Series 2021-R6, Class M2
-- CIM Trust 2021-R6, Mortgage-Backed Notes, Series 2021-R6, Class M3
-- CIM Trust 2021-R6, Mortgage-Backed Notes, Series 2021-R6, Class B1
-- CIM Trust 2021-R6, Mortgage-Backed Notes, Series 2021-R6, Class B2
-- CSMC 2017-RPL3 Trust, Mortgage-Backed Notes, Series 2017-RPL3, Class B-2
-- CSMC 2017-RPL3 Trust, Mortgage-Backed Notes, Series 2017-RPL3, Class B-3
-- CSMC 2017-RPL3 Trust, Mortgage-Backed Notes, Series 2017-RPL3, Class B-4
-- CSMC 2017-RPL3 Trust, Mortgage-Backed Notes, Series 2017-RPL3, Class B-5
-- CSMC 2017-RPL3 Trust, Mortgage-Backed Notes, Series 2017-RPL3, Class B2-IO
-- GS Mortgage-Backed Securities Trust 2020-RPL2, Mortgage-Backed Securities, Series 2020-RPL2, Class A-3
-- GS Mortgage-Backed Securities Trust 2020-RPL2, Mortgage-Backed Securities, Series 2020-RPL2, Class A-3-IO
-- GS Mortgage-Backed Securities Trust 2020-RPL2, Mortgage-Backed Securities, Series 2020-RPL2, Class A-4
-- GS Mortgage-Backed Securities Trust 2020-RPL2, Mortgage-Backed Securities, Series 2020-RPL2, Class A-4-IO
-- GS Mortgage-Backed Securities Trust 2020-RPL2, Mortgage-Backed Securities, Series 2020-RPL2, Class A-7
-- GS Mortgage-Backed Securities Trust 2020-RPL2, Mortgage-Backed Securities, Series 2020-RPL2, Class A-8
-- GS Mortgage-Backed Securities Trust 2020-RPL2, Mortgage-Backed Securities, Series 2020-RPL2, Class M-2
-- GS Mortgage-Backed Securities Trust 2020-RPL2, Mortgage-Backed Securities, Series 2020-RPL2, Class M-2-IO
-- GS Mortgage-Backed Securities Trust 2020-RPL2, Mortgage-Backed Securities, Series 2020-RPL2, Class M-3
-- GS Mortgage-Backed Securities Trust 2020-RPL2, Mortgage-Backed Securities, Series 2020-RPL2, Class M-3-IO
-- GS Mortgage-Backed Securities Trust 2020-RPL2, Mortgage-Backed Securities, Series 2020-RPL2, Class M-5
-- GS Mortgage-Backed Securities Trust 2020-RPL2, Mortgage-Backed Securities, Series 2020-RPL2, Class M-6
-- GS Mortgage-Backed Securities Trust 2020-RPL2, Mortgage-Backed Securities, Series 2020-RPL2, Class B-1
-- GS Mortgage-Backed Securities Trust 2020-RPL2, Mortgage-Backed Securities, Series 2020-RPL2, Class B-2
-- PRPM 2021-RPL2, LLC, Asset-Backed Notes, Series 2021-RPL2, Class A-3
-- PRPM 2021-RPL2, LLC, Asset-Backed Notes, Series 2021-RPL2, Class M-1
-- PRPM 2021-RPL2, LLC, Asset-Backed Notes, Series 2021-RPL2, Class M-2
-- Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Asset Backed Securities, Series 2017-2, Class M-1
-- Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Asset Backed Securities, Series 2017-2, Class M-2
-- Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Series 2017-3, Class M-1
-- Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Series 2017-3, Class M-2
-- Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-4, Series 2018-4, Class M
-- Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-1, Series 2019-1, Class M
-- Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Series 2019-2, Class M
-- Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Series 2019-3, Class M
-- Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2020-1, Class M
-- Towd Point Mortgage Trust 2018-4, Asset Backed Securities, Series 2018-4, Class M1
-- Towd Point Mortgage Trust 2018-4, Asset Backed Securities, Series 2018-4, Class B1
-- Towd Point Mortgage Trust 2018-4, Asset Backed Securities, Series 2018-4, Class B2
-- Towd Point Mortgage Trust 2018-4, Asset Backed Securities, Series 2018-4, Class A4
-- Towd Point Mortgage Trust 2018-5, Asset Backed Securities, Series 2018-5, Class M1
-- Towd Point Mortgage Trust 2018-5, Asset Backed Securities, Series 2018-5, Class M2
-- Towd Point Mortgage Trust 2018-5, Asset Backed Securities, Series 2018-5, Class B1
-- Towd Point Mortgage Trust 2018-5, Asset Backed Securities, Series 2018-5, Class B2
-- Towd Point Mortgage Trust 2018-5, Asset Backed Securities, Series 2018-5, Class A4
-- Towd Point Mortgage Trust 2020-1, Asset-Backed Securities, Series 2020-1, Class M1
-- Towd Point Mortgage Trust 2020-1, Asset-Backed Securities, Series 2020-1, Class M2
-- Towd Point Mortgage Trust 2020-1, Asset-Backed Securities, Series 2020-1, Class B1A
-- Towd Point Mortgage Trust 2020-1, Asset-Backed Securities, Series 2020-1, Class B1B
-- Towd Point Mortgage Trust 2020-1, Asset-Backed Securities, Series 2020-1, Class B2A
-- Towd Point Mortgage Trust 2020-1, Asset-Backed Securities, Series 2020-1, Class B2B
-- Towd Point Mortgage Trust 2020-1, Asset-Backed Securities, Series 2020-1, Class A5
-- Towd Point Mortgage Trust 2020-1, Asset-Backed Securities, Series 2020-1, Class M1A
-- Towd Point Mortgage Trust 2020-1, Asset-Backed Securities, Series 2020-1, Class M1AX
-- Towd Point Mortgage Trust 2020-1, Asset-Backed Securities, Series 2020-1, Class M1B
-- Towd Point Mortgage Trust 2020-1, Asset-Backed Securities, Series 2020-1, Class M1BX
-- Towd Point Mortgage Trust 2020-1, Asset-Backed Securities, Series 2020-1, Class M2A
-- Towd Point Mortgage Trust 2020-1, Asset-Backed Securities, Series 2020-1, Class M2AX
-- Towd Point Mortgage Trust 2020-1, Asset-Backed Securities, Series 2020-1, Class M2B
-- Towd Point Mortgage Trust 2020-1, Asset-Backed Securities, Series 2020-1, Class M2BX
-- Towd Point Mortgage Trust 2020-1, Asset-Backed Securities, Series 2020-1, Class B1
-- Towd Point Mortgage Trust 2020-1, Asset-Backed Securities, Series 2020-1, Class B1C
-- Towd Point Mortgage Trust 2020-1, Asset-Backed Securities, Series 2020-1, Class B1CX
-- Towd Point Mortgage Trust 2020-1, Asset-Backed Securities, Series 2020-1, Class B1D
-- Towd Point Mortgage Trust 2020-1, Asset-Backed Securities, Series 2020-1, Class B1DX
-- Towd Point Mortgage Trust 2020-1, Asset-Backed Securities, Series 2020-1, Class B1E
-- Towd Point Mortgage Trust 2020-1, Asset-Backed Securities, Series 2020-1, Class B1EX
-- Towd Point Mortgage Trust 2020-1, Asset-Backed Securities, Series 2020-1, Class B1F
-- Towd Point Mortgage Trust 2020-1, Asset-Backed Securities, Series 2020-1, Class B1FX
-- Towd Point Mortgage Trust 2020-1, Asset-Backed Securities, Series 2020-1, Class B2
-- Towd Point Mortgage Trust 2021-1, Asset-Backed Securities, Series 2021-1, Class M1
-- Towd Point Mortgage Trust 2021-1, Asset-Backed Securities, Series 2021-1, Class M2
-- Towd Point Mortgage Trust 2021-1, Asset-Backed Securities, Series 2021-1, Class B1
-- Towd Point Mortgage Trust 2021-1, Asset-Backed Securities, Series 2021-1, Class B2
-- Towd Point Mortgage Trust 2021-1, Asset-Backed Securities, Series 2021-1, Class B3
-- Towd Point Mortgage Trust 2021-1, Asset-Backed Securities, Series 2021-1, Class A4
-- Towd Point Mortgage Trust 2021-1, Asset-Backed Securities, Series 2021-1, Class A5
-- Towd Point Mortgage Trust 2021-1, Asset-Backed Securities, Series 2021-1, Class M1A
-- Towd Point Mortgage Trust 2021-1, Asset-Backed Securities, Series 2021-1, Class M1AX
-- Towd Point Mortgage Trust 2021-1, Asset-Backed Securities, Series 2021-1, Class M1B
-- Towd Point Mortgage Trust 2021-1, Asset-Backed Securities, Series 2021-1, Class M1BX
-- Towd Point Mortgage Trust 2021-1, Asset-Backed Securities, Series 2021-1, Class M2A
-- Towd Point Mortgage Trust 2021-1, Asset-Backed Securities, Series 2021-1, Class M2AX
-- Towd Point Mortgage Trust 2021-1, Asset-Backed Securities, Series 2021-1, Class M2B
-- Towd Point Mortgage Trust 2021-1, Asset-Backed Securities, Series 2021-1, Class M2BX
-- Towd Point Mortgage Trust 2021-1, Asset-Backed Securities, Series 2021-1, Class B1A
-- Towd Point Mortgage Trust 2021-1, Asset-Backed Securities, Series 2021-1, Class B1AX
-- Towd Point Mortgage Trust 2021-1, Asset-Backed Securities, Series 2021-1, Class B1B
-- Towd Point Mortgage Trust 2021-1, Asset-Backed Securities, Series 2021-1, Class B1BX
-- Towd Point Mortgage Trust 2021-1, Asset-Backed Securities, Series 2021-1, Class B2A
-- Towd Point Mortgage Trust 2021-1, Asset-Backed Securities, Series 2021-1, Class B2AX
-- Towd Point Mortgage Trust 2021-1, Asset-Backed Securities, Series 2021-1, Class B2B
-- Towd Point Mortgage Trust 2021-1, Asset-Backed Securities, Series 2021-1, Class B2BX
-- Towd Point Mortgage Trust 2021-1, Asset-Backed Securities, Series 2021-1, Class B3A
-- Towd Point Mortgage Trust 2021-1, Asset-Backed Securities, Series 2021-1, Class B3AX
-- Towd Point Mortgage Trust 2021-1, Asset-Backed Securities, Series 2021-1, Class B3B
-- Towd Point Mortgage Trust 2021-1, Asset-Backed Securities, Series 2021-1, Class B3BX
-- Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2020-3, Class M
-- MFA 2021-INV2 Trust, Mortgage Pass-Through Certificates, Series 2021-INV2, Class A-3
-- MFA 2021-INV2 Trust, Mortgage Pass-Through Certificates, Series 2021-INV2, Class B-1
-- MFA 2021-INV2 Trust, Mortgage Pass-Through Certificates, Series 2021-INV2, Class B-2
-- Starwood Mortgage Residential Trust 2019-INV1, Mortgage Pass-Through Certificates, Series 2019-INV1, Class M-1
-- Starwood Mortgage Residential Trust 2019-INV1, Mortgage Pass-Through Certificates, Series 2019-INV1, Class B-1
-- Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2021-3, Class M
-- Towd Point Mortgage Trust 2021-SJ1, Asset-Backed Securities, Series 2021-SJ1, Class A2
-- Towd Point Mortgage Trust 2021-SJ1, Asset-Backed Securities, Series 2021-SJ1, Class A2A
-- Towd Point Mortgage Trust 2021-SJ1, Asset-Backed Securities, Series 2021-SJ1, Class A2AX
-- Towd Point Mortgage Trust 2021-SJ1, Asset-Backed Securities, Series 2021-SJ1, Class A2B
-- Towd Point Mortgage Trust 2021-SJ1, Asset-Backed Securities, Series 2021-SJ1, Class A2BX
-- Towd Point Mortgage Trust 2021-SJ1, Asset-Backed Securities, Series 2021-SJ1, Class A3

CORONAVIRUS DISEASE (COVID-19) IMPACT
The coronavirus pandemic and the resulting isolation measures caused an immediate economic contraction, leading to sharp increases in unemployment rates and income reductions for many consumers. DBRS Morningstar saw increases in delinquencies for many RMBS asset classes shortly after the onset of coronavirus.

Such mortgage delinquencies were mostly in the form of forbearances, which are generally short-term payment reliefs that may perform very differently from traditional delinquencies. Because the option to forbear mortgage payments was so widely available at the onset of the pandemic, it drove forbearances to a very high level. When the dust settled, coronavirus-induced forbearances in 2020 performed better than expected, thanks to government aid and good underwriting in the mortgage market in general. Across nearly all RMBS asset classes, delinquencies have been gradually trending down in recent months as the forbearance period comes to an end for many borrowers.

In connection with the economic stress assumed under its baseline scenario (see “Baseline Macroeconomic Scenarios For Rated Sovereigns: September 2022 Update,” published on September 19, 2022), DBRS Morningstar may assume higher loss expectations for pools with loans on forbearance plans.

The rating actions are the result of DBRS Morningstar’s application of its “U.S. RMBS Surveillance Methodology,” published on February 21, 2020.

ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS
There were no Environmental/Social/Governance factors that had a significant or relevant effect on the credit analysis.

A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework can be found in the DBRS Morningstar Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings at https://www.dbrsmorningstar.com/research/396929/dbrs-morningstar-criteria-approach-to-environmental-social-and-governance-risk-factors-in-credit-ratings (May 17, 2022).

Notes:
The principal methodology is the U.S. RMBS Surveillance Methodology (February 21, 2020), which can be found on dbrsmorningstar.com under Methodologies & Criteria.

The DBRS Morningstar Sovereign group releases baseline macroeconomic scenarios for rated sovereigns. DBRS Morningstar analysis considered impacts consistent with the baseline scenarios as set forth in the following report: https://www.dbrsmorningstar.com/research/402907/baseline-macroeconomic-scenarios-for-rated-sovereigns-september-2022-update.

The rated entity or its related entities did participate in the rating process for this rating action. DBRS Morningstar had 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 these credits or on this industry, visit www.dbrsmorningstar.com or contact us at info@dbrsmorningstar.com.

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